How to Recover After a Recession

2020 started out great. The economy was thriving, the United States saw record-low unemployment numbers, and innovation was at an all-time high. Seemingly overnight, all of the progress the economy has seen in the last decade went right out the window with the onslaught of a global pandemic, and ultimately a recession. As hopelessness abounds the longer this pandemic endures, businesses striving to find a new normal will be in a better position to maintain profit margins post-COVID. 

In order for your organization to figuratively land on its feet when the dust settles, it’s time to reprioritize right now. Here are three things to take stock of to get your business into a place where it can thrive once again. 

1. Start investing in employee retention

   Hiring, onboarding, and training new employees is time-consuming and expensive. If you expect your organization to hit the ground running once things start to uptick, start investing in your employees now. There is a record-breaking number of displaced workers in the US who are going to need employment once shelter-in-place orders are lifted, and weeding through thousands of applicants will be tough. Make sure your existing employees are supported and equipped to handle their current jobs as well as the roles you need in the future. 
   
   

2. Take stock of every cent coming in and every cent going out

   Since working from home is likely going to be the norm for a while, saving on office space, supplies, and outdated work perks like ping-pong tables and beer on tap are all expenses that can be eliminated. Instead, make sure your employees are equipped with the tools they need to be successful remote workers. This includes desks, monitors, and wifi extenders. Your organization will likely be saving money on travel and conference expenses, so set aside some of those previously budgeted dollars for your workforce’s new normal. 
   
   

3. Prepare for the next crisis now

   Hopefully, 2020 got all of its surprises out of its system but since economics are cyclical (we’re looking at you, 2008), preparing now for the next downturn is wise. It’s worth reiterating that investing in your employees anytime, and especially when business is booming, is great not only for your organization but for your workforce as well. Start with a learning and development program, and then add in digital credentials. You’ll establish a positive digital brand presence, keep employees engaged, and have a clear view of your talent pipeline when your organization is ready to pivot in order to stay ahead of the next curve. 

If you’re interested in learning more about how your organization can benefit from issuing digital credentials, schedule a chat with our team now!