Zovio | August 02, 2022
An education technology services company that partners with higher education institutions and employers, announced today that it has closed on an agreement to transition its online program management (OPM) business to the University of Arizona Global Campus (UAGC).
Over the past six months, Zovio has taken steps to implement a process designed to unlock shareholder value by rightsizing the company, accelerating growth of subsidiaries and exploring strategic alternatives, which included the potential divestiture of all three of its businesses.
In May 2022, Zovio completed the sale of TutorMe, for $55 million and used a portion of the proceeds to repay bridge financing. This left the company debt free and allowed Zovio to satisfy obligations stemming from a decision of the Superior Court of California while the company appeals the decision.
Continuing to execute on its strategic alternatives process, Zovio and UAGC negotiated, signed and closed on an asset purchase agreement with an effective date of July 31, 2022, after receiving approval from their respective Boards of Directors. Under the asset purchase agreement, UAGC is acquiring Zovio's operations and assets that previously provided services to UAGC through a long-term Strategic Services Agreement.
"Zovio has been at the forefront of providing innovative online learning products and services for almost two decades, We are pleased to have reached this agreement with UAGC and are excited about their future,"
- Zovio Chief Executive Officer, Randy Hendricks.
Zovio will continue to support the continued growth and expansion of Fullstack Academy and simultaneously explore strategic alternatives for that business.
Zovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, personalized solutions to help learners and leaders achieve their aspirations. The Zovio network, including Fullstack Academy, leverages its core strengths to solve priority market needs through education technology services. Using proprietary advanced data analytics, Zovio identifies the most meaningful ways to enhance the learner experience and deliver strong outcomes for higher education institutions, employers, and learners. Zovio's purpose is to help everyone be in a class of their own. For more information, visit www.zovio.com.
CORPORATE LEARNING SYSTEMS
Cornerstone OnDemand | September 08, 2022
Cornerstone OnDemand, Inc., a global leader in adaptive HR solutions, announced today that BBVA, a leading financial institution, is leveraging Cornerstone’s tools to develop and enhance its employee growth strategies and manage various talent areas, including recruitment, assessment, learning and mobility. More than a decade ago, BBVA began a digital transformation process that has accelerated in recent years as a result of the pandemic. The new jobs and competencies needed to ensure a successful business transformation represent a significant challenge, requiring an agile response from a talent development perspective. BBVA understood that one of the keys to adaptation was to accelerate and modernize its learning strategy for its workforce. This led the organization to create several innovative talent projects, each with the goal of giving its employees the most accessible and personalized learning and development tools. "Employees are the backbone of every great company," says José María Monge, BBVA's global Head of Talent Solutions and Head of Talent and Culture South America. “Therefore, investing in their learning and development has become a priority. Cornerstone has allowed us to create an ecosystem of interconnected tools that help us find, retain and train the best talent in our organization in a more agile way, as well as adapt to our current needs."
Some of BBVA's most successful projects to date include:
This initiative uses gamification to make the online learning platform experience more rewarding, interactive and entertaining. Increased learning platform activity as a result of this innovative approach, while encouraging employees to continue to participate in training and development activities. Managed through Cornerstone's e-commerce solution, each course has an associated number of B-tokens, which are awarded to employees upon completion of the training. The more they increase their B-tokens balance, the more access they receive to additional advanced training, including a master's degree. Understanding that a company's know-how often resides with individuals, employees can also earn B-tokens by teaching specific skills to their own colleagues. The B-token model encourages more experienced employees to share their knowledge with other colleagues promoting knowledge sharing and boosting expertise at a Group-wide level. "B-token have enabled our employees to access any training content of interest to them, whether online, virtual or face-to-face. In addition, it has great advantages for the bank as it allows us to promote those actions linked to our strategy, incentivising learning and creating a culture of growth and development," says José María Monge.
“The Camp" Project
The Camp is an initiative created by BBVA and accessed through Cornerstone. It has been designed to accelerate the "reskilling and upskilling" of employees. After identifying 14 core capabilities, BBVA designed training journeys with three levels of specialization. To promote the completion of these journeys, it developed internal gamification through the creation of The Camp. The game consists of a camp where each training journey becomes an expedition and each employee is a hiker, a beginner mountaineer or an advanced mountaineer, depending on how they progress in their expedition. The Camp gamification is accessed through the Cornerstone platform, as both tools are connected. Performance feedback and assessment Evaluating ongoing performance of BBVA employees is a continuous process that culminates in an annual evaluation with a 360-degree view. It incorporates performance feedback from managers, peers, collaborators, as well as colleagues from other areas that the employee may have worked in. BBVA integrated Cornerstone’s evaluation solution with Google Cloud to maximize efficiency in data consolidation process and results analysis, also supporting calibration workflows and customized growth and development plans.
