Corporates have faced huge challenges over the last decade or so. From the 2008 financial crisis, through Covid and the energy crisis, to high inflation and what now looks like another banking crisis evolving with banks like SVB and Credit Suisse being the first big brands to emerge.
The last 15 years have presented many challenges and opportunities in the corporate world, and to a much extent has forced an ever-faster development and utilisation of technologies, trends very much mirrored in the corporate training sector.
We explore some of the top trends in Corporate Training and Development for 2024 and beyond.
Trend 1: Developing Resilience
With the continuing war in Ukraine, inflation and subdued economic growth, the corporate environment will remain tough in 2024 for businesses. Ensuring employees remain resilient and maintain a healthy work/life balance is critical. Practical, bite-size interventions to help build resilience and support employees with day-to-day tools and tips have never been more important in an L&D curriculum.
Developing resilience is a critical need in today's corporate world. Employees must be prepared to face challenges and adapt to changes that are happening within their organisation and the world. A resilient employee is more likely to be productive and satisfied with their work. Companies that prioritise employee resilience will be better positioned to succeed in the long term.
Trend 2: Embracing More Immersive Learning Experiences
The corporate training and development sector has been agile in responding to the changing needs of business, embracing a wide mix of digital technologies to make learning convenient, flexible and on-demand. However, to much an extent, the learning has become more transactional and less immersive. In 2024, we have seen a surge in interest in experiential business simulations, delivered in-person, and interestingly proving massively popular and effective with Gen-Z, whom we’d naturally only associate with more tech-driven learning solutions.
Embracing more immersive learning experiences is the need of the hour. It is a way to engage employees in learning and ensure that they are able to apply what they have learned in their day-to-day work. Immersive learning experiences can take many forms, including role-playing exercises, simulations, and gamification.
Trend 3: The Great Talent Shift
With the fast pace of technology advancements such as AI and ChatGPT, automation in the workplace will extend across a growing range of functions and tasks. The balance of what employees do manually will be reduced by embracing AI tools that can bring greater efficiency to a work process. Such a shift has huge implications for talent, from both a future talent planning perspective but also for a current skills gap perspective. In terms of the latter, this will mean reskilling and up-skilling of current employees on such technologies, and possibly even training employees into new business functions in a company.
The great talent shift is an inevitable outcome of the rapid pace of technological advancement. As companies increasingly automate tasks and functions, they will require employees with new skill sets. The challenge for companies is to ensure that they have the right talent in place to succeed in the future.
Trend 4: Collaborative Learning
Collaborative learning is a trend that has been gaining momentum in recent years. It involves employees working together to solve problems and learn from one another. This approach to learning can be highly effective, as it allows employees to leverage the expertise of their peers and gain new perspectives on the challenges they face.
Collaborative learning can take many forms, including team-based projects, mentoring programs, and peer-to-peer coaching. Companies that prioritise collaborative learning will be better positioned to foster a culture of innovation and continuous improvement.
Trend 5: Personalisation of Learning
Employees have different learning styles, preferences, and motivations. As such, the one-size-fits-all approach to corporate training and development is becoming less effective.
In 2024, we expect to see a greater focus on personalised learning, where training is tailored to the individual needs and preferences of each employee.
This can be achieved through the use of technology such as AI and machine learning algorithms that can analyse an individual's learning style and provide customised learning materials and assessments.
Trend 6: Gamification of Learning
Gamification is not a new concept in the corporate training world. However, in 2024, we expect to see a greater focus on gamification as a tool for enhancing employee engagement and motivation in learning.
By incorporating elements of game design, such as points, badges, and leaderboards, into training programs, employers can create a more fun and engaging learning experience for employees.
Additionally, gamification can be used to incentivize employees to complete training programs and achieve learning objectives.
Trend 7: Virtual Reality in Training
Virtual reality (VR) is becoming an increasingly popular tool for corporate training and development. VR can be used to create realistic simulations of workplace scenarios, allowing employees to practise and develop their skills in a safe and controlled environment.
For example, VR can be used to simulate high-pressure sales negotiations, or emergency response scenarios. In 2024, we expect to see a greater adoption of VR in corporate training, as the technology becomes more affordable and accessible.
Embracing Immersive Learning: How Nestle and IBM are Closing the Gap on Upskilling and Reskilling
A recent survey by McKinsey & Company found that 87% of executives believe that reskilling and upskilling programs are either important or very important to their businesses.
Additionally, the same survey found that only 16% of executives believe that their companies are currently providing effective reskilling and upskilling programs.
One company that has embraced immersive learning experiences is Nestle. The company has developed a virtual reality training program for its employees, which simulates the experience of working in a factory.
The program allows employees to practise and develop their skills in a realistic and safe environment, improving their confidence and efficiency on the job.
Another example is IBM, which has developed an AI-powered learning platform called Watson Skills. The platform uses machine learning algorithms to analyse an individual's learning style and provide customised learning materials and assessments. The platform has been hugely successful in improving employee engagement and satisfaction with training programs.
MDA Training is a leading provider of corporate training and development solutions. The company offers a wide range of training programs, including leadership development, management training, and soft skills training.
MDA Training is committed to delivering high-quality, personalised training solutions that meet the unique needs and objectives of each client.
MDA Training's approach to corporate training and development is based on the latest research and trends in the industry. The company offers a range of innovative and immersive learning experiences, including gamification, virtual reality, and business simulations.
Additionally, MDA Training's training programs are tailored to the individual needs and preferences of each client, ensuring that every employee receives the training they need to succeed.
If you're interested in learning more about MDA Training and how we can help your business stay ahead of the curve on the latest trends in corporate training and development, get in touch with our team of experts today.
With our commitment to providing personalised, innovative, and effective training solutions, you can be confident that your employees will receive the training they need to thrive in the ever-evolving corporate landscape.