Leaders working in the non-profit sector often have vision and know their mission, but many fall short of their counterparts in the private sector in terms of management and execution because of the lack of resources for upskilling.
Hong Kong University of Science and Technology (HKUST) and Richard Ivey School of Business are attempting to redress the balance by offering EMBA scholarships for students in the non-profit sector.
'There is a great need for professionally trained managers in non-profit organisations to enhance their leadership skills,' said Kathleen Slaughter, dean of Richard Ivey School of Business, Asia. 'Leadership is never an easy challenge and non-profit organisations have the same demands for operational excellence as those in the private sector: to perform now and to build for the future.'
Leaders in the non-profit sector often face a politically charged environment and may be responsible to a volunteer board while operating with limited funds and staff.
'There may not be the concentration on maximising shareholder wealth, but there is certainly a concentration on maximising revenue through brilliant marketing and minimising costs through operational excellence,' Professor Slaughter added.
However, many non-profit leaders don't know much about leadership, accounting, or the building blocks of decision making, said Steven DeKrey, director of the Kellogg-HKUST (KH) EMBA programme.