High-impact, cost-effective training approaches every digital leader should know

Upskilling and reskilling employees have become a business imperative as industries evolve and technology becomes more sophisticated. Unfortunately, while the need for effective training is clear, many organisations face the tough reality of budget constraints. 

According to research by RMIT Online and Deloitte Access Economics, one in eight Australian businesses planned to cut their learning and development budgets by approximately 50% less in 2024. However, this would have resulted in a loss of skills valued at around $2 billion, which equates to approximately $5.6 million each day.

Despite its long-term benefits of improving productivity and addressing skills gaps, this indicates the costliness in implementing a full-scale tailored training program, especially taking into account the resources needed such as instructors, software, and proprietary training materials. Hence, developing and delivering impactful training programs can often feel out of reach, especially for smaller businesses or organisations navigating tight financial conditions and prioritising more critical expenditures. 

The good news is training doesn’t have to be expensive to be effective. By choosing the right strategies and tools, digital leaders can implement cost-effective solutions that deliver real value in terms of productivity and performance without breaking the bank. No matter your organisation size, we’ve provided essential strategies below to help you implement training strategies for your workforce.

1. Tap into online learning platforms

Traditional training programs which utilise face-to-face teaching in a physical setting, often led by an instructor in a classroom environment for example, have often been the go-to method implemented by organisations. While this can be effective, it’s not recommended to rely solely on this method as not only can it be more costly, it may not suit all situations and the learning styles of a diverse workforce.

In Skillsoft’s 2024 IT Skills and Salary Report, it found that globally, the type of training employees preferred the most was online and on-demand training (such as videos and labs), which also happened to be the most commonly offered training by companies (67%). This was followed by in-person, instructor-led training, with most saying it’s an extremely effective way to build skills. Over the past year, the majority of professionals indicated that they took part in either online, on-demand courses or online, instructor-led sessions.

Therefore, leveraging online or e-learning is an ideal solution for many organisations as it is often more affordable and scaleable, allowing employees to access learning resources online quickly and easily. Looking at implementing a learning management system (LMS) or learning experience platform (LXP) to deliver your courses can be a good way to start introducing e-learning to your workforce. 

If you’d prefer to offer online learning through external educational providers, there’s no shortage of affordable online learning platforms that offer ready-made courses on everything from data analytics to leadership skills. Subscription-based services like LinkedIn Learning and Udemy provide access to thousands of courses at a fraction of the cost of custom training programs. These platforms often offer team packages, so your entire workforce can benefit from high-quality training without draining the budget. Plus, employees can learn at their own pace, making it a win-win. 

If you want to cut costs completely, utilising free video tutorials on YouTube can also be a great way to incorporate e-learning.

2. Customise your training with AI

We’ve all heard how artificial intelligence is changing the game of efficiency with chatbots and automation but unsurprisingly, it’s also revolutionising workplace training. AI-powered tools can analyse employee skill gaps and create personalised learning paths that cater to each individual’s needs. By focusing training on what’s relevant and creating adaptive learning opportunities, you’ll save time and resources while keeping your team engaged.

Learning management systems (LMS) like Docebo or EdApp for example, use AI to recommend training courses based on user performance and interests. Think of it like having a personal trainer for your professional growth but much more affordable. 

Usage of AI as a learning resource has also accelerated around the world with 28% consumption in North America, 33% in Latin America, 34% in EMEA and 37% in Asia-Pacific. Growing usage suggests that AI can be integrated into your existing training program or LMS, allowing you to create customised content and practical exercises that address students’ strengths and areas of improvement.