New technology in business can be exciting. Many organizations monitor trends and try to adopt the most popular into their operation. This can be beneficial if the technology is a good fit.
Unfortunately, sometimes the appeal of a shiny new tool can outshine the practical reasons for using it. Any new tech that you introduce into your business should be added because it will bring value and not just because it’s currently trending.
eLearning is far from new, but it has experienced enormous growth in recent years. This was accelerated during the COVID-19 pandemic when businesses were searching for ways to continue operating remotely.
That growth drew a lot of attention to online training, which continues now that the pandemic has passed. If your organization is interested in adopting eLearning or would like to expand an existing program, you should start by understanding what this resource can do for you. This is the first step in learning how to get more out of your learning management system.
Don’t rely on gossip and trends when investing in online employee training. Instead, learn more about the value of eLearning and how you can harness it to maximize the return on your investment.
eLearning Cuts Down on Training Time
Research has shown that eLearning significantly cuts down on training time compared to traditional educational methods. A Brandon Hall analysis reported that employees spent 40% to 60% less time training when using eLearning compared to traditional classroom training.
Online training streamlines the process without sacrificing the quality of the experience for the learner. Many learners report better knowledge retention when using online training.
Microlearning is one of the most popular methods used in eLearning. This approach utilizes short segments of training that are hyper-focused on a specific topic. A learner can work through these in minutes and will remember more of the material afterward.
Much of the information we learn tends to be forgotten shortly after a class ends. About 50% of new knowledge is lost within 20 minutes while another 10% is lost in the following 9 hours. Only about 24% of the information is retained over the following month without repeating the class or further study.
A 2018 International Journal of Education Research Review found that microlearning increased knowledge retention by 18%. Other research indicates that some learners retain as much as 80% of new knowledge learned this way.
The more learners retain, the less time they will need to complete training and put the information into practice.
Consistency is Easy with Centralized eLearning
Consistency is important in employee training. New hires should have access to onboarding courses that give them a strong start with your organization. More advanced training should also offer quality experiences with accurate information using the best delivery methods.
Online training makes it much easier to be consistent throughout your eLearning program. That’s because all the material is centralized and stored digitally.
Making changes to a class held in a physical space can be a daunting task. Any hard copy materials must be manually altered or replaced. Trainers must be updated and given time to adjust their lessons or lectures as needed.
When you work in an online classroom, these changes can be made instantly. Simply upload a new file and now all learners can see the updated worksheet, graph, or other document. Even video content can be easily adjusted by adding or removing segments or voiceovers.
This will also help make your training program more dynamic, allowing trainers to easily adapt as new developments and innovations are released within your industry.
eLearning Can Grow with Your Business
Online training is a boon for businesses that expect rapid growth. Scalability is one of its strongest benefits. If you anticipate a lot of expansion, make sure you find a learning management system that can support it.
A classroom that exists in a virtual space can be almost any size. Most platforms can support anywhere from a handful of learners to thousands. And those size changes can happen on the fly. Check with your LMS provider to see if there are limitations or license purchase requirements based on number of users. This will help you prepare as your business takes off.
You won’t have to buy more books, print more training materials, or find a bigger classroom. Everything can be done digitally so it scales with your changing class size.
Reduce Training Costs with eLearning
Traditional employee training can be expensive. This is especially true for companies that have employees in different cities, states, or even countries.
eLearning lets organizations cut those costs instantly. No travel is required to attend an online class. If all team members have access to the internet, then they can attend. Most LMS platforms support mobile access as well, which means that learners don’t even need a computer to train.
Along with no travel expenses, eLearning also cuts training costs by:
- Eliminating the need to pay for printing of training documents
- Reduces the need for more trainer hours with self-guided learning
- No need to pay for a venue to host classroom training
eLearning Encourages Continuous Learning
A skilled workforce is what sets successful businesses apart from the competition. eLearning makes it easier to expand the skill sets of your employees.
Many organizations have found that a culture of continuous learning improves overall corporate success. Not only does it create knowledgeable staff, but it also improves employee retention. Reports have found that 45% of employees are more likely to stay with a company if they receive additional training.
That’s because better training improves confidence and competence. It also makes employees feel valued. Access to more training and career development shows that the company is willing to invest in individuals. This boosts morale and gives employees more reasons to stay. Workers are more likely to put in extra effort and have more care for their contributions to the organization.
Ongoing training also creates more opportunities to promote from within, which will lower hiring costs.
Improve Training Flexibility for Better Success
Scheduling classes can be a hassle. Employees likely already have busy schedules and daily responsibilities. Taking them away from that for a full day or days can set them and their teams back.
eLearning is flexible, which makes it easier to fit into a hectic work week. Having access to training 24 hours a day lets employees find better times to learn. This is especially helpful when using self-paced training that doesn’t require a pre-set start time and the presence of a live trainer.
When training is easy to schedule, employees will be more likely to complete their courses or even enroll in additional training.
Create Your Own Content or Add Pre-made or Custom Courses
You aren’t alone when starting a new online training program. There are several ways to add content and create a well-rounded curriculum without investing months into the process. The first thing to ask is “Do I need off-the-shelf eLearning or custom employee training courses?”
There are three primary ways that organizations expand their content libraries:
- Pre-Made Course Content
Many LMSs connect to third-party content marketplaces. These are great resources when you need content fast. Full courses can be licensed and added to your catalog. This is especially helpful for common subjects that are likely to overlap from one organization to the next, like safety and conduct topics.
- In-House Course Content
If you want full control over course content, then it might be best to create your own. This process takes time but will give you access to your own material without ongoing licensing or subscription fees. It can be a good choice if you have the equipment, trainers, and subject matter experts needed to create quality courses.
- Custom-Built Course Content
The third option is a mix of the first two: have someone custom build content for you. This allows you to have a full say in what goes into the content and how it is presented. You can even brand it if you like. However, you won’t have to invest the time and resources into making it yourself. This method will cost more but will save you time and give you more control over what’s in each course and what you do with the finished product.
Generate Revenue by Selling Your eLearning Content
You can get even more value out of your eLearning content by monetizing it. Many organizations sell their courses to create a new revenue stream. This can also be used to offset the cost of creating content.
There are obvious financial incentives for doing this, but there are other benefits as well. You can increase your brand value and recognition. You can also position yourself as an authority in your industry by becoming the go-to resource for related training.
Learning more about online training will help you determine its true value for your business.
