By Fraser Jones, managing director, learning & development consultancy, OnTrack International
2024 has been billed as ‘the’ election year. How might that impact your 2024 corporate learning strategy? Well, a record-breaking number of governments and heads of state could change.
“Globally, more voters than ever in history will head to the polls as at least 64 countries (plus the European Union)—representing a combined population of about 49% of the people in the world—are meant to hold national elections, the results of which, for many, will prove consequential for years to come.”
Koh Ewe, Time Magazine, Dec 2023
As we navigate the complexities of 2024, the learning and development (L&D) landscape is undergoing significant transformation. Here, we have identified key trends that we expect to shape C-Suite, HR and the corporate learning strategy over the coming year and how organisations can stay ahead in developing their people, enhancing leadership capabilities, and fostering a culture of continuous learning.
Learning Strategy for Senior leader development
The evolving global landscape presents unprecedented challenges for senior leaders, many of whom find their traditional approaches less effective in the dynamic environment today.
There is an urgent need to develop senior leadership capabilities to navigate these complexities. The learning strategy is adapting to equip leaders with skills like emotional intelligence, strategic thinking, and ethical decision-making, ensuring they are better prepared to lead their organisations through change and uncertainty.
Ethical sales and leadership
Ethical practices, particularly in sales and leadership, are becoming a focal point for many organisations, especially within the financial services sector.
Our work with many global financial institutions and the subsequent adoption of similar practices by other banks underscores the industry’s shift towards integrity-driven sales strategies.
This trend is not just about compliance but about a shift in learning strategy and culture to a customer-centric approach, building trust and long-term customer relationships, reflecting a broader move towards ethical business practices across all sectors, an effort to repair the broken sales experience of years gone by.
“Dysfunctional selling over many decades has led to dysfunctional buying. Our clients aren’t fully open and honest with us anymore because they think that we will try to sell them something.”
Mahan Khalsa, Let’s Get Real or Let’s Not Play: Transforming the Buyer/Seller Relationship
Skills and adaptive learning strategy
The shift towards skills-based recruitment and the emphasis on agility and mindset over traditional experience metrics are reshaping talent management practices. We see less focus on technical skills and more on transferable skills such as leadership, critical thinking, problem-solving and communication.
In response to the fast-changing world, we are already seeing CEO’s, L&D leaders and HR directors put greater importance in the learning strategy on personalised learning paths that allow employees to take ownership of their development.
This approach supports reskilling and upskilling and aligns with the organisational goals of agility and strategic growth.
Addressing workforce dynamics
Alongside the importance of skills, we expect to see more focus on neurodiversity, generational communication, and supporting an ageing workforce as considerations for the learning strategy and subsequent L&D programmes.
We would advocate for an inclusive learning strategy that caters to the diverse employee needs, promoting an updated corporate culture of understanding and collaboration across different age groups and cognitive abilities.
Re-embracing face-to-face training
One of the most notable shifts we anticipate this year is a resurgence in instructor-led virtual and face-to-face training. The digital acceleration in recent years is here to stay, now partnered with a growing demand for in-person interactions.
This trend suggests a balanced approach, integrating digital tools with traditional methods to cater to diverse learning preferences and enhance engagement, underscoring the value being placed on human connection in learning environments.
Leveraging technology and AI in your learning strategy
Advanced technologies, including AI and Virtual Reality (VR), are transforming the 2024 corporate learning strategy. We expect an increased emphasis on leveraging generative AI tools for creating personalised learning experiences.
However, this technological advancement comes with challenges, including budget constraints and the need for organisations to balance investment in technology with the development of human-centric skills such as critical thinking and empathy.
A learning strategy that demonstrates ROI
We recommend a strategic approach to measuring return on investment (ROI) that considers the impact of learning strategy and learning interventions on performance.
Such an approach involves a greater focus on tangible benefits for individuals and organisations. Organisations are presented with a greater need to fuel people’s curiosity and inspire growth to cut through the noise of competing priorities and interruptions that individuals experience.
The shift to hybrid working has further blurred the lines of learning in the flow of work, which is more frequently becoming learning in the flow of life. The role of HR, L&D and the business, is to fuel curiosity and inspire growth in their people, ensuring that L&D initiatives contribute to individual aspirations and align to overall business objectives and sustainability.
All that being said, it will only happen if the organisation has the right culture.
“Indeed, the challenges that businesses face ebb and flow. The world is ever-changing and so too are the pressures on organisations and their people. It is those organisations with a clear and authentic purpose, combined with a strong company culture, that will be best placed to face these challenges.”
Kevin Johnson, CEO, OnTrack International.
Overall, 2024 will be a pivotal year for CEO’s, L&D leaders, and HR directors. As global organisations navigate the challenges of a rapidly changing world, they must focus on developing resilient and agile leaders and employees. By considering these trends, companies can foster a culture of continuous learning and help position themselves for success.
Learning Strategy FAQs
- How might the 2024 election year impact corporate learning strategy?
The 2024 election year could bring about significant changes globally, with a record-breaking number of governments and heads of state potentially changing. These changes could impact corporate learning strategies in various ways. For instance, new policies and regulations could necessitate changes in compliance training. Political shifts could also influence economic conditions, affecting budget allocations for learning and development. As organisations navigate these complexities and uncertainties, they may need to adapt their learning strategies to equip employees with the necessary skills to thrive in a changing environment. - What are the key trends shaping corporate learning strategy in 2024?
In 2024, corporate learning strategies will be influenced by several key trends, including the need to develop senior leadership capabilities for navigating a dynamic global landscape, the emphasis on ethical sales and leadership practices, the shift towards skills-based recruitment, and the focus on addressing workforce dynamics such as neurodiversity and generational communication. - How can organisations stay ahead in developing their people and fostering a culture of continuous learning?
Organisations can stay ahead by adapting their learning strategies to equip leaders with essential skills like emotional intelligence and strategic thinking, adopting integrity-driven sales strategies, focusing on transferable skills such as leadership and communication, and promoting an inclusive learning culture that caters to diverse employee needs. - What role does technology play in corporate learning strategy in 2024?
Technology, including AI and VR, is transforming corporate learning strategies by enabling personalised learning experiences and enhancing engagement. AI can provide adaptive learning paths based on individual needs, while VR can offer immersive learning experiences. However, it’s important to note that while technology can significantly enhance learning, it’s not a panacea. Organisations must balance investment in technology with the development of human-centric skills like critical thinking and empathy. This balance is crucial to ensure that technology enhances learning without overshadowing the importance of human interaction and personal growth. - How can organisations measure the ROI of their learning strategy?
Organisations can calculate the ROI of their learning strategy by focusing on tangible benefits for individuals and the organisation as a whole. This could involve tracking key performance indicators (KPIs) such as employee productivity, retention rates, and customer satisfaction scores. Additionally, considering the impact of learning interventions on performance involves aligning learning initiatives with individual aspirations and overall business objectives. For instance, if a learning initiative aims to improve leadership skills, its success could be measured by improvements in team performance or employee engagement scores. By aligning learning outcomes with business goals, organisations can ensure that their learning strategies contribute to organisational success and sustainability.
Get in touch if you would like to have a conversation about how your organisation can approach your 2024 corporate learning strategy and to learn how others are tackling it.
For more information, please Contact us on how to develop your people and teams.
