Top 8 Recipes to Reduce Training Costs

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You believe in training. Your CFO believes in cost cutting. How do you reconcile the two? The solution is finding ways to deliver more learning at less cost.

SilkRoad's most recent TalentTalk Top Tips paper, 8 Ways to Reduce Training Costs, provides savvy suggestions to make a positive impact on the bottom line.

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Top 8 Recipes to Reduce Training Costs

  1. 1. Top 8 Recipes to REDUCE TRAINING COSTS
  2. 2. How do you mix the two? You believe in training. Your CFO believes in reducing costs.
  3. 3. Find the right recipe to deliver healthy servings of training… At a pared-down cost.
  4. 4. Getting peers to learn from each other is one of the least expensive and most effective training techniques. How do you choose the best ingredients? 1. ADD VARIETY WITH SOCIAL LEARNING
  5. 5. Try activities like after-action reviews and knowledge cafes. Techniques like these can make learning social and fun.
  6. 6. People learn a lot informally. Maybe from a boss, maybe from a book. Maybe they take time to reflect on their work by writing in a journal every week. 2. SPICE IT UP WITH INFORMAL LEARNING
  7. 7. FACT (at least we think so): Employees love informal learning. Traditional coursework? Not so much.
  8. 8. 3. FEAST ON TRAINING VIA YOUTUBE.
  9. 9. There are millions of training videos on the Internet. Your employees will pick the ones that work best for them. Encourage employees to seek them out and share the best ones.
  10. 10. Often people do not really need a training course, they just need something to help them on the job. Online help, a tip sheet, even a tech support number can be cheaper and more effective than training. 4. DEVELOP A TASTE FOR JOB AIDS
  11. 11. KEEP IN MIND… Training won’t help if lack of training isn’t the problem.
  12. 12. Most problems that exist in the organization are not due to poor training. If the problem is motivation or personality, job design or organizational structure, then you won’t solve the problem by dishing out more training. 5. CHECK YOUR INGREDIENTS.
  13. 13. How do you make your company a good place to work in general? … A lot of it is on-the-job training, combined with excellent mentorship.” Ben Horowitz
  14. 14. So, how do you keep track of the training you want to provide?
  15. 15. Training can be hard to control when there are thousands of employees and hundreds of different courses. Try using learning management software and you will have the opportunity to slice and dice your training ‘til it’s just right. 6. TRACK YOUR TRAINING WITH A PROVEN LEARNING MANAGEMENT SYSTEM
  16. 16. There are times when eLearning is just as effective as, and much cheaper than, in-person training. See if you can take programs, or parts of programs, and put them online as a way to save money. 7. PLAN A BALANCED eLEARNING MENU
  17. 17. Finally, find out what your colleagues and even competitors have to offer…
  18. 18. Your organization may already be a member of an association that offers helpful, industry-specific training. Check out what is available. And use it! 8. BREAK BREAD WITH INDUSTRY GROUPS
  19. 19. Watch a SilkRoad GreenLight LMS Demo Video REDUCING TRAINING COSTS Thank you! Download the Top 8 Ways to Reduce Training Costs Want more? Try these resources:

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