October 24, 2021

The 3 Reasons You Need to Think Twice Before Cutting Your Leadership Development Budget During a Recession

This article in the Wall Street Journal from this past week is worth a read by anyone and everyone who is in business.

As I have mentioned in previous posts, it is not uncommon for people to start slashing their leadership development budgets during a recession, and this is risky business. There are 3 main reasons you need to think twice before cutting back on your leadership development at this time:

1) Leadership development can strengthen a small team.
I am well aware that positions are being cut right and left, and it’s time to build up the small number of people you have in place. Development can drive skill development and can support your team in getting aligned. When the economy does turn around (and it will eventually,) you want your team to be standing strong, visible and ready to take on your competitors.

2) Leadership development can offer your company a strategic leg up when it comes to attracting and recruiting top talent.
The next generation of leaders are begging for career and leadership development. This is the perfect time to focus on developing a solid leadership program that positions your company to be agile, open and ready for change.

3) Leadership development can help you save time, money and energy. This is always a tough one to sell, but here is the bottom line: When your leaders are communicating more effectively, building stronger bonds of trust, delegating out tasks and holding one another accountable, you can get a great deal more done in less time. Just try out a few leadership training courses with your entire team and then sit back and watch the results..

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