The first part of this blog series discussed the driving forces shaping the demand for corporate training within the U.S. and around the world. This blog will discuss the driving forces shaping the European market of corporate training.
The European corporate sector is one of the most promising and rapidly developing markets of corporate training. Digitalization of learning materials and technical innovations have established a new benchmark in employee training. Still, different economies, diversity of local languages and cultural landscapes require employee engagement. Corporate training is the key to providing this engagement through the learning and development process, especially for the European sector, where the one-size-fits-all approach isn’t the purpose of the diversified market.
The market research report indicates that European corporate training market will reach 10 percent of compound annual growth rate (CAGR) in the interval between 2016 and 2020. The prospects are firmly stable and totally worth the investments of contributing organizations. Here are the main drivers of corporate training in Europe.
Engagement in the First Place
Work culture, productivity and leadership lead to the financial output. Above all, the listed features depend on the employee’s engagement. Organizations use corporate training as the most justified approach to ensure employees are involved in the working process and can develop their capabilities by utilizing the knowledge they have acquired. With an increase in remote workers, the opportunity to align their ability to learn at the same pace with full-time workers is inconceivable without corporate training in hands. That said, the learning process becomes a bridge that takes workers to maximize efficiency in their work performance at the same level with the success of a company.
Digitalization by all Means
In most cases, the company’s costs could be unevenly distributed because of the need to revise a majority of handouts in order to create the most efficient and well-targeted course for the learners. Once the organization has invested in corporate training, it will reduce subsequent spending. When the company has a digital copy of learning materials implemented in the e-learning course, it can be distributed to a wide audience within a preferred time and place settings. Moreover, for the European market, gamification as the delivery method, is starting to gain widespread popularity because of ability to engage learners into mastering training materials with the most exceptional and highly-technological ways.
The European market is segmented by central and eastern Europe, Nordic countries, and southern and western Europe, which dominate the corporate training market with 36 percent of the total share due to the tight concentrations of large-scale organizations and financial institutions. Technical skills are in the highest demand among organizations, particularly within the growing IT-sector because of the clear focus on position-related hard skills to elevate efficiency at work. The leading vendors who are tailoring such popular training have secured a solid ground in the learning and development industry.
As a result, vendor competition brings clearly defined requirements in training delivery methods that beneficially affects the market as a whole and the quality of the proposed solutions for each customer.