One of the biggest and most expensive obstacles companies face as they try to remain viable, competitive, and grow over time is employee turnover. While some level of staff turnover is inevitable, more companies today are exploring ideas and programs to proactively keep their employees happy and engaged. In recent years, the opportunity for both initial and ongoing learning and training programs has been identified as one of the best ways to keep employees engaged and loyal to your company over the long-term.
The Cost of Employee Turnover
Hiring and retaining talented employees is critical for any company that wants to remain competitive. This can be especially challenging for smaller businesses looking to compete and grow, but without access to the resources that larger companies have available. Some studies have found that every time a company loses a salaried employee, it costs 6 to 9 months’ salary (on average) to replace them.
Some of the costs of replacing an employee include:
Hiring a new employee, including advertising for the open position, interviewing candidates, screening, and making a hire
Onboarding and training
Lost productivity during the search and onboarding process
The cultural impact on your organization
One of the challenges in understanding the actual cost of employee turnover is in the fact that most companies do not have processes in place for tracking these costs. To accomplish this would call for the creation of a system that facilitates collaboration between multiple departments, including Human Resources, Finance, Operations, and other impact groups.
The Role of eLearning in Decreasing Employee Turnover
eLearning refers to the use of electronic technologies (the Internet, primarily) to support all types of online learning, including corporate training and employee development. eLearning-based corporate training opportunities help make employees feel valued while creating an organizational culture of success. Training programs help employees feel like they can take charge of their own careers and increase their value to the company. And the fact is, companies that invest in corporate training programs can expect to see, not only decreased employee turnover, but also increased revenue on a per employee basis and an improved overall bottom line.
While eLearning can impact most every area of the organization, some of the most common courses and programs include:
New hire orientation and onboarding
Skills training and knowledge development
Compliance awareness
Leadership development
Sales and customer service training
Corporate culture and diversity
A Learning Management System for Corporate eLearning
The core technology that supports all types of eLearning programs, including corporate training, is a Learning Management System, or “LMS”. An LMS is the application that is used to build, deliver, manage, and track eLearning-based corporate training programs. While some companies choose to implement an LMS on their own servers (self-hosted), most companies today choose to work with a third-party cloud vendor in order to access the LMS features and capacity they need over the Internet. This approach allows you to get started with an LMS right away and eliminates the need for a large, up-front investment is software, hardware, and other supporting infrastructure.
LMS Portals provides our clients and partners with a cloud-based, multi-tenant learning management system that allows you to launch and manage multiple eLearning environments (portals) to support each of your various training audiences. Each portal you launch can be uniquely branded and includes robust supporting tools for course development, user onboarding, learner collaboration, analytics, and more.
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