Executive Education
TOP OF THE CLASS
BY MARGOT CARMICHAEL LESTER
Even after years in an industry, IT’S NEVER TOO LATE to develop new skills or adopt an updated thinking process and apply them to the day-to-day grind. In fact, many business leaders are turning to executive education programs to help their employees (and their companies) CONTINUE ON A PATH TO SUCCESS.
With business getting more competitive every day, corporate leaders know that having a team of well-trained executives is the key to staying on top. As an employer, that can mean encouraging employees to enroll in a fast-paced executive education program, where they can learn new skills, communicate with others in the industry, and put themselves on a course to leadership, growth and sales.
TYPES OF PROGRAMS
Open Enrollment… are open to anyone. Most choose to attend (as opposed to being required by their companies), and many employers will reimburse you. Th ey address specific skill sets, like financial management for people who aren’t financial managers or communication skills for technical professionals. “These programs give the attendee a chance to brush up on an existing skill or explore a new one,” says Michael Devlin, associate dean for executive education at the Weatherhead School of Management at Case Western Reserve University in Cleveland. Programs cover functional skills like emotional intelligence, human resources and operations. The fact that anyone can attend ensures a diverse student population. Courses typically run from a few days to a couple of weeks.
Industry-Related… are created for a particular industry to develop management from the current ranks or prepare those new to the business. “These are specialized courses and are very diff erent from the generalized classes you get with an MBA,” says Scott Chapman, partner in Chapman Energy LLC in Ardmore, OK. (He has both an MBA from M.J. Neeley School of Business and a certificate from its Petroleum Land Practices program.) These last from a few weekends to several months.
Business-Specific… are developed at the behest of a specific company to develop talent and aid in recruiting, retention and competitiveness. “We recognized the value of specific, targeted business knowledge and skills to our associates, who typically do not receive enough of this development in their professional degree programs,” says Rick Hampton, a senior vice president at Hixson, a firm in Cincinnati that worked with Xavier University to develop Hixson University for its employees. “With a number of our associates indicating their interest in additional business knowledge, it became clear to us that targeted elements of a traditional MBA program could greatly benefit both our associates and our clients.” The duration of this type of program varies widely.
Refresher… is designed exclusively for people who earned an MBA degree ten or more years ago. Kellogg School of Management in Chicago (one of the top business schools in the country) has launched such a course. “We asked ourselves a simple question—what are we teaching now that we did not teach a decade ago,” says Stephen Burnett, associate dean of executive education at the Kellogg School. “Th is new program is built around best practices that today are considered essential but were not a part of the MBA experience as recently as a decade ago.” The duration of this course is two to three weeks.
KEY CONSIDERATIONS
Finding the right program can seem daunting, but the process will be easier if you ask these key questions:
— Am I ready to change? “The individual needs to make a commitment in order to adopt the new behaviors necessary to effectively implement new ideas and frameworks they’ll learn during the program,” says Dan Stotz, director of executive education at the Georgia Tech College of Management.
—What can I get out of this program, and what can I offer to my classmates? “The programs are intense and participants are asked to fully engage,” explains Susie Lubell, associate director of marketing for the Stanford Graduate School of Business. “An applicant needs to be ready for a rich and transformational experience.”
—Have past participants of the program been successful? “If those who’ve taken the course have gotten results you want, that’s a good sign,” says Jim Dean, senior associate dean for academic affairs at the UNC Kenan-Flagler Business School in Chapel Hill, NC.
—Who are the instructors? Th e instructor can make or break a course. “You want frameworks combined with practical advice,” says Goutam Challagalla, associate dean of executive programs at Georgia Tech. “Frameworks alone are insufficient, because it’s hard to apply them without practical advice. Instructors with consulting experience make this translation more eff ective.” Lubell believes candidates for executive development have generally reached points in their careers that demand new thinking from someone who may have been there. “Professional development is one way that individuals can quickly gain new perspectives and tools to become better managers and better leaders,” she says.
MORE BANG FOR YOUR BUCK
If you’re going to invest your time and your company’s money in an executive development program, make sure you get the best return on that investment. Here’s how to maximize results:
BEFORE: Figure out the key areas that are important to your development and to your company’s success, suggests
Dan Stotz, director of executive education at the Georgia Tech
College of Management in Atlanta.
DURING:“Continually ask the question: ‘When I return to the office, what will I keep doing, stop doing or start doing based on what I learned?’” Stotz says.
AFTER: “Participants go back and are overwhelmed by pending work,” says Goutam Challagalla, associate dean of Georgia Tech’s executive programs. “It’s best to schedule the first day back from the programs to develop an implementation plan for executing the new learnings. Otherwise, the new knowledge will be underutilized.”