Virtual learning has emerged as a cost-effective training, ongoing education and engagement tool for many businesses, limiting your need for printed materials, additional meetings and expensive onsite facilitators. It can also reduce a hidden budget drain and headache for business leaders: employee turnover.
With the cost of replacing a skilled employee reaching an estimated 1.5 to 2 times their annual salary, it’s no wonder this is a sore spot for businesses. Creating a readily accessible virtual learning system for your employees can prevent and counter those losses.
Below are three ways virtual learning systems help you retain employees while growing their skills and value to your organization over time:
MORE EFFECTIVE & PRODUCTIVE ONBOARDING
When it comes to onboarding new hires, a great first impression can have a deep impact on the employee relationship and outcomes.
According to a study by the Aberdeen Group, more than one-fifth of new hires who left a job within the first six months said they wished they’d received more effective training. Another 15% noted the lack of an effective onboarding process contributed to their decision to quit.
Traditional on-the-job training was largely built in the style of the old-school academic model: binders upon binders of material to go through that aren’t collaborative or conducive to modern workforce demands.
Virtual learning, on the other hand, enables a nimble training process catered to the user’s learning style, existing skills, and past experience. Utilizing actionable, easy-to-consume training from day 1 shows employees you care about their success in their new role.
Just by allowing simple access to training, even after the initial onboarding, employees can upskill and meet objectives faster, amounting to improved ROI and productivity.
ONGOING GROWTH & SKILLS UPGRADE
Beyond their initial or essential training, today’s workers crave opportunities to further grow their skills, responsibilities, and advance their career path.
According to a 2016 Gallup poll, 87% of millennial employees said that ongoing development is important to them in the workplace. Deloitte also found that when employers offer accessible opportunities for skill-building and advancement, employees are more likely to stay.
Traditional learning is ill-equipped to continuously update employees with the know-how they need to advance. By contrast, virtual learning management systems (LMS) make it easy and convenient for workers to develop themselves.
For example, microlearning — readily available, problem-specific content pieces — is a growing trend you’ll see more of in the coming months, reports the eLearning Industry. Unlike conventional, top-heavy training, microlearning helps employees amass new skills, bit by bit, throughout their time in your company.
What’s more, easy skill-building can be gamified to create tangible growth measures within your organization. But you can’t get there without adequate technology tools.
DISSEMINATE PRACTICAL GUIDANCE MORE EASILY & AFFORDABLY
Today’s workers can only devote 1% of their work week (roughly 24 minutes) to professional development and learning, reports Deloitte. With markets changing faster than ever, employees simply don’t have time to comb through training books, CDs or online forums for answers.
As professional tools, certifications and industry standards evolve, virtual learning allows your organization to more easily disseminate practical information in bite-sized, concise, and cost-effective means, rather than forcing everyone to attend mandatory meetings that cut into their already overloaded schedules.
Where do you go from here? We recommend talking with a trusted AV solutions provider about learning management systems, and the features that can best benefit your organization.
You might find it’s a worthy investment to ensure your employees have the right tools to succeed, find satisfaction, and pour out their best in their work. And just as important: stick around for the long run.