From a fringe effort to a mainstream mechanism, the eLearning industry has managed to create a ripple effect through the corporate and education sectors alike. But without a closer look at the growth, numbers and latest eLearning news, you might miss the positive effect that eLearning has on the organizations that utilize the technology for training and development. Take a look at eLearning by the numbers and see the impact it generates: Past, present and future.
The eLearning industry has enjoyed a rapid rate of growth in the past few years, with an upward trajectory predicted going forward. In fact, eLearning and technology-based training and development is on track to grow at an average of 23 percent from 2013 to 2017, according to The Education Factbook 2012. And why the sudden switch to eLearning efforts? It depends on who you ask. In a survey completed by the Novations group, 65 percent of organizations noted that budget and time constraints were a major player in their decision to implement eLearning, while 45 percent noted that a desire to spend less per learner was the catalyst. No matter the reason for the switch, organizations are seeing results, thanks to their eLearning training efforts.
Fickle employees and a lack of on-the-job training can have organizations scratching their heads. Of course, the numbers don’t lie: In a survey conducted by Bersin & Associates, a whopping 25 percent of employees left a company simply because there weren’t enough training and learning opportunities. Surprised? We aren’t: Employees consistently clamor for growth, and when they feel stuck, they flee. But the same survey revealed consistent benefits for organizations as well as their employees: Over 41 percent of Fortune 500 companies rely on eLearning for their training needs and those utilizing eLearning training methods were 46 percent more likely to be an industry leader and 17 percent more likely to become the overall share leader. The bottom line? Companies that used eLearning as a training and development tool enjoyed 26 percent more revenue per employee.
Wondering what’s next for eLearning? As an industry that is constantly evolving and innovating, eLearning pros apply new technology to the business of training. From utilizing big data to create a more consistent and personalized learning experience to harnessing the power of users’ own mobile devices, eLearning proves that you don’t have to be in a stuff conference room to train and educate. Today, eLearning represents a $55 billion dollar industry worldwide, with that number set to double by 2015. It’s clear that organizations the world over are ready and willing to make eLearning a priority, with good reason: Improved performance, revenue and employee satisfaction essentially makes traditional training old news.