With the advent of generative AI and rapidly evolving tech stacks, companies like Morgan Stanley, FactSet, and the USCG face the pressing need to innovate at a faster pace, modernize their infrastructure, and boost security measures.
Traditional methods alone are no longer sufficient to keep up with the pace of technological advancement and the increasing demands of clients and stakeholders. The solution they have found to be both effective and sustainable is upskilling their workforce.
Equipping employees with the latest skills and knowledge means organizations are better positioned to meet their objectives and maintain a competitive edge.
Flexible learning is the key to tech mastery
Morgan Stanley has identified a strong positive correlation between the time employees invest in learning and their overall performance.
Recognizing that employees often struggle to balance work demands with professional development, Morgan Stanley provides flexible learning options to help employees integrate upskilling into their busy schedules.
Allowing employees to learn at their own pace and on their own time has helped the company cultivate a culture of continuous improvement and high performance.
Making learning irresistible with flexible options and rewards
To further support this flexible learning approach, Morgan Stanley implements various incentives to motivate employees to engage in skill development activities. These incentives include:
- Expert-led webinars: Offering real-time insights and knowledge from industry experts.
- Themed learning blocks: Concentrating on specific topics that are relevant and timely.
- Prizes: Providing tangible rewards for those who actively participate and excel in their learning journeys.
These efforts have significantly reduced the time required for employees to upskill, leading to a 46% year-over-year decrease in the number of days needed to achieve the desired proficiency levels.
Bite-sized learning for big gains
Encourage employees to upskill at work by offering bite-sized training courses and dedicated learning time. Shorter, to the point training helps to make learning more manageable and less overwhelming, leading to higher engagement and better retention of new skills.
Hands-on learning is the best way to master tech
Tech professionals consistently highlight hands-on learning as the most effective method for acquiring and applying new skills.
Practical application through real-world scenarios helps learners retain information better and fosters a deeper understanding of the material.
FactSet makes the most of this by providing hands-on labs for their engineers, ranging from new hires to principal engineers. These labs are integrated into their training through Pluralsight, a platform where 90% of their tech skills learning occurs.
Hands-on labs offer a controlled environment where engineers can experiment, make mistakes, and learn without the risk of impacting live systems which encourages innovation and builds confidence in handling real-world situations.
Closing the tech skills gaps
Effective upskilling initiatives require meticulous tracking and analysis to make sure that they are meeting their intended goals.
Morgan Stanley and FactSet emphasize the importance of tracking success through detailed metrics which helps them identify skills gaps and develop targeted solutions to address these deficiencies.
Smart metrics and self-assessments for skill boosts
Morgan Stanley and FactSet use a variety of metrics and assessments to monitor upskilling activities:
- Metrics: Analyzing data on course popularity and learner engagement means these companies can tailor their training programs to better align with the needs of their clients and business objectives. A data-driven approach makes sure that skill development efforts are both relevant and impactful.
- Skill assessments: Employees are encouraged to use self-assessments to evaluate their skills and identify knowledge gaps. Assessments are treated as learning opportunities rather than tests, leading to a supportive environment where employees feel comfortable acknowledging areas for improvement. At Morgan Stanley, the use of skill- and role-based self-assessments has led to a 56% increase in skill levels.
Use your learning platform’s data to gain insights into your teams’ interests and how they align with your business needs.
Treat skill assessments as opportunities for growth and reward employees for identifying and addressing their knowledge gaps as this will improve individual performance and strengthen the overall capabilities of your organization.
Early upskilling in emerging tech
FactSet’s proactive strategy in upskilling for generative AI over a year ago has resulted in significant advantages. Investing early in this emerging technology means they have positioned themselves ahead of competitors who are only now beginning to explore its potential.
The early adoption and integration of generative AI training has led to a 20% increase in prompt efficiency at FactSet.
Efficiency gain translates to substantial time savings, with an average of 1,580 hours saved over just three months which improves productivity and lets employees focus on more complex and value-adding tasks.
Before diving into training for emerging technologies, make sure your teams have a strong grasp of foundational tech skills.
Once the basics are in place, identify the technologies most relevant to your organizational goals and develop an upskilling plan tailored to your specific use cases. A strategic approach means that new tech is integrated smoothly and effectively.
Tailored training for tech teams
The USCG has recognized the need for specialized training in key areas such as cloud computing and security.
To address these skills gaps, they have implemented tailored learning paths designed to equip their personnel with the necessary expertise to handle modern technological challenges.
- USCG’s approach: They focus on creating specific learning paths for critical roles within their organization. For example, cloud and security professionals are provided with courses that lead to role-specific skills and certifications. A targeted approach makes sure that each team member gains the precise skills required for their position.
- Role-specific skills and certifications: Certifications that validate their knowledge helps employees improve their technical abilities and gain a sense of accomplishment and confidence in their roles. A shared knowledge base across the team contributes to smoother operations and better coordination, as everyone is equipped with the same foundational skills and understanding.
The tailored content and hands-on learning have yielded impressive results, with the USCG reporting a 40% improvement in personnel upskilling.
Start by creating a comprehensive skills inventory to identify the necessary skills and knowledge for each role within your organization. Then, develop custom learning paths that address these gaps.
Comprehensive upskilling is your roadmap to tech excellence
The strategies outlined here demonstrate a holistic approach to tech skill development, emphasizing flexibility in learning, leveraging data for informed decisions, tailoring training to specific needs, and incorporating hands-on experiences.
When proactively engaging with emerging technologies and creating a supportive learning environment, organizations can build a workforce that is skilled, adaptable and ready to meet the demands of the future.
