Covid19 has significantly changed the business world this year. It has accelerated changes we expected to see years down the line . Many organizations have had to shift their business models and every day practices to adapt. This year companies focused on making the right adjustments to survive . Now moving forward organizations are focusing on transformational practices that will better prepare them for future changes and turn current challenges into new opportunities. In this blog post we will share with you the 4 human capital management trends you can expect to see this year.
Learning and Development Become Key Business Drivers
The events of this year have greatly impacted the way we work and interact. Many organizations have changed business models and some employees jobs look completely different than they did just months ago. This has only increased the need for upskilling.
The most successful business leaders have chosen to focus on providing skills training for their current workforce instead of hiring new employees to fill these changing positions. They are investing in corporate training programs and human capital transformation solutions to help their employees learn the skills they need to be successful in the modern workplace. Many of these reskilling programs have an increased focus on subjects such as data literacy, soft skills training and software adoption programs.
These learning solutions have become essential drivers of business success and greatly impact the overall levels of productivity for organizations who have had to adapt.
Businesses Preparing for the Future with Increased Agility
Another way modern organizations are preparing for the future is by improving their ability to adapt to market changes. According to a recent Deloitte study, more than a quarter of companies did not have preparedness plans or strategies in place before the pandemic(1).Now merely 4% of organizations do not have a plan in place.
We can also expect to see increased investments in human capital management programs that promote improved company culture and businesses transformation. Human resources departments are focusing on programs that drive innovation and creativity such as leadership skills. These are the skills that will help organizations better navigate the present market changes as well as the changes that will come in the future.
We can also expect to see increased investments in human capital management programs that promote improved company culture and businesses transformation. Human resources departments are focusing on programs that drive innovation and creativity such as leadership skills. These are the skills that will help organizations better navigate the present market changes as well as the changes that will come in the future.
The Continuation of Online Learning Activities for Employee Development
It is estimated that more than half of the current workforce in the United States is working from home at least part of the time (2). Although the remote workforce had already been steadily rising this was still an abrupt jump. What is more interesting is that the business is not expected to return to the usual. According to Stanford’s economics experts we can expect to see the number of employees who work remotely at least part of the time to stay at about 20% after restrictions are lifted (2).
Most organizations have already converted their former training programs into remote friendly formats, but now businesses must make long term plans to accommodate these changes. We expect there will be an increased focus on improving the quality of employee experiences moving forward.
Final Word
Organizations who go beyond adopting new technology and focus on human capital transformation are able to thrive in today’s disruptive marketplace. Investing in learning and development programs will help organizations ensure that their employees will have the skills they need to deliver superior performance.
This year many will likely continue to work from home, employees will need to learn new skills and businesses will continue to invest in quality online learning experiences. Employee reskilling will be essential for business growth and development as many business models have undergone major changes this year. We can also expect to many see industry leaders develop plans to increase their businesses ability to adapt to change.
Learn more about the future of work and watch the webinar replay of The L&D Vision for 2021.
