In today's fast-paced business scenario, senior managers find themselves compelled to make complex decisions at the drop of a hat. As the business scenario changes, they must quickly assess new opportunities and put in place the necessary strategies to take advantage of them. Key forces, such as globalization and the rise of information technology as a business tool, require senior executives to maintain a state of constant learning. It is no longer sufficient to supplement a graduate/post-graduate degree with on-the-job experience. Increasingly, companies are recognizing the fact that their valued employees need to face competition and hence encourage their employees to add more value through the academic pathway. Executive Education is one such pathway.

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Evolution of Executive Education

In the 1880s, a couple of institutions of higher learning in the United States introduced some business courses into their curricula. After World War I, the number of undergraduate and graduate business schools grew as business thrived. However, before the Harvard Business School began conducting summer sessions for experienced businessmen in 1928, there was no real focus on executive education. Over the years, corporate education has become more closely linked with business strategy, more flexible, and more uniquely tailored, in order to meet the demands of an ever-changing business environment.

What is Executive Education?

Executive education is the term used for programs at business schools, which could be short term, general management, or customized programs for managers and entrepreneurs. Executive education encourages participants to share their knowledge and discuss real-world challenges within the academic framework. The focus of these programs is to give individual participants a quick orientation in real-life business topics. The theory behind this is by attending an intensive program on different facets of management as an intrapreneur or entrepreneur; executives will be equipped with the knowledge to instill change in their organization while enhancing their career graphs.

Some proven executive education programs follow the 'Real World, Real Learning' philosophy, which is designed to enhance leadership in every area of management. They help executives and companies find new and innovative ways in which to sustain global competitiveness.
Functional training is provided in subjects ranging from Supply Chain, Financial Management to IT, Marketing and Human Resource Management to cater to the needs of operational excellence that benefit the productivity and efficiency of the entire value chain and impact multiple dimensions of customer service, costs, profit and speed.

Methodology

Executive education courses are also offered towards career building and reshaping which cover areas like decision-making, strategic leadership, managing change and emotional intelligence. Techniques like simulations also prove to be valuable in their contribution to competency-based learning. Relationship skills are also believed to be a critical managerial competence. According to research conducted by Discovery Learning at the Center for Creative Leadership, 64% of managers selected developmental goals is related to building better relationships as important competency skills, while just 36% selected goals is related to being a better manager or administrator.

Outbound Management Development Program

Outbound management development program is another methodology that is more participative and learner-centered in its approach. It is based on the philosophy of experiential learning and is a refreshingly different and potent method of achieving training and development goals. Such programs in the wilderness develop long lasting attitudes. The activities planned out, bring out the importance of planning coupled with timely action and they focus on various attributes like self knowledge, tenacity, the ability to go beyond self imposed limitations, acceptance of responsibility, physical fitness, leadership, follower-ship, group dynamics, time management, stress management, creativity and problem solving, crisis management, risk taking ability, decision making, achievement orientation, team building, coordination, resource management and strategizing.

Real integrative learning takes place when participants have the opportunity to discuss and analyze business issues as they relate to different functional areas. Faculty from different disciplines models the kind of discussion and interaction that may occur in a corporate boardroom which challenges participants to think of strategic and out-of-the-box solutions.

Assignment-based learning

Assignment-based learning is another technique that lets people integrate their classroom experience more easily with their working lives.

Duration

Open and custom courses can run anywhere from two days to many weeks or months for junior to senior managers. Eligibility for open programs is generally the nature of job, position or experience in the concerned subject. The duration of the customized programs would depend on the need of the company - for example Bharti Televentures prefers 70 days training which is broken into capsules of two weeks each after every eight weeks on-the-job. Prudential has looked at a training arrangement spread over 100 Sundays. Mahindra & Mahindra has opted for an Executive Education module of 54 days, which is divided into sets of three days training after every fortnight.

Return on investment

Having experienced the demands and speed of the real world, managers do not prefer mere conceptually driven classroom lectures. As the pace of business accelerates, corporations are seeking a faster, more tangible return on their investment in education. In response, B-schools are fast changing their study material, teaching methodology and are making their programs more contemporary. Pedagogical tools are matched and they emphasize on active and participative learning rather than passive assimilation. These are reinforced by business simulations and interdisciplinary teaching in the classroom, which certainly enhances the engagement factor. Together, these teaching methods are ensuring that concepts learned in the classroom are transferred to the workplace more quickly and decisively.

(Dr Uday Salunkhe is Director, Welingkar Institute of Management Development & Research, Mumbai.)