Contribution of management programmes in global business world
The pandemic has inflicted the corporate world very hard
The pandemic has inflicted the corporate world very hard. The business environment is very turbulent and companies, irrespective of the sector or the region they belong to, are going through a crisis. Many are trying to stay resilient, tiding over the numerous challenges exacerbated by the virus. They are fighting for survival by engaging in initiatives for a rapid recovery of revenue.
Every year, new graduates experience a different paradigm of skills being sought by the corporate world. Anticipating these shifts is not easy as the corporate anxieties are dynamic and continue to evolve. As companies resume hiring now, we see no 'job' crisis but only a 'skills' crisis. Every company is trying to re-imagine its future to evolve customer centric processes, enabling digital transformation while harnessing the power of data.
It thus becomes imperative for business schools, to do the very best to impart their cutting-edge learning, so that graduates can help companies become 'future proof'. Live industry projects are the perfect platform to apply these leanings. Value Addition becomes a top priority for companies, and they expect a new hire to add 'value' on a continuing basis.
The educational fraternity has to evolve and understand the emerging business challenges by organising industry conclaves, surveying senior practitioners on a continuing basis, engaging with industry captains, senior alumni and other thought leaders across industries and geographies. These exercises help MBA programmes equip students with a global mindset, ability to think critically, be able to lead teams, strategically analyze and use their skills to solve problems faced by company's real time. The prime focus is to attain creative intelligence, use data and leverage technology for disruptive innovation.
Covid-19 has been a game changer in many ways, requiring businesses to be more agile, pushing laggards to adopters to leaders, and creating a whole new approach towards customer centricity. Designing seamless omni-channel customer experiences are a top priority and companies have been struggling to re-strategize for rapid recovery of revenue to survive.
Business schools need to introduce global immersion research projects that engage students for 'modular' learning in economies, business environments and cultures that are completely different. Customized professional readiness programs also help foster the habits necessary to be truly professional when stepping up the corporate ladder.
These habits are a result of honing skills for effectively communicating, structuring problems, solving creatively, executing solutions, expanding networks, and leading self and managing teams. Implementing this with varied interventions will surely be indispensable.
Thus, approaches educators adopt will shape our students to be more agile and adaptable to changing business environments, organizational structures and market conditions. Cutting-edge curriculum and innovative initiatives grow their confidence to be a 'consultant' when they walk the corporate corridor during internships and eventually at workplaces.
(The author is a Dean – Global MBA, MGB, Professor of Marketing and strategy, SP Jain School of Global Management)