Most business owners agree that employee training is important, yet it is easily overshadowed by more urgent priorities. Even those with the best intentions get sidetracked by resource, money, and time limitations.
Although it may not be immediate, there are long-term consequences for businesses that ignore or downplay employee learning. Once workers realize that there is no upward career path, satisfaction drops and employee retention becomes difficult, leading to a costly turnover cycle.
Poor training is reflected in business performance. For example, an IBM Smart Workforce survey revealed that in poor-performing organizations, only 16% of employees said they received the training needed to be successful. By contrast, a skilled workforce leads to faster processes, improved customer satisfaction, greater productivity, and project success.
And when it comes to safety and compliance, poor training increases insurance premiums, the risk of lawsuits and fines, and reputational damage.
Bottom line: A poorly trained workforce is expensive.
While there is growing evidence to support the business case for creating a culture of learning, the effort required may not seem practical for some small and medium-sized businesses. That’s where an LMS comes in.
What Is An LMS?
A learning management system or “LMS” is a software platform designed to manage, distribute and track employee training and development online. Storing and delivering coursework created internally or from professional course providers, it streamlines organizational goals, tracks their progress, and offers data-based results.
An LMS is the perfect tool for onboarding and keeping track of training associated with compliance. It’s also useful for upskilling, reskilling, and leadership development.
Top 5 Reasons to Use An LMS
Enterprise corporations and educational institutes universally benefit from the adoption of LMS technology. Why shouldn’t SMBs receive the same advantage?
You probably already know that FrankCrum leverages group buying power to offer great rates on insurance, healthcare, and retirement savings plans. LMS may soon be added to that list for qualifying companies.
At FrankCrum, our mission is to help businesses become the best they can be. To learn more about our comprehensive services, contact us today.