Hiring a new employee is an investment. Companies spend money on the salary of new employees, of course, as well as their training. Effective training is an important part of ensuring a return on investment in new employees. Research shows that every dollar invested in training yields about 350 percent of a return on investment. Many companies are beginning to use learning management systems (LMS) for training.
Growing Use of LMS Software
By 2023, the LMS market is predicted to double. This type of software is currently worth about $9.2 billion. Millennial employees rank training development as their top desired benefit from employers.
LMS software is increasingly adapting to provide benefits to companies and their employees. Some LMS software is gamifying programs to make training more engaging and experience-oriented. Successful LMS are also becoming multi-platform to be more convenient for employees.
Benefits of LMS for Training
There are many benefits to using LMS options for training new employees. One of the main and most obvious benefits of LMS is that it helps companies overcome geographical barriers. For instance, companies can train employees in different countries without having to send trainers, set up classrooms, or face other massive expenses. Time differences, and even language obstacles, can more easily be overcome when training is software-based.
Another benefit of LMS for training is how it can aide compliance, tracking, and other analytics needs. Employee attendance, performance, and engagement levels can be managed more accurately than if a training instructor tries to manually track trainees. Using analytics from LMS, companies can also advance specific employees through tailored training level-by-level.
Many LMS providers create software that can be adapted to meet specific company needs as well. Customizing the software allows training to reflect a company’s brand, values, and more. This can even allow companies to change training expectations based on each employee’s level of education, experience, and job role.
Top Employee Training Software Options
As the LMS market continues to grow, certain providers are standing out as the leaders of the industry. Some of the top LMS options today include:
Mindflash and Coassemble are two examples of cloud-based LMS solutions. These solutions, along with many others, are continuing to adapt and create ways for companies to put together lessons, modules, assessments, and more. Of course, there are pros and cons to every LMS option, including pricing, limitations, and aspects like which interface is best for specific companies’ training needs.
VR, LMS Software, and the Future of Training
Another form of technology impacting corporate training is virtual reality (VR.) Essentially one type of LMS implemented to immerse employees in their training, VR can be a way for companies to cut training costs while improving effectivity.
VR training is being used in multiple industries already, including healthcare and retail. It is expected that this type of LMS, along with multi-platform LMS options, will continue to change the way employees are trained in the future. Some challenges, including the need for more technological advances and for people qualified to develop training material that suits LMS will need to be overcome as this market expands.
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