The recession period of 2008 brought with it a slowdown in the number of jobs being offered to students. Since then, even though the economy has bounced back, the country has seen the closure of a large number of management and engineering colleges. So, popular sentiment is that management education has reached its saturation point. However, that’s not the truth. India, even though a developing nation, is now a respected country and a power to reckon with worldwide. Companies in the country are now scouting for the best possible talent.
The best talent comes from quality institutions across the nation and even abroad. In fact, in order to compete with global competition, companies need more and more quality management graduates. The need for managers will be a never-ending one as new companies and startups keep forming and older organizations scale up their functions. The difference that is being observed is that companies are no longer accepting mediocre or low-grade talent. Thus, any sub-power management colleges will suffer a shut-down.
Going forward, management colleges would need to hire quality teachers and build upgraded infrastructure to train students competitively. Management education will have to go through a transformation in terms of it being at par with global standards. Colleges will have to ensure that students get proper internships so that they are well-prepared to get hired and face corporate competition.
In order for students to be on par with global standards, it is important for them to be proficient in at least one foreign language. English is an important common language throughout the world and hence, companies look for people proficient in at least English. Any other language would be an added bonus.
Also, traditional management roles are likely to see saturation. However, management as a field will stay wide open with new and evolved managerial roles coming to the fore as companies and trades evolve. Startups and expanding functions of larger companies ensure that there will be sufficient demand for managers in the coming future. It is important for colleges to stay upgraded and cater to the needs of the changing corporate environment.
Colleges might have to start following the global trend of getting experienced students into their courses. This would allow for students with work knowledge to get a professional education and such students would be readily hired by companies. Also, institutes might have to change their student selection process which currently focuses only on selecting the cream. By increasing the number of students selected, the chances of their alumni reaching important corporate positions would increase manifold; thereby, giving them a better worldwide ranking.
Management education has a bright future in India and the world. Educators need to start adopting global trends and standards in order to produce a truly global generation of potential hires.