Predicting ROI with eLearning
Karen Marino | Feb 05, 2015
eLearning for business has become increasingly popular. In fact, according to eLearning Industry, 41 percent of Fortune 500 companies now train their employees with eLearning courseware. What is causing this upward trend? Clearly, the companies that have opted in believe eLearning has a high return on investment, or that the perceived value of the service outweighs the cost of implementing it. The source also noted that companies that use eLearning tools to complete training can earn about $26 more per employee than companies that don’t. Clearly, the ROI for eLearning is there.
“Companies that use eLearning tools to complete training can earn about $26 more per employee than companies that don’t.”
However, before you get on board with online teaching tools, you probably want to ensure that eLearning ROI will be high enough for your company – every situation is different, after all. Here are some tips for predicting the ROI that results from implementing a video eLearning program:
They say time is money, and boy are they right. You want your employees to learn necessary work skills, but you also need them working. If they spend too much time training, they won’t complete their work, and that’s inefficient. Most companies want a system that optimizes the training process to cut down on the time it takes people to learn. Does your current onboarding system require too big a chunk of your employees’ days? eLearning may be able to help, though the right provider will make all the difference. Short training videos under 10 minutes in length are the most ideal – they pack necessary information into a short time, allowing employees to break their training into sections and work in between.
The whole point of training is to help employees gain the skills they need to work at their very highest level. Ineffective training doesn’t meet that goal, thus causing employees to underperform. In the long run, that wastes money (why bother spending resources on training that doesn’t work?). The tools you use should produce competent employees, and eLearning courseware that does that has a high ROI rate. In fact, videos are engaging platforms for sharing information (YouTube can attest to this), and engagement helps individuals learn – a study published in the journal Neuron indicated that curiosity improves learning outcomes.
Is it flexible?
A flexible eLearning program gives employees the option to watch videos and complete training at their own pace, between other work priorities. They can work on training requirements at a convenient time that doesn’t interrupt work.
These are just a few ways to analyze eLearning ROI. There’s still the important element of creating and maintaining a highly engaged learning culture of courseware that’s frequently utilized. And that’s something we can proudly attest to.