Executive development is management development: a process of learning and growth that managerial personnel undergo. They then apply the skills, knowledge, attitudes and insights they learn to work in the organization. The whole idea of executive development is for managers to not only apply the skills and competencies learned in their present role, but also to prepare for future managerial roles -- of a wider scope and a higher difficulty level. Executive development is an ongoing process because managers are expected to grow from strength to strength.
Building On Talent
Managers in their early career are high-potential candidates for executive development. Companies train them and prepare them to assume higher levels of responsibility at a later stage. Part of the training is to increase global awareness and business knowledge. Executive development trains managers to explore and develop their capacity to exercise leadership responsibilities. Companies consider managers who possess the potential to integrate and apply learning the right candidates for executive development.
Sustainability in Performance
Managers moving into higher leadership positions face challenges related to the development and execution of strategies in the complex business environment. Managers must build a team, manage internal and external relationships, add value to their role and deliver results. Executive development will help managers build the skills and gain the knowledge they need to boost performance today, and sustain it into the future. The objective of executive development is to help managers exploit their full potential through sustainability in performance.
Business Problem Solving
Managers must understand the economic, institutional and technological forces that dominate the business environment. Business problems need solving on a regular basis and executive development helps managers to cope. Executive development and management instruction helps to bridge the gap between what the individual already knows and what the individual must learn in order to handle business problem solving effectively. In a constantly changing business environment, managers must make decisions to boost performance at the individual and team levels.
Proficiency in Management Techniques
The role of a manager is to increase proficiency within the business environment at various levels including quality control, inventory control, work study and operations research. Executive development trains a manager to recognize the importance of the employee and successfully handle the motivation, career planning and performance feedback of employees. Managers are also trained to implement effective group and intergroup information systems to enhance communication and productivity, diagnose and resolve problems and implement reward systems.