In addition to boosting employee’s performance and productivity, learning and development (L&D) help enterprises from various sectors to improve employee satisfaction and reduce employee churn. Like large and established enterprises, small businesses can increase revenue and accelerate growth by investing in employee training.
Several studies have highlighted how investment in employee learning and development (EL&D) helps businesses of varying types and sizes to increase profit margins.
According to Huffpost.com, “Companies investing $1,500 or more per employee per year on training average 24 percent higher profit margins than companies with lower yearly training investments.”
Like large businesses, small businesses often find it challenging to invest more in employee training due to a lack of budget or funds. But many small businesses and startups these days leverage cloud-based LMS solutions to facilitate employee training and create a culture of learning by overcoming constraints related to the resources and skills.
Unlike conventional eLearning solutions, cloud-based LMS solutions for small businesses can be accessed without escalating upfront and recurring infrastructural costs. A small business can access the eLearning software based on several Software-as-a-Service (SaaS) pricing models. Also, the LMS solutions can be scaled and customized according to the precise eLearning needs of a small business.
However, the new-age LMS platforms come with built-in features to make EL&D strategies effective by boosting learning experience and learning engagement. A small business can ensure knowledge retention and transfer by implementing some of the hottest eLearning trends – learning gamification, microlearning, and social learning.
That is why; small businesses can leverage many benefits of LMS to accelerate growth and compete with large companies by making EL&D an ongoing process. If your business or organization is yet to invest in eLearning solutions, it is time for you to understand the growing importance of LMS solutions for small businesses operating in knowledge economies.
9 Reasons Why LMS Solutions Have Become Extremely Important for Small Businesses
1) A Culture of Learning
Many small businesses already leveraged LMS benefits to create learning cultures. The learning culture motivates and persuades employees to acquire and hone professional skills by acquiring, sharing, and applying knowledge regularly. Your small business can use a single LMS solution to train, upskill, and reskill employees by deploying many EL&D programs. In addition to delivering onboarding, compliance, process, and sales training, the LMS will help you improve operational efficiency by sharing relevant and up-to-date information with many employees simultaneously and quickly.
2) Remote Employee Training
According to a report published by McKinsey & Company,
“Remote work and virtual meetings are likely to continue, albeit less intensely than at the pandemic’s peak.”
Your business cannot train employees using conventional learning methods when they work from home. But you can use one of the LMS solutions for small businesses to enable both onsite and remote employees to acquire knowledge and skills over the internet. Every employee can access the new-age LMS solution on her desktop, laptop, smartphone, or tablet. Also, she can complete training programs and online courses after working hours without affecting professional responsibilities.
3) Self-Paced Learning
Most LMS solutions for small businesses these days support both instructor-led training and self-paced learning. But working professionals, unlike students, feel engaged and motivated when they have the option to learn at their own pace and convenience. An employee can access the LMS software on both computers and mobile devices. Hence, she can acquire knowledge after working hours or during work breaks. In addition to preparing her own schedule, she also has the option to acquire knowledge and skill using her preferred learning style.
4) Multi-Format Digital Content
In a traditional training environment, your employees can acquire knowledge only by reading training material or listening to the instructor. But LMS solutions enable employees to choose from many learning styles and personalize learning paths. An employee can acquire knowledge in her preferred way simply by choosing the appropriate digital content – ebooks, documents, presentations, audio, video, quizzes, and infographics. You can leverage the benefits of the LMS solution to enable your employees to personalize their learning paths by reading, watching, or hearing.
5) Subjective and Objective Assessment
The LMS solutions come with built-in features to monitor employee activities and track employee progress without human interventions. You can easily know if the employee is acquiring knowledge and skills regularly simply by generating reports regularly based on real-time learner data. At the same time, you can measure and ensure knowledge retention using both subjective and objective assessments. You can even boost learning experience and knowledge retention by asking employees to share feedback and suggestions using the options included in the LMS software.
6) Employee Engagement Options
Many businesses still prefer conventional training to online training to keep employees interested, engaged, and motivated. Most of the LMS solutions for small businesses are developed with built-in features and functions to keep learners engaged and motivated. You can keep employees engaged by implementing features like discussion forums, leaderboards, query corners, and chats. Also, you have the option to boost learning experience and learner engagement simultaneously by implementing microlearning, gamified learning, social learning, and similar popular trends in EL&D.
7) Superior Customer Service
Small businesses find it easier to increase sales conversion through customer retention than customer acquisition. In addition to being less expensive the customer acquisition, customer retentions help small businesses to gain repeat businesses. Your small business cannot improve customer retention and loyalty without delivering excellent customer service. Your business can deliver excellent customer service only by polishing employees’ customer service skills and enabling employees to access up-to-date information. You can leverage the benefits of LMS software to improve customer service quality and delivery by training employees regularly.
8) Customer Training
In addition to automating EL&D activities, the LMS solutions create opportunities for you to boost customer experience by offering educating learning. As a popular form of eLearning, customer training helps your small business to impress and retain customers by helping them to use your product optimally and maximize the benefits of the product. You can use the LMS solution to educate customers by providing relevant information and materials by creating multiple customer training programs. You also have the option to share the information with customers in multiple formats – ebooks, videos, and audiobooks. The customer can access the microlearning course to gather useful and relevant information in about 5 to 10 minutes.
9) Reduced Upfront and Ongoing Costs
Often small business owners believe that LMS solutions escalate both upfront and ongoing costs. But you can eliminate the need to set up and manage onsite IT infrastructure by opting for a cloud-based LMS solution. The vendor will configure and customize the cloud-based LMS solution according to your business’s eLearning needs. At the same time, your business need not deploy dedicated IT staff to maintain, update, and support the cloud-based LMS solution. The vendor will keep the LMS solutions up-to-date and keep your sensitive data secure without requiring you to escalating costs.
The cloud-based LMS solution for small businesses launched by Mintbook helps your enterprise to train your employees continuously and effortlessly without escalating upfront and ongoing costs. In addition to supporting multiple languages, the LMS solution can be used by your employees without any technical skills. Also, you can boost EL&D strategies by enabling employees to access a large repository of multi-format digital content.
