Before the economic downturn, many companies sent their managers to formal learning programs offered by local colleges and universities. However, given companies’ shrinking budgets, these companies are turning away from pricey collegiate programs and are instead developing low-cost, custom training programs that address specific organizational needs.

Why? According to The Wall Street Journal article, Training Without a Campus, “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…..Many corporations are looking to provide employees with immediately applicable skills — the sort that can help them navigate the downturn.”

Has your company cut formal training programs or education benefits to local colleges and universities? If so, what alternatives has your organization offered to further your learning and development?