High street store closures, profit warnings and the falling value of the pound - whether it's a story about slow sales or job losses, it is clear that managers and leaders have a lot to contend with.

One of the big issues facing them is ambiguity: not knowing how the downturn will affect business, concern over job security and fears about how industry will cope in the long term. That doesn't mean that business models or structures, or the way in which we conduct day-to-day work, have to be altered overnight, but how you manage yourself, how you meet your customer needs and, as an employer, whether you are capable of leading your teams through the downturn are critical issues to consider for survival.

So it is worrying to note that fears for business continue to grow. A survey by the Chartered Management Institute shows that business leaders across the UK are concerned about four key issues: rising business costs; low levels of credit; the impact of employee disputes; and low skills levels. They admit that although we talked our way into the recession, nobody seems brave enough to try to talk us out of it.

The survey revealed a 12 per cent increase in the number of senior executives nervous about 2009. About 26 per cent said that they were “pessimistic”, compared with only 14 per cent last year. Unsurprisingly, business confidence is being eroded by the economic climate and the knock-on effect of cashflow problems, but it is alarming how many companies believe that the only answer lies in cutting back staff development. Didn't the UK make that mistake in the early 1990s? Isn't the skills shortage we're suffering now due, in part, to a refusal to invest in the future then? Responsible cutbacks are, of course, inevitable, but with 41 per cent of managers worried about the impact of labour shortages on long-term sustainability, a lack of skills development seems short-sighted.

At least, according to the survey, it seems that individuals are motivated to succeed. Eighteen per cent still intend to change jobs next year and more plan to “get qualified” or “build transferable skills”. The point is that employees see qualifications as a route towards employability - but it is about much more than personal goals; it can have a huge impact on UK productivity.

The low level of management skills is unhelpful. It is a concern that only one in five managers has any qualifications for their role, so it is encouraging to see individuals with a thirst for change. Employers should certainly take note, because, by offering professional development, they are more likely to retain top talent. 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, failure and mistakes particularly at, or near, the top of UK plc.

— Ruth Spellman is the chief executive of the Chartered Management Institute

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