If you have been considering investing in learning management, there is no better time than the present.
The COVID crisis sent the business world into a tailspin—remote work went mainstream, furlough became a household word (in fact, “what does furlough mean” increased over 5,000% at the height of the pandemic), and for many, budgets were cut and initiatives halted to keep business doors open.
Business leaders were forced to reevaluate priorities. Nice-to-haves were buried in a fast-growing pile of urgent, must-haves. For many, employee training was lost in the cut.
If you’re not learning, you’re not growing.
As tempting as it may be to eliminate it from your business plan, learning management is essential for a growing, thriving business, especially during this uncertain time. Here we explore the top reasons why now is the perfect time to invest in learning management.
Deploy Essential Training
As the COVID outbreak unfolded, organizations who lacked a well-thought out business continuity plan were at a disadvantage. For many, the pandemic revealed gaps in their approach to training employees.
To rebound, teams need to be on the same page. A learning management system (or LMS) can ensure consistency between departments. It can centralize your efforts, providing an efficient way to create, deliver, and track online training across your entire workforce.
An LMS also helps businesses manage compliance training and certification, which is critical during a crisis.
Engage Your Remote Team
According to SHRM, during the COVID lock down, about two-thirds of Americans were working from home. Research suggests that remote work will be the new normal. According to a Gartner survey, 74% of companies intend to shift some employees to remote permanently.
Remote workers face unique struggles including lack of communication, isolation, and loss of engagement. Providing opportunities for employee development is a proven method for engaging employees and shouldn’t be compromised because of remote work.
An LMS eliminates time and distance barriers that prevent efficient learning and enables employees to access courses online, and at their own pace, without having to complete any in-person training.
Retain Your Workforce
With so many unknowns, now is not the time to lose top talent. Turnover negatively impacts employee morale, productivity, and your bottom line. SHRM estimates the average replacement cost of a salaried employee to be six to nine months’ salary.
With the newfound responsibilities related to COVID compliance, replacing vacant positions is not something you or HR want to deal with now.
According to Gallup, organizations that have made a strategic investment in employee development are twice as likely to retain their employees. Providing employees with opportunities to learn with an LMS that’s easy and accessible demonstrates the employer’s commitment to them, which in turn drives retention.
The Investment is Less than You Think
A common misconception is that an LMS is too costly or too cumbersome to implement. An LMS is more cost-effective than you might think (less than treating your employees to a cup of coffee each month) and is simple to execute.
Balance Point’s LMS is integrated within our HCM platform, so there is no need for an additional system. Easily upload your own content and provide user-friendly courses across your entire organization. Employees can add courses and paths to their dashboard with a single click. It’s also easy to create a custom course for a specific team.
Now, as businesses focus on resilience, flexibility, and continuity, learning management plays an essential role in achieving long-term goals.
To learn more about Balance Point’s learning management solution, click here.