Blog06102019

3 Compelling Reasons to Expand Your L&D Offerings

In just a few years, automation and technological advancement could displace millions of jobs—75 million by 2022, according to the World Economic Forum—but they could also create 133 million new roles. As a result of these changes, the World Economic Forum estimates that 54 percent of all employees will require significant reskilling by 2022.

Technological advancement is also impacting workers and organizations on a day-to-day basis—consider how much more frequently Microsoft releases new features and makes changes to existing tools.

It’s becoming increasingly difficult to ignore the evidence—workers need continuous learning to successfully adopt today’s digital technologies and to ensure they are prepared for the many changes to come.

Still, according to reports published by Training magazine and other research firms, organizations have been responding too slowly to this urgent need.

Perhaps it’s time for a stronger argument. With that in mind, here are three compelling reasons organizations should intensify their learning approach:

  • WORKERS TAKE MORE PRIDE IN SKILLS THAN PAYCHECKS: Almost 80 percent of respondents to a recent FundRocket poll said they take pride in their professional skills—far more than the 46 percent who said they take pride in their compensation. Engaged employees are good for your business.
  • THE SKILLS GAP IMPEDES INNOVATION: According to recent report from consulting firm PwC, CEOs now rank “availability of key skills” as their third-biggest concern. More than half of the CEOs surveyed for the report (55 percent) say the top impact of the skills gap is an “inability to innovate effectively.”
  • HIRING FOR NEW SKILLS CAN COST FAR MORE THAN UPSKILLING CURRENT EMPLOYEES: When asked how they plan to build new skills for the future, almost two-thirds of HR leaders said they will recruit for the new skills they need, according to Deloitte’s 2019 Global Human Capital Trends report. This is costly: Studies show that reskilling an internal hire may take a little time, but it can be done for one-sixth the cost of hiring an external candidate.

There is some good news—according to LinkedIn’s 2019 Workplace Learning report, learning and development is becoming more essential to business strategy. The top focus for L&D leaders this year is to identify, assess, and close skills gaps, and talent development budgets are expected to increase this year.

Learning leaders: You have the evidence—it’s time to take action.

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