SANTA MONICA, Calif.--(BUSINESS WIRE)--
The 5 for 20 Challenge encourages employers to commit to investing in learning; new program kicks off with free training content from the company’s annual Digital Learning Event
Today, Cornerstone OnDemand (CSOD), a global leader in cloud-based learning and human capital management, and its CEO Adam Miller, announced the 5 for 20 Challenge, a program designed to help companies across industries solve the skills divide and better prepare for the workforce of the future. Launched in conjunction with the company’s Digital Learning Event, this new program challenges companies to dedicate 5 percent of their employees’ time to learning, which will deliver significantly improved employee retention – up to a 20 percent reduction in turnover – and a higher-performing, more future-proof organization.
“In recent years, new technologies have upended industries from retail and transportation to manufacturing and financial services,” said Adam Miller, Founder and CEO, Cornerstone. “As technology evolves, there will be more change and more disruption — and a growing need for new skills, no matter the industry.”
According to a 2018 study from Deloitte and the National Manufacturing Institute, a lack of qualified talent threatens to decrease U.S. manufacturing GDP by as much as $454 billion by 2028. And it’s not just high-skill jobs that are at issue. According to the National Skills Coalition, middle-skill jobs comprise 53 percent of the U.S. job market, but just 43 percent of U.S. workers have the skills required in those jobs. The bottom line: There simply aren’t enough properly skilled candidates to fill the jobs of tomorrow.
“To prepare for a future in which the right skills are in short supply, companies need to take matters into their own hands and invest in up-skilling their employees,” said Miller. “In an ideal world, the problem would be solved by a combination of efforts by governments, universities, companies and employees. However, the problem is so urgent that companies can’t wait for someone else to solve it.”
Making a financial investment in learning is just the first step for companies that want to bridge the skills divide. For the investment to pay off, companies need to make learning an ongoing practice that is part of their company culture. They need to provide learning programs that allow all their people to develop the skills they need to take advantage of changes in the business and technology landscape.
“Just offering training options isn’t enough,” said Miller. “You’ve got to give people the time and space to learn in the ways that make sense for them.”
To ensure that their people get the time and support they need to learn new skills, Miller says that companies need to align all levels of management around the 5 for 20 Challenge approach. Also, because people have different learning preferences, companies should provide a variety of learning options, including formats like in-person training sessions, Microlearning® digital content and access to continued education reimbursement.
How to Get Started
To help companies join the 5 for 20 Challenge and start bridging the skills divide, Cornerstone developed a complete package of program assets. Challenge-takers can find a guide to implementing an expanded commitment to learning, ways to measure the results of their investment, and marketing and communications examples to promote the challenge internally and beyond. To learn more and get started, visit the 5 for 20 Challenge website.
The 5 for 20 Challenge launches as part of Cornerstone’s annual Digital Learning Event, a publicly-available learning portal that features over 150 free courses in critical focus areas such as Leadership, Productivity, Digital Transformation and more. This complimentary resource will be available through March 11, 2019.
- To learn more about the 5 for 20 Challenge, visit: https://hr.cornerstoneondemand.com/5for20
- To learn more about Cornerstone’s Digital Learning Event, visit: https://hr.cornerstoneondemand.com/DigitalLearningEvent
About Cornerstone OnDemand
Cornerstone was founded with a passion for empowering people through learning and a conviction that people should be your organization’s greatest competitive advantage. Cornerstone is a global human capital management leader with a core belief that companies thrive when they help their employees to realize their potential. Putting this belief into practice, Cornerstone offers solutions to help companies strategically manage and continuously develop their talent throughout the entire employee lifecycle. Featuring comprehensive recruiting, personalized learning, development-driven performance management, and holistic HR planning, Cornerstone’s human capital management platform is successfully used by more than 3,500 global clients of all sizes, spanning over 40 million users across 192 countries and 43 languages. Learn more at www.cornerstoneondemand.com.