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If you are still conducting live training courses, you are missing out on the opportunity to save time, save money and customize the learning experience for your employees. e-Learning can work on its own or in tandem with live trainings to expedite corporate education.
Why e-learning?
The market size of e-learning is growing at exciting speeds. The market value surpassed $250 billion in 2020, and it is anticipated to grow more than 21% before 2027.This industry-wide shift away from classroom education reflects the perceived and calculated costs of live training courses.
Yardi Aspire is a training solution that transitions clients to online learning using role-based plans. The customizable program offers savings in four key areas:
- Personnel This category includes the cost of all people involved in producing the training such as content designers, IT professionals, reviewers and approvers. Aspire software significantly reduces administrative costs through the introduction of technology. The software also allows users to eliminate travel and lodging expenses.
- Technology The cost of the e-learning solutions, computers, web conference system, and any other technology involved in conducting the training are included in this category. These costs are the primary reason many companies choose to invest in e-learning.
- Content This category includes the cost of content production and the cost of acquiring content from a vendor. By recording an instructor once and delivering the recorded course online, organizations can maximize the use of content and decrease costs associated with instructors.
- Administrative Significant time is spent recording training activities, setting up training opportunities, and communicating with trainees and instructors before and after the event. Decreasing administrative costs offers benefits throughout the organization.
Cost savings, line-by-line
What do these savings look like in a real world, real estate example?
Let’s take a sample client who is in the middle of converting to Yardi Voyager. This client has 150 employees who need to learn about the AR functions in Voyager.
In this organization, the cost of sending a learner to in-classroom training is about $500 per day. The complete AR course require two days. The cost is multiplied by the amount of attendees per session. The costs continue to grow as the educator must repeat the sessions multiple times for new learners.
Research conducted by The Chapman Alliance found that it requires an average of 79 hours to produce one hour of Level 1 e-learning content (with Level 1 defined as content pages, text, graphics, perhaps simple audio, perhaps simple video, and test questions).
Once completed, however, much of the content is evergreen. It can be reused for multiple people in multiple sessions over the course of time.
Within the first year, the organization experienced a savings of $77,400:
| Descriptions | Classroom Training | eLearning |
| Trainee costs | $150,000 | $75,000 |
| Course development/acquisition | $2,000 | $3,000 |
| Trainer costs | $1,000 | 0 |
| Food and beverages | $600 | 0 |
| Equipment and supplies | $300 | 0 |
| Travel expenses | $1,000 | 0 |
| Hotel | $500 | 0 |
| Total | $155,400 | $78,000 |
Additional benefits of e-learning
Employees can improve efficiency and productivity as well. e-Learning reduces the time that employees spend in class by up to 60%. The software also allows users to proceed at their own pace and revisit content as needed, without the need for additional training courses.
Organizations can eliminate variances in the quality of training received from one experience to the next. Streamlined educational courses promote consistent results throughout the organization.
With these factors in mind, e-learning can help organizations reduce their employee training and development costs for events of many sizes.
The needs of each organization are different, but the shift towards cost-effective e-learning can produce notable results. Click here to learn how Yardi Aspire can streamline education for your organization.
