With an ever-changing, increasingly connected and competitive world, business managers need to constantly update their knowledge and professional capabilities in all areas affecting their business and career, sometimes even in issues such as work-life balance! To gain an edge in a world where rapid globalization, changing consumer attitudes, closely integrated markets are commonly bandied phrases, today's managers have to keep learning continuously, not only from their jobs but also through formal pedagogy. This is where the role of executive management programmes (EDPs) or commonly known as management development programmes (MDPs) gain importance.
Role of MDPs
The MDPs offer a principled solution as they act as catalysts for fresh thinking, re-training, knowledge enhancement and strategic development. In general, MDPs lead to an overall increase in the competencies of managers, they offer practical state-of-the-art training to acquire new skills and benefit from the experience of other students. MDPs offered by various institutes cover different functional areas like Finance, Marketing, Human Resource, Operations, Project Management, Information Systems, Technology Management and Corporate Strategy.
Some institutes have specialized courses that relate to energy, health, environment, agriculture and so on. These MDPs can be ‘open ended’; ‘customized’, or ‘online’, depending on the target group and skill sets of the individual. They can be further classified as short-term or long-term. Customised MDPs are on the rise as they can be conducted for organizations that are not very large. Further, B-Schools with core competency in specialized domains are seen to comparatively generate more revenue than the open ended MDPs. Based on the last two years (2012-13 and 2013-14), the ratio of ‘open ended’ versus ‘customized EDPs’ at XIMB was 2:8.
Open Executive Programmes
Custom Executive Programmes
Benefits of Executive Development Programmes
Revisiting concepts: As an important factor contributing to one’s career path, it helps to understand successes and failures by applying management concepts. The participants can replicate their successes or avoid repeated failures.
Questioning basics: In dynamic market situations, executives need to take quick decisions and in the process, the basics are often forgotten. These programmes help the executives question the basics and reinforce their strategies in the right direction.
Learning from other industries: The programmes provide an opportunity to share the experiences of executives of different industries and different regions, which helps in broadening the perspective across different market situations. The programmes provide an environment for learning.
Dr Andrew Dutta,
Participants are able to take higher responsibility in their respective jobs. They are able to manage themselves and learn how to work in a team cohesively
Refreshing experience: A time out for executive education programmes not only provides a platform for learning but also provides the needed gap for executives to reduce their stress. Also returning to campus life provides a refreshing experience. Some programmes are also designed to help executives develop their personality and leadership skills.
At present, EDPs in India are being conducted by various national and international B-Schools in different formats, catering to a broad spectrum of target audience. Largely, the management development programmes (MDPs) are functional area specific. These include General Management, Marketing, Sales, Finance, Human Resource, Operations, and Strategic Management programmes. Further, there are domain specific MDPs offered by select institutes.
Revenue earning stream for institutes
B-Schools with adequate resources are able to generate considerable revenue from MDPs. For instance, the earning per day per programme (2013-14) at IIM Bangalore accounted to 4.1 Lakhs (Short Duration Programme) and 7.63 Lakhs (Long Duration Programme). Now-a-days, apart from taking up a MDP in functional domain, there is an increase in the number of programmes being offered under non-functional domain, which largely focus on skill development of executives and managers. Such non-functional courses included programmes on Health Studies, Business Communication, Personal Effectiveness, Public Systems, Leadership and likewise. Dr. Andrew Dutta, MDP Director, XIM Bhubaneswar, corroborates, “The popular domains/courses in MDPs imparted by XIMB are Leadership, Communication, Finance, Agriculture Development, etc. Courses like Project Management & Strategic HR are taken up for executives of the state government and companies like ICZMP, Powergrid. The success ratio is quite high.”
“The uniqueness of this programme is that, it caters to both sides of the business, i.e. this would be of interest to both brands and retailers. Pedagogy is unique with lots of live cases and exercises,” says Dr Mini Mathur, Programme Director (MDP), Mudra Institute of Communication Ahmedabad, on their newly launched programme on ‘Shopper Marketing: Turning Shoppers into Buyers’. “The benefit this programme would offer is that, it would make participants understand the behaviour at point of sale. As a lot of management programmes focus on consumption and consumer behaviour, this would focus on shopping and shopper behaviour,” she added.
Revenues Earned through MDPs (2013-14)
Many foreign Universities are also conducting Executive Development Programmes/MDPs in India. Some of them are: Wharton (University of Pennsylvania), Harvard Business School, INSEAD, Booth School of Business (University of Chicago), SaÃ¯d Business School (University of Oxford).
Foreign universities imparting Executive Education Programmes/MDPs in India
Wharton (University of Pennsylvania)
Accelerated Development Program
Advanced Management Programme
Harvard Business School
Building a Global EnterpriseâIndia
Booth School of Business (University of Chicago)
Financial Analysis for Nonfinancial Managers
As an executive moves up the organisational hierarchy, two things usually happen; firstly, one acquires some experience and know-how of the work place; and secondly, he/she develops specific skill and knowledge to do the job better. Executive education fills this gap. Such programmes are fundamental to improving the managers and leadership in the organization and equip them with the advanced skills to excel as multifaceted leaders and building individual and organisational skills.
Every manager has to grow up the leadership pipeline by making crucial transitions. Each of these transitions call for a new and distinct set of abilities. And these abilities should be systematically developed. Thus, it also augurs well for the management to periodically invest upon the talented managers to groom them for growth and retain them.
Dr Mini Mathur,
Program Director (MDP),
Mudra Institute of Communication Ahmedabad
The uniqueness of this programme is that, it caters to both sides of the business, that is, this would be of interest to both brands and retailers. Pedagogy is unique with lots of live cases and exercises
The seriousness with which Indian companies are taking executive education can be measured by the demand for customized programmes and partnerships with B-Schools in co-designing curriculum.
In a scenario, when there is a neck-and-neck competition, executive education programmes are certainly the way forward for organizations as well as employees as they not only help them enhance their skills and qualifications, but also help the organization, thus leading it towards a more competent and motivated workforce.