Skillsoft Launches Interactive Skill Benchmarks, Unlocking a New Way to Evaluate Skill Growth

Rhea-AI Summary

Skillsoft launched Interactive Skill Benchmarks (ISBs), a new capability in their Skill Benchmarks suite, aimed at addressing skills gaps in organizations. ISBs provide hands-on skill assessments focusing on practical application, helping organizations align skills with business needs. The first set of ISBs covers technology subjects like AI, programming, and data science, with plans for future expansions. Key features include interactive virtual environments, outcome-oriented assessments, personalized feedback, and comprehensive dashboards for skills tracking.

Positive

• Interactive Skill Benchmarks offer a dynamic approach to skill assessments, emphasizing practical application and hands-on learning outcomes.

• ISBs accelerate subject mastery, allowing learners to apply skills in virtual environments, enhancing their understanding and proficiency.

• Personalized feedback and AI-generated content recommendations help guide learners on their upskilling journey based on assessment performance.

Negative

• Despite the innovative approach, the effectiveness of Interactive Skill Benchmarks in addressing skills gaps and boosting organizational performance remains to be seen.

• There may be challenges in scaling ISBs across different industries and skill domains, potentially limiting their impact on a broader scale.

Solution underscores Skillsoft’s continued innovation and leadership in interactive learning experiences

DENVER--(BUSINESS WIRE)-- Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today unveiled Interactive Skill Benchmarks (ISBs). A first-of-its-kind capability and the newest addition to Skillsoft's Skill Benchmarks suite, ISBs provide a hands-on, dynamic approach to skill assessments built around demonstrable learning outcomes and on-the-job application.

IDC predicts that by 2026, 90% of organizations will face skills gaps, costing more than $5.5 trillion worldwide in delayed product releases, reduced customer satisfaction, and lost revenue.¹ Recent Skillsoft research also shows that one in five decision makers directly attribute skills gaps to an inability to effectively assess their workforce's skills. Skillsoft’s ISBs test learners’ ability to take skills from theory to application via hands-on assessments in virtual environments. This interactive approach not only accelerates subject mastery, but also enables organizations to better assess how in-house skills align with business needs to optimize talent management strategies.

The first set of ISBs spans crucial technology subjects in artificial intelligence and machine learning, programming, and data science, with future expansions planned around leadership, business, and risk management. Key features include:

• Interactive virtual environments that enable learners to apply skills in simulated practice scenarios – such as writing and executing code – that mirror real-world projects.
• Outcome-oriented assessments which emphasize broader learning results to ensure learners grasp core concepts and understand how skills are utilized in their roles.
• Personalized results and feedback with proficiency scores and AI-generated content recommendations based on a learner’s assessment performance for guided upskilling.
• Dashboards that provide a comprehensive view of an organization’s skills, helping leaders identify areas of strength or needed improvement and track skill growth.

“Interactive Skill Benchmarks are a pivotal moment in skill evaluation and development. Our approach enables learners to not just demonstrate their ability to recall learning, but apply it to solve real business problems,” said Debasis Dutta, Senior Vice President, Enterprise Solutions, Skillsoft. “With ISBs, organizations and learners gain a firmer understanding of where they currently are in their skilling journey, where they need to go, and what training is needed to get there.”

Gina Smith, Ph.D., Research Director, IDC’s IT Skills for Digital Business Practice, added, “Amid widening IT skills shortages, Skillsoft helps enterprise learners gain literacy around generative AI and other important emerging technologies. It has never been more difficult to get the right people with the right skills into the right roles. Skillsoft’s learning solutions and interactive benchmarking can help learners master the skills they need to get their teams and organizations to the next level.”

ISBs demonstrate Skillsoft’s continued commitment to meeting modern learning demands through AI-powered, interactive skilling experiences. In addition to ISBs and Skillsoft CAISY™, the company recently launched AI Skills Accelerators. Blending hands-on prompt engineering labs, secure GPT-4 sandboxes, video-based courses, AI-powered and human coaching, and instructor-led events, AI Skills Accelerators enable learners, leaders, and technologists to acquire AI-related skills for tasks such as SEO optimization, large language model (LLM) prompting, and product use case development.

Learn more about Interactive Skill Benchmarks here and request a demo here to get started.

¹ Source: IDC Directions, Five Truths and a Lie, March 2024

About Skillsoft
Skillsoft (NYSE: SKIL) delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of best-in-class content, a platform that is personalized and connected to customer needs, world-class tech and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skill gaps and unlocking human potential.

Cautionary Notes Regarding Forward Looking Statements
This document includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as the expectations related to the capabilities and effectiveness of ISBs are forward-looking statements. Also, when we use words such as “may”, “will”, “would”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “forecast”, “seek”, “outlook”, “target”, “goal”, “probably”, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft’s management and are subject to significant risks and uncertainties, and we caution you against unduly relying on these forward-looking statements.

Factors that could cause or contribute to such differences include those described under “Risk Factors” in our Form 10‑K for the fiscal year ended January 31, 2024, and subsequent periodic reports. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in our other periodic filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements contained herein, except as required by law.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be incorrect, and actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430913095/en/

Investors

Chad Lyne

chad.lyne@skillsoft.com

Media

Cameron Martin

Cameron.martin@skillsoft.com

Source: Skillsoft

FAQ

What are Interactive Skill Benchmarks (ISBs)?

ISBs are a new capability from Skillsoft, offering hands-on skill assessments emphasizing practical application and dynamic learning outcomes.

What subjects do the first set of ISBs cover?

The first set of ISBs focuses on technology subjects like AI, programming, and data science, with plans for future expansions into leadership, business, and risk management.

How do ISBs benefit organizations?

ISBs enable organizations to better assess in-house skills alignment with business needs, optimize talent management strategies, and accelerate subject mastery.

What kind of feedback do learners receive from ISBs?

Learners receive personalized feedback, proficiency scores, and AI-generated content recommendations based on their assessment performance, guiding them on their upskilling journey.

Who endorsed Skillsoft's ISBs?

Research Director Gina Smith from IDC's IT Skills for Digital Business Practice endorsed Skillsoft's ISBs, acknowledging their role in addressing IT skills shortages and helping learners master emerging technologies.