Imagine a scenario where every new employee needs to be taught about the processes and work techniques by the senior manager. It would be a considerable loss of time and energy. Face to face and on the job training were the only ways of learning a few years back.
Then came corporate E-learning, and things changed for the better. Training employees has been much easier since the time corporate E-learning has made its entry. The advantages are for both the employee and the employer. There is a notable difference in the productivity and skill development of teams who put to use various modes of E-learning. According to a study by IBM’s Smarter Workforce Institute, the following benefits accrue to companies that adopt E-learning:
The probability of achieving goals increases by almost 90%
Products design and development is over 20% faster
Overall productivity increases by over 10%
It is quite obvious the cost of setting up and implementing E-learning programs is lesser than the loss that companies will bear in the long run without such smart learning techniques. It’s a one-time investment where you purchase a software or package from a reputed E-learning company. There are no hassles of maintaining back up support or cumbersome files. The return on investment is commendable if the LMS is implemented in a planned manner. Companies around the world are taking the E-learning route for training and development to gain the following advantages:
1. Training cost is lower: The cost that companies have to incur for setting up training teams, providing space for face to face training, hiring external trainers and conducting appraisals of the training programs is much higher as compared to that required for corporate E-learning. Several specialised LMS options are available now and complete back end support is given by the service providers. The cost of setting up a system and implementing E-learning is recovered in a short time.
2. Simple to manage: Management of E-learning training programs is definitely less complicated. You don’t have to manage bulky files full of training or assessment sheets. Tracking the progress of employees with the program is also simpler, as all data is recorded online. Moreover, time management is also easier as you don’t have to schedule dedicated training sessions for all employees.
3. Flexible course design: The courses available in the market are quite adaptable in the sense that they can be altered easily to suit various target groups. Each person has different learning styles and personalised LMS enables effective skill enhancement. Plus, considering the fact that training needs of all departments in any organisation are varied, the courses are made flexible so that they can be changed as per the requirement of every segment.
4. Training 24x7: Round the clock learning has become a reality with the advent of corporate E-learning. Since the courses are available online, employees are able to access them any time, from any place. So, they may finish a learning module while at home or during travel. While this is advantageous for employees, it also saves man-hours for the company.
5. Geographical benefits: In the times of globalisation, companies cannot afford to have their team limited to only one city or even country. Corporate E-learning courses give the opportunity to implement the same course at the same time at several locations.
6. Measurable results: Assessing the effectiveness of training is extremely important and it can be easily done with E-learning modules. Managers can track not just the time people take to complete the course and their performance in quizzes or worksheets, but also the impact on real time output. Measuring the key performance indicators before and after completion of an E-learning course is a good idea to know the exact RoI.
7. Scalable and Seamless: As a company grows, so does the team it works with and the need for learning and development of employees. E-learning proves to be easily scalable. The same module can be implemented on a larger scale and even tweaked to include new aspects of skills and technology. Hence, it can be seamlessly utilised over many years.
8. Lesser turnover rate: Data on employee satisfaction shows that people who get access to frequent corporate E-learning are happier in the organisation and less likely to leave their job. This is definitely a boon for human resource managers as recruiting new talent is a lengthy and costly process.
9. Higher productivity: As mentioned earlier, companies having a robust LMS for training of employees can increase their output by over 10%. And this is just the tip of the iceberg; the actual potential to boost productivity is limitless and may go up to 100% if E-learning is used efficiently.
10. Better skill development: Skills can be developed much faster using E-learning systems. As the LMS provides targeted and interactive learning along with frequent assessment, employees are more likely to gain expertise. Moreover, online training can be accessed multiple times to clear doubts and analyse application of skills.
With a plethora of options in corporate LMS, as well as innumerable advantages, it is evident that choosing E-learning for training is a wise investment decision. Plan your budget for employee training and get the best possible e-learning package for maximising long term gains.