Corporate training encompasses all of the programs and activities a company offers to its employees to support and increase their contributions to the organization and support their professional development. Online corporate training is the portion of overall corporate training that is offered in electronic format, this is also referred to as “eLearning”. This is the segment of corporate training that is experiencing the most dramatic growth and is currently expected to see a CAGR of more than 14% between 2021 and 2025.
The challenge for many companies, especially smaller and mid-sized organizations, is in finding the resources to offer an effective program. This makes online corporate training a significant business and revenue opportunity for any organization that can offer the technology, content, and services businesses now demand.
The Benefits of Corporate Training
The global workplace continues to increase in competition and complexity. At the same time, there are more stringent workplace standards impacting employees, as well as growing array of industry regulations that force employees to perform their work under strict adherence to these guidelines. Give this, the demand for effective and targeted corporate training is greater than ever.
Any company considering the development of an online corporate training program can expect the following benefits.
Improved Employee Performance
The primary goal of corporate training is simply to help employees perform better in their work. Developing targeted, role-based training will put your employees in the best position to succeed, over both the short and long-term.
Companies that offer corporate training tend to see increased revenues as their sales teams become better prepared to find, cultivate, and close new opportunities. In addition, well-training marketing and customer service representatives can also have a significant impact on the company’s revenue generation.
Improved Bottom Line
In addition to increasing top line revenues, effective corporate training programs can help to reduce operation costs and enhance the overall efficiency of the organization, improving bottom line performance.
Decreased Employee Turnover
Employee turnover is expensive. Each time an employee leaves, the company incurs new expenses in the form of recruiting, hiring, and training their replacement. The good news is that studies show that, when a company offers corporate training, employees are more likely to stay for the long-term as they tend to feel good about working for an organization that invests in their professional development.
Easier New Hire Recruiting
Many companies that implement corporate training programs are pleasantly surprised by the impact it can have on new hire recruiting. In fact, any company that does not offer any kind of corporate training is at a distinct disadvantage in recruiting top talent.
Learning Management Systems for Online Corporate Training
A learning management system (LMS) is the core technology that supports all types of online learning programs, including corporate training. An LMS provides the infrastructure on which the company can build, deliver, manage, and track its online corporate training program.
As the demand for online corporate training has grown, so too has the availability for learning management systems. When considering an LMS for its online corporate training program, a company has several options regarding delivery and architecture.
On-Premises vs. SaaS-Based
While some companies choose to “stand up” an LMS on their own servers, they tend to be larger organizations that have the financial resources to make the significant capital investment. They also have the in-house talent to handle the ongoing management and maintenance of the system.
Today, it is far more common for a company to work with a SaaS-based LMS vendor to access the features and capacity they need over the Internet. Not only does this eliminate the need for a large, up-front capital investment, but it shifts the responsibility for the ongoing management of the system to the SaaS LMS vendor.
Single Tenant vs Multi-Tenant
A relatively recent development in LMS technology is in the availability of multi-tenant architecture. While a single-tenant LMS dedicates its entire infrastructure to supporting a single audience, a multi-tenant LMS allows the administrator to launch a dedicated online training environment (portal) for each of its unique audiences.
A multi-tenant LMS is well-suited for companies that need to offer Extended Enterprise Training (internal and external audiences), as well as for any organization looking to offer training as a third-party offering to their corporate clients.
LMS Portals and the Online Corporate Training Revenue Opportunity
At LMS Portals, we provide our clients and partners with a SaaS-based, multi-tenant LMS that allows an administrator to launch and mange a branded, customized online learning portal for each of their unique audiences. Each portal you launch includes a powerful course development engine, along with robust tools for user onboarding, learning path creation, group management, live remote training, certificate awarding, analytics, and more.
In addition, we offer more than 140 ready-made and brandable courses, covering most every aspect of corporate training.
The LMS Portals technology, combined with this ready-made library of content, provide a powerful online training revenue opportunity for our partners.