The Perth Leadership Institute, which provides business acumen assessment and development programs, announced the availability of its white paper on the current economic downturn and its impact on leadership development practices and programs. The white paper argues that while recessions typically lead to a reduction in leadership development programs, there are good reasons for it to be different this time, as long as HR and leadership development professionals take the initiative.
The approach in the white paper is based on the 2005 book by Dr. E. Ted Prince, founder and CEO of the Institute, entitled The Three Financial Styles of Very Successful Leaders.
According to Prince, “Recessions normally see a reduction in leadership development programs and spending since companies typically do not have confidence that these programs can provide short-term solutions to the financial issues that must be addressed.”
“However, companies have an unparalleled opportunity to transform both leadership development programs and the way that they are viewed by their companies by rapidly introducing programs to modify financial behavior, including business acumen programs,” he added. “These have the potential for rapid financial impacts to help companies in the short term and to position them better financially for the medium to long term.”