Towards the end of 2019, speculation was ripe about the onset of a global economic crisis and the inevitable fallout it would affect, where an analysis of economic indicators increasingly referred to a looming slowdown, with higher risks of a global recession.
The Independent suggested, “Next global financial crisis will strike in 2020, sparked by automated trading systems.” While, Forbes said, “2020s might be the worst decade in history, triggered by contagion from a global credit crisis.” Enter 2020, bringing the full wrath of the COVID-19 pandemic, further leading to a global economic lockdown of unprecedented nature.
In the face of such a crisis, organizations are sure to focus of cost cutting. And, like it or not, one of the first things to go out the door is L&D and training budgets. But minimal budgets don’t necessarily mean compromising your employees’ training. L&D pros stand to gain many benefits by leveraging online learning libraries that are packed with ready-to-use courses that are lighter on the pocket and don’t require extravagant budgets to buy.
Why turn to online learning in times of economic lockdown?
The HR and learning and development functions in an organization have the capacity to subdue the panic of a slackening economy to some extent by helping organizations reassure their workforce through talent development and re-skilling and up-skilling opportunities.
However, in order to bring effective solutions under a tighter budget, L&D professionals must align themselves to be agile and prepared with the best possible learning tools. With a number of tools and technologies available, like the Learning Management System (LMS) that provide multi-device learning, social learning and analytics and reporting, L&D professionals have enough training resources at their disposal.
Yet, most of them are unlikely to respond effectively to the changing business environment, resulting from the lack of understanding between the organization and L&D. Thanks to online learning libraries, L&D professionals and organizations can finally agree on a suitable L&D strategy in times of grim economic conditions.
By focusing more on the employees’ learning experiences and their professional development and less on the design of the course, L&D pros have more to gain from leveraging solutions that ensure the success of their training program. And one of the solutions to prove highly-effective in this case is an online learning library.
- Customized training requires you to create content, give inputs on the design and await the testing and verification, all of which takes up a lot of time that businesses have no patience for
- Lack of a budget and resources means trainers must focus on deploying an effective training program that saves money as well as time.
- Online learning libraries offer attractive prices and don’t require extravagant budgets to buy, and can be deployed hassle-free on any LMS and device
- Organizations can plan training initiatives whenever they want as the courses are readily available
- Online learning libraries offer an array of learning resources, including videos, text, microlearning bits, surveys and more, and L&D pros need only add newer courses to enable continued employee training
One of the greatest advantages of online learning is the limitless availability of diverse courses, including Business Skills, Information Technology, Leadership, Finance and many more; offering something for everyone to aim for individual as well as collective development goals.
Online learning libraries are a great resource not only for small and medium businesses but also for any and everyone who is in need of training. Enterprises leverage these to complement their custom training projects to achieve a greater learning impact.
Considering the diverse learning as well budgetary requirements of organizations, Plethora has introduced a range of new learning plans that cater to the specific learning objectives and offer a flexible pricing model to accommodate the budgetary constraints resulting from economic lockdowns.
So, instead of looking at the economic lockdown as a challenge, businesses can truly opt for online learning libraries to kick start employee training in no time.