Corporate finance training

Although companies are slashing spending on corporate training programs, they are reluctant to cut diversity training budgets quite as deeply, according to data compiled by J. Howard & Associates, a Boston-based management consulting group.

"Spending on diversity training dropped about 15 percent in 2001, compared to cuts of more than 30 percent for training programs overall," says Mike Hyter, the consulting company's president and CEO.

And, this year, providers of diversity training programs expect to regain ground lost during the recession, says Hyter.

"Companies realize diversity programs are something they can't put off," Hyter says. "With a higher potential for employee tension in times like these, having a diverse workforce that can work together and with customers is indispensable."

According to Hyter, some or the recent changes and trends in diversity training driven by the economic downturn include:

* Attempts to reduce outside training costs by compressing multiple-day diversity programs into a single day or by integrating diversity programs with other training courses.

* An increase in opportunities for smaller and locally based diversity trainers and web-based programs because of reduced travel schedules.

* Growth in the demand for individual coaching with a diversity focus.