We can see a considerable number of students in line to attend managerial courses conducted by various institutions. Why is there such a huge rush to join these courses? The reason is that every company today needs someone capable of leading groups of people who are all individually talented but cannot make a joint decision. It requires a manager to bring together people and resources to achieve an organization’s goals. Attending courses in business management makes people capable of executing various jobs efficiently.

Before we look at the job nature of managers and why companies need them, let us see why those aspiring for the post must attend a course like the IIM general management program. We can see what skills the students can acquire by participating in such programs.

Benefits of Studying a Business Management Course in 2022

Everyone knows that business management has become one of the most coveted careers as there is always a demand for managers. Even those who have completed other courses like engineering get additional certification in business management because it equips them with knowledge about all aspects of a business. All companies look for people who can understand all aspects of a business and contribute to its success. The IIM project management course arms its participants with the skills to lead and get work done from people with different skills.

1. Perpetual Demand For Managers

The reason why anyone joins college is to get a job. It is not enough to get any job, but it must be lucrative and offer excellent growth perspectives. No course can guarantee one a job at the end of it like courses in business management. As long as there are commercial organizations, there will be a need for managers. Whether it is a small firm or a large corporation, it needs managers to run the show. In bigger companies, they will need such persons for every business unit.

Also Read : Accelerate your career growth with a course in Business Management

2. Acquire Management Skills That Are Useful Everywhere

A significant advantage of management courses is that they equip you with skills used in any company. It doesn’t matter if a person is getting employment in a large car manufacturing company or a local supermarket. The same skills are needed in both these businesses to take them to success. Courses such as the IIM general management program make one capable of managing a small team or running a large manufacturing firm. The skills learned in these courses can be applied in any industry.

Also Read : 6 Key Skills Every General Manager Requires

3. Study A Variety of Management courses

Management courses don’t just teach management. They also deal with numerous subjects that one needs to be familiar with. Finance is one of the subjects that is taught in all management courses. This is because all managers must know about how money is handled in a company. Whatever department the person is going to manage, there is a need to do budgeting, which requires knowledge of finance. Economics is another area where all managers must have some proficiency. They will also learn HR management, public relations, and marketing.

4. Meeting People At The IIM Project Management Course

A big benefit that students of management courses get is the opportunity to network. They will meet people from various backgrounds and industries. This helps aspiring managers to know about multiple customer segments. There are people from different parts of the world attending such online courses in business management. This allows participants in these programs to learn the latest developments in other parts of the globe. It is also possible that there are people who work in companies that may have vacancies suitable for you. Some may even find the right business partners in these courses.

Also Read : Perks and Benefits that Make the Modern Organisations Attractive for Top Talent

5. Getting Industry Knowledge

Many of these courses offered on ed-tech platforms like Talentedge have many industry experts giving lectures. Such exposure is highly beneficial for all who will one day become managers. These people who have many years of practical experience can enlighten the students about practical difficulties they will face in their job. They will also impart knowledge about the peculiarities in different industries. Listening to such industry experts can also help students of the IIM general management program decide which sector they would like to join. Such practical knowledge will help in finding solutions to various practical problems.

Also Read : Get ahead in the digital industry

6. Get Placement Even Before You Complete The Course

Attending such business management courses also helps many students get placed even before they have completed the course. These institutions have such an excellent reputation that many companies seek students who have passed from these colleges. When one attends these causes, they may be selected from the institution itself before they complete the course. In many cases, these companies also offer short placements, which will give the students a chance to have practical knowledge before they embark on their careers.

7. Increased Employment And Promotion Chances

Having a management certificate will surely increase the chances for employment. Someone who has a technical qualification may be able to complete various tasks. But only with a management certificate will the person be able to move to a leadership position. This means that attending courses in business management can pave the way for an elevation of function in the company. For first-time job seekers having a business management qualification can improve employment possibilities at a higher salary than others.

It is evident from the above that these courses equip students with enough skills to become a manager. But, do all companies need managers? It is essential to see why all companies, whether small or big, appoint managers.

Also Read : What kind of education do you need to be a business manager

Why Do Companies Hire Business Managers?

