Scalable eLearning Budgets Are the Way to Go!

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Money must be spent to make money, goes the cliché. This is absolutely true and relevant in today’s dynamic business landscape! All eLearning converts have spent hours researching and deliberating on the right budget for eLearning, at some point. This is true for Corporates and Professionals, alike. For a professional, spending on eLearning is mostly needs based and may often be covered by the organization they work for. From a Corporate point of view, Spending on eLearning is more of a strategic decision than a simple budgetary one.

In our opinion, spending on eLearning, when properly planned, managed and invested, is bound to reap long-term rewards. At SpringPeople, we already believe that eLearning is better suited than classroom training sessions to support business operations.

But the question still remains. How much should a Corporate allocate for an eLearning budget? Based on our experience delivering trainings and training our teams, SpringPeople believes scalability is the key. Budgets will vary for each organization but the possibility of add-ons needs to be a certainty. Based on our interactions with Corporates and professionals, we discuss some obvious considerations eLearning budgeting.

1. Business Needs- This boils down to a simple question, How serious is the organization about stay ahead? The rate of business advancements is a critical consideration when allocating budgets for eLearning. Re-inventing skills, techniques and procedures are a sure-shot way to maintain competitive superiority. If you are competing in an industry where trends change weekly, employee development must be ongoing and well supported by eLearning. For example, tech pundits are confident that gamification is going to dominate the Internet of Things experience. An Ambient Insight research on game-based learning, foresees gaming based global revenue to be $2,309 million in 2017. It is also expected to be the primary tool for improving business operations by 40 per cent organizations worldwide (True Office Whitepaper on Workplace Learning) making it a must-have element dominating strategic plans.

Regardless of the industry, SpringPeople believes that if you can interact with your clients online in any way, you should be factoring eLearning spending into your yearly budgets alongside sales and marketing.

2. Financial Climate- Economic situations have an obvious control over budgetary decisions. As observed in the recent recession, training budgets are one of the first to be booted out or slashed. However, given the transmuting business settings, reducing training hours or costs is impractical. Competition is fierce and talent is in short supply. The challenge then is to prioritize and be creative. Instead of sending employees on training trips, partner with training providers like SpringPeople who conduct online sessions. This saves travel and accommodation costs, which as most Training Managers will tell you is a big dent in the budget.

3. Outsourcing Possibility- Organizations should also evaluate whether it is worthwhile to maintain a dedicated training team in-house or financially prudent to outsource to an external Training Provider like SpringPeople. Big organizations understand the benefits of this. By opting for blended learning, Ernst and Young reduced its training costs by 35 per cent and reduced its training time by about 52 percent.

As with all spending, there needs to be accountability. All Training spending needs to be assessed on varied parameters the key being ROI, employee productivity and business growth.

Organizations across the world are beginning to see the positive offerings of eLearning and how it fits in with their progressive ambitions. The global corporate e-learning market is expected to grow at a CAGR of 11.41 per cent during the period 2016-2020, as per a Technavio report. To stay in the game and ahead, businesses will need to bring in eLearning. That is the fastest way to stay combatively competent.

About SpringPeople

Founded in 2009, SpringPeople is a global corporate training provider for high-end and emerging technologies, methodologies and products. As master partner for Pivotal / SpringSource, Elasticsearch, Typesafe, EMC, VMware, MuleSoft and Hortonworks, SpringPeople brings authentic, Certified training, designed and developed by the people who created the technology, to Corporates and Development/IT Professionals community in India. This makes SpringPeople an exclusive master certified training delivery wing, and one of the hand-picked few global partners, of these organizations - delivering their immensely popular, high-quality Certified training courses in India – for a fraction of what it costs globally.

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