- While exact ROI is hard to measure, upskilling delivers clear business value - a workforce training program focused on soft skills showed 250% ROI within 8 months, and over 60% of employers expect returns within a year.
- The need for reskilling is urgent and growing - 50% of employees will need reskilling in the next 5 years, with 40% of core job skills expected to change in that same period.
- Employee development is crucial for retention, especially among younger workers - 93% of Millennials and Gen Z expect learning opportunities from employers, and companies with strong upskilling programs report better culture and employee loyalty.
Learning makes the world go ‘round.
Think about it: Business is changing at a faster rate than ever before. Success is had by organizations that can be agile and responsive to the ever-evolving market. People power our organizations, so they must be equipped with the necessary skills to move them into the future. And if we have those expectations for our employees to continually expand their skillset and innovate on behalf of our organizations, we can provide them with the tools to do so.
A learning management system (LMS) is the foundation for delivering a complete learning experience — all within an efficient, consistent and compliant tool.
An LMS is a robust software application designed to create, deliver, and manage educational or training programs. Think of it as the backbone of your organization’s learning process. An LMS streamlines the administration, tracking, reporting, and delivery of training, making it an indispensable tool for modern businesses and educational institutions alike. To learn more about learning management system, read our comprehensive LMS guide.
Forrester conducted four in-depth interviews with decision-makers at organizations with experience implementing Cornerstone’s learning and content solutions. Here are 4 key findings on how an LMS can help your organization:
Changing workforce dynamics means organizations need to be certain about sharing clear and consistent messages with employees. This is why it’s important for learning and development, especially as it pertains to onboarding, to be standardized and scalable.
The research found employees could clearly articulate an organization’s missions, product specifications and new policies after using a standardized onboarding system powered by Cornerstone.
One organization reported increasing its hiring pool by 25% thanks to the seamless onboarding experience and product training, which saved them more than $1.1 million in hiring and recruiting costs.
In November 2020, the Securities and Exchange Commission (SEC) mandated that publicly traded organizations must report human capital metrics, such as the percentage of employees who have completed compliance training or the percentage of managers who receive leadership development. With this mandate comes the challenge of distributing and tracking the training.
One organization reported being fined £150 ($197.87 as of 3/24/2022) because it was unable to show proof of mandatory training. However, the organization was able to avoid paying the fine by leveraging Cornerstone’s learning and content solutions to build an extensive training program.
For many organizations, the adoption of remote working happened overnight. And access to an online learning platform gave managers the ability to pivot quickly and respond to market needs without missing a beat.
The research showed that Cornerstone’s content subscriptions helped organizations provide much-needed guidance to leaders who had to upskill quickly and learn the ins and outs of managing remote teams, for example.
Additionally, it provides visibility and transparency for leaders into their teams’ needs and newly acquired skillsets so they react quickly when the next unexpected shift happens.
Access to learning opportunities at work empowers employees.
One company surveyed said it changed the message to employees about learning and development: “It’s no longer about the company telling you what to learn; it’s giving employees the time and the tools. Now they need to drive themselves to learn.” This increased employee engagement leads to increased employee satisfaction.
But the benefit isn’t only for employees.
Satisfied employees mean higher retention rates for organizations. And this all feeds into increased internal mobility opportunities. One organization set a goal of half of its promotions to come from internal resources, so it leveraged Cornerstone’s learning and content solutions to solidify skills and upskill its workers.
The learning management system market is rapidly evolving, with several trends shaping its future. Here are some key trends to watch:
- AI and Machine Learning: Personalizing learning experiences through smart content recommendations and outcome prediction
- Mobile Learning: Enabling flexible, on-the-go access to training materials
- Gamification: Boosting engagement through badges, points, and leaderboards
- Social Learning: Facilitating collaboration through discussion forums and video conferencing
- Advanced Analytics: Tracking progress and measuring training effectiveness with sophisticated reporting tools
To learn more about trends, read our article on the latest learning tech tech.
Read the full report
While every organization’s use cases for an LMS will be different, the benefits are clear as corroborated by third-party research and actual customers — Cornerstone’s LMS software has the ability to bring together learning, growth, skills and capabilities into one personalized experience for organizations and their employees. And that might be the difference between surviving and thriving in this market.
