New research highlights the drivers behind L&D change in the Finance, Energy and Professional Services sectors
Towards Maturity publish the first 3 of 11 sector benchmark reports that explore new learning models, effective practices and impact on organisational improvements.
According to 3 new sector Benchmark Studies released today ambition in each of the Finance, Energy and Professional Services sectors to deliver tangible business results from learning programmes remains high. When it comes down to investing in technology as part of a modernised learning strategy, each sector has a higher than average expectation to:
- Improve the quality of learning delivered (reported by 100% of Energy companies, 98% of Finance and 95% of Professional services)
- Speed up and improve the application of learning at work (95% Energy, 98% Finance, and 93% of Professional services)
- Reduce time to competence (95% Finance, 93% Energy & 93% Professional services)
The original Towards Maturity Benchmark Study Report, ‘Modernising Learning:Delivering Results’, released in November 2014, considered the changing learning strategies of over 600 organisations and the impact they made on business and individual performance. Towards Maturity are supplementing the core study with the release of specific industry reports to support L&D decision making and performance improvement on a sector by sector basis. The individual sector reports explore specific evidence, insights and recommendations for actions for 11 specific industries who participated in the study. The first 3 sectors released today are Finance and Insurance, Energy and Utilities, and Professional Services.
Compared with the benchmark sample overall, each of the 3 sectors are at least 15% more likely to report that their technology enabled learning strategy is helping them to deliver new products and services and IT systems. However they are all experiencing different levels of resistance to change. The top barrier for the Finance sector is IT infrastructure (reported by 74%), for Energy - the perceived reluctance by users to learn with new technology (reported by 71%) and for Professional services, the lack of skills amongst employees to manage their own learning is the top concern (reported by 71%).
Each report goes onto provide key performance indicators for each sector such as productivity, revenue, attrition rates, comparing them with the top performing companies in the sample as a whole. The reports also outlines the detailed benchmark comparisons of implementation activities in each sector compared to the practices of top performing organsiations.
Laura Overton, MD of Towards Maturity says, ‘ The pressure is on for L&D leaders in these sectors to deliver learning and support performance in new ways. We have designed these new reports to provide a powerful evidence base to support L&D decision-making, improve engagement and reduce risk. They are also essential intelligence for providers and suppliers who are looking for new ways to add value and support their clients more effectively.’
Specific chapters include research, advice and guidance in the following areas:
- Business alignment
- Understanding learners
- New models of learning (including talent integration and performance support)
- Boosting business agility and flexible working
- Skills of the L&D team
The Sector Benchmark reports are free to download by Towards Maturity Premium Benchmark Centre and Benchmark Group members via the Towards Maturity Benchmark Centre mybenchmark.towardsmaturity.org. They can also be purchased by non-members via the Towards Maturity Shop at www.towardsmaturity.org/shop at a price of £400 +VAT.
END