The purpose of this study was to evaluate the importance of four factors including technology, content, instructor and learning methods influential on the effectiveness of e-learning courses and the employees’ satisfaction. The statistical population consists of 110 employees of Saman Bank who attended elearning course in Iran in 2011. Using simple random sampling, 86 employees were selected based on Morgan table. In terms of research purpose, the present study is an operational one and in terms of the data collection, it has a descriptive method using survey. For data analysis, a two-scale questionnaire was developed by the researcher using Likert scale. Using SPSS, the collected data was analyzed with descriptive statistics (mean, percentile, frequency, standard deviation) and inferential statistics (chi-square, Pearson correlation coefficient, non-parametric Freedman test). The results showed that all the four factors are important in effectiveness of e-learning courses: quality and methods of learning with correlation coefficient of 0.699, the type of technology with a=0.654, the content of the course with a=0.573 and the instructor with a=0.398.