With the holidays right around the corner, spare time provides room for reflection not only on gift lists and vacation plans, but also to focus on today’s acute topics in the working environment. The global trends are clear. To evolve efforts into impact, corporate training is key to directing a workforce that is focused on achieving business objectives through learning and development.
Corporate training ensures learner’s experience, knowledge and engagement. Organizations that invest in employee training want to see a return on their investment. There is a noticeable shift towards precisely targeting corporate training with a keen eye on employee and organization needs, as well as for the European market.
This two-part blog will take a hard look at driving forces shaping this tendency of tall-growth demand for corporate training, the first part in global terms and the U.S., the second in Europe respectively.
Forbes indicates that spending on corporate training is soaring. The U.S. spending alone scrapes the sky with 10, 12 and 15 percent growth in the last three years, leading with $70 billion from a total of $130 billion worldwide. In this race, e-learning at at the speed of search is occupying the lion share of corporate training with a 25.2 percent increase of funds injection within five years till 2018.
To comprehend the driving forces of corporate training, employers are continuing to adopt new strategies of doing business based on employee capabilities.
The Force of the Market
If the market is booming, contributors to its growth will succeed rapidly. In this way, businesses must cultivate corporate training as a prerequisite for organizational success. ATD’s 2016 State of the Industry report indicates that organizations averaged 33.5 hours of training, approximately $1,252 per employee. To stay afloat among these figures, it is necessary to adopt the rules and place a bet on a growing market.
The Force of Delivery
To deliver training materials, learning pathways should be engaging from a variety of angles. The most prominent content delivery methods in 2015 allocated as follows:
- 47 percent – instructor-led classrooms
- 1 percent – blended learning
- 5 percent – computer based technologies
- 15 percent – virtual classrooms, webcasts
- 2 percent – social learning
- 4 percent – mobile devices
However, businesses are continuing to transition from instructor-led training to a more blended learning experience to better meet the needs of today’s modern, digitally savvy learner.
The Force of Alignment
From the very beginning, whether in regards to the onboarding process, redeveloping competencies for a new position or impactful performance increase, corporate training plays a crucial role to aligning organizational values, policies and objectives across the workplace. This alignment is a guarantee that employees will adhere to new skills, knowledge and behaviors as the correlation between training and their further achievements at work. Timely implemented training generates a commonly shared sense of belonging to the organization and an attitude of doing work for a purpose, not only for reward.
The Force of Mentorship
Mentorship elevates leadership to a whole new level. Employees are striving to learn from their peers and colleagues, as well as from trainers. Considering the millennial leadership style, mentorship is key to an employee’s role in the organization. Knowledge sharing among employees provides additional engagement in the learning process. Formal mentorship programs should be an integrated piece of corporate training as part of shaping a new generation of leaders, who are in high demand.
The next blog will discuss driving forces of corporate training shaping the market in Europe.