Data Literacy – Here’s what we learned from SXSW EDU this year
Investing in your company’s future includes training for current and future employees in data literacy. Nancy Lue, Sham Mustafa, Tanya Beja, and Evan Heit discussed this at the SXSW EDU 2023 panel.
The Growing Demand for Data Literacy Programs.
These Data literacy skills are in high demand, but there’s a shortage of qualified individuals. Employers recognize the need for upskilling and reskilling to fill critical positions and retain top talent.
They also realize it helps them stay ahead in an age of automation and information. Organization-wide data literacy programs are gaining interest across industries like Amazon and John Deere.
Amazon invests hundreds of millions of dollars upskilling their frontline employees.
Amazon is taking the initiative by investing heavily in upskilling their frontline employees. While not everyone will become data scientists, Amazon aims to make everyone data literate. As a teacher, I strongly believe that there is a significant gap between what we offer and what the job market requires. Therefore, it becomes crucial for employers to step in and fill this void to remain competitive.
Another issue at hand is that many individuals fail to see the connection between certain businesses and the importance of data literacy. This mindset needs to change. For instance, during a recent talk, one of the leaders at John Deere highlighted that most of their new hires will be data scientists. Indicating how they view the future of the agriculture industry.
Correlation One is an education technology company that focuses on data skills for enterprises.
Correlation One is an education technology company focused on data skills for enterprises. They offer three services: 1) data science training, machine learning, and AI support; 2) diverse talent training and recruitment; and 3) data science competitions. These services address the need to find questions and use data to answer them. Regardless of your business model, essential questions can reduce expenses and increase profits. Correlation One emphasizes having data-literate employees who pose and address these questions collaboratively. Equipping your workforce with data skills enhances performance in today’s data-driven environment.
There are no less than 12 benefits to training your employees:
- Employee turnover reduction
- Layoff reduction
- Improve employee engagement
- Gain a recruitment tool
- Increase productivity
- Improve team functionality
- Build a competitive advantage
- Prevent and address skill gaps
- Talent pipeline increase
- Enhance management
- Reduce reliance on contractors
- Increase employees’ sense of security
Investing in employee training can have significant benefits for businesses. Additionally, as Sarah Megginson explains in her article “What HR can learn from ‘happy wife, happy life’” , happier and more engaged employees are more likely to go the extra mile for their employers. This increased motivation can lead to positive results and ultimately create a happier boss. Furthermore, although training employees may require some upfront investment, the return on investment is well worth it.
By providing training opportunities, businesses can foster a positive work environment and reap the long-term rewards of a skilled and motivated workforce.. Sarah Megginson puts it in simplistic terms, “The happier and more engaged employees are, the more motivated they are to go the extra mile for their employers, bringing about positive results that subsequently create a happy boss.” So… if you have a business, make a plan to train your employees. It might cost you a little money now, but return on investment will be well worth it.
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DISCLAIMER: We are legally obligated to remind you that the information and opinions shared in this article are for educational purposes only and are not financial planning or investment advice. For guidance about your unique goals, drop us a line at info@nestfinancial.net.
Candace Wofford graduated from The University of Texas, from which she earned her undergraduate and graduate degrees. She has her MS in Marine Science with a focus on Reproductive Endocrinology. Also, She is an expert in the Social and Emotional Learning Field and shares her passion to teachers and high-school students to inspire them to become the best versions of themselves. Last but not least, she is a mother of two beautiful children, Jace (5) and Piper Beverly (1.5) [together they are PB&J], and she is happily married to her Action Sports Expert Hubby, Jade.