Top Benefits of eLearning For Businesses
Technology plays a significant role in how businesses may rise and fall in today’s market.
We’re at a point where it’s a norm for companies to choose digital over traditional marketing. There’s a pressure to adapt, which is why it’s not uncommon to see conventional marketing mediums get phased out in favor of social media and email. Similarly, traditional methods of education and employee training are also being replaced by eLearning. Inaccurately presumed as costly and complicated, eLearning has emerged as the lead teaching method businesses use to train their employees.
The advent of SaaS (Software as a Service) model providers, such as Microsoft Azure, has enabled companies to deploy eLearning without worrying about the investment required to create the software base. The benefits of eLearning far outweigh that of traditional methods. Here’s a look at some of the advantages companies can gain if they make a timely switch to eLearning.
One of the most significant advantages of eLearning is that it drastically reduces costs for the companies that implement it. Corporations now report that e-Learning is amongst the top two training methods that they use. They have discovered that e-Learning saves businesses at least 50% when it replaces traditional instructor-based training. Not to mention the fact that e-Learning cuts down instruction time by 60%.
eLearning takes away the need for printed training material, as well as on-site facilitators, bridging the gap between the course and students effectively. Although initial costs are relatively high, when compared with the upkeep costs stretched over a period, the online training platform handily wins against the traditional methods.
Maintain Updates with Convenience
eLearning simplifies the process of maintaining updates as compared to traditional methods. LMS systems help update your manuals and guides by simply adding new courses to the existing manual files and communicating the changes to the staff instead of having to rewrite the entire manual and pay additional printing costs.
This is particularly useful in the case of government-approved changes in existing laws or information about new products and services. By mandating that the staff goes through the material before logging in, you ensure that your company is always one step ahead of the competition.
In sharp contrast to traditional styles, eLearning makes use of a variety of mediums such as text, videos as well as animation to enhance employee learning. Case studies prove it. According to an IBM white paper, eLearning technology increases employee engagement by 19%.
A 2018 LinkedIn bulletin also identified that 58% of employees prefer to learn at their own pace, while 64% are eager to learn while at work – eLearning allows companies to provide both. Engaged employees are better learners and more productive. Trained, knowledgeable, and educated employees not only elevate themselves but elevate their co-workers and the organization as a whole.
Increase Employee Retention
One of the biggest problems companies face, especially small and medium-sized businesses, is employee turnover. In a saturated global market, keeping hold of valuable and trained employees is one of the biggest challenges that a business faces.
E-learning helps reduce the employee turnover rate by giving employees access to round-the-clock informational and educational material that further boosts their professional caliber. Engaging, educational and professional course material not only increases an employee's on-the-job performance but adds to their quality of life in general, which helps foster feelings of loyalty and prosperity towards the organization.
Has Measurable Impact
One of the biggest comparative advantages eLearning enjoys over the traditional method of training employees is the fact that eLearning can be measured. eLearning's influence on your business can be tracked all the way to the bottom line of your company, with base metrics that can determine how well trained the employees are.
You can keep track of employee training by seeing how many employees complete the course, the time it takes to finish a course or through quiz scores for questionnaires filled after the course. However, the actual impact is much greater than these basic metrics – the real impact is that on the Key Performance Indicators (KPIs).
To measure eLearning's through KPI, decide on the goal you want to accomplish with eLearning. This can be anything from reduced customer complaint calls to an increase in clients through ‘trained' customer managers. Assess the figures and related metrics you had before integrating eLearning and revisit them after full integration. Improvement, or lack thereof, in the related parameters can directly point out the effect eLearning has had on your business.
As far as case studies, industry examples, and reports are concerned, there are plenty of reasons for business owners to be optimistic. With eLearning, you have an opportunity to address one of the primary reason why workers leave their job, which is lack of support and training. Furthermore, you’re also helping them deal with the biggest excuse that can hold back personal growth and improvement, which is not having the time and place for continuous education.