eLearning For The Win
The eLearning market is soaring. While it has enjoyed an upwards trend for some time now, the COVID-19 pandemic has made eLearning development a necessity for companies want to stay in the game, and for some, it is the key to winning the game.
According to eLearning Industry, 98% of companies plan to incorporate online learning into their programs in 2020. With the vast majority of U.S. companies adopting online training, the trend is for more advanced and engaging learning features than ever before.
Learning & Development is an exciting place to be and now may be the time for you to brush up on some compelling facts and figures that you can use with executive management or others in your organization who are new to it. Below, we present a few:
It’s Time to Polish Your Learning & Development Strategy to Reap the Benefits
eLearning is an area that has a very real chance of becoming the key to maximizing your company’s marketability and, most importantly, profitability. This is no surprise when you take a look at the immediate benefits and long-term effects that go along with implementing meaningful learning and development initiatives for your employees.
“The reasons that companies are prioritizing eLearning are plentiful, but the bottom line is that eLearning has proven to boost profitability and provide impressive ROI – especially with IBM saving approximately $200 Million after converting to eLearning according to the tech giant and The Washington Post.”
The downtrend of in-person training and on-site instructor-led sessions has caused companies to rely more heavily on virtual instructor-led training (VILT) and eLearning. Some companies are taking it a step further as they recognize the value of good eLearning when it places a strong emphasis on the real needs and engagement points of the learner.
As a result of the pandemic, we at Illumina Interactive have seen companies expand upon their already-existing eLearning solutions, and in some cases, create new online learning initiatives.
The reasons that companies are prioritizing eLearning are plentiful, but the bottom line is that eLearning has proven to boost profitability and provide impressive ROI – especially with IBM saving approximately $200 Million after converting to eLearning according to the tech giant and The Washington Post.
Why Custom eLearning For Your Business?
Before we take a look at some compelling statistics involving eLearning and how it can help your company increase revenue, let’s explore some practical reasons tied to the nature of online learning.
eLearning saves time. Corporate eLearning takes 40%-60% less time to complete when compared to traditional learning.
“When learning meets employees where they are, it has the ability to become part of their weekly routine. Accessibility and convenience creates the real potential for a more enjoyable experience, one that is more likely to command meaningful attention and make your company’s investment stick.”
According to Inc., today’s employee spends about 1% of their entire week on professional development – this breaks down into mere minutes. With such a scarce amount of time allocated to employee training, professional development must be made available on demand. Mobile learning allows employees to tune into courses during and after work hours, independent of their location.
Taking it one step further, self-paced learning puts the learner at the center of their own development. When users aren’t on a schedule or fixed timeline, they choose their own path to learning so to speak, which significantly improves engagement and sees positive results in terms of retention and application.
When learning meets employees where they are, it has the ability to become part of their weekly routine. Accessibility and convenience creates the real potential for a more enjoyable experience, one that is more likely to command meaningful attention and make your company’s investment stick.
Along those lines, the area of microlearning has been a critical part of eLearning’s recent explosion. Microlearning – content that is broken down into short, focused, and easily digestible units – saves on time and is thought to be a more effective strategy for today’s learner who has a shorter attention span.
The Biggest Reason To Care: eLearning and Your Bottom Line
The practical reasons for incorporating eLearning into your company’s professional development model are, of course, directly tied into your bottom line. The potential for some serious return on investment and increased revenue is the icing on the cake and a good reason to let the experts help you develop an eLearning program.
According to a survey as noted above in eLearning Industry’s 2019 top trends article, those with “comprehensive training programs” have 218% higher revenue per employee and 24% higher profit margins. eLearning development is an opportunity to unlock major potential for your business.
Higher revenue per employee and higher profit margins can be attributed to a few factors:
- eLearning has been seen to boost retention rates by 25-60 percent.
- A trained workforce brings value to your company. As we’ve noted as in the case of microlearning, strategies for learning whether they be traditional eLearning, gamification or augmented reality/virtual reality, lead to increased knowledge and overall improved performance which is a win for you.
- eLearning is arguably less time-consuming and more effective than traditional learning, making it more cost effective. Learning can be refreshed and replayed on demand at no or minimal added cost to your company. This equates to big savings when compared to other modes of learning.
eLearning Is A Smart Business Strategy
With half the workforce being comprised of millennials, learning and development should be part of your company’s strategy to attract and retain top talent. Now more than ever, work/home lines are blurred and schedules are jam-packed. Your employees are looking for meaningful and accessible opportunities to develop their skills and expand their knowledge. Providing the foundation for them to accelerate their knowledge could be the best investment you make this year.