Employee Development in a Down Economy

When the economy crashes, many businesses have to focus on survival. In the process, employee development becomes a secondary concern, leaving workers feeling ignored and bored. Although it is difficult to focus on development when the future of the company may be in question, the extra effort can pay off in lower turnover and more engaged employees.

Employee development is a crucial consideration for companies in all stages of growth. When staff members are presented with regular opportunities to build skills and grow as professionals, they are better able to maintain their enthusiasm and engagement with the company. Additionally, a professional development program can make your organization more attractive to potential employees.

For business leaders, it can be difficult to find the time and resources to support employee development initiatives during a down economy. One of the easiest ways to help your workers develop skills is to assign them to new projects. Speak with each person to understand their professional goals and find educational opportunities within the company. If a graphic designer wants to develop a better understanding of back-end coding, allow him to work with the programming team on a basic project. The ready access to experts enables the designer to ask questions and get practical information, while the hands-on experience is an invaluable learning experience. This type interdepartmental program requires no financial output on the company's part, which is a benefit for budget-strapped businesses.

When the economy is strong, many companies foot the bill for continuing education courses or employee development workshops. In a down economy, there is rarely room in the budget for extraneous expenditures. One way to provide development opportunities without draining cash reserves is to create a "co-investment" program. Offer to pitch in half of the costs for classes, workshops or training sessions, with the employees covering the other half. To be successful, a co-investment program must be voluntary; when it is mandatory, your business risks negative publicity and a poor employee reaction.

Mentoring is an important part of employee development. A mentor helps the employee process workplace situations and identify the best possible career path. Save money by starting a program that uses your company's existing resources. Match your employees with mentors who are not in a direct supervisory position. In doing so, you can provide career guidance without affecting the politics of the office. Alternatively, encourage employees to seek out their own mentors by providing a list of the names and backgrounds of experienced executives.

Tough economic times often preclude employee development to the detriment of the company. However, when you make a concerted effort to focus on your employees' needs, even during hard times, you can build a more stable foundation that will last even after the economy recovers.

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