L&D leaders and their teams have been on a roller-coaster ride since (at least) 2008 and the Great Recession. When the economy pulls back, training and development are often the first casualties. L&D budgets and staff get cut when short-sighted companies believe learning to be a luxury.
However, just like a roller coaster, once an economy experiences a steep dive there’s a slower, creaking rise to the next peak. The employment outlook is cresting that next peak. As of January 2019, the U.S. unemployment rate stands at 4.0 percent. In fact, unemployment is the lowest it’s been in 30 years. A tight labor market is good news for workers, but it can complicate day-to-day operations for employers. During a tight labor market, employers recall the true value of the learning and development function. There are four major reasons why a tight labor market gives L&D team a chance to showcase their business value. [Read more…]