In a fast-changing world, Learning and Development (L&D) and HR teams have to be proactive in providing employees with all the tools they need to succeed in a landscape that’s constantly changing. As companies and markets evolve, organizations expect employees to constantly adapt and for their skills to be future-proof to gain competitive advantage and drive value for their employers. Both the companies and their employees agree – 56% of HR Managers consider training and development as ‘essential’ to a company’s success, while 68% of employees claim that training and development is a company’s most important policy, according to Clear Company. These efforts are worth it in the end – according to the Huffington Post, companies can expect 24% higher profit margins when they invest in training.
The costs of training and development
Corporate L&D has their work cut out for them, and the results are costly. Studies have shown that:
- An estimated 75% of managers are currently dissatisfied with their company’s learning and development function.
- 74% of employees felt that they weren’t achieving their full potential at work due to lack of development opportunities.
- Nearly a third of employees leave an employer because of a lack of development opportunities.
- The global market for corporate learning is expected to reach $446.1 Billion, with the US alone spending $87.6 Billion.
This translates to unengaged employees and a high rate of turn-over. Employees are seeking out robust training programs to help them advance in their work and career. Unfortunately, existing training programs are not suited for a digital workforce. Current eLearning content is impersonal, archaic, and often recycled – it’s no wonder that today’s learners aren’t engaged. So with a clear push and billion-dollar initiatives to improve corporate learning and development, why are employees dissatisfied, and how can we improve? Here at Soul Machines, we are making a case for Humanized AI as the answer.
AI-Powered Solutions for Employee Learning
Interest in AI in the Learning and Delivery sector continues to grow. According to a research study by Oracle, nearly 27% of HR leaders think that AI-powered solutions for employee training will have a positive impact on employee Learning and Development. Utilizing Humanized AI that are emotionally-intelligent, infinitely-scalable, and adaptable to learners’ needs allows today’s digital-first employees to stay engaged. “We’re heading into a world where we’re going to spend a lot more of our time interacting with machines,” says Greg Cross, Chief Business Officer at Soul Machines. “We have a fundamental belief that these machines can be more helpful to us if they’re more like us.”
“We’re heading into a world where we’re going to spend a lot more of our time interacting with machines,” says Greg Cross, Chief Business Officer at Soul Machines. “We have a fundamental belief that these machines can be more helpful to us if they’re more like us.”
Digital People are empathetic, respond to a learner’s body language, and are infinitely scalable. L&D and HR teams love a Digital Person’s ability to emotionally connect with employees while providing a powerful new way to learn. This leads to higher retention and completion rates while sharing key insights around learner activities. With a robust training program that is centered on the employee experience, employees stay engaged and remain competitive which leads to happier and more productive teams.
To retain your employees, start with onboarding
Studies have shown that 22 percent of staff turnover occurs within the first 45 days of employment. Having a thoughtful onboarding process is crucial for new team members – not only does it set the tone for a company’s culture which helps retain the best talent, it sets new employees up for success, which allows them to bring value to the company much faster.
As part of a successful case study, Maryville University recently launched their Digital People, Mya and Emma, as part of their in-house life coaching program. Representing Maryville’s diverse student body, Mya and Emma guide both prospective and newly-enrolled students through their first few months at the university and beyond. They help students figure out how to fill their FAFSA application paperwork, share more information about its school spirit and culture, and even advise on academic and career planning. Instead of impersonal training or sifting through pages and pages of information, Mya and Emma provide a highly personal way of connecting with students, and setting them up for success. Not only does it show Maryville’s commitment to the student experience, it sets the tone for the rest of their stay, introduces them to the culture, and creates a highly-engaged community. Results have already been extremely promising; Maryville’s team is passionate about our technology and will continue to develop 5+ additional digital people by 2021.
Interested in learning about how Digital People can help your Learning and Development efforts? Contact us.