The last few months have seen widespread tech layoffs around the world, and of course, this has left a harsh negative impact on both companies and employees in the industry. How does this impact the e-learning sector?
Tech businesses are leaders in the corporate e-learning space, especially given the rapid evolution of technologies that we’ve been seeing in the recent past. Businesses with tight budgets – especially those in the midst of layoffs – might believe that now is not the time to invest in your corporate learning and development program. Hard and soft skills training may be the last thing on your mind.
However, there are two major reasons why we believe that now is the perfect time to upskill your employees. For one, you’re downsizing. That means that your remaining employees need to be at the cutting edge. For another, you need to boost their morale in these difficult times. A great way to do so is by helping build their career and reassuring them that they are still very much in demand.
Corporate e-learning in the time of layoffs
Interestingly, despite the atmosphere of layoffs in the industry, you’re also likely to face a high percentage of attrition! Your employees are always looking for new opportunities, especially if they think their job with you is at risk.
With psychometric profiling tests, you can identify the gaps in employees’ skill sets, especially in comparison with the needs of your organization, and help to fill them. This doesn’t just help you retain your best employees – it also improves your team’s knowledge set and makes you more competitive.
Read about “Applying e-learning concepts to reduce employee attrition rates” here.
You can also focus on reskilling your employees to encourage retention. Reskilling ensures that you provide your pared-down team with all the hard and soft skills training that your organization requires. It also motivates them, showing them how valuable they are to the team.
How do you get started with your corporate reskilling program? Read here.
The Impact of tech layoffs on e-learning Service Providers
Currently, there’s a high demand for upskilling in the market. Your learners are more likely to log on to your platform in the quest to acquire new skills, in areas of higher demand. They may also opt for a psychometric profiling test to understand their own skills and opportunities better. That means that the pre-existing demand for e-learning service providers is likely to see a second post-pandemic boom.
Upskilling boot camps organized by e-learning service providers are helping recent graduates and laid-off employees in tough job environments. An ed-tech major in India has noted a 230 percent increase in enrolments for its upskilling boot camps, in Q2 of FY 2022-23 as compared with the same quarter of the previous year.
People of Color In Tech have prioritized upskilling in the community to improve their chances during this time of layoffs. In addition to hard skills, they place a high priority on mental health support; which is extremely valuable during difficult times.
There’s no such thing as an end to learning – and it’s great to see that the never-say-die spirit is still thriving in these tough times! From e-learning service providers and upskilling boot camps to strong upskilling L&D programs for corporate training, e-learning can be of great service to the community. Allow us to help you capitalize on this opportunity.
The right kind of upskilling e-learning material can help you and your employees through this phase, with minimum heartburn. Let us help you maximize motivation despite layoffs. Talk to our experts today.
