In the dynamic landscape of business, the evolution of skillsets plays a pivotal role in determining the success of companies. A key question arises: which types of roles are vital for your company's growth at this moment? Chances are, your team is encountering gaps in skills at multiple levels, and filling those skill gaps can give your company a competitive advantage. 

Embracing a Skills-Based Approach

One significant shift that has garnered attention is the shift towards hiring based on skills rather than traditional metrics like degrees or job titles. Relying solely on academic credentials or past job positions no longer provides a comprehensive understanding of an individual's potential contribution to a team. It's crucial to consider a diverse range of skills – including soft skills, technical expertise, decision-making abilities, life experiences, and motivation levels.

A skills-based approach to talent development encompasses various formal and informal learning initiatives. These can range from strategic educational benefits to mentorship programs and experiential learning opportunities. Research from the Working Learners Index indicates that a staggering 90% of employees express willingness to remain with their employer if educational opportunities are provided as a benefit. Just envision the cost savings and productivity enhancements achievable with such a high retention rate!

Education and Skills Development without Interruptions

Turning vision into reality is exciting for everyone involved. Partners like GEDWorks™ and Accelerated Pathways can facilitate seamless education and skills development for employees without disrupting their careers. GEDWorks empowers individuals to attain their GED® high school equivalency credentials while continuing to work, while Accelerated Pathways offers flexible online higher education options ranging from Associate to Bachelor’s to Master's degrees and graduate certificates.

These programs revolutionize traditional education by meeting learners at their current life stage, thereby preparing them for future careers brimming with fulfillment and success.

Thriving in the Digital Economy

Innovation knows no bounds, especially when it comes to addressing the demands of the digital economy. Collaborating with pioneering entities like WithYouWithMe, we've introduced the GED Tech Apprenticeship™ Program. This initiative equips GED learners with globally accredited training in high-demand tech fields such as software development, cybersecurity, and data analytics.

For employers, this program presents an innovative and cost-effective solution to bridge skills gaps. By hiring pre-trained, diverse entry-level candidates at minimal expense, businesses can address their talent needs efficiently.

Championing Bright Futures

In today's landscape, complacency is no longer an option. Every individual deserves access to education and multiple pathways to achieve their career aspirations. We must challenge the status quo and embrace diverse avenues to foster promising careers for ourselves, our employees, and future generations.

In conclusion, the paradigm shift towards skills-based hiring and education heralds a new era of business excellence. By prioritizing skills development, embracing innovative programs, and championing inclusive career pathways, businesses can thrive in the ever-evolving landscape of the modern economy.

Dive deeper on a quick call with an upskilling expert at Accelerated Pathways.

Many organizations agree that education leads to growth for employees and companies. Research shows that education is a wise investment for organizations: “68% of workers say they would stay with their employer throughout their career if the employer made an effort to upskill them” (Source: Annual Career Optimism Index)

However, it’s often difficult to understand just how much and which education benefit programs are the best investments. The tips below will help you measure results more effectively. 

Top challenges in measuring ROI in learning initiatives 

When it comes to measuring return on investment (ROI) from learning initiatives for employees, it can be challenging due to various factors.  

• Intangible benefits: The impact of learning initiatives on employee performance and productivity is often intangible and not easily quantifiable. Soft skills development, improved collaboration, and enhanced communication are examples of outcomes that may not have straightforward metrics – but are still valuable.
• Measurement tools and methods: Selecting appropriate measurement tools and methods is crucial. Traditional assessment tools may not adequately capture the effectiveness of certain types of learning, such as experiential or on-the-job learning. 
• Complexity of job roles: Measuring ROI becomes more challenging in complex job roles where performance is influenced by a combination of factors. It may be difficult to attribute changes solely to a learning initiative when other external factors play a significant role. 
• Lack of baseline data: Without adequate baseline data on employee performance before the learning initiative, it becomes challenging to measure improvements accurately. Establishing clear performance benchmarks is essential for meaningful ROI calculations. 
• Technology: In an increasingly digital learning environment, integrating and leveraging technology for tracking and measuring employee progress can pose challenges. Issues such as data privacy, security, and compatibility can impact the effectiveness of measurement systems. 

