Team Training in an Economic Downturn

A pessimist sees the difficulty in every opportunity; an optimist sees an opportunity in every difficulty.” ~ Winston Churchill     

 Don’t Ignore Team Training in Tough Times

Team training is a key component for company survival in tough times and these are definitely interesting times. Businesses face many challenges in an economic downturn. One of the most critical is how to remain innovative without over extending budgets and already-stretched staff. Historically, training budgets and employees are substantially reduced during economic downturns. Training dollars appear to be the line item to be cut or re-evaluated, as companies lay off workers.

However, indiscriminate or radical cuts can be dangerous, because economic turmoil exposes other business challenges and emerging competitive opportunities.

Your employees are your only true competitive advantage.. Therefore, corporations need to look at leveraging their talent. Employees need to develop maximum adaptability amidst a rapidly evolving marketplace.

Leaders also, need to be more flexible and agile in response to the changing business climate. As it seems, ‘the only constant is change’.

Leadership development is an investment companies need to make regardless of the booms and busts of the economy. It is a fact, during an economic downturn, it is even more critical you have skilled leaders who can communicate effectively as your company’s success is riding on the ability of these most forward thinking visionaries to lead and guide your organization and teams during these turbulent times.

Be the Company with the Competitive Advantage

Forward thinking corporations will align training with corporate strategy. Tight budgets are not a reason to change this strategy, but rather an opportunity to fast-track this trend.

Organizations who continue to educate and train their workforce during a downturn gain a significant competitive advantage when the inevitable recovery happens.

Also, broad-minded organizations do not eliminate leadership development; they strategically select candidates for purposeful training programs during this time.

There are companies who pride themselves on not reducing their training focus, despite the current, short-term economic forecast. They are looking to create their own opportunities during the economic downturn.  Training and employee knowledge improves your product and service against your competition, so let others be the ones weakening their product against yours.

When the economy recovers, you need to be ready.

The recovery of the economy, which will happen, will also bring problems in the areas of talent management and succession planning. Baby Boomers who had perhaps postponed retirement will hastily move in that direction. Organizations will be trying to rebuild their market share and revenues with the challenges of a loss in talent and knowledge. Generations X and Y will be expected to fill this talent gap, but do they have the knowledge to do so? These younger workers have career aspirations and expectations of their employers unlike those of the Boomer generation. Their learning preferences differ as well. Many organizations feel, even prior to the downturn, they are behind in meeting the learning needs of the Generation X and Y workers.

If training budget dollars are less than you would like and effectively managing a limited budget is a challenge, it is essential to set priorities and be sure you’re getting a return on every investment.

Call us today and let us help with our Team Training program and financial grant assistance from the government. There has never been a better time to get a competitive advantage; be ready to put some rubber to the road when the downturn is an upturn!

You can Create a Healthier, more
Successful Organization.

And you don’t have to do it alone.