Maximising ROI with elearning
eLearning can leverage the benefits of the pareto principle which states that the top 20% of the workforce generates 80% of the business.
Knowledge can be passed on to the rest of the workforce resulting in improved business performance. A prolific learning culture is the prerequisite to retain the most skillful or talented employees which constitute about 20% of the workforce.
With your company’s bottom line in mind, here are ten ways elearning can help maximise return on investment:
- Time Saving – technology based training saves up to 45% time compared to classroom based training because it’s asynchronous and self paced
- Money Saving – It eliminates the need to physically travel to point of training which in turn eliminates cost
- Minimises time away from the job – when employees cover a course on their laptop or PC, they save hours of being away from their job. Interesting and interactive methods encourage learning to take place even beyond office hours
- Cost Effective – it’s one of the most effective, fast and economical methods of training. Imagine you had to train your entire workforce in a classroom, think of the cost of lost man hours, not forgetting the cost of hiring a venue and employing a trainer.
- Flexible – elearning can be delivered irrespective of geographical locations or languages.
- Consistent – employees get the same quality of content. It’s also free from influences of the personal characteristics of a trainer or the personality of the learner
- Data Analysis – With classroom based learning a learner may be present but whether or not they are actually learning is hard to establish. With learning data and assessments it becomes clear if a learner is taking in course content
- Greater Retention – achieve higher levels of engagement by integrating interactive elements like quizzes, situational analyses and scenarios
- Greater Satisfaction – Gamified and social experience available in elearning can help staff interact and improve overall satisfaction in the workplace
- Lower staff turnover – better training creates better employee satisfaction and loyalty resulting in lower costs on hiring and training new staff
It is important to understand that all elearning programs must be measured in terms of ROI. By accurately calculating the cost of a training program versus traditional methods you will be able to easily justify the investment in the program and decide if elearning is ultimately a viable solution for your business.
If you would like to speak to one of our experts about ROI of elearning and your business call us on +44 (0) 28 9042 2000 or email firstname.lastname@example.org.