There is an old business adage: you have to spend money to make money. This same principle applies to training and development. A recent blog from Forbes discussed the difficulties companies face when searching for the right employees. Employers waste time and money narrowing the supply of qualified applicants to those who have essentially done the job already when they should be investing in talent - existing or recruited - to capitalize on potential rather than black-and-white static credentials. Developing what you already have pays dividends. You engender a sense of commitment and loyalty, and your employees will reciprocate. Morale and job satisfaction will improve, lessening the “grass is greener” syndrome and reducing turnover, and you break the expensive, vicious cycle of recruiting for hard-to-find skills.
The bottom line: don’t spend your money on the endless search for the perfect technical candidates; spend it on developing talent.