It’s been a tough time for many lately. With reports of a recession looming, you can almost hear the sound of the financial belts tightening.
What happens during a recession
The temptation to cut all costs to ride out a recession is high. While taking stock of costs and expenditures is natural, there are some areas that really should be left alone (or even should be invested in more). One of these is Asset Management training. After all, Asset Management is all about delivering the organisation objectives in the most efficient and effective way. So let’s explore the importance of investing in asset management training during a recession.
Benefits of training
First, there are the obvious benefits of training in general to your employees. 68% of workers consider training and development opportunities an organisation’s most important policy. Futhermore, 94% say they would remain at the same company if it invested in their learning and training. In a time when staff loyalty is low, training is a great way to increase retention and reduce costs on hiring.
Physical infrastructure assets are critical components of a country’s economy, providing essential services such as transportation, water, energy, and telecommunications. Effective asset management is essential to ensure that these assets continue to function optimally, even during times of economic recession.
How does training help?
Cost Savings: During a recession, budgets are often tight. Organizations must find ways to reduce costs while still maintaining their assets. Through proper training in asset management, organizations can learn to identify areas where cost savings can be made, such as reducing maintenance costs, optimizing energy usage, and reducing downtime.
Improved Asset Performance: By understanding the principles of physical infrastructure asset management, organizations can ensure that their assets are functioning optimally, leading to improved asset performance. This improved performance can result in reduced downtime, increased energy efficiency, and better overall asset performance.
Increased Resilience: During a recession, organizations must be able to withstand economic shocks and maintain their operations. Effective asset management can help organizations increase their resilience by ensuring that their assets are functioning optimally and are able to withstand the effects of a recession.
Better Decision Making: By training employees in physical infrastructure asset management, organizations can ensure that they are making informed decisions about their assets. This can result in improved decision making, leading to better overall asset performance and reduced costs.
Increased Compliance: Effective asset management helps organizations ensure that they are in compliance with relevant regulations and standards. This can help organizations avoid costly fines and penalties, while also improving their overall reputation.
In conclusion, training in physical infrastructure asset management is essential during a recession. By improving cost savings, asset performance, resilience, decision making, and compliance, organizations can ensure that their assets continue to function optimally, even during times of economic uncertainty. By investing in training, organizations can improve their overall asset management processes. This leads to improved asset performance, reduced costs, and increased resilience all while increasing workforce retention.
Get Stronger!
A strong Asset Management team can save a business a lot of money in reduced capex and opex spending. Failure to get this right will lead to unsustainable businesses. Training is absolutely vital in keeping costs down and standards up, so why not get trained by the world’s leading Asset Management trainers? The Asset Management Academy (AMA) was founded in 2012 and we have trained over 10,000 individuals globally. Our internationally recognised education and training services help create successful Asset Management professionals and improve the performance of the organisations they work for. Our IAM Certificate is the perfect training course to make an immediate impact in the workplace. Also, our courses will put you on a solid step towards chartership. Book now and drive real change in your business today.
