Question

I have a group project (Cost Benefit Analysis / ROI) that I'm having trouble with two parts- Competitive Analysis & Conclusion

The topic is - To develop training programs internally instead of sending employees to external training providers

Company Type - Healthcare organization

Competitive Analysis: Summarize the experience other companies are having with this type of investment

*This is what I had in mind but need further help please:

How are other potential health organizations dealing with having a new internal training program?

Conclusion: Recap recommendations and why this investment is beneficial

*This is what I had in mind but need further help please:

Recommendation- it’s beneficial to having training internally instead of externally since all figures of merit are positive.

THANK YOU!

Answer 1

Employee training is very important for developing individuals’ skills and growing business. On average, workers spend between 2 to 15 days in training each year; and offering training can also improve employees’ morale and confidence, which is ideal for productivity. Training can be done both Internally and Externally.

Internal Traning:

The most obvious benefit of internal training is that it is the cost effective solution. There are no travel expenses or course payments as internal training is typically given by your own HR division, and generally having employees train each other means that you don't need to pay for a professional course or educational materials.

Important feature of internal training is that it is often informal as it is delivered by employees who are already known to each other. It can be negative or positive depending on the nature.

External Traning:

An outside perspective is one of the main benefit of external training: an impartial professional may offer a new way of approaching your business that you have not previously considered. Another key benefit is that the specialist knowledge that can be gained by participating in external courses can set you apart from other companies.

In addition, external courses are delivered by professionals that are skilled at not only at the subject of the training, but also at teaching and have likely learned effective techniques to ensure that the training is properly received. Internal trainers may be good at their job, but they do not necessarily have the skills to train others.

Benefits of Investing in INternal Training:

1. Competitive advantage over Competitors

2. Increased Employee Loyalty

3. Flexibility in market.

Based on the above reasons internal training is effective rather than external training.

It is better to invest in internal training if resources are available.