A decade ago, hiring the right talent was about finding candidates with relevant degrees and technical skills. Today, that approach is obsolete. In the age of AI and rapid technological disruptions, job security depends on having a wide array of relevant skills amid the evolving industry landscape. The World Economic Forum’s recent ‘Future of Work’ report indicated that employers expect 39% of key skills required in the job market to change by 2030. This means businesses must increase their investment in reskilling and upskilling programmes to align the current workforce with industry demands. However, a crucial question arises: “Are organisations adequately equipping their employees for the rapidly evolving job market?” The limitations of traditional L&D Most corporate learning and development (L&D) frameworks are restrictive due to budget constraints, a lack of foresight, and a ‘business as usual’ mindset. Traditional corporate training focuses on addressing immediate skill gaps, helping employees perform their current roles. While effective for short-term goals, this approach lacks the foresight needed for long-term workforce transformation, especially in the face of technological disruption. A McKinsey study found that 87% of executives face skill gaps in their workforce, yet only 42% feel prepared to address them. The finance sector, for example, is struggling with the rapid transformation brought about by digitisation. Investment banks and fintech firms need IT professionals skilled in full-stack development and cloud technologies. However, hiring new talent is expensive and time-consuming, while existing employees struggle with technology adoption. Similarly, organisations across industries are increasingly aware that irregular upskilling efforts fail to create a future-ready workforce. Despite the rising investment in training programmes, the current approach does not prepare employees for continuous adaptation. This gap highlights the need to move beyond L&D and embrace a holistic growth and development (G&D) framework that promotes adaptability, digital proficiency, critical thinking, and a mindset of continuous learning. Addressing the gaps in traditional L&D The shift towards G&D is already underway, with organisations prioritising structured corporate training to bridge skill gaps and ensure long-term talent transformation. Many enterprises now prefer customised training solutions over standard programmes, indicating a move toward tailored learning experiences. A striking 68% of enterprises today opt for bespoke training solutions, and there has been a 35% growth in demand for CFO, CXO, and strategic leadership programmes, particularly in the BFSI and consulting sectors. This trend signals a growing realisation that workforce development is not just about filling immediate gaps but encouraging a culture of continuous improvement. The key areas that need immediate attention within the traditional L&D framework include: Adaptability: Organisations need employees who quickly adjust to new technologies and thrive in uncertainty. Many first-time managers and emerging leaders lack the essential skills for leadership transitions, and structured training programmes emphasising well-planned execution can help bridge this gap. Digital proficiency: With AI, automation, cybersecurity, and data analytics reshaping industries, 50% of employees will need reskilling by 2025. Organisations must integrate digital skill-building into employee growth plans. Critical thinking and problem-solving: Employees must analyse complex issues, make informed decisions, and contribute to well-planned goals. Organisations investing in upskilling report higher retention and engagement rates. Continuous learning mindset: Companies that prioritise employee development create environments where individuals feel supported in their growth and motivated to contribute meaningfully. The future of workforce development To stay competitive, businesses must move beyond traditional methods and embrace a broader G&D strategy that nurtures adaptability, digital proficiency, and lifelong learning. Mentorship programmes are one of the most effective ways to facilitate this transition, enabling employees to benefit from the wisdom of experienced colleagues. Additionally, hands-on learning opportunities such as job rotations and collaborative projects allow employees to apply new skills in real-world settings, accelerating growth and enhancing engagement. Companies are increasingly collaborating with corporate learning providers to ensure that employees are consistently building relevant skills. These investments align talent development with future business needs, ensuring long-term success. The overhaul of corporate training is no longer a luxury but a necessity. Organisations that invest in structured upskilling initiatives see faster talent acquisition, reduced hiring costs, improved employee performance, stronger risk management frameworks, and data-driven decision-making. The workforce of tomorrow needs more than L&D—it needs a comprehensive G&D strategy to thrive in a rapidly evolving job market. Nikhil Barshikar is the Founder and CEO of Imarticus Learning. (Edited by Suman Singh) (Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)