Most companies and training organizations want to be both successful and efficient, and often that comes down to their Return on Investment (ROI). Companies need to know is this training going to maximize my investment in people, time, and money?
Now, I know that sounds a lot like the typical What’s In It For Me (WIIFM), but let’s face it, all organizations, even those in training, must ask themselves these questions in order to stay in business.
So, as a training organization ourselves, we are often helping our clients evaluate the ROI on their training activities and how eLearning can improve their ROI.
The statistics were clear; eLearning helps organizations grow. eLearning can maximize your training ROI.
Some interesting statistics:
- 46% of companies with a strong learning culture are more likely to be the leader in their industry.
- 42% of leading learning companies say online learning has led to an increase in revenue.
- 58% are prepared to meet future demands, if eLearning based.
- Companies with engaged employees outperform those without by up to 202%.
We also discovered that eLearning leverages resources:
- With eLearning, you can better track learning activities with quizzes and knowledge checks to ensure learning is occurring.
- The cost per learner for eLearning is lower than traditional classroom training ($11 compared to $95).
- Businesses save a minimum of 50% when they transition from classroom training to eLearning.
Statistics are good, but what about the qualitative benefits? Well, let’s take a look:
- ELearning is efficient.
- Learners can train anywhere and anytime. They are not limited to a specific location or time to take the training.
- Businesses and learners save time and money on travel, hands-on labs, and materials.
- Learners can take training in short time frames to fit their schedule.
- Training content is offered in shorter training segments vs. traditional classroom training.
- Research has shown there is no signifying difference between in person training and eLearning when that eLearning is designed well.
- Learners receive a consistent message.
- Learners can practice what they have learned, take quizzes and get feedback and this helps retention levels.
- ELearning is tailored to the needs of the audience and offers learners more control of their learning.
- Learners have a freedom to make mistakes and try again, they don’t have to get it right the first time. In this sense, they learn from their mistakes.
So, what does this information tell us? eLearning is key to a company’s ability to provide just in time training to increase efficiency and a worthwhile investment for companies and their employees.
eLearning provides a good alternative to traditional classroom learning, and when instructionally sound and interactive, can give the learner just as much learning potential as an in-person class.
Some questions for you to consider as you are looking at eLearning and your own ROI:
- What amount of time do I train my employees on this particular topic?
- How often is the training offered and to how many individuals?
- How much does this cost us (including EVERYONE’S travel, time away from their day job, the trainer’s fee, if applicable, materials and other incidental costs, etc.?)
- Is this content that could be adapted for an eLearning program? (Not sure, see our next blog in this 2-part series)
- What are creative ways to meet the needs of my learners and utilize my resources to create effective training?
- How can I leverage materials so that my learners are having an opportunity to practice and retain information?
- When you look at training dollars and training resources, how does that compare to the benefits you gain?
When it comes to providing training, eLearning is proving to be the most effective way for learners and for businesses to get the most bang for their buck. In this every changing world of information and technology, eLearning meets the demands of our learners and businesses and delivers on the investment placed into it. eLearning is not just a training methodology, it is a great return on investment.