An LMS, short for Learning Management System, is a platform to deliver eLearning content, educational courses, and training programs to an internet audience, including within your own business. The necessity of training new employees or teaching existing employees is a software industry constant that requires a way to easily manage and deliver instructional content. Here are some exciting statistics regarding eLearning:
“More than 70% of companies believe that online learning is essential to their institution’s long-term strategy.” -- Digital Marketing Strategy
Revenue generated per employee is 26 percent more for organizations that offer technology-based training such as eLearning.
Some key features of an LMS include the ability to organize content into specific courses, deliver the content, enroll employees in specific role-based courses for career development, and ultimately monitor and assess employee performance over time. Enhancing professional development helps ensure that your employees are performing at an optimal level and contributing to company success.
Companies who have invested in an LMS have found huge benefits in assisting employees to expand their knowledge base. Since employees can complete eLearning courses at their own pace, they can learn for short periods of time when they are less busy or when they need information for specific processes. The convenience of having the courses online means subject matter experts aren’t interrupted many times a day by different employees asking different questions. When you consider the cost of daily interruptions of your busy experts, the cost-effectiveness of an LMS becomes apparent.
Having an LMS ensures the learning environment is identical for each learner. Your company can create the order of training modules; create time limits for completion; and verify that no steps are skipped in the learning process. This unlimited access to eLearning material allows users to login on any internet-connected device, so there is no waiting period until the next training session. Providing an on-demand learning environment creates an easy way to promote employee software education.
Another key benefit to an LMS is the ability to enhance company knowledge retention. Building knowledge retention into your learning program helps ensure that the valuable skills, techniques, and information that make your company unique are not lost when employees leave or retire. This time-proven knowledge is invaluable, and an LMS provides an effective vehicle for ensuring delivery to personnel who will benefit from not having to reinvent the wheel, so to speak.
The ability to track learner progress and ensure skill mastery on a defined timeline is achieved with reporting and analytics tools that can help pinpoint where improvement can be made or where skill acquisition is mastered. A good LMS provides a dashboard that allows easy tracking of employee learning performance in an engaging format, combined with customizable metrics.
Incorporating gamification into the LMS can motivate and inspire your learners to continually progress in the acquisition of knowledge. Return-on-training investment and knowledge retention is increased as users earn certifications, points, and can visually track advancement. This appeals to the competitive nature of employees and offers a chance for corporations to reward employees based on learning and skill goal achievement.
As a software company that is in the process of developing a comprehensive Learning Management System for ourselves and our clients, we have found that research supports the implementation of an effective training solution. Trained employees mean better performance, more satisfied employees, and increased business profit. Retaining your best employees through continuous and engaging eLearning opportunities will help facilitate success into the future.
References:
1. Digital Marketing Institute. The value and importance of online learning. https://digitalmarketinginstitute.com/en-us/the-insider/the-value-and-importance-of-online-learning.
2. Arth, Barb. The business impact of next-generation eLearning. http://www.fourthirds.com/wp/wp-content/uploads/2016/11/The-Business-Impact-of-Next-Generation-eLearning.pdf.