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Continuous Learning For Growth
Human Capital
|January 2017
Of late, for organizations particularly in the service sector, people have become the strategy. And, if that is the case, the Learning and Development (L&D) department in organizations, and the industry in general, is likely to witness significant growth in 2017 and the years thereafter.
That people are the most important asset of an organization has become atruism, and, it has been habitual to have a people strategy in corporate organizations. Of late, for organizations particularly in the service sector, people have become the strategy. And, if that is the case, the Learning and Development (L&D) department in organizations, and the industry in general, is likely to witness significant growth in 2017 and the years thereafter.
L&D has become a business-critical priority to enhance skills, improve the leadership pipeline, and enhance employee engagement and retention. In last year's Global Human Capital Trends by Deloitte, the importance of L&D increased by 25%, as compared to the year before. The concept of a learning organization has been popular for some time, but, it is only now that we see the idea grounding its roots in organizations, be it in the service sector or in manufacturing. The structural reasons for its growth will continue to grow stronger - there is a serious skill gap in the industry and that needs to be bridged quickly. Today, educational institutions have become sensitive to developing industry ready students, but while they are regularly updating their curriculum, the rate of obsolescence of knowledge is even more rapid, and therefore, corporate organizations will need to keep updating their employees with ongoing changes. According to a survey, one-third of the skills deemed critical today may become obsolete by 2020.
Ahead of the Change Curve
The complexity and magnitude of constant change is becoming more humungous, and, organizations which are agile and proactive with an innovative talent pool are the new lodestars of achievement and market success. It is predicted that in the near future, companies will acquire other companies not for their market capitalization or channel presence in the hinterland, but, purely for their talent pool.
This story is from the January 2017 edition of Human Capital.
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