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The purpose of this paper is to take an in depth study or to look at the profile and skills of executive from the last 75 years. It was in the early 1900's that, Chester Barnard described the competencies which he felt the executive of the future would have needed in the 20th Century. Morgan McCall and George Hollenbeck had taken an interview of over 100 experts at the beginning of 21st century and make a report which includes the list of needed competencies for the global executive. They used to do for analyze the changes that came in the expertise from the last 70+ years. The observers have found that there are only differences in the words but there are no change in their meanings.
EXECUTIVE DEVELOPMENT - THE PAST
In the last 10 years the concept of executive development and leadership development has earned considerable importance. But in the early times the main focus was on the individuals and not on the organization. Succession planning was treated more like replacement planning, learning methods were more passive, there was a feeling in the executives that they did not need 'executive development program' and feel that training was the first thing which should be cut off the budget when there is the first sign of financial distress.
EXECUTIVE DEVELOPMENT - THE PRESENT
There was a wake-up call in 1985 when James F. Bolt's article 'Tailor Executive Development to Strategy' was published in Harvard Business Review. In that article he said that one should not waste their valuable time and money in developing if executive development doesn't directly support the achievement of the organisation's strategic objectives.
He says that today the more emphasis is on developing the both organizational and individual capabilities. The competencies for leadership have become a core direction of development activities, methods for learning have arised to become more action-oriented and furious employees.
However the most challenging job in today's scenario is the strategic use of executive development and face the competition in the market. In fact there are written strategies for executive development which are linked with the business strategy and a long term plan for the development of executive talent. In today's organizations the executive development programs are not one time basis rather they are prefering the continous approach. The organizations are following these methods like: executive education, custom in house programs, business simulations, e learning etc. With these approaches the organizations are improving their efficiencies.
CONCEPT OF EXECUTIVE DEVELOPMENT
The EXECUTIVE DEVELOPMENT is the whole of activities aimed at developing the skills and competencies of those that will have the executive position in the organization. The terms "executive", "manager" and "leader" are interchangeably used but the word executive is used for the top 5-10% of the organisations. Similarly, "development", "training" and "education" are used interchangeably but the word development is more huge in terms of activities that build skills and competencies. There are certain large organisations or multinationals which has a separate executive development team, in small organizations the executive development group is handled along with other teams and there are certain organizations in which there are no teams as such.
In comparison to other training and development activities, executive development plays a significant role. Sometimes the executive development is conducted for the purpose of building both "hard skills as well as soft skills". Hard skills such as business fundamentals like finance, marketing etc. and soft skills such as communication, team building etc.
Not only this, but these programs are also used to evaluate the future executives in the organistaion. Normally, executive development not only helps an organization to execute its key strategies, but also helps in providing input to the creation of strategy process.
That is the reason why executive development is more strategic that training and development programs in the organizations which is used for most of the employees.
Executive development can be defined as, "an ongoing systematic process that assess, develops and enhances one's ability to carry out top roles in the organizations". The concept of executive development is quite different from leadership development which is defined as "an ongoing systematic process that cultivates learner's capacity to lead people at all levels of the management."
KEY COMPONENTS OF THE STUDY
The concept of executive development has been around for decades and the objectives have not changed since its incorporation. The components of the study includes:
Who is involved?
How employees are selected?
What content is included in the program?
Amount spent in the program.
Lessons learned from established executive development program.
These are the components which every organizations have to study before intializing the program. And these components are very well explained in the application part i.e. the institutes who are using the executive development program.
OBJECTIVES FOR EXECUTIVE DEVELOPMENT
Nowadays every organisations have identified that executive development plays an important role in building competitive advantage for the employees as well for the organizations. The main goal of executive development is to promote the long term success of the organizations. But there are certain more objectives like:
Ability to engage and retain individuals with high potential.
Ability to improve the general pipeline strength for executive level position.
Developing leadership competencies.
Developing strategic thinking skills.
EXECUTIVE DEVELOPMENT PRACTICES FOLLOWED
It is very difficult task in the organizations to identify the right employees to take part in executive development program and it is a critical step too to maintain the program. One in ten organization grants eligibility to all employees so that they can take part in executive development program and approximately one-third restrict participation of employees from the vice president level and upward.
