Value For Money LMS: 6 Tips To Improve Its ROI By Conducting A Training Needs Analysis

6 Tips To Conduct A Training Needs Analysis To Improve LMS Value For Money
Summary: When opting for a Value For Money LMS, ROI is a key factor. Are you ready to invest in a new LMS to help bridge gaps and improve workplace performance? In this article, I’ll share 6 tips to conduct a training needs analysis to improve your return of investment.

Improve The ROI Of Your Value For Money LMS By Conducting A Training Needs Analysis

These days, most businesses prefer online training to traditional training. This makes perfect sense since learning technologies give companies a competitive edge. Online training allows self-paced learning for employees. In that way, they can focus on their strengths and weaknesses. Thereby, reducing turnover rates and improving online training ROI. However, it is imperative to carry out an in-depth training needs analysis for LMS implementation to be successful. Thus, you will be able to pinpoint significant performance issues and gaps that the new system must fill in order to warrant the investment. That said, how can you conduct a training needs analysis that will not only improve performance but also enhance your value for money LMS?

eBook Release: Value For Money LMS: How To Find A Platform That Offers The Best Return On Your Investment
eBook Release
Value For Money LMS: How To Find A Platform That Offers The Best Return On Your Investment
Discover all you need to know about the importance of finding a value for money LMS platform that offers the best ROI.

1. Evaluate Employee Performance

This is the first and most critical step towards identifying training needs. Defining the current performance of your employees helps you develop a viable online training strategy and attainable learning goals and objectives. To evaluate workplace performance, you need to assess the knowledge base and the skills that your employees possess. This enables you to single out the areas that your new online training program should focus on. Moreover, it will help you to identify the departments that need training most.

For example, if people are expressing their interest in your products but not buying, train your sales team to convert interest into actual purchases. On-the-job observations, managerial evaluations, assessments, and surveys can help you identify crucial performance gaps. After that, you can identify which LMS solutions offer the features and functionality you need to bridge them effectively. For instance, employees need help with compliance processes. As such, you might consider a platform that supports simulations and other interactive online training tools to improve the real-world application.

2. Identify Shortcomings In Your Current Training Strategy

How effective is your current training strategy? Check whether your current training strategy may be hindering maximum employee performance. To maximize ROI, find out whether employees have access to learning resources whenever they need them. Is your current training strategy focusing on teaching the appropriate skill sets? Is the training material you are offering up to date? This analysis will help you identify the root of the performance issues that you disclosed in the first step. Once you have identified the causes, you can determine which LMS solutions offer the best value for money based on your specific training needs.

3. Prioritize Performance Issues Based On Goals

Identify how you can fill performance gaps based on the goals and objectives of your organization. Since you cannot spend too much time training to avoid backlog, you have to prioritize which gaps to fill first. For example, your quarterly sales goals are not being met and you need to improve your team’s product knowledge as quickly as possible. Or you have experienced a surge in fees and penalties over the last year. So, you need to focus on compliance training to stop unnecessary spending.

You also need to ensure the safety of your team. As such, performance behaviors that lead to more sales and reduce compliance risks should be at the top of your online training priority list. This allows you to select an LMS that aligns with your organizational objectives and outcomes. Furthermore, prioritization decreases chances of information overload, which improves your online training ROI and employee satisfaction scores.

4. Analyze Your eLearning Assets With A Value For Money LMS

Content analysis helps you determine which type of eLearning content will lead to professional growth and enable employees to perform their duties more effectively. But is your value for money LMS able to handle the online training resources your employees need most? Does it allow them to navigate the online training modules and activities with ease? Keep in mind that your new Learning Management System must be compatible with your current online training assets.

For example, your L&D team can quickly migrate the data and online training resources to avoid training downtime. Other features to consider are gamification support, assessment engines, and simulation/branching scenario integration, which all enable you to develop more meaningful online training experiences that improve the ROI of your value for money LMS.

5. Consider Technical Limitations Of Your Value For Money LMS

You must determine which delivery methods will make the online training process most convenient and effective for your team. Considering technical limitations enables you to develop and deploy online training content that’s easily accessible for all. Regardless of their experience or device preferences.

Are your corporate learners busy? If so, ensure that your LMS supports mobile access so that they can train during their free time. Conduct surveys and assessments to gauge their tech familiarity. This also enables you to find an LMS that involves a low learning curve. For instance, a user-friendly system with an intuitive UI and personalized dashboard.

6. Take A Closer Look At Your Big Data

If you already have an LMS, your most current reports can shed light on its shortcomings. In other words, what you need from your new LMS is to get the most value for your money. Evaluate individual/group performance logs, completion rates, and accessibility preferences to identify areas for improvement. In addition, you can compile survey data to see how your employees feel about the current system.

Your training needs analysis should be focused on identifying the knowledge that employees need and which resources they require to bridge the gaps. A training needs analysis helps organizations to identify areas of improvement. In that way, you can find a value for money LMS that offers the best ROI. By using these 6 steps, you can conduct a successful training needs analysis that will help you enhance your ROI with a value for money LMS.

Download our guide Value For Money Learning Management Systems to discover why it’s so crucial to find an LMS that offers the best value for money. It also features tips to help you calculate LMS ROI more accurately and determine how to choose the right value for money LMS during a free trial or demo. Get your copy today to determine if your current platform is really worth the investment.