The Age of AI: How L&D Initiatives Can Transform Organizations in 2024
- 4 Min Read
Building an effective upskilling program can not only fill these gaps but also enhance employee productivity, improve engagement and retention, and enable the organization to adapt to change more effectively. Read more
In the rapidly changing business landscape, the difference between succeeding and merely surviving often boils down to a company’s ability to adapt, innovate, and evolve.
According to research carried out by Josh Bersin, the ability to be ‘dynamic by design‘, rather than static in structure, has emerged as a crucial differentiator.
Organizations embracing this principle:
- Are 7 times more likely to be leaders in their market
- Score 20 times higher in workforce productivity
- Have 31 times higher employee retention and engagement scores
The Key to Being (and Remaining) Competitive
Analysts often attribute the decline of once-prominent companies to a failure to innovate or misjudging market trends. However, new research points to a different cause: a lack of dynamism in their organizational structures.
The companies that fall behind are not necessarily making poor decisions; they are simply not adapting well enough to the pace of change. Being adept at change is the most critical (and challenging) issue in today’s business world.
Companies that are ‘dynamic by design’ are the ones who outperform others. These organizations also invest heavily in training and development, rewarding people based on their skills rather than just execution.
The Role of L&D in this Transformation
Leading the charge in this transformation are L&D leaders, whose initiatives are at the center of shaping the dynamic future of organizations as we move into 2024.
Becoming a dynamic organization is more complex than just adopting a growth mindset. It requires a dynamic operating system that encourages people to come up with new ideas across all levels of the organization.
Many dynamic organizations draw their innovation from the front line, highlighting the importance of a culture of continuous learning and adaptation.
In this context, upskilling programs have emerged as a critical tool in bridging the skills gap and boosting employee retention.
According to a report by Wiley, 69% of HR professionals believe that their organization has a skills gap, up from 55% in 2021.
Building an effective upskilling program can fill these gaps and enhance employee productivity, improve engagement and retention, and enable the organization to adapt to change more effectively.
Creating Effective Upskilling Programs
Historically, upskilling programs have been impossible to design and deliver at the same scale and speed as traditional programs due to their granular, targeted focus as part of a wider organizational context.
However, as we move into 2024 a primary reason why organizations are suddenly becoming more skills-based in their structures, is due to the simple fact that, thanks to technologies such as AI, we now can deliver upskilling programs at speed and scale.
Of course, this doesn’t mean that teams can simply begin using ChatGPT in their daily flow of work and create scalable and consistent learning programs. It means that there are significant opportunities for L&D teams to partner with AI powered Skills Academies such as Hive Learning where you can:
- Turn a 6 month process into 3 days
- Deliver to 100’s of cohorts and 1000’s of employees
- Achieve 100% registration rates
- Reach 75% weekly active usage
- 104% increase in productivity
- Predict future skill gaps for immediate skills development
- Save a minimum of £80,000 per 1000 employees
In conjunction with you and your team’s expertise, you can be empowered to deliver impactful and consistent learning programs faster and at a scale like never before.
The Outlook from 2024 onwards
As we venture into the years beyond 2024, the role of L&D in promoting dynamism in organizations will only grow more crucial. The continuous acceleration of technological advances, the increasingly competitive global market demand an organizational culture that embraces change and values continuous learning.
AI and machine learning will continue to revolutionize the design and delivery of upskilling programs. The ability to tailor programs to individual needs and deliver them at scale will be a game-changer. It will allow organizations to quickly adapt to industry changes, innovate, and maintain a competitive edge.
Yet, technology is not the be-all and end-all solution. The human aspect of learning and development will remain a vital element. The balance between using technology to deliver training efficiently and ensuring the human connection to maintain engagement will be a key challenge for L&D professionals in the years ahead.
As we navigate this rapidly changing landscape, one thing remains clear: the organizations that invest in their people, fostering a culture of continuous learning and adaptability, will be the ones leading their industries. From 2024 onwards, L&D will not just be a function within organizations, but a fundamental driver of their success.