Theme: Controlling the Cost of Training
eLearning has grown consistently in recent years to become a key tool for organizations seeking to gain a competitive advantage by upgrading their corporate training strategies in a highly accountable way. In fact, the corporate online training market is expected to grow by 13% per year through 2017. Today, 77% of domestic companies offer some form of online corporate training to improve the professional development of their employees (Pappas, 2015).
What contributes to this growth? Many factors impact the adoption and use of eLearning
(also commonly referenced as e-learning or elearning) tools. One reason is the fact that the Cloud continues to change the way businesses
and employees interact. Within Cloud solutions, eLearning has become a higher priority to corporations as they look at ways to integrate a cloud-based learning management system (LMS). The LMS market is expected to be worth over $7 billion in 2018. The highest proportion of revenue contribution is expected to be generated in North America (Pappas, 2015).
Perhaps most importantly, however, online employee training programs are proving to be an attractive, trackable workforce investment. Research shows a steady increase in businesses using eLearning to reduce the cost of training employees, save on operational expenses and provide the velocity to train employees quickly on required knowledge and skills. In addition, online learning can help retain employees, increase their productivity and successfully help team members prepare for leadership roles. In Docebo’s 2014 study from the E-Learning Market Trends & Forecast Report, various surveys and analyses indicate at least three financial reasons why we are seeing big growth in training software services.
- Speed of implementation
- Savings on capital expenditures
- Saving on operational expenses
Thus, an effective training solution may be poised to deliver a strong return on investment (ROI) impacting an organization’s bottom-line.
This white paper illuminates the potential added financial value of eLearning training as well as the new level of cost-effectiveness it can bring to overall staff development. Results of independent research analyzing key cost-saving benefits are addressed and special attention is given to three key cost-saving training benefits of using a cloud-based LMS:
Compliance & Budget Control
- Meet corporate compliance requirements
- Reduce recruitment costs and productivity losses
- Trackable systems provide cost synergies
Employee Retention & Development
- Decrease employee turnover by providing focused
training and development
- Improve company performance with training that
aligns with employee development needs
- Lower or eliminate administrative costs for program
management, IT requirements and investments, travel
and facility costs with eLearning LMS and online tools