Getting Students Industry Ready

Today’s rapidly changing business environment is presenting new challenges and complexities. We see constant disruptions in technology, economic inter-dependence, digital transformation, and globalization rapidly spreading across industries.

These rapid changes require adaptations in operational and infrastructural setup of existing business models across sectors. This phase of disruption has put new demands on our education system; there is a need to generate more ideas and adapt to teach new skills.

Of late, a lot has being talked about the current management education system in India and the need to re-think how management education is being taught in order to make it more relevant and in sync with the changes and disruptions faced by industry.

Going by the current statistics and industry trends, it is apparent that the majority of graduates today are considered ‘unemployable’ in today’s ever-changing world. Companies feel that graduates lack the proficiency, skills, and aptitude required to cope with today’s challenges. A Forbes report shows that nearly 70 per cent of Gen-Y employees leave their first job in less than two years – underlining the wastage in the economy. This tells me that students who have strong analytical decision-making ability and good communications skills, coupled with knowledge of a broader blend of academics and on ground practical training, stand a better chance of fitting into the changing requirements of companies today.

Therefore, there is a need to look at a shift from the existing curriculum and to look at transforming the higher education system. This involves focusing on innovation and research and promoting hands-on learning, teamwork and entrepreneurial skills. The course structure needs to bring in aspects that will help the student process the current industry requirements and expose the student to a variety of challenges. Increasingly, universities will need to focus on interdisciplinary, experiential and immersive learning through labs, workshops, projects, simulations, industry visits, and internships. It is important that students be exposed to real life situations so that they can put this learning to use in their career.

Gone are the days when students were required to read chapters from books and listen to professors quote and reference passages from books. These students were not only ill prepared for real life situations at the workplace, but also had little knowledge of changing business dynamics in a global competitive market. Management education must incorporate practical training, experiential learning, and must teach the right values and soft skills so that the students of today become ethical leaders of tomorrow.

Business today is conducted across countries, time zones and cultures. Many business schools are tying up with business schools or universities across the world in order to ensure that their students are exposed to the latest global business practices. Universities that have programmes that allow their students to study abroad at their partners will ensure that their students gain the relevant global exposure required to combat today’s disruptive business environment.