Business as un-usual.

‘It’s business as usual’ isn’t a phrase anyone can say with a straight face these days. Three years of lockdowns, supply shortages, and economic shocks have meant there’s no such thing anymore.

People are frazzled by years of breaking news, and with recession looming, we’re now going to be asking them to do more with less. To make that work, your teams are going to need new skills, and a lot of support. Ultimately, the buoyancy of your bottom line is going to depend on how well equipped those people are to navigate the coming challenges.

L&D is a crucial tool for supporting, inspiring and retaining your people – one that comes with a measurable ROI. For example, through:

Building the skills that will get you through the downturn. Many of your managers may have been too junior to have led people during the last major recession. They may lack the skills, experience and knowledge to know how to stretch a tight budget. They may need to focus on finding new ways to inspire their teams during challenging times. Upskill your managers,  and you’ll equip them with the crucial skills required to support their teams to thrive, even in the face of uncertainty.

Strengthening retainment. Research by Oxford Economics and Unum point to the financial impact of replacing someone who resigns from their role at just over £30k. One of the best ways you can strengthen loyalty, engagement and ultimately retainment is to invest in your people’s career development. In fact, one LinkedIn study found that 94% of people stated they would remain with a company longer if their employers were investing in their career development.

Driving up morale. When you close off development opportunities to your people, you’re sowing doubt about the future. When people see investment dwindle in their professional development, they begin to fear their jobs may follow. And that leads to further stress, uncertainty, and disengagement.

Priming your business to thrive once the downturn is over. In the short term, it’s understandable that businesses need to focus on minimising overheads. Of course, a longer-term strategy must prepare for the times when conditions improve. Eventually, growth will return. If you cut your professional development spending now, your people will struggle to grasp the opportunities that arise as the upswing starts.

ABSTRACT’s training and development programmes were built for these times.

Our range of award-winning courses are designed to equip your people to thrive during challenging circumstances. They’re a key part of any strategy to retain and engage people. In fact, when it comes to assessing your budget, L&D should be seen less as a source of cost, and more as an investment for generating revenue.