Employee training is expensive. Studies show that US businesses spent approximately $156 billion on employee training in 2011, but 90% of that learning was lost due to lack of follow-up and reinforcement.
Fortunately, eLearning technology is offering new approaches to corporate training, which results in improved accessibility to learning opportunities and higher employee engagement, which results in a positive ROI.
Let’s see, how.
Accessibility
Studies document that employees want more training and most don’t feel that they are achieving their full potential at work. Despite this need, over 60% of managers do not think they are doing a good job of providing learning opportunities.
Traditional corporate training takes one of two forms: either everyone gathered in a lecture hall to listen to a speaker discuss a topic or employees were sent to conferences to learn specific skills. Both of these formats are expensive, and participation is limited by travel budget, room capacity, and participant selection.
The online training software offers exciting new ways to provide learning opportunities to nearly everyone within an organization. This training can be customized to the specific needs of each employee, which improves engagement and learning retention.
Self-paced video courses and face-to-face, online learning programs offer a wealth of opportunities for businesses to provide access to needed skills training on a wide range of topics. Everything from regulatory compliance to soft skills development is available through learning management software. Using these programs, employees can:
• Select the learning modules that support their goals and address weaknesses
• Acquire needed certifications
• Take classes at times convenient to them
• Complete courses at their own pace
• Utilize cloud-based programs that allow courses to be taken on any device
• Work in online groups to achieve tasks or study complex issues
• Apply learning through simulations and case studies
• Increase retention of learned skills through on the job follow-up and support
This comprehensive learning environment, combined with flexibility in subject and class time, extends access to training to everyone who chooses to participate. It also demonstrates a corporate commitment to learning and career growth, which increases employee job satisfaction, productivity, and retention.
Engagement
Engaging employees is difficult. A recent Gallup study documented that a whopping 63% of employees worldwide are not engaged at work. This presents a significant organizational problem, but one that can be addressed, in part, through the use of technology in corporate training.
Today’s eLearning tools are designed to engage employees on levels never before possible, which directly translates into a deeper commitment to their careers and corporate objectives. Rather than listen to a person lecture on topics the company thinks is important to employees, they can choose the ones that best support personal career growth and development.
Training engagement through technology is a multi-faceted process and can include:
• Short, information-dense videos that avoid fluff and time waste
• Multi-media presentations to keep focus from drifting
• Training games to enhance learning and better engagement
• Module testing of materials that provides immediate feedback
• Group and team learning opportunities that connect employees with a broader community
• Social functionality that supports communication and teamwork
• Packaged modules that support specific training or growth needs
• Video conferencing with instructors for group sessions or one-on-one support
Also, these corporate training opportunities give employees a significant amount of control over their career development. This empowerment results in a strong engagement in learning opportunities, which creates motivated employees. The employee actively structures a career path within the organization, which leads to loyalty, engagement, and retention. This is the ultimate objective of technology-based corporate training.
Return On Investment
Ineffective training costs money. With skills gaps, employee disengagement, and turnover, providing ineffective training can cost a business as much as $13.5 million per year per 1,000 employees. For these reasons, companies are shifting to technology-based eLearning systems to improve the effectiveness of their training while reducing costs. Positive ROI results from:
• Reduced Training Costs. Companies that replace traditional training processes with eLearning tools reduce costs by approximately 50%. Cost reductions resulting from the elimination of printed materials, onsite training facilities, paid facilitators, and travel expenses.
• Rapid Deployment of Content. When regulations or corporate systems change, it is faster, easier, and less expensive to train affected employees using online training tools than traditional methods. Employees gain the competencies they need within days rather than months.
• Access to Information. A company can eliminate the cost of many print resources by using online learning tools that provide employee access to this information.
• Improved Application. The learning investment is worthwhile because employees have greater retention than with traditional learning processes, and will apply their new skills on the job. This increases productivity reduces problems and improves job satisfaction.
• Continual Training Updates. Online learning is continually updated to address changing the industry and cultural issues. This saves time and money since a company does not have to pay someone to curate the data or update training courses. Also, employees keep current on relevant issues.
• Increased Employee Productivity. Effective training increases employee productivity. Technology and eLearning tools provide the best training programs for the lowest cost and will boost employee productivity.
• Increased Employee Retention. Engaged employees remain at their company, and access to quality technology-based training opportunities creates that engagement. These programs save organizations the cost of onboarding and training new employees, and avoids the skill drain that occurs when someone leaves.
Technology-based corporate training provides access to learning resources for a larger segment of employees than traditional methods. These tools also increase employee engagement, both with the learning and the organization. Companies experience a significant return on investment when shifting from traditional training methods to technology-based systems. There are many options available for eLearning systems, and companies that implementing them reap significant benefits.
