Is Corporate eLearning Really Worth The Investment?
Companies of all sizes are now beginning to see the advantages of moving their corporate training online.
Corporations now report that eLearning is the second most valuable training method that they use. This is no surprise, given that eLearning saves businesses at least 50% when they replace traditional instructor-based training with e-Learning. Not to mention that eLearning cuts down instruction time by up to 60%. For more info check Top 10 eLearning Stats for 2014
However, the one issue that prevents many organizations from making the leap to eLearning is the cost. Is online corporate training really worth the investment? Are the benefits significant enough to warrant a chunk of your HR budget? For HR Managers who may still be on the fence about whether or not a corporate eLearning strategy will be good for their bottom line, I thought it might be wise to highlight some convincing arguments in favor of online corporate training.
- Reduced training costs
One of the most significant advantages of online corporate training is that it actually reduces training costs. There will no longer be a need for printed training materials or even on-site facilitators, given that all of the information an employee will need can be found within the online training platform. While there may be an initial investment involved, the upkeep costs of an online training platform are minimal when compared to traditional face-to-face employee development. As eLearning becomes more popular in the employee-training sphere, the benefits of cloud-based Learning Management Systems become prevalent factors for the organizations that want to offer cost-effective and flexible training methods. Jump in for more on the cloud-based LMS benefits. You may also want to check the following list of 19 Cloud-Based Learning Management Systems.
- Rapid deployment of content
Online training can be delivered quickly and conveniently, so that employees are able to acquire new information or skill sets almost immediately. Rather than having to wait for printed materials to be developed, and shared across your organization's offices you can simply upload your materials and offer employees access to a wealth of information right away. For example, if you notice that your sales staff may be in need of some additional training based upon recent figures, you can use your LMS’s web conferencing feature to rapidly develop and deploy a webinar that focuses on the core skills that need to be cultivated.
- Offers employees the opportunity to access information when they need it most
Online training also gives employees the chance to access important information or reference materials whenever and wherever they need it. For instance, if a member of staff needs to refresh their memory regarding how to carry out a customer refund, they can simply log into the LMS and click on the customer service module to find out about the various steps involved. This means that you can keep your employees informed and knowledgeable about company procedures, which results in improved customer satisfaction and/or improved business practices.
- Improved knowledge retention
When an employee is able to learn in an interactive and engaging setting, then this leads to improved knowledge and skill set retention. Giving them access to interactive, reality-based scenarios, games, and assessments enables them to digest the information more effectively, which allows them to utilize the data they have learned when they venture into the working environment.
- Gives employees the opportunity to learn at their own pace
Employees who have access to asynchronous online training gain the ability to go at their own pace. They don't have to rush through the content that is being presented in a corporate classroom setting or move at the pace of their co-workers. They are given the opportunity to acquire and fully absorb what is being taught before they move on within the online training course.
- Eliminates the need for on-site instructors
Undoubtedly, one of the most notable benefits of online corporate training is that there is no longer a need for an on-site instructor. That means that you will no longer have to pay for travel and/or accommodations for the instructor(s) neither you will have to allocate valuable working hours for corporate class instruction. If you'd like to learn more about where trainers fit in today's corporate training, the The Evolving Role of Trainers in Corporate Learning article offers an informative look at the ever-evolving role of trainer's in the corporate sector.
- Quick and convenient training updates
Updates are simple and straightforward with online corporate training. If you update your company policies and need to inform your staff about the changes, then you can do so without having to rewrite manuals or printed reference guides. Simply add it to the LMS and make it mandatory for your staff to log in to learn about the new procedures or protocols. This will ensure that you stay up-to-date with important policies (such as those mandated by the government), and are always one step ahead of the competition. It's also important to note that this is particularly useful for new product or service launches.
- Immediate access to informative resources
Corporate eLearning gives your employees the chance to access resources quickly via the LMS. By including links to articles, webinars, and videos, you are supplying your staff with references and information that they can use to expand their knowledge base and fine-tune their skill sets.
- Boosts employee productivity
If you're wondering whether your online corporate training investment is worthwhile, then just consider how much it can boost your employee productivity. Staff members who are better trained, more knowledgeable about products and services, and have acquired the knowledge they need to support their co-workers are going to be more efficient, and will even help to improve your business image and bottom line.
- Reduced employee turnover rates
Happy and well-informed employees are employees who are more likely to remain loyal to your organization. By giving them access to round-the-clock online training and self-paced learning modules, they can further their professional goals and feel motivated to improve their on-the-job performance. They can also pinpoint areas they may need to work on and find out their core strengths, so that they are able to become better employees and more informed advocates for your brand.
Last but not least, I highly encourage you to read the following resources:
- How to Reduce Costs in E-Learning and Corporate Training
You can do more for less and reduce costs in e-learning and corporate training. Here are tips from an experienced solution architect, who frames projects and budgets for clients every day. Get the most from your e-learning project budget!
- Assessing Return on Investment (ROI) of eLearning
One of the biggest challenges that eLearning professionals experience is demonstrating the return on investment (ROI) of their training programs. In order to attract project sponsors and to justify resources invested in the development of eLearning, projects need to prove that they deliver real benefit to an organization. This article discusses considerations that need to be factored in when calculating eLearning ROI.
- How To Evaluate Your Corporate eLearning Strategy
This article will delve into some helpful and effective tips to evaluate a corporate eLearning strategy, so that you can determine if your current plan is offering the best possible return on investment.
- The Ultimate eLearning Course Design Checklist
Looking for a comprehensive "must-have" eLearning checklist for your next eLearning Course Design project? This is a checklist that every eLearning professional should have on hand, especially since there are so many steps involved in the eLearning course design process.