Training is typically one of the greatest investments for any organization. Certainly, there’s the cost for the classes – but there is also the time investment and the opportunity cost of things that could be done while your team is learning. It’s hard to be certain that you’re making the right decisions in your choice. In an industry like home medical equipment, it can be hard to get qualified data from your peers on their education budgets as well.
Key Findings from the BHG Study:
- Custom eLearning is the most expensive learning experience to develop, and video learning is the least expensive of those analyzed. eLearning is utilized 28% more often by team members.
- 58% of organizations spend more than $1,000 per learner on training for senior leadership annually – compared to just 39% for high-potentials and 32% for mid-level management.
- The classroom is still king — it’s chosen 22% more than any other modality.
- Coaching/ mentoring is seen as more effective for the third consecutive year, although its use is 37% less.
These five other thoughts are important when contemplating what you invest in improving your business through its people.