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Upgrading Talent in a Downturn Economy

In Executive Leadership, Human Capital Trends on March 16, 2010 at 6:11 pm

By Brian Hudson | Originally written December 19, 2008

2009 is forecast to be a challenging year for Healthcare organizations as pressures from the economy ripple through the industry. The amount of free hospital care provided to needy patients continues to skyrocket, illuminating further, the need for improvements in efficiencies and progressive ideas from the professionals within the industry. The need for talent upgrades, at critical revenue positions, has never been so evident.
A recent report by the ‘McKinsey Quarterly’ points out significant opportunity for organizations to improve efficiencies and invest in Talent acquisition. According to McKinsey, “Cost cutting during a downturn is often necessary to ensure a company’s current profitability and future competitiveness. 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.”

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