Growing Need for Management & Engineering

Growing Need for Management & Engineering

Welcome to a series, which is going to guide each of the Students, and build that extra bit of push for your effort to fulfill dreams of loved one’s and also one’s own. In this series our effort is to make you understand the market potential that you can identify and explore yourself to reach the corporate with confidence.

In today’s business the opportunities are limitless hence the need for talent to manage the business is at peak. The growth in the technical revolution across the globe is demanding a greater amount of technology savvy people. All the high-end technologies in various segment of business are creating opportunities for the good engineering graduates from various steams to help in filling the gap of demand. We have been experiencing not just growth by the industry, but ‘telescopic’ growth in the past 15 years and this pace is accelerating as we go along.

Growing Need for Management Studies globally
• Multi-National operation of business, Today every organization is an operator in the Global market.
• The growth in Outsourcing of manufacturing, logistics, finance, HR, IT, Marketing & Sales and many more business units for better efficiency and cost effective solutions.
• This phenomenon is throwing up challenge in managing these businesses across continent. The efforts are made world-over to create an international curriculum and operate cross-continent expertise is been built in MBA’s.
• For example: Dubai has create special cities “Knowledge City”, “Academic City” where all the international universities are positioned to give that Local Edge to the Industry with their Global perspective.
• The expertise of managing India in tune with the universal expectations is the challenge. All the MBA institutes are now trying to address this issue in preparing the Management Students to the global standards.
• Most of the international companies and Indian companies would prefer people with Engineering with MBA combination as they can integrate the Technology with Business Management.

“Grow to be an Indian Manager than a Worker Outside Country”

Growing Need for Engineering & IT :
• In the quest to build best of the best and cutting edge products the technical ability with innovation and supporting the market has created lot of challenges in the area of Engineering and Technology.
• Today every sphere of business needs the Engineering and Technology Talent. It could be in the areas of Communication, Avionics, IT, Construction, Manufacturing, Pharma, Services etc.,
• If only Nasscom estimates 3 million jobs in IT & ITES spear over few years, imagine the Other Industries are also at the same growth phase to absorb the new talent. Infact they would as larger employers would absorb many more. Even as the new technology developed, it needs the adaptation for the Industry, which creates more opportunities for Engineering Students across the globe.
• The students at this level to get more and more exposure to the Industry and hands on exposure. This would help them to be in line with the organizational requirement and grab the opportunity well in time.

All top institutes in the country for Engineering or Management are TOP because:
“T – Teach best of the bread experience sharing by the faculty who are Industry experts.
“O – Opportunity to work with best of the Infrastructure and Exposure”
“P – Prove performance in real-life than in Books – more practice
- Place before even pass-out”

Most of the time these are the institutes who dictate terms with Industry as the supply is less and demand from organizations are more. Infact the Industry que-up well in advance to pick these brains. Companies hike up the salaries every year to ensure they get the first two days at the campus to pick the fresh graduates before their competition. In some cases the previous batch of students get lesser pay than the new offers.

Since the Demand is more, there are opportunities for other institutions to fill that gap to give the best advantage to the Students.

“ Its Important for Student to make that extra effort to build their visibility to the Corporate because they have perishable value if pass-out of the college and look for Job”

Great Western Dream:

While the opportunities are there in India to grab the Global opportunities some of our students still chase the Great American (Western) Dream. This dreaming as many reasons, which influences them to ignore the opportunities.

• Each student in our country is under pressure from the Society and Parental pressure to pursue an international degree/career forgetting and ignoring the opportunities at homeland.
• Due to the growth of business coming into India it is the right time that we have the talent, which manages and innovates India Inc. is the most appropriate over next decade to make sure that India gains that momentum to dictate the world.
• The students who realize this and create enough grounding in the Indian Industry and move to expand their horizons outside to acquire the knowledge would help. As most of the Institutes across the globe look for a fair amount of industry exposure before pursuing any of higher degrees whether in management or Technology areas.
• The need of developing a career in India is more emerging due to the strength that the rupee is gaining now a days. The salary ranges and payouts are getting closure with more saving potential in India itself.
• So any student chasing the dream should do this reality check and build their confidence by proving oneself here.

