L & D Takes a Seat at the Strategy Table

In McKinsey’s “The Essential Components of a Successful L&D Strategy” (2019), they observe that over the past decade, the global workforce has been continually evolving because of a number of factors:

* An increasingly competitive business landscape,

* rising complexity, and

* the digital revolution.

Meanwhile, persistent uncertainty, a multigenerational workforce, and a shorter shelf life for knowledge have placed a premium on reskilling and upskilling. The shift to a digital, knowledge-based economy means that a vibrant workforce is more important than ever and research suggests that a very significant percentage of market capitalization in public companies is based on intangible assets—skilled employees, exceptional leaders, and knowledge.

These factors have elevated the importance of the Learning-and-Development function in organizations and have placed them at the strategy table so that organizational strategy is linked to how the people will carry it out.

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