In this day and age the importance of executive development programs cannot be underestimated. As the global business is getting increasingly complex, there is a great need for arranging executive development programs in business organizations.
Without more ado, it is important to note what has been pointed out by Peter Drucker, “An Institution that cannot produce its own managers will die.” The saying of Peter Drucker is replete with fact and it would lead us to understand the importance of making executive development programs in business organizations.
Since the performance of an organization directly depends upon the quality of managers that calls for the required skills, knowledge and attitudes to meet the organization’s demand, it is of great importance of develop employees who can fulfill this objective and perform their tasks effectively and efficiently.
The need and importance for executive development arises when there is a shortage of trained managers or it is difficult to select and recruit the right candidates from outside. In such situations, what management needs to do is to develop qualified and talented employees by making appropriate inventory of the skills, so that the future demand may be fulfilled effectively.
Besides, the social changes and the changes and developments in technology demand such people who can manage their tasks in a way as needed. This necessitates making executive development programs, so that the employees may be trained and equipped for performing in a desired way.
Also, the need for executive development is felt when the factor of obsolescence is to be considered. At this stage, it is worthwhile to note it’s important for a manager to keep himself updated with new demands and challenges, so that he can cope with them whenever they occur.
Executive development becomes necessary when there is increase in management tasks and leadership responsibilities. This would help a business to meet the demands arising from social or technological changes and manage them in a better way being ready to meet the challenges in advance.
It’s worth mentioning that management development programs are necessary for any business to grow and develop and to attain sustainable success. And arranging executive development programs for the knowledgeable and talented employees is a great way to keep the business running progressively, effectively and efficiently.
Thus, executive development is not to be done at one time, but it’s an ongoing process to provide a business better position.
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