In recent years, the corporate sector has seen a significant shift towards prioritizing upskilling (teaching employees additional skills) and reskilling (training employees on an entirely different set of skills in preparation for a new role). This trend is largely driven by pandemic-fueled resignations and a desperate need to retain top talent. According to a recent report from the Society for Human Resource Management, more than half of U.S. employers (52%) now provide upskilling training, while 73% offer initial skills training to help workers do their current jobs.
The Market for Learning Management Systems
As companies invest heavily in upskilling and reskilling initiatives, the market for learning management systems (LMS) is expected to reach $38 billion by 2027. Between February 2021 and February 2022, investors poured more than $2.1 billion into various companies in the ‘skilling’ space, according to Crunchbase data.
Learnsoft: A Rising Player in the LMS Market
One vendor riding the wave is Learnsoft, which today announced that it raised $16.7 million in a Series A round led by Elsewhere Partners. Founded in 1987 by Brian Wachsberger, Learnsoft started out as a consulting business that sold onsite tech certification training. However, when customers began requesting online learning solutions with compliance functionality, the company brought on Kishor Amberkar as CTO to develop and launch a learning management system.
Initial Customers and Compliance-Driven Functionality
The initial customers of Learnsoft’s [system] were healthcare systems, and the platform naturally evolved with differentiated functionality specific to the compliance-driven and instructor-led training needs of this sector. According to newly appointed CEO Robbie Abt, "With the new funding, Learnsoft has refocused solely on its software-as-a-service (SaaS) model, providing a more scalable and adaptable solution for private and public sector organizations."
Key Features and Benefits
Learnsoft’s LMS offers several key features and benefits, including:
- Compliance-driven functionality: The platform is designed to meet the unique needs of healthcare and other compliance-driven industries.
- Instructor-led training: Learnsoft’s LMS supports instructor-led training, enabling organizations to deliver high-quality training programs.
- Scalability and adaptability: The SaaS model provides a more scalable and adaptable solution for private and public sector organizations.
Industry Trends and Insights
The rise of upskilling and reskilling initiatives in the corporate sector is driven by several industry trends and insights, including:
- Pandemic-fueled resignations: The COVID-19 pandemic has led to a significant increase in employee turnover, forcing companies to invest in upskilling and reskilling initiatives.
- Need for talent retention: Companies are under pressure to retain top talent, driving the demand for effective upskilling and reskilling programs.
Conclusion
The corporate sector is witnessing a significant shift towards prioritizing upskilling and reskilling initiatives. Learnsoft’s LMS is well-positioned to capitalize on this trend, providing a compliance-driven solution that meets the unique needs of private and public sector organizations. As the market for learning management systems continues to grow, it will be exciting to see how companies like Learnsoft innovate and adapt to meet the evolving needs of their customers.
Recommendations
Based on our analysis, we recommend the following:
- Invest in upskilling and reskilling initiatives: Companies should prioritize investing in effective upskilling and reskilling programs to retain top talent.
- Explore compliance-driven LMS solutions: Organizations should consider exploring compliance-driven LMS solutions like Learnsoft’s to meet their unique needs.
Final Thoughts
The rise of upskilling and reskilling initiatives in the corporate sector is a significant trend that will continue to shape the industry in the coming years. Companies like Learnsoft are well-positioned to capitalize on this trend, providing innovative LMS solutions that meet the evolving needs of their customers.
Related Reading
- The Future of Work: Upskilling and Reskilling for the Modern Workplace
- Learning Management Systems (LMS): A Guide for Organizations
- Compliance-Driven LMS Solutions: Meeting the Unique Needs of Healthcare and Other Industries
