The necessity of e-learning for corporates
In the past, companies and organizations sought out individuals with high qualifications like education, knowledge, experience, soft skills, hard skills, etc. Many later discovered they could not afford those highly skilled and experienced employees competing with other employers based on their limited financial resources. Moreover, it was not uncommon for expensive employees to become less efficient and qualified with time or even quit the role.
The shortage of skilled employees and the high demand for them in conjunction with other factors gradually lead companies to recruit staff with the expected expertise. This policy revealed another obstacle- the cost and possibility of learning and education. Corporates found it difficult and expensive, or even impossible in some cases, to find qualified instructors for their required training or to manage an event for a large number of their employees.
Figure 1. Employees Learning Preference 3
Cost of upskilling and reskilling in corporates
The (real) costs of new employees
- onboarding paperwork and administrative time
- benefits enrollment
- tax forms
- employee handbooks
- NDAs
- arbitration agreements
- early turnover of new hires
- If you invest weeks of time and effort into onboarding only to see an employee quit six months later, you’ve essentially wasted all of those resources. If this happens multiple times per year, the financial impact can be devastating.
- deferred productivity for new employees
- Another hidden cost of onboarding comes from the reduced productivity typical of ramp-up periods, when new hires are still learning their role and getting acclimated to the work environment.
- provisioning during onboarding
- Every new employee will need to get set up with a certain array of “stuff.” That stuff could include anything from a laptop and headset to software credentials, key fobs, ergonomic chairs, monitors, parking permits, and branded clothing. All of this stuff costs money.
Why a paradigm shift is necessary for businesses
In this article, we presented the benefits of e-learning for companies. We saw how difficult it was to find professionals and qualified employees, and doing so costs companies more than they anticipated. E-learning smoothed the path for learning and development strategies in corporates and saved them significant money. The flexibility to choose a professional instructor from all around the world and the ability to offset some costs such as travel expenses or required additional facilities are enticing from a financial perspective.
The flexibility is not desired only by corporates; their employees also seek it. They want on-demand learning and the ability to participate at their own pace at any time and from anywhere. This concept intensified even after the pandemic, and it is almost impossible to return to the pre-covid era.
The above-mentioned points shed light on the importance of implementing e-learning technologies in businesses and corporates. They have this chance to upskill or reskill their employees in the fastest and easiest way by implementing e-learning and using various learning types or emergent trends to sustain their employees’ learning. Want to have a deeper look at the future of e-learning? Stay tuned for the next article.
2 https://www.forbes.com/sites/brandonbusteed/2020/05/16/corporate-education-will-never-return-to-the-classroom/?sh=730b8e3a29a0
3 https://learning.linkedin.com/content/dam/me/learning/en-us/pdfs/linkedin-learning-workplace-learning-report-2018.pdf
4 https://www.forbes.com/sites/brandonbusteed/2020/05/16/corporate-education-will-never-return-to-the-classroom/?sh=730b8e3a29a0
5 https://joshbersin.com/2019/09/the-skills-of-the-future-are-now-clear-and-despite-what-you-think-theyre-not-technical/
6 https://www.lorman.com/blog/post/39-statistics-that-prove-the-value-of-employee-training
7 https://learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/workplace-learning-report-2019/pdf/workplace-learning-report-2019.pdf
8 https://www.glassdoor.com/employers/blog/hidden-costs-employee-onboarding-reduce/
