According to a 2017 report by Research and Markets, the global e-learning market is set to grow by seven percent to $331 billion by 2025. This growth is driven by demand for distance learning, government programs, increased global reach of the internet and e-learning platforms, and greater investment opportunities around the world. In 2010, the global e-learning market was just $32.1 billion, meaning there’s been a 1,000 percent increase in the e-learning economy in less than a decade!
In my opinion, this growth can be attributed to the demand of companies and organizations to train their employees in more effective, less costly ways. E-learning takes the focus of a traditional classroom and transforms it into a convenient and cost-effective platform. In fact, according to Roland Berger Strategy Consultants, 77 percent of U.S. corporations were using e-learning in their employee professional development programs in 2014. I’d bet that number is even higher today.
Do you know why most companies are turning to e-learning and why you should consider incorporating it into your own training efforts? Let me tell you why. A 2014 IBM report concludes employees are 12 times more likely to leave their job if they feel they aren’t equipped to achieve their career goals. Why not incorporate training that not only encourages your employees’ career growth, but can also increase productivity and revenue? E-learning has been shown to increase knowledge retention between 25-60 percent compared to traditional instructor-led training. According to research conducted by Shift E-Learning, companies spent 40-60 percent less of their employees’ time undergoing training; 42 percent of companies say they’ve seen increased revenue after employing online learning; and, revenues per employee were 26 percent higher for companies that used online learning.
Since the business community is increasingly expecting online solutions for training, a few years ago NACD decided to partner with a firm called Your Membership to create our very own online training platform, NACD U. We now have almost 200 courses listed in our course catalog on a wide range of topics like compliance, business skills, and product safety, and we continue to grow that listing on a regular basis.
Having managed this project and its growth since day one, I can tell you I’ve seen firsthand the demand in the business community for e-learning tools. Not only were we urged by member companies to create NACD Responsible Distribution®courses to help train their employees on the program, but we’ve seen tremendous growth in the number of courses taken since we launched NACD U in 2015. To date, more than 3,000 courses have been purchased by 784 users. This translates to 291 companies that have utilized the platform, or roughly 66 percent of our membership. We’ve also had many companies carry out bulk purchases of courses that they can use throughout the year as needed.
Since we unveiled NACD U, it’s become even more clear to me that e-learning can be a powerful way to keep your costs down while giving your employees the tools they need to enhance their skills anywhere there’s a phone, tablet, or computer. NACD U is a testament to that fact, and I hope you’ll take advantage of the benefits e-learning platforms (like NACD U) have to offer.