The cost of corporate training is steadily rising.
Per , spending for corporate training was $70 billion in the US and $130 billion worldwide in 2013. In 2014, these numbers increased by 10%. Between 2015 and 2016, spending for learning and development in the UK increased by 10% for big companies and 16% for smaller ones.
Can eLearning help reduce the costs of training? Is it a more cost-effective solution than traditional instructor-led classroom training?
Some believe it could be. Here are several ways in which eLearning is impacting the way you do business.
eLearning Can Reduce Training Costs
But the great thing about eLearning is that you don’t need to reinvent the wheel every single time you begin the training process. You can take old, outdated, and ineffective content and tweak it until it gets you better results.
eLearning is also convenient, giving your workers the opportunity to choose when and where they study, and how much. Since courses can be used and reused, sometimes without alteration, the long-term benefit of eLearning should be clear.
eLearning Can Help You Drive More Revenue
Which would you prefer – a training program that merely educates your employees, or a training program that also helps your employees drive more revenue for your business. The answer is obvious – most companies want to increase their bottom line.
Various stats and case studies show that eLearning can help you increase revenue for your business on a per-employee basis.
It’s important to remember that eLearning doesn’t need to be a standalone initiative – it can also be used as a supplement to traditional training methods. is growing in popularity because of how effective it can be.
Is it any wonder your employees would grasp the information they’re being presented with more readily if what they’re learning is being reinforced through repetition?
eLearning Can Boost Employee Engagement
For many companies, employee turnover is a significant cost. When you consider the fact that they must replace workers and train them from the ground up, it’s not surprising. In the long run, it’s less expensive to keep the employees you have.
Many businesses struggle with employee engagement. But eLearning can provide a much-needed boost in this regard, by as much as 18%.
Employees know when your training is subpar, which means they also know when they’re the recipient of quality training. When they are equipped with the skills and knowledge necessary to do their job, you empower them to be excellent in their role.
eLearning initiatives can also be immensely beneficial for remote teams, especially since you can’t be hands-on with them.
eLearning Can Give You A Competitive Edge
Essentially, every company in your industry is hiring from the same pool of talent. No one is any better or worse off when it comes to onboarding new team members.
What can give you a competitive edge is giving your new hires the tools they need to succeed. Better quality training equals better quality work. If your team members are properly equipped to do their job, they’ll make fewer mistakes, have a better chance of living up to your standards, and be more confident overall.
Your employees are your biggest asset. For some reason, many companies have forgotten this fact.
Educating your team members allows you to build a better team, and out of a better team inevitably comes better work and better results.
If you’re looking to gain a competitive edge in a cutthroat industry, you’ll want to gain every advantage you possibly can over your competition. eLearning is shaping up to be one of the most effective tools for supporting this goal.