In recent years, a host of subscription-based streaming services have completely transformed the home entertainment business. Now similar services are transforming the training industry.
Training managers can simply buy annual training passes for their employees much like a movie-lover subscribes to a streaming service.
The Entertainment Revolution
What seems like a long time ago, entertainment lovers needed to shop at brick-and-mortar record, video and game shops.
As the digital age took hold, consumers moved much of their entertainment consumption to downloads. People shopped using specialty online media sites where they could purchase individual songs, albums, movies and games. Following purchase and download, they could listen, watch or play their downloads directly on their computer, phone or tablet. Oh, the convenience this offered! No need to store discs in cabinets or be tethered to CD and DVD players. And with the advent of MP3 players, they could play their media wherever they wanted.
In the last decade or so, the next evolution took hold — streaming media.
With streaming media, consumers no longer need to purchase and download their content. They can simply buy a pass from a host of streaming providers. With their pass, they gain access to an entire library of content. There’s no longer any need to purchase specific songs, albums, movies or video games. Consumers can enjoy any title within their streaming services library.
How The Training Industry is Following Streaming Media
Training companies now offer similar conveniences and benefits as streaming media.
Much as streaming services offer members access to a full library of entertainment content, some training companies offer members access to a full portfolio of training material.
This model is often referred to as training as a service (TaaS). Subscribing members or pass holders can send their employees and students to live, instructor-led and hands-on virtual classes (through video conferencing services) as often as they need throughout the year.
Since companies gain access to the full portfolio of classes, they can send multiple students to multiple classes throughout the year, from the convenience of their own computers.
The Benefits of Corporate Training Annual Passes
Training budgets are typically among the first budgets cut when numbers aren’t met. Purchasing a subscription at the beginning of the budget cycle guarantees that training will be available to employees all year, regardless of company performance.
Participating organizations benefit from these training subscriptions and annual passes in a number of ways, including:
- Cost-efficient Training: Students can take multiple classes throughout the year for little more than the price of a single class.
- Rapid Training: Employers can place many employees in various classes, allowing them to train entire teams faster than traditional self-paced training programs or by procuring individual training classes for each individual.
- Logistics and Planning: Corporate trainers can use annualized training plans as a turn-key training outlet, allowing them to focus more on training results and less on the logistics, planning and the hours needed to execute the training in house.
- New Hire Training: Employers can place new hires into training classes, as they onboard throughout the year. This will allow leaders to ensure new hires are up to date with the skills they need to hit the ground running and make an immediate impact on the organization.
- Current Employee Upskilling: Employers can place existing and high-performing employees into programs that further extend their skills.
- Refresher Courses: Students can take classes at any time, allowing them to freshen up skills with which they struggle.
Subscription and Annual Pass Services Gain Popularity
There is reason to believe subscription-based training will continue to grow alongside the popularity and explosive growth of subscription-based services across multiple business sectors.
For example, the software-as-a-service (SaaS) market is booming. Simply defined, SaaS companies offer their solutions via cloud computing and web-based applications. Companies simply buy their subscription and gain access to the platform, saving the need to download, install and maintain expensive and complex software and hardware.
Corporate training will continue to evolve into digital based subscription services as seen in other business segments from entertainment to software.
Corporate trainers will use such tools to offer cost-efficient training classes that can serve employees throughout the year.