Corporate training, often referred to as employee training or workplace learning refers to structured programs and activities that are designed to educate employees for the benefits of the organization. These programs help workers to build knowledge and create skills that will increase the overall competitiveness of the company and allow employees to progress, both professionally and personally. Today, the need and demand for corporate training is higher than ever. In fact, a recent LinkedIn survey found that nearly 95% of employees prefer to work for a company that is invested in their development. And more than 90% surveyed executives reported that investing in the career development of their staff contributes to the growth of the company.
The Global Corporate eLearning eLearning Market
eLearning refers to any type of training or educational activities that are conducted using electronic technologies, typically the Internet. In years past, corporate training programs were typically built using traditional, classroom-based training. More recently however, the availability of enhanced cloud-based technologies combined with increasingly remote workforces (a trend that was already well underway even before COVID-19) has made eLearning a more popular approach to corporate training.
The corporate eLearning market, which was estimated at roughly $65 billion in 2019, is expected to grow at a CAGR of more than 9% by 2025. Some of the benefits for an eLearning-based corporate training program include:
Reduced Training Costs
eLearning eliminates many of the significant expenses associated with classroom-based training, such as travel, on-site instructor fees, catering, and the printing of learning materials. eLearning also eliminates lost productivity by allowing employees to conduct their training activities during off hours.
Fast Turn Around
While classroom-based training can require a significant lag time between the development of an idea for a training course and its actual delivery, eLearning allow for a very fast turn around of new courses and content.
For employees, one of the challenges of classroom-based training is in trying to keep pace with the instructor. In contrast, eLearning allows for self-paced training, allowing the employee to spend as much time as needed on any piece of training content. This leads to higher rates of both comprehension and retention.
Increased Training Consistency
While classroom-based training can create a challenge in ensuring consistent content is being delivered across training programs and locations, eLearning allows for the use of a single set of accurate and up-to-date training materials for each of your programs.
Types of eLearning-Based Corporate Training
While eLearning can impact all areas of corporate training, some of the most common use cases include:
The good news for any company that is considering the rollout of an eLearning-based corporate training program is that you can expect an increase in revenue on a per employee basis, as well as improved overall corporate profits.
A Learning Management System for Corporate eLearning
The core technology that supports all types of eLearning, including corporate training, is a Learning Management System, or “LMS”. An LMS is the software application used to build, deliver, and track corporate training programs and is available in several deployment options:
Cloud Based v. On-Premises
While some companies choose to “stand up” their LMS on-premises (self-hosted), they tend to be large organizations that have the capital available to purchase the software, hardware, and supporting infrastructure for the system. They also end to have the resources available (both labor and financial) for the ongoing management and maintenance of the system.
In contrast, a cloud-based LMS deployment through a third-party vendor eliminates the need for a large, up-front capital spend and allows you to go-to-market quickly with an LMS to support your corporate training program. And with a cloud LMS, the vendor handles all of the ongoing management of the system, so you can simply focus on developing and delivering great corporate training content and courses.
Multi-Tenant v. Single Tenant
A more recent development in LMS technology is the availability of multi-tenant architecture. While a single tenant LMS dedicates the entirety of the application deployment to a single eLearning audience, a multi-tenant LMS architecture allows you to “spin up” new instances of the application for each of your training audiences, thus allowing you to create a customized experience for each of your training segments.
LMS Portals for eLearning-Based Corporate Training
LMS Portals provides a cloud-based, multi-tenant learning management system that allows our clients and partners to build multiple, customized eLearning environments (portals) for each of their various training audiences. With LMS Portals, you can deploy a new eLearning environment in minutes, each with its own unique branding, onboarding system, messaging and collaboration tools, analytics engine, and more.