E-Learning is a valuable and efficient training tool for all organisations and industries, with benefits to both businesses and employees, e-learning ultimately provides an engaging learning experience for learners, giving them learning exactly when they need it and allowing them the opportunity to return to the learning when they want to refresh knowledge. With more flexibility and time, people who learn via e-learning courses tend to show better results.
Below, we have outlined the benefits a business can see when adding e-learning to their training portfolio.
1. Reduced Training Cost
Maintaining a healthy cash flow doesn’t just mean generating more revenue, but also cutting costs where possible. An online training system reduces many costs that would normally be associated with classroom training, including travel, developing learning materials, time out of work, venues, and catering. With a need to keep up with current training trends, updating and reproducing learning materials in-house can be costly and time-consuming.
Another factor not to overlook is that when training is based on compliance issues or elements that require expert content delivery, you can save huge amounts, as you no longer need to constantly hire expert trainers to deliver the content. Organisations can save a great deal by implementing online training for their employees. So, it’s clear that ROI is one of the key benefits of e-learning for businesses.
2. Improved Bottom Line
As with everything in business, training interventions need to be able to demonstrate their value, which means the skills, knowledge and abilities that they give the employees must transfer to business benefits and ultimately improved revenue. Quite rightly, organisations have to focus on the bottom line for their company and as training is a considerable investment, it needs to prove its worth. This means that any training of employees should be effective and worthwhile.
Aurion Learning created an infographic, which shows that companies that combine e-learning and on-the-job training saw an increase in revenue of 26% more per employee, which highlights how important both activities are.
A case study published by Limestone Learning also saw an “additional $15.1 million in win-back account revenue” for a customer retention centre within six months after the full implementation of an eLearning solution.
3. Empowered Employees
Companies that use eLearning to train their employees to experience up to an 18% boost in employee engagement, says The Molly Fletcher Company. Employees become happier, more productive, and produce better outputs when they are engaged in what they are doing.
Kenneth Chan, the founder and CEO of eCommerce site Tobi.com said, “At the end of the day, it is the employees that make or break the company. By empowering them with the right knowledge and the best training, in a way, you are empowering your company”. To Chan, e-learning is extremely important and he sees how it plays a key part in ensuring that his employees have the tools and the knowledge to meet the needs of his customers.
4. Competitive Advantage
Ultimately, training and educating the workforce does benefit your company the most. Josh Bersin wrote an article for Forbes, which suggested that corporate training spend increased by 11% in 2012 because “capability development” gives a company an edge.
It’s typical for a company to recruit the same type of people for their business, which occurs across industries. They look for people with the same type of qualifications, skills and backgrounds to fill their roles. This type of thinking can mean that there is no diversity in a workforce and people begin to think and work in the same way, leaving no room for development.
Learning and development can change that, by training and re-educating a workforce to think differently, do things differently and therefore remain competitive.
The Benefits of E-Learning Roundup
The advantages of E-Learning are plentiful. However, the thing that should make businesses sit up and listen is the bottom line and the effect e-learning can have on it.
With the implementation of e-learning, business can become more effective. They can develop employees who are higher quality, have better learning experiences, are trained to suit the role that is expected of them and learn to think in a way that is progressive all at a cost that is more affordable to the business. Engaged learners that are excited about training and learning are those that carry that engagement into their workplace. Multiply the effect of this over an entire workforce and the advantages are plain to see. This can only have a positive effect on the bottom line of the business.
A company’s ROI might be the most surprising—and most apparent— the advantage of online learning. E-Learning helps in this respect, by providing a viable teaching tool that’s affordable, customisable, and can be used again and again – anytime, anywhere.