A recession is every business’s financial nightmare – even Amazon’s forecast for the future is frightening right now.
No one knows how long it’s going to last, how bad it’s going to be and when we can expect to see light at the end of the (potentially very long) tunnel that lies ahead.
An economic downturn doesn’t mean businesses can’t thrive though. In fact, many do. There are obvious examples like Netflix – we all binge-watched Tiger King during lockdown, right? – and the less-so-obvious examples like Guide Dogs.
So, what do these smart businesses do in times of uncertainty?
They invest in their people.
Whether it’s opportunities for learning new skills, career development, or simply having more meaningful 1-2-1s, investing in the employee experience is a sure-fire way to keep your teams motivated, engaged, and most importantly, loyal.
You can’t afford to lose your best talent amidst the recession, right?
And don’t be fooled because they will move on if they’re not happy, even in a recession.
Losing talent means having to fork out recruitment costs, and training, and upskilling new employees. It can cost an average of £30,614 to replace an employee on a wage of £25,000. That’s a huge amount of lost productivity, hiring costs, and time onboarding and getting new hires up to speed. And less time building your business in a recession when you could have just invested in your people from the start.
Those are the people that are committed to helping your business navigate the tough times ahead and ensure you come out the other side positioned for growth.
Engaged employees make and save you money. It’s a fact.
Whilst you can’t just rub a lamp and ask for motivated, engaged teams – but genie, if you’re out there, please grant us that wish🧞- it’s actually really easy to achieve when you have the right tools in place.
And what is that magic tool? A Learning Management System.
An LMS that engages your people, strengthens your leadership and ultimately sets everyone up for success. That is what’s going to keep the best businesses thriving through – and after – the recession.
You need a platform that delivers personalised learning content, a great user experience customised to your brand, and intuitive reporting so you can measure every employee’s progress. Are your people engaged in their training? Are they easily able to meet their learning goals? You’ll have a bird’s eye view of it all.
When you have an LMS that your people can use anytime, anywhere they’ll be motivated to drive their own self-development and you’ll be reaping the rewards of a productive and engaged workforce in no time.
A mind-blowing 43% of learners said they wanted more learning in this year’s Learner survey, so you know your people want it. But what exactly are the benefits for businesses when investing in a worthy LMS?
💸 Reduced training costs.
Learning management systems are known to reduce training costs by 25% to 40%.
✅ Increased productivity
77% of learners believe that an LMS has had a positive influence on productivity, particularly during uncertain economic times.
📈 Higher engagement
Companies that have a strong learning culture see 30-50% higher engagement rates than companies that don’t.
🌱 Accelerated growth
9% of companies, using an LMS, have seen an improvement in company growth and profit.
💡 Creating a culture of learning
98% of L&D professionals agree that a positive culture of learning is invaluable for driving learning and development across the organisation.
A paw-sitive case study 🦮
Facts are great, but what about real stories from real businesses?
In the middle of the pandemic, the UK-based charity, Guide Dogs, were struggling to train staff and volunteers. They needed a modern solution that motivated and engaged their people.
And that’s where Kallidus came in, with Learn LMS. A simple, fast and effective learning management system that helped Guide Dogs to reach their L&D goals.
The charity’s move to digital learning not only had a huge impact on increasing productivity and job satisfaction, but Guide Dogs were also able to make considerable time and cost savings.
So, whilst many businesses were cutting their L&D budgets, Guide Dogs saw the importance of having a continuous learning culture to make their people, and their business stronger through the tough times.
You can read more about how Kallidus helped Guide Dogs transform their L&D approach here.
Get ahead for your team, and your business
There’s a reason 72% of global organisations see LMS’ as a competitive advantage. Your people are your best defence against battling the storm ahead – so investing in them, and their future is what’s going to make great businesses stand out and survive.
Speak to an L&D expert today and find out how Kallidus can help you nurture a culture of continuous learning and drive people success. 💫