Over the past few years, the e-learning market has grown rapidly. In 2020, the global e-learning market reached $222.2 billion, with expectations that it will keep growing at a CAGR of 12.70% between 2021 and 2026.
Due to this expanding market, you now have access to countless advanced solutions that can enhance your employee training efforts and push your company forward.
Learning Management System Software (LMS software) is accessible, affordable, and powerful, enabling companies to deliver learning and training opportunities to employees across all levels.
The only problem here is that there are quite a few LMS software solutions available, and choosing the one that suits your company best can be overwhelming.
Take a look at a few tips to narrow down your options and find a solution that checks all your boxes.
Assess your needs
When it comes to LMS software, there isn’t a one-size-fits-all option. Every organization has its unique circumstances and needs that it’s impossible to create a single solution that will fit them all.
That’s why you will need to assess your company’s needs carefully before you even start looking into all your LMS options.
Determine who will use the LMS software you choose. Will it be a small group of older employees who aren’t very tech-savvy? Maybe it will be a few younger digital natives?
Assess your learners, their age, demographics, and skill levels, then choose a software that suits them.
Ideally, you’ll want to go for a Learning Management System software that enables you to segment your learners into groups and develop personalized learning paths.
Consider your learning and development goals
Studies suggest that comprehensive training programs increase revenue per employee by 218% while boosting a company’s profit margins by 24%.
Many organizations invest in employee training and LMS software for these reasons.
Learning and development goals such as “boost profits” or “improve performance” won’t help you narrow your search for the perfect LMS.
You’ll need to set specific and measurable L&D goals.
Determine what kind of results you want to see at the end of an employee training program. What are you trying to teach your employees? What skills do you want them to acquire once they’ve completed a course?
With clear L&D goals and objectives, you’ll find it easier to see which LMS software solutions will suit you and which ones won’t.
Determine your budget
Budgeting is perhaps one of the most important things you’ll need to do to find the right LMS software for your needs.
Learning Management System software can be quite an expense, depending on your company size and unique needs.
On average, workplace training per employee is about $1,308, although it can vary significantly.
Some LMS software solutions offer limited free versions; others have flexible pricing to get you a discount if you have more learners. As a general rule of thumb, most LMSs have one of these pricing plans:
- Monthly subscriptions
- Lifetime license
Examine the different pricing plans to see which one suits your needs and budget the best.
Prioritize essential features
Unsurprisingly, LMS software with more advanced features will generally be more expensive. If you’re on a tight L&D budget, the best way to cut costs is by prioritizing essential features.
SCORM compliance, advanced security, safe data storage, and easy user management are some of the most critical features. Additionally, you’ll want a solution that offers:
- Collaboration tools
- Mobile optimization
- Synchronous and asynchronous learning
- Various content types
- Easy course creator
- Quiz maker
These are the essentials. Features like gamification elements, custom certificates, and e-commerce integrations are a plus but aren’t critical to your L&D efforts.
Examine scalability options
When selecting your LMS software, scalability is one of the most important things you’ll need to keep in mind.
Can this Learning Management System software support a growing number of learners? Can you easily scale back if you don’t need as many learners down the line?
Think about where your organization will be within the next few years, and analyze your growth path to predict your potential L&D needs in the foreseeable future.
Ideally, you’ll want to go with an LMS that can grow together with you and enable you to scale up or down as your needs change.
Look into LMS integrations
LMS integrations can help you avoid unnecessary headaches that can often accompany setting up new software.
You want your LMS software to seamlessly integrate with your website and any existing systems you may have.
If you want to pull course data into your reporting system, it needs to be compatible with your chosen LMS. If you’re using Zoom for synchronous learning, you need an LMS that supports Zoom integration. If you want to publish courses on your WordPress site, you need WP integration.
An LMS that doesn’t have all the necessary integrations will cause more problems than it solves, so make sure you inspect all the integrations before settling on a solution.
Sign up for demos/free trials
Finally, once you’ve narrowed down the list of potential LMS software solutions, you should consider signing up for demos and free trials. They’ll give you a taste of what an LMS is like and allow you to get acquainted with the software.
You might also want to consider letting some of your employees try a few different LMSs. After all, they’re the ones who’ll be using it the most, so they can help you make a better decision.
Get the Best LMS for Your Business!
Finding the perfect LMS software can be more challenging than it first appears. You’ll need to consider many things and test out a few solutions before finding the most suitable one.
All this effort will be worth it. The perfect LMS software can help you enhance your employee training programs and enable you to develop the necessary talent in-house.