Company budgets are tight. We all know that, and the immediate impact of our cost-cutting efforts to the bottom line is easily quantified. But what are the long-term impacts of these efforts, and what opportunities exist right now for preparing future leaders?

As you brainstorm these questions in the context of your organization, ask yourself:

• Is your company losing high potential leaders who will be needed to ensure the organization’s survival in the long run?
• Does the building of leadership bench strength and reducing training costs come down to selecting one option over the other?
• Can your organization find more economical ways to prepare future leaders?
• What developmental opportunities can you seize in the current environment?

According to a recent Fortune magazine article, “Layoffs Cost More Than You Think,” the immediate reduction of payroll costs may not offset the true costs of layoffs. In another article, “Despite Cutbacks, Firms Invest in Developing Leaders,” The Wall Street Journal reports that many top organizations are not eliminating all training and, in fact, are making the leadership development of high potentials a priority. In truth, the opportunities for building leadership competencies and learning to lead in times of crisis abound in the current environment. A simple, effective leadership development program can provide high potentials with the structure and guidance they need to get the most out of their development efforts.

I want to hear from YOU: What has your organization done to address its leadership development needs in the current environment? What does your organization still need to meet its leadership development challenges in this time of economic crisis?