Continue Training To Do Better With Less
If you've been in the training industry for any amount of time, you've probably seen that training budgets are among the first to be cut when tough times hit. This mindset, however, is contrary to what recession-hit organizations should consider. When done right, training will provide focus and opportunities to do better with less.
Typical Tendencies
One of the worst things a company can do during a recession is to eliminate training. Why? Consider these typical tendencies of an organization facing tough times:
- It's almost certain that employees will be let go. What impact does this have on the remaining employees? They take on new responsibilities to fill the holes, some of which are not part of their existing skill set.
- Employee productivity might be affected by fear of more cutbacks, lowered morale, and stress over their new responsibilities.
- When recession impacts an organization, the natural reaction is to cut expenses in any department that doesn't show a direct link to revenue generation. In fact, training and documentation often have a vital, although indirect, link to a company's recovery from turbulent times.
- Hiring is usually frozen. But what if the existing employees are unable, or unskilled for the company's shift in needs? The cost of replacing employees has associated costs and liabilities.
Training Helps!
Employees need to learn new skill sets based on their increased responsibilities, and training is the most effective means.
You may not have the money to invest in formal classroom training or hours of eLearning, but with a minimal investment, you can develop a blended learning plan that meets learners' needs. For example, you can develop emails, blog articles, wikis and online knowledge bases to share information. You can even set up an online bulletin board or use a social media tool (Facebook, Twitter, LinkedIn, etc.) where employees post questions and a subject matter expert answers them. Turbulent times all for creative measures!
Training promotes better morale, productivity, and sales.
Employees appreciate any opportunity for skills development. Training improves learners' self-esteem, which in turn improves their morale in the workplace and their loyalty to their employer. An added plus: there's a definite link between happy employees and satisfied customers, which leads to better financial results for your company.
Training forces organizations to evaluate current processes.
The first stage in any training development process should be analyzing current tasks and processes. During this stage, you have the opportunity to rethink how and why you do things, and you can determine areas for improved efficiency. Then, when you train employees on these improved processes, you can achieve new levels of productivity.
Training can actually save money.
Consider supervisory time and costs involved with monitoring and guiding employees. By investing this same cost in employee training, you satisfy two needs...better trained employees and more time for supervisors to spend on income...generating tasks.
Training enables an organization to hire new, more talented people.
A fundamental management philosophy is that one great employee replaces three good employees. To attract and keep 'great' talent, you must offer training programs in your suite of benefits. This investment entices the 'great' ones and keeps them challenged, involved, and loyally invested once hired. Great people usually mean great customer service, and (in turn) better revenues.
Training during turbulent times insures that your company is at its best when the economy stabilizes.
Focusing on the future through training insures the organization withstands the current instability and is poised for action when the economy stabilizes. Your company can enjoy a competitive advantage if your employees are a well-trained and responsive team, especially since your competitors may continue to be bogged down in the malaise of turbulence. This scenario puts you in the driver's seat in your marketplace. It also makes training and documentation your direct link to success and improved revenues.
Brighter Future Ahead
During tough times, processes must change to meet the challenges, or chaos can ensue. Keep your existing employees well-trained and ready for the good times ahead. Learn to embrace slowdowns and take advantage of the time to reevaluate your processes, hire and keep great performers, and invest in your future.
"Any company has to recognize that not only is the human capital of their employees a major asset, it is also a depreciating asset that needs continuing investment."
~ Nobel Laureate Gary Becker, Professor of Economics and Sociology at the University of Chicago
