Expect corporate universities to take up bigger share of L&D budgets
- Corporate universities are transforming their organizations for the better, according to a report from Chief Learning Officer, and this may signal the emergence of a new phase in corporate learning.
- In a 2015 study, McKinsey & Company found that 60% of the 120 senior learning officers they polled said they expected to increase L&D budgets and 66% said they would increase the number of training hours for each employee. However, only 57% said that their academies were aligned with corporate objectives and, 40% mentioned learning initiatives were neither effective nor ineffective in identifying capabilities and weaknesses in employee knowledge.
- Trends that the study found included: Increased use of MOOCs and SPOCs, cloud-based learning tools, collective intelligence, video training, gameification, virtual coaching and online performance evaluations and simulations.
An increasing number of companies, large and small, have created universities that teach core skills to employees. However, research shows that employees need even more training, which is where MOOCs come into play.
One takeaway from this report is that the best way to provide training demanded by employees is to combine skills training with other career-enhancing material found outside of the organization. Universities are also expanding to include client training, which this article didn't touch upon. Transformation takes place when the entire organization becomes a learning environment.
- Chief Learning Officer Corporate Learning’s Transformation in the Digital Age
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