04 Jul 2024

Why Training is Important during a Recession

Training and developing your staff during economic downturns can add value to your business through enhancing employee retention and engagement, prepare your business for recovery,  equip staff to adapt to changes and support more efficiency and productivity in the workplace.  During a recession there can be fewer available projects or reduced workloads which provide opportunities for your staff to engage in training without impacting your day-to-day operations.  Recessions are temporary and organisations that invest in training can be better positioned to capitalise on opportunities as the economy recovers.


Increased Efficiency & Productivity – Training helps employees gain new skills which is important when maximising productivity when you have limited resources.


Adaptability to change – recessions can being changes in the market and customer demands, training can support employees to adapt to the changes and support the business in staying competitive.


Employee Retention – investing in your staff during tough times demonstrates that the company value their staff, which can boost morale and loyalty.  High moral and engagement leads to better performance and lower turnover rates.


Innovation & Problem Solving – training can foster a culture of innovation and problem solving as well trained staff are more likely to come up with innovative solutions to challenges that come with a recession.


Improved Customer Service – retaining customers is important during these times and employees who receive training provide high quality customer service.


Preparing for Recovery – organisations that continue to invest in training are better positions to capitalise on opportunities when the economy recovers as well trained staff can ‘hit the ground’ running when business picks up.


Investing in staff training during these times can be a strategic move that help organisations not only survive but thrive.


Sharon Jefferies │Candidate & Career Coach