The new year is nearly upon us, and companies have started looking toward budget and process changes for the coming year. For many HR organizations, this means getting down to the specifics on how to make the most of their budgets, squeezing the most productivity out of resources that, according to recent research, have been predicted remain flat through the next year.
In light of these resource constraints, innovative HR and corporate L&D organizations have started augmenting their employee training efforts with video so that they can maximize their reach in a cost-effective, yet still scalable, manner.
Between travel, lodging, venue, food, and talent, the costs of holding live training events can constitute a significant portion of a company’s learning and development budget. Switching to video learning can help minimize these costs and recoup much of those funds for other functional activities.
For example, after realizing that up to 40% of its classroom training costs were being spent on travel and lodging, IBM switched half of its training programs to an eLearning format. As a result, the company was able to save $579 million during the first two years of the program.
Microsoft has also seen similar gains, where the use a video portal to replace in-class trainings and small events has enabled the company to reduce their per-participant costs from $320 per hour down to just $17.
With globally distributed teams and more employees working remotely, businesses today face a variety of challenges when it comes to enabling collaboration between distant coworkers.
Video conferencing supports real-time communications, while on-demand social learning videos can help with rapid sharing of ideas, processes, and other complex communications when time zones and schedule conflicts might otherwise make collaborating impossible.
For many large, geographically dispersed companies, ensuring that onboarding materials are consistent across locations can be a challenge — particularly when multiple trainers or departments are involved in the onboarding process.
Video helps companies message consistently to all of their new hires. By using video for training during the critical onboarding period, companies can be sure that their message is communicated in the way that they intend, regardless of who conducts the training.
If you’re interested in using video to improve new employee training at your company, Panopto can help. In our latest guide, we help L&D practitioners make the business case for doing more with video, including: