A couple of up and coming operational managers are looking to undertake MBAs, but we are obviously looking for targeted bang for our buck given the money and time commitments involved. Any suggestions?
A couple of up and coming operational managers are looking to undertake MBAs, but we are obviously looking for targeted bang for our buck given the money and time commitments involved. Any suggestions?
–HR Manager, Biotechnology, Canberra
Addressing this issue involves asking a set of diagnostic questions accounting for the needs of your company, the needs and capabilities of the individuals and the features of potential MBAs.
Firstly, I would ask the famous ‘Maggie Thatcher’question: Who are these people? In other words, what do they do? How important are they to the company? Where are they in their careers? Why do they need to do an MBA? Is that the best development option? What will be the return on your investment?
A third strand of thinking relates to the organisation’s strategic intent and the issues it faces. Where are these people in your organisation’s talent pool? How do they ‘fit’ with being part of the team and providing solutions to your issues? Depending on how you answer these questions you may choose other avenues of development such as short courses, single subjects or coaching.
Is the MBA still an option? If so, do more digging, focusing on corporate as well as the individuals. Consider possible MBA programs, their course structure and availability. For example, if MBA participants have to be away from work at critical times can your organisation manage this? If not the choice of MBAs has just been narrowed.
Are you confident that your people can finish an MBA? If you are not completely sure, an MBA with exit points at Graduate Certificate and Graduate Diploma is an answer. People can pull out at the exit points and still gain a qualification and come back to complete later.
How does the teaching and learning of the MBAs you are considering match the needs of your people? For instance the options may be a large lecture versus a small class, more theoretical versus more practical, a mixture of leadership content and technical content or distance learning versus face-to-face delivery, and so forth. You should also examine whether there are students with experience or are straight out of an undergraduate degree.
How do the MBA requirements fit with work and family circumstances? An MBA that suits a single woman may not suit a man with small children.
Finally, I would suggest that you and the potential students do a little homework on the MBA courses you are considering. What do their graduates think? Did they get value for money? Was it a life changing experience?
Undertaking an MBA is a costly process, in dollars, time and energy. Getting the ‘fit’ right between individual, organisation needs and MBA maximises your chances of getting excellent returns on investment.
However, always remember that success will depend on how hard your people are prepared to study and the support they get both at home and at work. If your people succeed and gain their MBAs they will have gained knowledge and capability across a wide range of technical and leadership areas. As a result, they should also be able to think differently. To really get “bang for your buck” you need to plan where they will be best used in the company as they grow. Leaving them in their old jobs will not do. If they are any good you could lose them and the investment you have made not too long after they graduate.
By Dr Julian Lippi, Director MBA Program, Australian Graduate School of Entrepreneurship Swinburne University of Technology Australia Email: [email protected]
