By Leah Belsky, Chief Enterprise Officer at Coursera
An IDC whitepaper unveiled today, sponsored by Coursera, explores the business value and benefits of skills development through Coursera for Business. With the recent shift to distributed work, companies are focused on scaling digital transformation across their workforce. Equipping employees with the right skills will be essential to their efforts.
Companies using Coursera for Business for skills development achieve greater business success in the long term. Based on interviews with eight organizations using Coursera for Business, IDC calculated that companies will see a 746 percent return on investment over three years. This is equivalent to a total value of $29.4 million, or $33,300 per learner. These savings are driven by additional business benefits:
- Higher employee retention: Companies see a 38 percent reduction in employee attrition rates, and as a result, $1.12M in recruitment cost savings per year.
- Boost in employee morale & mobility: Employees learning through Coursera for Business experience higher morale and feel more valued and empowered. They see a 20 percent increase in likelihood of promotion.
- Increased employee productivity: Companies note a 25 percent increase in productivity, driving an additional $20.1K in productivity value per user.
- More employees trained in less time: Companies are able to train 94 percent more employees using 40 percent fewer training resources in 46 percent less time.
- Lowered training costs: Companies that use Coursera for Business report a 24 percent reduction in training costs.
The ability to drive skills development for positive business outcomes is essential in today’s evolving economy. As IDC’s findings suggest, “Coursera clients will be better positioned to transform and succeed in a rapidly changing world.”
The full whitepaper is available here.5