Training is vital in the workforce today. Zig Ziglar made a great point when he said, “What’s worse than training your workers and losing them? Not training them and keeping them.” Employees who receive training have obvious advantages over those who don’t. They have better hard skills (job-specific competencies). Not only that. They also have more advanced soft skills (communication, problem solving, leadership, etc.). Perhaps even more importantly, training an employee is an effective way to engage him or her. Dale Carnegie Training’s article Why Training Is Important to Employee Engagement explains this in more detail. It states that employee disengagement causes companies to lose roughly $350 billion per year. It is crucial that employers give their workers the training they need to succeed. This is true both for the good of the workforce and for the company.
Probably, most employers understand, the importance of learning and development in the workplace. Still, not all organizations make training a priority. Why don’t company leaders train their personnel? Fear of wasting money on ineffective training may be the top reason. This is a totally understandable concern. And, it isn’t outside the realm of possibility. Sure, some companies do lose the money they invest in training. But, this doesn’t mean that training and development should be avoided. Instead, low-risk corporate training tools should be utilized.
Low-risk corporate training tools are learning technologies that yield a good ROI. There are a variety of these tools available. For example, mobile learning, micro learning and social learning. eLearning as well. These can all be good, low-risk corporate learning tools. Let’s take a moment to focus in on the benefits and liabilities of eLearning.
Did you know that eLearning can have a considerable ROI? A report released by Forrester, The ROI of eLearning, stated that eLearning which meets certain criteria, can yield an amazing 69% ROI. The ROI of eLearning says, “The keys to success in attaining the 69% ROI that we show in this document include…
Sources besides Forrester believe eLearning can have an exceptional return on investment. Therefore it can serve as a low-risk corporate training option. In her article Assessing Return on Investment of eLearning, Marina Arshavskiy spelled out the exact ways in which eLearning both costs money and saves money. According to Arshavskiy, eLearning costs companies money by requiring…
Personnel to install and maintain the eLearning.
eLearning technology – This includes learning management systems and virtual classrooms. Also, remote learning infrastructure, etc.
eLearning content – Without content, eLearning cannot exist. Content isn’t free.
Also, note that there are sometimes hidden costs associated with eLearning. Team realignments, existing project deferrals, personnel disruptions, and the like can be costly.
Here are 4 reasons why eLearning is a low-risk, high-ROI training tool:
1) It is flexible. eLearning allows users the luxury of learning anywhere, anytime. And, from any device with a Web browser and Internet access. Arshavskiy wrote, “The benefit of flexibility can be measured by its cost. For instance, many employees don't learn (how to follow a new process, or how to operate a new tool) because of a rigid learning schedule. What does this cost the company as a result?”
2) It is less disruptive than other types of training. eLearning is often not disruptive to a company’s standard operating procedures. Especially when it's delivered via social learning management system. LMS features like learning tools interoperability make implementation even more seamless.
3) It facilitates personalized learning . eLearning caters to individual employees through personalized learning. This increases knowledge retention among employees.
4) It eliminates the need for training-related travel. Did you know most large companies put in place eLearning to prevent employees from having to travel for training? eLearning can reduce travel-related costs.
eLearning can have a high ROI. This is particularly true when it's administered through the right type of social learning management system (LMS). An LMS is a training tool that combines all the types of low-risk corporate training options mentioned earlier. This includes eLearning, social learning, mobile learning, micro learning, and more.
Low-risk learning management systems may seem elusive, but they exist. Such eLearning systems are installed and maintained by their service providers. The ideal LMS provider will offer round-the-clock technical support. The provider will do this at no extra cost to the client. Also key, the right LMS will have no per-users fees associated with it. When you locate an LMS that meets these standards, you’ll know you’ve found a low-risk, high-ROI eLearning system.