Written by Shalini Saxena on 03 January 2020
Every year, Learning and Development professionals across the world spend a lot of effort, time and money in designing training programs to train new and existing employees. For new ones, it's mostly the recurring on-boarding program and for existing ones, the programs are to cope with skill decay or for helping them acquire new skills. The training expenses have seen a meteoric rise as the training needs have changed over the years. Spending on corporate training had grown to over $70 billion in the United States.
In the recent years, Corporate Training has seen a 360-degree shift from the dull conference room powerpoint presentations or expert talks to engaging training programs with active employee participation. Gone are the days of powerpoint presentations and experts talking blah blah blah (Yes, that’s how it sounds to most of the employees!). These old school techniques do not work anymore! Also, the training programs are now skill-specific and the learning professionals are specialists/experts in their specific fields.
According to Deloitte, 40% of employees who receive poor job training leave their positions within the first year. According to an article published in Forbes, “87% of millennials say professional development or career growth opportunities are very important, while 68% of workers say training and development are the most important workplace policy.”
It’s high time you start looking for the signs that shout out “you need to revamp your training methodology”:
So what exactly has changed over the years? Everything! And that is why you need a Learning Management System (LMS). Few of the reasons are listed below:
Manage the overall training budget and control the recurring expenses. An LMS is a one-time investment that saves you from expenses incurred in training facilities and equipment. The training programs once created can be used ‘N’ number of times to train as many employees as required.
Updating the program content is extremely easy with an LMS and the employees will have access to the updated content immediately. You can implement ‘microlearning’ using the system by dividing the training program into smaller modules. We all know that this bite-sized learning is among the most successful strategies for improving knowledge retention.
Yes! Yes! If you make the training mandatory then obviously the completion rate will be 100%. But what about the programs which are not compulsory. Do the employees sign up for them and complete? The completion rate is a major KPI which sums up the success of your training program. It's a proven fact that having a well-organized training program on an LMS reduces the drop-off rate.
Let learners learn at their own pace by allowing them access to the training material from anywhere and at any point of time. This flexibility works better than forcing the timings and location on them. Also, an LMS gifts you powerful tools to create engaging content in different file formats - videos, audios, powerpoints, PDFs, docs, and probably all the formats you can think of.
What about retention? What’s the whole point of organizing a training program if you cannot assess and track the results? A training which does not enhance employee skills is of no use. With an LMS tracking the learner progress and generating the report is a single-click task. You can assess the employees individually to calculate the retention rate.
In a nutshell, an LMS lets you design smarter training programs, reduces cost and improves completion rate. This ensures that your training expenses result in a well-trained, talented and skilled workforce - and that’s the ultimate goal!
The CloodOn LMS is the Next Generation Cloud based LMS which provides the best solutions for corporate training. Do you think you need an LMS to train your employees? What are you waiting for...
Start your 15-day free trial. No credit card required. No strings attached.
Learning Management System
Online Academy Software
7 Proven Techniques To Improve Training Completion Rates
6 KPIs To Evaluate Your Corporate Training Outcomes
Do You Need an LMS for Corporate Training?