Redefining Capability Development as Business Strategy

Amit Gautam
Amit Gautam June 30, 2021
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We are now into the second year of the pandemic. Remote working and changing consumer demands have ushered in new ways of working and skilling is more important than ever now. Add to this the constantly evolving digital innovations which make it imperative for the workforce and organizations to acquire new skills to adapt, sustain and thrive in 2021 and beyond.

While skilling has always been a priority for companies, the pandemic has reiterated the demand for skills and capability development as businesses try to navigate the dynamic work environment.

A Gartner study has said that 70% of employees state they do not have the skills needed to do their jobs effectively. Naturally then, as skill-readiness and capability development become key factors in this volatile situation, L&D leaders need to play a critical role in fostering the right initiatives towards both. Learning has taken centre stage and is seminal to help employees develop the right skills that are necessary to thrive and innovate in the new world of work.

As per the McKinsey’s study on Learning & development: From evolution to revolution, there is an urgent need for L&D to rise upto the occasion and address the pressing skilling challenges. L&D needs to look at a renewed learning approach and strategy that offers learning opportunities to engage employees and help them perform at their best levels, while ensuring their future-readiness.

This is the time to develop a learning strategy that seeks to support professional development among employees and build capabilities across the organization – in a time and cost-effective manner. L&D teams should re-evaluate learning initiatives from time to time to ensure they are prioritizing people-capability on the agenda.

To be effective, L&D must take a hard look at employee capabilities to determine which ones are the most essential to support the company’s business strategy. Personalization strategy in learning has taken center stage and is essential to help organizations develop the skills necessary to thrive and innovate in the new world of work. A personalized, digital-first, customized, and relevant learning experience to offer upskilling and reskilling opportunities to the workforce is proving to be an effective solution in this situation.

I had the opportunity to connect with L&D and HR experts during Plethora’s webinar on ‘Redefining Capability Development as Business Strategy’ that aimed to offer strategic insights on redefining capability development in 2021.

Webinar Key Takeaways:

  • Understanding the upskilling challenges of underperforming teams
  • Prioritizing capability development as a business imperative
  • Redesigning traditional training approaches for the digital world
  • Adopting a personalized approach to capability development

Watch the webinar here.