The World Economic Forum and PwC’s joint report states that 50% of all global employees will need to reskill by 2025 to fill the widening skills gap.
Even before the pandemic, many enterprises encouraged their people to meet evolving job roles, and this need has only doubled in the last two years. Moreover, although employee training and development have been important for quite some time, a lot of companies still treat employee learning as a siloed subset of human resources instead of making it an integral part of their business strategy.
Thanks to COVID-19, which made specific skill sets such as cloud architects, data scientists, AI and machine learning engineers, application developers, and others significant for businesses willing to shift their infrastructure to the cloud. So, how are the HR and L&D teams coping with these evolving market dynamics and changes in the corporate training space?
Let us discuss the emerging employee training and development trends in 2022 and beyond:
Increased Spending’s on Employee Training and Development
The global spend on corporate training and development is estimated to be worth a whopping $360 billion, which we can expect to increase considering the talent shortage the Great Resignation has caused, compelling businesses to prioritize workplace learning and development for better retention of their workers. In March 2020, a LinkedIn survey revealed that a mere 24% of learning leaders had a seat at the executive table, which shot up to 62% at the end of June of the same year and up to 63% by 2021, as represented in the graph below:
Image source: weforum
Growing Popularity of Online Employee Training
The work-from-home culture during the recent pandemic has made companies realize that employees can be productive from anywhere in the world and deliver what is expected out of them to support seamless business functioning. Employees have become much more confident and familiar with using platforms like Microsoft Teams and Zoom not only for work purposes but also to attain virtual training sessions.
As a result, more and more businesses have also begun to embrace online learning to help employees develop skills from anywhere at a time that best fits into their routines. As training and development continue to become more important than ever before, the demand for personalized online training is likely to increase, and approaches like blended learning will slowly become popular among the working professionals.
More Focus on Reskilling & Upskilling
With evolving technologies and digital transformations making their way into the business diaspora, companies need to upskill their employees on the latest technologies such as cloud, big data, AI/ML, virtualization, DevOps, IoT, and more. As a result, organization-wide upskilling and reskilling continue to be the focus, with companies trying to build a highly skilled and certified talent pool internally to meet their project requirements.
Upskilling employees not only helps businesses bridge the skills gap, reduce employee turnover and boost business performance but is also enabling them to be prepared for management changes or unplanned contingencies. Considering the many benefits that employee training provides, 68% of companies are focusing more on L&D strategies to stay relevant in a fast-changing digital world.
Moreover, with the emergence of online corporate programs on the cloud and other emerging technologies from recognized and industry-approved cloud training providers, implementing upskilling has become easier for the IT industry.
HR Professionals Continue to Face Burnout
The widening IT skills gap is real and has cast a lot of pressure on human resource (HR) professionals who are struggling to hire and retain skilled talent for their organization to fill open tech positions.
Moreover, the roles and responsibilities of HR and L&D professionals have increased manifold in the past few years. From transitioning employee training programs to virtual setup to addressing the company’s skill requirements, expanding employee benefits and programs, and to supporting leaders with their crisis, their jobs are under a lot of pressure which is leading to HRs facing burnout.
If the latest reports are to be believed, 50% of HRs agree that they are burned out, and of these, 72% say they are looking for a job change due to the increasing stress at work.
Everyone is Seeking Learning Opportunities
As per the recent Gallup study, more than 50% of employees in the US want to upgrade their existing skills, of which nearly one in every two workers say they are ready to change jobs if the new employers offer the opportunity to learn new skills.
Continuous workplace learning helps both the employee and the employer as it helps meet expectations from both ends. Getting trained and certified in on-demand skills not only supports your employee’s professional goals but also helps your organization prepare for future uncertainties, which is why 72% of companies like yours have already started to encourage employee learning to prepare for talent transformation.
If the effects of these trends are compelling you to rethink your organization’s L&D strategy, then you are not alone in this. Other company leaders like you are increasingly making employee learning and development programs a must in their to-do business strategy list to reduce layoffs, improve employee engagement and productivity and build a talent pipeline for the present and tomorrow.
Is handling ongoing skill shortages, remaining competitive in the market, and creating a learning culture with diversity, equity, and inclusion your paramount criterion?
CloudThat being the leading firm in India to offer cloud training and consulting services, can be your best ally to ensure your employee training goals are accomplished. Reach us to get started!