To overcome these challenges, you’ll need to choose education programs with measurable objectives, and continuously assess the effectiveness of their learning programs over time. Regular evaluations and adjustments can help improve the accuracy of ROI measurements for employee learning initiatives. 

Key metrics for measuring ROI for learning initiatives 

Education benefits can also help save tens of thousands of dollars – per person – in costs related to replacing employees in turnover situations. In many industries, replacing a robust frontline workforce is an enormous expense due to high levels of turnover, some averaging over 100% annually. “Among positions earning $30,000 a year or less, which includes more than half of all U.S. workers, the cost of replacing an employee is almost equal to those positions earning less than $75,000 annually.” (Source: Center for American Progress)  

Investing in the right education programs can increase retention, saving an organization on the cost of turnover. 

In order to take into account the tangible and intangible benefits of gaining knowledge and skills, it’s important to consider a mix of quantitative and qualitative metrics.  

Quantitative Metrics: 

• Cost of learning: Direct costs include expenses related to designing, developing, and delivering the learning program. Indirect costs are associated with employee time away from work during learning.
• Productivity metrics: Output measures assess changes in employee productivity, efficiency, or output after completing the learning. 
• Employee performance: Key performance indicators (KPIs) help link learning outcomes to elements that are relevant to each individual’s role.
• Retention rates: Track the retention of employees who have undergone learning compared to those who haven't.
• Time to competency: Measure the time it takes for employees to reach full productivity after completing the learning.
• Employee engagement: Gather number-driven feedback through surveys on the learning program and its impact on engagement. Participation rates demonstrate the level of employee engagement in voluntary learning programs.
• Employee development: Track the number of employees who create and follow through with personal development plans post-learning.
• Return on time invested: Calculate the time employees spend in learning versus the resulting performance improvement.
• Technology adoption: Track the adoption and proficiency in using new technologies or tools introduced during learning.
• Cost savings: Identify and quantify any cost savings resulting from improved efficiency or reduced errors. 

Qualitative Metrics: 

• Employee feedback: Collect qualitative data on how employees perceive the learning, its relevance, and its impact on their work. This can be done through focus groups and surveys with open-ended answer fields.  
• Skill acquisition: Self-assessment: Ask employees to assess their own skills before and after learning. Manager assessments: Gather feedback from supervisors on observed improvements in skills.
• Knowledge transfer: Assess how well employees can apply the knowledge gained from learning to their daily tasks.
• Leadership development: Discover potential leaders within your organization as a result of leadership learning programs.
• Team collaboration: Evaluate improvements in team collaboration and communication.
• Innovation and problem-solving: Get a sense of upticks in innovative ideas and creative problem-solving after learning.
• Employee satisfaction: Observe changes in attitudes and motivation before and after participating in learning programs. 

The selection of metrics needs to align with the specific goals and objectives of the learning program and your organization's overall strategy. Combining both quantitative and qualitative measures provides a more comprehensive understanding of the impact of learning initiatives on employee development and organizational success. 

Turnkey solutions like Pearson Accelerated Pathways help achieve goals without the stress 

By offering employees a means to get the development they need to support the career they desire, the potential benefits are many and measurable. Plus, you don’t have to worry about time and resources needed to manage the learning experience – it’s all part of Accelerated Pathways. 

Options include Associate, Bachelor’s, and Master's degrees as well as graduate certificates. Remedial courses are also available for learners who have completed high school education but may not be fully ready for college-level work. You can learn more and schedule a time to speak with an education benefits expert here.  

Your organization will benefit from the following advantages:   

• Improve employee skill sets with future-focused, career-applicable education
• Reduce turnover and absenteeism
• Deliver new skills to roles impacted by technology and automation
• Minimize speed-to-competency for roles affected by worker retirement
• Boost productivity, morale and brand loyalty
• Encourage efficiency and profit gains
• Increase employee engagement
• Increase talent pipeline
• Improve Net Promoter Score
• Increase employer brand value 

Don’t hesitate – connect with a representative at Accelerated Pathways soon!