The Economic Downturn: Learning’s Time to Shine
How can there be light during a downturn? By using their expertise, workplace learning and performance (WLP) professionals have been given a torch, to help their organization survive the downturn and allow them to emerge in a stronger competitive position when the economy recovers. In the current economic downturn, organizations have been forced to use cost cutting strategies. Departmental budgets are being trimmed, with the learning function being no exception. Learning and development functions are not only being pushed to economize spending on learning activities, but to simultaneously continue to build critical skills and knowledge. A new report by ASTD and i4cp, Learning in Tough Economic Times, indicates that between a fifth and a quarter of respondents said that, to a high or very high extent, the down economy has had a negative impact on each of the following: However, there has been a benefit which WLP professionals need to monopolize, with nearly four-in-ten respondents saying that their firm placed a stronger emphasis on learning during this downturn than previous downturns. Organizations that place a stronger emphasis on learning were also more likely to point to higher market performance, highlighting the bottom-line benefit. Conversely, reducing learning resources during tough economic times was associated with poor market performance. Organizations appear to be learning from previous experiences and realize that eliminating learning opportunities can be crippling for an organization. One respondent to the survey used an impactful analogy to describe this from a previous experience: “turning off the educational tap leaves a company dehydrated with no ability to grow – no way to give the company nutrients”. Experts agree that during these economically difficult times, learning professionals have the opportunity to show the strategic business value of workplace learning and performance. Talent management has never been more important than during this economic downturn, and learning professionals have a significant influence over its success, with expertise in competency management, skills assessment, and organizational development. Thus, the onus is on WLP professionals to demonstrate learning’s effect on developing talent in organizations by ensuring there are processes in place to find, hire, and keep talent. WLP professionals need to partner and collaborate with organizational leaders to demonstrate how learning can positively impact corporate performance and ensure survival through the economic downturn and allow them to emerge in a strong competitive position when the economy recovers. Learning needs to focus on what impacts the bottom line and is business crucial, and a direct cause-and-effect relationship needs to be evident between learning initiatives and results. Source: Learning in Tough Economic Times (ASTD/i4cp) Click here to learn more about ASTD Research.