Stay Ahead of the Game: The Benefits of eLearning During a Recession

Posted on 11/16/23 By Guest Contributor

In times of downturn or financial difficulty, it is important to invest in the right places. By effectively using your learning and development (L&D) budget, you can better prepare to weather a recession, retain staff, and attract new talent.

During a recession, you may experience a slowdown in business, which can lead to a reduction in workload for employees. The silver lining is that this creates an opportunity for employees to take the time for learning and development without negatively impacting their productivity or work output. Focusing on training can help keep employees engaged and feel valued in the short term and be an effective way to help future-proof for the long term.

Continued training ensures employees have the skills they need to continue serving customers at a high level during a recession and helps prepare the workforce for a potential upswing in business. By improving their skills and knowledge, employees will be better equipped to handle an increased workload and help the company to recover faster once the recession ends. Taking advantage of eLearning opportunities can be a more cost-effective and convenient way to streamline your training initiatives and remain invested in employee development.

Five Reasons Your Organization Should Invest in Online Training

Online training is more important than ever during a recession. Here are five reasons great reasons to focus on eLearning:

1. Continuous learning drives success: Continuous learning drives success by keeping employees engaged, motivated, and informed. This, in turn, can lead to increased productivity and better business outcomes. Employees feel empowered and more secure when offered personal and professional improvement opportunities.
2. eLearning is cost-effective: Online training is a cost-effective solution for organizations that need to provide training to their employees. It eliminates the need for travel, accommodations, and physical classroom space.
3. Keeping everyone busy and engaged contributes to productivity: During a recession, employees can easily feel demotivated and disengaged. Online training provides a way to keep everyone busy, contributing to productivity and a positive workplace culture.
4. Investing in employees strengthens an organization's culture and promotes engagement: Investing in employees by providing online training in a recession shows that your organization values their growth and development. This promotes engagement and strengthens your organization's culture.
5. eLearning allows for upskilling and reskilling in a recession: With online training, employees can upskill and reskillat their own pace. Upskilling and reskilling can contribute to employee morale, job satisfaction, increased productivity, improved retention, and staying ahead of the competition. So, eLearning helps future-proof your workforce.

Types of eLearning Programs for Online Training

Employers should consider online training and continuing education courses that offer a variety of compliance options for their business and its individuals. Some examples of online training include:

• OnDemand courses that cover a variety of topics related to compliance, including HR compliance, legal compliance, employment law, safety compliance, regulatory compliance, and industry-specific compliance.
• Live Webinars that allow learners to interact with the presenter and other attendees in real-time. These programs provide learners with the knowledge and skills necessary to excel in their chosen fields.
• Customized training options for businesses that need to train their employees on specific compliance-related topics.
• White Papers and eBooks that offer in-depth information on a variety of compliance-related topics.

Lorman is Your Top Choice for Online Training

Lorman offers a variety of online training and compliance options that can help businesses and individuals stay up to date on important compliance regulations and requirements. These options provide flexibility, convenience, and accessibility to learners, making it easier for them to learn at their own pace and on their own schedule.

Now is the time to invest in your employees' future and stay ahead of the competition with online training. Visit Lorman.com to explore our range of online training options and upskill and reskill your employees during the post-pandemic business bounce — and what some analysts predict could be another recession looming during late 2023 or early 2024.