63% of businesses that saw stable revenue or profit invested in employee development during 2020, showing commitment to sustainable growth SINGAPORE, May 6, 2021 /PRNewswire/ -- Avado, the professional academy, has today unveiled research identifying a dramatically widening gap between business needs and people capabilities in a number of APAC countries over the course of 2020. Of those surveyed, 63% of businesses who saw stable revenue or growth over the last year had increased their training budget, and 39% had invested in upskilling through external training pre-2020. Among those that saw a decline in profits, 43% said that their strategy was not fit for purpose. Simply put, the businesses that invested in developing their capabilities have weathered the storm far better than those who did not. The research surveyed over 1,000 executive leaders and senior HR staff from progressive APAC organisations. Regions included Singapore, China Hong Kong, Malaysia, Thailand, Australia and the Philippines. The research was further analysed by ambassador Miatta Fahnbulleh, Chief Executive of the New Economics Foundation. More than half (54%) of executive leaders agreed that their organisation had prioritised survival over capabilities, very similar to the 57% who agreed in the UK. However, there was a big gap among learning and development leaders, with only 44% agreeing in APAC compared to 69% in the UK. Nonetheless, throughout 2020 the majority of executive leaders (80%) and learning and development leaders (74%) agreed that it was important to their business in 2020 to have training conducted through external courses, suggesting that they were struggling with existing employee capabilities.
- More than two fifths (43%) had recruited to try and fill capability gaps
- Concerningly, 39% of executive leaders admitted their training strategy wasn't fit for purpose pre-2020; this increased to almost half (49%) in 2020, suggesting gaps have been deepened
- Nearly half (48%) agreed a lack of skills negatively impacts mental health
By PR Newswire