Research shows that companies that invest in comprehensive training programs have higher profit margins and retention rates. Employee onboarding can be an expensive and time-consuming task. Getting new hires up to speed with the company culture, policies, and processes is often daunting. Now that many employees work remotely, the inherent limitations of traditional training methods call for a new approach. Video-based training programs offer a solution and can reduce onboarding time and costs.
The financial impact of traditional training methods
Training Magazine reports that U.S. companies spent more than $100 billion on training in 2023. The direct costs of traditional training methods include creating training materials, finding instructors, and renting out space. Indirect costs can include catering, accommodation, transport, etc.
- Fees are often high for instructor-led training with experts.
- Creating and printing proprietary training materials and handouts takes time and can be expensive.
- HR departments have to carry out time-intensive induction days.
Traditional training programs are not that effective in many cases. This often results in high employee turnover rates. When an employee leaves, new employee onboarding costs can reach up to 33% of the annual salary of the former employee. If an employee was earning $40,000, it would cost $13,200 to onboard a new hire.
How video training reduces time and costs
For onboarding employees today you need more accessible, flexible, and diverse training methods. This is where online video training courses are so effective. Opting for online training and choosing the right training platform can significantly reduce the time you spend on training. Online training usually costs a third to a fifth of traditional instructor-led classroom-style training.
Hosting video courses for your employees on the CIncopa video hosting platform can help you save time and money. The intuitive, user-friendly platform makes it easy for employees to find and watch training videos all in one place.
Self-directed learning: Online video courses can keep employees engaged. They can learn from anywhere at any time and at their own pace. This helps you to retain them and reduce the costs of hiring new employees.
Repeatable: The repeatability of videos increases the ROI for your business. A physical facilitator doesn’t have to travel from one site to another and there are no scheduling issues. Many employees can watch the same video at the same time. They can watch videos over and over. Reusing assets maximizes how much you can get out of them. You don’t need to keep recreating the same assets over and over.
Consistent: With video training, you can ensure that onboarding is a consistent experience. One employee doesn’t receive better quality training than another. You can ensure that everyone receives access to training videos of a high standard. On the Cincopa platform, you can keep your brand identity consistent by customizing the video player and your video library with your brand logo, fonts, and colors.
Scalable: A library of video content makes it easy to deliver ongoing training to larger quantities of employees as your business grows.
Microlearning: On-the-go or “just-in-time training” is a significant trend in current training programs. You need to focus on content that addresses specific problems and provides solutions exactly when employees need them. Microlearning delivers learning in small, two-to-five-minute bite-sized chunks.
Examples of Successful Video Training Programs
Well-designed video training programs built around the actual challenges and realities of the workplace can result in powerful outcomes.
Pagliacci Pizza uses video tutorials to standardize employee training for all its franchises. One tutorial video explains how to toss pizza dough.
Cohesity, a leading AI-powered data management company, uses AI videos instead of instructor-led classroom training for its academy. This has brought video production savings.
Webflow University offers over 40 video lessons that address every study area for mastering web design. Videos include screencasts, humor, and varied video formats.
Cincopa has many customer stories that show the video hosting platform in action. For example, United to Heal is a premier destination for online summits and conferences. It has an entire video library for subscribers who can gain access to all videos once payment is complete. A spike in viewership required a better solution and Cincopa could offer more bandwidth at a fair price.
Steps to Transition to Video-Based Training
1. Set clear goals
If you want to transition to video-based training you need to set clear goals for what you want your videos to achieve. This will help you to decide what type of videos to create and how to assess learning.
2. Choose video formats
Decide which video formats will best suit your goals. You may want to use a mix of pre-made interactive videos, live videos, and short video clips. You will probably need to experiment with different formats, voiceovers, etc. This will also help you to decide on the hardware and software you need.
3. Plan and create videos
You may have quite a steep learning curve when it comes to planning and creating videos. It helps to create a script and storyboard. The Cincopa platform has the RecTrace tool and it doesn’t take too long to master it and create screencast tutorial videos. It provides a cost-effective way to start making videos.
4. Make videos interactive
In a classroom setting, employees can interact with a trainer and get feedback. The trainer can assess progress and offer direction. In videos, you need to rely on interactive elements to turn passive learning into active engagement. Introducing elements like quizzes, annotations, and calls to action can help you assess progress and offer assistance. For example, you can use annotations with links to additional online resources.
5. Start creating a video library
When creating a video library, it is important to organize your course materials in an accessible way. Employees should be able to easily find videos. If you use premade templates for videos, you can get your training up and running quickly.
6. Decide how to secure your content
You don’t want sensitive company information to get into the hands of unauthorized individuals. Role-based permissions allow you to manage access to video content. The Cincopa platform uses strong security measures such as encryption, access controls, and domain lock to secure video content.
7. Analyze performance
You must track the performance of your videos and how employees interact with them. Cincopa has dashboards and heatmaps for this purpose. You can analyze the performance of each video and view employee behavior while watching videos. See where they press pause or fast-forward a video. Check whether they played a certain video more than once. When you have insights like these, you can make informed decisions on how to improve your video content.
8. Assess costs
You need to keep track of employee training costs. This will help you to compare video-based training with your previous training methods. It’s important to look at factors such as increases in productivity and retention figures when assessing costs. The Cincopa video hosting platform offers affordable pricing and your business can benefit from effective video training.
Conclusion
Onboarding is a serious challenge for many businesses in terms of time and costs. It involves providing time-sensitive training customized to specific roles. Video training has the potential to revolutionize the process and reduce time and costs. A free trial of the Cincopa video hosting platform is available ….
