As we enter 2021, employee training is more important than ever. COVID-19 forced the pace of digital transformation, leaving many enterprises with skill gaps, and at the same time, there’s a global lack of talent in key fields like data science.
Meanwhile, mass layoffs left many companies needing to restructure, as changes in consumer demands and other market forces are driving businesses to pivot their products and service offerings. As a result, many companies are currently undertaking major reorganization overhauls.
But skill gaps and the need to retrain are nothing new. Employers were already struggling with them before the pressures of the pandemic — note that in 2019, PWC reported that 55% of executives faced skill gaps that prevented them from innovating efficiently. Sure, 46% intended to use employee training to bridge the gap, but by the following year, only 18% had made significant progress with upskilling.
The evolution of business tech, meanwhile, marches on, which sharpens demand for training.
In any overview of their employee training manual, WalkMe points out — “In the coming years, digital technology will continue to advance and propel change within the workplace. On the one hand, these changes will require employees to commit more time and energy to learning. On the other, those same advances will offer up new training solutions that are more efficient and effective.”
Indeed, new tech comes to improve existing training programs and help create new ones, through innovative methods and media. New training methods will require thought and time investment both by employers and employees, but the end results are likely to be worth it.
Here are three key trends that businesses need to make the most of in the year ahead.
Micro-learning moves training into the flow of work
With traditional programs, training is something that occurs separately to employees’ workflows. Employees need to log out of their work tools and enter a different training platform to complete discrete units, thereby disrupting the flow of work.
But that’s not the case with microlearning. Microlearning breaks up training sessions into bitesize segments that are integrated within the workflow.
“While our intentions may be to put together a thoughtful, engaging training session, it could look like just another virtual meeting on their overpacked schedule,” notes Jared Douglas, a facilitator at the Association for Talent Development. “Using a blended approach to learning can help not only manage our learners’ virtual fatigue but can also provide an overall better learning experience.”
By avoiding lecture formats and using conversational AI through chatbots, for example, employers can embed training into work platforms, blurring the lines between work and training. Microlearning makes training smoother and more streamlined so it doesn’t disturb the workflow.
What’s more, embedded wizards and popup suggestions support active learning in experimental sessions. Employees learn faster this way, too, since they can complete tasks for themselves and then practice again immediately afterwards by doing the task “for real,” so the learning is reinforced.
Soft skill training comes to the fore
Employee training is swinging its focus round onto soft skills, like management, leadership and listening skills, at least in part because hard skills are being taken over by automated workflows, making human interactions more prized.
However, it’s far harder to train in soft skills than in hard skills. It can take a long time and requires direct human mentorship, which means taking a superior away from their work as well as disturbing a trainee.
But AR and VR are changing everything. Employers can use the technology to create immersive, simulated training scenarios that enable active learning. VR/AR simulations can convey genuine impressions of tone, nuance, and body language, helping trainees practice even tricky situations like delivering criticism to an employee.
A PWC study into VR for employee training found that people using VR can learn up topwc 4x faster than classroom learners. VR learners gained 40% more confidence than classroom learners and 35% more than e-learners, and were found to be 4x more focused than e-learners and 1.5x more than classroom learners.
Overall, VR enabled a greater improvement in soft skills in a shorter space of time than alternative methods, which is probably why CCS Insights predicts that over 50% of medium and large businesses will adopt AR/VR by 2025.
“VR is already known to be effective for teaching hard skills and for job skill simulations,” says Vicki Huff, vice chair of PwC United States and Ventures and Innovation. “But we also expect to see companies starting to adopt this technology to help employees learn soft skills, such as leadership, resilience, and managing through change.”
Remote training becomes non-negotiable
COVID-19 emphasized that training that relies on human mentorship, classroom learning, or face-to-face interaction isn’t viable — and not available right now, anyway. Since many employees loved the shift to remote work and employers have found that it’s not as apocalyptic as they feared, the need for effective remote training is likely to endure for the foreseeable future.
AR and VR can help here too. With AR/VR technology, employers can deliver complex training scenarios remotely, at scale and at reasonable prices. VR learning reaches cost parity with classroom learning at 375 learners and with e-learning at 1,950 learners, while being more effective than both approaches.
We’re also seeing a rise in mobile-first solutions that are designed primarily for use on smartphones or tablets and then converted to desktop, rather than just mobile-ready programs developed with desktops in mind.
Quality mobile training experiences can be accessed from anywhere, anytime.
It’s time for employee training to enter the digital era
The extreme experiences of 2020 have only highlighted the need for improved employee training that makes the most of the possibilities of digital tech. By using tech like conversational AI, AR, and VR, enterprises can deliver remote virtual learning experiences, microlearning that’s integrated into the flow of work, and effective soft skills training, to fill their skills gaps and support ongoing innovation and business growth.
Reuben Jackson
Ruben is a blockchain security consultant currently living in New York City. He helps organizations fundamentally redesign experiences to create new sources of value also digitally reinventing company’s operations for greater efficiency.
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Radek Zielinski
Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!
Deanna Ritchie
Managing Editor at ReadWrite
Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.
