The eLearning community has seen a dramatic rise in prominence over the past 10 years and is projected to continue its momentous rise in the years to come. In 2015, the eLearning market was valued at $105 billion dollars and is expected to more than triple by 2025, reaching $325 billion. This staggering increase means more companies are integrating eLearning tools into their HR training programs. So how does a company do that?
The Rise of eLearning
Distance and time are two of the most common roadblocks to employee training and development. As companies become more global, it is reasonable to find employees spread out farther than ever before. So, organizations are responsible for finding ways to train employees in more innovative ways. Technology has proven a worthy ally for learning.
One of the other major influencers for the rise in eLearning is government regulations that require businesses in a variety of industries to comply with certain standards and guidelines to acquire accreditation or meet legal requirements. For example, HR departments are required to prove that employees have received training on topics such as anti-sexual harassment, safety and other development programs. Meeting these requirements is made easier through eLearning tools that companies use by allowing employees and employers to track progress and keep up to date with who has completed specific training programs. In addition, eLearning has allowed for greater flexibility with employee’s schedules and locations. Employees in different areas can learn the same material and utilize the same skills.
Technologies used in eLearning have helped companies by providing customized and easily deployed programs that facilitate HR executives and employees in receiving training and developing skills. In addition, these eLearning solutions offer organizations cost-saving programs without reducing learner retention or satisfaction.
eLearning in Context
Augmented reality (AR) and virtual reality (VR) are becoming extremely popular training tools for employers and employees. Titans in all business sects have started to integrate VR and AR into their development programs using apps, consoles and games. One of the most popular VR consoles—the PlayStation VR by Sony—has reported selling over $500 million worth of units, many of which are being used by businesses.
Walmart has recently begun to use VR technology to prepare employees for crowd control and how to handle customers during Black Friday sales. They also have used the technology to teach employees to stock shelves more efficiently. Coca-Cola and Home Depot have begun using apps and games to train and engage employees. Additionally, Farmers Insurance has used AR/VR to teach employees how to estimate accident damage costs.
Online Trends in eLearning
In 2019 there are more than 4.39 billion internet users around the globe. This marks an incredible transition as all industries shift to keep up with the quickly expanding global community. In tandem with the increase to internet access, more individuals can access technology, resulting in a more tech-savvy world. The general population and rising employees of the future are more comfortable with technology and the gadgets and tools that come with it. As a result, companies are required to keep up.
Organizations are now being encouraged to develop company-specific online tools that employees can use to continuously learn and develop. These online tools should be tied to the company’s business needs. Through online access, employees might be able to find information about jobs, online development courses and course registration.
The use of online courses within organizations is widely popular, as the projected growth of the online course market is projected at 10% each year. This steady increase is, in part, attributed to the constant change that industries experience. Decisions within companies are made more quickly than ever before. This means having more resources and more complete training systems, which can be the difference between maintaining a competitive edge and falling behind.
eLearning in Your Company
New technology has created an opportunity for businesses to grow and develop. These tools are met with the need to have employees who are constantly being trained. This is where online courses can help. Online and eLearning systems allow for the employer and employee to keep up with the demands of the future, while keeping the responsibility for those tasks within the organization.
For more information on how your company can implement and improve an eLearning program, visit https://coreaxis.com/innovative-learning-solutions/ to see how CoreAxis can help.