By Davider Narang

The economy always needs trained management professionals to meet the needs of the dynamic industry paradigm. Survival in today’s ultra-competitive world has become very taxing for organizations. The need for managers who can deal with this competitive scenario while anticipating the changes that will occur in the near future is high. This gave rise to the need to give business education to the students. For any economy that thrives in nature, there is an indispensable need for trained professionals.

In an economy like India, the need for individuals capable of developing new ideas and giving back to society is immense. Management institutes equip students with a high-flying career making individuals worthy of a lasting career. Management institutes are considered to be the main bodies that equip students with the appropriate skills required in the job market today. Learning has always been essential at any age. Ranging from freshmen who are preparing to enter the labor market, to people who are already serving the labor market and need to upgrade and retrain, both needs are met by management institutes. Since the business environment is dynamic and extremely competitive, the need for management training has increased over the years.

Management institutes around the world have played a pivotal role in boosting employment, they train management professionals to be fit in the industry.

Management institutes have facilitated in the following ways:

Keeping Management Graduates at the Forefront

Students undertaking a management course benefit from ample exposure to understand the challenges facing the business world today. The domain-specific certification along with the academic curriculum helps develop expertise in the students’ area of ​​specialization. Management education opens up multiple career options by preparing students for industry, especially for growing industries and providing many job opportunities for management graduates. The private sector offers various opportunities in various industries such as banking, financial services and insurance (BFSI), healthcare, analytics, real estate, fast moving consumer goods (FMCG), paints and chemicals, construction, pharmaceuticals, IT/ITES and many more. . By training individuals for the industry, management institutes stimulate the integration of students into industries that need the right talent.

Reducing the skills gap

After Industry 4.0, the skills required to work in industry have seen a paradigm shift. To ensure that there is no skills shortage, a digital skills ecosystem is needed. Management training helps reduce the skills gap in the economy, which boosts employment. Management institutes understand and promote industry-university collaboration, where industry collaborates with university in order to train students for industry. The person who already takes on the challenges of the industry knows and understands the dynamics of the industry very well. It is extremely important to get training from people working in the industry who face daily challenges. Many institutes have included an element of industry exposure to promote the readiness of individuals for industry. Apart from this, industry mentoring has also been initiated by management institutes to accelerate skill development. The institutes have also undertaken the inclusion of projects that will foster negotiation, interpersonal skills, communication skills and team building enhancing the work readiness of management graduates, further increasing the likelihood of their employment.

Develop an entrepreneurial spirit

Management institutes are paramount in shaping the entrepreneurial spirit of management graduates. Management institutes do not just focus on creating a workforce for industry, the institutes promote an entrepreneurial ecosystem to empower budding entrepreneurs. Many institutes have an Institutional Innovation Council to support the ideas of management graduates. These boards support students’ innovative ideas from idea generation to prototypes. With multiple training programs, certification courses and case study workshops, the institutes have widely promoted entrepreneurship. Entrepreneurship is the activity driven by an individual’s need for achievement and these institutions help individuals with motivational training. Individuals are encouraged through the course structure and activity-based programs by the institutions to identify, develop and refine their skills and competencies. These entrepreneurs not only create jobs for themselves, but contribute to the creation of many jobs in the economy, thus stimulating employment.

The author is Director, Jaipuria Institute of Management.

Disclaimer: Opinions expressed are personal and not necessarily those of FinancialExpress.com

Read also: Why sustainability is becoming a challenge for future designers