Degreed, a pioneer in learning experience for eight million users, recently shared the results of a commissioned Total Economic ImpactTM (TEI) study of its Learning Experience Platform (LXP).
The study, conducted by Forrester Consulting found that organisations using Degreed’s LXP experienced faster time-to-productivity for new employees, democratisation of learning across the workforce, improved upskilling, and lower learning content costs. The potential total return-on-investment calculated in the study was 312%, with a net present value (NPV) of $4.69M and payback in under six months.
“Our customers choose Degreed alongside their LMSs and HCM systems to build the skills their people need faster and more efficiently. We believe this Total Economic ImpactTM
study highlights how Degreed’s more open, collaborative learning experience can create value at every stage of the employee lifecycle - from faster new hire onboarding to more efficient upskilling and lower turnover in key roles, not to mention reduced content spend and higher productivity for L&D teams,” said Todd Tauber, SVP Strategy at Degreed.
The study found organisations using Degreed had a 20% faster time-to-productivity for new employees due to a more consistent onboarding process, centred around high quality content and easily navigated learning pathways.
According to the study, “Interviewees’ organisations used Degreed to upskill employees and improve their organisations’ performance in a number of areas, including customer satisfaction and retention, data storage and analysis, product support, diversity and inclusion, leadership and management, and technology changes.”
One professional services organisation was able to make onboarding more relevant and timely for new starters, where previously it depended on live instructors at synchronous training sessions, which delayed onboarding timelines and made the experience inconsistent.
Another customer commented on the benefits of the LXP’s open ecosystem, stating, “Degreed is the primary learning interface for us and it caters to the diverse needs of our employees, as well as our organisation. With Degreed, we've achieved targeted and business-focused skill development.”
The improved upskilling of current employees across all respondents was 35% for employees and 25% for trainers because of the single gateway for all learning that Degreed provides. The study additionally found that Degreed led to better retention in key roles, decreasing from 10% to 2%, particularly in leadership positions and those who regularly deal with new challenges.
There were additional unquantified benefits that were identified by the study including bringing a social, consumer-grade learning experience to corporate learning, leading to higher levels of engagement, and the democratisation of learning, particularly for frontline workers, those in new regions, and employees speaking different languages.
Interviewees also said that Degreed was one of their organization’s core technologies that provided the agility needed to successfully operate through remote work.
To read the full study, click here
. Degreed is hosting a webinar featuring Forrester to dive further into the details of the study, click here to register.