Heads and Hearts in a Challenging Economic Environment
Investment in staff training, development, and support in economic downturn
In the current economic environment of uncertainty we look at how Pre-Met is preparing for the unknown by investing in supporting and training staff. Finding a balance between following reason with data driven decisions versus trusting your instincts to ensure the long-term growth of the company is essential. In this article we explore leadership in a period of economic downturn and the importance of investment in staff.
Leadership in Tough Economic Times
In a difficult economic climate, many engineering companies are reluctant to invest heavily as it may be perceived as a risk during financial instability. However, investment during a downturn can be an effective approach to making a business more resilient and sustainable. In these times agile and responsive leadership is needed to steer a workforce. As Dennis Baltzley, Global Solution Lead at Korn Ferry states,
“The future of leadership lies in preparing people for the unknown. That means creating an adaptive capacity within the organization, so that everyone is ready to pivot when needed.”
Source: Korn Ferry, 2023.
Many companies lower their spending during an economic downturn and cutting their training and development budget can often be the first to go. However, investment in staff training and development can enhance your business operations and help your company identify ways to cut costs and be more competitive. Furthermore, investment can nurture the pioneering spirit within an organisation to help stay on the cutting edge with products and services.
Investing In Apprenticeships, Staff Training & Development
Here at Pre-Met we believe investment in a challenging economic climate bears fruit in the long-term. Currently, we are actively looking at the possibility of apprenticeships to expand our workforce and create employment opportunities. In addition to this, we have also started a programme of middle management development. Investment in training and development can improve problem solving skills, retain talented workers, reduce costs and enhance customer service.
Supporting Mental Health in the Workplace
We are committed to promoting positive mental health for all staff and taking the necessary steps to support employees. We have had to deal with several issues relating to mental health for staff and we are committed to supporting our employees through their challenges. This action is essential for the wellbeing of staff and also to maintain staff retention, productivity and reduce absenteeism. As WHO figures show, staff absenteeism is a major issue for companies,
“Twelve billion working days are lost every year to depression and anxiety alone.”
(Source: World Health Organisation, 2023).
Reflections
Reflecting on investment in staff training, development and support mechanisms during economic downturn, the answer lies somewhere between heart and head. Succinctly put, decisions should be guided by data and facts, but some investments are also based on instincts and empathy regarding staff needs. It is important for a company to think about how their investment affects stakeholders such as employees or customers in terms of well-being and overall satisfaction.
The Pre-Met Formula For Success
Pre-met continues to look at ways at investing in training and development with apprenticeships on the horizon. Furthermore, investment in middle management development and staff training across the board are important ongoing practices to maintain consistent success in our industry. Lastly, Pre-met places great emphasis on supporting positive mental well-being for staff. Our consistent approach in these areas bears fruit because we have recruited a well-trained, loyal workforce with minimal staff turnover through astute investment during economic downturn.
Stay tuned for more insight into the Pre-met story as we look to pave the way for others to hopefully achieve a double century.
