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Demonstrating the return on investment (ROI) is one of the biggest challenges that e-Learning professionals experience due to the methodology of their training programs. In order to prove the benefits of eLearning and online training, one must know the huge paybacks that justify the resources invested in the development of an e-Learning career path. In order to achieve this, we need to prove that e-Learning delivers real tangible benefits to your organization.
It is known that a well-structured e-learning strategy can maximize the return on your training investment; it is just a matter of how one can see and measure eLearning ROI.
At a glance, some of the huge benefits can include (but are not limited to) money and time savings on physical traveling to the to the location where the training is been offered, availability, flexibility and accommodation of classes which implies full accessibility of content disregarding the place and the cost savings by delivering content to a big audience.
These are good indicators of savings for any company or institution, but they also bring to the table several questions, specifically about measurement methods. Identifying them is the beginning of the trail to discover the ROI benefits, so let’s start with the basics.
No business decision regarding Learning Management System or online training should be contemplated without consideration of the Return on Investment (ROI). Though e-Learning cannot completely substitute classroom training, it has many advantages. Right now many of the largest corporations like Amazon, Google and Boeing have already implemented this type of education as a way to lower training costs and maximize production especially due to their diverse populations and multiple facilities in different cities, states and even countries. How much can you save by moving a portion of your training online? This checklist sums up some basic and some hidden benefits.
Save Money: From transport expenses to content delivery for a large group of users, e-Learning has proven to be a success for money savings. The same training can be offered to a multitude of individuals regarding their location.
Flexibility: Employees can choose when and where they want to study, no matter the time and place. This is an important benefit over traditional training in class training.
Time away from work: The average employee will get invested in the opportunity to learn on a laptop or the device of choice. In fact, an interactive e-learning experience can encourage learning outside of office hours, in this way, minimizing productivity loss.
Tailored learning plans: Key positions within your company require personalized training for their career paths. This requires assessments of current progress and discovering new learning paths that can be aligned with the organization’s goals. With eLearning, you can easily tailor content and deliver the right training to the right employee.
Content Quality: Training materials are consistent, which is a huge advantage considering the fact that e-Learning guarantees setting a knowledge standard for all your employees. Basically, everyone will benefit from the same source. You can simply purchase quality online courses from different online course libraries like Paradiso Course Library or if you choose to create your own elearning courses in-house and have educators, you can simply create your own elearning courses with the help of eLearning authoring tools like Paradiso Composer.
No Disruption: Companies will no longer have the need to interrupt their working schedules in order to arrange training sessions for a few individuals or the whole company. Downtime expenses will be minimized since employees can access training from multiple locations at any given time without missing work. No more disruption in your operations due to employees attending training during work hours.
Staff: Have you ever thought about how many people will be needed to build a classroom training program for all your employees? With e-learning you can pick your intended study areas, assess your current talent and needs and discover training paths and opportunities in order to offer the proper training course for each individual. You can do this in-house and no need to hire 3rd part training organizations.
Repeat: Sometimes specific training requires to be taken again over a period of time. Think about the new employees, with an LMS in place you can easily repeat these courses to train newcomers. No extra cost, no hustle, once you have your courses in place anyone can take them again. How cool is that?