5 reasons to invest in your employees (regardless of the market situation)

Many businesses are hesitating to make the big decisions right now, which is completely understandable. At the same time, the world keeps changing and the demands for development remain regardless of the current market situation. By continuing to invest in employees – your most valuable resource – you create stability, business benefit and resilience in the face of future challenges.

Running a business is rarely a straight path to success. When external factors such as pandemics, wars and inflation create anxiety in business and society at large, pulling the brakes is a natural reaction.

However, history has shown that those who dare to venture even when the market is out of balance come out stronger on the other side. At Learnifier, we are convinced that it is the best way to prepare for future challenges.

Employees the most important key to success

It is a fact that companies with skills development and digitization on the agenda have fared better than others during the trials of recent years. Instead of down-scaling while waiting for brighter forecasts, our tip is to shift gears and focus on the many benefits. Regardless of what the market situation looks like, the employees are your most important resource for future-proofing growth.

Continuing to invest in employees provides:

1. Increased attractiveness in a competitive market

Studies show that over 30 percent of all new hires already know within a week whether they intend to stay with the company or not. 20 percent quit within the first 45 days. The so-called "Great Resignation" has caused major problems in the business world in recent years, and the pressure is high on HR departments to find and retain the right skills. By offering a combination of career opportunities and personal development – not least via digital means – you can increase your attractiveness and get new recruits to both perform better and stay longer.

2. Increased commitment among employees

The link between commitment and results is strong. With a digital learning platform in place, you can more easily skill develop your employees, partners and customers. The right tools also make it easy to share knowledge, which in turn increases commitment and strengthens the business.

Read our article on what creates engagement before, during and after projects.

3. Increased ROI

With a structured and longer onboarding program, your new employees can reach full productivity 34 percent faster than the average, which can save you big money on several new recruitments. 83 percent of the best performing companies begin their onboarding even before the new employee has completed their first day. 54 percent of companies with onboarding programs also see increased employee engagement, and the likelihood is 58 percent higher that your employees will remain after three years if they underwent a structured onboarding at the beginning. But fancy statistics mean nothing if you don't know what today's employees expect from an onboarding program.

Learn more about that here!

”50 percent of all employees will need reskilling
within the next five years.”

- World Economic Forum

4. Increased flexibility and adaptability

New times demand new skills on an ongoing basis. A report from The World Economic Forum shows that 50 percent of all employees will need reskilling within the next five years. The European Commission has even called 2023 “The European Year of Skills”.

It can be about everything from simpler onboarding to specific internal product training. External training for customers and partners will also become an increasingly important feature. Through digital investments, you can more easily adjust and meet the prevailing needs.

5. Increased productivity and innovation

In recent years, the digitization of businesses has progressed rapidly. We are now in the midst of a transformation of both working methods, processes and competencies. To create successful teams, you need to define the needs and find the right employees. But it is just as important to develop the skills of your existing staff. To maximize the development potential and results in the teams, you need to think about both formal and informal learning. Good technology is a prerequisite to support both.

Read our 15 success tips to develop your team's skills in the new working life!

Learnifier offers a simple yet powerful tool to create and share knowledge quickly and efficiently. We help future-proof your business and are happy to be your partner on the digitization journey.

Learnifier is an easy to use platform where you easily and effectively can share knowledge and create and administrate courses. Today over 320 companies and organizations of all sizes and from all over the world work with our learning platform.