Rethinking Talent Development through Lifelong Learning
On March 5, AmCham hosted a Power Breakfast session on reshaping talent development with a pioneer in talent development and organizational transformation, Area9 Founder & CEO Dr. Ulrik Juul Christensen.
With the onset of the fourth industrial revolution, the pressure on jobs and reskilling has never been higher. Shifting global competitiveness, the impact of robots and automation, demographic changes and other issues are making the need to continuously develop workers in every industry, at every grade level, and at every age increasingly paramount.
However, we are in a talent development crisis. Companies spend 300 – 400 billion per year on training employees. Despite this, only 8% of managers put any commercial value on training. That may be because it is ineffective. The bottom line is that educational and training practices have not changed in 100+ years. The standard approach of memorization and ‘one size fits all’ training modules don’t work – 70% of this knowledge is gone in 2 days, 90% in two weeks.
Personalized training may be the most effective, however this is not a scalable solution. Adaptive learning mimics 1:1 learning by assessing quickly what the learner already knows, and then moving on to what he does not know, until he masters this – with a much higher retention rate than standard educational models.
Today it is impossible to predict the skill sets someone will need in 20 years. Therefore, to transform organizational capability effectively in the future, it will be important for businesses to rethink the tools and strategy for life-long learning.