Training Investment Flat in 2017
As a class registration software solution, we keep an eye on what’s going on with training and education content providers. We’re proud to have many of them as our customers. Training continues to be a ten-figure business, but growth has stalled in recent years with training investment flat in 2017.
According to findcourses.com, a search engine for training content, corporate education spending this year will remain as flat as the North Dakota horizon*. The content site estimates North American training spending in 2016 was at $161.7 billion, compared to a 2017 projection of $161.1 billion.
Findcourses.com’s new survey indicates 62% of respondents expect their 2017 education budget to either remain the same or to decrease.
Why is Training Investment Flat? Other findings:
Traditional classroom and on-site education events still comprise the biggest chunk of learning styles.
Ninety percent of respondents say employee development remains quite to very important. (You would hope for 100%.)
Some of the survey results in more detail:
Question: How do you expect your budget to change for 2017?
42% stay the same
Question: What is the preferred learning style of your organization?
12% e-learning self-paced
Question: How important is employee development in your organization?
70% very important
20% quite important
9% somewhat important
1% not at all important
According to the survey, organizations on average dedicated 61% of their education budget to internal training (organized in-house); 24% of content was provided by outside resources; and 15% was associated with reimbursing tuition expenses.
If you would like to provide insight on your education commitment for 2017, or if you would like more information on Learning Stream’s class registration software, please contact us.
* North Dakota is the third flattest state in America; Florida is the flattest, followed by Illinois. There’s nothing wrong with flatness except in tires and some musical arrangements.