Holistic People Development- The Emerging Organizational Ecosystem
The last decade realized the dire need & importance of Learning & People Development. It was only technical skills & acumen that organizations had given importance to, to accomplish their production work. People or behavioural development was overlooked and cornered for many decades. However, as per the `20th CEO Survey' conducted by PWC, 87percent of CEOs across the globe (i.e. 1379 CEOs interviewed in 79 countries) highlighted `Non-availability of key skills including behavioural competency', as the foremost concern for their sustainable growth.
Building a culture of learning and People development is growing rapidly at the organizational level. In this highly competitive and cut throat market, equipped & well-trained talent force becomes a key differentiator for any organization.
Moreover, applicants now consider the `opportunity to learn' as one of the top reasons for selecting an employer. Rapid changes in technology, work practices, business models, increasing stress level, and changing human behaviour have created a humongous & significant need for continuous, lifelong and holistic people development. Organizations need to inculcate the culture of continuous learning and growth at work. Furthermore, keeping rapidly changing job expectations on mind & as per recent World Economic Forum report, more than half (54 percent) of all employees will require substantial reskilling and upskilling in just three years.
Reskilling of employees has become absolutely vital & imperative for organizations as many positions go vacant for months or years for lack of the right talent to fill them. As per Deloitte's survey results, the needle for L&D interventions are not moving as per the demand, hence this challenge and gap of role expectations & performance.
India's corporate spend on people development is less than 2 percent of employee spends while most advanced countries spend anywhere between 10 and 15 percent. Also, India Skills sector is expected to become a yearly market opportunity worth more than USD 20bn. As predicted by IMF, India is catching up fast to be 3rd largest economy by 2030, so as per this estimation at least 100 Indian corporate giants are expected to evolve, emerge and be able to make place in fortune 500 list. This is next to impossible unless the entire industry doesn't grow in accordance and establish synergy. Keeping this humongous demand of talent pool on mind in just couple of years, Indian training industry has to roll up the sleeves & inevitably create the back bone of this growth path. As per a study, India's spend is just under 1 Billion USD per year on people development. Moreover, currently the system has the capacity to train only 3 million youth against 12 million joining the league annually. Furthermore, at 53.5 million strong, millennials in India are on track to become the largest living generation, and may contribute up to 75 per cent of the talent pool by 2025. Also, as per a re-cent survey conducted by Deloitte with 8,000 millennials across 29 countries, it was very apparent that company focus should shift towards people, which will lead to a successful business outcome automatically. Millennials wish to work under a leader who is fair, transparent and employee centric.
Organizations need to inculcate the culture of continuous learning and growth at work
Besides, it's the behavioural, mental & emotional health of the workforce which has become a critical business performance strategy nowadays. I have over served any behavioural intervention / change cannot be sustainable until mental & emotional health is taken care of properly. There are many big corporate houses like Goldman Sachs, Intuit, Cerner, Asana etc. who have been practising behavioural, mental & emotional health approach. In the current scenario, there is a growing symptom of unworthiness, helplessness, self-rejection & conflict, negative and destructive thoughts in people. Our behaviour is a direct reflection of emotions we hold and in turn emotions are what we own as energy deep inside us.
A person cannot be groomed on any behavioural trait sustainably if the person is low on confidence, holds negative thoughts, face lack of self-acceptance, helplessness & such emotion soften. Moreover, this cannot be addressed only at behavioural level however it has to do a lot with aligning emotions and energy inside for a holistic & sustainable change. As per the recent study, it is estimated that by 2020 depression will become the leading cause of work-place disability that makes mental wellness imperative. Moreover, this holistic developmental need (behavioural, mental and emotional) is vital & imperative for anyone and everyone from any walks of life especially corporates, academic institutions, healthcare or even an individual.
When we look at the academic side, it's so astonishing to know that some of the key triggers for students which hold them back to perform at optimum level include performance related anxiety, career-related issues, social relationships, sleep difficulties, parental pressure, and emotional factors. They need to be trained on how to manage their emotions and behaviour more than any skills at large so they can be aware of themselves and manage any challenging situations they come across. Likewise, healthcare professionals are to be trained on similar modalities so that they manage themselves without getting burnt out and are able to ex-tend an excellent experience to the patients and attendants.
Holistic & sustainable people development is an ongoing progression which needs a shift in mindset and wide acceptance to nurture & strengthen our Eco-System. Give a thought!