Every year corporations dedicate a significant budget to hiring fresh recruits to bridge the skills gap. As technology and digital transformation continue to influence products, services, processes, and lifestyles, the skills gap will continue to grow. This survey indicates that over 87% of companies expect to encounter a skills gap within the next few years.
The amount spent per new hire by companies will also keep increasing unless they find a more sustainable model to bridge the skills gap. Rather than continuously seeking fresh recruits, companies must consider investing in high-quality corporate learning solutions, which can upskill existing employees. In this blog, we explore the challenges and benefits of building sustainable corporate learning solutions.
1. Corporate Learning And the skills gap
It is a well-established fact that productivity reduces when employees are unable to bring efficiency and the right skill set to the tasks at hand. They may eventually lose motivation and consider leaving the company to pursue a job they can excel at. On the other hand, companies that build a culture of corporate learning can retain employees and build a foundation where they can perform to the best of their abilities.
As employees grow in their skill sets and knowledge, they can also be groomed for the leadership pipeline. However, companies may still face challenges when implementing corporate learning solutions.
2. Current challenges
Training and upskilling are extremely specialised functions. They need to be delivered in a way that engages employees and motivates them to continue learning. However, companies do not have the infrastructure and know-how to build and deliver professionally-run, measurable corporate learning solutions. Both engagement and measurability are important pillars of successful corporate learning initiatives.
The traditional style of lecture-based instruction is not sustainable in a world where companies are shifting towards work-from-home and hybrid work modes. Corporate learning initiatives that are conceived and delivered in-house by corporations may start with enthusiasm. However, sustaining learnability and a culture of learning can prove to be a challenge. Lack of access to data is another lacuna, which makes it difficult to measure the success of the initiative.
3. How E-Learning makes a difference
The growing usage of e-Learning in corporate upskilling initiatives is helping to bridge learning gaps. E-Learning offers flexibility, measurability, and engagement as key advantages to traditional learning methods. The automation of several processes and access to on-demand resources enables employees to learn at their own pace, and learn in smaller doses, thus making it sustainable.
On-demand resources are available in several formats - videos, audio presentations, infographics, ebooks, and animated content. The introduction of gamification also makes the learning process an engaging, rewarding one. It also nudges employees to keep learning, making practice an addictive process.
4. Impact of high-quality corporate learning
The introduction of e-Learning as a vehicle for upskilling is nudging employees around the world to become more motivated toward upskilling and career growth. As employees upgrade their skills and knowledge, they are better equipped to perform their roles. Attrition rates will come down, and productivity will rise. Corporations can also leverage corporate learning solutions to further build on the employee value proposition.
It is also a well-established fact that the skills for businesses to stay competitive will keep evolving in a technology-driven world. The culture of upskilling existing workforces is going to become a best practice in the future. Companies just do not have the resources to continuously seek fresh talent. Those who invest in building a culture of high-quality corporate training solutions early on will be able to upskill and retain their workforce. These shifts will have a definitive impact on the sustainability, and profitability of the business.
If your business is looking to invest in delivering high-quality corporate training solutions for your workforce, connect with us at Imarticus to start a conversation. We will help get your Learning & Development function up to speed.