Traditional methods or practices for delivery of lectures are still followed in certain organizations but modern elements have played a stagnant role. Classroom-based learning is employed by 65 percent of respondents to a high or very high degree, while experimental learning is utilized to a high or very high degree by 53 percent. There are certain other kind of important delivery methods for executive learning which includes coaching (61 percent), action learning (56 percent), and 360- degree feedback (54 percent).
In 2008, 256 average number of training hours related to executive development were made available to the employees. In formal programs delivered only 45 hours were consumed by the individuals and in informal hours 42 were consumed per year on average basis.
APPLICATIONS OF EXECUTIVE DEVELOPMENT
Apart from the theory part, there are various organizations or institutes that practically follow this concept. That is there are certain institutes that formulate EXECUTIVE DEVELOPMENT PROGRAMS for the effectiveness of the organizations as well as the employees. The organizations or institutes that follow are:
NIBM: This institute named National Institute of Bank Management was established in 1969 by RBI in collaboration with the Government of India as an apex institution. This institute uses the EDP for improving the skills of the employees. This institute is recognized by the University of Pune as an approval centre for post graduate research.
TRAINING PROGRAM: The institute conducts a large number of educational and training programs including Executive development programs of about 150 each year. They also conduct general management programs in all the functional areas of bank management. On request the Institute conducts offshore training programs too. The main aim of these programs was to develop the top level as well as the low level employees according to the needs of their training. The training program includes both on the job as well as off the job training and the training period varies according to the method.
(2) THE INDIAN INSTITUTE OF TECHNOLOGY, DELHI:
IIT, Delhi is a premier centre of technology and learning in India. Its department of Management Studies is rated among the best practice oriented management education and its management development programs are much recognized. The institute is available with rich faculty which had diverse teaching experience and which are actively associated with the industry. The Institute has set up an ONLINE EXECUTIVE LEARNING PROGRAMME that reflects the contemporary and impressive nature of knowledge imparted at the Department of Management Studies.
MACMILLAIN INDIA LTD.:
For over 100 years, Macmillan India Limited is a leader in education and part of the Macmillan Group in UK operates in the areas of publishing and e-business. Not only this, for developing their employees Macmillan provides educational support and learning support through the delivery of websites concerning the training programs.
(3) GARDINER CENTRE:
The members of the Gardiner Group says that The EXECUTIVE DEVELOPMENT PROGRAMME is an excellent opportunity for the employees to come together and learn with the leaders from the public, private and non- profit sectors. They will have the opportunity to challenge the expertise. The method which they follow are:
Presentations that will give them new and extended knowledge and the opportunity to apply new concepts will strengthen their learning and give them the skills to try out the new things.
Interactive group sessions will help them learn to adjust in risky situations. The main purpose of these programs is to give the Gardiner Centre new ideas, new skills etc to tackle the management challenges.
WHO SHOULD ATTEND?
To prepare the prospective executives and senior managers for future responsibilities this program is an excellent opportunity. Participants come from the variety of working environments: small businesses, large corporations, new ventures, government departments and agencies and not-for-profit organizations.
(4)EXECUTIVE DEVELOPMENT CONCEPTS- 3 DIMENSIONAL PROGRAMMES FOR FUTURE GROWTH
Executive Development Concepts brings a new method of learning to the executive classroom, utilizing highly skilled professional actors and unique role play scenarios to create three dimensional case studies in all areas of executive development. This is done so that the executive students interactively participate in complex, real life and real time situations so that they may be able to solve the problem.
To develop specific and strategic leadership skills and to help to locate new capabilities for interpersonal effectiveness, these unique and exciting workshops are designed. They have created the very first in-depth developmental "experience" designed expressly for executives and managers. And they proud for their activities.
MODULES BY EXECUTIVE DEVELOPMENT CONCEPTS:
The executive development concepts system are proud to have designed and delivered workshops and modules in support of the following institutions:
General Electric Management Training Centre, NEW YORK
Management Development Course (MDP)
Business Management Course (BMC)
Advanced Information Management Course (AIMC)
Executive Development Course (EDC)
Boeing Leadership Centre, ST. LOUIS MISSOURI
Transition to Management 1
Transition to Management 2
Transition to Management 3
Leading from the middle
Strategic Leadership Seminar (SLS)
Boeing Executive Program (BEP)
Prudential Learning Centre, NORWALK CONNECTICUT
Global leadership 2000
Global management 2000
Global strategy 2000
Advanced Executive Development Workshop
IBM Executive Training Centre, ARMONK, NEW YORK
Global Executive Program (GEP)
Leadership Strategies I
Leadership Strategies II
Change Management Seminar '99
Learning Summit 2000
Mc. Donald's - Hamburger University
Management Styles Workshop
Personal Leadership Workshop
Team Action Workshop
(5) ONLINE EXECUTIVE DEVELOPMENT PROGRAMME - IIT DELHI & MACMILLAN INDIA COLLABORATION
FINANCE FOR NON FINANCE EXECUTIVES
SUPPLY CHAIN MANAGMENT
Finance for non finance Executives:
Understanding the financial statements.
