If you are creating a custom training program online, you need to be prepared for the costs. The truth is, doing your training course online is cheaper because you can save a lot of money when it comes to the logistics. You do not have to gather remote workers and pay for their travel and board and lodging just so they can complete the latest training program. You can simply send them a file of the updated training course or set up a real-time online conference.
While you will save a lot of money, that does not mean creating an online course will not make you spend. This will still eat a portion of your corporate budget. Here are 5 major costs that your custom training program will incur.
Cost to analyze what you need. This may or may not involve monetary expenses but it will cost you time and effort. Every course creation begins with an analysis of what you currently have and the updated needs of the employees. You have to gather the existing resources so you can identify which of them can be used for the new program that you will create. This does not only involve your time – but those of the key personnel that will provide you with the input and content to help you create the training course. On a larger scale, you may have to create focus groups or surveys to get a more accurate data of what you need.
Cost to design the online training course. This is probably where you will start spending your money. To create a great custom training program, you have to hire a professional to do it for you. These people have the experience, skill, and expertise to translate the business needs into a functional course. This will require you to pay for their services and the materials that they will need to put together the training course. Most of the time, the software will entail the biggest cost. If you need videos, the cost to produce one will depend on your specifications. A simple slideshow video will not cost as much as a real life simulation or demonstration.
Cost to deliver the course. Another expense that you have to pay involves the deployment of the course to the trainees. Most companies overlook this – which is a mistake. You have gone through all the trouble of creating the course – if you cannot deliver it, then the effort and investment is wasted. You need to have a good Learning Management System (LMS) to help you deliver the course effectively and efficiently. This is a necessity if you have a large workforce and they are distributed in remote locations. Of course, you do not have to buy the whole LMS – instead, you can rent it. This is more cost-efficient if you are trying to lower your training budget.
Cost to maintain the course. In most cases, the initial deployment of a course will result in feedback that you may have to act on immediately. This will still entail costs – but it may not be as great as the ones you will have to spend while creating the custom training program. Of course, that is on a case to case basis. If you have to update the program (content, software or both) that would entail a long-term cost. This is true for product knowledge or compliance training programs.
Cost to analyze the ROI. Just like the first, this may or may not require a significant financial investment – but more of your time and effort. You need to see if the course is producing the expected results and how you can improve or sustain it. This evaluation is the one that will entail costs. When you have the data from this analysis, you can create more custom training programs that will allow you to improve work productivity whenever it is most needed.
By understanding these costs, you should be able to prepare the finances needed to produce a high-quality training program for the company.
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