Effective and efficient ways of executive development for corporates in fast-developing countries

Abstract

Executive development for companies in fast-developing countries has become important in sustaining economic growth. The existing executive development programs in India have been evaluated; in-house programs have been checked; and appropriate cost-effective programs have been identified. Further, this paper reviews the following eleven models of training the executives and workers of corporates: (1) Developing Corporate Universities/Virtual Universities/Corporate Business Schools/Learning Centers offer executive development courses. (2) Establishing training centers in India to train the managers, and mechanics to maintain machinery by transnational companies. (3) Establishing a long-term collaboration with Institutes of National Importance to train the executives and managers by establishing a skill development center. (4) Developing project-specific cooperation with the leading national institutes to train executives. (5) Establishing Regional Training Centers (RTCs) in all four regions of the country for training the managers. (6) Establishing an In-House Training Center (IHTC). (7) Utilizing long-term programs of engineering colleges/universities to train employees. (8) Online Training of the Executives and Employees, (9) Utilizing Private Training Organizations, (10) Scaffolding Self-directed Learning, and (11) Hybrid Programs. Success factors have also been listed for these models. These models can further be refined and utilized to elevate the executive development centers of corporations.The best methods of planning these models are also presented. Consulting institutes can also form consortiums of many engineering colleges to undertake projects in the country.