Revamp leadership development programsIn 2024, leadership development budgets took a significant hit, with average allocations dropping by 70% compared to the previous year. With leadership development budgets slashed, many companies have cut back — or cut out entirely — the programs that prepare mid-level managers for executive roles. In a recent survey, 45% of managers said their companies aren't doing enough to develop future leaders. Research from the Association for Talent Development (ATD) shows that just 35% of companies have a formal plan in place. Companies that look beyond their own backyard find leaders who can roll with change and push the business forward.