A slow-down in globalisation can present a variety of challenges for businesses, particularly those heavily invested in foreign markets.
To ensure that businesses are equipped to overcome the challenges of stalling global trade, strategic L&D programmes need to be firmly in place, enabling employees to adapt, develop and work to their maximum potential in a volatile environment.There is no doubt that over the last two decades, globalisation has drastically transformed how we do business. For many organisations, the access to a massive global economy has been instrumental to their success at home and abroad. It has also had a significant impact on HR strategy, compelling those overseeing learning and development (L&D) programmes to take into account the changing requirements for both technical and soft skills, as well as cultural adaptation, in order to succeed in their international ventures.
Lately, however, economic pundits have been in heated debate over the life cycle of this golden phenomenon. It has been said that globalisation is in reverse, and that domestic business growth is now more lucrative than commercial opportunities in the global marketplace. Just like a peak in globalisation changed the face of L&D in the corporate world, a slow-down in global trade is likely to drive organisational change, in turn creating new learning requirements – and opportunities – for employees. Depending on the size and structure of the business, the challenges can range from reshuffling teams and focus areas to getting employees to perform effectively. There are a few ways in which this can be achieved.
Get your approach to L&D right
Skills shortage is one of the biggest challenges to the UK’s global competitiveness. Earlier this year, Chris Jones, Chief Executive of the City & Guilds Group, said that the UK is likely to “lose its edge” as a leading global economy if skills shortages fail to be addressed.* Organisations need to work towards having a structured programme in place to identify and address their skills gaps and challenges to ensure that employees are ready to cope with increasing domestic growth.
Reach out to your global teams
It is vital that businesses examine the challenges faced by their global teams on a daily basis and identify ways in which they can be supported through L&D initiatives to overcome them. These may include working in a complex cultural environment, or trying to cooperate with customers or suppliers outside of traditional organisational boundaries. Virtual and telephone executive coaching is an excellent way to support senior employees, as this will help manage their teams and do business successfully in a changing economic landscape.
Bridge the gaps internally
In addition to auditing employees across the business, audit skills within L&D teams. Research conducted by the CIPD and Towards Maturity has shown that the L&D community is “more ambitious than ever before,” yet many practitioners fall short of capabilities within their businesses to drive the organisational change they would like to see. Regardless of whether globalisation is decelerating or not, building skills and improving business performance cannot be achieved merely through a few training courses. Senior management needs to have faith in long-term organisational L&D at all levels, with a particular focus on recognising and preparing high-potential employees with experience in domestic markets for leadership and mentoring roles.
Be practical
Provide your employees with tailored management and leadership development programmes that have a practical bottom line impact. Earlier this year, we predicted that 2015 was all about taking “basics to a higher level”- that businesses would need to anticipate customer needs and exceed expectations to remain competitive both domestically and internationally.[1] Based on some of the work we have delivered this year, I can say that the reality is in adopting a practical, rather than theoretical, approach to people development. In this uncertain environment, create a futureproof people development strategy, look at succession planning and develop the skills to lead and manage people through change.
Change mindsets, not employees
Identifying the perfect candidate for a management role is not an easy process, and hiring (or rehiring), if not managed seamlessly, can be time-consuming, disruptive and of course, expensive. Seeing it from the other side of the spectrum a recent survey of 1,374 employees in the UK[2] has shown thatnearly half (42%) have left a job because they feel they have “a bad boss”, with almost a third believing that their boss is a poor manager. Retain your best talents. Redefine “leadership” for your senior management, by training your managers and leaders to develop, coach and empower their teams so they feel confident to take on new professional challenges.
One size does not fit all
The cliché it might be, it rings true for all businesses in this time of global economic change. Some businesses might find it easier to adapt to changes in global trade because they hold stronger ground domestically. Others that might be largely dependent on exports and international business ventures might find it more difficult to adjust and may need to think more strategically about how to accommodate the L&D needs of their employees.
In either case, key business decisions are best driven by team thinking, rather than individual thinking. Encourage this attitude and get all teams involved to forge the best way forward. Diane Coolican is a leadership development specialist and Managing Director at Redsky Learning, a specialist learning and development consultancy based in Leeds. For more information on Redsky Learning, please visit:
