With companies across the globe cutting jobs due to the current economic downturn, especially in the oil & gas and energy industries, now might be the best time to make your company stand out from the rest by investing in perhaps your most valuable asset: your employees!
Here are 10 reasons why companies should focus on training during a downturn.
Reason #1: Increase Morale and Retain Talent: When pink slips are being handed out and obvious cost-cutting measures are taking place, the natural reaction for employees is to become nervous, or wonder if their jobs are in jeopardy. Regardless of what you “say” to them, there is no better way to reassure your employees about your commitment to them than by investing in training. This gives them “proof” that your company has the intention of keeping them on board for the long haul.
Reason #2: Gear up For What’s Next: There’s perhaps no better time to get ready for what’s next for your company than during a downturn, and training is vital to the success of whatever it is your company plans to do in the future. A downturn usually means that things are a lot slower than normal. During the normal flow of things, there is little to no extra time to devote to training. But now that things are slower, training gives your employees the ability to be even more productive than before.
Reason #3: Refine Skills: Let’s face it: everybody could use some refining. And perhaps the best time to do some refining is right now while things are slow. Training is an excellent way to refine skills and even discover new skills. By focusing on training to refine employees’ current skills, your employees instinctively become motivated because they can do more and do their jobs even better than they did before. After going through training, most employees will be eager to show off their new skills.
Reason #4: Reduced Overall Costs: One of the biggest costs to companies is having to do things over and over. But just imagine how much your company could save on costs IF things are done the right way, the first time around? Providing additional training is the key to getting things done right the first time.
Reason #5: Increased Productivity: When companies invest in training, there are two things that normally happen: companies spend less, but get more productivity. Training gives employees the ability to tie up those lose ends, or discover new ways to do things in a faster and better way. By providing additional training, your company will spend less money on mistakes your employees will get more work done each day.
Reason #6: Implement New Ideas: During a downturn, companies are usually forced to think out-of-the-box to shore up new business. Well, devoting time to training empowers you with the perfect atmosphere to think of new ideas and also implement these new profitable ideas.
Reason #7: Improve Your Customer Experience: It’s a known fact that customer service satisfaction across all industries are lower than they have ever been in history. During a downturn is the perfect time to train and re-train employees on customer satisfaction. By focusing on training, employees will discover how to deliver the best product or service to customers, which gives your company the best opportunity to succeed, now and in the future.
Reason #8: Train Managers: There’s an old adage that says, “Everything rises and falls from the top down.” This is true when it comes to company management. Focusing on providing your managers with more training while there is more time to do so during a downturn will ensure that everyone inside the company is on one accord.
Reason #9: Increase Employee Commitment to Your Company: Going beyond the obvious by equipping employees with training, in effect, increases their practical competencies and skill sets. But more importantly, training and development shows your working staff that your company’s leadership considers them an asset to the organization rather than a cost.
Reason #10: Become Known as The Company That Cares: Companies across the globe want the best employees they can find. Many companies, however, make the mistake of simply focusing on “pay” rather than something else that employees really want: peach of mind. Focusing on training allows your company to develop a culture of caring. When you invest in training employees, it lets employees know that your organization really does care for and about them, and once they know this, they will spread the word. Usually those who are great at what they do also know other great people, and great people want to work for great companies. Focusing on training is the perfect way to do it. RAC Houston Conference Center has the perfect training facility for large and small organizations.