Corporate training is the process of providing education, skills, and knowledge to employees of a company or organization. The purpose of corporate training is to improve employees' job performance, increase their productivity, and help them develop new skills and abilities that will benefit the company.
Corporate training can be provided in various forms, such as in-person workshops, online courses, seminars, and conferences. The training can cover a wide range of topics, including technical skills, communication skills, leadership skills, management skills, and compliance with company policies and regulations.
Corporate training programs are typically designed and implemented by the Human Resources (HR) department, a dedicated training team within the company, or a third-party training provider. The training can be mandatory or voluntary, depending on the company's policies and goals. Companies invest in corporate training to ensure their employees are equipped with the necessary skills and knowledge to perform their job duties effectively and efficiently.
Growth Statistics for the Global Corporate Training Industry
According to various reports, the global corporate training industry has been growing steadily over the years. Here are some growth statistics for the global corporate training industry:
The global corporate training market size was valued at USD 370.3 billion in 2020 and is projected to reach USD 501.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period of 2021-2026. (Source: MarketsandMarkets)
In 2020, the North American corporate training market accounted for the largest share, with a market size of USD 167.6 billion. The Asia Pacific region is expected to witness the highest growth during the forecast period, with a CAGR of 7.5%. (Source: Grand View Research)
In terms of training methods, e-learning or online training is expected to witness the highest growth during the forecast period, with a CAGR of 8.2%. Instructor-led training is expected to remain the most widely used training method during the forecast period. (Source: ResearchAndMarkets)
The COVID-19 pandemic has significantly impacted the corporate training industry, with a shift towards online training methods. According to a report by Training Industry, Inc., the global spending on corporate training in 2020 was USD 370.3 billion, of which USD 113.4 billion was spent on online training. (Source: Training Industry, Inc.)
These statistics suggest that the global corporate training industry is expected to continue growing, with a shift towards online training methods and a focus on developing the skills and knowledge required for the digital age.
Five Unique Opportunities for Corporate Training Providers
The corporate training industry offers significant opportunities for training providers who can meet the evolving needs of businesses and organizations. Here are some potential opportunities for corporate training providers:
1. Digital Transformation
With the increasing digitalization of the workplace, there is a growing need for training programs that can help employees develop digital skills and knowledge. Corporate training providers can develop training programs focused on emerging technologies, such as artificial intelligence, machine learning, and data analytics.
2. Soft Skills Training
As businesses continue to prioritize employee engagement and customer satisfaction, there is a growing need for training programs that can help employees develop soft skills such as communication, problem-solving, and leadership. Corporate training providers can develop customized training programs that address the specific needs of businesses and organizations.
3. Compliance Training
Many businesses are required by law to provide compliance training to their employees. Corporate training providers can develop compliance training programs that help businesses meet regulatory requirements and ensure their employees are aware of legal and ethical obligations.
4. Customized Training Programs
Many businesses have unique training needs that cannot be met by off-the-shelf training programs. Corporate training providers can develop customized training programs that address the specific needs of businesses and organizations, such as industry-specific training, leadership development, or sales training.
5. Online Training
With the shift towards online training methods, there is a growing demand for training providers who can offer high-quality online training programs. Corporate training providers can develop engaging and interactive online training programs that provide employees with the flexibility to learn at their own pace.
Tips for Setting Your Corporate Training Company Apart from the Competition
Setting your corporate training company apart from the competition can help you attract more clients and stand out in a crowded market. Here are some tips for setting your corporate training company apart:
Identify your unique value proposition: Identify what makes your company unique and focus on highlighting those features in your marketing efforts. This can include your experience, expertise, customized training programs, or flexible pricing options.
Develop high-quality training programs: Develop training programs that are engaging, interactive, and effective. Incorporate the latest technology and instructional design principles to ensure your training programs are effective and meet the needs of your clients.
Focus on customer service: Offer exceptional customer service to your clients to build long-term relationships. Respond to inquiries promptly, provide timely updates, and be proactive in addressing any issues or concerns.
Offer competitive pricing: Offer competitive pricing options while maintaining the quality of your training programs. Consider offering bundled packages, group discounts, or other incentives to attract and retain clients.
Leverage technology: Leverage technology to streamline your training delivery process and offer a seamless learning experience to your clients. This can include online training platforms, learning management systems, and interactive training tools.
Build a strong brand: Build a strong brand identity that communicates your values, expertise, and unique selling points. Develop a professional website, social media presence, and marketing materials that reflect your brand and set you apart from the competition.
About LMS Portals
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant learning management system that allows you to launch a dedicated training environment (a portal) for each of your unique audiences.
The system includes built-in, SCORM-compliant course authoring software that enables most anyone to build engaging courses quickly and easily.
We also offer a complete library of ready-made courses, covering most every aspect of corporate training and employee development.
If you choose to, you can create Learning Paths to deliver courses in a logical progression and add structure to your training program. The system also supports Virtual Instructor-Led Training (VILT) and provides tools for social learning.
Together, these features make the LMS Portals platform the ideal solution for our corporate training provider partners.
Contact us today to get started or visit our Partner Program pages
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