August 29, 2018 at 1:38 PM
Learning rarely stops after your formal education ends, whether you’re pursuing further learning out of personal interest, career-aspiration or it’s mandated by your company. Most companies offer funding and support for their employees to go on courses to keep their skills up to date or learn new skills. Companies spend millions every year on enabling employees to participate in physical, often off-site training, and the costs can cover training fees, training material, travel and accommodation.
But after the course is complete, employees go back to the office, often not having the tools to implement the knowledge in reality or having too little knowledge or recall of the material that was taught. For employers, the return-on-investment (ROI) on these courses are very low, if measured by knowledge gained or impact in the workplace. Instead, the success of these training initiatives is most frequently measured by merely attending until completion or by passing the exam at the end of the course. If the training can be ticked off as done, both employees and their line manager often view it as successful, offering little incentive to these employees to engage and retain knowledge further than the last day of the course.
Due to the lack of repetition of information, up to 80% of course material could be lost within the first month after training, and corporates have no way of measuring how much of the knowledge gained can be applied in the daily lives of their employees.
Why is this happening?
When you consume information for the first time, whether it be through audio or visual uptake, your brain’s neurons fire and bind for the first time. This creates short-term memories and short-term recollection. Your neurons need to be stimulated with information multiple times before short-term information is transferred into your long-term memory and long-term recollection is enabled.
As seen in the graph below, the Ebbinghaus forgetting curve illustrates how information is lost over time if no repetition has been done. If the information is not repeated, 40% of new information is lost within 20 minutes of first hearing it, with up to 80% lost within the first month and as much as 95% after two months. This makes it nearly impossible to remember anything that was not repeated. Long-term memories take time to develop, and numerous iterations, but if done well, it can result in significantly improved information retention.
If your employees complete a course and never repeat the course material, your ROI after just one month diminishes to 20%.
What’s the alternative?
Measuring individual learner’s knowledge of course materials before and while they are learning and utilising learning algorithms to create unique repetition cycles of key information, generates a tailored learning experience for each learner. This approach has proven to result in the retention of up to 95% of the information presented in a course.
With technology that was built on neuroscientific methodologies, content is delivered in manageable learning portions and is presented based on a unique learning curve tailored to the knowledge levels of each learner, transforming course material into permanent knowledge.
This repetitive training approach is made accessible through a digital platform that can be accessed at any time through a PC, Laptop, Smartphone etc.
With the information learnt turned into long-term knowledge the learner will be able to return to their work environment fully equipped to implement the best practice techniques and strategies covered in the courses.
The Principa Academy: Wisdome
Wisdome will focus on providing best practice training in collections management, credit scoring, credit management and risk management in the credit risk management arena.
Our experienced industry-leading consultants have developed these courses, and the course modules will cover topics that are focused on practical industry issues, which include credit scoring, best practices in credit risk management, optimising portfolio profitability, collections management and bad debt provisioning techniques and strategies. The courses expose learners to a series of case studies and exercises, all based on international best practice.
Find out more about Wisdome’s first available courses on the eLearning Platform.