And how a Leadership Pass is fast becoming the choice of Learning and Development leaders
L&D is at a critical juncture in 2022. Human Resources (HR) and L&D teams face many challenges brought on or brought forward by the pandemic. There’s the pressure to attract, upskill, and retain talent. There’s digital transformation, and the uncertainty around where people should work. There are cuts in spending, changing skills gaps, and sharp focus on wellbeing as well as safety, diversity, and inclusion. Here we list out and research key L&D challenges in 2022 and share how Growth Faculty’s Leadership Pass is fast becoming the choice of L&D professionals.
Prioritisation of learning by management
Remember those first months of the pandemic? L&D investment slumped as companies cut all non-critical spending. But executives struggling in a pressured environment and an online workplace saw L&D leaders regroup and widen the scope of their work. Since then, there's been a 159% increase in CEOs championing learning and development (LinkedIn). These CEOs know that companies which invest in training double the revenue from each employee and post higher profits than those who don’t (Assoc. for Talent Development).
Creating a learning culture
L&D leaders know companies with a culture of learning outperform their peers on innovation, revenue, profitability, and market share. So 98% of L&D practitioners want to develop a learning culture but under 40% say they’ve done it (CIPD). Creating a learning culture can’t be half-hearted. It means putting learning at the heart of the company’s mission, with individual learning for employees, collaborative learning for teams and business units, and collective learning for the organisation as a whole (BCG).
Disengaged employees are the nemesis of L&D leaders who know companies with high employee engagement are 21% more profitable (Gallup). Learning is proven to increase engagement, and learners are more likely to feel engaged when offered interactive and social learning experiences that which fit into their work routine. Sharing and collaboration between peers is an important part of the process; people should play a mutual influence on one another (reciprocal determinism). Simply put, learners are more likely to engage when others are also involved.
Scaling learning across the organisation
With talent in short supply, it’s essential to retain and develop the talent you have and unlock the potential of emerging leaders at every level of the organisation. Businesses with a strong learning culture have 30-50% higher retention than those that who don’t (Robert Half). As well, the amount of intelligence used at work by employees can lift substantially if their bosses develop better leadership skills. Multipliers master practitioner Deborah Keep says show employees use up to 90% of their intelligence when working for a “Multiplier” leader but only around 40% when working for a “Diminisher”.
Making access to learning resources easy
The workplace is becoming more and more customised. L&D is part of a suite of workplace factors that must meet the needs of workers. No surprise then that 74% of learners want the freedom to take training courses at their own pace, and the same number say they want their managers to recommend courses (LinkedIn Workplace Learning Report). A curated learning journey with unlimited access to learning opportunities is what’s required to provide tailored content aligned with each client’s learning plan.
Digital transformation in learning
A tipping point on flexibility in the workplace was reached in 2022. 64% of recruiters say that being able to pitch a work-from-home policy helps them find high-quality talent (IWG). Remote and hybrid workplaces are here to stay, and digital training solutions ensure that everyone is within learning distance. Reimagining online learning for aspiring and current leaders and managers means offering access to a range of engaging learning formats that can be accessed from anywhere. A great example is the Leadership Pass which offers 12 months unlimited access to 40+ live virtual global speaker events with world renowned speakers.
Demonstrating the value of learning
Does anyone still need convincing of the value of L&D in 2022? Employees value companies which value them, and learning is a tangible and powerful way to signal this. In fact, Chief Learning Officers and similarly-titled learning executives are now in place in the C-suites at Fortune 500 companies like General Electric, Goldman Sachs, Citi, Merck, Meta/Facebook, and Google (BCG). For these companies, upskilling of employees is a critical aspect of their business, essential to being successful in today's rapidly changing world.
Identifying skill gaps
The pandemic accelerated an urgent employment challenge – how to build the right capabilities for the future of work. According to Deloitte, more than half of employees require significant retraining in the next three years. Many leaders don’t know how to identify skills gaps, especially given the speed of change. The skills needed for tomorrow are continually researched by global thought leaders. Leadership Pass holders get access to the world’s brightest minds through live and interactive virtual learning.
L&D needs executive buy-in, but executives may be the most stubborn when it comes to their own learning. A company’s revenue is dependent on quality leadership, but Gallup research contends that only 1 in 10 people possesses the necessary traits that great managers exhibit, such as building relationships that create trust, open dialogue, and transparency. Helping leaders grow and reach realise their full potential has a multiplier effect, and helps to transform organisations more than almost any other initiative.
Supporting learning in the flow of work/ flexible Learning
With more employees working flexibly and from home than ever before, it’s a challenge to facilitate on-site L&D programmes. For two years now HR and L&D leaders have found new ways to support learners wherever they happen to be, and whenever they are logged in. Employees who spend time at work learning are
· 47% less likely to be stressed,
· 39% more likely to feel productive and successful,
· 23% more ready to take on additional responsibilities, and
· 21% more likely to feel confident and happy (LinkedIn survey).
Learning in the flow of work is made possible with online or e-learning platforms such as the Growth Faculty Leadership Pass. With live virtual events and an on-demand leadership library It both develops a cadence of learning while offering maximum convenience and flexibility for employees in varied timezones and workplaces, and on different schedules.
Meeting needs of a diverse workforce
McKinsey research shows firms with good racial/ethnic and gender diversity at the executive level are up to 36% more likely to post higher profits. Organisations building a diverse workforce will need to ensure their learning platform covers business-critical topics like around diversity and inclusion as well as meeting the needs of everyone doing the learning. Prioritising individual and team transformation on diversity and inclusion is proven to power business growth.
The forgetting curve (Learner retention)
An age-old challenge this one. Ebbinghaus’s forgetting curve shows people forget more than 50% of what they learned in a matter of days.
Retention is improved if learners are highly engaged, or if they actively review the learned material. A Leadership Pass provides high engagement and high impact learning via live interactive virtual events supported with:
· post-event materials
· event summaries
· worksheets, resources, and diagnostic tools (where applicable)
· feedback forms
Plus, a Leadership Pass encourages social learning around live virtual events to drive team discussion and therefore retention.
Training in a hybrid workplace
How do you train a split workforce? 70% of workers across 31 countries want a hybrid model of working (Microsoft), so businesses are looking for the means to develop skills and drive success from anywhere. To meet this need, learning platforms must appeal to both the lone learner at the laptop and the team gathered for a “lunch and learn.” In both instances, it’s ideal if people feel they’ve been brought together for a shared learning experience. Our 40+ live virtual events provide high engagement, global speakers, real-time interaction, and social learning – all without having to travel.
This is a real and ongoing challenge for many HR professionals fighting for an L&D budget. Each company has unique constraints, but Boston Consulting Group says CEOs should aim to double the amount they currently spend on L&D activities. In Australia, companies spent $1111 per learner in 2020 (2020 Training Industry Report). The good news is our Leadership Pass gives you and your team 12 months UNLIMITED access to the world’s best leadership thinking on the most critical topics for just $398 AUD pp.
“Amazing access to leadership experts around the world for very little investment. An easy way to learn, grow and invest in yourself. It’s like Netflix for Leadership Development.” Karina Kerakova, Seeley International
If you'd like to increase your professional and personal development why not consider becoming a Growth faculty Pass Holder? Unlimited access to 40 live virtual masterclasses and Global Headliner virtual events - PLUS year-round leadership content at On Demand with videos, podcasts and book summaries. Join a community of knowledge seekers who are inspired by the best. Access $7500+ value for just $498 AUD. See what's included.