Custom eLearning means tailoring solutions to fit your organization’s needs exactly. But it also means that knowing exactly what to budget for those needs can be tricky to predict. Because the final cost is so dependent on eLearning elements, interactivity and organizational materials, you’ll need to reconcile your costs with the investment in your company’s training and development going forward. In the end, well-produced, engaging and effective eLearning is worth every penny. Here are some factors to consider when setting your eLearning budget.
eLearning Project Scope
A good instructional designer knows that every project is unique and requires individual attention to detail. The scope of your eLearning project will depend on a number of factors, including:
- Current content that can be used for scripts.
- Assets, such as photos, scripts and voice-overs.
- Whether or not your organization has a designated SME on hand.
- Media considerations.
- What type of learning your organization needs: Are you going for a blended approach? Will you require custom gamification?
Working with an instructional designer, you can narrow your project scope and better understand which elements are investments in your organization’s L&D. If your organization already has media, information and experts on hand, the cost will be lower than if you’re starting from scratch.
Interacting with Interactivity
Another factor to consider when budgeting for eLearning is the desired level of interactivity. It’s no secret that a more interactive module is a more effective module, but those features will ultimately add to your overall cost.
Making the Investment
Don’t think of your eLearning budget as just another cost. Instead, it’s a vital investment necessary to bring your training, leadership and development to the next level. Better training leads to better prepared employees, improved onboarding solutions and employees who are motivated and satisfied by their level of training and development at work. Ultimately, increasing your investment in training pays you back in spades in some of the most valuable currency: Motivated leaders.
Getting rid of your heritage solutions for something fresher, newer and more interactive means employees are more engaged, resulting in more bang for your budgeted buck. While it can be difficult to predict the costs associated with a custom eLearning design, working with an experienced designer should help you understand how to put your budget to work for the most effective and engaging program possible.