Businesses of all sizes now see the benefits of introducing e-learning to their corporate training. Due to the pandemic, there was a significant surge in educational technologies such as Learning Management Systems (LMS). Now e-learning plays a central role in corporate training. It helps businesses to cut their instruction and learning expenses by about 60%.
Employers want their employees to advance themselves and develop their skills systematically. To provide the enabling factors for continuous learning, the employer should arrange the conditions necessary for this.
Since numerous organizations accept the necessity and demand for continuous learning these days, learning management systems are becoming common at workplaces. Let’s look at what a corporate LMS is and how your business can benefit from it.
What is a corporate LMS?
LMS is a software that helps to manage onboarding processes, career training and skill development. Implementation of a corporate LMS enables employees and C-level management team to meet specific e-learning needs. Moreover, LMS is a repository of learning materials — video lessons, lectures, presentations, books, and courses. It can be accessed from any device.
Top corporate LMS solutions deliver online courses and other learning materials (video lessons, lectures, presentations, books) to your employees. It helps to onboard new employees, then give them the knowledge and skill development tools required to perform their roles and, ultimately, advance faster in their careers.
What functionality an LMS includes:
Every LMS has its own unique set of features. This is what distinguishes each product. Simultaneously, there is a specific employees’ expertise standard set of features and settings that are most common and present in almost any LMS. Let's take a look at some basic features:
- User and Role Management
You can assign different roles to users.
- Content management
Providing employees with information which is already structured increases the speed and efficiency of its processing.
- Testing and assessment
It helps to assess the knowledge of each employee or department and identify weaknesses.
- Messaging and notifications
It helps to automate sending notifications to each user about new content, activity, processes, thereby saving a lot of time and resources.
- Customization and branding
Your learning environment and branding should be an extension of your culture and who you are as a company. White labelling will fit nicely into your current workspace. LMS is not just a tool, it’s a part of your corporate culture.
- Reporting and tracking
Analytics helps to track attendance, progress, and mastery of the material, based on which managers can track employees’ progress and adjust the training program.
Using the platform, employees can:
Have access to ready-to-use video content;
Take assignments and tests, receive grades, see the schedule, and receive class alerts;
Track their own learning progress;
Submit homework for review;
Participate in group and individual video chats;
View and comment on lessons.
Since companies have their specifics of training and requirements for its functionality, they prefer systems that can be customized — they turn to specialists for building a custom solution and thus reaping all the benefits of LMS.
Implementation of a custom LMS for corporate training enables employees and C-level management team to meet specific e-learning needs.
Here are some additional features that can be added to custom LMS:
Gamifying learning creates an engaging learning experience. It sets clear goals and milestones, and identifies achievements which motivate your employees.
Integration with third-party services
By having a solution integrated with the software you’re already using, like an HR system, CRM or webinar tool, you can automate actions, including user creation and access, data synchronization and enrollments.
Every company grows, and the platform must be able to evolve with the company.
Automatic transfer of specific content will help you save a considerable amount of your time.
Customize the app with your company logo and other personalized design elements.
Setting up notifications
Connect notifications to any messenger or email you like.
Determine for yourself the format, duration, and type of testing in the system.
How Can a Corporate LMS Help Your Business?
The transition from traditional, offline training to e-learning may seem challenging, but the results are worth it. For every dollar spent on e-learning, businesses make back $30 in productivity. Moreover, having the appropriate tech in place will make this transition smoother.
Use cases for a corporate LMS:
1. Company's Products Training
Corporate LMS is an appropriate tool to educate your employees on your services or products. Steady acquisition and processing of information lead to a deeper understanding of processes, products and services, increase employees’ efficiency, and, consequently, bring more business benefits.
Johnson & Johnson has more than 350 products represented. With the help of the best corporate learning management system the company tests and trains its managers to know all the product range from A to Z.
2. Smooth Onboarding
LMS helps to optimize onboarding process. New employees study the company's history, values, mission, corporate culture, partners and clients. It makes the initial adaptation faster.
Oticon Inc states that they use an LMS system to transfer knowledge and information to new managers around the world, no matter where they are now.
3. Knowledge Sharing With Partners
LMS implementation boosts affiliated programs and provides more value to counterparties through affiliated learning management.
Hyundai mobis provides 400 dealerships with useful training workshops, e.g. corporate culture, mission & vision, business goals using corporate LMS. Having switched to e-learning they reduced their training costs to a fifth.
