Forrester Consulting Total Economic Impact™ Study: Organizations that invested in Skillsoft Leadership and Business Skills saw a 263% return on investment
Organizations worldwide are seeing an increased need for leadership training and general business skills. The hybrid working model has proved valuable for employees and organizations, but leading remote teams and in-office workers simultaneously is an entirely new skill set. New leaders entering the workforce need training, and incumbent leaders need refreshed skills to deal effectively with an ever-changing working landscape. It’s not just leaders, either -- teams and individual contributors need up-to-date business skills, or they’ll struggle to thrive.
The way forward is by embracing continuous learning and development
The only thing we can count on is that things will change. New tools, industry philosophies and processes will invariably emerge to reinvent the business landscape. Organizations that can learn fast at scale will be able to turn change into opportunity. Therefore, a flexible, automated and comprehensive transformative leadership experience is essential for building, training and retaining a future-ready workforce.
This year, Skillsoft commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study to examine the potential return on investment (ROI) enterprises may realize by deploying our Leadership and Business Skills solution. As a result, a composite organization representative of interviewed customers that invested in Skillsoft’s solution saw a 263% return on investment over three years, and was able to instill a comprehensive set of company-wide leadership goals.
There is no more flexible or sustainable resource in an organization than its employees. Research shows that organizations can drive high achievement rates throughout their business by investing in an active learning and development program. Employees reward organizations with loyalty and productivity when they’re given the opportunity to learn at their own pace, explore the topics that excite them, and hone and expand their skills and knowledge.
To accomplish this, your organization needs a customizable, intelligent learning platform to build a true culture of learning and leadership. We’ll lead the way.
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The Total Economic Impact™ of Skillsoft Leadership and Business Skills
The following findings by Forrester were the aggregate result of interviews conducted with six individuals from four organizations with experience using Skillsoft’s Leadership and Business skills training. Forrester combined their experiences to represent a single composite organization to demonstrate the potential ROI that can result from adopting Skillsoft’s solutions.
The Forrester study determined that using Skillsoft Leadership and Business Skills solutions provided the composite organization with significant benefits – adding up to a net present value (NPV) of $52.56M and an ROI of 263 percent over three years.
Here are some other insights we gleaned from the TEI study for the composite organization:
- Upskilled employee base allowed organizations to fill skills gaps.
Employees were more likely to learn and build skills after the deployment of Skillsoft. With fewer gaps to fill, the organization did less recruiting and saved $27.8 million in hiring and onboarding costs.
- Eliminated legacy solutions saved $25.9 million in training costs.
With Skillsoft in place, organizations eliminated subscriptions to legacy learning platforms and reduced demand for offsite training.
- Increased end-user productivity freed up $9.2 million worth of time across the organization.
Learners saved time whenever they logged on to Skillsoft’s intelligent learning platform, Percipio. They saved even more time using Skillsoft pre-populated learning pathways, Aspire Journeys, to deliver the optimal curriculum to prepare them for their next ideal job with virtually no planning effort on their part.
- Reduced employee turnover saved an additional $9.2 million in recruiting costs.
Investing in Skillsoft enabled the organization to deliver more significant employee benefits and culture improvements, leading to better employee retention.
After the investment in Skillsoft Leadership and Business Skills, the interviewees agreed that their development programs paved the way for a cohesive vision of leadership competency, empowered employees to seek the skills they needed, and allowed development professionals to be more productive and strategically focused.
Follow the link below to download and read the Forrester Consulting TEI study to learn more.