90% of the organizations are redefining jobs which would require skilling and re-skilling of the workforce in 2025, as per a report by Ken Research
1. Current Pain Points of Corporate Companies and Employees- Existing Gap in US Corporate Training Market?
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Total college enrollment in the country has decreased from 20 bn in 2017 to 19 bn in 2018. There are around 600,000 computing job opening but about 60,000 individuals graduated in computer science in 2019.
Total cost of ineffective training to the company is around $12 Mn per 10,000 employees per annum. Ineffective training can lead to high turnover, low rates of production, ineffective customer service and increase in business expenses for lawsuits, compensation for defective products, employee injury and others.
2. Growing importance of online training has led to expansion of technological stack.
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- Collection of self-paced learning content, books, blogs, videos and others integrated with other technologies. Examples: Percipio, Pluralsight Skills, Udemy, Coursera, AdaptaLearn, Grovo, Mindful Tools, Opensense and others.
- For the administration, documentation, tracking, reporting and delivery in e-learning. It is usually bought by the organization directly and the corporate training company integrate their content, modules and technology to the companies LMS. Examples: Paylocity, SAP Litmos, Lessonly, Adobe Captivate Prime LMS, Bridge, Docebo, UltiPro, Paycom and others.
- Microlearning, gamification, personalized portal and need of just-in-time learning aids such as checklists, ready reckoners, etc has led to the use of mobile apps.
Examples: Udemy, Coursera, Lynda, Skill Pill, Google Primer, Udacity, Playipp, Moddle Workplace and others.
- Testing tool used to track and visualizes employee’s performance at different training stages. It is usually designed by the corporate training company by collaborating with a software provider. Examples: Pluralsight Flow, Waydev and others.
3. Growing Decentralisation and Millennial Workforce Boost Managerial Training– Points Corporate Training Companies Should Target in Future.
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- Training to Non-Managerial Employees will continue to dominate the demand with increasing need of technical on-boarding training.
- Changing organisational structure and management of growing millennial workforce will increase demand of training to executives and managers.
- Companies such as Centre for Creative Leadership specialise in training to executives and managers.
- Increasing trend in young leadership will also boost leadership training.
- Growing trend in training outsourcing will increase integrated training demand which were traditionally performed in-house.