When organizations do it right– From skilling to right skilling
By 2030, as many as 375 million workers globally will have to master fresh skills as their current jobs evolve alongside the rise of automation and capable machines, estimates McKinsey Global Institute. And while individual sectors and companies will experience layoffs, we expect most economies to generate net new jobs in the years ahead as different types of careers, new sources of demand, and reskilled workforces emerge.
Still, an unprecedented skill crisis will strike unless employers and employees recognize that they must adapt to change and begin actively forging reskilling initiatives. Certainly, employers will hire and outsource some of the future skilled talents they need. But right-skilling will play a significant role since hiring and outsourcing won’t prove sufficient to fill most gaps.
Here are some examples of the organizations which are doing skilling right!
How a large oil and gas company engaging leaders to take charge of their learning
This Malaysian based oil & gas company was looking for a focused learning program for C-suite executives in the company. The pain point they were looking to solve in their current skilling program was to make learning engaging and social for the C-Suite so that they participate in skill-building daily.
The company launched a role-based skilling platform exclusively for C-suite executives. The social learning feature of the learning technology helped the user to interact with other peers CXO’s and share the knowledge and learning experiences. Further, the tech provided a series of engaging, micro-learning sessions that can be accessed anywhere, all the time. The AI-powered platform recommended specific MOOCs, articles, videos etc. designed for their skill-building.
Impact:
- 90% C-Suite users were found to be active on the platform regularly
- 20% reduction in the cost of training for C-suite employees
- 30% increase in employee engagement through skilling platform
How a multinational insurance and finance corporation increased sales performance through continuous learning
This Hong Kong's multinational insurance and finance corporation with over 20,000 employees, wanted to build an agency onboarding and skilling platform for its large distributed workforce. The company wanted to streamline their onboarding processes from shortlisting prospective talent to their transition to insurance agents. Further, the employer wanted to assess minimum learning hours and scores that certify any agent to have the approved license to sell insurance
This insurance company created a learning and engagement platform to manage the end-to-end onboarding of insurance agents and making them job-ready through mandatory training on products and regular assessments. The learning technology had features like social learning, AI-driven content recommendations and diversified content formats that helped build a continuous learning culture, making it engaging and intuitive. These features allowed the organization to identify their top performers through detailed learning analytics and increase time-to-productivity.
Impact:
- 29% improved sales results through a structures sales enablement process
- 46% of sales reps in need of better sales coaching were identified
- 30% increase in average sales targets
How a stockbroker firm created hyper-personalized journeys for its technical staff
With remote working becoming the norm, one of the largest independent full-service retail broking houses in India realized the need to digitize hiring and training, specifically for their tech workforce. Since digital selling replaced door-to-door selling, it was important to ensure continuous upskilling of their technical workforce. The company took a two-pronged approach:
Digital skilling with a Hyper-personalized approach for 3000 learners: The firm adopted learning technology to analyze skill-gap and created personalized learning journeys for 250 tech personas. The AI-driven platform recommended relevant content based on each learner’s persona.
Faster onboarding: The platform offered mandatory self and manager assessments within 30 days and 360 assessments after 6 months. These regular evaluations helped fast-track career progressions.
Impact:
- Onboarding within 30 days
- Digital skilling helped pivot from traditional classroom to online learning, enabling faster and more effective learning
- The AI-driven Hyper-personalized learning allowed learners to acquire a specific skill faster and be more productive
How a commercial bank achieved increased training penetration across all bank branches
One of the largest commercial banks of Myanmar envisaged building a skilling cum knowledge management solution for 2700 knowledge employees and 800 of their frontline branch operations staff. They were looking for a platform that could map the right skill to the right user and direct them to varied content resources of their preference. The company built a skilling platform that was hyper-personalised to the learner’s role, creating their learning pathway in the process. The platform helped create a knowledge management ecosystem with 65000+ courses available in one place for modern new-age learners, with the provision of social learning and AI-driven content recommendations.
Impact:
- 5X Increase in their average learning hour per employee
- 80% Increase in training penetration across all bank branches
- Easy and Efficient knowledge sharing through 65000+ courses in one place
The nature of work is evolving in two complementary directions. In one direction, jobs are being redesigned to take advantage of new opportunities to digitize the workflow processes. This has completely transformed the way people execute tasks, magnifying efficiencies and reducing costs. At the same time, work has also been redefined to take advantage of new capacity. With work redefinition, work is no longer simply about task execution; it’s about creating new sources of value for customers and the business.
Just like these organizations, we need to redefine learning for new value. To know how you can join the league of these organizations that are striving to right skill their workforce for the next new, click here.