Many organizations strive to manage change and control spending by implementing hiring freezes, staff reductions, and even by reducing or eliminating training budgets. While such cuts are often prudent, excessive reductions in talent development programs can cost business a business more in the long run.
No organization wants to risk losing exceptional talent – particularly if the company has invested in training them – nor should they risk potential gaps in knowledge or expertise if/when someone elects to leave the company. Given these realities, it is clear why talent development should remain an integral part of conducting business.
Our research indicates that companies leading this charge are:
- Employing clear goals that align with business needs
- Identifying gaps in training or performance
- Capitalizing on opportunities for improvement.
For these companies, training is not viewed as simply an academic exercise but an imperative business strategy that proactively ensures that performance gaps are quickly closed if someone leaves the organization.