L&D in the Time of Knowledge-Based Economy: An Effectual Organizational Tool
The way we think, create, and feel is just amongst the human features that cannot be automated, if not fully replicated. In the corporate world, human expertise will always remain a vital entity for growth, as the capability to feel and think with soundness is still an alien feature even to the most advanced technological inventions.
We now live in the time of knowledge-based economy, a phenomenon in which organizations rely on intellect, information, and high-level skill-set in order to achieve its goals. Since a large component of economic activities depend on intellectual capital, many organizations—regardless of size—are beginning to be either forced or encouraged to adhere to this phenomenon’s principle in order for them to grow.
L&D from an organizational standpoint
From an organizational standpoint, the utilization of knowledge-based economy begins at a microscopic take. This occurs through finding, accumulating, and ensuing value from employees, in knowing the strengths of their people and how it can benefit them as a whole.
This is where learning and development (L&D) kicks in. While this is accomplished by designing curricula and modules that involve coaching, individual and team trainings, and group assessments, this is also, in essence, the beginning of finding the real value of the organizations, a principle that totally yields to that of knowledge-based economy.
L&D, as a function, has been elevated by the direct push from business leaders and employees that require a progressive environment for learning. It serves a broader role with various learning frameworks which enables organizations to structure and manage corporate learning.
Organizations, including small to medium scale enterprises (SMEs), have long realized the value of L&D function in their business processes. Here are some snippets we gathered.
- In the Philippines, an average of six billion pesos was spent for L&D initiatives, directly provided to entry-level employees (Philippine Society for Training and Development, 2017) which had drastically increased compared to previous years
- Organizations that invest in L&D function can boost talent retention, as 72 percent of employees are driven by advancement opportunities.
- 83 percent of organizations reported skill gaps within their team. (Association of Talent Development, 2018)
- 94 percent of employees would stay longer in a company investing in their career (LinkedIn, 2018)
L&D function is a sound investment beneficial to both business executives and employees for a dynamic market relying on intellectual capabilities.
The strategic role of L&D
For many organizations, the L&D function supports the implementation of business initiatives by developing an agile learning strategy capable of adapting to various learning styles and preferences.
At its core, L&D acts as a roadmap that supports the professional and personal development of employees and leaders.
It is common knowledge that automation reduces human intervention and increases skill gaps in a multigenerational workforce. Corporate learning is an essential measure to address these emerging concerns that comes along with digital revolution.
Investing in L&D programs brings necessary changes into the workflow such as integrating quick initiatives to excel, fostering a perpetual learning culture, and encouraging engagement in a collective learning process. Developing new learning strategies by optimizing technology is a natural response in an ever-changing market.
ADEC Innovations Knowledge Management combines tried-and-tested learning principles and innovative tools in creating learning solutions. We are relentless learning architects capable of developing capacity-building programs responsive to the digital age.
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