1.
It’s less expensive to reskill
employees than hire new ones: Study
L&D professionals in India say their roles have become more
cross-functional and they are working more closely with leaders. 83% of Learning
& Development (L&D) professionals agree it’s less expensive to reskill
a current employee than hire a new one, according to LinkedIn’s new Workplace
Learning Report.
Amidst an uncertain economic climate where cost controls have
taken centre place, this is particularly relevant as more companies are
leveraging skills to stay nimble and ensure their workforce is ready to
optimise opportunity. Opportunities to enhance skills have also become table
stakes for professionals in response to constant change from tech disruption
and a volatile job market.
This is reflected in the evolving role of L&D departments
within companies; more are being tapped on by C-Suite to help boost growth by
building people-centric cultures and deploying skilling programmes. As many as
94% of L&D professionals in India agree that proactively building employee
skills will help navigate the evolving future of work and 86% of L&D
professionals know what skills their workforce needs now and for the
future.
Communication, software development, SQL, management and Java
are amongst the top in-demand skills that are highly sought after by companies
in India, reveals the report.
2.
Welspun Group on
strengthening a data-literate workforce
In conversation with
Rajendra Mehta, ex-President and Group CHRO of Welspun Group and Minaxi Indra
of upGrad for Business, we explore how the most impactful skilling programs are
aligned with a long-term growth strategy. The government is opening
floodgates of new opportunities in Artificial Intelligence (AI) and robotics
with the tabling of Union Budget 2023, which promises to usher in a new era for
professionals. When designing learning interventions, a future-first lens
is critical. Organisations must outline how role accountability will transform
in the next 3-5 years and what capabilities need to be added or enhanced to
remain relevant and competitive. For Welspun Group, the priority was to embrace
the innovations of Industry 4.0 and become a leader in the textile industry.
This culminated in their partnership with upGrad for Business, where they
launched the Data Analytics Certification Program to build
digital competencies across all levels of the enterprise.
But along with
bridging the skill gaps, the focus was also to enable career growth journeys
for their people to remain relevant in the changing business landscape. This
also has a direct impact on employee continuity and opens avenues for
innovation. In our exclusive, one-of-a-kind multimedia flipbook brought to you
in partnership with upGrad for Business, titled Amplifying Growth,
Achieving Impact: Customer Success Stories, we explore this successful learning
journey that had the twin benefits of automation and future-ready
upskilling.
3.
How
HR leaders can do more to help organisations thrive
With a
mixed economic outlook and various uncertainties, business leaders find
themselves rethinking talent needs and having to make do with limited tools and
systems. In this climate, how can you start doing more for your people, your
company, and yourself? HR leaders everywhere face a number of challenges, including a
cooling economy, uncertainty, slowing hiring rates, and competition to attract
talent with the right skills. In India alone, LinkedIn’s latest Global Talent
Trends report shows an 18% decrease in hiring rates since September 2021.
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