The potential benefits to a business using eLearning are big, from saving money, time and increasing effectiveness to providing continuous reference materials to employees, and increasing the reach of your training program.
1. Saves Money.
Bottom line: eLearning is the most cost effective way to deliver training to employees. eLearning can reduce training costs in a variety of ways: reduced travel, reduced fees for trainers, minimized fines for non-compliance, reduced costs associated with travel, training rooms and printed materials. Training Magazine reports that business can save 80% in printing costs when making the switch to eLearning.
And, according to a Brandon-Hall Study, e-learning typically requires 40% to 60% less employee time than learning the same material in a traditional classroom setting. Because the training can be completed on the trainee's schedule, there is less interruption during the workday. It is important to note that the decrease in time is not associated with a decrease in the quality of learning.
eLearning also provides trainees with an on-going source of reference materials that can be accessed on an as needed basis. Product specifications, installation instructions, safety procedures - these materials can be reviewed when the information is needed, so employees can optimize performance.
2. Train More People.
Because eLearning is available 24/7 from virtually anywhere, on any connected device, you can deliver training materials to more people, more easily. Trainees can complete training modules on their own schedule, at their own pace. This strategy can help you develop a corporate climate that values and rewards employee training & development. In addition, the availability of training content 24/7 removes barriers to training based on time zone or geographical location - giving global and remote employees access to eLearning when they need it.
3. Single Source of Report Data.
With eLearning you can keep all of your training data in a single location: your training database. Most LMS systems allow you to track 3rd party training, as well as online training. Having a single repository for all your data means you can produce training reports with a single click.
This also impacts your ability to measure the effectiveness of your training program. Having a single source of data reduces the time it takes to evaluate outcomes.
4. Easily Measured.
Because eLearning is delivered digitally, it is easily quantified. You can track a trainee's progress, or drill down to see the responses to exams. You can measure the effectiveness of a training module, as well as the overall impact of eLearning on your corporate goals.
Before implementing a training plan, evaluate the current state of affairs: employee retention rates, or successful on-boarding of clients. Then roll-out the training plan. Compare data points on employees who have completed training vs. those who have not. You will also want to look at the bigger picture to determine if the online training is impacting corporate Key Performance Indicators in a positive way.
5. Compliance Training.
If you have compliance training requirements - perhaps because you work in a regulated industry - eLearning is an efficient and effective way to deliver the materials and track compliance. Many online training vendors offer catalogs of compliance training courses - many of them are automatically updated as regulations change. These courses come in a variety of formats, microlearning, full-blown courses, video courses, job-aids & supplemental materials - all of which help to support trainees and give them the knowledge they need to do their job safely. Read our Training Vendor Review Guidebook.
According to the Journal of Applied Psychology, microlearning can make learning 17% more effective. Want to know more about microlearning? Microlearning vs. Macrolearning - Which Is Better?
6. Employee Retention.
Studies show that companies that value training and development have better employee retention. According to a 2018 Linked In Learning report, 94% of employees would stay at a company longer if it invested in their career; but the #1 reason employees feel held back from learning is because they don't have the time. A Gallup poll reports that millennials fundamentally think about jobs as opportunities to learn and grow.
According to a 2018 LinkedIn Learning Report, 68% of employees prefer training at work, 58% of employees prefer training at their own pace, 49% prefer just-in-time training. All of these learning types are addressed with eLearning.
7. Client/Sales Training.
Depending on your business model, you may need to deliver training to clients that sell your products. You can deliver the latest training to ensure that sales people are knowledgeable about the latest version of your product. Include special offers, promotional information and/or brochures that can be used by the sales team when interacting with potential clients.
And of course, don't forget to sign up for a schedule a demo of TrainCaster LMS.