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The Global Financial Crisis of 2008 left organizations reeling, and the repercussions of the downturn are still felt almost a decade later. Discretionary spending was all but cut-off, and the mantra of “do more with less” is followed even today by many. As a result, over the last decade, the learning and development function has not always been viewed as a strategic entity by the business.
With the turn of the global business landscape, however, business leaders are realizing that they need to strategically invest in the L&D function, to optimize their workforce for present and future roles. KNOLSKAPE’s latest study – ‘Bridging the Outcome Gap’ presents our findings on organizations’ current learning strategy and implementation process, across four crucial elements for aligning learning needs to business requirements:
- Learning strategy & leadership buy-in
- Link to performance goals
- L&D team capabilities, and
- Learning methodology and ROI measurement.
Some key findings from the report:
- While 78% of leaders surveyed believe that their L&D plan is in line with their business strategy, only 65% believe that their learning strategy is responsive to changes in the external environment.
- Only 59% of the leaders surveyed feel that learning interventions at their organization help employees fulfill their current KPIs.
- While 67% of respondents agree their L&D team can anticipate the training that may be required to meet the future demands of the business, only 40% Of respondents feel the L&D team has done a SWOT analysis of their business model.
Download the full report