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Written by Phil Parr
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Thursday, 09 April 2009 14:04 |
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Here are 7 reasons why it is imperative to continue to develop yourself and your staff even during a recession. This list was first published in an IoD newsletter in early 2009.
| 1 | To ensure that your business is well-positioned when the economy starts to recover. Those businesses that do not survive will open up market share to those who do. | | 2 | To remain competitive. If you and your employees are knowledgeable and motivated, you will find new ways of generating revenue.
| | 3 | To understand your customers’ buying habits and how to build on their loyalty. You need to maintain repeat business in a recession. | | 4 | To enable your employees to stand back from the day-to-day operations and understand the strategic implications of their work. | | 5 | It sends one of the most powerful messages to your employees - that they are valued. When your employees are anxious about job security, it is more important han ever to demonstrate a commitment to them. | | 6 | To avoid a long-term skills shortage among your employees. UK businesses are still recovering from skills lost during the 1990s recession due to poor investment. | | 7 | Training increases productivity in the short-term, as well as the long term. The sooner you engage your staff, the earlier you can address and deal with the impact of the recession.
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Last Updated on Friday, 17 April 2009 08:21 |
