eLearning in corporate training and business has emerged as an efficient tool for employees in today’s competitive era. This advancement not only helps individuals learn about new and updated trends and technologies but also keeps them ahead and succeeds from their competitors. However, measuring the return on investment (ROI) of eLearning can be a challenging task, and to add a certain advantage to the business, its approaches and strategies need to be evaluated strategically. So, let’s dive in more and read about everything you should know about measuring the ROI of online learning.

What is eLearning ROI?

First, understand what the term eLearning ROI means. So, it basically tells you about the business profits and productivity gains by comparing the generation cost to the delivery cost of training programs using online learning platforms. Moreover, it explains the expenses and evaluates the monetary profits of using hybrid or online learning and training programs. Furthermore, traditional learning, today, is no longer sufficient to drive L&D programs. 

As eLearning tends to be a more scalable, and cost-efficient method to advance L&D goals as well as maximize completion rates. Also, it reduces cognitive burden by dividing information into smaller chunks. Online learning helps provide more ROI than the traditional one, keeping an eye on the learners’ performance by assessing their KPIs.

What are the Main Factors to Measure the ROI of eLearning?

Well! If you think that measuring the ROI of eLearning is only about the cost analysis, then you might need to reconsider. Here have a look at the main factors that play a vital role in calculating the ROI of online learning:

1. Training and learning results

You can determine that your online training program has been a success by evaluating and checking if it is getting you the desired results along with your employees’ skills upgradation. 

2. Productivity

Assess the role and impact of eLearning on your learners’ productivity which also includes less time in training, a lower rate of errors, and a higher rate of work efficiency. 

3. Expenditure

Of course, you cannot overlook the expense part. You can check for the direct and indirect expenses related to the maintenance, production, and implementation related to online learning.

4. Employee engagement

Ensure keeping your employees’ engagement in the list to evaluate for the eLearning trainings, and activities along with their satisfaction as well.

5. Organizational objectives

Do not miss out on determining how online learning plays an important role in achieving your company’s objectives including maximum revenue, and minimum turnover.

What are the Various Methods for Measuring the ROI of eLearning?

1. Pre and post-evaluations

The first and most important method to calculate eLearning ROI is to evaluate before and after online learning or training to check and determine its results by assessing learners’ knowledge and skill development. 

2. Feedback and surveys

Feedback and surveys again play a very crucial role here in learning about employee improvement. Through these eLearning techniques, you can know about your learners’ perceptions of the learning and training programs, their satisfaction, and the efficacy of the programs. Moreover, this helps businesses to analyze not only their ROI but also the areas for improvement. 

3. Determine employees’ performance metrics

Determining employees’ performance metrics enables businesses to calculate online learning’s impact and influence on their learners, and their key performance indicators (KPIs). This can be done by comparing the employees’ performance indicators to the ones who did not use them. From employees’ productivity, and satisfaction to the organization’s revenue, and relevant statistics, factors related to the firm’s objectives can be included in the key metrics process.  

4. Employee engagement metrics 

Employee engagement metrics include the number of learners attending the training programs, their time spent over on each module, and activity completion rates. Keeping track of all these metrics helps in understanding your employees’ interest and devotion levels. Moreover, this will also help you in assessing the eLearning program’s effectiveness. 

5. LTEM (Learning-Transfer Evaluation Model)

This technique in online learning is used to evaluate its impact by focusing on not just the theory but the practical applications as well as skill and knowledge transfers for best results. 

6. Kirkpatrick’s model

Last but not least, this famous Kirkpatrick’s model is used to analyze the four levels included here- learning, reactions, behavior, and results.

How to Improve the Measurement of eLearning ROI?

1. Align your business objectives with online learning 

To get maximum business benefits, and hence improve your organization’s ROI, you must ensure that the eLearning activities and learning and training programs are perfectly aligned with your organization’s objectives.

2. Use advanced techniques and analytics

You must ensure that you are incorporating advanced techniques and analytics in your training activities, and programs to offer a flexible and comprehensive learning experience. 

3. Continuous Improvement

Continuous improvement is one of the major factors among all. You must determine, analyze, and keep a check on the updates and improvements added to eLearning models and methodologies. Also, this must be done regularly, on the basis of your employees’ feedback and ROI measurements.

4. Personalization

Personalization is the key to growth, and so it must be used and incorporated for learners. This helps in adapting online learning experiences to the employees’ specific requirements, and needs but also boosts their engagement and effectiveness.

Conclusion

In today’s competitive technical era, businesses must make prudent investments in their eLearning initiatives. Measuring and improving eLearning ROI is about more than just cost-effectiveness, rather it’s about ensuring that your investments result in better employee performance, enhanced productivity, and tangible business outcomes. Moreover, you can rely on the advanced techniques of eLearning to provide strong ROI for your organization by developing effective measurement procedures, using the right technology, and learning from successful case studies.