Is Your LMS Delivering Noticeable Returns If No Then What Are You Missing On

Deploying a Learning Management System (LMS) for aiding your Training and Development (T&D) function is one part of getting things right. However, as with most other software systems, it is difficult to get everything perfect in the first shot. In this scenario, not only would you not be able to achieve whatever was expected but also you could face situations detrimental to business interests, such as:

Penalties due to non-compliance

Compliance is a major aspect that needs to be factored in for companies operating within sectors such as banking, mining, manufacturing, pharmaceuticals, and so on. Lack of effective training outcomes may result in non-compliant employee actions resulting in penalties

Compromised record on Employee/Contractor Safety

Companies within certain sectors require employees to undertake physical risks while performing routine tasks. For such companies, it is essential to ensure strict adherence to safety norms. If employees are not trained effectively to ensure compliance to safety protocol, there might be unfortunate injuries or casualties at work, resulting in a major loss of goodwill.

Non-optimum Employee Productivity

Lack of effective training may lead to longer onboarding time, employees failing to understand key processes or product features, being unclear about their KRAs, and expected KPIs, as well as staying under-skilled for specific roles. This would result in sub-optimal work outcomes.

As such, you need to be constantly vigilant about whether the introduction of an LMS has been delivering the expected results. It is to enable you to track the returns on your investment in LMS that GyrusAIM Learning Cloud offers you an ROI checklist. The checklist will help you in tracking:

• - Average onboarding time
• - The average cost per lost employee (important because you would incur costs on an employee who has to be laid off which would have to be written off as sunk costs.)
• - Turnover Rate
• - Cost to Train (key consideration which could assist in making decisions on hiring and promotions)
• - Costs incurred on L&D staff, programs, and overall L&D expenses

By monitoring the results based on the above check-list, you would be able to ensure:

Time and Cost Savings

The time taken to get a newly recruited employee to be work-ready would reduce, meaning that you spend a lesser amount on salaries during the training phase when the employee is not delivering business.

Weeding out of Training Deficiencies

By identifying issues and shortcomings with your training programs, you can troubleshoot one problem at a time, eventually leading to the evolution of highly effective training modules.

Drive Revenue

By developing training modules which can ensure effective learning, you can ensure growth in both operational revenues (through increased customer retention, higher sales due to more convincing salespersons) as well as non-operational revenues (by selling courses externally)

As seen above, you must keep a track of how well your LMS is delivering on pre-decided KPIs. By making the GyrusAIM Learning Cloud ROI checklist, you would be able to unlock the full potential of your LMS and achieve superior returns on your investment on it.