Many experts believe that 401(k) employee education, in its
current form, does not work. It is just a matter of time until all employee
education migrates to the Internet, for the following reasons:
Both spouses can
participate. Every employer knows that a disadvantage in offering
employee education sessions at work is that your employee may not be the
financial decision-maker in the family. This means that he/she may not have
much of an interest or understand what is being presented. Online learning
allows both spouses to have the same learning experience at the same time, in
the same place, which facilitates a much better decision-making process.
It can happen
anytime. In a world when almost any activity can be flexed to meet the
needs of any person, it is unusual that 401(k) employee education sessions take
place in only one type of venue at an appointed time. Online learning offers
your employees and their busy spouses the opportunity to learn at a time that
is best for them, wherever they happen to be.
Learning can happen in short bursts. Everyone
knows how easily distracted we are and how short our attention spans can be. In
one hour onsite training sessions how many attendees are paying attention at
minute 59? Or even after 10 minutes? Most successful online training programs
offer short five to seven minute modules. Who can't commit to watching a video
for five minutes?
It's 'YouTubian.' A
friend of mine commented that any time he wants to learn something he heads to
YouTube and loads a how-to video. Many of us have done this as YouTube has
evolved into both an entertainment and learning platform. None of us have to be
trained to use online tools. We already know how to do it.
It is cost
effective. There are no travel, materials or personnel costs
associated with online learning.
It is happening
with financial wellness training. Many types of training have migrated
to the internet and found a home. Financial wellness training, a
close relation to 401(k) employee education, has been offered by many employers
to their employees for years via the Internet.
It does not pull employees away from
their work. Many employers make their employee education sessions
mandatory. They should be, especially since management has committed time and
energy to the process. However, many employees don't want to be there, for any
number of reasons. There is also the issue of lost productivity that employers
avoid with online training. Finally, many employees resent training that is
scheduled over their lunch hours or outside of work. They view it as a loss of
their free time.
Learning can occur at the same time for
everyone. An issue in large companies, learning opportunities can be
made available for all employees, regardless of their location, at the same
time. No one needs to wait until they are able to attend the training session
or watch the video in order to learn. Access to learning modules can be granted
to all employees at once.
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