MANAGE SMARTER: THERE IS NO BETTER TIME THAN A DOWNTURN TO INVEST IN EMPLOYEES
Manage Smarter’s Bob Nelson dispels the belief that a downturn is a time to cut costs all around. In fact, Nelson believes a downturn presents a prime opportunity to invest in and train your employees.
Manage Smarter Excerpt:
There is no better time than a downturn to invest in employees. Money and time spent on training during a recession has a return that can last years as the knowledge and skills acquired stay with employees. Cultivating a culture of development also can boost a company’s reputation as one focused on providing employee development, clear career paths, and on-the-job training for employees to ensure their success and advancement.
At first glance, it may not seem like employee learning and development should be a priority during tough times. After all, if things are tight, does the organization really have the money, resources, and time to spend on helping employees learn and grow? Shouldn’t employees be focused on keeping their jobs instead of developing new skills?
Actually, recent research indicates the opposite is true. Companies that have a continued focus on career growth and development yield higher engagement and productivity scores on the part of their employees, giving the organizations a distinct competitive advantage in tight economic times.
An economic downturn is an excellent time for both the organization and its employees to take advantage of available growth opportunities. First, most employee development occurs on the job, with opportunities to take on new challenges and assignments, and in the process, learn new skills. Second, with the hiring freezes and layoffs taking place at many organizations today, the need for employees to take on more work and new and different roles in the organization greatly expands.