Rapid Re-Skilling of Your Employees for a New Economy

By: Michael Moody, Principal Consultant, TrainingFolks

In The past two and a half years have seen almost every business – large, medium and small – struggling to make its way through a treacherous dark tunnel of economic uncertainty. This period in our history has become known as the “Great Recession” of 2007-2010. The very name “Great Recession” reminds everyone that this difficult economic period represents the worst economic downturn since the “Great Depression” of the 1930’s.

While a number of unfortunate companies will never emerge from the tunnel, a great many are now seeing a light at the end that grows brighter with each day. While there is still a long way to go, many of these businesses are optimistic that they will return to growth and prosperity.

While austere cost cutting measures such as downsizing, postponing capital investments and reducing expenses were likely a major part of their formula for survival, so too for most was pure and simple ingenuity. New market strategies may have been implemented, new products or services offered new systems and core processes put into place, or a new business model adopted. In a word, these resilient companies began a process of reinvention.

The biggest mistake these organizations could make moving into a new economic environment would be to forget the very things they did that helped them to survive – particularly the ways they may have to re-invent themselves. Going back to business as usual is a risky option.

Organizational structure, processes, product mix and even the underlying business model may have changed as a result of tough economic times. In larger companies, a merger or acquisition may require large numbers of employees to learn how to navigate new business processes and systems. In addition, doing business in a new way may have changed your company’s mission, vision and values. New approaches to leadership and management may be required.

If any of the above ring true for your organization, then it’s a given that the needed competencies and skills of your workforce will need to change as well. Your employees’ skill sets that were essential for success in the pre-recession environment may actually be of little use in the new economy.