Paycom Software PAYC recently announced that it has started deploying two enhancements to its learning management platform Paycom Learning.
As companies are trying to overcome talent shortages, the proprietary Performance Evidence and Video Content Creator can help organizations train and equip their workforce to keep up with the rapidly evolving business needs.
The Performance Evidence will enable clients to create a lesson tool, which will help employees hone a specific skill and also make sure that they are following and grasping the course.
Trainers can input an employee’s performance directly into the tool that will generate an accurate feedback loop. This will provide personnel with insights into their performance, thereby enhancing their development.
Paycom Software, Inc. Price and Consensus
Paycom Software, Inc. price-consensus-chart | Paycom Software, Inc. Quote
Additionally, the Video Content Creator enables experts to share knowledge across the company by letting them create and upload microlearning content. Access to the tool can be easily provided to appropriate individuals by the client, who can then record and upload their training video, along with other materials.
Per a research by the Journal of Applied Psychology, microlearning approach to training is more efficient than traditional courses as it improves knowledge transfer by 17% compared to the customary ones. This leads to better retention and usage of new skills in the workplace.
Management also stated that about 80% of learning and development professionals prefers microlearning.
The Importance of Upskill
Employee development is becoming crucial to employee engagement and retention initiatives taken by organizations. It is also equally important for enriching the skillset of the current staff, which in turn, boosts the organization’s business.
According to a 2019 study by PricewaterhouseCoopers, one of the three major concerns of a company’s CEO is lack of key skills in the workforce, which limit business growth.
Moreover, increasing job automation is making it necessary for employers to help employees develop skills in new or more advanced areas. Per McKinsey reports, around 32% of current workforce in the age bracket of 16-54 years may need to retrain within the next 12 years.
Notably, the global learning and development applications are expected to reach $21.9 billion by 2023, seeing a CAGR of 3.2% during the 2018-2023 period.
The Learning and Development applications market, which Paycom is trying to tap, is already dominated by players like Microsoft MSFT, SAP SE SAP and Oracle ORCL.
However, Paycom’s efforts to strengthen its footing in this space bode well for the company. The announcement of its enhancements follows key features like Ask Here and Direct Data Exchange, which were launched earlier this year.
Paycom currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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