tudying can be challenging, and combining work with studies makes it even more demanding. It poses difficulties for both managers tasked with organizing the process and employees participating in it. However, there is a worldwide trend towards corporate training that aims to make this process as enjoyable and stress-free as possible.
So let's discuss what is corporate training and development, the types of corporate training, and 5 insights that will help your organization nurture talent, drive growth, and adapt to the dynamic demands of the modern business landscape.
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What Is Corporate Training?
Corporate training is a process that helps employees improve their knowledge and skills to enhance their qualifications. So, corporate training online remains essentially the same, but the training itself is conducted online.
Companies often take it upon themselves to elevate their employees' development and awareness, as virtually every sector demands continuous growth and advancement.
For instance, legal professionals and accountants must stay updated on ever-evolving legislation, marketers need to stay abreast of trends and shifts in the promotional landscape, and software engineers benefit from ongoing training to enhance their development skills.
Sometimes, corporate digital training becomes imperative when a company undergoes significant changes, such as transitioning to new software systems. In other cases, regular employee training forms an integral part of the corporate culture.
5 Types of Corporate Training
It's time to explore the avenues available for mastering new skills across 5 popular and career-changing corporate online training categories.
◾️Hard Skills Training
Hard skills encompass the professional knowledge, tools, competencies, and technical expertise that an individual possesses.
According to a Manpower research report, the global talent shortage has reached its highest point in 16 years in 2022, with 75% of employers currently grappling with difficulties in finding the right talent to propel their businesses forward.
💡: To provide context, in 2009, just 30% of employers encountered comparable challenges.
For business owners, placing substantial emphasis on employee development becomes a necessity in order to bridge the hard skills gap.
◾️Soft Skills Development
💡: The present global market for soft skills training stands at approximately $23 billion, and forecasts predict it will surge beyond $47 billion by the year 2027!
Soft skills encompass universal competencies and personal qualities that aren't easily quantified. They serve as an added advantage, enhancing the quality of work and employees' efficiency. Additionally, soft skills can assist your employees in effectively managing stressful situations.
Conviction, confidence, active listening, the capacity to respond promptly and aptly, and the ability to influence through communication are qualities that can be developed over time with consistent effort.
◾️Information Technology Training
Information technology training enhances operational efficiency, making it a valuable investment for business owners seeking cost-effective technology utilization. Business owners benefit from reduced cybersecurity risks and safeguarding sensitive data and financial assets through comprehensive IT training.
Embracing this type of corporate online training allows business owners to gain a competitive edge by harnessing cutting-edge technologies, leading to increased profitability and market share.
◾️Industry Certification Training
Industry certification training prepares employees for specific certifications. It reinforces the organization's credibility and trustworthiness in the eyes of clients and partners, providing business owners with valuable market leverage.
Business owners can unlock new markets and lucrative contracts by attaining industry-specific certifications (such as ISO, ANSI, BSI, AWS, etc.), expanding revenue streams and growth prospects. Certifications instill confidence in investors, helping business owners secure critical funding for innovation and expansion efforts.
💡: The leadership development sector is valued at a staggering $366 billion, with a significant $166 billion dedicated to investments within the United States.
These programs empower businesses by cultivating a pool of skilled leaders capable of guiding the organization toward success. By investing in leadership training, business owners ensure a strong and capable leadership pipeline for sustainable growth.
Demonstrating a commitment to leadership development can attract ambitious employees, instilling confidence in the organization's long-term prospects and strategic vision.
5 Insights About Online Corporate Training
Now, we arrive at the most intriguing aspect—what every business owner should be aware of regarding corporate online training.
#1. Implementation of Hybrid Model
Let's quickly discuss what is hybrid corporate training. It combines both asynchronous (self-paced learning) and synchronous (cohort-based learning) elements.
Cohort-based learning, reminiscent of a virtual classroom experience, introduces structure, accountability, and real-time support into the training process. It thrives on fostering a sense of community and shared progress, driving engagement and collaborative learning.
