According to a KPMG International survey, a large majority of CEOs believe a recession is imminent in 2023. As businesses strive to protect their financial stability in the face of this potential economic downturn, it is worth noting that the current period, referred to as "The Great Resignation," has seen a high number of employees quitting their jobs. This trend can further destabilize a company, particularly at a time when retaining top talent is crucial.
Salesforce conducted a survey in 2021 which found that a majority of respondents would be more productive and engaged if their employer provided learning and development opportunities. Similarly, a Gallup Poll indicated that nearly half of all employees are actively seeking additional work, with career development being their primary unmet need.
Research from the 2007 Great Recession supports the idea that investing in training programs can benefit a company's bottom line. During this economic crisis, the S&P 500 saw a 35.5% drop in stock performance. However, businesses that reported a positive work experience for their employees during this period experienced a 14.4% increase in stock performance. These findings highlight the importance of investing in training, particularly during times of uncertainty, as it can lead to lower employee turnover and stronger financial stability in the long run. The question remains, however, of how companies can fit training into their budgets during periods of financial instability. Zeducation provides a variety of training programs and packages that can be tailored to fit the specific budget and needs of each company. These programs are designed to support and invest in the most valuable asset of any business - its employees. By offering options that cater to unique budget requirements, Zeducation allows businesses to prioritize the development and growth of their workforce, particularly during challenging times.
Here are some skills that we can train your employees on to prepare for a recession:
Financial management: Understanding how to manage and budget personal and business finances can help people navigate economic challenges.
Adaptability: Being able to quickly adjust to changing circumstances and pivot as needed can be crucial during a recession.
Communication: Strong communication skills can help you negotiate and advocate for yourself and your business during difficult times.
Leadership: Developing leadership skills can help you guide your team and make strategic decisions during a recession.
Digital literacy: Having a strong foundation in technology and digital tools can help employees stay competitive in a changing job market.
Problem-solving: Being able to identify and solve problems effectively can help staff find creative solutions to challenges faced during a recession.
Resilience: Building resilience and the ability to bounce back from setbacks can be valuable in navigating economic challenges.
Click here to learn more about our training programmes. We can also help you design your own programmes too.
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