The 3 Most Powerful Ways to Monetize Corporate Training

How microlearning has evolved traditional corporate training efforts

Opportunities for professional development is a critical consideration for many employees and job seekers, especially those who are concerned with advancing their career. Organizations that have a culture of training or sponsor continuing education are more attractive to potential hires than their competitors without this benefit. The availability of training is also important in helping companies close skill gaps within their organization.
A recent study by LinkedIn highlighted the importance that learning and development (L&D) holds for corporations, with 90 percent of business leaders stating that these programs are important to development needed skills [1]. However, these L&D programs don’t appear to provide the expected results. From the same survey, a mere 8 percent of business leaders could identify learning and development’s impact on business — and only 4 percent saw clear ROI from these programs.

The Problem With Most L&D Programs

Although the right L&D programs and opportunities can be critical for both employee and corporation growth, current application of these programs needs an update. Learning and development systems that focus solely on course completion as a goal will not bring ongoing success.

Course Completion as a goal will not bring ongoing success

Instead, corporate training needs to evolve, shifting from the traditional training center or elearning mentality to partner with business leaders and provide training on the job. In this way, an organization can focus on skill improvement where most of the real learning already occurs. Tools that make delivery agile and engaging will help L&D programs approach corporate training from a more direct business perspective. As a result, they will be taken more seriously.

 

One of the best learning delivery tools is a microlearning platform, which delivers your training content in bite-sized chunks.

 

Monetizing Corporate Training

As an increasing number of businesses are trying to more intelligently embrace corporate training, they are discovering three key ways to appropriately monetize corporate training — and better tie their L&D programs to critical business objectives. These strategies include generating new revenue, optimizing revenue from existing accounts and increasing productivity.

  1. Generate New Revenue
    Revenue is the general goal at the heart of most business operations, and it should also be a consideration in a corporation’s learning and development programs. By adopting an objective of increased job performance — rather than course completion — selected L&D programs will be better positioned to boost overall revenue.24×7 Learning’s recent report revealed that only 12 percent of participants used what they learned from corporate training — illustrating the disconnect between training and business needs and objectives [2]. Addressing business objectives through corporate learning can aid in generating new revenue sources.Onlly 12% of participants used what they learned from corporate training
  2. Optimize Revenue From Existing Accounts
    The second side of increasing revenue, which can be just as important to a corporation’s bottom line, is optimizing or increasing revenue from existing accounts. On the financial side, it can cost up to seven times more to convert a new customer than it does to keep a current customer engaged [3]. Loyal buyers have an enthusiasm and trust for a company that takes time to develop — and has value in future sales and word-of-mouth advertising. The right corporate training can provide employees with the skills and tools that they need to optimize revenue coming from existing customer accounts.
  3. Increase Productivity
    Productivity is another area that is important to business leaders, as it more indirectly influences the amount of revenue the organization can generate. Studies have shown that effective training can have a significant impact on employee productivity and reduction of wasting resources — even more than other productivity-boosting strategies.
    One survey of over 3,000 U.S. workplaces found that a 10 percent increase in equipment value only increased productivity by 3.4 percent — but a 10 percent increase in training resulted in an 8.6 percent increase in productivity [4].

Many organizations are increasing budgets for learning and development for good reason: corporate training can have a significant impact on business success. By focusing training on adding new revenue, optimizing revenue from existing accounts and increasing productivity, business leaders can implement effective L&D programs. Effective being the key word; just adding more of the same won’t get you different results. mLevel is an end to end microlearning platform that repurposes your current content to optimize learning and bridge the gap between traditional training and on the job performance.
[1] https://learning.linkedin.com/content/dam/me/learning/en-us/pdfs/lil-workplace-learning-report.pdf
[2] http://www.onpointconsultingllc.com/blog/corporate-training-how-your-company-stacks-up
[3] http://marketeer.kapost.com/customer-acquisition-versus-customer-retention/
[4] http://www.businessknowhow.com/manage/higherprod.htm