How an LMS Can Help Reduce Your Training Costs

With economists warning of a recession that looms increasingly closer, many companies are battening down the hatches to prepare to weather the storm. This could include a reduction in staffing and other efforts for your organization. If you’re considering ways to reduce your budget, an LMS could help streamline your training program.

Lower Corporate Training Costs

Moving your corporate training away from in-person courses to a flexible online learning management system could help save you money in the long run.

Organizing in-person training involves a great deal of legwork and spending from your team. This can include any costs associated with renting a venue, hiring an instructor, providing paper materials, as well as any employee travel times.

In-person training can also cost your organization in terms of productivity, with employees carving out entire workdays to complete necessary coursework. Even if in-person training is a permanent part of your process, an LMS can help streamline the process of coordinating these courses. Simple’s LMS offers both online and in-person learning modalities.

A more modern, online solution allows team members to fit the training into their schedule without needing to spend time in an actual classroom. This could help reduce your corporate training budget in the long run, and allows them to finish their coursework and get back to work faster.

Improve Employee Retention

The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary depending on the position, according to Gallup. A number of factors can inspire a team member to leave, one of which is lack of engagement - which can be combated with training and opportunities for growth.

Offering your team members opportunities for training and professional development is a crucial aspect of retention. An LMS can help reduce turnover by allowing for the easy implementation of coursework that can help employees build new skills and grow their careers.

Interested in learning how an LMS can help you create a more efficient, effective employee training program? Schedule a demo with Simple.