What is Executive Development?
Executive Development, or otherwise called Management Development is a scientific process concerned with learning and growth, whereby executive personnel acquire and apply knowledge, competencies, skills, attitude and insights, so as to effectively and efficiently manage the work in the organization.
It comprises a range of activities to improve the overall behaviour and performance, and effectiveness of managerial personnel, in their present job, as well as to make them ready for future challenges.
Objectives of Executive Development
The objectives of executive development are stated in the points given below:
- To impart knowledge related to human motivation and human relationships.
- To increase expertise in management techniques like inventory control, quality control, operations research, business planning, policy formulation, employee evaluation and work-study.
- To enhance the knowledge, and conceptual and decision making ability in managerial personnel.
- To keep up the good performance of managerial personnel during the course of their career, by using their maximum potential.
- To gain an understanding of the problems of human resources.
- To identify and discern, economic, political, technological and other forces, to easily survive in the changing business environment.
- To produce responsible leaders and ensuring a reserve of eligible and well-trained managers for future requirements.
- To provide sufficient opportunities to managers to excel in their career for updating their skills and knowledge, and also preventing obsolescence of the executives.
Process of Executive Development
Executive development covers all those activities that can substantially change the individual performance, such that it will improve their present and future assignment as well. The steps involved in the process of executive development are discussed as under:
Ascertaining Development Needs: Prior to the introduction of a management development programme, a complete and strategic analysis of the current and future development needs of the organization is conducted. The analysis will clarify how many and what kind of managers are needed, to fulfil present and future requirements, taking into account the changes in production methods and techniques, in industrial development and the size of the organization.
In this step, a comparison will be made amidst the existing pool of talent and the required pool of talent, to fulfil the anticipated needs. This will help in determining the need for executive development.
Appraisal of Present Management Talent: Once the development needs are identified, the management must assess the talent of its existing staff, which is possible by making a comparison between actual and standard performance.
At this stage, a qualitative assessment of the executives is made so as to ascertain, the kind of executive talent is present in the organization. The information will be helpful in gaining knowledge about the strengths and weaknesses of the managers.
Inventory of Management Talent: A funnel of qualified managers should be developed, as well as the selection of various development programmes has to be designed. This will provide relevant personnel data, with respect to the executives in each position, who are qualified for the development.
Further, for every member of the executive team, a card is created which lists out details as to the name, age, education, length of service, health record, experience, psychological text score, and so forth. It must be noted that the selection of the executives for the development programme is based on background information.
Planning Development Programme for Individuals: The performance appraisal of each executive will list out the positive and negative characteristics of each executive as per their physical and mental abilities. On the basis of such information, a programme for the development of executives is designed, which may cover special projects, committee assignments, etc.
Establishment of Training and Development Programme: A systematic procedure must be initiated, for executive development, which will identify their current level of skills, knowledge, competencies, abilities, etc. of various executives and comparing the same with the concerned job requirements.
Hence, it will diagnose the developmental needs and establish development programmes such as special courses, conference training, seminars, sensitivity training, role plays, management games and so forth.
Evaluating Development Programme: Once the development programme is complete, its evaluation is performed to check if the objectives of the programmes have been attained or not. It is important to ascertain the relevance of the development programme for the organization.
It may involve a survey of the trainee’s behaviour, interviews with the trainees, opinion surveys, observations, etc. which can be used to assess the cogency of executive development. Further, the result of the development programme can be seen in their performance, quality, productivity and efficiency.
Executive development is a systematic programme, to upgrade the present as well as future performance of the executives, which in turn will help in improving the overall performance of the firm.