– –Dr. Monica Chaudari
India is the youngest country in the world. The average age is 29 years. Almost 64% of India’s population has reached working age, and India’s talent has the potential to become world-class. Nevertheless, India has only 2% of the skilled workforce. Reportedly, there are nearly 2 million graduates. However, 500,000 graduate students are unemployed in India. About 47% of India’s graduates are not suitable for any kind of industrial role. In their study, the London School of Economics found three reasons why the unemployment rate in the country is so high. The first reason is the fact that not enough good jobs have been created for new graduates. The second reason is the fact that students face many restrictions on education. The third reason is the challenging transition from education to the workforce, without their support. And with Covid’s pandemic, the global recession has hit employment conditions in all countries. In India, the impact is protracted due to the lengthening of national blockades and the recent increase in cases of coronavirus.
The primary survey is investigating what key skills employers are looking for in new graduates. Surprisingly, the best skills an employer needs are not technical or professional skills, but instead, the employer is looking for a graduate with the ability to learn quickly. Most organizations have their own work processes and are looking for smart graduates who can quickly understand how the work is done. This reduces deployment and training time and allows you to board immediately. This was an interesting discovery as this skill was not taught at any MBA college. How can I quickly acquire the ability to learn? This is a very subjective and evolutionary process. This requires a stimulating environment. It stimulates the young minds of students and provides them with many exposures and opportunities to understand and learn different skills.
Another important gap between the industry and new MBA graduates is the difference between the academic curriculum and the ever-changing requirements of the industry. Traditional old concepts and business models may not work in today’s global scenarios. You need to look at your business problem from a different angle. The days when internet and data availability were a problem are over. Today, data is readily available, and in fact, it is curated every second. Business education needs to add technology as a key element of the academic curriculum. Young MBA applicants need to be familiar with the technology, even if they do not have a technical background. You need to be able to process and process your data properly.
MBA applicants should also be aware of the importance of the Global MBA Program. Future business leaders need capabilities at the local, national, and international levels to get a “big picture”. Employers are now looking for graduates who can work with international teams in a hybrid work environment to achieve a successful international strategy. The Global MBA program is exposed to a variety of languages, cultures and ethnicities, which prepares you for an international business career and makes you more empathetic and sensitive. It also increases cultural sensitivity and provides insights into different perspectives.
The final point is to fulfill the essential role of a good business school alumni network. This should be a substantive decision-making point for choosing an MBA program and business school. Alumni are not only a strong strength in building a business school brand. They are also a top resource for recruiting business schools. Excellent business school graduates recommend their graduate business program to guide others and future or current MBA students.
Every recession causes a boom, expanding existing businesses and establishing new ones to meet growing consumer demand. The Postcovid MBA program is most likely to mean graduating from a very healthy economy and a strong employment market. Be smart and choose the right business school to pursue your career.
The author is an associate professor and marketing director at the SP Jain School of Global Management.
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