3 reasons why you should invest in your education during economic depressions

The economic situation remains uncertain, and no clear picture of 2023 exists. In fact, it appears to be a year full of economic challenges, with the same trend of high inflation as in 2022.

This news can be disheartening at first because it implies that many of the goals that have already been planted will be impacted by the global economic situation.

Thinking about how to deal with these crisis situations, here are three reasons why you should invest in your education during a recession.

1.- Those who are preparing today will have the best opportunities

Apprenticeship and professional development programs were once considered a luxury, but thanks to modern technology, we can all learn new skills via the internet.

People nowadays expect their current employers to help them advance professionally. An overwhelming 94 percent of workers told LinkedIn that if a company invested in their careers, they would stay with it longer. It is true that today's opportunities favor those who are more qualified and who are constantly learning new things.

Companies that do not facilitate, accompany, and support their collaborators' learning processes are doomed to lose them.

2.- Profiles must increasingly gather greater skills to develop a role

From the previous point, a simple look at the labor market reveals that the positions that are sought today have greater responsibilities and activities in charge.

Companies that assist employees in acquiring such skills may have a higher win-win ratio. "It is estimated that an organization of 100 people with an average salary of $50,000 faces a turnover rate of 25% (the national average in 2021), the company would lose between $625,000 and $2.5 million per year." Given that the national turnover rate is expected to rise by 20% this year, that range is conservative," according to data from the website builtin.com.

People cannot expect companies to take charge of their education because it is their life, and there is only one, so always strive to achieve your goals.

3.- The economic slowdown will not last forever.

The processes, as they have always been in history, are cyclical, which is a very short-term vision not to develop for good times. In fact, taking advantage of economic downturns is a good way to reinvent yourself or invest in your education to gain higher credentials. So, if you've been thinking about getting a Ph.D. or doing a postdoc, the time has come.

Do not be afraid to invest in your future through education. Investing in education is a sound investment because it benefits not only the economy but also your health and well-being by providing you with a goal to strive for. So, if you're considering pursuing a Ph.D., look into online study options.