“At Cornerstone, our greatest satisfaction comes when our clients take our solutions and create innovative strategies to nurture talent,BBVA has shown great initiative and creativity, adapting our tools to the specific learning and performance needs of its employees. We look forward to continuing to expand our partnership and helping BBVA grow,"
Marc Altimiras, AVP Cornerstone South
BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America. It is also the leading shareholder in Turkey’s Garanti BBVA and has an important investment, transactional and capital markets banking business in the U.S. Its purpose is to bring the age of opportunities to everyone, based on our customers’ real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
Cornerstone powers the future-ready workforce with adaptive HR solutions designed to unite technology, data and content and inspire a work environment of growth, agility and success for all. With an experimental, AI-powered, skills-based system designed for the contemporary workforce, we help organizations modernize their learning and development experience, deliver the content that matters most from anywhere, accelerate talent and career mobility, and establish skills as the universal language of growth and success across their enterprise. Cornerstone serves more than 7,000 clients and 90 million users and is available in 180 countries and 50 languages.
CORPORATE EDUCATION AND TRAINING
Ethena | August 04, 2022
Ethena, a modern compliance training platform, announced the launch of its Code of Conduct training. The course transforms the Code of Conduct training that public companies are required to do from a “check-the-box” activity, into training that speaks to each company’s values and shares expectations of what it means to be acting ethically and inclusively.
“A company’s Code of Conduct shares the principles and standards that everyone at the company needs to follow – that’s a really important vision to articulate, especially to new hires, Despite its importance, historically, most organizations have struggled to develop training that keeps company values and standards top of mind throughout the year. Usually, it ends up being generic training and check-the-box attestation. We saw companies hungry for something better but also scalable in the era of distributed teams. That’s why Ethena developed our Code of Conduct training to help build ethical and inclusive companies.”
-Roxanne Petraeus, Ethena CEO and co-founder
In the United States, all public companies are legally required to have a Code of Conduct, a mandate that began with the establishment of the Sarbanes-Oxley Act in 2002. Codes of Conduct have become the standard for building ethical workplaces–so much so that even private companies and growing startups develop their own internal Codes.
A Code of Conduct typically encapsulates mission, core values, and culture statements combined with critical rules and regulations–all of which make for a complex, lengthy document. The density of most Codes has made it difficult for compliance professionals to implement effective training, and even harder for employees to retain that content. It is not uncommon for new hires to read the Code during the onboarding process, sign an attestation saying they will follow the rules stated within the document, and then never hear about the Code again.
From public companies to up-and-coming startups, many organizations want to communicate and re-educate employees about the Code over the course of the year, but that has become increasingly difficult with the amount of required training employees receive. As a result, aspects of Code training either get added onto other training initiatives, or just get passed over due to tight budgets and training fatigue.
Ethena’s fully configurable, off-the-shelf Code of Conduct training makes it easier for compliance officers, Legal and HR teams, and managers to educate employees about the Code consistently while not asking for too much employee time. Companies like Zoom have already deployed Ethena’s training to provide continual opportunities for their employees to learn about the Code of Conduct.
Ethena provides the only Code training that is designed in digestible bits of training, which can be delivered at the Moments that Matter. For example, a company can deliver its “Gifts and Entertainment” training right before the holiday season for maximum learning and retention.
In today’s constantly evolving business landscape, continuous learning in all aspects of an organization is essential, At Zoom, we extend our passion for continuous learning to our Code of Conduct to help foster value- and purpose-oriented teams, just as our product teams leverage their learnings to create the next-generation of product and business innovation,said Lynn Haaland, Zoom’s Chief Compliance, Ethics, and Privacy Officer.
Ethena is a modern compliance training platform that provides innovative, effective training for companies. Instead of just checking a box, Ethena training builds ethical and inclusive company cultures while providing admins with a seamless software experience to navigate the increasingly-complex web of compliance training requirements. Ethena was founded by Roxanne Petraeus and Anne Solmssen, who drew upon their diverse backgrounds in the U.S. Army, consulting and startups to reinvent the stuffy world of corporate training. Ethena was named one of the most promising enterprise startups in 2021 by Insider.