We all know an LMS is a valuable tool. But should YOUR small business invest? Here are 5 of the most pertinent reasons to invest in an LMS.
While you may have heard a lot about implementing a learning management system (LMS) for your organization, you might have limited knowledge about what an LMS actually is and why it’s important. Learn how an LMS can assist managers, help your HR department get organized and reduce the cost of training, all while improving your company’s bottom line.
What is an LMS?
A Learning Management System (LMS) is an integral part of an effective competency management plan. Typically, an LMS is an e-learning platform that takes account of current staff members’ skills through assessments and aids in competency development through courses and other online training initiatives. Learning management systems also provide an easy way for management at all levels to acquire and use valuable data for planning and decision making.
What Kind of LMS Do I Need?
There are several types of LMS platforms. Depending on your budget, the size of your business, and the amount of customization required, you’ll need to do a little research to make a well informed decision whether or not to invest in an LMLS and about which solution will best meet your needs. Learn more about LMS types and which features to look for when choosing an LMS on our blog.
Why Do I need a Learning Management System?
Setting up a learning management system is the most comprehensive way to roll out a company-wide learning initiative. Investing in an LMS will allow you to create a competency-based curriculum for your employees as well as automate, record and track employee skill sets. Here are some of the most pertinent reasons for your organization to invest in an LMS.
1.) An LMS Can Be Tailored to Each Employee’s Individual Needs
Unlike training initiatives of the past which were mainly paper-based, rigid, disorganized, and disconnected, a software-based learning management system allows you to truly understand your staff’s current skill sets as well as their ongoing learning needs.
With an LMS, it’s easy to track employee progress and skill set development as well as make note of each individual’s needs. This creates a system that allows staff to quickly and efficiently learn new skills while providing valuable data for how to best train future employees.
2.) An LMS Allows for Consistent Corporate Training
Once an LMS is established, you don’t have to worry about what staff are learning during training sessions. With a strong curriculum, you can rest assured that employees are always up-to-speed on your organization’s current procedures and industry standards.
For organizations who must regularly train staff, using an LMS is the straightforward and economical choice. Many LMS solutions, including Avilar’s WebMentor LMS™ for Small Business, allow employees to access courses remotely and on their own time. This takes the pressure off of employees who already have a full work-load as well as extracurricular activities and family commitments. In comparison to the usual day-long training session, after-hours workshop or weekend seminar, not only is an LMS a more cost effective option, the freedom for staff to take courses on their own terms is a huge benefit.
In addition to online courses being an employee preference, it also lends itself well to staff who may work at a slower, or faster, rate. Every employee is different and the ability to work at your own pace is a necessity.
3.) A Better Company Culture
For many business owners, company culture may not be a high priority. Maybe on paper, the idea of happy, motivated employees just isn’t as important as the bottom line. The truth is that your company culture and your bottom line are actually more correlated than you think.
Studies have shown that company culture directly affects employee motivation and retention. When employees aren’t feeling valued or they’re concerned that their skill sets aren’t strong enough to move up within your organization, it affects their ability to produce their best work, in turn, inhibiting your organization from progressing.
With an LMS, staff always know where they stand, how they can hone their current skills, learn new ones, and create a career path for success within your company. Providing an LMS supports staff and makes them feel valued. Learn more about the importance of strategic workforce and succession planning on our blog.
4.) An LMS Can Aid Recruitment Efforts
When the HR department sets out to fill an open role, they typically will receive a vague job description and requirements. Many times, what a manager gives to HR and what is truly needed for that role do not align. The most efficient way for recruiters to find the perfect candidate is by knowing exactly what the new hire needs to be able to do, and what skills they must have to do the job well.
With an LMS in place, the data recovered through assessments, courses, surveys, etc., creates a gold mine of information. The better the data on current or previous employees, the more concise a recruiter can be during the hiring process. That means better hires for your business.
5.) Your Company’s Bottom Line
When it comes down to it, you might say that the most important purpose of your business is to maximize profit. However, in order to do so, it’s important to invest in the betterment of your workforce and to set procedures in place now so that you can reap the rewards later.
Implementing an LMS should be just one important piece of your strategic workforce plan. Learn more about how to create an effective competency management plan on our blog.
Interested in learning more about Avilar’s WebMentor LMS™? Contact us today to schedule a demo and we’ll help you determine if your small business should invest in an LMS.
And learning with an LMS can actually be significantly cheaper than traditional ways. So, win-win!