India is the youngest country in the world; The average age is 29 years. At working age, about 64% of the country’s population, India’s human resources are likely to be world class. Even so, India has only 2% skilled workers. According to a report, there are about 2 million graduates; However, half a million postgraduate unemployed in India. About 47% of graduates in India are not fit for any kind of industrial role. The London School of Economics in their study found three main reasons for such a high rate of unemployment in the country; The first reason is that not enough good jobs are being created for new graduates, the second reason is that students face many obstacles for their education and the third reason is the challenging transition from education to work force and there is no support for them. Also, including the Kovid epidemic, the global recession has affected the employment situation in each country. In India, with prolonged nationwide lockdowns and the recent rise in coronavirus cases, the impact has been prolonged.
According to a preliminary study research, any employer explores the key skills for a new graduate. Surprisingly, the top skills that any employer needs are not technical skills or any special skills, instead employers are looking for graduates who are able to learn quickly. Most companies have their own unique work process and they want a smart graduate who can quickly grasp how the job is done; This will reduce loading and unloading time and will allow you to get on board faster. It was an interesting find, as this skill is not being taught in any MBA college. How you can invent fast learning skills; This is a highly subjective and evolutionary process. It requires a stimulating environment; Stimulates young minds of students, provides lots of exposure and opportunities to understand and learn their various skills.
Another important gap found between art and a new MBA graduate is the difference between the academic curriculum and the ever-changing industry requirements. Traditional antiquities and business models may not work in the current global situation; There is a need to look at business issues from a different angle. Gone are the days when internet and data availability was a problem, nowadays data is easily available and in fact data is being curated every second. Business education needs to add technology as a major component of their academic curriculum. Young MBA candidates must be comfortable with technology, even when they are not coming from a technical background, they should be able to manage and process data well.
MBA candidates must realize the importance of a global MBA program. Capabilities are needed locally, nationally and internationally for future business leaders to see the ‘big picture’. Now employers are looking for graduates who have the ability to work with international teams in a hybrid work environment and can provide successful international strategies. A global MBA program can prepare you for an international business career as you become familiar with different languages, cultures and ethnicities, making you a more empathetic and sensitive person. You can also develop cultural sensitivities and gain an insight into different perspectives.
The end point will be to realize the essential role of a good business school alumni network. This must be an important decision point for choosing MBA program and business school. Alumni are not just a powerful force in building a business school brand; They are the top resource for business school recruitment. Alumni of a good business school will recommend their undergraduate business program to others and mentors potential or current MBA students.
After each economic downturn there is a boom where existing companies grow while new companies are formed to meet the growing consumer demand. The Post Covid MBA program will probably mean graduating from a very healthy economy and a strong job market. Be smart and choose the right business school for your career.
The author is an Associate Professor and Head of Marketing at SP Jain School of Global Management.