The last few years have seen technology advance at an unprecedented rate. We live in a world where artificial intelligence, mobile platforms, sensors and social collaboration systems have revolutionized the way we live, work and communicate. So much disruption has actually made employees and organizations more “overwhelmed” than ever. However, this has not been converted to an increase in productivity.
Productivity in the United States is rising by only about 1% annually even as employees are working more hours.
Work life imbalance as the average vacation time taken is down to 16 days in 2016 from 20 in 2000.
Only 12% of the Fortune 500 companies from 1955 are still in business and this year alone, 26% fell off the list.
CLEARLY, THERE IS A GAP BETWEEN TECHNOLOGICAL SOPHISTICATION AND THE AMOUNT OF WORK ACTUALLY PERFORMED.
Skills are becoming obsolete at an accelerating rate. Software engineers, marketing and sales professionals, finance, law etc. have reported how there is a need to redevelop their skills every 12-18 months. Low productivity for any company translates into losing quickly to competitors.
Many new tools are coming up in the market that provide curated content, video and mobile learning solutions. These engaging tools of learning are making the traditional LMS old and more challenging to use.
Content marketplaces such as Capabiliti offer an exploding library of high-quality content created by experts which create endless learning possibilities.
The problem is with the way human capital is managed. HR leaders need to understand what is causing this massive gap between technological innovation and productivity and devise solutions accordingly to help companies adapt to changing circumstances and use it to their maximum advantage.
The way businesses organize, manage, develop and align people at work can improve the existing productivity levels. The HR teams across organizations are key stakeholders in ensuring that their employees are engaged, growing and contributing positively to their mission at large.
THE ROLE OF LEARNING
90% of CEO’s believe that their company is facing disruptive change driven by digital technologies, and 70% say their organization does not have the skills to adapt.
~ Global Human Capital Trends Report, 2017
The way learning is viewed by organizations has changed over the years. Learning is no longer a once in a while event. It is a continuous process, spanning across careers and disciplines. The world is going digital and so is learning.
US citizens look at their mobile phones 8 billion times a day (Deloitte)
90% of CEO’s believe that their company is facing disruptive change driven by digital technologies, and 70% say their organization does not have the skills to adapt (Global Human Capital Trends Report, 2017).
All this has forced industries such as media, retail, transportation and even the service sector industries to reimagine the ways they connect with their audience. Such a digital revolution has also changed the competitive job market, making skills obsolete and changing preferences for absorption of information around. Employees want to keep up with such high expectations and competition in the job market.
MILLENNIALS ARE DISRUPTING THE JOB MARKET
The millennials comprise a major part of the workforce today. As per the US Bureau of Statistics Project, millennials are going to make up 40% of the workforce by 2020 and 75% by 2025. Data by Glassdoor has revealed that “the ability to learn and progress” is what matters most to millennials.
But millennials aren’t happy.
Only one-third of millennials believe that their organizations are using their skill sets well,
42% say that are likely to leave because they are not learning fast enough.
95% of millennials are willing to pay for their own professional development and training.
This biggest job-hopping generation put their career growth over everything else. 52% of millennials cite career progression as their first priority, followed by competitive salaries (PwC). In order to attract and retain the best talent, HR leaders everywhere must make professional development a principal driver of a company’s employment brand. Offering professional development training courses could be the first step.
THINGS MILLENNIALS WANT AT WORK
- Adequate learning opportunities – Only 28% of millennials feel that their current organizations are making “full use” of the skills they currently have to offer (Delloitte Millennial Survey, 2016)
- Coaching and mentoring – As per Deloitte Millennials Survey 2016, millennials who have someone acting as a mentor, 83% are satisfied with this aspect of their working lives.
- Constant feedback – 54% of millennials reported to have frequently felt that their manager is unprepared to give feedback during performance reviews (Fast Company).
- Flexibility at work – 77% of millennials wish to have greater mobile connectivity, such as via tablets and smartphones. 41% prefer to communicate electronically at work than face to face or even over telephone.
- Digital solutions – 85% of millennials access internet from their phones and 93% use social media to connect with their friends and family.
THE GOOD NEWS – RISE OF ONLINE MARKETPLACES
Even though the nature of learning has changed, along with it has come an explosion of high quality, engaging and professional video content, most of them almost free or extremely low cost.
Advantages of online marketplaces:
- Cutting edge content by industry experts
- Nominal fee
- Engaging content
Organizations can bridge the gap between rapid change in technology and skill gap by investing in such marketplaces to provide high quality and upgraded content to their employees.
Learning strategies should include the following:
- On-demand learning opportunities
- Access to a vast content library
- Mobile enabled content
- Constant feedback
- Coaching and monitoring
- Tracking performance through analytics
- Build learning communities
- Gamify learning for engagement