In a tough economy, can you afford training and coaching for your executives? The real question should be, how can you afford NOT to train and coach in tough times?

Since it is your people who will determine whether the firm thrives or shrinks, don’t make the mistake of scrimping on their development. The 2009 Global Top Companies list (compiled by Hewitt Associates, the RBL Group and FORTUNE) names 25 firms that excelled in leadership practices and culture, business performance and impact of leadership on communities in which they operate and company reputation.

Each of the 25 companies has a formal process for developing leaders – compared with 77 percent of other companies.

Leadership development expert Dan McCarthy says these companies understand the importance of consistency. “When comparing the Global Top Companies with more than 500 companies around the world, Hewitt identified one distinguishing characteristic that sets them apart from their peers — even during the economic downturn, Global Top Companies remained committed to building leadership capability within their organizations.” (Greatleadershipbydan.com, 2009)

Hewitt began publishing its studies of talent management in 2002, with the initial results showing a link between financial success and what it calls “great leadership practices.” (HewittAssociates.com, 2010)

For the next eight years Hewitt’s research showed the same thing: that companies which placed a premium on talent management and training outperformed companies that did not. For more on Hewitt’s work, see
Hewitt Associates

This research only amplifies the importance of what we do. Leaders at all levels need training and coaching in communication – even though too many think they don’t. Hardly a session goes by without multiple participants telling us we’ve opened their eyes to communication possibilities that are easily available to them.

Ask yourself: can you afford not to get the most out of you and your most valuable resource, your people?