Introduction
Executive in residence is a role played by positions involved with businesses or entrepreneurship. It requires a compilation of practical and theoretical knowledge in upbringing small startups or companies with a potential influx in revenue or sales.
Executive In Residence
A person is chosen for this role based on their former experience or efforts in supporting companies and making financial decisions.
Hence this post remains open to the main designations of an organization like the CEO, senior managers, and other executives. Based on their knowledge, they are required to commit to mentoring individuals or groups of individuals in various aspects of dwelling in the business community.
The typical work period for this role is between 6 months to 1 year. And this work line presents a lot of privileges, especially in regards to access to and support from various individual organizations. Other than that, it comes with personnel growth, strengthening skills, and enhancing the credibility of their knowledge.
What are the skills required for an EIR?
This sort of responsibility is short-lived and revolves around the teaching skills of the individual. Moreover, several other factors contribute to a diligent EIR;
- Participation in various lectures and seminars.
- Linking ideas from portfolio organizations, networks, faculties, and students.
- Interacting with professional crowds and addressing queries from different platforms.
- Sharing opinions on business models or discussions of the current trade scenarios.
- Educating students from business colleges to nurture their wisdom in various areas of the related studies.
- Present real-life experiences and relate to them while providing advice to budding organizations.
In short, the experience and skills acquired through your original career are required to be shared with individuals or groups seeking guidance in perusing their future in business. Other highlighting aspects of an executive in residence is as follows;
- Personality and ample teaching skills.
- Must be able to associate with individuals or groups from a broad range of business backgrounds.
- Should be prepared for the assistance of personnel if and when needed.
- The EIR must have a broad range of work experience.
What is the EIR program?
A general area of practice for an EIR would be business schools and training institutions. Here the executives from various levels of business engagements are brought to interact with the trainees or students. These interactions are crucial for broadening the curriculum and improvising on the method of teaching.
The Executive in residence program involves exposing students to a more practical approach and realistic management implemented in the business communities.
The concept of engaging executives in the role of trainer or mentors will not just benefit the students but also help the mentors flourish in their career paths through active participation. There are several qualities expected from an executive in residence when considering this program. Here are a few of the crucial points;
- One of the main aspects of this program is bringing real-life examples of the experience gained only after prior training, to the students during education. Students get to seek a genuine perception of their subject through a professional. Hence, an EIR must explain the working of business communities and the various obstacles one might face in this area of work.
- The mentor must provide strategies that they have practiced themselves when involved with business management. They must also allow students to discuss more ideas on the same.
- EIR may participate in seminars and paid lectures for providing notable contributions to the education of potential candidates. Through occasional seminars, they can build connections amongst the students and help spread awareness regarding work ethics and other relevant topics that are hardly emphasized through the regular curriculum.
Impact of the Executive in Residence program on students
In business studies, accurate decision-making strategies are the most adamant priority. The efficiency of the decisions portrayed will implement the business growth and other steps in its progress. So it is vital to make students decipher the various obstacles and learn to frame the right decisions.
Now, theoretical illustrations of facing such a situation hardly make any impression on the trainees. Also, being a spectator of renowned business leaders or other executives, cannot instill enough knowledge or clear away doubts that they may have in any part of their learning.
However, having an Executive in residence come to them, provide tutoring in all of the required topics, clear doubts through direct communication, and give relevant advice is going to make way for mastery of the art of business. That is the most superior impact of an EIR program.
Duration of service
Other impacts of EIR on the academic curriculum depend upon the duration of their tutoring or mentoring services. Several executives prefer to take up full-time mentoring jobs for an entire semester (1 year) or longer. These long-term ER programs bestow the responsibility of one or more courses for the entire semester. Some other benefits of a long term program are as follows;
- An opportunity to exercise your knowledge in an academic setting is rather engaging and gives you confidence in your career.
- It is comparatively less stressful and helps you indulge in a different kind of environment.
- The skills acquired through the role of an executive faculty may positively impact your life goals and establish new connections overall.
Some executives are allowed for the service of mentoring for less than a semester (usually a month). The short-term program requires them to conduct training sessions for either a day or a few weeks. Hence, short-term employment is voluntary and for promotional purposes or recruitment of promising candidates.
An EIR may also attend a day’s mentoring program or participate in seminars, acknowledging invitations from training institutes. This may not be part of a program, yet it still influences the curriculum profoundly.
What is the salary of an EIR?
Usually, an executive faculty is assigned throughout several semesters or many successful executives volunteer to provide mentoring to students on their own accord. Voluntary services do not have any payment. While being hired provides an average pay of $40,000 annually.
Comparing the role of an executive faculty to that of other members of the institution, the light workload and flexible teaching tactics are rather convenient. Thus the salaries are enough to acknowledge the efforts put in by the executive, although below the remuneration offered to the office staff and permanent lecturers.
Stay professional even after retirement!
A perpetual fear in society is the one regarding retirement and the state of having no relation to the past profession. People tend to assume that their careers end with a send-off photograph laminated on the wall. But that is not true.
Executive in residence takes the retirement days and recycles them into fruitful years of more service. Do not think about putting your skills to rest just yet. Find the next course to set sail.
Several thousand students graduate from business schools and training institutions and into the real deal. They would anticipate the practical sessions of what they have learned so far, only after they receive their certifications. But, if you could provide them with the taste of their future in the real market before their graduation, then you are making a huge difference in their lives.
The experiences of an EIR may stand as the most realistic model of what the business communities have to offer for future businesses. If an executive faculty successfully compiles their years of experience and associate it with the curriculums offered in business schools, then they would be able to provide the best source of learning for potential startups.
EIR programs stand as the most effective method of skill enhancement, there is no other way of implementing experience into the curriculum.
Experts conducted experiments to assess the benefits of this program. They concluded that, with determination and decent teaching skills, an EIR may handle an entire course and successfully evaluate the student’s progress.
Other than taking up a teaching role, an EIR may also become useful as an advisor and get involved in the development of potential businesses. Thus, the appreciable skill of handling budding businesses and potential employers is emphasized and associated with an elaborate understanding of the business world.
Since by the time an executive retires, they become more experienced, they start to look for EIR posts then.
Where to begin?
So here are the most reliable methods that can get you the role of an executive in residence;
- According to a recent analysis, more than half of the business schools in the United States have dictated the plans for EIR programs. Consider communicating with any noted schools or training institutions and display your experiences and skills.
- Get the attention of a potential VC firm. The connections built in the course of service will turn fruitful in the years of retirement as well. Getting acquainted with a venture capital firm will establish your skills and knowledge before your retirement.
Based on this relationship, you will be assigned the role of an EIR in such a firm.
Conclusion
This job is one of the productive attributes of being part of the business community. The role of an EIR pertains to the future and brings in scope for innovation. As we all know that experience is the best teacher. This thought has more applications in this field of work where skills and self-confidence overpower bookish knowledge and an expensive degree.
Frequently Asked Questions
1) What does an EIR do?
An Executive in residence is responsible for sharing business-related knowledge and experience to support or train a potential employer, a startup, or a business student. Such a role is involved in educating individuals in various areas of the business community.
2) Do EIRs get paid?
EIRs assigned for long-term service get paid an average salary, usually below the remuneration for permanent staff or officials of a firm. However, some EIRs volunteer to offer unpaid services for a short term.
