Online training is a fast-growing market. Why and how should you invest in employee training?

This post was updated in April 2022.

Employee training is not an expense, it is an investment.

• How to retain the best talent and staff?
• How to best onboard and integrate new hires?
• How to automate corporate training management?

These are some of the questions you may be facing right now.

A learning management system for employee training helps solve many of your current organization, human resources and staff training problems while being a profitable solution for your business.

It is a real plus for your business, as it improves employee skills and boosts the overall performance of your business. Many fast-growing companies choose to develop online training programs for their employees.

Here is why and how you should invest in your employees’ online training.

1. Learn more about online training, a fast-growing market

Online training refers to any use of the Internet to improve the quality and flexibility of learning. It can be a live course or simply the use of complementary content to support a student's learning. The greatest advantage of online training is the possibility of participating remotely.

Online training is a small revolution in the learning field. It allows you to learn on your own, from anywhere, at your own pace, in a more interactive way. Participants are generally happier with this type of learning.

Students, corporations and the business world have well understood that this is a golden opportunity. Online training has been a fast-growing market for several years now, with a projected turnover of 374 billion dollars by 2026.

From a business perspective, online training is more affordable and beneficial if it is well organized and well implemented. It’s no wonder 42 % of businesses claim that online training has improved their revenue.

They are increasingly interested in online training to centralize all the information and to easily track the progress of their employees.

Projects can vary, but there is a great interest in going virtual for onboarding and integration training, health and safety procedures, change management and professional development (continuous training).

In fact, you could significantly accelerate and simplify your onboarding content creation by filming dynamic videos that require little effort and few resources!

Curious to learn more?

Let’s take a closer look at why you should learn more about online training as part of your business strategy, and how it could improve new hire retention as well as corporate training management.

2. Use employee training in order to improve new hire retention

Are you one of the 55% Canadian business owners who, according to the Business Development Bank of Canada (BDC), have a hard time recruiting staff? It may be the case, considering that the labor shortage is being felt in so many sectors.

You have just recruited several great profile candidates. Great job ! However, the hardest part has just begun : you will need to keep them in your team.

What are some of the strategies you could use to maximize new hire retention? Setting up a Learning Management System, such as Workleap LMS, is one good option. Here is how an LMS can help you retain valuable staff.

A training platform such as Workleap LMS allows you to build an efficient, standardized onboarding program. These tools make it easy to offer your new employees all the resources they will need in their role, as well as to understand your corporate culture and their new work environment.

You can break down the onboarding process by offering new employees the resources they will need during their first week, their first month and their first semester. This will help new staff integrate well and perform in their roles.

Practically speaking, employees learn at their own pace and in different formats (videos, tests, readings, etc.). You are helping them become autonomous and responsible. At the same time, using a flexible learning management system reflects well on your brand as an employer.

These are some of the benefits that will attract (and keep) your company’s best talents. 

3. Automate corporate training management to get maximum yield

Time is our most precious resource and the current labour shortage further accentuates this reality.

So why automate corporate training management? At Workleap LMS, we are certain that training is an opportunity for both employees, who get to expand their skills, and for the company, who gains in productivity. 

In order for this to succeed, the key is to properly organize your training policy and measure all its benefits.

Here are some of the reasons we think businesses should automate their corporate training management :

• Make budget savings by creating online training programs: there are no trainer salary or venue rental fees to pay.
• Optimize training management time: tracking registrations and calculating training budgets is easy with Workleap LMS.
• Centralize data for each employee’s training: no more filing cabinets, consulting and organizing information becomes easier and more efficient.
• Manage Law 90: it becomes easier to centralize costs and evidence, and monitor declarations.

4. Budget employee training system implementation

How much does setting up an LMS cost?

Cloud-hosted solutions offer several benefits, including allowing for an easy and quick set-up, at no installation cost. Budget-wise, what should you plan for when setting up an LMS? There are annual license fees, which vary depending om the size of the business (starting at 2000$ yearly).

From a material perspective, online learning management systems are accessible on cell phones, tablets or computers. Your LMS could be compatible with your existing computer equipment, and therefore you wouldn’t have to spend too much on this.

However, you budget the time that the person in charge will spend customizing the training platform and creating custom training modules. This can be done by external consultants, purchasing existing training content or involving employees.

So the good news in all this is…

Creating training content pays off over time, as the training content can be reused over and over again. By using an online learning management system, companies also save on travel fees and logistics costs (venue and equipment rental, for example).

The other good news is that with Workleap LMS, technical support and updates costs are included with in our pricing plans. So there’ll be no unpleasant surprises later!

It’s your turn

Now that you have a better idea of the importance of corporate training for your business and teams, you understand that it is a win-win solution. The business and its staff both benefit from it.

And while setting up an online learning management system is an investment, the improved employee performance and time you save on training staff make up for it. 

What if you also trained your employees to empower them and offer them new skills, while improving your company’s own growth?

Contact us. Workleap LMS can help you with this process.