Training Is Key When Navigating an Economic Slowdown
SHRM recently published an article examining the importance of adapting to the rapidly changing economic environment and the role of upskilling employees in ensuring business viability. The author Theresa Agovino interviewed various CEOs and industry leaders to get their take on managing their business strategies to meet the challenges of an economic slowdown.
In the excerpt below, PTP CEO Nick Shah emphasizes the importance of training and upskilling employees to help them expand their skill set while also meeting organizational skill requirements.
(Read more about the importance of Professional Development in the Human-Centric Workplace)
“Training Is a Key
Peterson Technology Partners, which provides companies with tech talent, has been upskilling its employees for years to adjust to changing market needs. For example, in 2012, Peterson’s clients said they couldn’t find enough architects and designers with backgrounds in user experience for their websites and mobile apps. Peterson, along with three clients, set up a training program to fill the need.
“We are not a training school, but we were able to stay ahead of the curve and successfully service our clients,” says Nick Shah, Peterson’s president, who founded the Park Ridge, Ill.-based company 25 years ago.
When business dried up in the early days of the COVID-19 pandemic, Shah began cross-training employees so they could work in areas such as artificial intelligence and machine learning, rather than lay them off. Part of this was accomplished by having employees create a new recruiting system for Peterson, which would go on to help the company become more competitive. This was possible because Shah had built a healthy financial reserve over the years.”
(Source: Clear-Eyed Strategies for a Murky Outlook, SHRM)
Conclusion
Businesses need to adapt to a changing landscape, optimize their finances, and focus on upskilling their workforce.
As leaders in the IT industry, it’s crucial to recognize the value of investing in employee training and development to remain agile and ensure the long-term success of your organization.
Read the full article at: https://www.shrm.org/hr-today/news/all-things-work/pages/clear-eyed-strategies-for-a-murky-outlook.aspx
