How does an upskilling marketplace improve upon outdated formats of corporate learning? In this article co-developed with the team at Hacking HR, we describe some of the surprising – and game-changing – benefits of upskilling marketplaces.
What is an upskilling marketplace?
Between the rise of AI and ever-changing business needs, continuous learning and development have never been more critical to maintaining a thriving, adaptable workforce. Enter the upskilling marketplace – a dynamic, all-in-one platform that connects employees to the learning providers and resources they need. An upskilling marketplace combines the flexibility of a Learning Experience Platform (LXP) with the control of a Learning Management System (LMS) and the functionality of a benefits manager.
An upskilling marketplace is a modern solution that offers personalized learning experiences, real-time data tracking, and a variety of content formats to fit every employee’s needs.
5 benefits of an upskilling marketplace
Organizations can benefit from a lot of unique advantages when an upskilling marketplace is used instead of traditional platforms. Benefits can span far beyond enhanced learning experiences from employees – it can improve the overall employee experience (EX), boost employee lifetime value (ELTV), and give organizations a return on their upskilling investment (ROI).
Here are 5 top benefits organizations can get from an upskilling marketplace:
- Enhanced EX: The flexibility and control over the individuals’ professional development journey can significantly improve the overall employee experience. Employees are given the autonomy to choose the resources they want to spend their time on based on personal and career growth goals, giving them ownership of their development. The ability to learn at their own pace and on their own schedule contributes to a positive learning experience, enhancing overall job satisfaction and engagement.
- Improved ELTV: By providing personalized content recommendations, learning pathways, and opportunities for skill development, upskilling marketplaces can increase an employee’s value to the organization over time. New skills and competencies can translate into a more versatile and competent employee who can take on higher-level roles and responsibilities. In fact, a Guild Education study found that workers who participated in upskilling programs were 2X more likely to have a role change or promotion than the average employee.
- Empowered Inclusion: An upskilling marketplace empowers inclusion by offering learning resources in diverse formats and languages. Whether employees prefer videos, audiobooks, certifications, or written content, they can access materials that fit their learning preferences and needs. This approach embraces diversity and supports global teams, ensuring everyone has the opportunity to learn and grow in ways that are most effective for them.
- Stronger Data-Informed Decision-Making: Upskilling marketplaces provide rich data and insights on learning behaviors and skill gaps, which allows HR teams to analyze data and make smarter decisions about future learning investments, skill development priorities, and talent management strategies.
- Better ROI: The best upskilling marketplaces have a usage-based pricing model – meaning organizations only pay for the content that employees actually use, rather than wasting budgets on subscription fees – which can offer cost savings and a stronger ROI. Additionally, a marketplace’s data and insights make it easier to understand and demonstrate impact to leaders.
The many benefits of an upskilling marketplace include 5-10X boosted participation compared to traditional platforms, leading to better results and a more engaged and skilled workforce. Want to know more? Book a meeting with our team, and we’d be happy to discuss how OneRange can change the game for you.