eLearning has become a standard in today’s business. With the help of eLearning, companies increase revenues, minimize downtime, provide accommodations, and engage their workforce. So exactly how big is eLearning? The numbers below provided by eLearning Company can help you answer this question.
- An employee typically spends 40-60% less time on eLearning compared to traditional learning settings.
- A good eLearning program can offer retention rates as high as 25-60%.
- In the same amount of time, eLearning solutions can deliver 5 times more material compared to a classroom setting.
- 42% of companies attribute the increase in revenue to eLearning.
- On average, every dollar invested in online training results in $30 in productivity gains.
- The employee engagement increases by 18% by the use of eLearning solutions.
- Over 40% of Fortune 500 companies currently use technology for training, and this number will only increase with time.
- 72% of companies agree that eLearning helps them increase their competitive edge due to its ability to keep up with the changes.
- eLearning industry has grown 900% since the year 2000.
- Companies that use eLearning generate on average 26% more revenue per employee.
- When IBM switched to eLearning, it saved about $200 million.
- Compared to a face-to-face training, eLearning requires 90% less energy and produces 85% less CO2.
Update after the close of FY2017
Total 2017 U.S. training expenditures—including payroll and spending on external products and services—rose significantly, increasing 32.5 percent to $90.6 billion. Spending on outside products and services remained the same at $7.5 billion, while other training expenditures (i.e., travel, facilities, equipment) increased to $44.5 billion from $26.1 billion. Meanwhile, training payroll increased 12.4 percent to $41.6 billion.
The training expenditure figures were calculated by projecting the average training budget to a weighted universe of 125,338 companies, using a Dun & Bradstreet database available through Hoovers of U.S. organizations with more than 100 employees.
Note: Although small companies have the smallest annual budgets, there are so many of them (110,810), that they account for one-third of the total budget for training expenditures.
Average training expenditures for large companies increased from $14.3 million in 2016 to $17 million in 2017. Likewise, the number for small companies rose to $1 million from $376,251 in 2016. But midsize companies remained mostly fiat at $1.5 million.