The pressure on corporate profits has left few cost areas on companies’ budgets unscathed — including executive education, the intensive training programs typically delivered by business schools to select executives and managers.
Before budgets started tightening two years ago, companies were more willing to send star managers to one-off executive-training programs on business-school campuses. Training budgets ran into the hundreds of millions at large firms and big-name professors from top-notch schools were often part of the courses, which could last several days or even weeks. The courses typically focused on leadership development but did little to address company-specific problems.
These days, companies are looking for immediate impact and are keeping closer tabs on training, reining in unnecessary programs, and turning to faster and more specific training to educate top managers. “Companies are asking for external experts to come in and do something very specific,” says Josh Brand, a former senior director of executive education at Babson College and co-founder of Freemont Learning Inc., an executive development firm in Lexington, Mass. Read more…
Publish date: May 16, 2009