Boost your profit through eLearning: 5 key facts
eLearning is here to stay, and there is no better time than the present to make the switch and join the eLearning revolution that is taking the world by storm. Your organisation may have already considered eLearning and been deterred by the upfront costs of transitioning to a digital-based training approach. Our advice? Do not let the upfront costs of investing in eLearning stop you.
Digital training is a fantastic way to boost your bottom line and create a learning culture that not only improves profits but also keeps your top performers from leaving. This alone is enough to showcase the transformative power of eLearning, but there is so, so much more to be said on the topic yet.
Classroom-based events are costly; one-off events offered to a limited audience full of people, who may or may not be happy to be sitting there listening to an educator speak at them. After traditional learning events, without the reinforcement of the information or clear connections to a Learner’s prior knowledge, the information presented to a Learner is forgotten at an incredible pace.
How quickly, exactly? Well, 56% in just one hour, 66% after one day, and a whopping 75% after six days. This loss of this knowledge means the teaching objectives fall short, and changes are rarely implemented!
eLearning can help grow your business.
It is increasingly important for organisations to develop talent continuously and retain the star performers so that they have the right skills to perform well in their role as well as the ability to help your organisation grow and adapt in times of change. If you are debating whether or not to let your organisation make the transition to digital training, keep reading! Our team at TheLearning LAB headquarters in Geneva has put together this overview for you, showcasing 5 ways in which eLearning boosts your bottom line.
1. eLearning saves you money
About 33% of training expenditure is attributed to implementing and running one-off classroom-style training - and this doesn’t even take into account the costs associated with employee time spent away from desks to complete a course! eLearning is cost-effective, providing employees with a solution that is always accessible when they need it, is relevant to them, and doesn’t require all those expensive overhead costs. Allowing employees to learn at their own pace improves productivity, and their downtime can be better used, letting them develop their knowledge and improve their effectiveness on the job. Best of all, there is no more putting work on hold to leave their desks, commute, and attend face-to-face training in another location! All the costs normally associated with a single event can go towards producing eLearning course that keeps on giving and can train multiple waves of Learners. That sounds like a win-win situation to us!
Many of the costs associated with traditional training are overhead costs that bring no palpable benefit to the Learner (think travel, facilities, catering and time away from desks). eLearning is a cost-effective solution!
2. eLearning helps you retain valuable talent
The number one reason employees leave a business is the lack of career development opportunities and prospects. Can you afford to lose your profitable employees to competitors? If the answer is no, there is good news for you: digital training is the most effective solution for providing development opportunities, and can be made accessible to your entire workforce when they both need it and want it most. Your top talent is restless, always looking for ways to improve. That eagerness for self-development and that growth mindset is what makes them your top talent, after all. If they don’t find what they need, they are likely to look elsewhere… and your competitors may well be offering eLearning already. Keep your talent investments firmly within the company by providing them with engaging career development opportunities; it will both boost your bottom line and invest your workforce in your company more deeply, encouraging them to deliver at their best.
Workplace talent you invest in is talent which will become invested in you.
TheLearning LAB, eLearning Content Development Agency
3. eLearning saves you the costs of turnover
Not only do you risk losing business knowledge and skills along with your best performers, but the average cost of employee turnover is about 30% of the position’s salary. Even after you finally replace them, it may take months to see newly hired talent become fully productive. In addition, this is a process that takes much longer than necessary if your organisation does not have effective digital training solutions to bring them up to speed quickly! Today’s workforce expects you to invest in their careers, and they are more willing to take risks and move in order around to find companies that value talent and foster a learning culture.
The nomadic, risk-taking, development-seeking pool of young professionals are the tech-savvy, growth-invested future of your organisation, and you need to hang onto them when they come your way!
4. eLearning boosts & upskills your workforce
When compared to traditional classroom training, eLearning saves you money and keeps your employees engaged, productive and able to adapt to change. It achieves this by providing them with far more effective learning tools than traditional classroom learning can provide. Gamification, interactive video, bite-sized content and quizzes are only a few of the many tools at your fingertips when making use of digital training options for your organisation.
To grow your business in an authentic, dependable way, you need to help your workforce acquire the right skillset from the very moment they walk through the doors of your office for the first time. eLearning for onboarding employees is highly effective. It has been shown that employees are 37% more productive in organisations that invest and value workplace learning, making the outcomes of digital training an excellent return on your investment. Access to digital training solutions ensures that your workforce has the ability to develop and apply their knowledge to current business needs, providing them with the tools to consistently benefit your bottom line.
Nothing quite compares to the variety and adaptability to user needs that eLearning offers.
5. eLearning keeps your business competitive
The business world is becoming increasingly competitive, and the pace of change is exponential. To keep up with the rapid change and remain competitive, it is invaluable that your organisation can adapt quickly to any emerging trends and successfully close skill gaps at all levels of the organisation. Having a company-wide learning culture produces employees that are 58% more likely to have the right skills to respond to changing market needs, meaning you do not need to scramble around for the ideal, adapted talent when things shift. The right talent is already sitting at the desks in your offices, trained and ready to go! Adaptability offers a significant return on investment. Creating a learning culture means encouraging employees to continuously develop their skills and share knowledge, promoting this empowering culture across all levels.
To do this effectively, your people need access to training at all times. Real-world, strategically designed training based on the challenges they face day-to-day. As an all-around e-Learning service, our agency has a varied team who collaborate closely to shape every aspect of the course exactly how it works best for your organisation and your Learners, from the initial brainstorm through to the final product!
What does all of this mean for your organisation?
Given how much importance today’s talent places on technology and career development, you can’t afford not offering a digital training solution. eLearning benefits your business by creating a culture of quick Learners with a solid foundation of industry knowledge; Learners who are flexible enough to assimilate new knowledge and skills in a cost-effective way, and who can take the right initiatives, develop their critical thinking skills, and become the leaders of tomorrow.
Even better, businesses that use eLearning to train their employees are more likely to become industry leaders than those who don’t. And… did we mention, eLearning directly BOOSTS YOUR BOTTOM LINE?