If you’re in learning and development, you will be aware of the revolution happening at the moment. No more will we see learning as a transactional relationship with the rest of the business, where L&D is not part of the culture. Businesses who adopt this will fail.
In the ever competitive, global market, companies are using learning as a competitive advantage. According to Josh Bersin’s recent article in Forbes, learning leads to organisational capability as a strategic advantage in the market.
“Our ability to learn is what’s dictating whether we are successful or fail in the market.”
There’s been numerous studies about how learning is happening on the job, the most famous being the 70:20:10 model. This theory explains how most of learning in a corporate happens not in the classroom or in a structured virtual experience, but instead on the job, and 70% of it. The 20% is through peers and 10% in the classroom or ‘formal learning.
The challenge with this model is that L&D is still there to define, develop and delivery therefore only 10% of the learning via the blended programmes they do today.
We also know that this 10% of formal learning is often forgotten after the event. The graph below illustrates how learners retention rate after the learning event diminishes over time.
We are on a mission to change that!
We know that 70% of the learning is likely informal and based on the job. As L&D we have the challenge to support this learning. We need to create tools to support learning at (1) the moment of need and (2) the speed of business which is ever changing.
Our mission is to ensure that learning is continuous, not a one off fix for a short period…but remembered and unforgotten.
Watch and learn is a tool to enable this retention of learning within your organisation, making the informal learning a formal process for L&D teams to capture learning as it happens in the business. We have found that this increases retention of learning for 80% and more over time, rather than completely diminishing.
Through use of video, learners can share their knowledge faster and practice their sales product pitches, communication and negotiation skills. Through Watch and Learns clever feedback and analytics engine, learners can improve their on the job performance which reduces the amount of formal classroom costs to the business.
Towards Maturity recently performed a study of UK businesses, they found two key things, (1) 76% said the learner learns so they can do their jobs faster and (2) 55% of C-Level Executives are more likely to invest in Learning and Development if there’s increase in performance. Using informal learning tools which are part of the job increases performance as the employee knowledge is retained and they are learning by doing through experiences.