A recession might be on the horizon. In the past, high levels of inflation, combined with steadily increasing interest rates, have led to a recession. Many economists expect this to happen by the end of 2023, so it’s time to start preparing your workforce.
Hopefully, you won’t have to lay anyone off. Even if the U.S. enters a recession, it doesn’t necessarily mean your company will be largely impacted. However, it’s always best to plan ahead, so you’re ready for anything that comes your way.
Specifically, reskilling your employees is a savvy way to get your company ready for a potential recession. Cross-training your team and ensuring a variety of people know how to perform key tasks associated with different jobs serves as an insurance policy of sorts.
Here’s a look at several reasons to take this step.
Three Benefits of Reskilling in a Recession
Accomplish More With Less
If you have to scale your team back, you’ll need each remaining employee to roll up their sleeves and get to work. This will almost definitely involve completing tasks outside their current job duties, so ensuring they get the right skills now can seriously pay off.
Sure, a smaller staff might not be able to produce the same volume of output, but if the core team has all the right skills, they’ll be able to keep your business running smoothly.
Increase Job Satisfaction Levels
Navigating a recession can be difficult for everyone. If times are tough, you might not have the budget to offer employees the raises and perks they’ve grown accustomed to.
Reskilling can be a great way to keep people happy because they’re still able to learn and grow. They can take on new responsibilities and learn new skills they’ve always been interested in. Investing in employees by helping them gain these new abilities will make them feel valued and appreciated.
Foster a Stronger Sense of Team
During a recession, everyone needs to stick together. Reskilling employees creates a strong sense of team because they are all growing and evolving together.
Each person is challenging themselves to learn new skills and take on new responsibilities to keep the company up and running. This creates a strong bond between employees because it’s an experience they can share.
Searching for versatile new hires who are willing to pitch in where they’re needed? Wood Staffing is here to help you find the perfect fit. Contact us today to build the most resilient team your Northern Indiana/Southwestern Michigan company has ever had!