How Outsourcing Can Effectively Tackle Recession
A recession refers to a period when a nation experiences a compelling decline in its economic activity. There are various ways to tackle recession and outsourcing can be one of them, read on to find out how?
The economy of various countries has been on a roller-coaster ride lately, and this ride doesn’t seem to end straight anytime soon. The USA hasn’t hit the recession phase yet, at least officially it hasn’t, but according to various economists and analysts, it might be a potential future. It’s true that nobody can see the future, but real-time scenarios can act as relevant indicators to state any upcoming event. US GDP has declined by 1.6% in the first quarter of 2022, with that being considered, inflation is all set to go out of control.
This isn’t the first time the world has been at risk of global recession, the 2007-2009 phase was already a period when the global recession was experienced throughout the world. Even though recession sounds so deadly, it’s not that much of a red alert rather, it’s an opportunity for entrepreneurs all around the world to innovate, improvise and implement new strategies within their work culture. Selective outsourcing is one of the many innovative strategies to control the budget of a company while not compromising the quality of work they deliver. Let’s explore in detail how outsourcing can be a relevant solution to tackle an inevitable phenomenon like a recession.
Are You Trying to Stay Productive in This Recession Period?
Outsourcing certain processes can be an impactful solution because it: –
- Helps to relieve stress off your existing employees
- Maintains economic efficiency of companies
- Boosts employee morale
Read the blog to find out how eLearning outsourcing can be a game-changer.
Outsourcing: A Viable Technique for Companies to Tackle Recession
A company’s primary considerations include delivering quality services or products to its consumers, managing finances, and keeping employees satisfied. When companies are facing an economic recession, all these mentioned aspects are affected, negatively. To come up with countermeasures regarding such fundamental aspects, companies have totally accepted outsourcing as an effective solution. Outsourcing allows companies to grow their business more flexibly and efficiently which is essential in case a chain of unfortunate events turns the economic stability upside down.
There are multiple sectors that can be successfully outsourced while there are a few that aren’t a good fit. The department of learning and development is one of the major sub-divisions that can be outsourced effectively and completely. The first thing that tickles the mind of companies when they are about to face a recession, is to maintain their financial stability. They might decide on switching to a hybrid or a full-remote model to cut costs. To ensure the continuous learning of employees while the recession strikes, eLearning would turn out to be their first option, and thus they can outsource eLearning development. There are various benefits to organizations that outsource L&D.
3 Crucial Benefits of Outsourcing eLearning Development
1. Stress Relief for Existing Employees
During the phase of a possible recession, companies tend to lay off a number of employees, so it’s apparently more work for the remaining employees. The reason for layoffs can be performance-based, cost-based, or a restructuring of departments. But, in any of these cases, the employees who weren’t laid off, have to do extra work instead. Companies can outsource training and development to release a bit of the burden from the remaining employees. Amidst the recession period, the retained employees might have to be upskilled or reskilled as per the organization’s requirements. Thus, companies can outsource the development of eLearning courses that will help the training managers, employees, and eventually the company in distinct ways.
2. Economic Efficiency for Companies
Companies are always trying to maintain their economic stability, especially during a recession period. Due to layoffs, employees might have to do a number of different tasks which weren’t a part of their job before, hence they might not perform their actual tasks to their full potential. Developing eLearning courses to train employees is one of the crucial tasks that can be outsourced to help the companies cut costs as eLearning development definitely needs a full-time working team.
Due to companies facing recession, it might turn out difficult to manage a full-time working in-house team, so the eLearning development can be effectively outsourced to enhance the training ROI. It saves companies from the hassle of hiring new employees for the required tasks and helps them focus on the other daily essential operations that run their business.
3. Time Management
While the recession is at the throat of companies, all they want to achieve apart from financial efficiency is time management. Outsourcing eLearning development can help these organizations complete their remaining tasks without delays, because the segments that might affect their deadlines negatively, would be the outsourced ones. The outsourced eLearning development will also be delivered on time because the vendors are always looking to deliver the best quality work so that organizations can build their trust in them and contact them for any future work.
How Can eLearning Vendors Help You?
eLearning vendors would provide a one-stop solution, for all your eLearning requirements. While you are outsourcing your eLearning development in different segments, things might turn problematic because you would have to work with multiple vendors, causing your budget to take unfortunate turns. Save yourself from that drag with the rapid eLearning solutions that are delivered by top-notch eLearning vendors that are always on time and are priced efficiently. Here are the major services eLearning vendors generally offer:
1. Classroom to eLearning conversions
You might have a variety of classroom materials such as PPTs, handbooks, PDFs, SME notes, and webinars and you might get overwhelmed when you got to deliver the necessary information from these materials. Rapid eLearning vendors will convert all these materials into efficient eLearning deliverables through their personalized rapid eLearning solutions and strong instructional design principles.
2. Legacy to HTML5 conversions
There are a lot of courses that are still relevant, but their access has become problematic due to technological advancements. You might have these legacy courses that were developed in FLASH or any other obsolete medium. Rapid eLearning vendors can help you convert these legacy courses into HTML 5 format which is compatible with smartphones and other modern devices as well.
3. eLearning translations
If you are managing a global hybrid workforce, training them can be challenging at times due to language barriers and other regional diversities. A lot of eLearning vendors might also help you translate your eLearning courses that were originally in English into multiple global languages.
A recession leads to inflation and makes businesses hard to survive, but with selective measures in the right direction, businesses can stand their ground and maintain their productivity. Outsourcing selective aspects of a business can help it to run a lot more smoothly and help you explore new ways to operate in this ever-changing world. If you have made up your mind to outsource your eLearning development, it’s crucial to look for a trusted partner. To make sure you are choosing the right vendor when you are outsourcing eLearning development, refer to this free eBook.