eLearning for Growth
Clive Smallman
Helping Individuals, Businesses & Institutions Achieve Sustainable Growth & Excellence | CEO | Professional Director | Business Coach & Mentor | Emeritus Professor | Higher Education Advisor
eLearning is increasingly prevalent. Its growth was increasing steadily before COVID, but its adoption now has been accelerated.
The global corporate eLearning market size will be worth $50 billion by 2026. With an annual growth rate of 15% from 2020 to 2026, the corporate market will be one of the biggest drivers of the e-Learning industry. 90% of corporations now use eLearning compared to just 4% in 1995. ABB, a Swiss-Swedish multinational corporation, operates e-learning for up to 80% of all employee training. From 2012 to 2015, they experienced a six-fold increase in supply chain management online training.
eLearning enables engagement at volume; for example, with corporate e-learning, IBM managers were able to learn five times more content at one-third of the cost. As a result, IBM saved $200 million, which accounted for around 30% of their previous training budget. There is a demonstrable link between eLearning and revenue generation; for example, in a recent survey in the US, 42% of companies saw increased revenue after implementing eLearning. eLearning promotes efficiency, and recent research shows that it takes 40% to 60% less employee time than traditional learning. It also reduces training costs. Shell, one of the largest oil companies in the world, has used eLearning to reduce the cost of their most expensive training programs by 90%. They also deliver more than 12,000 virtual lessons and save over $200 million. eLearning encourages retention: a recent report shows that 94% of employees say that they would be more willing to stay in those corporations that prioritize and invest in employee career development.
Often when we get into difficult times, the temptation is to cut training. But, the impacts of eLearning on revenue generation, efficiency and staff retention make it an attractive proposition if we’re trying to stimulate growth. So, if you’re struggling to justify training, look for opportunities to adopt eLearning.
(All statistics sourced from https://e-student.org/e-learning-statistics/)