Post by account_disabled on Feb 23, 2024 23:46:15 GMT -5
If You’re Interested in Learning More About How to Identify Skills in Your Workforce, Speak to Our Team Today! How to Prepare Your Organization During Economic Uncertainty in Times of Economic Uncertainty, Avoiding Layoffs and Focusing on Upskilling Existing Staff is Crucial. Prepare for Economic Shifts by Investing in Workforce Development and Technology in Advance. User-circlecredly Hourglass-013 Min Read Stock Market Data on Led Display-1 Most Organizations Live and Die by Their Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortization) and Maintain a Healthy Profit Margin. When the Economic Landscape is Uncertain, the Common Reaction by Many Organizations, Both Big and Small, is to Scale Down Headcount in an Attempt to Reduce Their Bottom-line Costs. This Tactic is Not Only Ineffective but Has Long-lasting Detrimental Financial Implications.
So Much So That a Team of Researchers From Auburn University, Baylor University, and the University of Tennessee Found That Companies That Finland WhatsApp Number List Resort to Layoffs During a Recession Are Twice as Likely to File for Bankruptcy as Companies That Don’t. The Decade Between the Great Recession and Now Has Provided Enough Data to Prove That the Opposite Tactic (Retaining and Upskilling the Existing Workforce Instead of Resorting to Layoffs) is How Successful Companies Like at&t and Honeywell Not Only Survived the Recession but Made a Profit Even During Tough Financial Times. To Stay Prepared, Here Are Three Steps Your Organization Can Take Now That Will Lay the Foundation to Withstand Economic Uncertainty.
Upskill Your Existing Workforce Identifying, Hiring, and Training Talent is Expensive, So the Best Time to Spend Resources Upskilling Your Existing Workforce is When Things Are “business as Usual.” Offer Training and Development Opportunities in Areas That Will Have the Biggest Impact. Skills Such as Leadership, Communication, and Forecasting Are All Great Foundational Skills to Rely on During a Crisis. Adopt Data-driven Decision Making Financial Instability is Scary, but Making Sweeping Organizational Changes Based on Emotion is Scarier. Use Digital Credentials to Help Identify the Skills a Workforce Already Possesses, Which Will Make Hiring Outside of the Organization Less Urgent.
So Much So That a Team of Researchers From Auburn University, Baylor University, and the University of Tennessee Found That Companies That Finland WhatsApp Number List Resort to Layoffs During a Recession Are Twice as Likely to File for Bankruptcy as Companies That Don’t. The Decade Between the Great Recession and Now Has Provided Enough Data to Prove That the Opposite Tactic (Retaining and Upskilling the Existing Workforce Instead of Resorting to Layoffs) is How Successful Companies Like at&t and Honeywell Not Only Survived the Recession but Made a Profit Even During Tough Financial Times. To Stay Prepared, Here Are Three Steps Your Organization Can Take Now That Will Lay the Foundation to Withstand Economic Uncertainty.
Upskill Your Existing Workforce Identifying, Hiring, and Training Talent is Expensive, So the Best Time to Spend Resources Upskilling Your Existing Workforce is When Things Are “business as Usual.” Offer Training and Development Opportunities in Areas That Will Have the Biggest Impact. Skills Such as Leadership, Communication, and Forecasting Are All Great Foundational Skills to Rely on During a Crisis. Adopt Data-driven Decision Making Financial Instability is Scary, but Making Sweeping Organizational Changes Based on Emotion is Scarier. Use Digital Credentials to Help Identify the Skills a Workforce Already Possesses, Which Will Make Hiring Outside of the Organization Less Urgent.
