Did you know, 98% of businesses plan to implement or continue to use learning technology throughout their workplace? Senior executives are encouraging this growth. In a recent Linkedin report, 82% of HR learning professionals say their execs actively support this key business strategy. Not only this, the global online learning or eLearning industry is projected to be worth $481 billion (AUD) by 2025 up 200% from $158 billion in 2015. As big supporters of online learning ourselves, we understand why.
In business, you hire someone because you believe in their skills and ability to do a job well. That doesn’t mean they have all the skills you’re looking for, or that they should never build on their existing skillset. There’s always room to learn more – no matter how senior you are or how long you’ve been working in a particular role, field or industry.
The classic saying ‘you can’t teach an old dog new tricks’, is no longer accurate in the business world.
Today’s workforce expects more from their job than just a paycheck each month. They want opportunities to learn, grow, and advance in their careers, as well as in their personal lives. Therefore, employers who can provide these development opportunities can attract top talent and build more loyalty within their workforce.
There’s never been a better time for companies to invest in employee development. Online learning, or eLearning, is a game-changer and can revolutionise a business from top to bottom. We are here today to examine online learning and show you exactly why and how you should be encouraging more of it in your business.
What does online learning look like in business?
Online learning in business comes in many shapes and sizes. Many companies have ample need for more efficient training, whether it’s for new hires, continued learning, or leadership development. However, it’s not always clear to these businesses how they should address these needs. What type of online learning should they invest in? How do you cater to everyone?
It’s a tough decision to make but at the end of the day, we have one solution.
Speak to each employee individually to make a case by case judgement on what works for them. Every job role is different, it progresses in different ways and requires a different skillset to expand. Every employee is unique, wants to learn different things and learns in different ways.
Essentially, online learning is not a one-glove-fits-all scenario. You need to offer your employees a wide range of different online learning strategies so they can find the best solution for them.
What are the different types of online learning?
Let’s run through the different types of online learning or training you can offer within a business.
Orientation is the most common type of employee training needed for new starters or employees. It is usually a one-time session that formally welcomes and introduces a new hire to your business. Orientation is usually completed within the first week of the new hire being at the business and gives them the low-down on everything they need to know outside of their particular job role. This training tends to be relevant to all company-wide roles and departments.
Setting up your orientation learning online will help streamline the entire process and mean that the new hire can work through it in their own time.
Technical skills development training is another common type found in businesses. No matter what technical level your employees are at, there is always room for improvement. It’s a fundamental component of your employees’ education and one of the main ways you can ensure they’re equipped to do the right job.
Again, having this type of training set up for your employees online means they can set their own pace and you can ensure you’ve given them the right information every time.
Soft skills development training are personal attributes that enable employees to interact effectively with other people in the team or wider business.
Soft skills training is useful for new and existing employees of all levels and is an extremely effective way to build an efficient, respectful and collaborative culture in your business – this can include the following:
Have you ever thought about running additional training sessions for these types of soft skills? It’s a great way to show employees that you care about their growth – not just in terms of their specific job role, but throughout their career.
Being able to access online learning tools to develop personal attributes like public speaking or presenting could help empower employees to excel further in their roles.
Product training could be another type of online learning you need to implement into your business. Even if certain employees aren’t directly selling your company’s products or services – it’s good for everyone to have at least a basic understanding of what your company has created.
Why is online learning beneficial?
- Improves employee retention for top talent
In our survey conducted last year, we found out that 43% of Australians accept a job offer that promises career progression within the role. This was one of the top influences for top talent applying for the role in the first place as well as accepting the job in the final stages. This is also the case for why employees stay in a role long-term.
If you can offer your employees learning and development they will be able to progress higher in the company, and therefore not want to look elsewhere. And we all know that employee retention is key for business success!
- Improves employee engagement and productivity
Employees who get the opportunity to grow and develop within a company tend to be more engaged in their job and their company. Companies with high levels of engagement have around 22% higher productivity, which leads to increased business success.
Increasing employee productivity can be a tricky goal for companies. Managers try on a regular basis with a variety of tools to gain increased performance and with varying success. However, all realise sooner or later that online learning is becoming more and more of a practical option for productivity improvement, particularly with training people in new skills sets and knowledge.
Australian businesses spend around $9.2 billion annually on staff training. But, by training your staff online, you can reduce your training costs by 25% every year. You won’t need to hire an instructor or engage one of your in-house experts and your employees will spend less time away from their desks as they won’t need to travel. It’s a win-win situation.
Online learning may seem like a significant investment up-front, but it’s often a more affordable option than any other. The cost of a skilled instructor may be more manageable for a year or two, but that cost never goes away, whereas developing an online course is one up-front fee.
- Offers employees flexibility to learn
Online learning doesn’t have the same restrictions of time and location that traditional staff training does. Your employees can keep working during busy times and train when things slow down, allowing your business to tick along nicely all year round without having to stop for mandatory training, like compliance training.
- Keeps your business on top
By introducing online learning into your business, it’ll help you keep on top of your competitors. our workforce will be better-trained for their job roles, have wider knowledge of the industry they work in and perform better overall.
Let’s face it, higher employee retention, engagement and productivity will bring in more revenue for the business. As you can see, online learning is crucial to keep businesses thriving. It keeps your team engaged and motivated as well as being able to grow with your business.
Let us introduce you to Hero Learning, Employment Hero’s latest feature to launch in open beta. An LMS (or learning management system) for Australian businesses with existing learning pathways, or are looking to provide learning and development opportunities to their workforce.