Companies that deliver corporate training can boast a 218% higher income per employee and a 24% higher profit margin than those who don’t. Investing in employee training and development, when done well, is profitable.
However, corporate learning is changing rapidly. If you’re still betting on in-person training, making coaches fly to your affiliates and host instructor-led sessions after work, you’re stuck in the past. The ability to learn anytime and anywhere is a better fit for employees and partners. A corporate LMS is what enables the “anytime, anywhere”, and more.
Let’s have a look at what a corporate LMS is, and how your business can benefit from it.
What is Corporate LMS?
A corporate learning management system is software for delivering online courses and other learning content to your employees. It helps onboard new employees, then get them the knowledge and skills required to perform their roles, and, ultimately, advance faster in their careers. (If you like, you can learn more about how an LMS works and how to organize training with an LMS.)
Here are five reasons why you need a corporate LMS:
- You can save your company money, since there are no more travel, accommodation, and instructor costs, or expensive training conferences.
- The learning experience is no longer bound to a classroom. Employees can take courses at their own pace, wherever and whenever it’s convenient.
- A learning platform allows you to train the staff from different locations at no extra cost.
- You can reduce senior employees’ workload to cut down the amount of face-to-face mentoring.
- It’s easy to keep track of who has completed a course and how well they performed.
How Can a Corporate LMS Help Your Business?
New Hire Orientation
With a corporate LMS, you can put most of your employee induction training on autopilot. You only need to create a core training program once, and then assign it to all new hires. An orientation program is usually prepared by an HR manager on the following topics:
- сompany’s history
- mission, vision, and values
- corporate policies
- corporate culture
- organizational structure and leadership team
- products/services and their main benefits
- key clients and partners
To get deeper into how to use an LMS for induction training, see the article about employee onboarding software.
Outcomes: A good induction training experience can simplify and streamline the new hire adaptation process, increase their retention, and get them to work faster.
With iSpring, Oticon, Inc. provides onboarding for new employees.
“When new account managers join Oticon, Inc., they go through a 10-week onboarding program to help them acclimate to the company and become productive quickly.
We use eLearning to help our account managers acquire knowledge about our company, our products, and our technology, and then use in-person training to teach them how to apply this knowledge to deliver the quality service our customers expect from Oticon.”
Once success is achieved with an orientation program, most organizations start to add more specific training: sales, operations, management, even training for how to use company benefits or put in for a vacation will probably make its way into the corporate LMS.
Here are a few examples:
Product Knowledge Training
Product learning can either be a part of onboarding for new hires or can be accessible for any employee who needs to refresh their knowledge. With an LMS for corporate training, you can also educate staff on new products or services, even before those products and services are released.
A typical online product training course gives learners comprehensive information about features, benefits, and how to use the product. There is typically a quiz at the end of the course to assess how knowledgeable the employee is about the product, and see if they need additional training.
Here you can see a demo of a Cleaner Pro-15 Vacuum Cleaner training course.
Outcomes: Good know-your-product training can help empower your teams and boost both sales and customer satisfaction metrics.
Johnson & Johnson
With iSpring, Johnson & Johnson trains sales representatives.
“Johnson & Johnson represents more than 25 brands and 350 products. Our employees must know all of them. Every 2 months we provide training for our sales representatives on various product lines. With iSpring, we regularly check the knowledge of 400 field employees from different regions. This keeps our staff focused and affects our sales results.”
Job-Specific Skills Training
Job-specific skills are skills required for a particular job. For example, an architect needs CAD (computer-aided design) skills, a teacher must know how to plan lessons, and a programmer has to be great at coding.
Job-specific skills training is a core component of employee education, especially for those in technical roles. Because technology is constantly changing, even tenured employees need to update skills regularly.
With a corporate LMS, it’s easy to involve staff members in learning on a regular basis. It’s even easy to involve and engage staff members in collaborating to develop new training.
Outcomes: Ongoing job-specific skills training can help your employees always stay up to date with the latest developments and improve their performance.
Villa St. Vincent
With iSpring, Villa St. Vincent prepares employees for the Nursing Assistant Competency Exam.
“We train new employees to become CNAs on an ongoing basis. Our program includes 43 hours of online curriculum completion (through iSpring),16 hours practicing laboratory skills, and 16 hours of clinical skills.
Since moving our training to iSpring Learn, we managed to increase employee retention from 69.6% to 86.4%.”
This is a fragment from the Villa St. Vincent’s course for CNA certification.
Sales and Customer Support Skills Training
Courses on sales teach learners how to sell products better: predict customers’ needs, present products in terms of customer benefits, handle objections, close sales, etc. Customer support skills training educates employees on how to make customers feel listened to, while quickly executing processes that resolve problems.
A corporate LMS allows you to automate the learning process and make training more accessible and engaging. You can provide your learners with beautiful SCORM-compliant courses, assess their knowledge with online quizzes, and develop their sales and communication skills with the help of dialogue simulations.
Outcomes: A good training experience can make your employees better equipped to increase sales, and well-trained service & support teams can convert customers calling about a problem into brand evangelists.
With iSpring, parapharmaceutical distributor ForaPharm trains salespeople.
“We deliver product knowledge learning and train our salespeople with dialogue simulations which are extremely helpful for building communication skills. In the form of a game, our employees work out the scripts and learn to present a product.
Since implementing iSpring tools, the level of our sales team performance has doubled vs. only in-person training.”
This is an example of a car sale dialogue simulation.
Channel Partner Training
With a corporate LMS, it’s possible to educate channel partners across the globe. Such training gives them insights into your products, the development pipeline, new features, new product applications, and how-tos. Plus, you can provide your partners with compliance training and help them build sales and customer support skills.
Outcomes: Online channel training can help you enhance your company’s network and upgrade your business.
With iSpring, Hyundai Mobis provides high-quality training to 400 dealerships in Russia.
“We mostly train parts managers. With iSpring Learn, we teach them how to work in the Dealer Communication System (DCS) and assign them courses about our corporate culture and main business processes.
Having moved to online learning, we managed to reduce training costs by 5X and tripled the pace of learning and enrollment.”
By investing in a corporate LMS, you can provide your employees and partners with continuous training. Ongoing professional development is a driving force behind achieving goals and remaining competitive. Companies that know more, grow more!
How to Select the Right Corporate LMS
Selecting the right learning management system for your company can be quite challenging and take a great deal of time and money. There are a lot of things to keep in mind, such as whether or not the LMS can really help solve your existing business problem, whether it has all the necessary features to fit your training needs, or if it’s going to stay within your budget.
Here is a list of useful resources that can make the LMS selection process much easier:
- A 5-step guide on how to choose an LMS →
- A checklist of features and questions to discuss with an LMS vendor →
- A guide on how to write an RFP (with samples & a free template Inside) →
To explore the LMS market, also check the ranking of top corporate LMS solutions. Check out ratings and LMS user reviews. This will help you compare the systems.
Want to see an LMS in action? Give iSpring Learn LMS a 14-day test drive and check out all the features of the learning platform for free.