The digital economy has grown to $2.9 trillion in just 20 years and is disrupting every industry. Digital technologies have improved productivity, created new products and services, enabled new business models, and blurred the boundaries between industries.
But how are we using technology to improve the skills development and training of our workforce?
LinkedIn’s Workplace Learning Report found that 68% of employees prefer to learn at work, 58% prefer to learn at their own pace, and 49% prefer to learn at the point of need. Additionally, four out of five millennials said that the opportunity to learn new skills is a top factor when considering a new job. Digital technologies can assist employers in capturing these trends by providing training tools that are interactive, timely, and informative.
Digital Trends in Employee Training
The following are three strategies you can use to improve training for your staff to help maximize information retention and improve employee engagement.
Classified as one of the most effective forms of training, microlearning consists of breaking down information into topical, highly targeted snippets. Interspersed into daily activities, microlearning occurs at the point of need and is typically problem-based. Easily digested digital formats, such as video and text, help keep most instances of microlearning to two minutes or less.
With increased flexibility and fewer costs, research has shown that microlearning also leads to greater information retention, improved efficiency, and higher engagement.
Virtual Reality and Augmented Reality
We typically think of Virtual Reality (VR) and Augmented Reality (AR) as valuable tools for scenario-specific training, for example training for roles within the military, airlines, and medical fields. However, recent trends show that VR and AR are increasingly used in more traditional corporate settings for topics such as manager training, customer service interactions, and conflict resolution.
According to a case study by STRIVIR, AR/VR training can result in retention rates as high as 75%. Conversely, traditional training methods, such as reading or lecture, result in retention rates between 5% and 10%. VR and AR are a great way to engage your staff and immerse them in real-life scenario training designed to challenge and develop their skills.
Gamification and E-rewards
Gamification training is the process of applying gaming designs and concepts to training sessions to create a rewarding and interactive learning environment. E-rewards such as points, badges, and rankings are used to motivate the learner, enhance engagement, and foster a sense of ownership over the learning process.
Gamification in employee training has many benefits including instance feedback, corrective action in real-time, and worker enjoyment. It is reported that gamification techniques in training can simultaneously reduce stress levels amongst staff and strengthen the recall of learnings as well.
Learning Management Systems (LMS)
A great way to utilize effective and popular digital training strategies is the integration of a Learning Management System into your organization. An LMS delivers and manages all types of content, including video, courses, and documents. Many LMS platforms are compatible with mobile devices and social media platforms, and offer a systemized approach for incorporating eLearning into your organization. In fact, Small Business Trends reported that Corporate eLearning has grown a staggering 900% in the last 16 years. Over 98% of surveyed companies plan to adopt eLearning into their employee training strategies by 2020 through the implementation of a learning management system.
Canadian Government Funding for Training
Fortunately, employers can access Canadian government grants to offset training costs. If your business is seeking ways to support the skills development of your staff, programs such as the Canada Job Grant (CJG) can reduce third-party trainer costs by up to 50-83%.
To help you identify the opportunities available with training grants, Mentor Works provides the Canadian Business Funding Guide, a complimentary resource that reveals areas your business can invest in to potentially receive government grants and loans.
Download the Canadian Business Funding Guide today to learn more about training grants and other types of government funding!