Large companies across India Inc have stepped up investments on upskilling their leadership talent, Rica Bhattacharyya and lijee philip report for The Economic Times.
Upskilling spends on a senior executive is now ₹20-50 lakh every year, compared to ₹5-10 lakh pre-pandemic, the report says. In fact, firms like Reliance Industries Limited, JSW Group, Godrej Industries Group, Mahindra Group, and Vedanta, among others, are sending larger batches of senior executives for training.
Companies are partnering with Ivy League universities in the United States like Harvard, Cornell, Brown, and Columbia, and other international and Indian institutions for the same. The aim is building the leadership pipeline by providing development opportunities, says Anish Shah, CEO and MD of the Mahindra Group.
Several resignations from senior executives in 2021 and 2022 prompted organisations to focus more on developing leadership talent pipelines, the report says further.
Training CXOs would help them embrace new challenges, bring fresh perspectives, and drive innovation in growing their businesses during uncertain times, says Sandeep Bhalla, Senior Partner and Head of Consulting, India at Korn Ferry.
The rapid growth post-pandemic is another contributing factor for the need for clear succession plans in companies, the report adds.
Source: The Economic Times - https://lnkd.in/gKzpHMX5
✍: Abhiraj Ganguli
📷: Getty Images
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