In the late 90’s when I entered the workforce, I was given a CD-ROM for my induction training and I was thrilled. I remember thinking that it was the epitome of high-tech training and to be honest, the quality wasn’t bad. However, by the time I was creating eLearning courses, the internet was enjoying connection speeds starting at 56kbits/s and designing visually appealing and interactive content was a challenge.
From my early experiences, along with the internet, the worldwide eLearning market has continued to grow rapidly, where it is projected to be worth $325 Billion in 2025 and in 2017 no less than 98% of US corporations planned to incorporate it into their programs by 2020. And this was before the COVID-19 pandemic swept across the globe forcing businesses to adopt digital transformation at an unpreceded rate.
Many of us recognize the many imperatives for why businesses to invest in eLearning, from ensuring they are attracting and retaining the right people, preventing injury and promoting wellbeing and building capability to drive future growth.
But with all this investment in eLearning, what impact can businesses expect to experience? Let’s look at some compelling statics:
• The Research Institute of America found that eLearning increases retention rates 25% to 60% while retention rates of face-to-face training are very low in comparison: 8% to 10%. This is because with eLearning students have more control over the learning process as well as the opportunity to revisit the training as needed.
• A report by IBM suggested that participants learn 5 times more material in online learning courses using multimedia content than in traditional face-to-face training. Couple this with Deloitte’s estimate that the average employee needs to dedicate around 1% of their time per week to training, then it’s clear why eLearning is the right investment choice.
• In the same report IBM found that even though eLearning was costly, it led to substantial improvements in productivity. In fact, for every dollar spent, IBM saw a $30 in increased productivity.
• And for businesses serious about reducing their environmental impact, a study by Britain’s Open University found that producing and providing eLearning courses consumes an average of 90% less energy and produces 85% fewer CO2 emissions per learner than face-to-face training.
At Sales IQ, on our platform, we bring together content from the best minds in sales to create blended learning experiences to help our learners be the best sales professionals they can be.
We have created engaging self-paced eLearning that is made meaningful through case studies and application tasks that use tools and templates that also speed up the application of the learning back in the real world. Our eLearning is then complimented with virtual instructor-led webinars that allow learners to refresh their knowledge and address any challenges they may be experiencing putting their new knowledge into practice.
We then go even further, by providing our learners with access to a network of Sales IQ Partners who provide coaching and consultation to further elevate their execution and the development of high-performance habits.
We also continuously publish an ever-growing library of webinars, podcasts and articles on our platform to boost learning over time.