Economic Volatility And Challenges To L&d
It’s 2023, and speculation persists about how bad the economic downturn really is.
By some measures of the economy, we’re well into a recession. By others, we’re not quite there yet.
As economists and politicians debate the details, the average worker has heard about or already experienced layoffs and watched warily as the cost of goods and services rise.
Economic volatility seems to be the new normal, and we just can’t shake it. The world of work is volatile, uncertain, complex and ambiguous.
To survive, recover and stay competitive, your organization needs to be agile and resilient.
Don’t Give Up on Learning
Continuing to invest in talent development is one key way your organization can navigate the murky waters and become agile and resilient.
Companies are feeling the pressure to do more with less. L&D teams are too. L&D, at its core, helps foster an environment of continual growth and learning, so it often suffers during an economic downturn, when the focus shifts from growth to survival. This is a critical error.
Indeed, developing your talent now can future-proof your organization. It can help you save money, slow the attrition bleed, make your company more agile and plug skill gaps for the future. Learning investments make your organization more sustainable in a volatile market, meaning you can come out ahead of your competitors when the economy stabilizes.
As business magnate and philanthropist Warren Buffett famously said, “Bad news is an investor’s best friend.”
This whitepaper will show you how investing in learning and development programs can put your organization at a competitive advantage during the rocky months ahead and how to gain buy-in for that investment.
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