Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today announced results from three commissioned studies conducted by Forrester Consulting on behalf of Skillsoft quantifying the Total Economic Impact™ and benefits of the company’s learning solutions. Forrester found that composite organizations representative of interviewed businesses using Skillsoft Leadership & Business, Technology & Developer, and Compliance solutions realized a 263% ROI, 274% ROI, and 317% ROI, respectively, over a three-year span.
Today’s businesses are facing a unique set of challenges. Finding, hiring, and retaining talent is more difficult than ever due to a tight labor market, existing teams are feeling heightened stress levels from skills gaps, and cultures and processes have been disrupted with the rise of hybrid work. As organizations adjust, they are embracing learning programs to invest in the growth and resilience of employees, and in turn, build a more sustainable workforce that drives business transformation. In fact, learners are spending 37% more time year-over-year (YoY) upskilling and reskilling according to Skillsoft’s Lean Into Learning Report.
“Building a strong culture of learning is essential for any organization looking to attract and retain top talent, create a competitive advantage, and grow the bottom line,” said Apratim Purakayastha, Chief Product & Technology Officer, Skillsoft. “We believe Forrester’s findings validate Skillsoft’s ability to deliver real, quantifiable value by providing an all-in-one learning solution that scales with the needs of our customers. Whether adding critical new skills to stay competitive, aligning current staff with future needs, or embracing compliance as a key part of business culture, learning is the key driver of workforce transformation.”
Forrester Consulting interviewed Skillsoft customers to understand the business benefits and cost savings of using the company’s learning solutions. Findings captured in the resulting three studies include:
The Total Economic Impact™ of Skillsoft Leadership & Business
The Forrester study determined that using Skillsoft’s Leadership & Business solution produced a collective benefit of $72.56 million over three years for a composite organization. Specific benefits included:
- Savings of $27.8 million in hiring and onboarding costs – Employees were more likely to engage in learning and skill building after the deployment of Skillsoft. This led to fewer skills gaps, and as a result, less time and spend required for recruiting, hiring, and onboarding.
- Savings of $25.9 million in training costs – Skillsoft helped eliminate subscriptions to legacy platforms and reduced external training demands and costs.
- Savings of $9.2 million in recruiting costs – Skillsoft enabled organizations to deliver more significant employee benefits and culture improvements, leading to improved talent retention.
The Total Economic Impact™ of Skillsoft Technology & Developer
The Forrester study determined that using Skillsoft’s Technology & Developer solution produced a collective benefit of $21.5 million over three years for a composite organization. Specific benefits included:
- Savings of $11.8 million by expanding skillsets – Skillsoft increased employee retention by attracting incremental learners who gain valuable new skills, significantly cutting onboarding costs.
- Savings of $8.9 million with multi-modal content – Skillsoft’s extensive content library engaged multiple learning styles and language requirements, removing the need to send employees offsite for in-person training and blending learning modalities instead.
- Frees up $335,000 worth of professional time – Skillsoft’s intuitive interface, simple reporting, and ability for learners to manage their own enrollments freed up the learning team from administrative tasks to focus on organizational learning goals.
The Total Economic Impact™ of Skillsoft Compliance
The Forrester study determined that using Skillsoft’s Compliance solution produced a collective benefit of $3.37 million over three years for a composite organization. Specific benefits included:
- Savings of $2.3 million through lowered risk of compliance failure – Skillsoft provided the right training to the right employees in a way that maximizes learning and results in fewer incidents of harassment, unsafe conditions, or legal/financial malfeasance.
- Frees up $317,000 worth of administrative time and talent – Skillsoft streamlined administrative tasks leading to increased productivity.
- Frees up $178,000 worth of training team’s time – Skillsoft’s extensive library of legal and Environmental, Health, and Safety (EHS) courses reduced the need for creation of custom content.
Discover the full potential of your Hrtech strategy with our comprehensive Hrtech News and Hrtech Interviews.
