Data That Proves the Continued Importance of Employee Learning
Work as we know it will never the same. The COVID-19 pandemic has changed the way companies operate and the way employees get work done. Companies who don't meet these challenges face certain failure. To head this off, the most important thing to do is prepare, now.
Of course, that is easier said than done. Changes are happening at lightning speed and most companies are scrambling to keep up. In doing so, it’s important to understand the lay of the land and how best learning and associated technologies can help the organization survive and continue to operate successfully.
According to LinkedIn, 94 percent of employees will stay with a company longer if there are investments in learning. Below, I've curated 10 additional statistics that will bring value to the company’s learning organization and leaders.
While there isn’t much data yet that exists in a post-COVID-19 environment, these statistics shed some light on the realities organizations could face in the coming days, months and years.
- By 2025, the worldwide eLearning market is projected to be worth $325 billion. To put this in perspective, in 2014 the projected market was $165.36 billion. If the projection holds up, the market will have doubled in size. (Source: Forbes)
- Learning retention rates are said to increase between 25 percent and 60 percent over time because of eLearning. Face-to-face learning rates are lower, around eight percent to 10 percent. The reason: eLearning allows for great personalization. (Source: SH!FT)
- With eLearning, SH!FT says employees learning nearly five times more material without increasing time spent in training. IBM compared eLearning against traditional, face-to-face training methods and found those employees using eLearning grasped more material than their face-to-face counterparts. The reason: eLearners consumer smaller, more easily understood amounts of information making it easier to remember and understand the information. (Source: SH!FT)
- In 2019, the U.S. Federal Government generated $2.2 billion in eLearning revenue. Current data suggests that amount will decrease by 2021 to a little more than $2 billion. That amount, however, does not account for the current COVID-19 crisis. (Source: Statista)
- 65 percent of millennials in the United States say they chose their current jobs because of personal and professional development opportunities. Millennials are digital natives. Not to the level of following Generation Z, but they still have superior digital skills as compared to Generation X and Baby Boomers. (Source: eLearning infographics)
- In 2019, 67 percent of U.S. companies offered learning opportunities via mobile devices. Nearly every person in the United States owns and operates a smartphone. To put that in perspective, 99% of mobile users say mobile learning enhances their experience. As a result, the mobile learning market is expected to expan to $37.6 billion in 2020. (Source: eLogic Learning)
- Comprehensive training programs lead to a 218% higher revenue per employee. According to the eLearning Industry, Deloitte says the average employee needs 1%, or 24 minutes, of their work week dedicated to learning. Through microlearning, employees are able to absorb the latest knowledge and skills available which translates to an increased competitive advantage and higher revenues. (Source: eLearning Industry)
- 77 percent of U.S. corporations offered online learning to employees. 98 percent say they will incorporate it into their current programs by the end of 2020. To give that statement context, in 1995 online education was utilized in only four percent of U.S. companies. (Source: eLearning Industry)
- 68% of employees say training and development is the company’s most important policy. A higher premium is placed on skills by employees these days. As a result, they want to continue developing the ones they have and gain new ones. Companies who nurture that growth gain a competitive advantage. (Source: ClearCompany)
- 40% of employees with poor training will leave the company within the first year. An employee who sees a lack of professional growth opportunities at his/her current employer will seek those opportunities elsewhere. Offering professional growth will help retain high potential talent within the organization. (Source: go2HR)
One thing is for certain, learning is more than just training employees to do something day-in and day-out. It’s also about engagement, both with each other and with the company. For the company, it’s about showing employees they matter through that investment.
L&D Leadership in Times of Great Change
Most seasoned learning and development executives have been through economic crises before. They know the agony before the organization adapts and bounces back.
Yet in the shadow of the coronavirus pandemic, the collapse in business activity is far more severe than in previous recessions. That's the reality.
That’s the focus of our first virtual conference: L&D Leadership in a Time of Great Change. The event itself and accompanying webinars are designed to help learning leaders navigate through uncharted waters. To learn from the best. To avoid expensive trial-and-error learning.
Why attend this virtual conference? You'll hear case studies, winning strategies and evidence-based results from strategic management leaders & learning executives charged with the awesome responsibility of managing L&D in today's new business climate.
This virtual conference is free-to-attend and is open for registration. It begins at 12p Eastern Time on July 14 and 15. To learn more about the event, see the premiere speaking faculty, access pre-event content and to register for the event, click here.