You're sick of it. 

Here you are … 

Again. 

Staring into the eyes of a looming recession.1  

And, if you’re a Millennial, like me … you’re just so tired of this school bully. You’ve met him twice, already. Back in 2007,2 as a career newbie, and two years ago — in a dirty little dustup.3 

But ... this is different. 

This time, you’re ready.  

You're going to stop him before he lays a finger on your finances.  

Here’s how. 

#1: Maximize your team. 

Let's talk about ROI. 

For a minute. 

It’s made up of two things: return, and investment. The lower the costs, the higher your return will be. So, you can understand the companies, who when faced with a recession, pull back on training costs. 

After all corporate training is a nice-to-have — not an essential.  

Right?  

Wrong. 

Don’t make that mistake. 

You need high-quality people right now.  

Think about it. You’ll be in a rough patch when this recession hits. Especially if you find yourself in the throes of staff reductions — this year 100,694 jobs have been cut.4 You need a team who can bear the burden of the extra tasks they’ll have to take on. You want their very best. 

So, what should you do? 

Invest in their success. 

Put your workers first with a digital employee experience (DEX) platform. Why? It will help your team to work better and faster — with only 50% of the headcount you have now. 

Really.  

Let that sink in. 

Better, faster employees, with 50% less people. 

Similar to a learning management system, DEX creates productivity gains by onboarding new users, and showing existing users how to work with the software — you’ve already invested in — correctly. 

That’s no small feat. 

After all, the average company wastes $7.4 million each year on software that’s underused. You’re about to get maximum use for your software, all while decreasing your overhead (50% less people). 

Talk about an ROI. 

You’re not only saving money, with a digital employee experience program you’re also protecting your investment. You can retain the high-end talent you need. And, you’ll do it all with less staff. 

Wow. 

Let’s talk about how. 

#2: Reskill your workers.  

This is critical. 

Here's the truth.  

In a recession, the difference between winning and losing often comes down to your human capital. Not just your cash. If you can’t keep your most talented people — and help them to excel — you’ll lose your greatest asset: people. Don’t lose the ability to protect your sales, not in a recession.  

You heard that right.  

Reskilled employees can create as much as a 19% increase in sales.5 

That, my friend, is how you steal market share from the competition. By taking over when they’re feeling down and out. You do it by integrate your teams' talent, skills, and knowledge. 

That’s how you win. 

So, take time to invest in a learning platform.  

You can’t afford not to. 

References: 

  1. https://www.forbes.com/sites/jonathanponciano/2022/07/01/are-we-already-in-a-recession-yes-according-to-fed-indicator-with-excellent-track-record/?sh=7f8836871c66  
  2. https://www.cnet.com/personal-finance/banking/the-economy-is-scary-heres-what-we-can-gather-from-history/  
  3. https://www.cnbc.com/2021/07/19/its-official-the-covid-recession-lasted-just-two-months-the-shortest-in-us-history.html  
  4. https://tradingeconomics.com/united-states/challenger-job-cuts#:~:text=Fall%20in%20May-,US%2Dbased%20companies%20announced%20plans%20to%20cut%2020%2C712%20jobs%20from,five%20months%20of%20the%20year.  
  5. https://www.muchskills.com/blog/are-engaged-employees-more-productive