Fearing a shortage of qualified managers as business picks up, some companies are bolstering leadership-development efforts.
Layoffs and training cutbacks in the past two years have thinned manager pipelines. And employers worry that baby boomers who postponed retirement during the recession will start to depart as recovering stock prices reinflate retirement funds.
Already, some companies say they are finding they don't have the managers to spearhead new projects or step in for departing executives, a problem as companies try to shift into growth mode.
Employers cut spending on training by 11% in both 2009 and 2008, according to human-resources consulting firm Bersin & Associates LLC. Now about half of companies plan to increase their leadership-development budgets in 2010, according to a Bersin survey of 750 corporations conducted in May. Almost a quarter plan to increase spending by more than 10% this year.
In addition, 88% of about 400 human-resources executives said they have recently revamped, or plan to revamp, their leadership-related training and development programs, according to a May survey by Mercer, a consulting unit of Marsh & McLennan Cos. Click here to read the full article.