4. Specific Skill Training
Using LMS, you can assign employees to specific courses to learn the necessary job skills. You also can train several teams or departments at once.
Villa St.Vincent specializes in the medical field. It is vital for them to train employees in different areas, such as laboratory and clinical skills. Since they started to use LMS to achieve their goals, they have managed to increase employee retention from 69.6% to 86.4%.
5. Sales and Customer Support Skills Training
LMS plays a considerable role in the system for sales training and ensures the volume of products sold, providing salespeople precisely with the knowledge and information they need.
Forapharm provides knowledge training about products and services for their sales representatives with dialogue simulations, which is really helpful to improve soft skills.
Five reasons why you need a corporate LMS
1. Training Cost Reduction
You will not need to pay for traveling, printed materials, and on-site facilitators. In this case, training costs will be dramatically reduced. On average, the transfer of corporate training to an LMS-platform reduces its cost to a fifth.
Like any other aspect of business, training requires money. The Gallup State of the American Workplace report found that inadequate training costs businesses $13.5 million per year per 1,000 employees. A company can quickly reduce its useless investment by implementing an LMS. With time-saving tools, more effective training methods, and improved accessibility, the right platform will be a necessity for a successful business.
2. Easy Tracking Of Learner Progress
A learning management system allows you to keep track of the progress of your learners. It also allows you to know if their learning goals are met.
3. HR Processes Automation
HRMs can digitize databases and documents, create programs for the personnel department and automate up to 70% of their routine work. Thus, HR managers don’t waste time on processes that can be auto-motivated and stay more focused on their tasks.
4. Increased Performance Management
By empowering your staff through training, you manage the company's productivity growth by making the most efficient use of human resources.
5. Reduced Employee Turnover
By maintaining compliance with training requirements, you raise your ratings as an employer in the marketplace and enhance brand reputation.
Moreover, you can measure the ROI (Return on Investment) by dividing the sum of these gains and savings by the learning management system’s cost. Thus, you will be able to track, analyze and understand the size of investments and return on implementing LMS into the business process. Here is how you can calculate it: [Gains + Savings] / Cost of the LMS = ROI
How we can help: PioGroup Expertise
We have a profound expertise in educational solutions development. Here is one of our recent success stories. We were recently approached by a law firm that wanted to implement and optimize HR and education processes in the company. The client wanted to put onboarding processes on track, reduce the time spent on HR activities, and increase the expertise of its employees. To develop the product that will match all business needs, the business owner chose to create a custom LMS.
The main objectives that stood behind the LMS implementation were the following:
Optimize the onboarding process.
It was necessary to cut hours of HR managers spent on onboarding. At the same time, to give employees a quick and interactive access to corporate values and company culture, regulations and policies.
Build an effective employee training process.
The company needed to improve employees’ skills: hard skills (civil and international law) and soft skills (the art of negotiation and stress resilience). All the necessary materials, such as links to events, videos, books, tests and training, were uploaded to the corporate LMS.
Also, we implemented Machine Learning (ML). The system itself offered relevant topics to employees who passed the basic development plan — new tests, articles, videos or links.
Thus, the corporate LMS helps employees to optimize the learning process on an ongoing basis. The employees achieve their goals, grow professionally, and are satisfied with their development. At the same time, it helps the company to improve its performance metrics and employee expertise. It positively affects the client retention rate and increases the overall performance of the company.
After integrating LMS, many companies reported that people began to adapt more quickly, intensively develop a passion for the company’s spirit, and share corporate values. Furthermore, they reduced costs for organizing employee training and improved employee performance.
Having a deep understanding of the corporate training process, we are ready to support your business with a tailored corporate LMS software to meet your business needs. Our custom LMSs comprise an easy-to-use interface, a quick constructor of courses, knowledge assessment, user management, have an adaptive UI, data import and export, interface branding, reports. To suit your specific business needs better we are eager to integrate LMS with special services such as video, chats, payment gateways, plugins, CRM, and API.
We provide different organizations, like small and medium-sized businesses and enterprises, with appropriate learning management systems. In our approach, we use both options: custom solution and open-source LMS. This approach helps to adjust LMS development to the company's business needs, size and budget and to develop additional features if needed. Contact us and we will turn your idea into a product.