Challenging times lie ahead in the North as optimism post-January 31 has been replaced with uncertainty. The pandemic has altered the landscape of work, leaving businesses and jobs in a precarious state. Even before this crisis, the region’s businesses faced an unpredictable future.
The causes of this uncertainty are multifaceted: a tough economic landscape, an increasingly digital world, and a population demanding ever-improving products and services. While change and uncertainty can be stressful, proactive measures can mitigate their impact. One such measure is an increased focus on learning and skill development.
Learning plays a crucial role in enhancing motivation, engagement, and performance at work. It also meets the essential need for personal growth and career development. Few would argue against the necessity of new skills—ranging from digital competencies to human-centred skills such as empathy, problem-solving, and communication—in today’s world. Building resilience, agility, and the ability to manage constant change are imperative, in addition to industry-specific skills.
Accenture and the Chartered Institute for Personnel and Development (CIPD) investigated how UK organisations support learning. They found a significant gap between the recognised importance of skills development and the actual investment. Of the 1,200 organisations surveyed, just 8% focused on developing ‘soft skills,’ and only 4% aimed to reskill employees affected by automation. Barriers to learning included lack of time, budget, leadership support, and learning capability.
For smaller organisations, financial constraints mean prioritising operational costs over skill development. However, larger organisations with dedicated learning budgets should seize this opportunity to invest in skills. Transforming the learning approach from traditional classroom methods to innovative digital learning can yield significant cost savings while enhancing business performance.
These savings can fund further investment in learning, transforming the individual learning experience. For instance, embedding learning in day-to-day work through digital content personalised by data can make learning a part of organisational culture. Smart businesses realise that learning, far from being a cost, is an investment that can positively impact their bottom line.
Therefore, organisational leaders must shift their mindset from viewing learning as a ‘nice to have’ to recognising it as a critical investment. This strategic approach can build the skills necessary for both individual and business success. At Accenture, learning is integral to our operations. Our Movement to Work programme aims to equip young unemployed people with skills and work experience for the digital economy, benefitting both the individual and the company.
In these uncertain times, investing in learning and development offers a clear path to navigate future challenges. This proactive approach can transform the North into a digital powerhouse, regardless of external economic conditions.
Investing in learning and development is a strategic move that promises long-term benefits for both individuals and organisations. By focusing on skill building, businesses can create resilient, adaptable workforces capable of thriving in a constantly changing world.
