Corporate Training Is More Than A Requirement - byldgroup/BYLD-Group GitHub Wiki

Corporate Training Many MNCs across the globe have been working for corporate training and ensuring that their companies have modules to impart corporate training. The core responsibilities of training the workforce is generally taken on board by Development or Talent teams in larger corporations and Human Resources in smaller companies as they are required to identify topics and needs of the training programs and make them available for employees. They also have a responsibility to build the strategic roadmaps of employee experiences and journeys to unravel fruitful growth of the organization.

There is a common stigma around corporate training programs wherein many employees often struggle to see value in them because they are designed to highlight gaps or are very specific and only relevant to current positions. Therefore, the role of L&D now is evolving to enable ongoing learning rather than control it.

However, it is alarming to know that only 1/3rd of the talent developers would be willing to recommend their own programs — they know there is room to grow.

Better workplace that facilitates learning is more in demand than ever as according to a survey conducted by LinkedIn, 94% of employees stated that they would commit to staying at a company longer if the company invested in their development. Reflecting on this statistic is the fact that 90% of top management also believe that investing in their employees’ career development is a positive requirement for the growth of the company. Now that both the employees and employers see the importance in the career development of their workforce, what is in store for them next? You will need to focus on creating a 'standardized' training programs for all your employees will sure, present information in front of them but that will not guarantee transfer of knowledge and employee engagement that will translate into growth for the company.

Moreover those employees that have varied roles, experience, knowledge, & abilities, they will have access to your training programs so as to be specific to each one of them as it improves learning efficiency and increases ROI. You will also find well-structured L&D program that build desired knowledge and skills impacting individual employee performance and increasing job satisfaction, which often results in higher employee retention.

  • Relevancy and Need - The experience and information you offer your employees needs to be relevant, punctual, and applicable to their daily job activities. It should help them expand their knowledge, skills which should be easy to digest so they learn quickly and can implement what they need to learn. It is also imperative to correctly identify who all require training, what topics and skills they should to be trained on. You need to modify at each step in case you have unsatisfied customers, you may need a customer service training for your sales team. However, if your company goes through a merger process you might need to train managers on Change Management.

  • Alignment - Anything that helps in training your employees, it must be aligned with your organizational goals for which you will not have to ask your employees what training they want or need instead, focus on what are the business outcomes and then identify the capabilities needed to achieve those outcomes. Based on the requirements, you can then decide collectively what specific skill sets are needed by your employee base and the types of learning experiences that you need to create.

  • Goal oriented – When you are structuring training programs, you will have to ensure that they are goal oriented and the Key Performance Indicators have chosen to paint a holistic picture - time, cost, effectiveness, quality and quantity of the program. Manager Input - Manager Involvement is essential to increase employee engagement in learning as highlighted by a survey conducted on LinkedIn, wherein 56% of employees would spend more time on their training if their manager directed, or recommended, them to a specific program so that they directly believe that it will improve their skills.

  • Creativity - Learning facilitated in the workplace is evolving to a place where adding fun, bite-sized and relevant activities to training, a popular way to increase employee engagement is by moving away from traditional trainer style learning, or online learning experience similar to flicking through a PowerPoint presentation, will allow you to explore more creative possibilities.

  • Post training - Organizations spend thousands of dollars each year on employee training with extremely substandard knowledge of whether it's "working". By incorporating post training follow ups, such as short lessons or activities to review new concepts learnt or holding face to face feedback sessions that can help in ensuring concepts that are understood and actively. As it is known that employees are liable to forget 90 percent of the practical training that is imparted to them during a one-hour training and BYLD ensures that this is addressed very professionally by our coaches and mentors of the program. In this way, the employee can grasp more knowledge and improve his productivity thereby accelerating the business of the company!

The global corporate training market size is known to be valued at $332,931.1 million in 2019, and is projected to reach about $417,212.5 million by 2027, and thereby registering a CAGR of 9.4% from 2021 to 2027.

The global corporate training market segment is further categorized into training methods, training programs, industrial sector, and regional domains. By training method, the corporate training market is classified into virtual and face-to-face, BYLD provides both virtual as well as in-person training. By training program, it is then divided into technical training, soft skills training, quality training, compliance training, and other types of training which are exclusively covered by BYLD’s training programs.

By industry, it is segmented into healthcare, banking & finance, manufacturing, IT, retail, hospitality, and others, BYLD covers all of these including major industries such FMGC, hospitality, healthcare, and all the other industries. Region-wise, the market is analyzed by the spread of its clients and services across different countries.

In today’s world, corporate training programs are modernizing as per the demands of the paradigm shifts, therefore, they cannot run fruitfully in the absence of collaborative tools. For large organizations, they use these tools to increase inter-organizational communication, make collaboration easier, and build knowledge within different departmental structures. Meanwhile, smaller organizations use these programs to gain exposure by providing training modules to corporates from all across the globe.