We could go on about the benefits of an online training program (ok, yes we know, we have done so at length). Nothing, however, speaks as loudly to business owners and senior executives than the bottom line. Return on Investment (ROI) data is compelling. We get that, because we’re in business too.
Training and ROI
We know that an investment in a strong training program can significantly impact your bottom line. A Study by The American Society for Training and Development found that firms in the top quarter of their study group, as measured by average per-employee expenditures on training, enjoyed higher profit margins (by 24 percent), higher income per employee (by 218 percent) and higher price-to-book ratios (by 26 percent) on average than firms in the bottom quarter. You can enjoy these benefits too - using an open talent development and management system.
Ten Ways Online Training Can Contribute to ROI
- Improve retention rates through an effective onboarding program. It’s expensive to hire employees. Once you’ve got them make sure they’re happy with a welcoming, professionally branded training program.
- Ensure new employees contribute to the bottom line faster. An initial training program offered online can be organized and delivered in a fraction of the time it takes to implement in a traditional face to face format.
- Save employee hours in regulatory reporting time. Those reports your staff members spend hours putting together to document training for compliance purposes? If you use a system like Totara, the hours will be reduced to minutes.
- Reduce travel costs. Whether you are sending your distributed employees to a central location or sending managers and training staff to your various business units, travel costs money.
- Avoid paying for back fill time. If you deliver your training online and, even better, if you ensure mobility, your staff can access training wherever they are. There is no need to pay for a replacement employee if your team members are able to take advantage of naturally occurring down time onsite throughout the day.
- Empower your sales force. “I’ll get back to you on that” vs “I’m glad you asked, here’s the answer.” Which rep do you think gets the sale? Your sales team—likely your most distributed employees—can be effectively kept up to date regarding your latest technical information, emerging industry trends and even competitive data via an accessible online learning system.
- Avoid confusing—and maybe losing—your customers. Save your reputation with the timely and consistent delivery of internal communications via your online learning platform. It’s a very good thing when everyone is giving your customers the same information. If you have important new technical or pricing information, for example, don’t wait for your managers to meet with each employee to convey the information and explain the nuances and intricacies. Put it online.
- Avoid hours of conference time while employees debate an issue that was settled long ago and embedded in your corporate policy. After all, no one wants to take valuable resources away in order to reinvent the wheel. With a good online system you will be able to convey company policy efficiently as well as track who has and who has not received the information.
- Streamline course registration. Rather than manually registering employees for your training courses, you can use your eLearning platform to save hours of administrative resources. A good learning management system will allow self-registration, facilitate easy and efficient manager approvals, and track individual employee progress.
- Take it external. You can use a learning management system to engage with channel partners and potential customers educating them about topics relevant to them and your business.
If you’re ready to get serious about your bottom line, take advantage of our April 30th webinar, 5 Ways to Reduce eLearning and Corporate Training Costs. Can't wait that long, take our platform for a test drive today.
