Skills are the new currency in the world of work

The pace of technological advances had already hit top speed coming into 2020 (or so we thought) and then the pandemic kicked the pace into insane mode. Our ability to adapt to our ever changing environment, be more agile, and actively deepen and build new skill sets is our ability to achieve more in the new world of work. The need to upskill and reskill is not only here to stay, but continuous learning has been cemented as a must-have first principle of our future workforce. 

According to the World Economic Forum report published in October of last year, the rapid acceleration of automation and economic uncertainty caused by the pandemic will shift the division of labor between humans and machines, leading to 85 million jobs being displaced and 97 million new ones created by 2025. Workers are looking to stay relevant, and are actively searching for what’s next – whether it's directly related to their current position or a completely new venture. At every level, from C-Suite to individual contributors, people are focused on growing new skills for the jobs of the future. We have to continue to evolve to keep up with the pace - if we don’t, then we’re already behind. Skills are the new currency at work and organizations play a critical role in creating the conditions to learn, advancing the learning process, and offering effective learning opportunities for people to grow in role, get the promotion, get the dream job, and contribute to the organization's vision, mission, and business outcomes.

This past year has shined a light on just how critical L&D is to the future of work

In speaking with hundreds of talent leaders, L&D pros and business leaders over the past year, I’ve heard endless stories about how the pandemic thrusted L&D leaders into a new seat at the C-suite table. Our 5th Annual Workplace Learning Report launches today with a plethora of insights. One of these supports this idea, reporting that nearly two-thirds of L&D pros said that they still have a seat at the C-suite table— a 27 percentage point lift from what they reported at the beginning of 2020. This is an unprecedented shift in the span of just one year for a group of professionals who have spent years hoping one day they’d earn that seat. A light has been shined on the value of talent organizations, and specifically the value of L&D. I’d argue that what we are seeing take shape is a secular shift for our industry and L&D has earned the opportunity to stay firmly planted in their seat. As far as I’m concerned, there has never been a more exciting (and challenging) time for L&D. 

I’ve also heard countless stories about how so many L&D functions stepped up and swiftly shifted their go-to-market strategy away from in-person, towards virtual and online. Keep in mind, many L&D leaders had been pushing execs to move in this direction for years - who knew a global pandemic would be the tipping point? A more blended learning approach is a more modern approach, and a more modern approach is more closely in line with the demands of the future of work. I suppose this is one of the many silver linings of COVID. You simply can’t reskill and upskill at the pace business demands with the old ways of learning. The very same technology advances pushing organizations to reskill and upskill their workforce, are the same advances sitting at the center of a more online, personalized, community centered, insights-driven learning experience.

As the global economy struggled and so many organizations took significant hits to the top line and bottom line, external hiring freezes took hold and organizations had to work and mobilize differently. The investments the business was making in its people, in partnership with L&D, was starting to pay off. The concept of internal mobility took a front seat. According to our 5th Annual Workplace Learning Report, more than 51% of L&D pros reported that internal mobility is even more of a priority since the pandemic struck and that trend is supported by LinkedIn data. We’re seeing a sizable rise in internal mobility; from April through August 2020 the internal hiring rate was nearly 20% higher YoY. When taken together, these data points tell us that L&D leaders have influenced workforce agility through the power of learning. In addition, without a dedicated function, L&D has been the de facto owner of internal mobility across many organizations.

L&D’s role has widened and become more horizontal 

When a large portion of the workforce went remote they were forced to stay at home, forced to work at home, forced to figure out the balance of working differently, forced to teach their children, forced to take care of elderly loved ones, forced to live in isolation, and the list goes on. 

The reality was (and continues to be) we all needed help to cope with the fear, stress and anxiety of the worst global pandemic in the past 100 years. Who knew that L&D would play such a critical role in helping to heal the hearts and minds of employees? In addition to creating opportunities to grow in this new environment, in the absence of wellness functions, many L&D leaders stepped up and took on the chief wellness function - getting creative in incorporating wellness into every learning program, providing better working conditions, more flexibility, mental health support, and beyond. 

The emotional toll and pressure was only exacerbated after Breonna Taylor and George Floyd were killed and millions took to the streets to protest alongside the Black Lives Matter Movement. Not only has COVID had a disproportionate effect on low income workers, women, and underrepresented groups, Black folks and other underrepresented communities carry a disproportionate emotional toll with the everyday inequities on the street and in the office. The inequities weren't new, but this kind of spotlight was. As so many organizations took a hard stance against racial inequality at work, L&D played a critical role in partnering more strategically with DE&I to combine forces, partner hand-in-hand with other talent functions, and work with the business to make measurable progress towards a more diverse, inclusive and equitable workforce. Many organizations are just starting the journey, and there is so much more to do to create a fair and equitable workplace. 

One thing we can control is investing in ourselves

Just one of these factors would be a really big deal for L&D, but 2020 brought it all, and the good work continues. People are learning new skills and actively seeking their own personal skill development more than ever before. LinkedIn members are learning at record rates in 2021 so far, watching more than a million hours of learning content each week, more than double the amount watched one just a year ago. Even Gen Z learners, who are fresh out of their schooling, are continuing their education – watching 50% more hours per learner of learning content last year versus the previous year. 

In this chaotic time, where many things feel out of our control, one thing we can control is investing in ourselves. Context is queen. Gone are the days where the requirements of your role are stable and unchanging. The future of work is agile and ever-changing. It requires us to not only build new skills, but new habits - incorporating proactive learning into a regular part of our workflow. Old habits die hard, and this is as much about habits as it is about skills. As we take the time to learn and broaden our breadth of knowledge, we put ourselves in a better position to adapt with an ever-changing labor market. Make learning and evolving as a human a habit, your future self will appreciate it. 

Check out the report. I’d love to hear your perspective on our trends and how these are coming to life in your business.

https://learning.linkedin.com/resources/workplace-learning-report