According to eLearning Industry, more than 41.7% percent of global Fortune 500 companies use educational technology to teach their employees during specified learning times.
On-demand training offers employees the flexibility to gain valuable skills, while reducing turnover costs for employers.
Let’s explore why your company should invest in online learning.
Importance of Employee Retention
Retaining engaged employees is vital to a company’s success. High turnover increases expenses and negatively affects job performance.
On average, it cost between 30-50 percent of an entry-level employee’s annual salary to replace them. Therefore, if your business onboards employees and gives them extensive training, it’s in your best interest to retain them.
Here are a few costs associated with losing an employee:
- Expenses for job hunting (posting ads and interviewing)
- Expenses for training (time spent by supervisor)
- Lost productivity (time needed for the new employee to meet the old employee’s standards)
- Lost engagement (remaining employees wondering what happened to old employee)
There are several reasons why people leave their jobs, including an increase in salary or the ability to travel.
However, some individuals just want opportunities to grow their skill sets. That’s where on-demand learning is shaping the new frontier of employee retention.
Benefits of On-Demand Learning
With on-demand learning, employees can access their courses at their convenience. It’s also cost effective for employers, who may currently implement expensive tuition reimbursement programs.
In the current job market, online courses help workers remain competitive, while employers benefit from the new skills.
For example, if ABC Corporation provides its employees with the opportunity to learn Excel Macros, the corporation will have an expert on staff to handle those particular issues and to train other team members.
On-demand learning doesn’t involve university fees or high-priced textbooks. Your employees don’t even have to take time off to attend training. They can access their courses anywhere at any time.
Moreover, online courses offer a variety of topics. From beginner IT classes to advanced business training, employees have several options to develop their talents.
Adding On-Demand Learning to Your Workplace
Education is the foundation for advancing a business’s goals. Experienced people perform tasks more effectively and efficiently. On-demand learning is a great way to educate your workforce.
First, assess the current needs of your company and decide which skills are necessary to achieve future outcomes.
In the book, “Love ‘Em or Lose ‘Em,” the authors suggest asking “your employees what opportunities they seek. Help them think broadly and creatively, going beyond some of the first-blush responses..”
Then, select a platform that gives high-quality, interactive content to your staff. You want your team to move from novice to visionaries with their online coursework.
Retain More Employees
On-demand learning is transforming how employers invest in their employees. Well-trained, happy workers tend to stay on the job longer.
Online training gives employees the convenience to learn anywhere, and companies benefit from the newly obtained skills instantly.
Reduce your costs. Let LearnSignal improve your employee retention.