Monday, July 12, 2010

Management Career : Its All About Application & Value Per Resource



Article Published on 12th July 2010 (Eenadu - Largest Circulated Daily in Andhra Pradesh)



Business Trends :

A Management Education should not be by Chance.. It has to have a well thought out Choice to be or not to be.

Business Scenario in Brief:

India with more than 90% of Fortune 500 companies, many correcting their vision statement to include India focus for their new markets… India a well adapted young country is always in the forefront of innovation and accepting the change. The Global change is well received by India better than any one in the world. While the aged population in Western Economy is struggling to see the change, Young India moving ahead in changing for better tomorrow… The Change in the environment globally with the Indian Internal Consumption increasing there is a complete change in the businesses were run in India. If one notices there are very few companies left in the top 100 from 90’s to 2000’s..It is going to change further drastically in 10’s in the coming decades. This change always is handled by the Business Leaders who are going to emerge in these segments.

The change in the Global Business and the type of business change from Machine/Product driven economy to Services Economy to E-Services Economy emphasis more on the People focused initiatives

Business Leadership in Brief:
While the Top Management in 90’s were in an age group of 55+
The 2000 has seen a great change in that age group dropping down to 35+
2010 beyond would bring that down to 30 an average…
This change is mainly due to the change in the business and growing trend of Enterprenuership by the young generation and the Electronic Economy. This change is driving the need for the Management education in India.

Management Education over 5 decades:
Management education is not even 50 years formally… It was more part-time Management programs for working executives… The First of formal Management Education has started with Govt initiatives in 1962 and later in 1980 the departments in various Universities came up with the Management programs… the 1990’s saw the booming 600% of Private Management Institutes established and approved through Govt. body along with the Uniersity affiliations… The 2000 onwards noticed a great shift in Programs offered by the Establishments with partnerships with various international Institutes as independent programs.

Type of Management schools
– Govt Established Institutes like IIM’s
– University Departments
- University affiliated colleges
– Stand-alone Institutes
– Unaffiliated independent schools
– Dual-degree with foreign b-schools.
- Many International Universities provide Online MBA degrees

Each of the above Management programs offered by the Institutes have their own advantages and all these should be utilized based on the Knowledge, Application and Opprotunity to Network.

With the change in the Global Economy and the Trend of building that competitive advantage Indian Management built a Global Curriculum. Now the stage has come that the World recognized the Management Programs in India and China - the greatest threat to many best B-schools… Lets move on to examine few more details…. Today Harvard like Institutes are offering the India Centric Executive Management Education competing with the Indian School of Business who are among the top 10 Management Institutes in the world.

Types of Business Schools:
The various Type of Business Management Programs offered by various Institutes in India today :
– General/ Sectoral /Functional
• Full time (1yr/2yrs),
• Part-time (3 years) (non-residential)
– Executive MBA programs (various modes)
– MBA through the distance mode (Like IGNOU)
- MBA Online (National/International)
- Executive development programs
- Doctoral & faculty development programs
- Management research programs
- Foreign Institute’s International Exchange and Development Programs

The competitive Advantage:

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.
In this scenario the Business Schools are building & retaining their Competitive Advantage through:
–Best Faculty resources & development
–International Research & publication
–Interface with industry
–Student placements
–Curriculum innovation in India for the Globe


The Specialization based on the Industry and Business :
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. This has paved way for a focused Specialization than a generic Management Education.

• Generic Functional Specialisation
o General
o Human Resources
o Finance
o Marketing
o Production
o IT
o Enterprenuership (Mostly for people to establish business on their own)

• Few of Industry Specific Specialisations:
o Retail Management
Biotechnology Management
o BPO Management
o Pharma Management
o Banking, Insurance & Finance
o Aviation Management
o Health Care Management
o Tourism Management
o Hospitality Management
o Telecom Management
o Agribusiness Management
o Insurance Management
o Service Management

The Student must select the right specialization in their MBA program in order for MBA degree to carry the most value that can help in creating a great career. All the above Industry Specific programs helps people with similar skills, personality and aspirations to work in that Industry.

Trends in Recruitment:


Recruitment of Management graduates directly is a reflection of International / Global business changes across. 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 demand for the good technically driven management graduates from various steams to help in filling the gap of demand.

