Management Development is a planned and organized process and programme of training and growth whereby an individual manager or executive (at each level of management hierarchy) gains knowledge, skills and attitude to manage workers and work organizations effectively.
Objectives of Management Development
- To ensure the availability of competent managers to achieve the goals of the organization.
- To ensure optimum utilization of human capital.
- To prepare present employees for higher assignments.
- To replace retiring executives with younger talents.
- And as a result, to promote progress, productivity and profits of the enterprise.
Importance of Management Development
In the words of Peter Drunker– An institution that cannot produce its own managers will die. Hence, the ability of an institution to produce managers is more important than its ability to produce goods efficiently and cheaply.
No modern business can grow and succeed without planned attention towards the development of certain attitudes, skills, knowledge and insights in its employees.
Techniques of Management Development
Management development techniques may be classified as:
- On the Job Experience and Teaching Techniques
(a) Coaching and assigning challenging tasks.
(b) Rotational assignments e.g., rotation among managerial training positions, creation of ‘Assistant to…..’, positions etc.
(c) Multiple management, e.g., Committees, junior boards etc.
(d) Conference programmes and problem solving committees.
(e) Understudy for management succession.
(f) Management workshop programmes.
(g) Temporary promotions.
(h) Planned reading programmes.
- off-the-Job Teaching Techniques
(a) Lectures and programmed instructions.
(b) Case study and case problems.
(c) Role playing.
(d) Business games.
(e) Conference, seminars, etc.
(f) Project study.
(g) Brain-storming method.
(h) Observations tours and visits abroad, etc.