4 Simple Statistics.
Especially in these last few years, businesses are stretched – overheads have been cut to the bone and excess spending simply doesn’t exist anymore. Any costs that didn’t have to be dealt with immediately were postponed and long-fingered until the purse-strings could afford to be little looser and staff had the spare moments to deal with them. It’s a familiar story to anyone in business. Well, if you’re here, reading this, you and your business have hopefully made it through the worst of the recession, so congratulations! Now, of course, there’s a new task in front of you: all those non-priority jobs that you’ve been putting on hold these last few years are still there, and while you’ve been long-fingering them, they’ve only gotten bigger and more urgent. Training is a classic example – it’s almost the classic example. You can put off training for so long, but there comes a time when it has to be addressed. Here’s some statistics on online training that might help guide your training investment going forward and show why online training may be the right option for both your employees and your business.
For Your Business: Companies save between 50 to 70% when they replace instructor-led training with elearning. (source here)
For Your Employees: elearning is proven to increase knowledge retention by between 25% to 60%. (source)
For Your Business: elearning can help companies boost productivity by 50% (source)- elearning tends to be broken into short, digestible chunks that allow your employees to complete their training in a shorter period of time than traditional, instructor led training.
For Your Employees: especially with a cloud-based system (like ours), access to training materials and courses is available through multiple devices, 24/7. Employees can complete their training when it’s most convenient for them.
For Your Business: elearning is generally shorter than traditional instructor-led training on the same subject by anything from 25 to 60%. (source)
For Your Employees: elearning is a time-and-cost effective way to allow your employees take an active responsibility for their own careers – HR managers report 12% of employees leaving organisations cite “not enough training” as the reason. (source)
For Your Business: elearning efficiency is a quantum leap above traditional instructor led learning – up to 5 times more material delivered in the same amount of training time. (source)
For Your Employees: Specific elearning techniques like “The Flipped Classroom” allow learners to practically apply training content and engage with other learners to a greater and more open extent – 71% of teachers found The Flipped Classroom led to improved grades amongst their learners. (source)
The elearning industry was worth 55.2 billion dollars in 2014, and is expected to double in value in 2015 (source). The US and Europe account for over 70% of the global elearning industry, but the fastest growing market (20% growth per annum) is Asia (source). Statistics like these show how widely used and commonly accepted elearning has become. While it’s easy to dismiss statistics like this as companies reaching for cost-saving at the expense of efficiency, but the previous statistics should show the truth – online training simply represents a method of training that by almost every measurable criterion improves the effectiveness and simplifies the delivery of training. If you’re running a business, that’s an important thing to consider.