As training budgets are reduced
and competitive pressures continue to increase, the demand for a targeted focus
on specific talent groups has become important.
In 2008, organizations slightly reduced average expenditure per employee
from $1,110 in 2007 to $1,068, reflecting a decrease of 3.8 percent and likely
to be reflected in 2009’s data (ASTD, 2009).
Now is the right time for talent management professionals to adopt a
strategic, accountability approach to developing specific, key individuals that
can help contribute to the future success of an organization.
A successful talent management system will have a clear process for identifying and developing high potential and key employees. By focusing efforts on those individuals in jobs critical to the success of the organization, even the most limited development budget can yield big results and bottom line impact.
