Management development is the process by which managers learn and improve their management skills. Only training cannot provide the requirement of knowledge, personality, attitude, behaviorism etc. Training focuses on the development of specific skills, especially for middle and lower level employees. Management development is implemented for the development of managerial potentials.
Facilities for Management Development:
We can have the following methods of management or executives development:
(a) Management education at University and other institutions of higher learning offering specialized courses for interested executives, e.g., marketing management, export management, financial management, personnel management and so on.
(b) Management seminars, conferences, and workshops at management associations or educational institutions.
(a) Art of delegation,
(b) Job rotation,
(c) Promotions and transfers,
(d) Understudy method,
(e) Coaching by the superior or boss, and
(f) Multiple Management, i.e., membership of committees and junior boards.
Job rotation means the transferring of executives from job to job and from plant to plant on a coordinated and planned basis. It is a very popular method for many business concerns. An understudy is a person who is in training to assume, at a future time, the full duties and responsibilities of the position, currently held by his superior. The person under training acts as ‘Assistant to—’.
In multiple management, we have senior and junior boards. The junior boards serve in an advisory capacity only. If the recommendation of the junior board is with unanimous consent, it is usually adopted by the senior board without modifications.