So, what do we do now? – practical advice for what may lay ahead
Factoring into your annual L&D budget the effects of a global health pandemic isn’t something most organisations generally tend to do. It’s probably fair to say therefore that what you anticipated 2020 would look like at this point of the year bears little to no resemblance to where you and your business currently are.
With the havoc that has been wreaked on the world’s economy by the COVID 19 situation business leaders everywhere are having to change, adapt, and rethink their plans for the remainder of this year. A common objective right now is formulating a recovery plan and trying to get, if not completely back on track, as near as possible.
The road to recovery may be a long and winding one but here is some practical advice that we hope will help make that journey just a little less difficult.
Show your worth
All too often one of the first areas to be put under the cost-saving spotlight during a financial slowdown is L&D. As organizations move deeper into survival mode the spend on employee development becomes increasingly smaller and, in some cases stops altogether.
Ironically though the complete opposite seems to be the best approach. Investing in L&D activities has been proven to be one of the most effective and beneficial things an organization can do for its employees and, by default productivity, during periods of slow growth. Moreover, inconsistent investment in L&D, during both good and bad times has been shown to be one of the contributing factors in company failures.
‘Many organizations view leadership as a short- term series of episodic events that are funded one year but not the next. Companies that “get it” invest in developing leaders during good times and bad rather than treating it as a luxury they can afford only in strong years. High performing companies spend 1.5 to 2 times more on leadership than other companies. (They) reap results that are triple or quadruple the levels of their competitors.’ Deloitte, Global Human Capital Trends 2015
Now more than ever it’s important to have a tight grip on your role within your organization and show your worth.
Speculate to accumulate
If your budget has remained intact, spend it! Investing in L&D activities will have a direct and positive impact on your business. Particularly during a downturn investing in your colleagues will;
Raise morale. Investing in L&D sends a very clear message that you value your colleagues and that you’re optimistic about the future. A boost in morale equates to an engaged team and, as research has shown, an engaged team will always outperform itself.
Reduce turnover. As colleague engagement increases so too do retention. Naturally, someone who feels valued and engaged at work will often stay longer with a company, speak highly about their employer and strive for better results.
Attract (and retain) fresh talent. The Gen Y talent pool typically places a lot of emphasis on personal development. Companies that can offer quality L&D opportunities are more likely to attract talented, ambitious young people.
Mind the Gap. Downsizing often means colleagues having to take on or absorb previously unfamiliar roles and job functions. Without proper training, a skills gap will develop. The bigger the gap the greater the issue and eventual consequences. Investing in L&D will help your colleagues adjust more quickly and effectively to the ‘new normal’.
Doing as much with less
Even if cuts to your budget are inevitable there are still plenty of L&D options available that will give you a healthy ROI;
V.I.L.T. Virtual Instructor-Led Training has proven to be a real winner of late, with many companies now claiming to prefer the face-to-screen as opposed to face-to-face approach. VILT not only addresses any social distancing concerns but saves on venue hire, travel and other costs associated with classroom-based training sessions. Practically any session that was previously delivered in a traditional group format can now be provided with equal effect digitally.
Gamification. Incorporating game design elements into an L&D journey can be a highly engaging way to deliver a message. Gamification as a training tool typically benefits from large scale buy-in, high recall and improved retention.
E-Learning. E-Learning isn’t new but is enjoying something of a renaissance at the moment. The benefits of being able to work through a learning program alone and at your own pace have an obvious appeal right now.
Who dares wins
No one would have predicted that the first half of 2020 would turn out quite the way it has. As with many things in life the answer to the question ‘so, what do we do now?’ really boils down to one of two options; do something or do nothing. If ‘wait it out and hope things get better soon’ isn’t going to work for you then ‘let’s see what we can do with what we have’ has to be the way forward.
It’s undeniably tough for businesses and the people they support right now and according to some could get tougher still. Staying focused, flexible and determined will help you ride this storm. Spending on L&D initiatives in the current climate may well not be at the top of many company agendas, but experience and research have shown that those businesses that do continue to invest in their teams will come out of this on top.
‘Let’s see what we can do with what we have’ is probably going to be the mantra for the remainder of 2020. Being smart with the resources you have and exploring new and possibly previously untried approaches to learning and development is the metaphorical lifebuoy that should be grabbed hold of with both hands while we navigate the turbulent waters we currently find ourselves in.
