Education at the top end of business town

Executive education trends

There is increased demand for executive education as companies face the dual challenges of talent shortages and delivering greater returns to investors, according to Graeme Gherashe, director of executive programs at the Australian Graduate School of Management (AGSM). “Companies are increasingly looking to business schools to deliver interventions that fast-track and develop their key talent.”

With a range of programs on offer, companies are demanding the skills to develop their own individual leadership skills. “In the open program offerings, we are seeing a move towards three to five-day programs, with greater enrolments in programs designed to develop the individual’s knowledge of his or herself as a leader in preference to straight functional skill development,” says Gherashe.

There is also a swing towards customised programs, as corporate partners are increasingly seeking programs that combine general management with leadership and business acumen. The more insightful clients are combining 360 degree feedback, action learning across multiple modules, leading edge lecture content, workshops and simulations in the delivery, he says.

Program design is also shifting, meaning long hard days in the classroom focusing on one subject have become a thing of the past. There is now a balance of classroom, workshops and personal reflection time, with a shift from focusing on a single subject to a greater breadth covering a multiple of disciplines.

“Also evident is the trend toward greater involvement of senior executives in the design and delivery of executive education programs, ultimately reflecting a growing desire on the part of senior decision makers to see change and maximise the return on a major investment,” he adds.

What’s in it for professionals?

HR professionals can benefit from executive education programs in a number of areas, including developing skills in current HR thinking in both the course content as well as knowledge sharing with other participants. “Education programs focused on developing the business acumen of HR specialists are likely to significantly improve their ability to engage with and understand the key business drivers and issues facing their clients. This includes multiple disciplines such as finance, marketing, operations and distribution,” says Gherashe.

Essentially, executive education programs are designed to help HR professionals become more strategically aligned with their business. One program, for example, includes insights from leading HR professionals, strategy development, employee branding, leadership and organisational development. Part of the invaluable nature of such a program is the opportunity to network with other professionals as part of the learning process, according to Thomason. “Participants have an opportunity to network with other HR professionals and learn from their peers through collaboration on real life research projects,” he says.

“HR professionals, like all executives, need to engage in lifelong learning to ensure that their skills remain cutting edge and relevant to today’s global business environment. They also need to work towards ensuring they participate in a more strategic level within an organisation and become a vital part of the senior management group, rather than the traditional line management function.”

Executive education programs must cater to the needs of HR and business professionals by delivering designs that incorporate team-based projects that transition content to application, leading edge thinking based on research, best practice and faultless delivery, according to Gherashe. Programs also need to be designed to maximise impact at both the individual and business level.

Matt Nunan, finance analyst at Lion Nathan Australia, was keen to develop his skills and gain a wider exposure to business theory after approximately ten years of full-time work across several industries in Australia and overseas. His current role involves providing financial decision support to senior managers, and Nunan was after stronger finance, strategy and project management knowledge.

As a result of advice from senior managers at his organisation, Nunan undertook an MBA. “Reflecting on the nine months after completing studies, I can feel satisfied with the knowledge gained to improve my finance, strategy and project management skills. I’m now trying to put some of these skills in practice and am leading a small team to help resolve a current business issue,” he says.

While Nunan does not believe that qualifications help build reputation or credibility, he finds himself regularly drawing from topics covered in his MBA studies, giving him the confidence to present ideas and solve problems.

Common pitfalls in programs

A pitfall for many HR professionals is in viewing executive education programs as a quick fix business solution. With less time for development and an increased need to develop talent quickly, “HR needs to be cognisant that development takes time and the one-day magic bullet program is not effective”, Gherashe says.

Thomason also warns against the appeal of the short-term solution to an issue or challenge, noting that programs should be seen as an ongoing commitment. “The drive to provide an immediate and quick fix solution has the potential to erode the opportunity for managers to take ownership of the issue, implement a solution and manage the ongoing process to ensure organisational change. Short-term training does not address endemic organisational structural or cultural issues, as it is a ‘band aid’ strategy,” he says.

It takes time and commitment to embed learning within a more integrated organisational framework, Thomason adds. The process of changing an organisation’s culture, mindset of senior executives, expected behaviours and frameworks should therefore be handled as an ongoing process in a change management strategy.

Similarly, executive education needs to be linked to the complete development agenda and HR initiatives such as projects, secondments and job rotation, sasy Gherashe. “Business units are taking development into their own hands without engaging HR and learning and development, and as a consequence, running the risk that all HR initiatives are not effectively integrated.”