It is important for businesses to train their managers to help them survive the recession.
That is according to the Chartered Management Institute (CMI), which has suggested that there is a lack of well-trained managers in the UK at present.
Ruth Spellman, the CMI’s chief executive, said that only a fifth of managers had the correct qualifications to fulfil their position.
She said: "Now more than ever, is the time to invest wisely because if organisations think that developing competence is expensive, they should consider the cost of incompetence."
Ms Spellman said that it was "essential" for companies to develop skills now to ensure they would be "well placed" to succeed when the economy eventually recovers.
Both the government and employers need to think about how to improve the UK’s skills training, she said.
The Confederation of British Industry recently conducted a survey which revealed that more than half of employers wanted to undertake more targeted training to get the best return on their investment.