Training and career development are essential strategies for attracting, engaging, and retaining talent. In fact, according to Lorman, retention rates rise 30-50% for companies with strong learning cultures, and 70% of employees would likely leave their current job to work for an organization that invests in employee development and learning. Additionally, continual learning benefits your organization as employees become more effective and efficient at their jobs. Learning and development can take many different forms. There are conferences, webinars, on-the-job training, in-person training, videos, local courses, mentor programs, and online learning management software, to name a few. Many creative options have become available with more employees working remotely.
Today, we will focus on the benefits of online learning management software. While learning management software may be one of many solutions, there are several points you should consider in making it a top contender.
But first, what is learning management software?
Learning management software, sometimes referred to as LMS, is a software application that allows employers to create, manage, and deliver online learning and development programs and their results. LMS, coupled with the internet and mobile devices, means employees can learn anywhere, at any time, and at their own pace.
Other benefits of using learning management software:
#1 Cost Effective
The most obvious benefit of an LMS is that it spares you the time, effort, and expense required to attend or organize learning events. Bringing an expert in-house or sending employees to seminars or conferences can be very costly in terms of travel, lodging, and attendance fees.
Since courses are available wherever you have internet access, employees get the content when they have time. After all, 85% of employees want to choose their own training times. Another benefit of this flexible accessibility is that it caters to the remote workforce. With a growing number of Americans working a remote or hybrid schedule, getting everyone in the same place for training can be impossible. With an LMS, you offer everyone the same opportunities for learning at a time that works best for them. It is important to note here that you should set clear expectations for your non-exempt employees that company-required training should be completed during normal work time and must be paid.
Learning management software is versatile. It allows you to customize learning content according to your needs. Many systems come with thousands of courses from which to choose on various topics to fit different development needs. And you can add your own content for a custom learning experience. You may use LMS for onboarding and orientation, compliance training, certification management, product knowledge training, customer service training, or special courses on job-specific skills.
Because it enables you to create a broad range of personalized training content, online learning systems empower employees to take control of their long-term career development. Team members at all levels of the organization can enroll in advanced training courses to develop new skills that help them prepare for more senior roles. Online learning can set a clear path for long-term growth and development, boosting employee engagement and retention.
#5 Ease of tracking
Measuring the effectiveness of your training content takes a lot of work. But a virtual learning system can go a long way in making this task easier. Many LMS platforms have reporting and analytics functions that allow you to track who has completed the course, which training materials employees accessed, and how well they have performed. LMS software can also track course popularity and average assessment scores. You can use this data to identify any weaknesses in your training programs and make improvements.
#6 Options to fit learning styles
Everyone learns differently, and many need to be engaged in that learning to retain the information. LMS allows you to upload content in various formats, such as videos, interactive courses, and simulations. In addition, many LMS platforms offer multiple features that boost employees’ engagement and motivation. These include microlearning, social media, and gamification tools. For example, you can use gamification to create quizzes, badges, points, or prizes for employees who complete course modules.
#7 Preserves (and organizes) institutional knowledge
Institutional knowledge is precious to every business but often not captured formally. Many businesses struggle with losing that knowledge during turnover. However, many LMS platforms feature collaborative learning, which includes discussion forums and social media tools that enable learners to share what they’ve learned. They can capture unique experiences gained from completing a project or dealing with a client issue. This way, valuable learnings are recorded and added to an organization’s institutional knowledge.
An LMS is one central location for storing this knowledge and your training materials and learning programs. Many systems feature easy ways to add, remove, or update content, so you always provide the latest information.
Learning management software enables employees to quickly access content, courses, and training that meet career and development needs. This results in a highly engaged and skilled workforce with unique knowledge that will set your organization apart from the competition.