Companies that do not use a learning management system are missing out on opportunities to optimize their training programs. Today’s platforms offer a broad range of time and money-saving features. Many also employ teaching methods that are proven to increase knowledge retention and training success.
In 2021, businesses have to be careful about how they spend their money. The pandemic left many with financial losses while others face higher expenses. Some may be reluctant to pay for new technology that they haven’t used before.
If you are on the fence about using an LMS, then this list is for you. Find out why investing in eLearning technology is a good move and how the right platform can help you cut costs and increase revenue.
Traditional Training Methods Cost More Than eLearning
Traditional training methods come with more costs than eLearning. Employees need around half the time to study material online compared to in the classroom. Training classes can complete courses sooner while still developing the skills they need to become great employees. That also means existing employees spend less time in the classroom and more time doing their jobs.
eLearning also eliminates the need to pay for a physical space to host classes. You won’t have to buy materials. Instead, everything can be done digitally to cut supply costs for training.
You can get more out of your trainer salaries with eLearning. Instead of leading every class in person, your trainers can create self-guided courses for employees to work through on their own. They can teach training classes from anywhere, reducing the number of live sessions that they have to schedule each year.
A Well-Trained Workforce Gives Your Business an Edge
There’s no denying the value of a training program. A well-trained workforce will give your business an edge in your industry. TalentLMS reported that every dollar spent on online training resulted in a productivity increase of around $30. Revenue per employee also went up by 26% for businesses that rely on eLearning. Over 40% of companies reported that online training led to an increase in revenue.
Employees that are knowledgeable and confident will provide your customers with a better experience. They will know how to handle issues quickly and sell products or services effectively.
Your LMS Works Across Time Zones and Locations
Companies that span different time zones or regions often face challenges when training their teams. Separate classes would have to be scheduled and trainers would need to be available in the area.
With an LMS, you can offer courses across time zones effortlessly. There’s no need to find a place to hold a class and you won’t have to pay for trainers to travel to faraway destinations to do their jobs. Get more done with a smaller training team while making the process easier for your trainees.
This is even more important as many businesses adopt work-from-home policies in the wake of the COVID-19 pandemic.
Compliance Training is Easier with an LMS
Some industries must adhere to strict rules and regulations that govern how they conduct business. Compliance training is essential in these situations. Not following through can cost your company a lot of money in fines and penalties.
Compliance is an ongoing need in your business. An LMS makes the process more manageable by recording completions and certifications. It’s easy to see which employees are compliant and which need to recertify. Over 70% of organizations include some online courses for compliance training while 26% do it entirely online.
Some platforms include helpful notifications and reminders, so you never fall out of compliance. If a governing body ever requests evidence of compliance, you can quickly provide it by accessing your LMS. You can rest easy knowing that you won’t have to deal with legal issues or fines because everyone will be up to date.
eLearning Makes Ongoing Training Manageable
Training is a key element in a successful business. That’s why many include ongoing training as a part of their corporate culture. An LMS makes this possible with little effort. Many platforms offer recommendation systems that suggest training topics based on an employee’s interests or job role.
You can also make course libraries searchable online so that team members can find subjects that meet their needs. Others include career paths that will guide learners through courses that allow them to achieve a goal or qualify for a new position within your organization.
Good Training Programs Attract and Keep the Best Talent
Today’s up-and-coming talent is looking for businesses that allow them to develop themselves as professionals. Having a good training program will attract the best job candidates.
Millennials make up approximately one-third of the workforce, making them the largest group of professionals in the United States. They place more value on benefits over just collecting a paycheck. They want to apply to companies that present clear career paths and training goals. They have an appreciation for company culture as well as personal career development.
A good LMS will provide the training features that younger workers are looking for when applying for jobs.
Training also affects employee retention rates. An average of 1 in 3 people leave their job within the first year. Meanwhile, 7 out of 10 employees said that training and development opportunities influence their decision to stay or move on. eLearning has been found to increase retention rates by between 25% and 60%.
Let Employees Train Anywhere at Anytime
Training can be a headache for employees. In the past, classes were scheduled and workers would have to take time out of their busy days to attend sessions. With eLearning, you can offer effective training courses that can be completed at any time. Business hours mean nothing on the internet.
Many platforms are optimized for mobile access or offer a native app for Apple or Android devices. These allow staff to log in and work on their training from anywhere, whether they are at the office, at home, or on a business trip. Making training more accessible increases the likeliness for completion while giving your team greater flexibility.
An LMS Automatically Tracks Goals and Statistics
Many LMS platforms automatically track data for you. They can compile reports instantly. These platforms usually include custom reporting tools so you can pick and choose which data is added. Some even allow users to schedule regular reports that are automatically generated and emailed to whoever needs to see them.
Accurate information is necessary to make good decisions about your business. Analytics can show how well your training courses are performing and reveal skill gaps in your team. It is much harder to record and access this information without an LMS to do it for you.
Build Courses or Import Content from Popular Marketplaces
Authoring tools make it possible for anyone to build an online training course. Many include advanced features that take the coding out of the equation. You can add images, video, audio, quizzes, and more without being a developer or designer.
Businesses that want to expand their training courses can import existing classes from online marketplaces. Some LMS platforms have their own libraries or support the use of a third-party marketplace so you can find what you need. Alternatively, you may be able to sell your courses to generate more revenue from your training materials.
Break Out of Class Size Limits and More
Traditional training comes with many limitations, like how many people a class can support. An LMS makes it possible to teach larger audiences, even if they aren’t located in the same place. Some also let users create unlimited courses with multiple modules and materials. Let your training program thrive without the limitations of in-person classes.
Visit LMS.org to read reviews of LMS platforms. We can help you find a platform that meets your needs and budget requirements.