This guide will dive into a no-nonsense explanation about the financial benefits of eLearning and how it can save businesses money by cutting costs and increasing ROI. Whether you’re looking to help the company’s bottom line or are looking to make your organization recession-resistant, you’ve come to the right place!
According to Dave Evans, IBM saved around $200 million after switching to eLearning.
That’s a lot of money! So how did the switch save them? In this section, you’ll find out how eLearning can help significantly cut costs by simultaneously benefitting employees, management, and customers of your business. eLearning may not be free, but it can allow
you to spend smarter, not more.
How eLearning Cuts Costs for:
Employees
Covid-19 proved that online training is essential for every business. If your organization has not created a remote learning plan, it must, so workers can efficiently train whenever and wherever they choose.
Reducing travel: One huge way eLearning reduces employee costs is a reduction in travel expenses. An eLearning platform renders geographical location irrelevant for training. With online training, employees can access their courses from anywhere, eliminating the need to pay for employees to physically attend training, as well as the need to pay for a professional to travel to your offices to train employees. This cuts down on multiple associated costs, including flights, hotels, and food reimbursements.
Saving time: If time is money, online training saves employees both, compared to traditional, in-person training. Instead of wasting hours getting to and from airports, conference rooms, and planes, workers can spend that time actually learning.
Management
Smooth onboarding: One way eLearning can be thrifty for management is by smoothing the onboarding process. Onboarding new employees can be time-consuming, repetitive, and stressful for managers. Automated online onboarding keeps the manager’s role in onboarding to only the most important and needed elements of the process. This saves the organization money by helping managers stay out of the unneeded elements of onboarding.
More free time: Remember the training costs discussed in the last section? Not only does this affect the costs made by the employees. If there was no in-person training, human resources, management, and accounting would not need to spend time sorting out reimbursement, approval, and costs. This frees up more time, so they can focus on ways to efficiently train employees without going through all of the hassle and logistics of travel.
Less legal fees: If a corporation has an automated process for which to assign necessary compliance, safety training, and necessary certifications, they can easily and effortlessly avoid possible legal fees. Late fees and court can get expensive!
Decreased turnover: Training new employees is not only a headache, it’s a huge cost. Even with better training, the time that it takes to find and vet qualified applicants, interviewing, negotiating, and getting them started is a lot more costly than simply keeping current
employees. With better training comes more employee satisfaction and retention.
Customers
Reduced confusion and support hours: The faster customers can understand how to use a product, the more satisfied they will be. Providing an easily accessible library of training allows customers to quickly understand your product and how to start getting value out of it. This will start their relationship with your organization off on the right foot while reducing potentially long and frustrating customer support hours.
Conclusion
Think you might benefit from online training? At Knowledge Anywhere, our Learning Management System, Virtual Reality Training, and Course Development services enable our users to create a learning and development program that boosts sales and drives company growth.
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