Vocational training providers like RTOs often face challenges caused by budget limitations, restricting their capacity to offer extensive learning experiences and impeding growth. This blog covers money-saving tips, exploring ways organisations can leverage technological solutions and adopt approaches to reduce overhead RTO costs while increasing productivity and ROI.
Our blog highlights the benefits of online training, including the reduced need for physical attendance, lower material costs, and task automation. It also explores how integrated learning and student management systems can streamline administrative processes, leading to significant cost savings and improved educational outcomes.
Achieve More with Fewer Resources and Lower RTO Costs
Traditional in-person training approaches appear economical at first glance, but these costs can add up before you know it. Online training is becoming one of the top money-saving tips for RTOs. Here’s how you can shift to online training delivery and save money for your RTO:
Purchase in Bulk with Other RTOs
Save more money by negotiating with suppliers for bulk discounts on training materials, equipment, and software. You can also take it a step further by collaborating with other RTOs for joint procurement to achieve economies of scale.
Provide Remote Work Options
In the past few years, remote work has proven to be effective for companies and staff alike. By switching to remote work, your organisation can save money on renting and maintaining an office. Meanwhile, employees can save on travel expenses and enjoy higher productivity and better work-life balance.
Automate Administrative Tasks
Automating tasks can reduce administrative strain on employees, freeing them from repetitive tasks and allowing them to focus on higher-value tasks. Task automation can also reduce errors and make compliance easier. For RTOs, it’s important to find student management solutions that automate enrolment, attendance tracking, and other data entry tasks. Our partner, eSkilled offers a top-notch student management system your organisation can use. Discover its features here.
Outsource Non-Core Services
Find offshore delivery centres like PeoplePartners to take IT support, customer service, payroll management, and other tasks off your plate. By outsourcing non-core services, fixed costs like in-house staff and infrastructure become variable costs. You can tap into a talent pool with specific expertise and existing systems in place to ensure continuity and consistency. Meanwhile, your staff can redirect their focus and energy towards core activities like curriculum development and training delivery.
Save More with e-Learning Course Packs
Developing training resources from scratch or searching for individual materials from different publishers can be expensive and time-consuming, and you also run the risk of noncompliance. For newer or smaller RTOs, purchasing course packs can be the best way to scale e-Learning programs without additional costs.
Whether you’re adding qualifications to scope or testing the waters with new training offerings, you can minimise risks and upfront costs with eSkilled’s e-Learning course packs delivered exclusively on eSkilled LMS. Learn more about them here.
Explore Government Grants and Funding
Government-funded courses are subsidised educational programs that reduce or eliminate tuition costs for students. These courses are usually offered to RTOs and designed to fill gaps in the job market. RTOs can apply for VET funding and leverage financial support to expand course offerings and support more students. Meanwhile, successful learners become qualified to work in high-demand fields, improving their employability and boosting your organisation’s reputation. Find more information in our guide on VET funding for RTOs.
Switch to Online Training and Elevate Educational Outcomes
The benefits of online training don’t just extend to your operational costs. It also improves learner outcomes! Here’s how online learning has changed the game for students:
- Improved Retention: Studies indicate that online learning can improve information retention rates by 25-60% compared to traditional methods, leading to higher learner satisfaction and potentially increasing referral rates.
- Increased Engagement: Using multimedia materials in online learning can significantly enhance student engagement and positively impact an RTO’s training and assessment strategy, thereby improving audit outcomes.
- Data-Driven Decision-Making: Online assessment tools offer enhanced reporting capabilities, enabling RTOs to make informed decisions and refine their course offerings and training delivery.
- Wider Accessibility: The global reach of online courses increases enrolment potential, while 24/7 accessibility supports higher completion rates, which is crucial for funding-dependent institutions.
Minimise RTO Costs and Maximise Outcomes With the Right Strategies
Maximising educational impact on a budget is possible with these money-saving tips for RTOs. Shifting to online training eliminates the need for physical resources and enhances educational delivery effectiveness. Providers can also significantly cut operational costs by leveraging our online learning materials and eSkilled’s integrated SMS and LMS.
Moreover, the transition to online learning amplifies benefits like improved retention rates, increased student engagement, and broader accessibility – all collectively contributing to higher enrolments and superior educational outcomes.
By implementing these money-saving tips for RTOs, your organisation is well-positioned to overcome financial constraints, ensuring a pathway to sustainable growth and more industry opportunities.
Want more money-saving tips? Read our blog on how to start offering VET-funded courses.
