The 2023 Workplace Learning Report published by LinkedIn examines the fundamental trends in the development of professional abilities based on data gathered from both internal research and surveys of LinkedIn users. The learning and development (L&D) budget adjustments that companies are making in 2023 are analysed in this research, together with the critical shifts that have occurred in the field.
To understand the report better, you have to know more about L&D. L&D is an essential component of HR that equips individuals with the knowledge and skills they need to be successful in their jobs. It fosters the personal growth of the employee while increasing the performance of the organisation. They work simultaneously.
The key roles of L&D
According to Learnerbly, L&D programs are essential to have inside an organisation since they bring in top talent, improve the skills of both your employees and your company as a whole, boost employee engagement, and cut down on employee turnover. To achieve these, they do the following:
- Engage employees in programs and activities that support their growth
- Offer training courses (e.g., leadership training)
- Fill up the knowledge gaps
- Evaluate employees
- Develop strategies for educational success
What the LinkedIn data shows
According to the statistics obtained from LinkedIn, the retention of employees is a priority for 93% of businesses. Most of these organisations believe that providing chances for growth and learning is essential to retaining personnel, and this is mainly handled by L&D.
It also shows that one of the primary focuses of organisations that are moving forward is creating new employee training opportunities. It’s because job responsibilities and required abilities continue to evolve.
Along with these interpretations, other critical insights need to be recognised more.
Some of the report’s key findings and how they may help businesses
If you look at all the insights, they include usual factors like upskilling. However, there are some insights from the report that HowNow finds the most invaluable:
- The top priority task for L&D is to ensure that education is in line with organisational objectives.
If learning and development teams are going to demonstrate a significant effect, the efforts they put in need to be centered on improving employee performance and resolving organisational issues. You can see this when an organisation faces a difficulty or a problem; one must use the information and skills they have acquired via learning to find a solution.
Businesses should always ensure that the education or training courses they provide their employers align with their objectives. This way, the employees are confident they’ll be able to help solve problems and achieve the business’s desired results.
- To make L&D more relevant to the business’s success, the way it is measured needs to change.
HowNow CEO Nelson Sivalingam believes that “if what you’re measuring doesn’t tell you how it improved performance, skills, or knowledge, then change what you’re measuring.”
Businesses should stop focusing on frivolous metrics like completion or satisfaction and instead look at how L&D changes behavior or makes people better at their jobs. Eventually, their employees will feel that they are part of the organisation’s center.
- The skills are on the move—always.
The report shows, “Skill sets for jobs have changed by around 25% since 2015. By 2027, this number is expected to double.” This means that a business must recognise what abilities it needs and grow them quickly to capitalise on opportunities and compete with the major players.
Demand and supply are ever-changing, and employee skills must keep pace. Hence, L&D should make way for employees to learn and discover new skills at the right time. This will help them appreciate every employee, as no one will be left behind.
- The ability of L&D to spend money hasn’t had a significant blow.
If organisations are unable to spend on the necessary talent, then they will need to cultivate it among the individuals they currently have.
Businesses should assess whether they need to spend a budget to get the employees with the skillsets they need or to offer training courses to the ones they have. Considering the workload of an employee is also crucial in determining this.
- L&D should be on the lookout for younger talent who puts growth chances first.
When considering potential employment options, young talents give greater weight to the possibility of advancing their careers and expanding their knowledge than any other age group.
Businesses might consider this while hiring. As most companies look for those who are “experienced enough,” it is time to give the spotlight to young adults. Anyway, they are more knowledgeable when it comes to trends and current necessities.
- People are leaving their jobs because they aren’t getting any further in their careers.
According to the survey, three of the top five reasons why people leave their jobs are because they can’t learn new skills, move up in their careers, or impact the organisation’s overall success.
This interpretation will help business owners know what their employees’ goals are. They can open more opportunities that make each employee a team player.
LinkedIn’s 2023 Workplace Learning Report emphasises that organisations continue to seek ways to strengthen their employee retention. Keeping employees is integral to running a successful business because it can directly affect morale, productivity, and profits. We are a social media agency in Leicestershire, and we see businesses that genuinely care for their employees receive praise on the Internet and raise their sales.
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