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SECSECTTION 1: LEADERSHIP | ION 3: LEARNING AND DE20 VELOPMENT | 20 Investing in L&D is more Where to focus your important than ever L&D spend Despite recent economic turbulence, our survey results show most organisations are 1. Leadership and either maintaining or increasing their L&D management (54.71%) spend. While there is some variation among industries, the survey results indicate that the 2. People management healthcare, manufacturing, and construction (40.97%) sectors will see an uptick in their L&D spending. As we covered in earlier chapters, leaders and managers play a critical role in employee Surprisingly, only 16.7% of respondents retention and satisfaction. It’s one of the reported receiving over seven training days many reasons investing in L&D for leaders and per year. The respondents identi昀椀ed time managers is such a strategic imperative for and budget constraints as the top challenges any organisation. Based on our survey results, facing L&D departments. It’s crucial that many of the respondents agree. organisations prioritise L&D investment In terms of speci昀椀c leadership skills to despite these constraints, especially when focus on, ‘communication’ and ‘emotional you consider: intelligence’ are the top two most-valued • Job skill sets have changed by around leadership skills according to our 2023 survey 25% since 2015 and are expected to results. As highlighted in Chapter One, both 35 double by 2027 . skills are vital for leadership success. • 86% of business leaders in PwC Another key L&D key priority, according to Australia’s 26th CEO Survey said they are Steve Smith, Executive Director for AIM Future 36 invested in upskilling their workforce . Skills, is ensuring that leaders and managers • 89% of L&D professionals agreed that are well-versed in technology. “proactively building employee skills for today and tomorrow will help navigate “I think the one thing we can’t get away from the evolving future of work”, according is the fact that technology is becoming more to LinkedIn’s 2023 Workplace Learning critical to leadership,” he says. 37 Report . “From having the ability to harness and • 75% of employees say they’d stay at their interpret data to recognising the potential company longer if they could receive more of technology to bene昀椀t your organisation, L&D support, according to recent Microsoft leaders today must embrace technological research38 . pro昀椀ciency. The future demands that leaders be tech-savvy.”