To claim that online learning, or eLearning, is popular in the workplace is an understatement. About 80% of employers offer online training to their employees, and about 40% of Fortune 500 companies use eLearning for training purposes, according to an article by FindStack.1 Other statistics that prove the widespread use of corporate online learning and/or the benefits of it, per FindStack, include the following:
- The U.S. accounts for more than 31% of mobile learning spending in the global market.
- In 2022, the U.S. government spent in excess of $2.6 billion on online learning products for its employees.
- The online learning industry has grown over 900% in the last 22 years.
The article explained that studies from the National Centre for Education Statistics indicated 58% of workers wanted to learn at their own pace and from their homes. Because online learning allows workers to complete courses according to their own schedule, it can contribute to increased productivity.
Also, online employee training takes 40%-60% less time to complete than classroom learning, according to a blog article by TechJury.2 It explained,
“E-learning provides employees with all the fun and engaging ways to learn effectively. To top it all, employees have the luxury of selecting their most convenient and preferred time of learning, and at what pace they wish to study. This, on its own, is both a luxury and a big boost that ensures faster learning capacity.”
In the post-COVID business world, all organizations should implement online learning. By doing so using LMS software, companies can reap many benefits beyond those already mentioned. Read on to learn about some additional benefits of offering your workforce eLearning through LMS software.
3 Reasons Your Company Should Implement eLearning with LMS Software
Online learning in the workplace is effective and convenient. It lets administrators deploy training to a dispersed workforce, in a variety of formats to improve knowledge retention. Companies just need to find a way to deliver eLearning to staff. Fortunately, there are a variety of ways to deliver online learning, including using LMS software.
Thousands of organizations use LMS software to deliver eLearning. LMS software is so popular that MarketWatch said the LMS market will likely reach $25.4 billion USD by 2024, at a compound annual growth rate of 23.8%.3
Here’s why your company should implement online learning with LMS software if it hasn’t already:
1) LMS software helps companies manage employee training - Delivering results-driven employee training that can be measured is the primary reason why company leaders invest in LMS software. A learning management system (LMS) is designed to distribute, track, and provide detailed reports about online learning. This enables administrators to continuously edit training to meet the needs of their unique workforce.
There are a variety of ways LMS software simplifies the management of corporate online training. First, LMS reporting capabilities are built into LMS software. TOPYX LMS, for example, offers LMS reporting that makes intuitive data management a breeze. With TOPYX LMS reporting, you can view, manipulate, and export data. The customizable charting tools and dashboard help save administrators time, as well. Also, the TOPYX LMS software reporting feature enables administrators to:
- Customize your graphical dashboard options to provide a quick view into key reporting data.
- Set up and customize any report to run at a designated time and email to anyone.
- Track registration, course completion, certifications, report cards, learner progress, and more.
- Integrate LMS reporting with Google Analytics to analyze site usage data.
- Access reports anywhere with your mobile device.
TOPYX LMS software also helps administrators manage employee training through the certifications feature. This is especially relevant as COVID-19 has increased the regulatory requirements for many industries and made it harder for organizations to stay compliant. Administrators can streamline compliance management by tracking certificate completion directly within TOPYX LMS.
2) LMS software can help improve employee engagement - Not all corporate learners are having an easy time staying engaged with training due to having to learn from home. These individuals are experiencing a myriad of changes to the structure of employee training, in a short period of time. Companies need all the help they can get in boosting employee engagement in this area, and LMS software can help.
One way LMS software improves employee/learner engagement is by fostering ownership of training. It’s human nature to pay close attention to what you value and ignore what you don’t. LMS software promotes self-paced learning and increases employee engagement with training by encouraging workers to take ownership of their personal learning experience.
One reason LMS software helps learners take ownership of training is because it is interactive. It gives employees opportunities to chat with peers in real time, share and comment on content, take quizzes, and participate in training-related games and simulations. All of these activities require full participation before advancement to the next eLearning segment and cause learners to become more present and engaged during training.
Also, LMS software can improve learner engagement by helping employees feel more connected to their teams, according to an article by HR Executive.4 “A collaborative learning environment can help employees feel engaged with their coworkers,” the article explained. “Companies can cultivate this with tools like a digital LMS platform that offers multiple learning opportunities and engaging course content.”
The article said that HR leaders should seek an LMS platform that includes features such as in-platform web conferencing, interactive quizzes, and LMS reporting. It also recommended that organizational leaders gamify corporate learning to stir up some healthy competition among employees, which could improve engagement.
3) LMS software supports digital transformation - In the post-COVID business world, digital transformation is inevitable for every organization. The pandemic has forced companies across all industries to quickly adopt new technologies to keep up with the competition.
According to an article by AI Multiple, the digital transformation market is forecast to grow at a CAGR of 23% from 2019 to $3.3 trillion USD by 2025.5 AI Multiple also reported:
- 89% of organizations have adopted a business strategy that is digital-first (or plan to).
- One of the top benefits of digital transformation is better operational efficiency.
- 70% of organizations either have a strategy for digital transformation or are putting one together.
“Digital transformation is expected to add $100 trillion to the world economy by 2025,” the article stated. “Platform-driven interactions are expected to enable approximately two-thirds of the $100 trillion value at stake from digitalization by 2025. While 52% of companies plan to cut or defer investments because of COVID-19, just 9% will make those cuts in digital transformation.”
LMS software supports digital transformation. One way it does this is by allowing company leaders to create training that keeps their entire workforce up-to-date with the changes that are taking place due to digital transformation initiatives.
Training segments (such as short videos) that explain organizational changes can be created using LMS tools, uploaded to the LMS, and accessed by learners via mobile device through LMS mobile learning. Sharing updates and providing workers with the training and skills they need to evolve with the organization will help ensure digital transformation is successful.
Improve Your ROI for Training with LMS Software
LMS software can help you better manage employee training, improve learner engagement, and support digital transformation. But these aren’t the only reasons why your company should use LMS software. Another reason is because LMS software can improve your company’s ROI for L&D.
LMS software often gives companies more for their money when it comes to training by helping them reuse the training content they already have. Also, training content delivered with LMS software is malleable. Not only can you reuse the material as it is, but you can adapt it for different learners and audiences, correct mistakes in content, add new material, or delete outdated content and create many variations of a course. This prevents waste of valuable content and increases an organization’s ROI for training.
Here’s How to Quickly Implement Corporate eLearning
Is your company ready to take the plunge and implement online learning using LMS software? With TOPYX Quick Start LMS, this doesn’t have to be a long process. TOPYX Quick Start LMS includes everything you need to get started with a learning and development program for up to 500 users. It is available through an affordable flat-rate pricing model. Request a free LMS demo of TOPYX to learn more.
References:
- Findstack. https://findstack.com/elearning-statistics/.
- TechJury. https://techjury.net/blog/elearning-statistics/#gref.
- MarketWatch. https://www.marketwatch.com/press-release/learning-management-system-lms-market-2022-size-share-growth-analysis-and-demand-with-forecast-overview-and-scope-to-2024-2022-02-10.
- HR Executive. https://hrexecutive.com/how-lms-platforms-can-help-solve-5-employee-engagement-problems/.
- AI Multiple. https://research.aimultiple.com/digital-transformation-stats/#:~:text=Based%20on%20a%20survey%20of,reach%20%241.78%20trillion%20in%202022.
