Until recently, the case for investment in employee training was simple: businesses faced a tight labor market where finding the right skills was often close to impossible—you needed to keep the top talent you had and the best way to do this was by investing in their development with a Learning Management System (LMS). Now, with unemployment rising to its highest level in decades and an uncertain economic recovery, what role does an LMS have to play?
In the current economic uncertainty, hiring freezes mean that developing internal talent could be the only way to find the skills you need. And with many companies making do with less, employees need to get up to speed with new roles and responsibilities. Adding yet another layer of complexity to employee training is the shift to a remote workforce.
The new normal of increased remote work only strengthens the case for investment in an LMS—for both current employees and new hires. It’s all about engagement (which has proved volatile during the current crisis). Away from the workplace, without the day-to-day learning interactions that can inspire personal growth, employees will appreciate a more concrete development plan.
A comprehensive training program can give employees the reassurance they need. There’s still a place for classroom learning but online courses offer benefits for everyone, not just remote workers. Utilizing your LMS for online courses isn’t just safer, it’s cost-effective too.
But it’s not just money that is saved, it’s also time. Employees are given the flexibility to complete courses whenever (and wherever) is best for them, and at their own pace. Employers, meanwhile, don’t have to multiply costs by paying trainers to repeat courses year after year. Instead, funds can go to improving courses and increasing overall training ROI.
The Benefits for Employees and Employers
The good news is, when employees are offered training, businesses benefit too: with more skilled and engaged employees, how could they not? Investing in employee development has been shown to raise profitability by 11% and double employee retention rates. This is a big deal, when it can cost 6 to 9 months’ salary to identity, recruit and onboard new staff.
Here’s the thing: while the labor market has changed, the reality of work hasn’t. To succeed, businesses still need engaged employees who stick around. And this requires training: 91% of employees think about career development and training when they are deciding whether to stay in a job.
Paycor’s Learning Management System in Action
Paycor helps employers create, manage, share and track training programs. This allows companies to establish a learning culture that drives recruitment, retention and overall employee engagement. Here’s how:
A User-Friendly Experience
Training can be a chore for employees, but it doesn’t have to be. While some topics are never going to be thrilling (hello mandatory compliance courses), you want to have an intuitive, streamlined system that avoids the kind of roadblocks that get in the way of learning.
With Paycor, you can create an engaging employee experience with a visually intuitive and interactive training program that can be accessed anytime, anywhere. Employees can earn badges and points as they complete courses, compete against other members of their organization and chat with other learners on course discussion boards.
Unlimited Course Content Options
Create your own content with our online course builder to tailor learning paths for groups, teams, departments or individuals—maximize engagement for learners of all abilities by utilizing videos, quizzes and surveys.
Reduce administrative overhead by automating small tasks like notifying learners of upcoming assignments or issuing course completion certificates. Then, to make sure that everything isn’t forgotten the second the course finishes, set periodic follow-up questions to help reinforce learnings over time.
Often though, creating new courses won’t be necessary. Instead, employers can take advantage of our extensive course library covering topics including personal development, HR, policy and compliance, health and safety and security.
The Data Businesses Need to Prove (and Improve) Training ROI
It’s not enough to provide a great learning experience—administrators must also be able to track employees’ progress. Customize your dashboards to showcase the data that’s important to you, with metrics and actionable insights highlighting where your training strategy can improve. You’ll be able to provide hard numbers to the C-suite showing the ROI on your learning program—bonus!
And remember, training isn’t always about development: mandatory compliance training is a requirement organizations have to take seriously. If you’re audited, it can be tricky to prove employees actually know their stuff. The good news is, you’ll always have backup documentation—our LMS offers comprehensive reporting on exactly who completed which courses by date and time.
Invest in Learning with Paycor
Paycor’s LMS offers award-winning learning management. We combine virtual, classroom, mobile and social learning modules on one platform, to enable your employees to learn when, where and how they want.