Are you ready to delve into the world of course creation? Our latest video is here to guide you through the pivotal decision-making process in eLearning design. In this video, we’re taking a closer look at the strategic considerations that come into play when it comes to creating courses. Should you build your own custom masterpiece or opt for a pre-made solution? Let’s explore the nuances together!
Transcript
Since World War II, the United States has gone an average of 58 months between recessions, or nearly five years. This statistic tells us you’ll likely face a few recessions during your career. How can you make sure you’re prepared? Here are some tips for making your company recession-resistant:
- Embrace Technology and Innovation:
Technology helps us become more efficient. In a recession, efficiency is one of the most important things for your organization. Every second counts. Using technology like an e-learning platform, for example, where you can train workers to be more efficient and save you time when it comes to training, is extremely important. Other great technologies that can help you become more efficient include AI, such as ChatGPT, CRMs for sales, and Grammarly for writing copy. Every minute you spend planning saves 10 minutes in execution. This gives you a 1,000 percent return on energy. - Develop Your Staff:
Developing your staff to be more efficient and resilient in a recession can allow your team to see results tenfold. Take IBM, for example. During the Great Recession of 2008, IBM strategically invested in training and developing its employees. The company launched its “Skills for a Smarter Planet” initiative, which focused on retraining its workforce to meet the demands of emerging technologies and industries. This investment in human capital enabled IBM to adapt to changing market conditions and maintain its competitive edge. - Diversify Your Revenue:
It’s never a good idea to have all your eggs in one basket. A great example of this is Disney. Disney used to be a single animation studio; however, Disney acquired Pixar Animation Studios, Marvel Entertainment, and Lucasfilm, which provided additional revenue streams through successful film franchises and merchandise sales. Moreover, Disney diversified into theme parks, resorts, and media networks, creating a diversified portfolio which helps during economic downturns. While we all can’t be Disney, one easy way to diversify is by selling your training content through e-commerce if you have created your own content to empower your employees. That is a powerful asset and, if you have the right training platform, you can use e-commerce to make it a powerful stream of revenue. - Lower Turnover Costs:
Turnover can be extremely costly to your business. In fact, employee turnover costs U.S. businesses $1 trillion per year, according to Gallup. The best way to lower turnover costs is to lower turnover. The number one reason for turnover is a lack of opportunity or growth. Again, this is why developing and training your employees can make a huge difference in cost. - Optimize Training and HR Functions:
At the end of the day, the best way to make your company recession-resistant is to make your workforce recession-resistant. When you empower your workforce, the results are exponential. During the global financial crisis in 2008, GE took proactive measures to optimize its training initiatives. The company implemented a program called GE Global Learning to enhance the skills of its employees. This program emphasized leadership development and strategic thinking, enabling GE to remain competitive and innovative during challenging economic conditions.
Want to help empower your workforce to make your company recession-proof? Contact Knowledge Anywhere today. We have over 25 years of experience and we’d love to help you.
