In Corporate Training, The Struggle Is Real
A recent survey by the American Institute of CPAs showed that financial decision-makers predict a 1.8 percent rise in training budgets for the coming 12 months, the highest projection since the second quarter of 2015.
One of the best ways a company can maximize its investment in training is to focus on the specific challenges that lead to undesirable outcomes like employee turnover and mistakes.
How can a company understand the challenges its learners face and whether or not these challenges will have an undesirable outcome? We recommend data and a competency-based training approach.
Data to Identify Challenges and Predict Learner Outcomes
Today’s advanced learning technologies provide unparalleled data that allows companies to pinpoint where learners are struggling. For example, our software identifies where and why learners are having difficulty within the learning content. Learning professionals can evaluate learner performance across the whole course or drill down into singular questions and competencies to learn more. As a result, our clients are able to understand exactly where their learners face challenges and target additional remediation, coaching and on-the-job training accordingly.
Additionally, the most advanced solutions also offer predictive analytics to help employers understand future employee behavior. For example, by leveraging machine learning to analyze learner data, our algorithms are able to predict course completion dates and which learners will be able to apply the content learned in training once they’re back on the job. Our software flags these “at-risk” learners so clients can directly intercede and more accurately predict when an employee will be able to return to the workplace having fully mastered the training.
Competency-based Training to Ensure Confident Mastery
Another way to address specific areas of struggle is to use a competency-based training approach. This methodology helps learners achieve mastery of all of the information they need to know, one skill at a time. (Including the information with which they struggle the most). As a result, companies experience:
- Less risk – When knowledge gaps are remediated and training is fully mastered, learners return to work with a greater knowledge base and ability. As a result, employees make fewer mistakes and, in turn, companies experience a significant reduction in financial waste.
- Improved employee performance – Employees, who have mastery over the key concepts they need to know to do their job well, perform better. For example, one of our clients experienced 100 percent pass rate on a critical industry certifications after its learners used Fulcrum Labs training.
- More satisfied workforces – It is estimated that high turnover costs companies three to four months of salary per year per position. However, workforces who complete competency-based training programs are typically more satisfied and exhibit higher feelings of confidence, which results in in lower turnover and big costs savings.
If one of the keys to effectively spending training dollars is to proactively identify learner challenges then there are no two better ways to do so than through data and a competency-based training approach. For more information about how Fulcrum Labs utilized both, check out our quick overview video.