Unless you have been on a digital sabbatical, you probably are well aware that eLearning is already popular in the corporate ecosystem today. The market predictions too support the fact that the demand for eLearning is growing constantly. According to the Global Market Insights, Inc., the Global eLearning Market is expected to hit a remarkable valuation of USD 200 billion by 2024. In addition, it further states that, “Companies such as CityCab, for instance, have launched web-based training programs to provide language training to cab drivers for the improvement of communication with commuters. Owing to their benefits, government of various economies, such as in India and Brazil, have undertaken initiatives and programs to increase the access of the local population to such technologies.”
Well, so why the delay? Are you still having second thoughts on investing on eLearning? We are here to explain why eLearning is no longer an additional requirement in today’s L&D situations, but rather a necessity.
The workforce today is mostly composed of Millennials. Through an interesting infographic, experts at Park Communications Ltd, predict that by 2020, millennials will make up 35% of the global workforce with Gen Z making up 24%. That equates to more than half the entire workforce population. And Gen Y as we know are multi-taskers, hooked to the internet and require unrestricted access to learning. Traditional learning is scheduled and mostly linked with a timetable, whereas eLearning allows learning anywhere, anytime and on any device possible. Giving learners the kind of freedom and unrestricted access that they look for.
Budget is often a ruling factor when it comes to adopting new technology. eLearning essentially cuts down the expenditure on travel, training set-up- rooms and accommodation, in addition it also reduces expenses such as printing and distribution cost of training materials. A case study report by Shepherd states that Cisco cut its overall training costs by about 40% to 60% when it transitioned to eLearning training.
From providing the learners just what they need, in the right size and right context to making performance support, review, tracking etc. eLearning has a lot to offer. The best part is that as it can be easily personalized and customized for individual learners, it also ensures better learning. Which eventually is the main objective behind any L&D venture.
When learning is better, so is retention. Well as Forbes reports, “The Research Institute of America concluded that e-learning boosts retention rates by 25 to 60 percent, compared to retention rates of 8 to 10 percent with traditional training.” eLearning boosts engagement through techniques like gamification, situation-based scenarios, realistic simulations etc. that in turn boosts the memory and hence retention and application. Reinforcement techniques like microlearning, mini assessments etc. greatly help in retention too.
Ease of Access
With the increase of mobile usage ease of access to the content has become a normal phenomenon and this has led to share as much content with the user as possible. Considering this the eLearning plays a major role and hence investing in the same especially when your target audience is millennials.
These are the top-most benefits that eLearning offers. Industry 4.0 with all digitization plans is already here and learning 4.0 is soon to follow. With the current technological transformation, the ever-fluctuating market and business models, competition is greater and fiercer than ever before. So, don’t lag. Move on to eLearning to keep your employees up-to-speed, and to stay ahead in the game.
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