Corporate training has evolved significantly over the past decade. Considered one of the best ways through which the productivity of the workforce can improve, corporate training has gained popularity with globalization. A number of organizations have adopted ‘bring your own device’ (BYOD) policies recently, and this will have a positive impact on the growth of the corporate training market. Market analysts at Technavio predict the global corporate training market to post a CAGR of around 10% by 2020.
Corporate training in Europe
The corporate training market in Europe is one of the most dynamic markets because of the presence of training solution providers and training professionals. With the rise in digitization and implementation of advanced technologies in the corporate sector, it has become necessary for organizations in Europe to provide training for their employees.
Key drivers of corporate training in Europe
- Attention on individual coaching
Employees, especially those in Western Europe, prefer to attend programs that focus on individual coaching. Usually, it is the senior management that opts for this kind of training. Fundamental technical skills, along with strong critical thinking and analytical skills are in high demand among organizations across Europe, however, there seems to be a gap present. Individual coaching plays an instrumental role in bridging this particular capability gap. Employees who undergo this coaching have strong emotional resilience and better decision-making skills. Jaguar Land Rover and Deloitte are two firms that follow this approach of training when it comes to training their workforce.
- Content-based services
Content-based service is another key driver of the corporate training market in Europe. In most cases, corporate training vendors partner with multiple institutions and professional organizations to design training content. For instance: Pearson Education offers IT certification training courses to leading networking, hardware, and software companies such as Cisco, Microsoft, Oracle, and IBM. When it comes to training their employees, different organizations have different needs. Corporate training vendors develop customized content that aligns with the specific needs of an organization. Also, most of the content developed by these vendors follows the accreditation standards of the industry. For instance: City & Guilds Kineo offers an anti-money laundering course certified by Continuing Professional Development (CPD).
- Need for employee engagement
Enhancing the workplace culture, employee engagement, leadership, and L&D are some of the challenges faced by organizations across Europe. Not only do these aspects restrict the internal as well as the external growth of companies, but they also affect profit margins. Corporate training is one way through which businesses can engage employees in a constructive manner and instill confidence in the company leadership.
- Revival of talent management solutions
The workforce has been diversified due to the hiring of freelancers, contractors, partners, outsourced employees, and open source talent apart from full-time employees. Globalization, technological advancement, social business, and mobility trends are the major reasons for diversification of the workforce. Companies are now looking for ways in which they can manage their workforce in the best possible manner to achieve optimum productivity and drive innovation. Training helps in connecting independent employees with full-time workers, thereby enhancing the overall productivity of the organization.
- Expanding small and medium business market
The small and medium business (SMB) sector in Europe has been growing substantially over the past five years. The training requirements of these organizations are different from that of large companies. The SMB market has therefore triggered the demand for highly customized and industry specific corporate training content.
Looking for more information on corporate training market in Europe?
Order the 2016-2020 Report on the Corporate Training Market in Europe
You might also be interested in:
The 2016-2020 Report on Global Corporate Training Market
From E-learning to M-learning: How the Corporate Training Market has Evolved
