GrowthSpace, the world’s first outcome-driven talent development platform, revealed data collated from 150 customers, illustrating a shifting in budgets from training employees in engineering, product and other backend roles towards those in marketing, customer success and HR.
Key findings compare usage data of their platform in Q1-Q3 vs Q4 2022:
Uptake in Learning and Development (L&D) programs for backend personnel dropped to 18% in the fourth quarter of 2022 down from 29% in the first three quarters, and decreased 7% for other backend staff (Finance, IT) over the same period.
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In contrast, platform usage in marketing and sales personnel increased from 16% to 24% and from 7% to 12% for both customer success and HR personnel.
Training of high level management employees dropped by 4% over the period and increased by 5% for lower-level individual contributors.
“During down times in financial markets, it is far more challenging to acquire new customers,” says Omer Glass, CEO and cofounder of GrowthSpace. “Our research shows that, once the boom market started signaling recession, businesses began leveraging L&D to enhance customer-facing activities in order to maintain customer satisfaction as well as drive new revenues.”
The data indicates that companies are focusing their training on core, customer facing, talent working on the frontline to deliver change rather than R&D teams that traditionally got a bulk of training dollars. Another key takeaway is that even during layoffs, the level of investment in talent development has been maintained because companies are committed to productivity and effectiveness. Prioritizing employee retention ensures a stable working environment during this period of uncertainty.
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GrowthSpace is an all-in-one solution that empowers organizations to offer employees customizable learning and growth programs that maximize performance, enable upskilling and reskilling, increase retention and drive long-term impact. The one-stop talent development platform enables HR and learning and development (L&D) professionals to centrally develop, manage, and measure development programs composed of both internal and external growth experiences. This, in turn, enables businesses to measure the business impact of HR.
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