An evolving business environment driven by technological changes is pressuring organizations to transform their corporate training programs. However, many find adapting to the changing workplace environment difficult due to skill gaps in their workforce. Nine of ten managers responding to a McKinsey Global Survey on the future workforce needs believe that their organizations face skill gaps or expect gaps to develop within the next five years. Corporate training is the best solution to close the skill gaps.
To be prepared for the new challenges, most of the organizations have initiated training programs and learning and development activities to upskill and reskill their workforce. A PWC report found that 74% of employees are willing to learn new skills to make themselves employable within the organization. Many organizations have found the perfect return on investment (ROI) in training outsourcing to achieve their strategic training goals.
Let’s take a closer look at the elements of corporate workforce training.
What is Corporate Training?
Corporate training aims to initiate learning programs for employees to improve learning outcomes within the organization. In enterprises, the learning and development team will provide the training programs, while the human resource department handles all the training.
The scope of corporate training begins with identifying knowledge gaps and training required to fill those gaps, followed by developing and delivering the training programs and then concluding the process by proposing long-term learning and development strategies for individual growth and the development of the workforce. Other activities include onboarding new staff or upskilling employees for current roles. Hence, corporate training enhances workforce capabilities within the strategic goal framework, and also improves leadership in business operations.
However, the quality of training, the depth of the content, and several direct, and indirect factors impact the training program. Hence, organizations are aggressively considering training outsourcing for time-bound, cost-effective, and scalable training solutions.
How can Training Outsourcing help your Organization?
Training outsourcing services are engaged for external supply of management training processes, whenever a business needs a flexible solution for learning and development of its employees. It has also proved to be a good financial and business strategy.
These are the following ways in which training outsourcing helps your organization:
1. Development of the employee
On average, the half-life of professional skills is 10 to 15 years, but with continuous training and development programs it has now reduced to 5 years. Hence, enhanced human capital management is very important and should also reflect in the business strategy and productivity objectives. The solution is training outsourcing such that employees have the correct avenue to reconnect with core business objectives, at minimal costs and higher efficiency.
Training outsourcing service providers offer employee development training in the following ways: traditional classroom learning, online learning, instructor-led virtual learning, and blended learning.
2. Training activity is better managed
Outsourced training programs are better at rendering different types of training programs, be it in the use of new tools, motivating employees; or realigning their approach to business objectives and changing their attitude by using interesting ways to include them and keep them engaged in the learning process.
3. Higher levels of employee engagement:
External training experts are able to engage employees better. Their inherent focus on competency-building training and emphasis on quality will be attractive for employees.
4. Reduced employee attrition
any as 94% of the employees would continue to work for a company if they were part of a successful learning and development program.
5. Risk reduction –
Outsourced training service providers bear all the risk of training of the workforce. Hence, companies are spared the use of additional resources and the risks of success or failure of training programs.
Thus, training outsourcing helps the workforce become more efficient and productive while always focusing on business goals.
Choosing the right partner for training outsourcing should be based on the following criteria:
- Is the training service provider capable of delivering training services customized to your industry?
- Does the provider have industry visibility, have the capability to innovate and create an impact?
- How experienced is the provider and how many clients do they service?
- What is the company size and what is the potential growth of the provider?
To know more about specialized corporate training and training outsourcing, speak to our experts at Infopro Learning now!