Despite ongoing economic challenges, global companies must continue to attract and keep the best people in their industry in order to meet challenging revenue targets. They can't afford to let up on two critical elements of competitive advantage: capability development of their staff and investment in future talent.
We believe organisations need to reallocate their spending on talent and capability development rather than spend more. They should focus on the talent with critical skills and on potential future leaders. They should build capability in practical ways that involve business area leads and engage those employees with "must have" skills. Once they have proven their value to the business by maximising the existing investment, those with responsibility for capability development can make the case for future investment when economic conditions improve.