Tough times have forced many companies to cut budgets in many areas, but smart companies aren’t ignoring the need to identify and train future leaders. They’re just finding ways to economize the process. Here’s a look at what some employers are doing to keep leadership development on track during the recession:
• Philips Electronics. Philips’ Inspire program emphasizes business strategy and personal leadership: 30 promising employees a year work on business projects in teams. To control costs, last year Philips relied more on employees to act as trainers for the teams, eliminating some outside tutors. Also, the program was held in areas near its Seattle and Boston locations (where most of its employees are) to save on travel costs.
• Estee Lauder. The cosmetics company cut the number of employees it sends to summer programs at Vassar, from 120 executives to 60. Instead of two or three weeks, Lauder last year limited the session to one week. The program emphasizes innovation and change management.
• Canon USA. Launched in 2008, “Canon Academy” focuses on strategic decision-making and employee motivation and persuasion. It has expanded the program to provide training to more new managers; it’s also using more Web-based tools in additional to instructor-led coursework to maintain its commitment to development.
—Adapted from The Wall Street Journal