Indian context of Management and need for management talent pool
• In the rush to acquire the International business and execution many the organizations ignored the initial investment in Management Talent. Over the last one decade the need has become very obvious that we need good managers to sustain any of the business, which has been acquired. This would help the companies to stay ahead and global.
• The Manager has various challenges in managing the talent in the organization to work International level. This has to have the Indian touch of values, ethics and International orientation. Whereby making the mangers job most complicated than anywhere in the world.
• To fulfill the gap of managerial talent the Industry Associations, Institutions and Organizations are coming together to build courses which are close to the industry requirements.

Industry Opportunities for MBA’s(Management) & Engg. & IT
• Industries Hiring MBA’s – IT Consulting, KPO, Management Functional BPO, Retail, Insurance, Services, Communiation etc.,
• Industries Hiring Engineering Graduates: Communications, Manufacturing, Automotive, Aviation, IT, ITES, BPO and many others

How organizations are fulfilling their need for managerial talent
• Most of the Organizations have a special Management Trainee Schemes, which would focus on Management Graduates to Grow into the Management stream. This effort makes them to knock the doors of Management Schools. They are typically planned during June to Sept of this year for next year.
• The Other best way is to grow and help the Internal talent to grow into the Managers with a clear growth plan. To this effect the companies are investing in tieup with Indian and International Business Schools to offer an Executive MBA courses ( Someof them are even specially designed for the company based on their internal growth needs.)
• A step ahead the companies are now on the move to create their own internal management talent schools in association with best of the business schools in the world. They are willing invest upto a mind boggling USD 50000(Rs. 20,00,000/-) per day for faculty who could be the best in the world.


How organizations are fulfilling their need for Fresh Engineering & IT Talent
• Many process oriented organizations have Graduate Engineer Trainee concept to build their technology expectise. Many a times these graduates are put in the fast track to build a future supervisors / Leaders for organizations.
• Most of the companies who have a focused business plans do an advanced planning for campus for next year. Typically the hiring used to happen in June-Aug earlier but this stream as moved a bit to Jul-Sept or even Oct-Nov of this year.
• Over the last couple of years the companies were recruiting off campus where a large pool of engineering graduates are available. This is more a Just in Time for their business as the uncertainity was very high due to the changes in the Industry. However now the business flow into India is looking up well the companies are willing to plan and hit the campuses.
• Most of the International companies are eying on Indian Talent to pickup from the College level itself. This is also making the campus market hot for the “Right Talent”

In the coming weeks we would explore how you can project a Right Talent to the companies and give you and opportunity to win a career before your complete your course. All the Inputs that are shared in this week would be dealt in-depth to help you reach your DREAM and Building Future India.

You are most welcome to address any queries, which can be addressed as inputs in the coming features. You may flash your queries to: gr@husys.net


Need for Management Graduates :
Due to the opportunities in business and unprecedented growth at various industries and the need to manage business and People is throwing up the challenge of good management education. It’s the current need to fill the Gap between the pace of Industry and Building sustainable growth with right managerial talent.
• Globalization of Industry competition & boundary less organizations
• Faster Growth of Individuals in Organizations
• High Disposable Income @ young Age
• Ability to acquire anything thru the Credit models
• Large number of lower-level teams building at a pace which was never envisaged. Coupled with People growing in Designations but not Manager as a ROLE with right set of qualities
• Challenges of managing people and ensuring focus on Business
• Managing People Relations, Investor Relations, Customer Relations
• Managing the Customers who are equally agilent, demanding, experimenting, Unpredictable and of course, every changing.

Lets look at the various Management functions and Specializations emerging to be the most sought after careers. In today context apart from the traditional Specializations, there are many more functional/vertical business management subjects are emerging to cater to the needs of the ever changing business models & opportunities which are global in nature.

The Current & Future:
Functional Specializations => ☺
In the recent past the management has been specialized for the new areas or verticles of Business. The management education world over is identifying a functional areas and training on how to manage the business with specialization. The typical Vertical Specialization would include all the above aspects of traditional management subjects. Some of the areas of Management with specific reference to the verticals are mentioned here below for information.
CAREERS IN BIOTECHNOLOGY
o The future bio technological challenges and long gestations in creating a better life in long term are the reasons for emergence of such specializations.

