Digital Learning Realities 2024 part 2: L&D budgets
Fosway Group, Europe’s no.1 HR industry analyst, has completed the insights from its annual Digital Learning Realities research, in association with the world’s leading workplace learning tech event, Learning Technologies. Now in its 10th year, the research explores how L&D teams rise to the challenge of a fast-changing tech landscape.
Crucial to L&D teams is the support of the C-Suite. Organisations where their executive team believes learning and people development are central to success are almost twice as likely to have seen their overall L&D budget grow in 2024. Even more importantly, an enthusiastic C-Suite is almost three times more likely to accelerate their investment in new digital learning projects.
The infographics are part of a five-part series published weekly, and results can be found below.
L&D Budgets and Investment Trends
L&D budgets continue to feel the pinch as learning comes under increased scrutiny
With little movement from last year, L&D budgets have experienced sustained belt tightening. In line with 2023 results 61% of L&D teams saw their budget decrease or stay the same. That represented a significant leap from the results of 2022, when the number of L&D teams who expected to have their overall budget decrease rose from 8% to 21%. As we look out to 2025, the prospect of saving from generative AI and the long inability for many L&D teams to clearly demonstrate their value, means the pressure on moderating learning budgets is unlikely to change in the foreseeable future.
When I look back over the past 10 years of the survey, we have seen some steady shifts. But based on this year’s data – we seem to be on the verge of a true step change. AI is changing the game and it’s difficult not to see that learning will never be the same again. The question is, are you ready?
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