Outsourced learning and development (L&D) programs offer multiple benefits to organizations, such as cost savings and increased efficiency, to attain a tremendous competitive advantage. Drawn to such benefits, organizations outsourcing L&D programs are expanding slowly but steadily. As a result, the global managed learning services market will witness significant growth with escalated adoption of outsourced learning services.
Based on the market research study conducted by TMR, the market is projected to experience a compound annual growth rate (CAGR) of 5.4% from 2022 to 2031. This growth is expected to lead the market to reach US$ 624.1 billion by 2031. Such outsourced services will include training delivery, learning consultancy, curriculum design & development, and consequential services.
The reinvention of working styles: flexible and hybrid
Flexible and hybrid working styles give people more control over their working hours, schedules, and productivity. Trusting employees with flexibility and providing hybrid working environments allows workforces to work more attentively.
In 2024, we will witness immense growth in organizations whose L&D professionals can leverage their workforce’s desire to develop their skills. Additionally, the focus of 2024 will shift toward advancing employees’ careers and working more flexibly simultaneously.
Diversity, equality & inclusion
The need to adopt managed learning services for diversity training grew last year. Although this already began in 2020 and 2021 across multiple continents, we can expect to see increased investments in more relevant resources. This ensures that the training delivery is inclusive, responsible, and sensitive.
Reskilling, upskilling, and cross-skilling
As our working styles and conditions transform, several job roles across multiple industries are expected to experience significant changes.
According to LinkedIn’s 2023 Workplace Learning Report, the primary areas of focus for L&D teams this year include aligning learning programs with business objectives, enhancing employee skills through upskilling initiatives, fostering a culture of continuous learning, and improving employee retention. Reskilling, upskilling, and cross-skilling are required to ensure that existing workforces work optimally, efficiently, and productively. This trend will improve the functioning of your current workforce and attract highly driven new talent. Additionally, this will develop a culture of personal growth.
Business games and simulations for leaders
The use of simulations and games to deliver training has been suggested by managed learning service providers for a long time. With rapid developments in technology, we can expect growth in the adoption of business games and simulations for training leaders.
Simulations and business games make learning and development activities more effective. This happens by boosting knowledge absorption, critical skills, and learning retention, ultimately improving productivity.
Balanced & inclusive training
In 2024, we can expect education and training in organizations to be inclusive of all employees, irrespective of their positions. This will allow employees to upskill according to their roles and build their potential to drive positive change.
Managed learning service providers can help organizations to tailor training programs according to the requirements of employees. These providers offer training programs for employees in different job roles and levels.
Conclusion
Managed learning transformation services have been around for some time but are still nascent. This growth is steady and indicates significant shifts in business environments. We can expect it to grow even further in 2024.
Managed learning services allow organizations to undertake learning and development initiatives in their organization economically. As a result, the formation of strategic partnerships between managed learning service providers, SMEs & large enterprises is increasing significantly.
With the knowledge of new global managed learning services trends of 2024, organizations can effectively fulfill their learning and development requirements. It will help them undertake relevant initiatives and stay up-to-date with the developments in their industry. It will also give them a competitive advantage in today’s cut-throat market.
Here are some of the essential elements of a Managed Learning Services Framework. Please give it a read.
