Improve Training and Development In 2023
So, what is the 2023 LinkedIn Learning Workplace Report?
Based on a global survey of 1,579 professionals in the HR and L&D space and 722 learners, the report aims to identify in-demand skills and best L&D practices in 2023 for decision makers who see value in Learning and Development to remain competitive.
Participants hailed from multiple countries including those in Asia Pacific. Malaysia and her immediate neighbours Indonesia, Singapore, and Thailand were all surveyed, making this report relevant to any business owner in Malaysia hiring locally or regionally.
The full report can be found here, but for your convenience, we’ve distilled it into five of the most important takeaways.
Ok, boring explanation over, let’s get to the findings!
1. Management is THE most in-demand skill
When asked what skills were most needed across business, finance, accounting, engineering, IT, marketing, project management, and sales, the most common top answer was management, ranking top in business, finance, accounting, IT, and project management, second place in marketing and sales, and was the only soft skill in the list of desirable engineering skills.
To employers wondering what skills are required for training and development, this suggests great benefit from developing managerial skills in employees who can then add value across company functions.
2. Senior leadership are getting their hands dirty
But dirty in a clean way!
Compared to last year, the percentage of C-suite executives working closely with L&D professionals has increased. This year, 44% of L&D professionals reported working closely with the organisation’s Chief Human Resources Officer and 50% reported working with other executive leaders, an increase from last year’s 39% and 43% respectively.
This increase is unsurprising given the top priority of L&D is to closely align learning programs to business goals, and that cannot be achieved without input from senior leadership.
3. Organisations aren’t ready to measure learning
The report introduced three stages of progress with regards to Learning & Development programs:
- Early stage: plan and try to win stakeholder buy-in
- Mid stage: finalise and implement program
- Late stage: begin to measure and assess program success
Based on respondent feedback, only 2% of companies were at the late stage of evaluating programs. Meanwhile, just over half (54%) were still in the midst of implementation, while a staggering 40% were still in the early stages of planning!
4. The young want growth; the old want impact
And the middle-aged want to…sleep?
Interestingly, those above 50 were the biggest percentage who cited challenging and impactful work as their top factor. Meanwhile, the demographic that fell between the ages of 25 – 49 years old reported work-life balance as their number one concern.
These findings suggest companies could benefit from increasing the upper age limit when hiring for positions that require high levels of agency and accountability.
5. Internal mobility drives retention but lacks support
In our humble opinion, this is the biggest takeaway for the average business owner in Malaysia.
The report found that employees who received an internal cross-functional move were 75% more likely to stay with the company. This is especially true of younger employees between 18 – 34, where 35% of them cited opportunities for internal career growth as a key consideration.
However, despite the value of internal movement and companies listing employee retention as a priority, most employees reported not receiving the support necessary for such a change. Only 15% of employees said their organisation encouraged them to move to a new role and only 26% said their organisation challenged them to learn a new skill within the past six months.
Oh business owners, what are you doing?
Let MISHU Tailor L&D Programs To Your Needs
If you’d like to explore how to boost talent retention and meaningful employee upskilling, our team is eager to help align your learning and development programs with business goals.
Whether it’s developing managerial, leadership, or personal competencies, MISHU offers an array of training and development programs that can be customised to suit your organisation’s needs. Check out our programs and get in touch!