Why You Need a Learning Experience Platform
As of February 2018, the unemployment rate in the United States was 4.1 percent, the lowest that it has been in the last 17 years. While this is good news for employees, for companies, it presents a challenge—a low unemployment rate means there is a lack of quality candidates available to fill open positions.
Though poaching candidates from other companies is possible, most of the time there's a great deal of inertia involved with convincing them to consider other opportunities. These days, high wages and great perks are not enough to lure and retain great candidates. According to Ceridian, 91 percent of the top-performing employees said learning and development opportunities were important to them. A LinkedIn survey also revealed that 23 percent of employees would voluntarily quit their jobs due to a lack of training and development, but 78 percent said a clear career path would persuade them to stay.
To maintain top talent, companies need to constantly engage employees by offering them valuable personal growth and learning opportunities. One of the most effective ways to provide access to learning content and tools is through a learning experience platform. Here's why you should consider investing in one:
What Is a Learning Experience Platform?
As companies increasingly realize that they need to provide learning tools to stay competitive in the job market, corporate learning technology is growing fast. According to MarketsandMarkets, the learning management system market in the U.S. will grow from $5.22 billion in 2016 to $15.72 billion by 2021, and according to Capterra, over 80 percent of LMS users utilize a web-based platform, like a learning experience platform.
A learning experience platform is a cloud-based offering that delivers a personalized learner experience to employees. It takes the learning management system model one step further by serving not only as organizational technology, but also as a curation and content aggregation tool as well. The platform combines a company's internal digital learning assets with publicly available online learning content and user-generated content to provide a holistic, comprehensive and individualized e-learning experience.
Simply put, a learning experience platform enables continuous learning. It allows employees to learn on the go through mobile apps, helps employees progress in their careers by closing skill gaps, matches them up with mentors, encourages employees to invest in their own growth and allows them to deliver peer-to-peer knowledge.
Why Use a Learning Experience Platform?
Effective training and development requires more than generic training videos, PowerPoint presentations and ebooks. Today, employees want personal growth and learning opportunities and demand interactive tools that are tailored to their specific needs.
According to HR Dive, 78 percent of employees expect their managers to discuss learning and career prospects, but only 37 percent say that managers do it well. With a learning experience platform, employees are in the driver seat of their own development and personalized learning—they don't have to wait for their manager to present them with opportunities. Employees can choose topics they want to learn about, and gain new skills whenever they so choose.
Companies that want to stand out in this tough job market and keep their employees engaged need to invest in a learning experience platform. Providing their teams with improved learning opportunities will not only enable them to attract and retain top talent, but also ensure that their workers continue to expand their skill sets.Are you ready to start using a learning experience platform? Consider Cornerstone's Learning Management Suite. You'll be among more than 35 million subscribers across 192 countries that have discovered the benefits of using an LMS to attract, engage and retain their best employees.