How to save money on Learning & Development? Many companies right now are feeling the financial crunch set in. For many L&D professionals this means scaling back budgets and finding ways to make sure you are getting the most from your investment.
Here are 10 ways your company can save money on L&D in 2023.
There are many free resources available online, such as MOOCs (massive open online courses), tutorial videos, and educational blogs. These can provide a wealth of information for employees looking to learn new skills.
Instead of paying for expensive external training, consider creating your own training or L&D programs in-house. First, identify the skills and knowledge your employees need to develop. Second, create customized training materials that can be delivered by internal experts.
Your employees are a valuable resource for company learning. Encourage them to share their expertise with their colleagues by creating a mentorship program or setting up regular knowledge-sharing sessions.
Partnering with other companies can help you share the cost of training and development programs. You can also exchange training materials and knowledge with other companies to reduce the amount of content you need to create in-house.
Regularly reviewing your current learning & development budget can help you identify areas where you can cut costs. For example, if certain training programs are not producing the desired results, it may be worth cutting them in favor of more effective alternatives. For advice on how your company can be more effective, download our free eBook on How to Increase the Effectiveness of Your Company’s Training.
Digital learning platforms vary significantly in their pricing. In 2023, lots of companies will scale back spending on higher priced learning platforms such as LinkedIn Learning and invest their L&D money in more affordable alternatives.
What your company spends on learning & development is one thing, but taking steps to get your employees more engaged in learning, for example, by building a culture of learning in your company, will help your company get more bang for the buck when it comes to your learning spend. For help getting employees engaged in learning, download a free copy of our eBook on The Future of Employee Engagement in Learning.
Identify the skills and knowledge that are most critical to your company’s success and focus your learning and development efforts on those areas. This will help you to get the most out of your training budget.
Utilize the expertise of remote providers, such as online tutors, or online learning platforms, that can provide quality training at a lower cost. Gig-learning, where companies hire freelance learning consultants on a project-by-project basis is expected to be one of the biggest learning & development cost-cutting trends in 2023.
Companies should put more emphasis on measuring the impact of every learning & development initiative launched this year. There’s an old marketing saying that goes “50% of my marketing money is wasted. The problem is I don’t know which half?”. This applies to learning & development in most companies as well. By focusing on data due diligence and measurement, companies can funnel their spend to the activities that have the highest impact on company learning.
For more information on this, make sure to check out our free podcast by Kevin Yates, the Head of Learning Measurement at Facebook on How to Measure the Impact of Your Learning.
On a final note, the key to saving money on learning and development is to be strategic and focus on the areas that will have the greatest impact on your business.
And if you’re looking for the industry’s most cost-effective digital learning solution for your company, take a second to learn more about Bookboon Learning and book a free demo.
Download a free copy of our best-selling eBook with the newest trends in Learning & Development strategy by the former Global Chief Learning Officer at McKinsey & Co.
Learning and Development (L&D) professionals know that a solid L&D budget is essential for providing quality training and development opportunities for employees. But how do you make the case for more L&D funding within your organization?
Here are 11 easy ways to use technology to get the most out of your L&D efforts:
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