Unlock the Power of Learning Rewards to Close Skills Gap! 🚀

Did you know that PwC has a digital upskilling program that prepares its employees for the future? In 2019, it made a significant commitment by investing $3 billion in upskilling its global workforce of 275,000 employees.  

This comprehensive program goes beyond just training; it's a multi-pronged strategy designed to -    

• Empower employees by providing dedicated time for them to focus on upskilling.    

• Develop learning tools to make the learning process engaging and efficient for employees.   

• Create an impact by extending the upskilling initiatives to community projects.  

• Collaborate globally by leveraging its partnerships with the World Economic Forum and the United Nations to localize training programs for different regions.  

This upskilling approach not only benefits their employees' careers but also ensures they remain a top employer brand that attracts and retains top talent.  

A recent study by the World Economic Forum emphasizes the critical role of continuous learning in career growth and employability. It suggests that by 2025, approximately 50% of all employees will need reskilling due to technological advancements.     

One of the challenges many industries face is the "skills gap." Continuous learning is crucial in bridging this gap by enabling individuals to acquire new and updated skills.     

Organizations that foster a "learning culture" reap numerous benefits. A learning culture encourages employees to learn continuously, leading to increased employee satisfaction, higher levels of innovation, and improved problem-solving skills.     

EXAMPLE -  

Deloitte University is more than just an orientation program for recruits. It's a comprehensive investment in employee development, providing leadership, professional, industry, and technical skills. Launched in 2011 with a record-breaking $300 million investment, Deloitte University reflects Deloitte's commitment to fostering a continuous learning and growth culture.   

Fast Facts about DU   

• Targeted learning for new hires attending Deloitte University within their first 90 days.  

• Widespread Impact, with nearly 14,300 college graduates and interns participating in the program in 2023.   

• Learning from leaders with 90% of sessions led by partners, principals, and managing directors, ensuring participants gain real-world insights and practical skills.    

The program enhances skills and fosters a sense of community and belonging, leading to a more loyal and successful workforce.     

Benefits of implementing learning rewards for businesses   

Organizations that implement learning rewards programs can experience a range of measurable benefits.   

• Employee retention  

• Enhanced Productivity  

• Performance improvement   

• Leadership Development  

• Innovation within teams    

Implementing learning rewards demonstrates a solid commitment to employee development, resulting in increased employee satisfaction and an improved brand reputation as a learning-focused organization.      

Designing a successful learning rewards program involves several key steps.     

• Defining clear learning goals and aligning them with appropriate rewards.     

• Considering the diverse preferences of learners and the need for long-term motivation.    

• Using technology in managing learning rewards programs.    

Xoxoday's platform capabilities, for instance, provide organizations with the tools they need to design and implement efficient and impactful learning rewards programs.       

Conclusion       

In conclusion, continuous learning is essential in today's fast-evolving workplace. As technology advances, learning rewards become crucial in motivating individuals to stay engaged and address skills gaps. By creating targeted learning reward programs and harnessing the power of technology, organizations can enrich the learning experience and cultivate a culture of innovation.      

Please read our full blog at https://blog.xoxoday.com/learning-rewards/