Recent advances include genetic engineering in which single-celled organisms with modified DNA are used to produce insulin and other drugs. Biotechnology is leading to the brink of a new industrial revolution- the bio-industrial revolution. Its benefits are better health, more food, renewable energy sources, cheaper and more efficient industrial processes and reduced pollution
Bio-Technology is a research oriented science, a combination of Biology and Technology. It covers a wide variety of subjects like Genetics, Biochemistry, Microbiology, Immunology, Virology, Chemistry and Engineering and is also concerned with many other subjects like Health and Medicine, Agriculture and Animal Husbandry, Cropping system and Crop Management, Ecology, Cell Biology, Soil science and Soil Conservation, Bio-statistics, Plant Physiology, Seed Technology etc. Bio-Technology is the use of living things, especially cells and bacteria in industrial process. There is a great scope in this field as Millions of USD are being invested in Research in India and the demand for biotechnologists’ is growing in India as well as abroad.
There are many applications of biotechnology such as developing various medicines, vaccines and diagnostics, increasing productivity, improving energy production and conservation. Biotechnology's intervention in the area of animal husbandry has improved animal breeding. It also helps to improve the quality of seeds, insecticides and fertilizers. Environmental biotechnology helps for pollution control and waste management.
Integrated M.Tech. programme offered at IIT Delhi and Kharagpur is through a Joint Entrance Examination (JEE), which is held for students who have successfully completed the 10+2 or equivalent examination, with physics, chemistry and mathematics. For admission to IIT, a pass in the IIT-JEE is required. The Jawaharlal Nehru University, New Delhi, AIIMS, Jadavpur University, Kolkata and Anna University also offers integrated M.Tech course. Selection to the graduate courses ( BE / B.Tech ) is based on merit i.e the marks secured in the final exams of 10+2 and through entrance exams. Entrance to the IIT's is through JEE (Joint Entrance Exam) and for other institutions through their own separate entrance exams and other state level and national level exams. Apart from the IIT's, some other famous institutes also recognize JEE scores for selection. Selection to the postgraduate courses ( M.Sc / M.Tech) in different universities is through an All India Combined Entrance exam conducted by JNU, New Delhi and to IIT's through GATE in Two year/ 4 semester M.Tech courses and through JEE in five year integrated M.Tech courses in Biochemical engineering and Biotechnology.
Personal Qualities Required-A prospective biotechnologist should have a scientific aptitude and a keen interest in the biological sciences. He should be methodical and patient by nature, able to work neatly and accurately and have a flair for laboratory work. The ability to work independently is another important aspect. ability to use computers in work is very important. biotechnologist needs certain skill of problem solving, information technology skill, analyzing and interpreting skills.
CAREERS IN RETAIL
• The newer revolution by replacing the traditional retailing has forced every individual to re-learn and apply for the benefits of the customer ultimately.

Retail has emerged as one of the most dynamic and fast paced industries with several players entering the market with around eight per cent of the employment.
Retailing in India is gradually inching its way toward becoming the next boom industry.
With the entry of giants into the ground of retailing, the organized retail sector is estimated to be a booming employment creator in the next year. The setting up of retail stores by Reliance & Bal-Wart are expected to bring in a new breeze of customer orientation with branches across country. With over 14,00,000 crore running into retail market opens doors for unbelievable employment options across the country.

The retail industry offers opportunities in merchandising, store management, central management, and buying. Retail continues to grow at a rapid rate offering face-paced, people-oriented, and service based careers. Online retail, or e-tailing, is a part of the retail industry that is quickly growing. Other forms of retailing include vending machines, catalogs, mail order, computer shopping, and home shopping networks. Technology continues to improve the retail industry. Technologies such as Quick Response and Electronic Data Interchange allow retailers to instantly see sales, change shipments, make payments on merchandise, and place orders. Opportunities are also available working in these settings.
Working in retail requires keen sales skills in order to be successful. Those looking for a career in retail also need to enjoy working with people and empathize with customer concerns. Enthusiasm, flexibility, and a positive attitude are essential characteristics necessary to find success in the retail industry.

CAREERS IN INSURANCE MANAGEMENT

Insurance is unique in the financial services field because, unlike banking and investments, which are regulated by federal agencies such as the Securities and Exchange Commission, it is regulated primarily at the state level. This means that insurance firms must deal with up to 50 different sets of state regulations and 50 different state regulatory agencies. At the same time, they must develop dozens of different premium rate structures that appropriately reflect the costs of meeting local risks and fulfilling state requirements. As a result, few insurance underwriters offer all of their insurance products in all 50 states; many do business only in a limited number of states.

