In recent years, online training has become an increasingly popular option for employee development. This trend started during the COVID-19 pandemic when many companies were forced to transition to a remote work model. But even in the aftermath of the pandemic, online training has continued to grow in popularity.
The finance industry is no exception. In a recent study we conducted at Corporate Finance Institute, 99% of financial organizations said that they expect to increase their use of online training over the next five years. In fact, 87% have already started the process.
Finance employees are happy with that shift, too. According to the same study mentioned above, 96% of finance professionals prefer to work at a company that offers online training.
But why is online training so popular? Let’s look at the benefits of online training.
1. Online Training is More Efficient
Online training gives employees control over their own learning experience. Within reason, employees can choose their own schedule for learning and move as quickly or slowly as needed. This flexible approach can be customized to suit each learner’s unique needs and strengths.
By contrast, in-person training requires everyone involved to sync their schedules, travel to the same location, and try to cram as much education as they can into each session. And of course, not everyone will grasp concepts as easily as others. Some learners may feel that they are wasting their time while waiting for their peers to catch up.
Through online training, companies can avoid the inefficiencies of a one-size-fits-all approach. The numbers speak to the effectiveness of this approach. Research has shown that when companies use online training, employees learn the same material 40–60% faster than they would in a traditional in-person environment.
2. Online Training Allows for Microlearning
Another reason online training is so efficient is that it allows for microlearning. Microlearning means short lessons, often presented in 10 minutes or less at a time. This method has been shown to boost efficiency for multiple reasons.
First, most employees work for an average of 11 minutes before being distracted by emails or phone calls. Keeping lessons under that time limit makes it easier for learners to devote their full attention.
Microlearning also lets employees fill the small gaps in their days with education. For example, an employee could pull out their smartphone and spend a short time studying while waiting for a meeting to start. That way, they can complete their training during the normal course of their workday without having to block off hours for in-person training sessions.
3. Online Training is Cost-Effective
Online training can reduce expenses by a wide margin. One survey found that 74% of financial organizations feel that online learning is “significantly” or “very significantly” lower in cost than in-person classes and workshops.
That doesn’t mean settling for poor results, either. 88% of the same organizations said that online training increases knowledge and skill retention over the traditional model, and 93% said that online training would improve their companies’ profitability.
Simply put, online training gives you more for less. Who doesn’t love that kind of math?
4. Online Training Provides More Resources
Most organizations don’t have specialists for every subject working at their companies. Through online training, companies can get reliable insights from experts on every topic imaginable. No matter what you need to teach your employees, you can find valuable resources to share with them.
Of course, you have to be careful. Not all third-party online training solutions are accredited. It’s important to find resources that you can trust.
5. Online Training Attracts Top Talent
The most talented employees know they have options — especially in the current labor market. Finding the workers you need can be a struggle. How does online training help?
As mentioned above, 96% of finance professionals prefer to work at a company that offers online training. By leveraging online training at your company, you can give promising job seekers another reason to choose you over your competitors.
6. Online Training Opens New Doors
One of the main reasons so many companies are embracing remote work is the new doors it opens for recruiting. When you aren’t limited to the local workforce, you can find the talent you need in another city, state, or even country. Online training supports that by letting companies onboard and upskill employees from anywhere in the world.
7. Online Training is Scalable
In-person training imposes limits on how many employees you can train before you have to expand your operations. You may need more instructors, more training materials, and a bigger facility to host it all.
With online training, those limitations vanish. Most online training programs can be used as easily by 1,000 employees as 10. As your company grows and changes, online training will make it easier to keep up with the needs of your staff. And for the most part, all anyone will need is a computer or a smartphone to hone their skills.
8. Online Training is Here to Stay
Online training has seen a surge of success over the past few years — and that trend shows no signs of slowing. Even high-profile companies are adopting online training options. This includes:
As workforce development takes center stage in recruitment strategies, one thing has become clear: Online learning isn’t going anywhere.
Equip Your Team with Online Training
The benefits of online training are undeniable. By transitioning to an online learning model, companies can:
Attract better employees
Reduce training costs
Gain access to more resources
Open new doors
If you’re ready to strengthen your company with online training, we can help. Corporate Finance Institute (CFI) offers specialized training courses and certification programs for finance professionals. No matter the needs of your organization, we can equip your team with the skills they need to reach their full potential.