The business impact of change<\/h2>\n\n\n\n
Whether it’s disruptive technology, an evolving workforce, consumer behaviour, or bigger sociopolitical shifts, the sheer speed and scope of change can challenge businesses in a fundamental way. Although some changes such as automation can offer many benefits to a company, they also create a lot of uncertainty around the growing skills gaps that are likely to emerge. In fact, over 70 per cent of businesses believe their employees aren\u2019t properly prepared for the future of work.1<\/sup><\/p>\n\n\n\n To compound matters further, there are a number of human capital risks that pose a serious threat to organisational transformation:<\/p>\n\n\n These changes all point towards a shrinking availability of suitably skilled workers. Already, millions of positions that require new skills are going unfilled around the globe as employers struggle to recruit.7<\/sup> As a result, modern HR professionals are having to turn to people within their company to fill jobs. This sentiment is reflected in GetSmarter\u2019s research: 40 per cent of HR, L&D, and talent managers, as well as 47 per cent of people managers, are choosing to upskill their teams to close skills gaps rather than hiring outside talent.<\/p>\n\n\n And while there are some changes that we can predict, like the impact of the Fourth Industrial Revolution, there are others that simply can\u2019t be anticipated such as the ramifications of COVID-19. This has cast a spotlight on the need for businesses to be prepared for change by investing in people\u2019s skills and building a culture of continued learning.<\/p>\n\n\n\n To remain resilient in the face of change \u2013 both expected and not \u2013 employers should focus on doing the following:<\/p>\n In addition to the need for various technical expertise, GetSmarter\u2019s research revealed a growing demand for people skills in the workplace. While some job responsibilities and requirements, such as sorting and filing, are disappearing due to the increasing use of automation, the new positions that are emerging require increased emotional intelligence, process-driven thinking, creativity, and collaboration. Based on the findings, these also represent some of the biggest skills gaps currently present in most companies.<\/p>\n\n\n\n According to GetSmarter\u2019s 2020 Career Guide<\/a>, HR, L&D, and talent professionals ranked the following skills from highest to lowest in value for the future of work:<\/p>\n\n\n By ensuring staff are equipped with essential abilities, such as critical thinking, leadership, and interpersonal skills, companies can better prepare them to work together to navigate disruption. However, these skills don\u2019t simply appear in employees over time \u2013 they need to be taught. Whether this is through mentorship, peer-to-peer training, or external courses, fostering a learning culture in your company will help your employees grow these skills and remain adaptable as a team.<\/p>\n\n\n\n To manage the changes facing their industry, companies need to create and foster a culture of learning. Choosing to invest in your employees\u2019 skill sets is the most effective tool an organisation will have in navigating change. Companies with agile learners can react quickly, adapt to meet the evolving demands of the business landscape, and leverage new ideas for a competitive edge. In fact, companies with continuous learning cultures are:16<\/sup><\/p>\n To truly create a culture of learning, though, leaders need to do more than simply offer development programmes for the sake of ticking a box. According to the Corporate Executive Board (CEB), \u201cA [learning] culture supports an open mindset, an independent quest for knowledge, and shared learning directed toward the mission and goals of the organisation.\u201d17<\/sup> Recent research found that companies who effectively do this are at least 30 per cent more likely to be market leaders in their industries over an extended period of time.18<\/sup><\/p>\n\n\n\n One clear example of this is Google, which has been hailed as a leader in learning. Google has a hands-on approach to development that uses experiential learning as an effective tool to improve their employees\u2019 skills while building a culture of continued growth. Its policies push all employees to get involved in experiments that test new ideas in support of innovation and product development. This results in staff who are happier, more invested in the company, and are focused on out-of-the box thinking.19<\/sup><\/p>\n\n\n\n This doesn\u2019t mean that the entire onus is on a company to upskill their staff though. From GetSmarter\u2019s research respondents, 66 per cent of HR, L&D, and talent managers believed that continuous learning should be a joint responsibility between the business and the individual. By fostering a culture of learning, employees will also be more encouraged to seek out tools for their own development alongside those offered by their company.<\/p>\n\n\n Aside from preparing for the future, building a learning culture has many other benefits for organisations. According to GetSmarter\u2019s research, more than 80 per cent of employees felt more engaged after being provided with L&D opportunities. This increased engagement can lead to improved productivity, lower turnover, and more meaningful contributions. By encouraging new ways of thinking, continued learning also challenges rigid opinions and behaviours, which can in turn improve team performance.<\/p>\n\n\n\n While some managers are reluctant to develop their staff in fear that they\u2019ll leave for a competitor once they\u2019ve been upskilled, a more pressing concern should be having a workforce that\u2019s ill-prepared to meet the changing requirements of their business. The need for upskilling goes beyond simple employee retention. As talent expert Josh Bersin points out: \u201cThe single biggest driver of business impact is the strength of an organisation\u2019s learning culture.\u201d20<\/sup><\/p>\n\n\n\n In fact, the majority of respondents in GetSmarter\u2019s research ranked \u2018business impact\u2019 as the most important indicator of success for learning and development, followed by \u2018reaching business goals\u2019. By approaching L&D strategically, companies can ensure they\u2019re sending their employees on courses that will best serve both individuals’ career goals and the business as a whole.<\/p>\n\n\n In the chaos of constant change, talent has become the most important asset there is. By building a learning culture within their organisation, HR and L&D professionals will not only create a workforce that\u2019s better equipped to handle the disruptions facing business, they\u2019ll also create the kind of company where top employees want to stay. And by focusing their efforts on developing key soft skills, they\u2019ll prepare their workers \u2013 and their business \u2013 to tackle the future of work head on.<\/p>\n\n\n\n For companies looking to benefit from a more engaged workforce that have the necessary skills to thrive through change, GetSmarter offers a variety of online learning and development options for businesses<\/a>.<\/p>\n\n\n\n![\"\"](\"https:\/\/www.getsmarter.com\/blog\/wp-content\/uploads\/2020\/04\/Q1-2020-SLOT-3-The-Role-of-Corporates-in-Lifelong-Learning-04.png\")
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The skills required for a changing landscape<\/h2>\n\n\n\n
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