Why Social Learning Is Essential for Growth in 2024
The world is on the brink of a skills crisis, with an anticipated $8.5 trillion in lost productivity by 2030, according to Korn Ferry. This should come as no shock, as the analytics firm predicts that roughly 85 million jobs will be unfilled because there simply aren’t enough skilled workers available.
This reality calls for a major change in how we approach employee growth. Enter social learning—a concept that’s not only transforming learning and development (L&D) but becoming a linchpin for organizational growth. Here’s why.
Gen Z Will Dominate the Workforce by 2025
According to Zurich, members of Generation Z, comprising those born between 1997 and 2012, will make up 27% of the global workforce by 2025.
While the majority of Gen Z is still under 18, millions of people within this demographic enter the workforce every year.
These new career entrants come with unique learning preferences, including a strong inclination for social learning. According to Frontiers, over 92% of Gen Z respondents want social learning tools to be part of their education.
To harness this new energy and align with Gen Z’s preferences, businesses must modernize their strategies, including adopting social learning. This approach will not only appeal to younger workers but also create a culture that promotes continuous learning and growth.
Social Learning Mimics Informal Learning
Traditional learning accounts for only 10% of skill acquisition. The majority of learning occurs through hands-on experiences and social interactions. Social learning helps employees retain information as they observe and emulate behavior in a more relaxed and relatable setting.
Guided social learning activities created by your team can mimic informal learning, a method viewed by 87% of employees as essential for their growth, according to Bloomfire. This approach makes training feel less rigid and more engaging, contributing to overall growth within your organization.
Social-Centric Training Methods Provide the Best ROI
The financial perspective is crucial in any L&D strategy. Social learning’s impressive ROI of 75:1 compared to traditional web-based training is compelling, according to Growth Engineering. This figure is not just about cost-effectiveness; it’s a testament to the transformative power of social learning in developing talent.
The preference for social learning among employees, along with its ability to attract Gen Z job seekers, makes it a vital tool for long-term success. Sunsetting traditional development programs with social learning isn’t just a trend; it’s a strategic move towards sustainable growth.
Embrace Social Learning Theory with Tigerhall
The growing talent shortage demands innovative solutions. Social learning offers a way to navigate this challenge effectively. By embracing this approach with the support of the right technology platform, like Tigerhall, your organization can build a learning culture that drives long-term growth.
Tigerhall’s platform features bite-sized insights and training content from internal experts, industry leaders, and Fortune 500 executives. Schedule a demo today to learn more about how Tigerhall can help you transform your learning culture and pave the way for long-term growth. Dive deeper into social and microlearning by exploring “The Ultimate Guide to Microlearning in 2023.”
Social learning isn’t just the next big thing in L&D; it’s a vital component in your organization’s strategy for long-term growth. By recognizing and leveraging this powerful tool, you are positioning your organization to lead, adapt, and thrive in the future. It’s about redefining how organizations operate, learn, and evolve, aligning perfectly with Tigerhall’s mission to unlock organizational intelligence and continuous reinvention. It’s imperative for businesses that want to lead the future, not just survive it.
Authored by Nellie Wartoft, CEO of Tigerhall