Academia bears a huge responsibility for lessening Skill-gap: Director, Jaipuria Institute of Management

Dr. Daviender Narang, Director of Jaipuria Institute of Management, Ghaziabad shares his thoughts on evolving trends in management studies in line with changing industry dynamics and how management education is evolving in Hybrid learning environment.

Daviender Narang, Director, JIM Ghaziabad

Business and management education plays a pivotal role in the social upliftment and economic development of a country. Management education has always played a salient role in the dynamic business environment. The most challenging task for organizations in the recent scenario is to survive in the competitive world that is transforming rapidly. Looking at the current industry paradigm, the importance of management studies has become manifold. With the introduction of the industrial revolution 4.0, the focal point of the economy, as well as the businesses, has shifted drastically. As the world is revamping itself, the skills possessed by business executives also need to transform due to the changes in the external environment. The evolution of certain trends, witnessed in the present times, has pushed academia to the forefront, bearing the onus of providing the industry with skilled and apt candidates matching the needs of the corporates. Here are some of the trends which require B-Schools to train the management graduates accordingly:

Crisis Management

Post the onslaught of the pandemic, all the sectors realized that the crisis might occur at any point in time, with the capacity to bring down even the most secure structures and hefty profits earned over the years. In the unprecedented looming times, the crisis can hit even the best of the world's best organizations. Besides the pandemic, there are even other forces at play that impact the industry operations, causing a crisis at any point. A crisis can be internal or external. However, it can be anticipated in advance by efficient managers, who can develop contingency plans to navigate through the aftermath of a disaster. One of the major requisites in the present management studies is preparing the graduates to anticipate the changes that might happen. A business leader who can foresee the market conditions is an asset for the organization, making crisis management an evolving trend in management studies in line with the industry landscape.

Efficient change implementation

Change management is a process through which the organizations implement the change. This process seeks the employees' complete support to make the change smooth and effective. Since employees tend to be in a comfort zone while working in an organization, drawing a change is not an easy task. It involves designing and implementing new strategies in order to include the employees at every step while drawing a massive transformation in the organization. Managers must be thorough with the global, local, competitive as well as environmental issues. As per the recent research undertaken, other than the generic changes that are continuous in nature, there are certain trends in management related to operations, marketing and HR. Supply chain management, product life cycle, customer relations, quality management, customer satisfaction and employee retention are some of the major areas that require regular intervention and updation. Thus, the industry needs managers who can handle change and ensure a smoother transition to the new practices.

A road to entrepreneurship

A sustainable economy needs the thorough support of start-ups. The start-up culture and the self-employed ecosystem have emerged in a big way. The concept of entrepreneurial ventures is not new, as it has been witnessed in the previous years too. However, it is the favourable government policies and the recently launched campaigns like Atmanirbhar Bharat, which have instilled confidence in the entrepreneurs of tomorrow to pursue their business ideas. Young students, who have been thoroughly involved in inventing as well as implementing creative ideas, are seen as an asset to the economy. These ideas not only transform into a successful entrepreneurial venture but also support the economy. Start-ups like Shuttl India and Haptik are among the country's best ventures. This trend of entrepreneurship is here to stay. It needs the backing of academia to provide it with the required boost and support by helping students sharpen their skills and develop entrepreneurial mindsets. Besides academic push, the trend also requires the support of the corporates in order to play a pivotal role in the growth of the economy, both in the short and long run.

Design thinking- A pathway to resolve issues creatively

In the current times, several businesses are battling various issues. A problem that does not possess a ready-made solution is termed as a wicked problem. The budding managers will encounter many wicked problems pertaining to their respective industries. The customized solution for each and every problem can only be undertaken by providing an innovative solution imbued with creativity. Since the problems faced by the organizations in the current industry paradigm are novel in nature, it may be due to the impact of the pandemic or the impact of war on the world economy. In order to solve these unprecedented issues, a creative mind is required.

Hence, academia bears a huge responsibility for lessening the skill gap and providing the industry with trained professionals that can not only solve the problems that are prevailing but also anticipate future trends and design a befitting solution.

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