Employee skill and knowledge gaps are becoming a challenge and affecting an organization’s overall productivity. According to McKinsey & Company, 87 percent of the companies all over the world know that their employees either have a skill gap or will have one in the coming years.
As technologies and business operations evolve, the need for Talent Development tools has become paramount for all organizations - irrespective of their industry or sector.
Learning and development tools are essential because they enable individuals and organizations to acquire new skills, knowledge, and competencies. These tools support personal and professional growth, improve job performance, and facilitate adaptation to changing environments. By investing in learning and development, organizations can enhance employee engagement, satisfaction, and overall success.
Rapid technological advancement paired with unprecedented world economic growth has created a mismatch between the skills people have and those demanded by employers. A LinkedIn study found that since 2015, there has been a 25% skill set change for jobs which is expected to double by 2027.
Peer-based learning is one of the best motivators and accelerators in the corporate world. Not just because it inculcates exchange of ideas and promotes discussion, but also because it helps create great working relationships.
iMocha has the world's largest skills assessment library, with over 2500 questions across various domains.
In the banking sector, learning and development is a highly complex function that comes with a range of challenges, including technological disruption, tough market competition, massive workforces with varying learning needs, and strict compliance with regulatory training requirements. Each of these factors makes the ongoing activities in talent development a significant task to achieve.
In the olden days, people mastered one skill, which earned them their bread and butter for a lifetime. After working at the same company for several years, they were gifted a watch during their retirement – probably with their name etched on it.
As per statistics, organizations across the globe annually spend an average of $359 billionon the training and development of their workforce.
One of the most significant cogs in a company's wheel is its finance department. Without expert finance professionals, a business cannot thrive or even sustain itself in a cut-throat competitive environment.
Regardless of the type of organization, you're in, the importance of having a talented and efficient team in ensuring organizational success is huge. Getting learning and development (L&D) initiatives right is, therefore, crucial to achieving your corporate goals. It's an excellent way of keeping your staff engaged and motivated and enhancing the productivity of your company.
