Leadership programs seem to be the first to get cut when cuts need to be made. It is way easier than to do something about the inefficiencies, or to address the structural issues that have grown over the years. So it's the leadership program that is sacrificed to "help" the company.

That's why a leadership program is like a car. You can skip for a year, but whatever you do further down the road, you can never recover what was lost in that year. The minor damage that occurred to your engine from using bad oil or a blocked filter can never be erased. In an organization, that damage can be at different levels. People who had been told they would be part of a specific program will start to doubt if the company is really serious about their development. In general, employees will feel that leadership development, for all the nice vision statements, is dispensable. And managers will feel they do not have the tools to fully develop their teams for the challenges of the future.
And then we sometimes wonder why our surveys show that employees are not engaged !