With a potential recession on the horizon, we know you want resources to help your business master the moment. We've put together our Agility & Excellence Resource Center to bring you strategies and solutions with a finger on the pulse of what's ahead.

In good times and in bad, your employees are the backbone of your organization. They are the ones who maintain day-to-day operations, keep customers happy and help to drive revenue. And as CFO, you know that investing in your organization's employees — and even future employees — is essential to maintaining a healthy bottom line.

With an economic slowdown on the horizon, now is the time for CFOs to get creative when working with their human resource team in their recruiting and retention efforts. Offering on-the-job training for new employees, providing upskilling opportunities for current employees, and seeking non-traditional job candidates are all ways your organization can build a diverse, loyal and strong workforce. Each of these strategies has its own set of benefits that can help your company weather the impending economic storm.

Choosing People, Not Paper: A Look at Non-Degree Candidates

Even as the global economy faces an uncertain future, many industries struggle to find the talent they need to continue operating. The cyber-world is particularly feeling the pinch — this year alone, more than 700,000 cybersecurity jobs need to be filled at companies across the U.S. Other industries desperate for talent include transportation, healthcare and the accommodation and food sectors.

However, many talented and qualified individuals are being overlooked because they do not have the right piece of paper. Requiring a bachelor's degree for entry-level jobs eliminates a significant portion of the workforce from consideration. According to a recent study, 64% of working-age adults do not hold a bachelor's degree.

There's no question that a college degree can be a vital asset for any job candidate. However, in many cases, a college degree may not be the best predictor of success in a given role. Instead, organizations should focus on selecting candidates with the skill set, initiative and work ethic required to excel in the position.

By widening their talent pool to include candidates without a college degree, organizations can find the best person for the job, regardless of their educational background. Organizations need to be agile and adaptable in today's rapidly changing economy. That starts with finding the right people for the job — not just the candidates with the right degree.

Of course, there are positions at your organization where a college degree may be necessary. If your employees without college degrees want to climb in their careers or switch to more technical roles, it is essential to give them the resources to do so. A couple of ways are by offering tuition assistance or hands-on training.

On-the-Job Training: A Secret Key to Productivity and Retention

In today's economy, it is more important than ever for organizations to focus on increasing productivity and retaining employees. Even in the best of times, these are two essential elements of any successful business. During tough economic times, they become even more critical.

One way to tackle both of those challenges is with on-the-job training. In today's competitive job market, many businesses are looking for candidates with the exact skills required for the position. However, this approach can often limit your talent pool and prevent you from investing in employees who show potential. With on-the-job training, employees learn the skills they need for the job. This can not only widen your talent pool but also help you to identify and develop future leaders.

On-the-job training enhances productivity by allowing you to tailor the training program to your specific needs and equip new employees with the skills to succeed in your organization. Furthermore, it will enable you to evaluate new employees' abilities and determine their fit for the organization.

On-the-job training is also key to building loyalty among new employees. When new employees' careers align with your organization's brand and culture, they are more likely to stay with your organization long-term and be more productive. They will feel like part of the team from the onset, making them more likely to meet goals faster.

Continuous Training: Investing in Employee Growth

It's no secret that the current economy is causing a lot of businesses to tighten their belts. One way to invest in employees and communicate their value during tight times is by providing continuous training opportunities. Creating or bolstering learning-and-development opportunities, especially when other organizations might be cutting them from the budget, can give you a sharper edge against the competition.

Continuous training allows employees to grow and develop new skills and helps them feel like their job is secure, leading to better retention and a more robust culture.

Various types of training are beneficial to offer. Technical training for reskilling or upskilling can help fill gaps and keep your business running smoothly. Leadership development can help your workforce deliver innovative solutions in response to unexpected challenges and bring new perspectives to your organization's strategic planning.  

By making learning and development a priority in your business strategy, you can give your organization the best chance of success during times of change. To learn more, connect with our experts.

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