Basically, management development is a term that describes any number of activities that reflect a planned effort to enhance employees’ ability in various individual and team management techniques. Very simply put, management development includes development of skills such as planning, organizing, leading and developing resources.
A key skill for any employees is the ability to manage their own work and control their career path. Highly motivated and self-directed individuals can gain a massive amount of learning and other benefits for their organization by implementing an aggressive management development program.
Management development refers to the process of training and developing managerial talent within a company or organization.
But why do I need to waste time on training and development? Why not just hire the people I need when the time comes?
Nurturing in-house management talent may not seem important, but it is one of the most important aspects of the development of any organization. This is the case for several reasons, some of which are listed below:
1. In-house management development programs give employees the chance to utilize special leadership skills that may posses. These employees will certainly bring an enhanced perspective to management as they will know the working of the company from the ground up as opposed to managerial talent that is brought in from outside the company.
2. Employees will feel more loyal towards the company as they will see that the company is also invested in promoting their career growth and progress.
3. Finally, the overall cost of developing management talent in-house as opposed to trying to recruit talent from the outside world will be much less. A good management development program may cost during the initial setting up phase, but will not cost much more after that. Individuals who have risen up from the management development program will be happy to volunteer their time and mentor other employees. In general, a good management development program will save a lot of money for any organization.
Management development is a process that begins paying for itself very rapidly. You will begin to see the creation of a core team of individuals who are committed to the growth and progress of your organization. In the long run, this can only mean increased efficiency and profitability as the management talent in your organization grows stronger and stronger.