A key company investment in 2025? Budget for employee development
Why should human resources be one of your budget priorities? At a time when we are facing dynamic market changes, increasing competition, digital transformation and sustainability requirements, having a suitably skilled team of professionals is a must if we want to build an organisation that is resilient, agile, modern and competitive.
The age of competence is here
The market is changing at a surprisingly high pace. While automation and artificial intelligence are taking over repetitive tasks and speeding up company processes in many areas, they are also creating a demand for new skills in our employees - their ongoing development will help the organisation meet the tough demands of the modern business world.
Increasing automation will result in at least 375 million workers worldwide having to reorganise and reskill by 2030, according to a McKinsey Global Institute study conducted a few years ago.
"Investing in training and employee development is no longer just an attractive benefit with which employers tempt the best talent on the labour market, but a necessity for companies that want to remain competitive. - says Kamila Izdebska, Head of BPP Professional Education. - If a company does not already have a Learning & Development strategy in place, it should do so without delay. Taking care of the development of employees increases their commitment to the growth and success of the organisation today and in the future."
The value of investing in employees
What is the reality? In the Deloitte Human Capital Trends 2024 report, we can read that, unfortunately, there are still many organisations that have not changed the traditional way of management, which focuses on deriving value from employees, instead of creating value for them and focusing on their sustainability. For organisational leaders, it is the people - whether employees, customers or community members - who should come first. Numerous data prove that companies that invest in the development of their teams achieve better financial results, reduce turnover risk, attract talent and are able to compete with artificial intelligence. This is worth bearing in mind.
L&D strategy requires planning
Of course, for investment in employee development to be successful, it needs to be well planned and also consistent with the company's business objectives.
"Start by conducting a competency gap analysis and fine-tuning training programmes to the needs and strategic goals of the organisation. - advises Kamila Izdebska."
Companies should also regularly monitor the effectiveness of courses and their translation into the real business benefits they want to achieve.
"It is also worth adding other tools to the training courses, such as mentoring, peer-to-peer knowledge exchange sessions or access to e-learning platforms such as the BPP HUB, where, in addition to courses preparing for professional qualification exams, you can also find Knowledge Bits, i.e. short study modules. - Kamila Izdebska adds."
Finally, a short New Year's wish: may 2025 be a time to invest in people, who are the most important resource of forward-thinking organisations.
Article also published on focusonbusiness.eu/en/.