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The 2020 McKinsey Global Survey showed that up to 87% of executives across the globe experience skill gaps and have a hard time accomplishing certain tasks expected by top management. This is an alarming statistic as skill gaps can negatively impact the business, from increasing workload for employees to stifling innovation, resulting in the company losing out to competitors. To close the skill gap and rectify any weaknesses, workplace learning plays an essential role in empowering employees to take the necessary steps to improve their skills. In turn, employees will have better career readiness, and companies can look forward to retaining long-term employees.
As a result of the introduction of a new road map that intends to guarantee the ongoing applicability and employability of current career professionals, businesses in this country will now receive more assistance in implementing workplace learning. The sands are shifting globally, and training needs are evolving to keep up with the opportunities and challenges of the future economy. The guidelines were introduced by Ms. Gan Siow Huang, Minister of State for Education. She emphasised the ways in which the coronavirus epidemic has hastened the use of digital tech in the workplace and how this has generated a requirement to coach providers to acclimatise to cyber platforms. It is relatively common for working professionals to get complacent about their jobs as the years go by. Maybe it is due to the excellent compensation benefits or the plethora of amenities available at the office, but people tend to feel reluctant to upgrade their skills or find better opportunities elsewhere if their current jobs provide them with sufficient comfort. However, the hard truth is that no one should experience career stagnation for long periods of time, especially in a highly competitive economy like Singapore’s.
As the working environment is constantly evolving, regardless of which industry you are in, and everyone wants to succeed and survive the rat race, it is extremely challenging for individuals not to develop their skill sets if they are looking to remain employable and relevant in the workforce. It is crucial to note that workplace learning benefits not only employees but also businesses themselves. Taking reference from a joint study conducted by SkillsFuture Singapore and the Ministry of Trade and Industry, it has been found that companies that invest in employee development gain 0.7% more revenue and have a 2.2% higher productivity rate than companies that do not. As such, companies should also take a more proactive approach to providing ample opportunities and resources for employees to improve their work performance.
The report examines how business executives and employees see learning and development (L&D) initiatives, including current perceptions of corporate training opportunities, significant difficulties encountered, and employee learning preferences. The research offers advice to corporate executives on how to enhance L&D initiatives and create a workforce that is prepared for the future.
To address this, companies must build human capital through workforce learning programmes to accelerate workplace transformation and ensure a future-ready workforce. As the world transitions into a post-pandemic era, it is vital that companies start building new competencies so that they are well-poised through changing times. With the unforeseen circumstances brought about by the pandemic, economies and businesses are tested in terms of their resilience and adaptability in the face of disruption. Companies are incentivised to relook their business imperatives and consider workforce learning to keep the company afloat and emerge stronger amidst the COVID-19 storm.
According to NTUC’s report, the onset of the pandemic has emphasised the need for developing the competencies of the workforce. Overnight, many businesses had to shift their entire operations online, where business leaders and employees alike had to adjust to the new way of working, from communicating to conducting business activities virtually. Several of them were not prepared for this drastic shift in terms of the infrastructure and skillsets of their workforce. It is evident from previous industrial revolutions that companies that are slow to adapt to the evolving business landscape risk being overtaken by quicker competitors.
In this article, we look into the top three reasons why both companies and employees should prioritise workplace learning.
1. Close the Skills Gap is Critical
An effective workplace learning solution has the capability to identify in-demand skills and competencies and ensure that employees are well-equipped with this expertise. Whether you are an HR Manager or someone tasked with carrying out employee development in the company, you can learn to provide better workplace solutions by enrolling in our Graduate Diploma in Workplace Learning Design and Solutions. This course prepares you to effectively implement and promote a learning culture in the workplace, where employees are encouraged to expand their knowledge and skills.
2. Improve Organizational Psychology and Adaptability Skills
What is organizational psychology? In simple terms, organizational psychology studies human behavior in the workplace. It focuses on evaluating individual, group, and organizational dynamics and using that research to identify solutions to problems that improve the well-being and performance of an organization and its employees. The organizational psychology department, in addition to the human resources department, is in charge of handling the recruiting procedures, training programs, and feedback mechanisms. They assist the HR department in understanding the attitudes and behaviors of the workforce. The psychologists look for methods to help employees perform better by assessing the issues they confront. Organisational psychologists apply the principles of psychology to human resources. Combining the two may be advantageous to both the business and its employees.
Having good organizational psychology and adaptability skills has never been more important as many industries are undergoing a digital transformation and changes are made in the workplace at a seemingly never-ending pace. Such situations call for employees to be more flexible and open to new ideas to meet the demands and expectations of the working world and climb the corporate ladder. For businesses, motivating employees to be more adaptable allows them to be more proficient in dealing with challenges and have a higher likelihood of possessing leadership qualities, all of which benefit the business in the long run. Adaptability skills can be improved by a wide range of upskilling and reskilling programmes, from mentorships and training to undertaking a certification from an academic institution like Aventis Graduate School Graduate Diploma in Organizational Psychology, which helps companies and HR professionals develop the key skills needed to keep up with business trends and make the company future-ready.
3. Enhancing Positive Organizational Culture Through Positive Psychology
Positive psychology teaches managers to view employees as unique individuals with unique interests and capabilities, placing an emphasis on people rather than tasks and job-related skills. Employees provide more of their energy and focus to their professions when they feel appreciated as distinct people, often unconsciously. Employers generally consider ‘employee productivity’, ‘cultivation of a learning culture’ and ‘department productivity’ when considering the benefits of training their workforce.
Workplace learning enables businesses to grow in profitability and employees to become more knowledgeable. However, the most important benefit that workplace learning brings is that employees can experience higher levels of satisfaction. Embarking on positive psychology and employee development programmes such as the Aventis Graduate Diploma in Applied Positive Psychology & Mindfulness will enhance employees’ skills and competence in creating a positive and cohesive working environment. It will also demonstrate to employees that they are valued and that their expertise is important to the company. This, in turn, makes employees feel a sense of accomplishment, leading to better productivity, more proactiveness, and a commitment to the company’s overall goals. Employees are also less likely to sustain job stress and poor mental health.
To conclude the points mentioned above, workplace learning plays a vital role in establishing a positive ambience in the workplace. Due to the pandemic, more and more working professionals are prioritising and seeing the importance of learning opportunities to do their jobs more efficiently and have better career prospects to thrive in today’s modern work environment.
If you plan to upgrade your skills through external learning programmes, why not turn to Aventis Graduate School? From a wide range of Master’s degree courses including Masters in Psychology and Masters of Global HRM in Singapore to part-time MBA in Singapore, our programmes are from prestigious universities in the United States and United Kingdom, such as California State University, Sacramento and London Metropolitan University. We are also members of the Executive MBA Council Member and AACSB’s Business Education Alliance, to name a few. Find out more about the courses offered at Aventis here.