Companies that invest in employee training enjoy 24% higher profit margins than those who don’t. Whilst this is one reason companies yearn to invest in employee skills development, there are others which accompany it like keeping the workforce motivated and engaged which in turn retains them for a longer time span. We understand that providing learning and development opportunities to your workforce is extremely essential but the costs of the same might be a hard pill to swallow. So, does it mean going the extra mile and exceed your overall budget? Well, not at all!
As you’re aware of the learning management system (LMS), an alternative to traditional training sessions offers a cost-effective solution to all businesses. Help your employees grow and learn in their jobs without breaking the bank by referring to the ideas mentioned below.
Offer on-demand training to your employees
If your employees feel driven, motivated, and engaged in all aspects especially their work, they are most likely to commit for long. The most important driving force for them is professional development and continuous enhancement of their skill sets. So, it is essential to understand the needs of the employees and fulfil their requirements. And, you can do this without disturbing your budget by giving up the age-old practice of hiring instructors, renting physical classrooms, coordinating time with employees and so on. Instead, use an LMS and provide on-demand classes which can easily be accessed by them at any time of the day through their mobile devices. Moreover, it allows them to learn effectively and efficiently due to its overall approach. There is a minor subscription fee involved since you’re charged as per SaaS pricing model and you do not have to pay any large amount upfront.
Equip employees with online industry certifications
Almost all jobs today require continuous training, skills enhancement, education credits, and certifications. While in the past this meant employees travelling to different places for attending days-long seminars and training, today an LMS software is just what you need. It helps business with these industry-specific requirements either by providing on-demand course content in its internal library or by partnering with third parties to deliver lessons. In this case, vendors usually charge companies per course. Compared to the per-user pricing plan, there’s also a premium for those industries which are brand compliant.
Onboard new employees
Let new employees acclimatize in your company’s culture and the responsibilities of their role with ease and this is possible with an LMS only. You must be wondering how buying an entire LMS with humongous information which is typically more than you’ll ever need feasible for just onboarding? Well, there are vendors which charge you on the per-user pricing plan, i.e. you only pay for what you use. This means that you’re only charged on the basis of certain modules, the number of active accounts, or a specific piece of content.
Try open-source of opting for free versions of LMS
LMS for workforce development is surely an enticing option and can be cost-effective at the same time as companies who wish to avail just the basic training and access for a limited number of users can opt for open source or free versions of an advanced LMS software.
Open-source LMS software has a code which is available publicly. Companies can download, install, and customize the software on their own, for free. There are also others which offer a free version of their LMS. This is an extremely cost-effective alternative for companies aware of the technical know-how or are supported by an IT team but can be slightly complicated for those who do not have prior experience of working with an LMS.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!