58pc Indian organisations boost learning & development budgets for FY25: Report
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bout 58.5 per cent of organisations in India have increased their learning and development budgets for FY25, according to a report on Monday.
The report by Great Learning, a leading global edtech company, is based on trends observed among the company's client partners across various sectors and insights from a survey of over 100 learning and development and business unit heads.
It showed that in FY24, four out of five companies reported reduced hiring costs due to effective internal talent development. For 64 per cent of these enterprises, the main goal of investing in workforce training was to cultivate emerging skills among early-career professionals to fuel business growth.
About 36 per cent of organisations focused on enhancing productivity, innovation, and creativity to improve overall effectiveness and foster a culture of innovation.
Further, the report showed that Indian enterprises led by the IT sector and followed by analytics and digital solutions firms have placed a strong emphasis on training in artificial intelligence (AI), machine learning, data science, and data engineering. About 76.6 per cent of companies have prioritised these areas.
The focus is expected to continue in FY25, as the survey shows that most organisations plan to increase their investment in training employees in these critical fields, it said.
"The report underscores a unanimous shift towards developing an adaptable workforce and moving away from a one-size-fits-all approach to training. Organisations now recognise that Generative AI training is crucial for achieving business objectives across all employee levels," said Ritesh Malhotra, Enterprise Head at Great Learning.
"By extending this training beyond traditional tech roles, companies are adopting a strategic learning and development approach that enables their workforce to streamline processes, automate routine tasks, and drive innovation more effectively, resulting in significant cost savings," he added.
The report noted that in FY25, data science and AI-ML remain top priorities, particularly in the consulting (44.4 per cent) and energy (41.7 per cent) sectors, underscoring their drive for strategic decision-making and business innovation.
Interest in Generative AI surged across sectors in FY24, driven by its potential to enhance decision-making, foster innovation, and improve competitiveness.
In FY25, at least 50 per cent of organisations plan to advance their teams' skills in Generative AI, responding to strong market demand. Notably, enterprises are set to broaden GenAI training beyond technical roles, aiming to include a wider array of functions to automate repetitive tasks and boost efficiency.
"Today, Global Capability Centers (GCCs) are evolving from being mere recipients of change to active enablers of it. They are investing heavily in training for cutting-edge technologies like generative AI, data analytics, and cloud computing to fuel global innovation and enhance organisational efficiency," Malhotra said.
✔️ 58pc Indian organisations boost learning & development budgets for FY25: Report
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