As we wrote previously on our blog, online training videos make learning easy, with training that is accessible and easily reinforced through repeated viewings.
In that post, we also alluded to the financial benefits of enabling your employees to learn on their own time. Now, we’re going to talk about more financial benefits businesses can reap by investing in e-learning software.
When corporations replace instructor-based training with e-learning, the savings can reach incredible levels, often higher than 50% and even reaching as high as 70%. Over the course of just three years, one study found a return on investment of nearly $14 million per year.
How is this possible? Here’s how:
Your employees don’t have to travel.
Sending an employee or group of employees to an educational conference costs your business money – a lot of money. According to one case study: “After finding that up to 40% of its classroom training costs were spent on travel and lodging, IBM moved half of its training programs to an e-learning format. Over the first two years of the program alone, the company saved $579 million.” As it turns out, our CEO here at LearningZen was even personally involved in IBM’s new rollout at that time!
Even if your business doesn’t cover the actual travel expenses, the absence of the employee(s) while they’re traveling will decrease your revenue. Online videos allow employees to learn in short sessions over several days, meaning no time away from the office.
Savings increase if your franchise has many locations.
Implementing e-learning to replace face-to-face-learning or complement other instructor-led training in the form of blended learning is a profitable decision. More locations mean more travel if you use face-to-face learning, so the more costs you reduce, the more money you save.
E-learning can also attract and help customers, partners, and other business connections.
Customers who need specific information and channel partners who sell your company’s product are just two kinds of people associated with your business who can utilize e-learning software. For example, you can give your customers a step-by-step demonstration of how to install your product, or make a video that explains a financial plan with the help of visual aids like charts and graphics. When you impress these first-time customers, they’re more likely to become loyal return customers, and you’ll add to your revenue.
The possibilities, and the savings, are practically endless.
As an investment, e-learning is a win-win for franchises and businesses; your employees will learn faster and retain the information, your customers will appreciate the convenience you offer them, and your business will save money and increase revenue.
And while we’re on the subject of videos, here’s a video about the benefits of using videos in training:
Unlock profits for your business through e-learning by contacting LearningZen today!