Making the Business Case for Interactive Video based learning
Video has become pervasive in society. The millennials entering the workforce, camera in pocket, has changed the landscape of knowledge capture, and sharing for future generations. Gone are the days of traditional classroom instruction. The millennial's have shorter attention spans and want instant access to learning.
Millennials represent an increasing share of the workforce. A recent analysis from Deloitte University Press, showed Millennials "have recently inched past the other generations to corner the largest share of the US labor market". The Deloitte survey results also show that 41% of millennials will change jobs within 2-5 years.How is this affecting businesses?
Companies are experiencing a 70% increase each year in video traffic. So IT departments are being challenged to meet bandwidth requirements.
The turnover of Millennials has led to a greater need for just in time training. According to Tim Connelly's article in Forbes Tech 'Teach Millennials with video', a search of 'how-to' on YouTube yields 211 million videos, and a search for 'tutorial' yields a further 106 million videos.
Companies are starting to apply video based learning to employee training.
Custom videos on subjects such as new hire training, health and safety, machine maintenance, standard operating procedures are now short, impactful learning modules. Employees can now access these videos on their smart phones and tablets at work or home. Online or offline. There are two benefits to these short custom videos. Firstly, topics covered in these videos are better retained and secondly, they are watched more often.What is the power of video?
It's accurate - Video is the next best thing to being there. Forrester Researcher, Dr. James McQuivey, estimates that one minute of video is the equivalent of 1.8 million words. It's the best way to capture knowledge and know how.
It's simple to create - everyone carries a camera on their phone and has a webcam
It's inexpensive - everything from equipment availability, storage, bandwidth to professional talent has decreased in cost substantially
It reduces costs - According to Microsoft, the company's internal video portal has become the go-to substitute for some in-class training which has helped reduce costs of training from $320/hour to $17/hour.How does interactivity impact learning?
User Engagement increases - storytelling capability adds emotion and emphasis with Interactivity and branching.
Faster to learn with better retention - we see the results every day and this is supported with data from leading researchers seeing gains of over 50%
It creates measurability - tracking of progress and achievement