From major organizations to small businesses, every corporation makes use of corporate training. Be it for employee onboarding or for compulsory compliance training, corporate training is the need of the hour if one wishes to grow their business. Interestingly, according to the American Society for Training and Development's study, companies that use training programs experience 218% higher revenue per employee and 24% more profit margins.
However, during the recent times of work-from-home, in-person training is no longer feasible. So what is next? How to get out of this conundrum? The answer has been around all along: E-learning. With the use of a cohort-based learning strategy, companies can train their employees effectively. All you require is the right LMS to do it for you!
What is corporate training?
IGI Global defines the term as "The training provided by the firm to its employees with the aim to improve their performance in the job they currently hold". But it is more than that. It is about community learning rather than an individual's in hopes of achieving the same company goals. For this purpose, cohort-based learning is the perfect model for training new and old recruits.
Corporate training is about community learning rather than individual learning in hopes of achieving the same company goals. For this purpose, cohort-based learning is the perfect learning model for training new and old recruits.
Benefits of corporate training
Improves company's efficiency
The only purpose of such training programs is not only to prepare your employees for their tasks, but perhaps its foremost purpose is to build a healthy community. A business can only truly be successful if all the stakeholders work together as one. For this, they must learn about and from one another. In this manner, people are better informed regarding their tasks and what the company expects of them. Only then can they deliver.
Every business aspires for a higher return on investments. Studies have found that corporate training has shown a drastic increase in a company's ROI.
Easier employee onboarding
If you have worked in the HR department, then you must be familiar with the hassle of recruiting newcomers and the struggle of finding the 'perfect employee'. Thanks to the cohort-based e-training program, one no longer has to search for the perfect employee as you can train one.
Fosters business evolution
We have seen that only those businesses have been able to flourish with changing times who successfully morphed themselves according to the changing trends. With the help of such training programs, companies can easily keep track of changing market needs and simultaneously teach their workers the latest strategies.
Steps to use cohort-based learning for corporate training
Align your training and business goals
Before you begin setting up a training program, it is important to identify both the long-term and short-term goals of the company. That way you will be able to hit the target straight. Once you have all your goals listed, sort them by prioritizing the ones you need to be done first and later. Since. it is impossible to achieve all the goals at once, it is best to take them on one by one.
Moreover, use a two-way approach to determine corporate goals. This means that whilst the commanding authority (the HR) will lay down the initial strategies, the trainee feedback is also fundamental for noting which goals remain and which are discarded. Hence, you will be able to lay the foundations for a democratic and thereby a more efficient training model.
Determine employee training type
There are various forms of employee training types specific to the company's goal. That is to say, whether a company needs to train newcomers or train the employees regarding the new workplace guidelines issued by the relevant regulatory authorities. Listed below are few types of employee training to give you a better idea.
- New employee training: As the name suggests, it is to train new recruits.
- Compliance training: This is compulsory workplace training, usually mandated by a higher authority or law. For example, safety instructions and diversity training.
- Customer service training
- Sales training
Choose an LMS
The success of an online cohort-based corporate training program depends immensely on the kind of LMS (learning management system) you choose. These LMS are the very foundations of your online training programs. From hosting the program to keeping a tab of the participants, it does it all. Therefore, it is crucial to pick one that ticks all your needs.
Teachfloor is one such platform that specially caters to cohort-based programs. You can easily build your online training academy in just a few simple steps and you are good to go. What makes Teachfloor stand out amongst various LMS available nowadays are the amazing features like third-party integrations (Zoom, Calendar, automated emails, Stripe, etc.) and its emphasis on peer-learning approach for more democratic learning.
On top of all these cool features, Teachfloor also allows its users to host multi-instructor cohort courses. This means that you can have various courses ranging over all sorts of topics and offered by many experts under one channel. Through these online training academies, trainees can get all their education under one channel. This cuts out all the faff and leads the learners straight to their target. For more on how to set up an online academy, follow the guide 👉🏽: How to start an online live academy in 2021.
Manage corporate training logistics
Seamlessly bringing together a training program requires a lot of logistics. And ensuring that all these tasks are done perfectly in time is what makes for a successful program.
Budget your program
When you set your goals, you are bound to note down your budget limit for the training program. Crosscheck this amount and see if it covers the cost of all the basics that you require for running your training program. Once you have your budget set, you need to look for the optimal pricing plan - one that ticks all your needs and doesn't leave your account empty.
Teachfloor offers a variety of pricing options to suit the needs of all sorts of customers. You can opt for a monthly or annual billing based on your ease. Moreover, you can get a custom plan for your custom requirements if the Pro plan doesn't fulfill them. You can check them out for yourself and see which pricing plan caters best to your needs.
Now for working out the most obvious aspect of your training program - content. What is it that you wish to teach your employees? What techniques should you apply to effectively train the participants? Etc. With the help of Teachfloor's curriculum builder, you can easily create, upload and manage all your content. Along with content security, you also get lifetime access to all your uploaded material.
Schedule your training sessions
It is near impossible to inform all the large number of company employees and trainees separately about cohort sessions' scheduling. This is where Teachfloor's automated emails come in handy. With just a click, inform hundreds of people at once and keep the entire corporation informed on the latest training updates. Along with this, the calendar feature keeps all the sessions in order and can be synced with Zoom to keep everybody posted on the upcoming sessions.
Review and improve
The process of running a successful training program is a dynamic process that requires change. For this purpose, one should be mindful of the program's performance. Measure the ROI before and after the training session to check for any improvement. Seek out trainee feedback and introduce new training techniques to keep the session up-to-date. Setting up the training academy is the easier part but ensuring its effectiveness is the real work.
Cohort-based corporate training programs are the perfect solution to keeping the company's employees close and well trained in the time of remote work. Now receiving training won't feel like extra work. With an LMS like Teachfloor, you can set up a corporate training program to fit the needs of your company and offer a diverse and active learning experience to your trainees. And make this your motto: Learn together to work together.