Why Skills Venture makes sense in a downturn
June 23, 2010 Leave a Comment
As the economic situation becomes increasingly gloomy, setting up an overseas volunteering programme may not appear to be a top priority for many businesses, but maintaining a rock- solid talent base has to be a priority at all times.
Many will be looking to cut costs by downsizing, outsourcing, cutting budgets and slashing short term spending. A large number are facing the prospect of redundancies and are struggling to maintain levels of motivation and morale among remaining staff.
These circumstances will tempt many employers to cut back on their investment in employee engagement and development programmes. This can produce seemingly attractive short-term savings, but in the long term the increased turnover rates and lower levels of productivity will cost much more than the initial savings.
In fact, the harsher economic climate means that employers need to invest more in their staff, to bolster their morale and their productivity and to ensure that employee turnover is minimised, thus avoiding the expense of hiring and training new staff members.
Even in a downturn, the most talented people are capable of seeking out a better deal, and in recent years skills shortages have persisted at a high level even during periods of relative slowdown. Organisations faced with tougher trading conditions will be desperate to recruit and retain the best talent to enhance their performance and competitiveness, but the cash required to achieve this will be limited. HR professionals will need to find new, innovative and cost-effective ways to increase retention rates.
Skilled volunteering assignments – whether in the form of short-term team trips or longer-term individual placements – are an excellent way to improve productivity, build skills and bolster retention rates. In many cases they are also an inexpensive and long-term alternative to implementing redundancies.
