Investing may be the last thing on company leaders’ minds these days. Most businesses are focused primarily on getting through the COVID-19 pandemic successfully. However, wise investments are always a good idea, even in the face of a global health crisis. This is especially true of investing in employee training, as training can offset problems caused by the coronavirus pandemic by increasing revenue, productivity, and worker motivation.1 Because it facilitates remote, online employee training, eLearning is a smart investment for your company’s future.
Why eLearning is the best investment a company can make during COVID-19
Here are three reasons why we think eLearning is an investment your company will greatly benefit from, now and in the future.
1. eLearning provides an excellent return on investment
Online learning has been proven to provide an exceptional ROI for various companies. For example, eLearning paid off majorly for McDonald's by decreasing onboarding time by 66 percent, which resulted in significant savings.2
Our previous blog post, “3 Statistics that Prove the Business Value of Online Learning” reported from various sources that, “Revenue generated per employee is 26% more for organizations that offer technology-based training such as eLearning,” and that “IBM saved $200 million after making the switch from in-person training to online learning.”
eLearning will only become increasingly valuable to companies as COVID-19 plays out. For example, as businesses re-open, company leaders may see an uptick in cases. If and when that happens, companies may need to quickly move employees to an at-home work environment for a period of time. Depending upon how the virus continues to develop, it’s possible that companies may have to do this several times. The flexibility eLearning offers organizations dealing with the challenges the coronavirus poses long-term is the ultimate online learning ROI.
2. eLearning supercharges productivity
Due to COVID-19, many companies have seen productivity lag, which negatively impacts the bottom line. “96% now say corporate productivity has been affected, up from 64% earlier this month,” stated the Institute for Corporate Productivity.3 They also suggested some strategies companies could use to get productivity up, including making full use of technology.
Investing in eLearning is an example of making full use of technology in a way that improves employee productivity. “Online training will boost your employees’ productivity,” explained eLearningIndustry.com.4 “When they are better trained and have the knowledge they need about your services or products, they'll be more efficient.”
And according to Forbes, every dollar invested in online training results in a $30 increase in productivity.5 No company can afford to miss out on such a huge benefit. The implications this could have on business revenue are incredible, particularly for companies that have been most affected by the coronavirus.
3. eLearning allows companies to promote from within
An often-overlooked benefit of eLearning is that it allows employers to promote from within, a practice that can help companies save money by making the most of the talent they already have. Using eLearning courses specifically designed for employees who are targeted for promotion, employers can upskill any employee, whether they work from the office or work from home, and promote them to fill a position.
Employers benefit from internal promotions rather than looking for outside help not just because it saves money but also because it improves productivity and morale and decreases turnover. When employees know there is a potential career path within your organization, you are less likely to lose promising staff to another organization.6
If you haven’t already invested in eLearning, consider launching an online learning platform that delivers a great ROI, increases staff productivity, and enables you to promote from within. You can launch an eLearning system in a matter of days with the TOPYX Quick Start Program.