The 2007-08 economic downfall led organizations to cut learning/training budgets - a move that seemed ideal when organizations were so doubtful about the future. And boy, were they wrong.
After that time, organizations worked to recover financially and once again become equipped to invest in training, which means they could correct their mistakes and catch up after years of poor engagement and suffering retention.
Likewise, leaders say the majority of their people will need re-skilling and upskilling for future success. The solution includes more investment in learning, because the demand is here, from recruiting, engagement and retention.
The investment should spread across people and technology and while the breakdown is hard to figure out, organizations must make it a priority, and once again strive to repair potential lost engagement and employee loyalty.
With the emerging, even threatening, possibility of challenging economic times (and other potential curveballs) during the uncertain era of COVID-19, let’s get it right this time. The invaluable lessons learned during the last economic downfall set today's organizations up for commitment to learning and development, even during what may become some of the most difficult economic struggles.
Join John Whitaker to learn:
How to prepare for unseen costs embedded in the loss of employee learning
The impact of those costs on an organization’s future leadership
How to strategically and proactively get ahead of the game
How to fix mistakes and make learning count for the future