Business growth means a lot of things to different people. Some see an increase in revenue and padding of profits as success. While others find the kind of improvements that develop individual skills, inspire teamwork, and clarify a company’s objective to be more satisfying.
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| How E-Learning Can Help You Grow Your Business: eAskme |
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So if you’re in the latter category of entrepreneurs, here’s how e-learning can help you grow your business:
Provides Continued Education:
E-learning offers an easy way to improve your business skills and provide continued education to your employees.
Traditional classroom learning methods like seminars, workshops, and on site training won’t work for the 50% of companies operating in virtual environments.
With e-training, you can make learning available to your employees no matter where they are in the world. Frequent training can give your team a technical edge over your competitors.
Aside from continued education, e-learning also gives you the chance to test your staff’s knowledge, say for compliance or sales reasons.
You’ll always know which of your employees are actively upskilling and deserve promotions.
And if a training doesn’t offer a certificate of completion, consider starting an online leaderboard. You’ll encourage healthy competition and hold each team member accountable for their success.
Lowers Turnover:
Between publicizing open positions, interviewing candidates, and onboarding new hires, finding good employees can become quite expensive.
In fact, a study from the Society for Human Resource Management states that turnover can cost up to 90-200% of an employee’s annual salary.
Yet e-learning programs can diversify your employee retention techniques and completely eliminate onboarding costs.
The number one reason people walk away from their jobs is because they feel they aren’t being paid enough.
E-training provides continued education, allowing your employees to increase professional value and earning potential while working for you.
A Learning Management System (LMS) can also highlight gaps in your workforce. So you’ll always know when it’s time to hire and won’t overwork your current staff.
When you take on new hires, every employee will have access to an online onboarding program. One which offers a more personalized, interactive, and engaging experience.
Reducing staff turnover while at the same time saving time and money.
Bridges Skills Gaps:
A skills gap among your staff negatively affects productivity and competitive edge. Since not all your employees have the same skill level.
E-learning gives everyone access to the same education resources. Ensuring all your employees receive consistent information about your business and understand at least the basics of every moving part of your operations.
Businesses that rely on the newest technology can use LMS programs to keep up with the rapid and radical changes of the industry.
You’ll easily provide on the job training on updates to critical tech tools. And guarantee all your employees have the skill to complete every internal and external task related to your business.
Which in turn leads to customer satisfaction- accelerating revenue growth.
Minimizes Productivity:
In person training usually puts a stop or slows down operations. Particularly when your staff has to travel to a workshop or a seminar that’s two states over.
And although you won’t be getting full productivity, you’ll still pay your employees full salaries plus travel expenses.
Having an online course gives your staff the flexibility to take the training at a time that fits with their individual schedules. Substantially reducing lost productivity.
Once you install an e-learning system you won’t have to close down your business for mandatory seated training. Employees will instead attend online training in shifts.
Or you can provide after hours compensation so your employees can access the online training when they’re not on the clock.
Online training also has the potential to reduce learning time by up to 60%. So you’ll not only keep up with all the latest trends in your industry but also reap the associated productivity rewards.
Saves Money:
While the initial cost to develop an online training may be high, e-learning can help reduce the ongoing expenses associated with in person training.
You won’t have to cover meals, accommodation, and training costs when your employees travel for learning purposes. Which puts more money in your pocket.
Another way e-learning saves you money is with the ongoing access to the material. Once the training content is complete and uploaded on your LMS, you’ll have lifetime access to the course.
Providing an accessible “knowledge look-up system” for your staff. Such that everyone on your team can find answers to standard operating procedures (SOP).
Look up policy and safety guidelines, or company equipment troubleshooting guides.
Eliminating the need to call the help desk for answers to such questions and decreasing your current support costs.
Soon your employees will start seeing training as an ongoing process rather than a single overload of information.
Simply providing accessible online training can streamline operations and give your business a competitive edge in every market.
With SOP’s, you’ll have faster service and product delivery.
Your staff will have more time to focus on more complex issues, fostering innovation and encouraging rapid troubleshooting.
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