corporate training business

The corporate training market is expected to grow by USD 52.7 billion during 2020-2024, according to the latest market research report by Technavio” — as reported by Business Wire. The report also suggests that one of the trending concepts used by leading corporate training businesses is microlearning. Bite-sized learning addresses training challenges that are an outcome of a hectic corporate lifestyle. With the constant pressure of multi-tasking, employees have limited time. Therefore, because of time constraints, they can only resort to consuming information in micro chunks.

Another growth factor that has propelled this tremendous rise is eLearning. “In fact, the global eLearning market is estimated to reach $325 billion by 2025” — Global News Wire.

corporate training business

Yes, the era of delivering standard training modules that makes it mandatory for employees to listen until their ears start bleeding is an obsolete concept. With a continually evolving market, which is poised to transition to 100% online platforms, corporate training institutes need to change their strategies. Only then, their corporate training programs will prove appealing to potential clients.

So, how do you get started with scaling your offered corporate training courses? Allow us to lend some insights.

6 Tips to Scale Your Corporate Training Business

1. Go Micro

business goals

Microlearning creates standalone modules or information nuggets, which are focused and brief. They reduce cognitive load and increase the retention power of the learners. As a result, the leading corporate training businesses are adopting microlearning over traditional training formats.

Well, if our words fail to convince you, let these numbers do the talking. “The global microlearning market size is expected to grow from USD 1.5 billion in 2019 to USD 2.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.2%” — Markets and Markets.

Factors Ruling the Aforementioned Growth

Some of the factors ruling this growth are the increased demand for flexible training by desk-less and mobile employees. Additionally, corporates are constantly looking for skills-based and result-oriented training courses.

As per deployment type, cloud-based microlearning modules have a higher demand than on-premise platforms. One can deploy the latter on the server of your client’s organization. However, your customer will need to acquire a license to start using this custom microlearning solution. On-premises platforms allow corporates to design, store, and disseminate critical business information and distribute training materials.

However, the percentage share of on-premise microlearning solutions is gradually decreasing. Why? These applications require high initial investments and long-term commitment from the developer. In comparison, cloud-based solutions are cost-effective and you can easily offload them to the corporate training business. So, if you wish to take full advantage of this trend, we suggest that you explore the concepts of bite-sized modules that can be easily hosted on the cloud.

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Include the ‘E’ in ‘Learning’

corporate training business

Research estimates that “77% of US companies offer online corporate training for employee onboarding and professional development” — and this number is only increasing with each passing year. Why? eLearning is a cost-effective process that has proved vital in boosting employee performance. It makes information easily accessible — a factor that is vital to ensure long-term business success.

The best corporate training businesses harness the superpower of eLearning: its unparalleled ability to humanize and digitize content. When you use eLearning to transform your client’s existing training process, you can address the learning needs and business goals of a geographically diverse workforce. Of course, digital training also sidesteps financial constraints since it is a cost-effective alternative as compared to on-site training sessions. Finally, this flexible option easily fits into the already packed schedules of employees.

Harness the power of the Internet of Things (IoT)

corporate training business

To cater to the evolving demands of your tech-savvy clients, you can transform your corporate training business so that they easily integrate with IoT and wearable devices. Wearable devices or apps are convenient and time-saving solutions, which enable the management to keep track of employee attendance and performance in an online environment.

Smart glasses like the Google Glass and smartwatches like the Apple Watch are a go-to option among corporate trainers. These tools promote interactive and immersive learning experiences. Again, mobile learning is another technology that leads to the performance improvement of employees, enabling them to reach their business goals.

Adopt Continuous Education

corporate training business

The traditional methodology of corporate training businesses in delivering learning involves disseminating knowledge in single silos. However, if you consider the concept of the employee lifecycle, you should know that learning must be a continuous, iterative process. Both learning and training are NOT monolithic, one-time instances. As a corporate trainer, your learning modules must offer value to your client throughout the lifecycle of their employees. Courses in corporate training businesses should be comprehensive enough so that you can deploy them across varied levels of skills, stages, and experience levels. As per research:

Employees who take continuing education are enhancing their skillset within the framework of their work environment.” Continuous learning also helps make employees “more qualified and easier to promote.” One of the simplest ways to ensure that learning is a continuous process is by going digital. Online technologies allow corporates to instantly draft educational materials, distribute knowledge, and regularly update the course with repeated iterations.

5. Harness the Power of Interactive Learning

corporate training business

When you own corporate training business, one point to keep in mind is to NEVER make the modules repetitive. How can you ensure this? Customize your corporate training business platform by introducing interactivity. The digital environment and online technology make it possible to comment, question, and contribute to the learning process. Interactivity can be introduced in your courses by embedding videos, graphics, and quizzes, accompanied by simulated environments.

In turn, you will ensure that your client delivers inspiring and engaging content, which boosts knowledge absorption and employee performance. Another element that can be introduced here is the concept of gamification — which transforms training into games — with company leagues and internal interactivity.

Do Not Miss Out on a Comprehensive LMS

corporate training business

When your corporate training program harnesses the power of an LMS, you can easily create a blueprint for your learning system. If your client is expanding to new locations, a cloud-based LMS enables corporate trainers to reach remote learners. An existing knowledge bank enables you to plan ahead, build strategies, and configure new deployment methods. Again, if your client is thinking of building a new training module, an LMS can help the organization in tracking the efficiency of the course — with its advanced reporting features.

LMS arrives with the option of effortless customization. It allows corporate trainers to iteratively design, quickly deploy, and easily edit or update content, as and when required.

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Wrapping it Up

With the help of the above tips, you can effectively scale up the capabilities of your existing corporate training programs. After all, in this contemporary market, ruled by evolving trends, corporate learning should also transform to address the future of employee training.

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