In this video clip of Motley Fool Live, recorded on February 17Fool contributor Rachel Warren discusses how some companies are dealing with talent shortages by reskilling and upskilling employees with Mohan Lakhamraju, founder and CEO of Great Learning, a global EdTech platform.
Rachel Warren: So how important is it that workers, as they get caught up in the ‘big quit’, perhaps changing careers, immediately find those retraining programs that have a high completion and pass rate? for placement?
Mohan Lakhamraju: Yeah. Some things. First, in industries that have managed to survive and position themselves well, there is certainly a lot of demand that has opened up. Which means businesses are growing. Some businesses have been very negatively impacted and some businesses, there’s definitely like this pent-up demand and they’re not able to respond to that, which means a lot of job opportunities have opened up and businesses aren’t just not able to find talent.
They struggle with it. What are the options? First, when it comes to businesses, it’s about retraining and upskilling the existing workforce they have. Because there are some functions, some old ways are no longer relevant. Either they can lose these people or they can retrain and perfect them.
And one of the benefits of working with a platform like Great Learning is that we have the assurance of learning as opposed to just access to learning. Most platforms provide access. In fact, we ensure that the learning outcomes materialize. That’s our goal and so for organizations it’s a reliable way to ensure that talent is created in the areas where they want it to happen.
This is what the organization and for the individuals, for them also this assurance of learning is even more important. Because now they choose to take the risk of finding a new position and finding an ambitious new job for themselves.
It is therefore important that they are well equipped. So for them, this assurance of learning is even more important. So for both, whether it’s employers or employees investing in these areas and that’s what we’re seeing. I think the interest is much higher than it was before we were able to grow significantly over the past few years, more than 10 times.