Corporate training offers a fantastic opportunity for any company that can provide the technology, content, and services a company needs to train their employees and effectively compete in today’s highly complex global business environment. The Global Corporate Training Market was estimated to be roughly $394 billion in 2020. The market is expected to grow at a CAGR of 10% between 2020 and 2025.
In the past, corporate training and employee development programs were seen as a luxury that only large, resource-rich companies could offer. But today, companies of all sizes and from every industry see corporate training as mission-critical and that a lack of effective and ongoing training can be detrimental to the long-term viability and success of the organization.
Corporate Training Benefits, the Statistics
Market and industry trends, regulatory requirements, and employee skills required for success in a given role are constantly changing. This increasingly dynamic business climate has accelerated the demand for corporate training and led to undeniable and measurable value as a result of effective corporate training.
Organizations that lack and onboarding process are twice as likely to experience employee turnover.
86% of millennials say they would be less likely to leave their current position if training and development were offered by the company.
89% of employees want to be able to access training from anywhere and at anytime
Retention rates have been proven to increase by as much as 50% for companies with strong learning and training cultures.
The Rise of eLearning for Corporate Training
In the past, most companies tended to rely on classroom-based, in-person training as the foundation for their corporate training program. But over the last decade or so, the continued evolution of SaaS-based technologies, combined with increasingly remote workforces, have made electronic learning, or “eLearning” the preferred approach to training for most organizations.
eLearning eliminates many of the high costs associated with in-person training, such as travel, lodging, catering, and the printing and distribution of training materials. And with eLearning-based corporate training, your employees can conduct their training activities at any time and from any place and work at a pace that suits their own personal style of learning.
Learning Management Systems for Corporate Training
The core technology that supports all types of eLearning programs, including corporate eLearning and training, is a Learning Management System, or “LMS”. An LMS is the application that is used to build, deliver, manage, and track your corporate eLearning program.
When considering the deployment of an LMS, an organization is faced with several options:
On-Premises vs. Cloud
While come companies choose to “stand up” an LMS on their own servers (an “on-premises” deployment), they tend to be very large organizations that have the resources required for the initial capital expenditure and ongoing management of the system.
It is far more common these days for a company to work with a SaaS-based LMS vendor to access the features and capacity they need to support their corporate training program.
Single Tenant vs. Multi-Tenant
A relatively recent advancement in LMS offerings is in the opportunity to choose multi-tenant architecture. Whereas a single-tenant architecture allocates the entirety of the resources to one audience, a multi-tenant LMS allows an administrator to launch and manage a dedicated instance of the application to support each unique training audience.
A multi-tenant LMS is ideally suited for Extended Enterprise training programs (internal and external audiences), as well as for third-party organizations that want to offer corporate training as a service.
LMS Portals: A Corporate Training Business Opportunity
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant LMS that allows an administrator to launch and manage a dedicated, customized corporate eLearning environment (portal) for each of your unique audiences. Each portal you launch includes a powerful course development engine, along with robust supporting tools for user onboarding, learning path creation, group management, certificate awarding, analytics, and more.
We also offer a library of 140+ ready-made and customizable courses, covering most every aspect of corporate training and employee development.