When budgets get tight, leaders are challenged to do the same great work as before only with fewer resources. This typically leads to making cuts… to staffing or hiring freezes, eliminating “perks”, reducing benefits, canceling retreats, and pausing bonuses. Many leaders also, unfortunately, follow a familiar pattern: They slash professional development.
It’s understandable. On the surface, cutting training or coaching seems like a quick win—it doesn’t disrupt day-to-day operations, and the results often aren’t immediate, so it feels “safe” to press pause.
But here’s the truth: Cutting professional development may save you money in the short term—but it costs you talent, trust, and long-term results.
Your People Are the Strategy
In times of change or challenge, your people are either your greatest liability or your greatest asset. And how you invest in them determines which one they become.“When employees feel unsupported, unprepared, or disconnected, performance drops. Burnout rises. Retention slips. Innovation slows.”
When employees feel seen, valued, and developed—especially during hard times—they rise to the occasion. Leaders can make their employees feel seen, valued and developed by investing their team’s emotional intelligence and by investing in their own. In fact, a 2023 report from TalentSmartEQ found that:- Emotional Intelligence (EQ) is responsible for 58% of job performance across roles
- 90% of top performers have high EQ
- And companies that prioritize EQ training see a return on investment (ROI) of $4 for every $1 spent on emotional intelligence development.
“Investing in your people’s personal growth and development is not a luxury—it’s a strategic advantage.”
Get Creative, Not Cheap
If professional development seems out of reach, the answer isn’t to eliminate it. It’s to get creative with how you deliver it. You don’t need unlimited funds to pour into leadership growth. You just need smart strategies that make the most of what you’ve got.
Here Are 3 Creative Ways to Stretch Limited Resources Without Skimping on Development:
1. Shift from Big Events to Bite-Sized Learning
- Instead of costly conferences or all-day retreats, offer monthly workshops, lunch-and-learns, or short facilitated sessions. Virtual options should be explored.
- Bonus: People retain more when learning is consistent, not crammed.
- I have a recommendation too! www.standupteam.org/the-lab
2. Invest in Group Coaching Instead of Only 1:1
- Group coaching allows multiple team members to grow together, apply real-time insights, and build accountability—all for a fraction of the cost of individual coaching packages.
- Choose experienced coaches/facilitators who can masterfully guide these spaces and facilitate growth and learning.
3. Offer Access to a Learning Community
- This gives your folks ownership over their growth and development. When we have ownership, we take responsibility.
- Affordable platforms like The LAB from StandUP (referenced in #1) offer a creative, strategic solution with ongoing, high-impact development with multiple learning tracks (like Rising Leaders, Communication, and Steady Leadership).
- It’s cost-effective, scalable, and keeps the development flowing—even when budgets are lean and priorities are conflicting.
Final Thought
This is where it gets uncomfortable.
If you’re leading through uncertainty, the most important investment you can make is in the people you expect to carry you through it.
Cutting professional development may feel like the practical thing to do. But it’s not the strategic thing to do—not if you care about performance, retention, and culture.
So before you slash your PD line item, ask yourself:
Do I want to save money short-term, or do I want to save my team, and my company long-term?
Your people are watching. Invest wisely.
References:
https://www.talentsmarteq.com/emotional-intelligence-can-boost-your-career-and-save-your-life/
