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: Wachovia saves training costs for 94,000 staff by E-Learning
I'd like to jointly create this type of social venture in my home town:
You can create a Social Venture in your home town based on the business model in this page. The Social Entrepreneur Institute will assist you to make a business plan, funding the project and provide a More information on the Social Entrepreneurship Institute

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Company/Organization: Wachovia saves training costs for 94,000 staff by E-Learning

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United_States

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Please write about your business concept in five paragraphs with sub-title for each

Answer: Briefly describe the usefulness and uniqueness of your social venture Thanks to a transition strategy that's moving away from conventional stand-up training in classrooms to Web-based courseware available around the world and around the clock, Wachovia is delivering very cost-effective training. "We've got the dollar cost down to just absurdly low levels," says Doyle, human resources technology manager at Wachovia headquarters in Charlotte, North Carolina.

1: Wachovia spent a lot in old-fashoned education for tellers

1: Issues to be addressed by this social venture (or case) It wasn't always that way. The lion's share of training resources went to educating tellers, and Wachovia was delivering it the old-fashioned way to over 10,000 tellers and other employees each year until about five years ago. New hires would travel?often by plane?to the closest off-site training center, be it in Charlotte, Chicago, Philadelphia, or Jacksonville, Florida, for a ten day training course. Instructors would stand in front of a class and lecture on the ins and outs of opening and closing accounts and other skills. With Wachovia footing the bill for travel, hotel, meals, and lost work days, costs were skyrocketing and training was inconsistent. "A class is only as good as an instructor, and instructors have good days and bad days," says Doyle. Computer-based training was an improvement, but distributing updated courses to the branches was still a logistical headache. "We're solving the distribution problem with Web-based training," he says.

2: Overhead of Web-based Training is so Low

2: What is the unique idea to solve the issues? So about three years ago, Wachovia started to sift e-learning courses into its training mix with the help of Cognitive Arts, SkillSoft, SmartForce, and a team of 60 in-house staffers who design, develop, and deploy courseware. The transition has reached into every corner of the company's training division?First University?composed of colleges of human resources, banking, leadership, and e-commerce. Today, stand-up classes have been replaced with either computer-based or Web-based training. Over 700 courses cover everything from Java programming to coaching and mentoring. Tellers around the globe receive high-quality, consistent training in five days. Doyle doesn't have to think long about the primary payoff of Web-based courses: Development cost is sunk once. "The overhead associated with an actual product is so low now," he says. "That's the beauty of these Web-based courses and virtual classrooms."

3: Wachovia launched Web-based courses with Live Instructor

3: Revenue Model & Organization Recently, Wachovia launched Web-based courses with live instructors. The courses save the company plenty by reducing the need to prepare lots of classroom instructors and fly them around the globe. According to Sutker, vice president of e-learning strategy and deployment, the savings from travel costs alone will pay for the Centra eMeeting training platform the company deployed earlier this year, mainly for IT training. Sutker said one Centra-based training project is slated to save $200,000 compared with the cost of instructor-led classroom training. Wachovia often finds it's cheaper to prepare instructors than to create asynchronous (or self-paced) materials.

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4: Targeted Benefit & Outcome

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5: Strengths and Risks of the business model

The Project Owner: Explain your experience and skills within 150 words.

Business_Partners: Describe what types of business partners are you seeking

Position1 (Investors):

Position2 (Management & Staff):

Position3 (Management & Staff):

Position4 (Professional Staff):

Position4 (Professional Staff):

Position6 (Outside Experts):

Business Partners can jointly develop a business plan

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I'd like to jointly create this type of social venture in my home town:
You can create a Social Venture in your home town based on the business model in this page. The Social Entrepreneur Institute will assist you to make a business plan, funding the project and provide a More information on the Social Entrepreneurship Institute

About Your Project:		Reference Project:
Company/Organization:		Wachovia saves training costs for 94,000 staff by E-Learning
Project Code:
CategoryID:		United_States
County:
City:
Please write about your business concept in five paragraphs with sub-title for each
Answer: Briefly describe the usefulness and uniqueness of your social venture		Thanks to a transition strategy that's moving away from conventional stand-up training in classrooms to Web-based courseware available around the world and around the clock, Wachovia is delivering very cost-effective training. "We've got the dollar cost down to just absurdly low levels," says Doyle, human resources technology manager at Wachovia headquarters in Charlotte, North Carolina.
1:		Wachovia spent a lot in old-fashoned education for tellers
1: Issues to be addressed by this social venture (or case)		It wasn't always that way. The lion's share of training resources went to educating tellers, and Wachovia was delivering it the old-fashioned way to over 10,000 tellers and other employees each year until about five years ago. New hires would travel?often by plane?to the closest off-site training center, be it in Charlotte, Chicago, Philadelphia, or Jacksonville, Florida, for a ten day training course. Instructors would stand in front of a class and lecture on the ins and outs of opening and closing accounts and other skills. With Wachovia footing the bill for travel, hotel, meals, and lost work days, costs were skyrocketing and training was inconsistent. "A class is only as good as an instructor, and instructors have good days and bad days," says Doyle. Computer-based training was an improvement, but distributing updated courses to the branches was still a logistical headache. "We're solving the distribution problem with Web-based training," he says.
2:		Overhead of Web-based Training is so Low
2: What is the unique idea to solve the issues?		So about three years ago, Wachovia started to sift e-learning courses into its training mix with the help of Cognitive Arts, SkillSoft, SmartForce, and a team of 60 in-house staffers who design, develop, and deploy courseware. The transition has reached into every corner of the company's training division?First University?composed of colleges of human resources, banking, leadership, and e-commerce. Today, stand-up classes have been replaced with either computer-based or Web-based training. Over 700 courses cover everything from Java programming to coaching and mentoring. Tellers around the globe receive high-quality, consistent training in five days. Doyle doesn't have to think long about the primary payoff of Web-based courses: Development cost is sunk once. "The overhead associated with an actual product is so low now," he says. "That's the beauty of these Web-based courses and virtual classrooms."
3:		Wachovia launched Web-based courses with Live Instructor
3: Revenue Model & Organization		Recently, Wachovia launched Web-based courses with live instructors. The courses save the company plenty by reducing the need to prepare lots of classroom instructors and fly them around the globe. According to Sutker, vice president of e-learning strategy and deployment, the savings from travel costs alone will pay for the Centra eMeeting training platform the company deployed earlier this year, mainly for IT training. Sutker said one Centra-based training project is slated to save $200,000 compared with the cost of instructor-led classroom training. Wachovia often finds it's cheaper to prepare instructors than to create asynchronous (or self-paced) materials.
4:
4: Targeted Benefit & Outcome
5:
5: Strengths and Risks of the business model
The Project Owner: Explain your experience and skills within 150 words.
Business_Partners: Describe what types of business partners are you seeking
Position1 (Investors):
Position2 (Management & Staff):
Position3 (Management & Staff):
Position4 (Professional Staff):
Position4 (Professional Staff):
Position6 (Outside Experts):