You might have some tough budget conversations ahead of you, but here’s how you can defend your mighty L&D programs and fend off any attacks.
By now, your c-suite know how much L&D has become a competitive advantage in this candidate’s market. But economic uncertainty pushes us into survival mode, and short-term gains are prioritised over long-term benefits.
Focus on these 3 big benefits to remind them of learning and development’s impact on business performance.
Talent and skills retention
Studies show that companies that rated highly on employee training saw 53% lower attrition. And given that financial downturns often lead to hiring freezes, your organisation probably wants to be prioritising skills development and employee retention. If not? You may be confronted with huge skills gaps, especially in the event your people feel disgruntled by the sudden loss of opportunities and leave.
Stronger leadership
Great leaders guide and inspire us through tough times. Continuing to invest in leadership development will best position your organisation to weather the storms.
Enhanced employer brand
A strong and positive employer brand helps you play the long game in talent attraction and retention. Because while the market might be down for you right now, as the post-pandemic recovery showed, it’ll swing back quickly!
Having a robust L&D program can cultivate a continuous learning culture for your organisation that improves employee morale and brand reputation for future hiring needs.
You don’t need to fight this battle alone. Consider the other major players in your organisation benefitting from a highly skilled and engaged workforce. You might want to rope in:
Data, data, data! You might find digits dull to look at, but your data tells the most convincing story.
How has L&D helped your business performance metrics? Here are a few to get you started:
Economic uncertainty also means that we all need to be a team player and do our bit. If cost-cutting is inevitable, take the lead on what that will look like for your L&D initiatives.
Consider:
In times of uncertainty, continuing to invest in a robust learning and development function can have a huge impact on organisation performance and success long after the ‘return to normal’. Be prepared for tough budget conversations by building your case, gathering support, and reviewing your learning strategy to be more flexible and adaptive to changing needs.
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