According to the following article which I found at Egon Zehnder International , development of top talent becomes more and more important. At the same time, corporations are reluctant to invest in training due to low effectiveness experienced in the past. This is also my experience and that's why I highly recommend to combine training with an initial psycho-metric assessment and with follow-up coaching as this drastically increases the effectiveness. I even provide a results guarantee when this approach is being used. Now read the article:
TOP STORY Talent Management:
Skills shortage makes talent development top priorityWhile poor performance is often blamed on the skills shortage, many companies are reluctant to invest in training, reports Gill Plimmer in the Financial Times. Companies often prefer poaching top players from competitors or overseas as an alternative to developing existing staff. Despite pressure from policymakers to promote professional development, estimates suggest that corporate spending on formal training has dropped 10 percent in the last two years. High employee churn and the difficulty of assessing return on investment have discouraged some companies from investing in training, explains the author. Continuing professional development was sidelined by many companies during the 1990s in the quest for shareholder value, say experts. However, with downsized, flatter organizations, companies are now realizing that getting more out of their staff is the key to competitiveness. Increased regulation is forcing companies to invest in professional development in areas like accountancy and law. Companies are also under pressure to show shareholders the impact of training on their results, which should help them to justify bigger training budgets in the long run. Firms seeking to attract top talent must realize that the best people want professional development, concludes the author.
Full story. Gill Plimmer: “Emphasis on more skills investment” in Financial Times (October 11, 2004). Search archive on title to retrieve article. Subscription required.
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