By: Mary Jo Asmus

copyright 2008 West Michigan Business Review

The markets are down. Many businesses are struggling. Often, the first thing to be cut from the budget is training and development. I understand this. As a former corporate executive and current business owner, I know that when the money is tight, something has to go. My advice? Resist the temptation to cut the development of your future leaders, but find a way to maximize its value.

Data indicate that some 75 million workers in the U.S. will retire in the next five to 10 years, including 50 percent of the CEOs in major organizations. In addition, businesses are competing for talent globally, and many talented people have little problem marketing themselves anywhere in the world. The possibilities for gifted leaders are endless.

One thing leaders want is continual learning opportunities. “Leadership training” is a common way to develop those with high potential. It often takes the form of a bunch of smart people getting together in a room with a consultant to learn about themselves and what leadership means.

However, when those smart people return to their offices, they get caught up in the daily stress of their real work. The materials and learning go on the bookshelf. Research has shown that 90 percent of every training dollar is wasted because the learning doesn`t transfer back to the job. Thousands of dollars and wasted leadership potential get flushed down the toilet.

In developing your future leaders, as in most of life, there is no free lunch. If you really want to develop the leaders in your organization and sustain their learning, it will take time, persistence, patience and money. However, there are ways to save money in these tight times.

Here are some ideas for providing sustainable leadership development while maximizing the dollars spent:

1. Target your leadership development. Find the specific foci that will give you the most bang for your buck. What skills do your leaders need most? Emotional intelligence? Teamwork? Conflict management? Coaching skills? Spend your dollars there, but note point #2 below.

2. Go beyond training. A leadership development plan must include realistic practice of the skills being learned. A written action plan with goals and action steps to extend the learning into the workplace is essential, along with discipline and a mentor or coach to keep the learner accountable to the plan over time.

3. Develop a culture of mentoring. Formal mentoring programs are great, but can also be stifling. Encourage your high-potential leaders to find a mentor outside of their normal area of responsibility. This can be informal and impromptu; your high potentials` specific needs may necessitate going outside the usual hierarchy to get “on the spot” mentoring.

4. Provide for multiple learning experiences. Stretch assignments, cross-organizational projects, even participation on a community or nonprofit board are great ways to develop your leaders that don`t cost anything and can create huge gains for your organization. Again, a written action plan and built-in accountability are important to learning and success.

There are other ways to assure that your leaders continue to develop professionally during tough economic times. Don`t stop offering them developmental opportunities, or you may find yourself without them when the economy revives.