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Research by Fitch Learning finds that by 2024, 60-70% of all talent development programmes are expected to based on experiential learning solutions including simulations, cohort-based learning, case study assessments, role play, and gamification.
The finding reflects the viewpoints of 40 experts in HR and talent development at global financial institutions. The respondents are collectively responsible for more than 500,000 professionals’ careers, and have on average, 17 years’ experience in HR and talent issues.
In comparison, currently as much as 80% of their learning programmes are based on formal and classical instruction in the classroom; however that percentage is likely to drop to 20% inside five years, when experiential learning solutions will comprise the majority.
The remaining 30-40% of the solutions will, they stated, be based on structured exposure to learning in the workplace, such as on high-level placements.
Crucially, all noted that the learning process is being shortened and developed to have a quicker impact. “We cannot reasonably assume that taking people out of their role for a fortnight or that a graduate programme of 12 weeks is workable,” said Anke Kirn, Deutsche Bank’s Head of Human Resources, Germany.
“The way forward is high-energy Immersive Education tied to a structured learning pathway co-designed with each employee,” she remarked.
Building captains of industry in tomorrow’s workplace
A third of the L&D decision-makers interviewed stated they were fundamentally reassessing the required leadership attributes of top talent or had completed such a process in 2018.
As a result, the following are identified as the mission-critical attributes of a future leader:
The critical skills to be identified and developed
The critical capabilities to be attained through structured learning and development
“We need people to handle change, chaos, disruption, agility, and diversity much better,” commented one interviewee, responsible for design and management of L&D solutions at a global Swiss bank.
The six-year roadmap of talent solution development
All heads of L&D acknowledged that the experience of learning must adjust and keep pace with technology. “We have to make the most of both digital and analog in a much more integrated manner,” said David Sicari, Standard Chartered Bank’s Head of Learning for the Private Bank, Wealth Management, and Global Support Functions.
Further, he noted that hybrid learning will transition to a much higher emphasis on interactive scenario-based experiences leveraging technology inside 24 to 48 months.
While each business interviewed was at a different stage of development in terms of their L&D strategy, the direction for all appears to be similar. In the short-term there is going to be an overhaul of content across all learning programmes, to make the materials more manageable and valuable.
Alongside this, immediate attention will be paid to the effectiveness of all channels of delivery (digital, classroom, offsites, etc.) with emphasis on a much better integration of technology.
Beyond this, L&D leadership teams were also now proactively exploring a wider range of strategic initiatives, all intended to maximise the investment in training for talent. These include looking at innovations in gamification, virtual reality, and analytics.
In this context, the graphic below sets out 15 areas of activity based on the interviews: