In 2016, then Prime Minister David Cameron announced that there would be a referendum as to whether Britain would stay in the European Union (EU) or not. The referendum happened on 23rd June 2016 and “Vote Leave”, led by the likes of former UKIP leader Nigel Farage, won by one of the tightest margins – 51.89% to 48.11%.
Cameron announced his resignation as Prime Minister just a few hours after the result was released as he didn’t believe leaving the EU was the right course for Britain to take.
But what does all of this mean for eLearning and the training industry?
Up to now on this blog, we have managed to avoid the dreaded “B word”, the word that seems to cause many huffs, puffs, moans and groans; but there is no doubting that Brexit will have an impact on the eLearning industry as well. eLearning has been subject to little news coverage, but the reach is up there with the widest thanks to technological advancements, but because e-Careers are based in Britain, the potential effects are still evident.
Despite the initial shock of Brexit, the eLearning industry has had a positive upsurge in fortunes in comparison to some other industries. The eLearning industry is expected to be worth $325 billion by 2025 and because of the global reach, it isn’t anticipated that Brexit will affect this too much.
The potential issue that many providers and experts see is that training budgets could be cut dramatically to make up for potential shipping and purchasing costs when dealing with EU companies, depending on trade agreements. However, the growing need for training due to skills shortages and compliance legislation updates will see companies look around for good prices, as well as quality products.
Despite obvious uncertainty, like many things Brexit has muddied, the industry isn’t expected to regress and companies with a good product, range and pricing structure should continue to flourish.
David Patterson, a Consultant for Learning Light said that he was “guardedly optimistic” in 2016 – I think he has reason to be, and it seems his prediction is coming true for the eLearning industry as a whole.