Globally, businesses spend approximately $135 billion annually on training -- this includes instructor-led learning activities, coaching and technological solutions. Research conducted by McKinsey and other industry experts shows that many college students aren't "job ready" after graduation.
While more than 70% of universities and institutions of higher learning believe graduates are ready for entry-level positions, less than 45% of businesses share their confidence. In fact, some companies report having to train newly hired workers basic writing and mathematics skills before they can perform daily work tasks.
The disconnect between institutional perception and corporate perception could explain why most students believe they learn more valuable job skills through on-the-job training than classroom studies. Employers agree. Seventy-two percent of employers say learning on the job is the most effective mechanism for skills development.
The Dynamic Learning Environment
The educational experience is evolving, but not at a fast enough pace to provide HR managers and high-performance organizations with best-fit, skilled workers. Companies are willing to willing to invest in skilled talent; they're also willing to pay more for skilled talent -- up to 22% more.
The online teaching and professional job coaching industry is expanding rapidly. In 2012, training organizations in the United States grew spending by 12% -- experts anticipate continued growth in the industry.
The most effective programs focus primarily on highly specialized work environment skills and knowledge sets. Employers expect coaching and professional development courses to incorporate videos, podcasts, gamification components and real-time communication solutions to improve comprehension and learner experience.
Choosing an Online Partner for Skills Development
Research confirms that high-impact organizations, businesses willing to invest in job-specific training and talent development, reap high rewards.
- Limited training and wage investment lead to higher turnover rates.
- Investing in specialized training boosts productivity and performance.
- Stellar training programs increase retention rates.
- Well-trained employees create a competitive advantage.
- The most effective programs focus on learner experience.
Traditional teaching methods, i.e. lectures and repetitive exercises, are the least effective learning models, according to student feedback and research findings. Programs that replace less traditional instruction methods with innovative solutions address student/learner needs and company goals simultaneously.
As a training leader, you must deploy forward thinking strategies; measuring your training program against others in your industry to capture the competitive edge.
You need an online platform that supports professional consultants and corporate trainers with emerging technology and proven solutions to improve learner experiences. Whether you are an independent training consultant or a corporate training officer 247CONSULT and 247 TEACH, talent development solutions deliver results today and opportunities for tomorrow.