If you could change just one reason that would increase employee productivity by over 200%, would you do it? Yes, of course, you would! But you’re probably thinking that such a change would be extremely difficult in order to have that kind of impact, right? You would be mistaken. It turns out, all you need to do is more of what you are already doing: training and upskilling your employees. An abundance of evidence to show how a good Corporate LMS along with a learning and development program can improve retention rates, boost productivity.
According to the Association for Talent Development (ATD), companies that offer comprehensive employee training programs have 218% higher income per employee than companies without formalized training. Additionally, these companies also enjoy a 24% higher profit margin than those who spend less on training. This is a clear indication that creating deep learning opportunities could be one of the most valuable investments a company can make.
What is Corporate Training?
Corporate training is the strategy of providing learners, internal and external to your organization, with the skills and knowledge they need to be successful. By furthering their success, you are, in turn, facilitating the growth of your business. Notably, this type of training is no longer just about training your employees (although that’s still important), it allows you to reach external audiences – your customers and partners.
However Corporate learning and development are changing rapidly. If you’re stuck in the days of flying trainers out to your company’s headquarters, putting them up in hotels, conducting huge seminars/instructor-led training, and still not seeing results, you’re living in the past. Now is the time of the corporate learning management system (LMS).
Let’s take a look at what a corporate LMS is and why you need one.
What is Corporate LMS?
Corporate learning management systems (LMS) is a software that helps companies organize, track, and manage efforts to train employees, customers, and other external partners or resellers. Corporate LMS are primarily used to manage employee training programs for onboarding, development, and compliance training purposes. Additionally, this LMS acts as a centralized repository of learning content for both employees and administrators, enabling companies to more efficiently deliver content for employee development or customer training.
Due to the faster pace of business, a more globally dispersed workforce, and changing technologies, these are few reasons why you need a corporate LMS:
To qualify for inclusion in the Corporate Learning Management Systems category, a product must:
Host courses and training materials within a centralized system that is accessible by employees or external users for corporate training purposes
Store training progress and performance records for evaluation by management
Allow administrators to customize training programs according to individual user needs
Offer built-in course authoring capabilities or integrations with third-party course authoring applications
A Learning Management System can save your company substantial training costs due to travel, accommodation, instructor costs, or expensive seminars/ conferences. A corporate Learning Management System not only helps decrease training costs but also provides you with the reporting tools to start assessing the ROI of your training program.
Getting employees to make time for learning and development is one of the most significant challenges facing L&D managers today. Moreover, with a modern workforce that is mobile, working remotely, or geographically dispersed, the corporate training is no longer bound to a classroom. With training material available on-demand (through e-courses), a corporate LMS allows you to train your employees anywhere and from any mobile device.
By structuring training as a series of microlearning sessions a corporate learning management system makes learning more engaging for the employees.
With employees accessing training materials from all corners of the globe on their own schedules, how do you know who’s completed the training?. But most corporate LMS include advanced performance tracking features that keep Administrators abreast of training progression at the Course level and individual learner level. If employees are having difficulty with a particular module, it might be time to update the training with something new.
A Growing business faces a lot of challenges- Onboarding new team members, teaching current employees new skills, updating documentation. All these take time and involve substantial costs. Training Programs setup on Learning management systems are significantly easier to scale across the organizations compared to traditional employee training programs.
All corporate trainers know the frustration resulting from creating a set of training materials only to find that they’re already out of date or no longer necessary. Compliance guidelines change regularly, and your company needs to be ready by Updating hundreds of printed binders which is costly and time-consuming. A corporate LMS will save you money on updating and delivering training when regulations change frequently.
Corporate LMS: How can it Benefit your Business?
Automating New Employee Onboarding
A corporate learning management system can help the HR team to automate the employee induction training process. For this, an onboarding training program can be created once and can be added to the LMS. The new hires can access this training content, which generally includes the company’s history, their vision, mission, & goals, organization policies and culture, leadership team, key products and services, clients & partners.
A good induction training program can simplify and streamline the new hire adaptation process, increase employee retention, and get them to work faster. Once success is achieved with an orientation program, most organizations start to incorporate specific training into their LMS like – sales, operations, management, software training, and more.
Simplifying Product Training
Product training has two major challenges associated with the process:
a) The valuable time of trainers is invested for recurring training on the same product.
b) The trainees have to wait for the trainer’s availability for coaching on the product and start working on it.
An Online course for product training can be included in a corporate LMS as a stand-alone course or as part of a new recruit onboarding program. This training gives employees a comprehensive idea of the features, benefits, and how to use the product. There is usually a quiz at the end of the course to assess how knowledgeable the employee is about the product and to assess if they need additional training. With an LMS for corporate training, you can also educate employees on new products or services, even before those products and services are released.
Job-Specific Skills Training
Getting people up to speed on job-specific tasks can be easily organized with a readily accessible corporate LMS that includes custom eLearning, curated resources, scheduled training, and personalized coaching. A robust learning path can detail the full array of training modules that will bring new people up to speed, giving all new employees a standardized experience and a complete training program. Job-specific skills training is a core component of employee education, especially for those in technical roles as technology is constantly changing, and even experienced employees need to update their skills regularly.
Ongoing job-specific skills training can help your employees always stay up to date with the latest developments and improve their performance over time.
Sales and Customer Support Skills Training
Comprehensive Sales training will educate your Sales team on how to predict customers’ needs, how to handle objections, close sales, and more. All of which are important for customer acquisition and retention. Additionally, you can introduce SCORM-compliant courses, assess employee knowledge with online quizzes, and develop their communication skills with the help of video-based assessments. A good training experience can make your employees better equipped to increase sales, and well-trained for customer management policies.
Channel Partner Training
Online channel training can help you enhance your company’s network and stay competitive. With a corporate LMS, you can provide your partners, vendors, and reseller with product updates and continuous training. Such online training gives them insights into your products, new features, and product applications.
Why choose KloudLearn?
KloudLearn helps deliver impactful corporate training with a simple, intuitive, and powerful Learning Management System. Create interactive training courses using our powerful course authoring tool. Use KloudLearn’s free Content Library which contains a collection of high-quality training materials across a wide variety of topics. Increase learner engagement through Gamification and Social Learning. Track training progress using prebuilt reports and interactive dashboards. Host online training through the KloudLearn Zoom Integration. Offer your workforce a continuous learning experience with KloudLearn’s mobile application contact us and find out how Kloudlearn can help you transform your enterprise learning or visit us at https://kloudlearn.com/