We all know that eLearning offers numerous benefits, but how does it effect the bottom-line?
Here’s a few statistics that highlight how eLearning will allow you to get the best return on investment from your training budget:
- Up to 60% increased knowledge retention – The nature of eLearning is that it’s repeatable and, if done correctly, it caters to all learning styles. This allows for much better knowledge retention rates from students, meaning that budget spent on eLearning actually provides a better return on investment. Couple this with the fact that eLearning is usually a lower cost alternative anyway, this point alone should be enough to warrant taking eLearning seriously when thinking about your training budget.
- £1 of eLearning spend = £30 of productivity – IBM estimated that every £1 they spent on best-practice eLearning results in £30 worth of productivity for the organisation.
- eLearning can boost productivity by up to 50% – Time spent in the classroom usually means a day or more away from the workplace. Online learning tends to come in bite-sized chunks that are much easier to fit in around a busy workload.
- 46% more likely to be an industry leader – Organisations are 46% more likely to be an industry leader if they use eLearning. Now it’s fair to say that organisations actively using eLearning are probably more innovative and thus more likely to be an industry leader, so this stat is certainly open for interpretation. However, if the most successful companies are making use of eLearning there’s a pretty clear message here!
- 26% more revenue generated – On average companies that use best-practice eLearning generate 26% more revenue – a great statistics for making a case to the CFO for eLearning!
- 34% more able to respond to customer needs – Organisations that use eLearning are 34% more able to respond to customer needs. Any company that puts importance on responding to customer needs (which should be every company!) will appreciate the importance of this statistic.
As always, we don’t see eLearning as some sort of training panacea but it certainly offers some enormous benefits whatever your budget might be. Whether your using eLearning stand-alone or as part of a blended experience, you’re definitely moving in the right direction.