E-Learning is one of the fastest growing industries, and it continues to grow rapidly. Since the start of the millennium, the market growth rate has increased in excess of 900% and more companies are now starting to invest their HR budgets in e-Learning packages. However, some business owners are still sceptical as to whether their businesses will reap any rewards. So to help establish the positives of implementing an e-Learning strategy, we have devised the persuasive arguments for incorporating an online corporate training plan for your employees.
Reduce Costs – The major issues preventing companies from making the leap to online e-Learning is the start-up costs. Recent facts and figures however, show that online training actually reduces training costs in the long run. Using e-Learning will naturally involve initial investments but there won’t be the large fees of keeping up a training programme. In fact, recent studies in America concluded that revenue generated by an employee increases on average by 26% if they learn from an online training programme (The Business Impact of Next-Generation eLearning, 2011)
Opportunity to obtain content quickly– Time management is essential for any business owner. The introduction of an e-Learning package to your business will help in delivering the right content quickly and efficiently. You could finally see a reduction in printing material and that constant need for revisions!
Improve the Knowledge of your staff – If you want your business to grow, then you will need to continually streamline and introduce new efficiency measures. Online training will prevent the need for archaic training methods and help to keep staff on the shop floor. Moreover, with certain courses, staff will be able to study from any location at any time. Specifically, 42% of companies say that eLearning has led to an increase in revenue. (The Ambient Insight 2012-2017 Worldwide Mobile Learning Market – Executive Report)
Boost Productivity– According to an IBM study, every dollar invested in online training results in $30 in productivity, mainly because employees are able to resume their work faster and apply their skills immediately. Companies that fail to grasp the value of online learning should consider the impact e-Learning has on productivity. Staff that have a consistent training programme and strong product knowledge will help boost the productivity in your business. The more knowledge your staff hold, the greater potential they have to maximise input and profitability to your business.
Encourage Interactive Learning– The Research Institute of America found that eLearning increases retention rates 25% to 60% while retention rates of face-to-face training are very low in comparison: 8% to 10%. No staff member wants to be returned to the usual school classroom. A business that provides online training will help to engage staff in a more creative platform of learning style. This in turn will help an employee retain the knowledge which may be lost in a classroom environment.
Staff can learn at their own pace– According to a Brandon-Hall Study, learning through e-Learning typically requires 40% to 60% less employee time than learning the same material in a traditional classroom setting. Hence, with a variety of e-Learning packages available, the process will help your staff learn at the pace that is most comfortable to them. No longer will an employee need to learn the required information in the set time that been allocated. Your staff can learn and absorb more knowledge with confidence and at their own pace.