Experts estimate that eLearning could become a $325 billion industry by 2025. Universities and colleges are investing in online learning platforms due to the increasing demand, but eLearning is also turning us into lifelong learners beyond college and transforming employee training and development in the workplace.
Here is why eLearning is the future of professional development.
1. Meeting New Expectations
Millennials could have careers that last as long as 70 years. These young employees understand how crucial continuous development is. They want to acquire new skills to keep up with their industry and are sometimes ready to change fields if new opportunities arise.
Only a third of millennials say that their current employer is using their skills, and 42 percent of them are likely to leave their current job because they feel they aren't learning enough. Job hopping is a growing trend, and 21 percent of millennials have changed jobs in the past year.
Offering opportunities for professional development is the key to attracting and retaining talent.
2. Delivering New Training and Development Experiences
Using xAPI-compliant LMS means that you can deliver training experiences that aren't limited to your course library. The xAPI framework uses the entire scope of online activities for a more diverse learning experience.
Microlearning experiences are giving learners access to short modules that target a very specific skill, often through video content. Learners can incorporate this short learning experience into their workflow or use their downtime to consume this type of content. (Click here to watch our webinar on: Microlearning - Why You Should Order the Nuggets!)
Macrolearning experiences such as Massive Open Online Courses (MOOCs) and other online classes help learners master new skills. It's important to structure this new learning experience and set clear goals. A Learning Management System (LMS) will let users or admins create unique learning paths aligned with organizational or personal goals.
Data is another important component of this new training experience. Data and learning analytics can be used to support the learning experience and track progress, recommend personalized learning content or help organizations identify talents or problematic areas.
3. Cost and Value
Besides helping employees meet their career goals, eLearning is usually the most cost-efficient approach to training for businesses. Speakers' fees for training seminars can add up to thousands of dollars. This type of learning experience is limited since future hires won't benefit from it, and employees will have a day or an afternoon to retain as much information as possible.
An eLearning program can leverage existing training material, include new content tailored to the unique needs of an organization, and employees will have access to this content at any time. New hires will have access to this library of content, and employees can review past modules as many times as needed to retain the information.
Besides meeting business goals, training is crucial for maintaining an existing workforce in a world where skills often become obsolete as new technology is introduced. It's also important to consider the cost of losing and replacing employees who become dissatisfied, often due to the lack of training opportunities.
Are you curious about what an LMS can do for your organization and current training program? Lambda Solutions offers a 30-minute demo that covers key areas such as course creation, reports, learning plans and much more. Contact us today, and our eLearning experts will be happy to help you find a solution that will let you create a better way to learn and train.
More Employee Training and Development Resources:
On-Demand Webinar: Analyzing xAPI Data with Zoola Analytics
On-Demand Webinar: Microlearning - Why You Should Order the Nuggets!