Over the last few weeks, I’ve had the honour and pleasure of attending intimate dinners with some of the founders of the fastest growing firms across the 海角视频.
Hosted by UBS, one of the world’s largest financial institutions and sponsors of the 海角视频 Fast Growth 50 index, it’s been a fascinating opportunity to talk to some truly remarkable entrepreneurs and to learn about the challenges facing their businesses.
One of the themes that has emerged throughout the dinners has been the attraction and retention of talent within the businesses and even the fastest growing businesses are struggling with ensuring they have the right people in place as the business develops quickly. The implementation of artificial intelligence (AI) was also a subject that was at the forefront of discussions between the founders and how it could support their future growth.
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In this context, a report from LinkedIn makes fascinating reading in that it examines the importance of learning and development in supporting employees, especially the role of AI in supporting their efforts.
The Workplace Learning Report 2024 shows that 90% of organisations are concerned about employee retention and that providing learning opportunities is the top retention strategy. Indeed, companies that have a strong learning culture have better retention rates, more opportunities for employees to move up or change roles internally, and a more robust management pipeline.
The study also shows that four out of five workers want to learn more about how to use AI in their profession. This is not surprising given that AI is currently reshaping the entire industries and the importance of continuous learning and growth has never been more pronounced. For example, a recent study from the Institute for Public Policy Research suggested that 11% of ask undertaken by workers in the 海角视频 are already being affected by generative AI.
However, learning isn't just about individuals building their skills as the LinkedIn study also suggests that it strengthens team bonds and gives a sense of purpose. As companies deal with the challenges of engaging teams that are spread out and diverse, investing in learning is proving to be key in making employees feel more connected and find more meaning in their work.
In other words, when a company invests in learning, it gets back a workforce that's more dedicated to the company's success with 70% of people stating that learning makes them feel more connected to their organisation, and 80% saying it brings more purpose to their jobs.
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Providing the right support can significantly boost learning opportunities with four out of ten organisations already having well-established career development initiatives that are linked to positive business outcomes, with two thirds of these offering online learning programmes. These include programmes such as leadership development, internal job sharing opportunities, mentorship, personalised career plans, and mobility within the company.
In the past, one to one coaching has always been a crucial aspect of professional development but the report suggests that AI is set to take it to the next level acting as a coach, advisor, or assistant in problem-solving. While it won't replace all other forms of company resources, AI has the potential to resolve offering personalised career development at a large scale and nearly half of the companies surveyed for the study are leveraging career mentoring and coaching as a strategy to increase employee retention.
Finally, the report suggests that work is changing to include microlearning, namely quick, targeted lessons that help employees learn in incremental steps. This is not surprising as this method addresses the employee’s dilemma when it comes to learning in the workplace namely balancing the need for skill acquisition without overwhelming their daily work responsibilities.
By integrating learning into the flow of work, microlearning enables employees to absorb knowledge in manageable segments, applying what they learn in real-time to solve immediate problems. This not only enhances the learning experience but also significantly improves retention rates and the practical application of new skills. As a result, 47% of businesses are expected to implement microlearning programmes by 2024 and make a real commitment to meeting the demands of a modern, fast-paced workplace.
Therefore, as the world of work continues to evolve, there is increased pressure from employees to learn new skills especially with regard to AI and an appreciation by businesses that they must provide the right opportunities for these individuals to learn if they are to retain their talent.
As a large number of job roles will inevitably change as result of this new technology, new skills will be needed to ensure firms remain competitive and it will be increasingly important for businesses of all size to stay relevant by providing a route to learning for their employees and securing their future.