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Invest in Next Gen X Leaders Now!

By Phyllis Weiss Haserot

Many smart companies and professional firms have not abandoned training in these tight economic times. They are betting that training and coaching the next generation in leadership skills will help them through the recovery period and give them an edge when competitors start building again.

True, many companies have cut training. A survey in December 2008 of 117 large U.S. companies by Watson Wyatt Worldwide Inc. revealed that 23% of respondents had cut training and 18% planned cuts in 2009. But others are investing in leadership development, which is gaining a growing share of training budgets. And that's a departure from the past, according to Yaarit Silverstone, global managing director for the organizational effectiveness practice at Accenture Ltd. Cutting leadership training in past downturns had led to mid-level managers and top performers exiting when the economy recovered. Law firms experienced this loss too.

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