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THE NEED FOR TRAI NING IN TURBULENT TIMES


THE NEED FOR TR AIN ING IN TURBULENT TIMES

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THE NEED FOR TR AIN ING IN TURBULENT TIMES

TR A IN IN G P R OV IDE S F O CU S A N D O P P O RT U N I T I E S T O D O B E T T E R W I T H L E S S When tough times hit an organization, leaders have a tendency to immediately look for ways to reduce costs. 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. This mindset, however, is contrary to what recession-hit

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organizations should consider.


THE NEED FOR TR AIN ING IN TURBULENT TIMES

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

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and liabilities.


THE NEED FOR TR AIN ING IN TURBULENT TIMES

Training Helps! Developing training during turbulent times can alleviate some of the worst symptoms of an economic instability:

Employees need to learn new skill sets based on their increased

Training promotes better morale, productivity, and sales.

responsibilities, and training is the most effective means.

Employees appreciate any opportunity for skills development. Training

You may not have the money to invest in formal classroom training or

improves learners’ self-esteem, which in turn improves their morale in

hours of e-learning, but with a minimal investment, you can develop a

the workplace and their loyalty to their employer. An added plus: there’s

blended learning plan that meets learners’ needs. For example, you can

a definite link between happy employees and satisfied customers,

develop emails, blog articles, wikis and online knowledge bases to share

which leads to better financial results for your company.

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

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call for creative measures!


THE NEED FOR TR AIN ING IN TURBULENT TIMES

Training Helps!

Training forces organizations to evaluate current processes.

Training can actually save money.

The first stage in any training development process should be analyzing

Consider supervisory time and costs involved with monitoring and

current tasks and processes. During this stage, you have the opportunity

guiding employees. By investing this same cost in employee training,

to rethink how and why you do things, and you can determine areas for

you satisfy two needs—better trained employees and more time for

improved efficiency. Then, when you train employees on these improved

supervisors to spend on income-generating tasks.

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processes, you can achieve new levels of productivity.


THE NEED FOR TR AIN ING IN TURBULENT TIMES

Training Helps!

Training enables an organization to hire new, more talented people.

Training during turbulent times insures that your company is at its

A fundamental management philosophy is that one great employee

best when the economy stabilizes.

replaces three good employees. To attract and keep ‘great’ talent, you

Focusing on the future through training insures the organization

must offer training programs in your suite of benefits. This investment

withstands the current instability and is poised for action when the

entices the ‘great’ ones and keeps them challenged, involved, and loyally

economy stabilizes. Your company can enjoy a competitive advantage

invested once hired. Great people usually mean great customer service,

if your employees are a well-trained and responsive team, especially

and (in turn) better revenues.

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

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success and improved revenues.


THE NEED FOR TR AIN ING IN TURBULENT TIMES

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

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Professor of Economics and Sociology at the University of Chicago


THE NEED FOR TR AIN ING IN TURBULENT TIMES

Michaels & Associates can help you implement learning solutions that improve employee morale and performance, even in the toughest times. Feel free to contact us for more information. Michaels & Associates — training happens here every day.

toll-free: 877-614-8440

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www.michaelsandassoc.com

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info@michaelsandassoc.com


The Need for Training in Turbulent Times