Assessing the financial health of the corporate firm.
Generating the relevant data.
Taking decisions on investment project.
Managers/ Executives from junior to senior levels in non- financial functions.
Executives in banks.
Graduates pursuing MBA degree from recognized institution.
Understanding foreign exchange market and foreign exchange rates.
Understanding currency derivative instruments.
Appreciating international investments decisions.
Managers or executives who deals with international finance function at banks, financial institutions, NBFCs.
Finance Managers or executives from industries which are involved in decisions related to international finance.
After this course the candidates are given the respective certificates and the processing requires a period of three months. It is issued from the recognized institute. And the employee who have performed up to the mark during the program is being awarded. This has increased the institute's reputation because now employees are well developed in terms of both hard and soft skills.
The Institute has conducted the survey for analyzing the employees response for the programs they have started. They have collected the information through questionnares and observation method which have been represented in the graph:
X axis represents the level of satisfaction of the employees:
1 represents strongly disagree
2 represents disagree
3 represents neutral
4 represents agree
5 represents strongly agree.
Y axis represents the %age level.
It has been clearly shown that the 100% of the employees are satisfied with the development program as the institute is providing reward for the talented candidates.
(6) MONITOR GROUP:
A New Perspective
The most exclusive executive development is inseparable from an organization's strategy, culture and environment and this is believed by THE MONITOR GROUP. They know everything about the design, development and delivery of successful learning to the executives. They deeply respect the tries and true approaches for development and apply for new perspectives. And this makes them the ideal partner for inventing, or reinventing, their approach to executive learning.
WHAT THEY DO?
They are committed to design development programs that are suitable for the executives and employees in the organization. That programs at sometimes may lead to cutting edge of learning design and sometimes to traditional approaches. Not only this they have the experience with many methodologies of development and they bring the deep understanding of learning and leadership concept to the process that became helpful for the employees. Their work has earned lot of recognition but their main goal is to engage the leaders and contribute to the organization's performance.
ANALYSIS OF AN ARTICLE
EXECUTIVE DEVELOPMENT IN MAJOR CORPORATIONS:
- A TEN YEAR TREND STUDY
AUTHOR: Albert A. Vicere, Maria W. Taylor.
JOURNAL: Journal of Management Development
The article suggests that there is need to cope with the rapid change and global competition has revolutionized the practice of management within major corporations. The article shows the report on a ten year study of global trends in the field, which shows how practices in executive development have evolved to keep pace with this drastic change. The result of the study suggest a changing and increasingly important role for executive development in building corporate competitiveness.
The article also throw some light on the skills that are developed from EXECUTIVE DEVELOPMENT PROGRAMME like ability to function more adaptly in management roles by acquiring confidence and knowledge, ability to apply new concepts, increases leadership skills, strengthen communication skills, ability to work with others, skills in team building and cultural awareness, etc.
The most challenging job in today's scenario is the strategic use of executive development and face the competition in the market. In fact there are written strategies for executive development which are linked with the business strategy and a long term plan for the development of executive talent. In today's organizations the executive development programs are not one time basis rather they are prefering the continous approach. The organizations are following these methods like: executive education, custom in house programs, business simulations, e learning etc. With these approaches the organizations are improving their efficiencies. This paper includes number of organizations which are applying the concept of EXECUTIVE DEVELOPMENT for the effectiveness of the employees and as well as the organizations. The organizations like NIBM, IIT DELHI, MACMILLAN, etc are applying the same and found the positive impact on the organizations. Not only this there are few organizations that had made a survey by observing that how many employees are satisfied with the program and it was found that 100% employees are satisfied with the same.
Through this paper the analyst will be come to know that in early times the people were only concerned for their organization and leaving behind their employees. But now the organizations are concerned not only with the organization's benefit nut also for the individuals and with this the organization's goals are ultimately achieved by fulfilling the needs of the employees i.e. by developing their skills and knowledge.