There’s no doubt that globalization has spurred every facet of business. However, it brings its own set of challenges and only an organization that has strategic L&D initiatives in place will be able to empower employees to adapt and grow. This has led to the need to rethink human resource strategies and changing requirements for both soft and technical skills. A L&D procurement strategy for services needs to account for cultural adaptation as more and more businesses are going global.
Identifying Skills Shortages
An extensive new Korn Ferry report finds that by 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them.1 Reports published by Deloitte shows that in some industries such as manufacturing, in the United States, unfilled jobs will amount to 2.1 million by the year 2030.2
This could be due to skill shortages, due to a lack of experience, competency or qualifications. Just like having a robust IT procurement services plan in place, it is critically important to establish a proactive L&D strategy that will identify and fill gaps as and when they occur, across geographical locations. Growing skill gaps can significantly and negatively impact existing teams and the business at large. It will lead to employee burnout as teams will have to handle more than their fair share of the work.
Address Global Challenges
With teams working offshore and onsite, organizations can benefit from third-party L&D procurement services that will handle training initiatives and navigate through complicated cultural environments. Research published by Statista Research Department indicates that a majority of US companies that have active training initiatives, use a Learning Management System (LMS).3 Employees need to be supported by relevant and timely programs right through the year. Their challenges need to be addressed before they turn into bottlenecks that could impact business. A variety of techniques such as telephone or virtual coaching can help bridge the gap between different physical locations.
Adopt Practical Solutions
A L&D procurement strategy for services needs to be both flexible and practical. Today, the globalization of business demands that companies need to stay competitive both internationally and domestically. Thus, managers need to have access to tailored leadership and management development programs that deliver practical training and insights which will translate to actual business growth. A future-proof training strategy will help employees thrive even in a volatile market. The focus should move away from a theory-centric approach to one that can bring about real results.
Embrace Smart Outsourcing
For over two decades or more, IT procurement services have revolved around outsourcing and with excellent results. L&D procurement is no different. Effective partnerships can help align your learning and development strategy with business goals, interconnect on all levels with business decisions and help teams keep pace with the changing external environment. This can help organizations build lifelong, self-motivated and self-directed learners who are able to effortlessly handle their job requirements and challenges.
Creative Learning Solutions
Experts that offer L&D procurement services have learnt to blend in-person sessions and digital-learning formats to cater to the needs of busy working professionals. While many still enjoy the immersive experience of the classroom, others prefer to learn at their own pace, within the comfort of their home or office cubicle. Further, globalization has led to more employees travelling internationally which makes it difficult to schedule training sessions and follow-up on evaluations. In the long run, this could impact their skill-growth and career path within the organization. However, a well-rounded L&D procurement strategy can help combat this challenge and make programs available according to the location and the need.
Capitalize on Technology
The right L&D procurement strategy for services will take advantage of technology applications and platforms to deliver high-impact programs. These could include massive open or private online courses, learning-video platforms, polling software, mobile learning apps, virtual classrooms, etc. The industry has embraced cloud-based platforms which offer the most innovative functionality along with ease and convenience. Further, these initiatives do not require expensive or lengthy implementation as you can easily plug or unplug systems according to the requirement. These learning technologies also seamlessly fit into the bigger picture as they help support the complete talent cycle from recruitment to recognition or rewards.
Effective L&D partnerships can help large as well as small businesses to benefit from globalization by keeping their teams equipped and empowered with the right skills and competencies. However, organizations need to be willing to keep aside traditional procurement routes to try innovative strategies and enjoy a winning advantage. Companies that make the right move, early on, will definitely catch the proverbial worm.