Organizations spent $359 billion globally on training in 2016, but was it worth it?
Not when you consider the following:
- 75% of 1,500 managers surveyed from across 50 organizations were dissatisfied with their company’s Learning & Development (L&D) function;
- 70% of employees report that they don’t have mastery of the skills needed to do their jobs;
- Only 12% of employees apply new skills learned in L&D programs to their jobs; and
- Only 25% of respondents to a recent McKinsey survey believe that training measurably improved performance.
Not only is the majority of training in today’s companies ineffective, but the purpose, timing, and content of training is flawed.
Learning for the Wrong Reasons
Bryan Caplan, professor of economics at George Mason University, and author of The Case Against Education, says in his book that education often isn’t so much about learning useful job skills, but about people showing off, or “signaling.”