Executive development is aimed at developing the skills and competencies of those who have or will have executive positions in organizations.
Executive development or management development is a systematic process of growth and development by which managers develop their abilities to manage. This growth generally evolves through participation in formal courses of instruction as well as actual job experience.
Contrasted with other corporate training and development activities, which focus on building tactical skills for employees, executive development plays a different role for the organization. Executive development may be directed at building tactical skills or used to evaluate future potential executives as well as a mechanism for the CEO and the executive team to cascade their strategies, goals, and even elements of the culture to the rest of the management team and ultimately the organization.
Correctly executed, executive development helps an organization carry out its key strategies while providing input to the strategy creation process.
Executive development has typical characteristics such as it’s an ongoing exercise that continues throughout an executive’s entire professional career because there is no end to learning. It’s also a long term process as managerial skills cannot be developed over night.
Additionally, executive development is commonly viewed as self-development. While a company can provide opportunities for development of its managers, executive development is possible only when the individual has the desire to learn and practice what he learns. No amount of prepping can lead to development if the will to advance does not exist.
Objectives of executive development are many, including:
- To identify persons with the required potential and prepare them for senior positions.
- To increase morale of the members of the management group.
- To increase versatility of the management group.
- To broaden the outlook of the executive regarding role and responsibilities.
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