Learning & Development, Technology

What to Include in Your 2019 L&D Budget

Did you know that organizations typically spend anywhere between $100 and $1,000 for training per learner per year? And while this amount tends to fluctuate for each organization based on its size and the level of training required per individual learner, it’s easy to see how quickly training costs can add up in just 1 year.

budget

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And while your training budget should always be produced in accordance with your own individual organization’s goals, strategies, key performance indicators, and financial projections and expenditures, here are some things you’ll want to make room for in your learning and development (L&D) budget for 2019, regardless of what it is.

AI-Enhanced Learning Technology

In 2019, you will need to invest in learning technology that is driven by artificial intelligence (AI) or machine learning. To stay in step with or to outpace your competition entirely, you’ll need learning management systems (LMSs) that can adapt to each of your learners on a personalized basis automatically and rapidly.

Are you thinking about budgeting your L&D Program for 2019? Are you looking for new ideas? Do you need to justify your training spend? Do you need help stretching your budget?

Attend the FREE webinar: Plan and Gain Value from your 2019 L&D Budget Using Curriculum Roadmaps,
on Thursday, November 8, 2018 | 12:00 – 1:00 PM EST. Click here to register today!

AI-enhanced and adaptive learning technology will be able to automatically and quickly assess your learners’ profiles and data and analyze them so that your learners are constantly learning things that are relevant to your business, as well as to their own career trajectories, interests, aptitudes, and roles.
But if you decide not to invest in this type of learning technology within the next year, your learners will quickly become less competitive in your marketplace and industry, and they will end up having outdated or entirely irrelevant skills that aren’t truly valuable to your organization and its strategic goals.

Video Content

Cisco is currently projecting that video content will account for 82% of all consumer global Internet traffic by 2021. So, it’s no secret that videos are popular and that your learners will want to be able to watch them, engage with them, and share them in 2019 and beyond.
Luckily, video learning content is also the least-expensive type of content to create. According to one study, an e-learning course ends up being the most expensive asset to create, requiring an average of 106 hours to put together, which results in an average cost of $53,742 per course. On the other end of the spectrum, however, a video only takes an average of 60 hours to put together, resulting in an overall average cost of $30,420, which is significantly lower.
For more information about why you should invest in creating video learning content, read “Why Your Training Materials Must Include Video Content in 2018.” And, be sure to read “How to Create Effective Training Video Content.”

Curated Content

It’s simply impossible to be able to create all the learning content your learners will need to encounter and access moving forward, especially if you want to personalize their learning experiences.
There’s simply too much information out there to learn nowadays. So, make sure you have invested in and implemented systems that curate content from reputable sources. Read “Best Practices for Curating Content for Your LMS” for more details on this.
Tomorrow’s post will highlight additional items your 2019 L&D budget should include.