Literally all the type of Industries are recruiting the management in competition to others to build their business, as the Supply (Good Hands on Management) is lower than the Demand in the market. This trend is continue with the growth of SME’s in India from 15-18 millions who are growing up to the Global Competition and emerging companies… In the future there are more SME’s going to HIRE MANAGERS than any other Large Industries. The SME’s today have capacity to hire 50% of the passouts provided they build a quick value by Practiced knowledge at the colleges. The typical Industries Hiring MBA’s – Education, IT Consulting, KPO, Management Functional BPO, Retail, Insurance, Services, Communication, Health Care, Infrastructure, Leisure etc.,


The Management hiring are based on some of the following reasons:
“HIRING MOVING FROM PERSON/Qualification BASED SALARY TO VALUE BASED SALARY”

- Building Business Value in terms of
o Revenue Turnover : Direct or Indirect measurement interms of building the monetory value to the organisation. Since any economic business activities is measured by Revenue Turnover and the realization of money.
o Exploring & Expanding to New Business Areas : Employee support in building new business in helping the company to grow.
o People Management : Any business Success is based on the people success. The support in building that right people support for organisation always helps every individual growth.
o Market Reach : Help understand the market and identify the new areas to grow and support an entry.
o Financial Mobilization : Help in financial support at the right time of the organizational growth.
o Operational Excellence: Delivery for customer is best possible through an operational support and building that continuous improvement.

Traditional : Management Trainee Scheme : This refers to the general hiring of the management graduates and putting them through the various stages of learning opportunities. This is a long-term process to achieve the above business value for any organisation. There is a change coming in the

Internship Based Hiring : Most of the Internship projects would fetch jobs for students than waiting for the Campus Recruitment. As the organisations would be able to see the performance of the Individual over a period of time in a real-time environment.

TASK/Project Based Hiring: When the organisation reaches the campus shortlist few of the aspirants who are promising and they are given a brief task for a period like 1-2 days. The students are asked to come back with their results and present the findings to get placed. This trend is would help the student to display his/her skills live with specific output.

Incubation Based Hiring:
The Latest trend in next few years catching up would be having the industry incubation center in Business School and identifying the talent over a period of time in hiring. IN this case the organisation would give continuous tasks, projects to group of people involved from that business school in an Simulated Office environment created at the campus. This is going tailor made most of the needs of organisation through the students.



Current Business Trends in Skills Required to Get Hired:
As the change in the business is evident due to the global trends, the demand for the skills of individuals to excel would always under constant change. The following are some of the important skills replaced as priority in today’s business apart from the traditional skills of Communication, Presentation, Negotiation, Leadership and many others… The following few really are important to be in business and grow a management career.

Business Savvy: One should not think of Management Career without this personal skill. Thinking Business in every activity linking the economic activity to every work/task/project done by the individual. A person with business savvy skill would posses the ability to understand the importance of each of function/task value addition to the business. Focus on building blocks for better business and create value through multiple ways.

Technology Oriented: In today’s world nothing moves without technology adaptation. Also Technology is such an integral part of multiple growth of any organisation. Scalability of any business is directly proportional to the Technology adaptation for business by people. Every management graduate not just manages people but mange people with Technology Tool. Hence its important that they build a great appetite to Technology by welcoming new technologies and converting current technologies into new with people support.

Networking
: Connecting to people and running business is the order of today. Hence networking skills are getting more prominent in today’s social internet age. As one grows in their career one of the most important skill is networking. This networking can be personal network, business network, global network both direct or Indirect. There are many social networks and groups across the globe can give an access to reach the unknown for business benefit. Having a network of 5000 known people is no longer a dream or imagination in today’s world…rather it can be to millions when it comes to business support using multi-party networking.


Global Perspective:
Today’s business is “Global” that requires the understanding of country specific culture, government, laws of land, People work culture, Integration of work teams etc., A company can establish a unit in other country if they do not understand the above issues can never be successful. Hence People with a right and accurate global pespective of the respective country would be successful. This skill is not just for top management but for every manager to be successful.

Management is Practice & Application Always:
Many of the best Management education institutes across the world and in India are waking up to the reality of Practice and building the Industry Interface in reality. Having an extended arm of Industry at the Institute would always helps in building best management pool for our country. It is moving in the direction 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.

16 comments:

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