In today’s world, if you aren’t in-the-know about online corporate training, you’re already behind. Here are some quick facts:
- Estimates pin the eLearning market size in 2010 around 30 billion and north of 100 billion in 2015. And it’s still climbing.
- In 2017, the Chartered Institute of Personnel and Development released the results of an internationally recognized survey that revealed online training is used by 88% of the 6,000+ organizations surveyed.
- According to a recent Accenture study, 92% of the surveyed workforce expect technology to dramatically change their work environment.
- 58% of the same group feel they need training to stay relevant to their position.
Online training is a wide-spread solution for organizations and businesses on a global scale, and that trend isn’t slowing down. Millennials and Generation Z have spent most or all of their lives utilizing technology to fill in knowledge gaps and develop skills. As this digital-savvy workforce takes their place, this expectation will follow them into the office.
Good news—this trend is beneficial for everyone involved! Many of the jobs and skills of the future don’t exist yet; perhaps the best long-term ROI for businesses today is cultivating a culture of efficient, corporate learning.
Why online corporate training?
A common denominator between any two business leaders is the striving for efficiency, and rarely does efficiency come in a well-defined outline. However, in some cases it does.
One estimate claims that making the switch from live training to eLearning saves employees 40%-60% of time to learn the same material. Complementing the time reduction, material retention rates are 2-3 times higher with self-directed online learning than in a live training session. How’s that for efficient and effective?
The power of online learning ripples into unexpected territory. One survey reveals its effectiveness to increase employee retention rates. Brandon Hall Group found that turnover was reduced by 16% on average after survey subjects implemented digital learning technology.
The efficiency eLearning has to offer skyrockets when complemented with a Learning Management System. This serves as long-term, sustainable management of the learning process. Its ability to scale with an organization while keeping data organized and easily accessible means managing training just got a whole lot easier. This power couple works wonders when it comes to compliance, especially when new information needs to be circulated to large amounts of people, fast.
If we’re talking numbers, eLearning has some feathers to flaunt. This study averages that participant costs decreased by 26% and revenue increased by 40% after making the switch to digital learning. IBM also conducted a study that shows well trained teams save around $70,000 a year. The results must have been convincing because IBM is reported to have saved $200 million when they implemented their own internal eLearning strategies.
This industry is looking forward to an exciting future. Organizations are implementing blended learning initiatives and innovative solutions like gamification, mobile platforms, and social learning.
What does training look like at your organization? A better question is: what could it look like?