Degreed's Case Study

Managing a workforce with constantly evolving skills and demanding continuous learning has become one of the most pressing obligations for businesses today. In the midst of this educational and professional maelstrom stands Degreed, an education tech company born in 2012, headquartered in the innovation epicenter of San Francisco. Our goal with this case study is to illuminate the pioneering efforts of Degreed in shaping the future of lifelong learning, promoting skill development, and delivering measurable outcomes for businesses and individuals alike.

The Genesis of Degreed

Degreed's story began with a visionary mission: to jailbreak the degree. Founded in 2012 by David Blake and Eric Sharp, the company emerged as a disruptor in the traditional education sector, which had long been plagued by rigidity, outdated curricula, and prohibitive costs. With a mandate to revolutionize how skills and knowledge are acquired, tracked, and demonstrated, Degreed set out to leverage the digital age's comprehensive learning resources. Moving beyond conventional degrees, Degreed offers a learning platform that aggregates all available online learning resources—courses, videos, articles, and internal subject matter experts—transforming them into a unified learning experience. This innovative approach allows individuals to learn at their own pace, while organizations benefit from a harmonized system that recognizes and tracks employees' continuous learning efforts (Degreed, 2023).

The Business Model: A Symphony of Learning

Degreed’s business model thrives on a subscription-based framework, primarily targeting businesses. Companies pay an annual fee per user to gain access to this revolutionary learning platform, tailored to meet specific organizational needs. The pricing model is dynamic, varying according to the organization's size and requirements. On the B2B front, Degreed acts as both a facilitator and a curator. By identifying the skills employees possess versus the skills they need, Degreed bridges the knowledge gaps with curated resources. This offering includes an extensive library of over five million modules from approximately 150 content providers. In addition to subscription revenues, Degreed also collaborates with educational content providers, who pay a fee for their content to be featured, thus accessing a broad and engaged audience dedicated to lifelong learning (Blake, 2023).

The Unique Value Proposition

Degreed stands out in an increasingly crowded edtech market through its unique value proposition that merges various facets of the learning ecosystem: 1. Integrated Learning Experience: Unlike traditional Learning Management Systems (LMS), Degreed aggregates learning resources from various sources, offering a truly integrated learning experience (Moore, 2023). 2. Skill Tracking and Certification: The platform not only provides access to learning materials but also tracks and certifies all learning activity, providing real-time analytics. This feature has become a game-changer for corporate L&D professionals who need to assess team capabilities instantly (Harvard Business Review, 2023). 3. Holistic Development: By democratizing access to learning and providing tools to build unique curricula based on personal interests, Degreed aids in both formal and informal education, thus unlocking a learner’s complete potential. 4. Real-time Analytics: Businesses can visualize what their teams are learning in real-time, which enhances decision-making processes regarding training and development initiatives (Forbes, 2023).

Statistics and Impact

One of Degreed’s standout statistics is its engagement metrics. As of 2023, the platform boasts over 4 million users globally, encompassing major corporations like Unilever and Mastercard. Degreed’s innovative platform has proven to increase employee engagement by up to 58 percent (Degreed, 2023). Additionally, businesses using Degreed have reported a 36 percent reduction in learning costs, demonstrating the platform’s efficacy in providing scalable and economical learning solutions.

Customer Needs and Social Impact

Understanding customer needs lies at the heart of Degreed’s approach. The platform effectively addresses several core aspects: 1. Functional Needs: Degreed simplifies learning by integrating and connecting various resources into one platform. It informs users by providing curated content aligned with their specific skills and developmental needs (Blake, 2023). 2. Emotional and Social Impact: The platform provides access to diverse learning materials, enhancing its badge value and promoting a sense of belonging and affiliation. This self-actualization and motivational aspect can be life-changing for many users.

Expert Opinions

Industry experts consistently laud Degreed’s transformative impact. Josh Bersin, a renowned HR and learning analyst, highlights, "Degreed has developed a platform that not only fosters learning but creates an ecosystem where skills can be validated and recognized, thus aligning learning with career growth" (Bersin, 2023).

Concluding Thoughts

Degreed's revolutionary approach to continuous learning and skill tracking is set to redefine the landscape of professional development and education. By unifying dispersed learning resources into a seamless, accessible platform, Degreed empowers both individuals and organizations to journey through the evolving landscape of knowledge and skills with confidence and efficiency. The potential and impact of Degreed extend beyond numbers; it transforms the very ethos of lifelong learning and personal development. As we look ahead, Degreed stands as a testament to the power of innovation, agility, and unwavering commitment to democratizing education in the digital age.