The Importance of Investing in Employee Development During Tough Economic Times
Running a business during tough economic times can cause a lot of uncertainty. It may feel as if you’re facing countless obstacles that you can’t seem to overcome. From figuring out how to cut costs and trying to stand out from your competitors, all while also trying to keep your staff paid and happy, there’s a lot to think about. However, a recession can also be a great time to focus on what matters most in your business–your employees. Employing a team of strong workers can help you get through these unknown times, which is why investing in employee development is crucial.   Not only does it enhance employee performance, which can dramatically increase revenue in some cases, but it also creates a sense of flexibility that a business needs to survive even in the worst economic times. Just take a look at the pandemic, for example. So if you want to do everything you can to stay afloat, keep reading to see how learning and development programs are beneficial and how instructional design agencies can help make the process possible for you.

What are the Benefits of Learning & Development Programs for Organizations

When you’re spending the time and money training employees, you want to ensure that you’re getting the best bank for your buck–that’s where learning and development programs come in. With the help of L&D programs, your employees will walk away more focused, motivated, and loyal than ever.

L&D Programs Enhance Employee Performance

When working for a company, the number one thing that people find most valuable is knowledge. Learning new skills and competencies is the bread and butter of a learning and development program. The more training you offer, the more efficient and effective employees are in a role. This is because they are better equipped to handle tasks, solve problems, and deliver high-quality work, which impacts organizational productivity.   Not only that, but when employees feel confident in the work they are producing (and are getting the praise they deserve), they will want to continue to push themselves. The more self-assured they feel, the more motivated they will be to work hard, which also increases productivity. Working in an office setting can create a domino effect among all employees.

Improves Employee Retention and Engagement

As mentioned earlier, it’s crucial that an employee feels as if they are being pushed to grow and develop further in their role. Providing learning and development opportunities does just that. This fosters a sense of loyalty, increases employee engagement, and reduces turnover rates.   Why is a reduced turnover rate so important, you ask? Retaining existing employees is far more cost-efficient than hiring and training new talent. In fact, it has been found that losing an existing employee can cost a business up to 50-60% of their salary. For some, this can mean hundreds of thousands of dollars. This is a dip in revenue that a company can’t afford to make in poor economic times.

Enhanced Organizational Agility

If there’s one thing that the pandemic showed us, it’s essential to adapt to changing market dynamics. For example, many workforces shifted to remote work and realized that working from home is extremely doable for many roles, thanks to technology. Changes like these are going to occur often, and it’s important to stay on top of them. During a learning and development program, you’re offering workers the chance to embrace new technologies and learn how to respond to evolving customer needs.   These skills may seem unimportant, but they can be the sole factor in whether or not your company makes it another year. Remaining agile, innovative, and competitive in a rapidly changing business landscape can make a world of difference. There’s no denying that the changes you face may be frightening, but being prepared can help you tackle them head-on.

How Can an Instructional Design Agency Assist Businesses in a Recession

With so many learning and development programs available, choosing which one is right for your business may not be easy. Instructional design agencies are there to help create personalized programs that are best suited for every industry, learning style, and challenge you may be facing.

Instructional Design Consultants Conduct a Training Needs Analysis

Before a development program is made, instructional design consultants comprehensively assess the organization’s current and future training needs. This helps identify skills gaps, determine the critical competencies required during a recession, and align the training initiatives with the business’s strategic goals. All of this to say, there is no one “one-size-fits-all” training program. Needs vary drastically, and you shouldn’t pay for a program that isn’t going to be adequate for what you need.

Instructional Design Consultants Provide Customized Learning Solutions

After a needs analysis is complete, the instructional design agency will design and develop tailored learning solutions that address the specific needs spotted during their research. These learning solutions will potentially include e-learning modules, instructor-led training programs, visual classrooms, simulations, and other relevant learning materials.   It’s also important to note that these tailored learning solutions may vary based on individuals. Everyone has a different learning style–whether it be visual, auditory, reading, writing, etc. To maximize the program’s success, lesson plans may change for different groups of people. The instructional design consultants make this possible.

Upskilling and Reskilling Programs

Along with personalized learning programs, agencies can also help identify the fundamental skills that will be in demand during a recession. They then design programs specifically to upskill (aka teaching employees additional skills) and reskill (aka teaching employees new skills outside their existing skill set). These programs can focus on areas such as financial management, cost-cutting strategies, crisis management, digital transformation, and more.

E-learning and Technology Implementation

Whether a bulk of your business takes place remotely or you have a small handful of employees who work from home, an instructional design agency can assist in implementing e-learning platforms or learning management systems (LMS) to facilitate online training. This not only helps you select the right technology, design user-friendly interfaces, and create engaging e-learning content, but it can also save you time and money by avoiding in-person training.   When you choose to do in-person training, you’re typically choosing to take time away from business. This can be detrimental financially–and that doesn’t even begin to cover what you may have to pay for an instructor. Time is money; online training can save you hundreds, literally and figuratively.

Instructional Design Agency Provides Businesses with Performance Support Tools

Your work isn’t done once you’ve created a formal training program. To ensure your employees are continually training and getting the help they need, you need other tools such as job aids, reference guides, and other online resources. An agency can easily provide this support, allowing your team to make informed decisions and improve their performance beyond the one-off training you may put them through. Remember, the more you educate and provide support for your workers, the more incentive they’re going to have to work hard.

Preparing Your Organization for a Recession: Partner with Clarity Consultants, a Leading Instructional Design Agency

Prepping for a recession is never easy. There are many unknown questions, but Clarity Consultants is here to help. We offer instructional design services that cover everything from needs assessments, curriculum design, course and content development, and more. If you’re looking to recession-proof your business and maximize your potential, contact us today! We’re here to help you succeed.    

Contact Clarity

For over 30 years, we’ve managed projects touching every element of learning and talent development.