5 Ways KM Platform Reduces Employee Training Costs

Employee training is a time taking process, is what many think. But did you know there are now tools that can ease the training process and boost employee productivity simultaneously? Read on to find out what they are.

The actual real cost of training your employees – is it worth it?

Training is looked at as an investment in most organizations. On the upfront, training is seen as a monetary investment to develop the workforce’s skills and improve productivity by honing the employees’ skills. 

But the organizations must remember that training employees aren’t always just monetary exchange. There are a lot of other factors to consider, such as the ‘real’ cost of training. 

Reasons why employee training is essential in every organization

1. Alignment of goals and objectives

• When an employee joins an organization, they are a blank slate. It almost does not matter the agent’s experience in the old environment or workplace
• For any business, even if the individual has personal goals, the employee has to work for the organization at the end of the day.
• Formal training that includes induction helps the employee understand what the organization can do as a workplace to help them grow after understanding the goals and vision of the organization

2. Productivity cultivation 

• Skill development is a part of all training programs. Training an employee directly improves the productivity of the employee
• How does this happen? Productivity cultivation happens once the employee is given technical and soft skill development 
• Technical skill development helps work with software in the employee’s day-to-day life. Soft skill training allows the employee to collaborate and communicate with the team for synergy in working

3. Time to proficiency

• Learning the subject matter takes time to learn. Employees would have to be trained under SMEs (Subject Matter Experts) and then learn skills, gradually increasing the time taken to learn a skill
• The actual employee training cost here is time, but it is essential because half-knowledge is an enemy in any workplace. It is always best to send your employees to the battlefield war-ready
• To take time to train employees is essential to nurture the skills of each individual and make them ready to take on any challenge faced independently

4. Empowering employees

• Employees have to feel valued at any workplace right from the start of their journey at the company
• During training involving employees, taking their input would create a positive and inclusive work environment for the new employees
• Empowering employees goes a long way in establishing employee’s loyalty to the company and its achievements in the future

How does a robust KM reduce employee training costs?

Having a knowledge management system does help in cutting down employee training costs. This might surprise you, but knowledge management platforms can aid in training on the job and even long after onboarding. Learn how a knowledge management platform can do this below: 

1. Cuts time to proficiency

• An AI-powered knowledge base system is a ready reckoner of all organizational knowledge. Organization knowledge in this context refers to all the articles and content required for the employee to work.
• With an elegant UI and easy-to-navigate platform tools, a knowledge management platform like Knowmax reduce the time taken to learn tools to work on them
• With software so impactful, it takes less time to learn how to use the platform and increases proficiency faster

2. Compact learning management system

• 74% of surveyed employees feel they aren’t reaching their full potential at work due to a lack of development opportunities. A knowledge management tool that comes with an in-built Learning Management System helps provide a platform for employees to learn
• A lite LMS that comes as a part of the knowledge management system provides development opportunities
• This reduces employee training costs because modules for learning can be posted up on the learning portals for all employees to hone their skills. This eliminates the hassle of getting in new trainers every time someone new joins

3. Tests and certifications as a yardstick

• When an accomplishment is recognized, an individual becomes motivated to do more and be generally productive
• Certification of any skill does not just act as a prerequisite for the employee’s current job, but it also creates growth opportunities throughout their career
• Tests are also a way to determine how effectively the employee is learning and where they lie on the learning curve

4. Aids in refresher training

• Learning of an employee does not stop once they are onboarded; it is a lifelong process. If an employee does not learn while working, there will be no growth.
• This is where refresher training comes into the picture. I can take refresher pieces of exercise on a knowledge management platform through the LMS as a group or as an individual to hone skills or learn new things.
• When refresher training is done through a KM platform, it enables the training and quality team to ensure maximum skill development through less expensive training and no loss in resource allocation

Conclusion 

Having a knowledge management system aids in cutting down employee training costs. But this does not mean that it is less beneficial. Moreover, having a knowledge management platform also improves employees’ daily functions.

Knowmax has aided in at least 20- 40% time to proficiency through its platform. Is your organization ready to be the next one in line?