The world economy undergoes cycles of upswings and downturns, of varying intensities and durations. During slowdowns or recessions, most organizations look for ways to cut costs. Learning and Development (L&D) budgets are often among the first to experience cuts, as organizations tend to focus on ‘core’ production areas. But while such cuts may bring short-term economic benefits, what is their long-term impact?

Competitive advantage used to be about who had the best product. Gradually, it shifted to who was using the most innovative technologies, and how. Now, neither is sufficient in itself to give organizations an edge. As things change at an ever-increasing pace, employees have become the new differentiating force, and the new challenge is to successfully manage employee knowledge and development.

Many companies claim that employees are their greatest asset. But how does their treatment of their employees give truth to this claim? Has anyone asked the employees if they feel valued?