Facts and Stats That Reveal The Power Of eLearning
The thing today is not whether eLearning benefits your business; the real issue is whether you can afford not to join in the trend.
Here are some statistics that show why your company should have already implemented this training method like, yesterday! These stats are so darn compelling; it’s really hard to imagine why companies would not want to start using eLearning to train its workforce.
- According to a Brandon-Hall Study, learning through e-learning typically requires 40% to 60% less employee time than learning the same material in a traditional classroom setting. This is because it can be performed asynchronously and whenever the student needs it; this way workflow is not interrupted. It is important to note that saving time doesn’t affect learning quality; it’s actually quite the opposite.
- The Research Institute of America found that eLearning increases retention rates 25% to 60% while retention rates of face-to-face training are very low in comparison: 8% to 10%. This is because with eLearning students have more control over the learning process as well as the opportunity to revisit the training as needed.
- After implementing an eLearning program in their company, IBM found that participants learned nearly five times more material without increasing time spent in training. By teaching more material in a shorter amount of time, companies are able to reduce the time employees spend on training, thus allowing them to get back to work faster, which in return translates into reduced costs.
- For a big portion of the companies surveyed, knowledge translates directly into revenue. Specifically, 42% of companies say that eLearning has led to an increase in revenue.
- According to the same IBM study, every dollar invested in online training results in $30 in productivity, mainly because employees are able to resume their work faster and apply their skills immediately. This is especially relevant for sales teams where time spent in the field is directly related to dollars earned for the organization.
- Today’s companies can more easily boost impact and obtain a better-engaged workplace by using eLearning technology. According to Molly Fletcher Company, organizations can achieve an 18% boost in employee engagement.
- Regardless of size, companies are increasing their use of eLearning. However, 41.7% of global Fortune 500 Companies (the 500 largest US venture capital open to any investor by sales volume) already use some form of technology to train their employees.
- According to data published by CertifyMe on the state of eLearning in corporate education, 72% of organizations interviewed believe that eLearning helps them increase their competitive edge by giving them the opportunity to keep up with the changes in their particular market.
- eLearning is one of the fastest growing industries, and it continues to grow rapidly. Since the year 2000, the market growth rate has been 900%.
- Revenue generated per employee is 26% higher for companies that offer training using technology, including eLearning, given that it enables companies to train more frequently (nearly 25% of all employees leave their job because of lack of development opportunities, resulting in turnover costs).
- IBM saved approximately $200 million after switching to eLearning, according to Dave Evans. With online learning, companies can reduce costs related to travel, hotel rentals, equipment, and instructors, just to name a few.
- eLearning is good for the environment. Britain’s Open University’s study found that producing and providing eLearning courses consumes an average of 90% less energy and produces 85% fewer CO2 emissions per student than conventional face-to-face courses. (Knowledge Direct)