Every Company will Become a Video Training Company

 

Noted American businessperson and software engineer Marc Lowell Andreessen in 2011 said that software was eating the world. Today, that statement is gradually becoming reality across all sectors – from real estate and finance to hospitality and healthcare – and education is no exception. 

What we often overlook is the people behind software and how they keep up with the ongoing changes. Having said that, we can’t afford to ignore it anymore. In 2021, more than $8000m USD was raised by edtech startups in the U.S., highlighting the unquestionable significance of human capital and novel tools to help them grow. Education is key to human transformation and critical to navigating an increasingly evolving complicated world. 

The demand for talent will continue to rise, and the Great Resignation has only added to labor shortages across all industries – be it software professionals in large MNCs or blue-collar workforce in the manufacturing sector and skilled trades.  

Governments, organizations, and businesses are gradually realizing that the world is changing dramatically but they weren’t fully prepared to counter it. A recent study estimated a global human talent shortage of more than 85 million people by 2030, which may cost around $8.5 trillion in unrealized yearly revenues. 

It certainly will push every company to become an edtech company in the next 10 years. Incidentally, this is already happening in the following ways. 

 

Workforce Training and Upskilling 

Every company now requires their workforce to adapt to the fast-changing digital world. Roughly 50% of the organizations that took part in a recent survey said that they would increase their budgets for training. Online training solutions like LinkedIn Learning provide resources for employees to grasp on their own and acquire skills to find a new job or get a promotion. 

Most people engage best with videos. It is for this reason that many companies are increasingly collaborating with corporate training platforms like uQualio to offer their own video-based training for their workforce.  

As companies continue to dedicate a substantial chunk of their resources to support and retain talent – be it skills- or credentials-based – more eLearning platforms for companies are likely to emerge. 

Learning while Working 

Learning doesn’t need to be just restricted to planned courses and specified times. In fact, it is often more effective when it occurs naturally during regular work. Between education and productivity, a new class of tools is emerging that actually helps people learn faster and retain the concepts longer, during their natural flow of work. 

Grammarly, an AI-powered writing tool, helps people communicate with their customers and colleagues in a more accurate manner. Similarly, there are tools that give language-specific feedback on job descriptions to help HRs craft more effective and clearer job posts.  

In the same vein, Hopps.io connects employees with on-demand experts to enhance their skills and use of SaaS-based tools. Likewise, Chorus AI aids sales professionals in learning from their sales calls, and white-label video training platforms like uQualio ensure just-in-time learning. 

These corporate training platforms are different from conventional solutions in that they provide real-time feedback on specific employee behaviors and skills. To employees, these offer exceptional educational value, not just in their current role, but also throughout their careers. 

 

Finding Talent in New Places  

Companies are now relying on edtech workforce training solutions to search for talent from sources that have long been overlooked. Handshake, a college career network that helps students and recent graduates find their next opportunity, is empowering businesses to connect with the colleges they had never recruited from earlier. For example, Box, a cloud storage company, revamped their hiring process and observed a 5x increase in applications from underrepresented job candidates. 

This approach often leads to a more diverse workforce and provides better job opportunities to qualified individuals, who don’t have formal training or the required conventional credentials like a college degree.  

This has even caused several companies to offer apprenticeship programs to potential candidates. For instance, Major League Hacking, a student hackathon league, works with companies to train and hire candidates if they complete real-world projects successfully. 

 

Takeaway 

Edtech is no longer a “nice to have” part of organizations, but it has now become a “must have” element. Learning and development had always been provided with a relatively small budget. But today, every business out there is investing more to help their employees to keep pace with the already transforming digital arena. 

Those who haven’t prioritized it yet are actually turning a blind eye to their own workforce and productivity, in particular, and to society, in general.  

Software is definitely eating the world, and people are hungrier to learn than ever!