The insurance industry includes a wide variety of sectors and services. The most obvious are insurance underwriters that cover the risks and issue the policies, along with the agencies that sell insurance. However, there are also large numbers of consulting firms, claims processing firms, data collection firms and myriad other specialized fields serving the industry. With an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge.

Insurance Career is the employment option that lately came to India’s innovative career seekers. When liberalization policies opened up ground to Indian private sector Insurance companies and FDI capital, the growth thirsty sector started to boom. There are two main areas of the insurance industry, viz., Life Insurance and General Insurance; there are job seekers who wish to specialize either in life insurance jobs or general insurance jobs. The insurance industry offers a wide range of jobs including actuarial work, sales, surveying, claims handling and investigation, underwriting, risk management, investment management, and pension’s management. Insurance companies also recruit for general management functions such as accountancy, marketing, management services and personnel.

In addition to academic qualifications, there are a number of personal attributes which are important. Characteristics such as curiosity, discernment, perception, discretion and the ability to work carefully with attention to detail can be beneficial. : Analysing, written communication, decision-making, communication skills, attention to detail, flexibility, spoken communication, negotiating, high persuading and energy levels. Most importantly, candidates need to be decisive and capable of justifying their decisions with logical and sound argument.


CAREERS IN SERVICES
• The emergence of the Knowledge Society and the ability to create & support the needs of various industries/consumers/ customers itself created a need for building a continuous sustainable Service model for pure products or otherwise.

The outsourcing business process operations in India has encouraged many firms to start KPO - Knowledge Process Outsourcing can be simply defined as an off-shoring of knowledge intensive business processes that require specialized domain-based expertise. Knowledge process outsourcing (KPO) is a form of outsourcing, including legal process outsourcing. These are both high-value-added forms of business process outsourcing (BPO). KPO firms provide domain-based processes and business expertise, rather than just process expertise, and actually make many low level business decisions - typically those that are easily undone if they conflict with higher-level business plans.

After achieving great success in BPO, India is now looking for a big leap in KPO. Due to abundance supply of intellectual and creative workforce at very competitive cost in the country, international companies are heading towards India to set up their business establishments. According to a report, there will be over 300,000 KPO services that are outsourced to India in areas of Research & Analysis, Business & Market Research, Investment Analysis and Legal Research apart from Brand Management catching up the hot seat of careers in the youth. The following are some more lucrative options opening doors to highly fetching careers.
• Finance and Accounting advisory services
• Educational Services
• Medical Services
• Network Management
• Report Writing
• Report Presentation
• Content Re-writing
• Data Management
Since KPO demands advanced analytical and specialized skill of knowledge, therefore, it faces more changes than conventional Business Process Outsourcing (BPO). At present KPO offers an alternate career path for the educated. They pay more and the working hours are more civilized.

Further specific sub-functions of management are also emerging to cater to the needs of the Industry. In future you would find some of the interesting and specific specializations emerging thru management education which have been part or provided as diplomas earlier. Few example : Recruitment, Training, Advertising, Brand Management, Public Relations, Financial Analysis Management

• Construction Management
o The urbanization and infrastructural requirements of people are the real challenge to integrate management for better quality of life.
• Agricultural Management
o Emergence of new technology, increase in speed of expectations by very common man & essential for survival in our traditional Industry is posing a challenge to the managerial skill to support through this specialization.
• Telecom Management
o Revolution in Telecom era and the distances which are wiped off posing new challenges in managing such specializations.
• Hospitality Management
o With Global
• Logistics Management
o The challenges of just-in-time business in managing stocks and distribution world over lead to the emergence of Logistics Management.
• Manufacturing Management
o One of the largest and highly Financial and labour intensive business itself needs a special focus in current global competitive environment. It definitely needs the Management application for better cost advantage for customers.

All the above domain specific functions are available through the specialized agencies who have been teaching such specialization. The management subjects are added and made/created the Management Education through the institutes.

One word of Caution:
Management is Practice & Application to real-life:
Any Management career is more to do with your application & visible output of your knowledge & skills for better business sense. Irrespective of any specialization in Management ultimately how effectively and timely one has delivered is what it matters. The more the practical approach one adapts is the one who builds a sustainable career growth for future.