A Learning Management System (LMS) can save the average business a great deal of time and money, according to the results various research projects, brought together in the free e-book "KEY LMS features that make Employees more productive" by Create eLearning.
According to Create eLearning, an LMS can:
- Drastically reduce the cost of recruiting, selecting and training workers
- Improve worker productivity throughout their career with their employer
- Reduce the pressure on an organisation’s workforce caused by worker vacancies
Mark Taggart, Create eLearning’s chief executive, explained, "Employee turnover means inconvenience, time and budget losses, temporary workforce overload and hiring replacements among other things. The cost of replacing a worker is the sum of various costs including numerous interviews, the on-boarding (induction) process and the opportunity costs of not being able to undertake projects because you don’t have the workers with appropriate skills."
According to Eremedia, the actual cost of replacing one 'low-tier' worker is 30 per cent to 50 per cent of their salary. Replacing mid-tier workers costs up to 150 per cent of their salary; while high-tier workers cost some 400 per cent of their annual salary to replace.
There is evidence to suggest that the average rate of employee turnover for all industries in 2014, in Western economies, was 15.7 per cent. Applying this to an 'average' business of just 16 employees suggests that this business will have two vacancies each year – and, even for low-tier workers, the costs of replacing these people can be substantial.
"While there are many reasons why workers leave their job - including corporate culture, salary level, flexibility, engagement and development opportunities - an LMS can help solve and improve most of these issues," said Mark.
To explore these issues further, Create eLearning has produced a free e-book – KEY LMS features that make Employees more productive – that explains how to use an LMS platform to, among other things, help reduce staff turnover.
About Create eLearning
The Create eLearning Platform is a Learning Management System (LMS) that claims to be "like Netflix for training and coaching". This mobile-friendly e-learning portal allows users to build, host, deliver and track e-learning, as well as unite all their online training and coaching. The LMS software can be accessed in the Cloud, offline and off-grid – and it is SCORM compliant.
Founded by Mark Taggart, Create eLearning’s LMS makes it easy for users to understand all the skills and competencies within their business - and spot the gaps. It also allows users to build classes quickly and efficiently; build once and use over-and-over; track all training, coaching and mentoring actives and investments in one place; report on progress, link back to profit, customer satisfaction and efficiency, as well as make it easy for the best practices happening within their business to be more widely circulated.