McKinsey recently published a feature on upgrading talent that contained sound advice for companies in the current downturn in the economy…
Rather than freezing all hiring and employee-development programs, companies should use this period as an opportunity to upgrade talent and better engage existing staff. This means reinvesting a percentage of the capital liberated from cost cutting into, for example, selective recruiting and development programs and in efforts to safeguard the culture and to redesign jobs so that they are more engaging to the remaining employees.
Read the full article: http://www.mckinseyquarterly.com/Upgrading_talent_2260
