Originally published by Mark Weinberger on LinkedIn: Why EY invested more than $500 million in over 12 million hours of classroom learning for our people
In this series, we asked speakers at the Milken Institute Global Conference to answer: How does one build a meaningful life in the age of technological disruption? Join the conversation by writing your own article here and including #MIGlobal.
Last month, when Tesla eclipsed America’s century-old car manufacturers to become the most valuable automaker in the United States, it was a stark reminder of just how fast the world is changing. Yes, dramatic shifts have always been a part of the business world – but today’s companies are contending with a faster pace of change, coming from more places, than ever before. Virtually every industry is vulnerable to disruption, and that means there are a few things that every company should focus on to ensure their long-term success.
As the global economy changes, the nature of work is changing along with it.
The first is building a workforce for the future. As a global firm with more than 250,000 people in over 150 countries, we at EY have seen firsthand how, as the global economy changes, the nature of work is changing along with it. In response, companies that want to attract and retain the best talent need to adapt. At the same time, companies need to make a conscious effort to disrupt themselves in a larger sense – because if you don’t, someone else will.
At EY, we are taking on these two challenges – modernizing our workforce and disrupting our business – hand in hand.
Building a Workforce for the Future
For example, we know that the skills our people need to succeed are constantly changing. That’s why we are investing more than ever in ongoing training opportunities for our employees. In 2016, EY invested more than $500 million in over 12 million hours of classroom learning for our people – an increase of three million hours from the previous year. Often, this means putting people through exercises that simulate real business challenges, so they can clearly see how the new skills they acquire apply to the work they’re doing – and will do in the future. Notably, this training also comes on top of mentoring, sponsorship, and other professional development opportunities that ensure our people are ready to advance.
This year, we are also rolling out a new system that enables our people to earn certificates, or “keys,” for each new skill they learn. For instance, if a person gains valuable experience in data analytics, we recognize this with a “key” that they can add to their qualifications both internally and externally. That way, as people gain additional skills that will be in-demand going forward, they will be able to build their personal brand in a public way. The more keys employees have, the more doors they’ll be able to open for themselves.