Business and entrepreneurs tend to adopt unique strategies that take advantage of opportunities others may not immediately recognize, with many of the most successful ventures espousing a philosophy valuing differing perspectives and non-traditional courses of action. With a high state unemployment rate that topped the nation for the month of November, most would think it fair to wonder whether it would be wise for a business to invest in an area in which the economy is likely to be adversely affected by the jobless rate as it has in New Mexico.
As Ken Fisher might suggest, the traditionally accepted or commonly agreed-upon strategies do not always represent the best course of action. Instead, there have been a number of businesses that believe that the jobless rate in New Mexico represents an excellent opportunity to utilize the widely available human capital currently seeking work. This is especially the case for businesses and entrepreneurs that are willing to provide substantial training to employees since so many businesses have abandoned this strategy due to the costs associated with doing so. While it is indeed true that training employees is a cost that a company has to bear, it is likewise the case that this cost ought to be viewed as an investment capable of delivering a very promising return.
Of course, not all businesses can take advantage in this way, as there are certainly industries in which years of education and specific training and experience are necessary. Just because some industries require so much advanced knowledge and understanding before entering the workforce, it does not mean that all industries must function in the same way. In fact, there are many industries in which requiring prior experience limits access to talented individuals who could easily be molded into highly effective employees.
When training prospective employees for a specific type of work in an area in which unemployment is remarkably high, there is the added benefit created by how much those affected by unemployment appreciate having the opportunity to get back to work. These types of employees are often more likely to be loyal to the company and committed to a long-term working relationship, which is tremendously valuable to any company and makes the initial investment in training more than worthwhile.