Companies Focusing on Cost-Effective Corporate Training Methods for Improving Efficiency

Increasing number of organizations are using corporate education and training as an initiative to retain managers and key employees within their organization. Corporate training creates better skilled managers in the organization and helps the employees in building a marketable portfolio with specialized and recognized qualifications. Corporate Training Market constitutes a system where companies provide training and education to their employees through various professional development activities. This type of training system has evolved specifically over the past decade. These activities may be conducted in formal university or college training or informal training provided by appropriate institutions. The most common and simplest form of corporate training programs are designed "in-house" for an organization that may wish to train their employees on specific aspects of their job profiles and responsibilities. In a more professional and formal form, corporate training is also provided to employees through contracts or relationships with educational institutions who may award credit at the institution or through a system of CEU’s (Continuing Education Units). Such institutions or professional trainers provide certificates or diplomas verifying the skills and attendance of the employee. CT programs organized within the company are often competency based and are related to the essential training that employees need to operate certain equipment or perform certain tasks in a competent, safe and effective manner. The results of such programs facilitates a participant to be able to operate a piece of equipment or perform a specific task in an effective manner according to predetermined training criteria. A single employee may have to undergo more than one training so as to gain the knowledge and skills to perform different tasks. The latest research conducted on corporate training, Global Corporate Training Market 2016-2020, forecasts it to grow steadily at a CAGR (compound annual growth rate) of 10.55% during the period of 2016-2020. The report covers the current situation and growth prospects of this market on a global level for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of training products and related services for a fee or subscription. According to this market research, the key players in the global corporate training market are: City & Guilds Kineo, GP Strategies, Skillsoft and MHI Global. While the other prominent vendors in the market are Articulate, Computer Generated Solutions, Desire2Learn, New Horizons Computer Learning Centers, NIIT, QA, Global Training Solutions, Interaction Associates, Tata Interactive Systems, and Wilson Learning Worldwide. The report also showcases a competitive analysis of the market in terms of usage of technical or non-technical products and in geographical terms. The report specifically identifies the increased adoption of ‘bring your own device’ (BYOD) as a significant contributor that will expand growth of the corporate education market in the coming years. BYOD refers to the policy where employees are permitted to carry their personally owned devices like laptops, tablets and smart phones to the workplace, and use them to access the company’s unique information and applications. BYOD is making significant impact in the corporate world, with around 75% of the employees in fast growing markets such as Brazil and Russia and 44% in developed markets like the USA already using their own technological devices at work. This helps enterprises to get rid of the need to manage a wide range of devices while delivering information and it will also enable corporate trainers to manage a wide customer base by offering advanced features like learning management systems (LMS) that prompts social learning. Another major trend that will flourish this market is wearable technology, as it will help to enhance outcome of training programs which will force e-learning service providers to start offering solutions based on wearable technology to meet the demands of end users. Another significant factor driving corporate training is small and medium-size businesses (SBM) market. Around the world, SMBs are gaining momentum and contribute significantly to the growth of economies. As per the present scenario, North America is the major revenue contributor to the CT market and will continue to be for the next few years. The presence of several MNCs and large organizations in the US that heavily invest in adopting online training methods, will fuel the demand for corporate training. Moreover, the expansion of business operations by companies from this region to the third world will further bolster corporate training market’s growth prospects.