Executive education, the kind of non-degree brief spell of study at a renowned school or university, is a given in many organisations in Hong Kong. But the customised programmes at prestigious establishments overseas often favoured by companies in Hong Kong do not come cheap. Does the cost outweigh the benefits?
Not according to Sandy Fok, general manager of staff development at John Swire & Sons Hong Kong. 'We introduced executive education to our own people 25 years ago and it has proven that it has worked, with most trainees moving up to junior manager and then on to more senior operational and strategic roles,' she said. 'We think it has been effective in terms of grooming our pipeline of future leaders.
'Of course, retention has to be a combination of many things, but executive education is part and parcel of this. People look forward to going on the programmes and those with high potential really see this as a benefit. It is definitely worthwhile,' Ms Fok said.
There are four key reasons why organisations should consider investing in executive education. First, it helps to maintain competitive advantage because it provides an introduction to the latest management techniques and concepts, best practices and available tools that can be used effectively within a business.
Second, executives have to take the time to think when they are attending an executive development programme. People in Hong Kong are often so busy working that they rarely think strategically about what they're doing, how they add and capture value and build a business. Being withdrawn from the company allows an executive time to ask these questions.
The third reason is that executive education programmes offer executives the chance to interact with other executives. Building that network allows for a lot of experience sharing. Regardless of whether a group of 25 or more executives are from the same or different companies, between them they have a wealth of business experience that proffers a substantial amount of knowledge to tap into.
The final reason is that executive education does broaden perspectives, according to Kathleen Slaughter, dean of the Richard Ivey School of Business, Asia. 'When you're in your work environment you tend to have 20/20 vision, but it's in a very narrow circle,' she said. 'When you learn how other companies have managed business challenges, and looked at their point of view and their problems, it can be very helpful.'