What you need to know in this guest article from Sage

Sometimes it takes a change of mood or emphasis within a business to let some workers truly shine and show you their genuine talents and potential. When the chips are down you find out who you can truly rely on, personally and professionally.
If your business needs a boost then It can be tempting to think about hiring new staff and taking on those additional wages, bonuses and other incentives. Equally it’s a great opportunity to let existing staff step up and prove that they are just as capable in an enhanced role.
Identifying talent within a company and looking to advance and promote internally whenever possible is not just a smart financial strategy but also an emotionally important one too. Employees can see that a genuine career ladder exists where effort, results and loyalty are rewarded and they’re more likely to stay and improve themselves and the company as a result.

This enlightened approach to staff talent recognition and management will also help insulate the company if a downturn comes along because staff will be more invested personally and professionally in helping the business recover.

Recent recruits with little personal or emotional investment in the company are more likely to treat it as just another job and move on quickly. People who have built relationships and put down roots will be more inclined to stay and fight and give their best efforts when they are most needed.
Our friends at www.sage.com treat the discipline of talent management very seriously and have written a guide on how to perfect your own internal talent spotting and nurturing strategy which could help your business save money on recruiting, training and avoid additional costs associated with companies in financial difficulties.
The guide covers identifying staff and developing clear progression roadmaps; how to encourage staff identified as having high potential and communicating the importance of implementing a talent management programme to everybody in an organisation.  
We’re the experts on advising companies how to manage administration and insolvency but would urge any company that isn’t at this stage to listen to this Sage advice.