In contrast, self-paced learning offers learners flexibility, allowing them to tailor their training experience to their unique schedules and preferences. While this approach grants autonomy, it may require a higher degree of self-discipline.
This combination makes the process more adaptable and scalable for online training for corporations and development. It also encompasses other innovative methods and technologies that enhance the overall training experience, ensuring organizations can tailor their online corporate training programs to meet specific needs and learning styles effectively.
#2. AI-Powered Personalization
💡: According to Brandon Hall Group research, 93% of surveyed company leaders concur that personalized learning significantly aids employees in achieving their professional goals more effectively.
This method goes beyond one-size-fits-all training programs, recognizing that each employee has unique strengths, weaknesses, learning styles, and career goals. It analyzes each employee's unique profile, including their skills, weaknesses, learning preferences, and career aspirations.
In corporate training websites this analysis enables the creation of personalized learning paths and the adaptation of content in real time to suit the employee's progress. Continuous assessment ensures that the online corporate training remains aligned with the employee's evolving needs and career objectives, leading to more effective professional development.
#3. Keeping a High Engagement Rate
Engagement is not just a nice-to-have, but a critical factor in the effectiveness of online corporate training programs. Successful organizations are investing in cutting-edge engagement tools such as
- live session hosting;
- different types of reviews;
- real-time feedback mechanisms;
- peer collaboration;
- built-in messengers;
- interactive content, etc.
These interactive corporate training technologies will help you to ensure that every learner is actively involved in the process.
Also, when discussing this trend, it's essential to touch upon cohort training, as the engagement statistics strongly support its effectiveness.
💡: Based on Learnopoly, while self-paced courses may achieve completion rates as minimal as 3%, cohort-based courses frequently boast completion rates exceeding 90%.
#4. Continued Raise of Microlearning
The most valuable resource of our era is time, and its scarcity drives the quest for innovative approaches to online corporate training on the job, as well as for obtaining additional education while employed.
Typically, a manager cannot afford to have their entire staff seated at their desks for several months while presenting them with the necessary information. This is where microlearning steps in. During the process of microlearning, employees receive bite-sized pieces of information tailored specifically to their immediate needs. Right after studying this information, they put it into practice, leading to a seamless transition to the next relevant piece of data.
We've put together a table comparing microlearning and macrolearning for you, so you can better grasp why this trend continues to gain momentum.
💡: Keep in mind that microlearning isn't a one-size-fits-all solution.
#5. Focus on Soft Skills Development
We've touched upon the significance of soft skills earlier.
💡: This is backed by research conducted by professors from Harvard, Stanford, and the Carnegie Foundation, which have revealed that a whopping 85% of one's professional success hinges on these soft skills.
Developing soft skills is a collaborative effort involving both an instructor and the individual themselves.
To kick things off, managers or HR professionals identify the employee's areas for improvement and create a personalized development plan. Following this step, suitable courses are chosen and assigned to provide a solid theoretical foundation. This portion can be streamlined and moved online through platforms like EducateMe.
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Employees will automatically receive invitations to the relevant courses. Throughout the corporate development training process, they can engage in tasks and answer questions, watch videos, and collaborate with other employees via built-in messenger, adding a practical element to their learning. Subsequently, they can put their newfound skills into practice during online meetings via Zoom or by completing assignments.
Instead of Conclusion
The global online corporate training market was valued at $25.5 billion in 2022 and is projected to grow at a CAGR of 13.49% during the forecast period, reaching $54.5 billion by 2028. This forecast implies that your competitors will increasingly invest in their employees' development year after year 😀 And, of course, we've all learned the lesson that falling behind can be risky.
That's where EducateMe comes in. This platform is specifically designed to assist you in adopting cutting-edge trends. Whether you're looking to boost engagement through interactive content & collaboration, implement a hybrid online corporate training model, or streamline microlearning for your workforce, EducateMe has got you covered.
So why wait? Join the ranks of forward-thinking organizations that are leveraging the power of corporate digital training to nurture talent and drive growth. Your success starts here.