Increase Revenues And Decrease Waste

In a world of severe competition, it is not easy for companies to continue to earn good profits. They must find various ways to increase revenues. It is also highly crucial for all firms to try and control wastage as much as possible. Qualified managers are appointed for this purpose. Sales managers are constantly looking at ways to improve sales. They look at new areas to expand the business. These professionals know how to attract new customer segments to the brand.

One of the ways to reduce wastage is to improve efficiency. Managers in all departments continuously explore ways to make processes more efficient. Supply chain managers look at ways to reduce procurement and transport costs. Heads of operations see how they can make procedures more efficient and automate processes, thereby reducing the cost of employees. The IIM general management program teaches that a well-managed HR department recruits the best talents resulting in better all-round performance and improved earnings.

Also Read : Types of Managers and Their Roles

Retain Good Employees In The Firm

Many companies spend a lot of money employing new people as the attrition rates increase. There are a lot of opportunities for those who work well, which makes them go after more lucrative jobs. Companies must struggle to retain such people. It is just not for saving money but also to upkeep the reputation of an organization. Retaining people doesn’t just lie in the hands of the human resource department. Every unit head must do their best to keep people from leaving.

One of the ways unit managers can do this is by giving opportunities for all employees to exhibit their skills and prove their worth. One of the major reasons people leave a firm is that they cannot utilize all their capabilities. Another duty for all the team leaders is to protect their members and raise them to the next level. Those attending the IIM project management course know how important it is to motivate employees and guide them when needed.

Also Read : How leaders and managers motivate staff differently

Establish Ethics And Ensure Good Behavior

People in a company come from different economic, social, and educational backgrounds. This makes them vastly different from each other. There can be friction in such an atmosphere. There can be discriminatory behavior towards certain groups of employees. Staff members may have differences of opinion, which can lead to disputes. Harassment of women is also a possibility. Such incidences damage the smooth working of a firm. It can also lead to various legal issues and damage the firm’s reputation.

HR managers are hired to ensure that all employees behave well towards their colleagues irrespective of what background they come from. They must make sure that every new recruit is made to understand the code of conduct and take an assurance that they will abide by it. Team managers must also keep a keen eye on their members to prevent discrimination or unruly behavior. Courses in business management teach how to handle such situations and to avoid unpleasantness.

Also Read : 6 Key Tactics used by Managers to keep their Teams Motivated

Project Completed Successfully

Most companies today execute projects for various purposes. When there is something that is not regular work to be completed within a deadline and budget, a project is the best way to do it. Whether a company wants to launch a new social media strategy or upgrade its IT infrastructure, completing it as a project makes it economical and fast. Project managers are specially trained for this purpose. These experts are trained in completing tasks within deadlines and fixed costs.

Project managers are capable of working with multiple teams with different specializations. These teams may be formed of people who have never worked together. But the experts who have completed the IIM project management course can handle such diverse sets of people and get work done. Project managers also know the importance of completing work within a deadline. Unlike those who are used to routine work, these specialists handle tasks to be completed within a fixed period. Project managers are a separate breed possessing a variety of skills.

What we have seen above are a few general benefits of hiring managers. Different companies and industries are benefited in many more ways depending on the uniqueness of their operations. If they are such important people in an organization, their work must also be very critical. We should see what duties they perform in the firm.

Also Read : Close projects successfully in-time and on-budget with Project Management

Roles And Responsibilities Of Business Managers in 2022

Supervising The Work Of Team Members

All managers are responsible for the performance of their business units. In smaller companies, they will have to supervise all the employees in the firm. Managers must keep a keen watch on all the workers and ensure that they complete their jobs on time and as required by the management. The manager’s objectives will be met only if all the employees in the unit achieve their goals. Courses in business management teach students that managers must also guide others to complete their work when necessary.

Also Read : Knowledge, Skill, & Ability Requirements for Teamwork

Recruiting And Training Employees

Though in many companies, the human resource department may do the actual recruitment task, the unit manager will put up staffing requirements. These department heads must decide how many people they want and what their skills must be. They must consider various factors before adding people to their business units. These managers must also make sure that the recruits get the necessary training before starting to work regularly. The training may be provided either by the manager or by other persons depending on the requirement.

Also Read : Step by Step Guide for Hiring the Best Talent

Ensures Achievement Of Financial Goals

A company is considered successful only if it achieves its financial goals. It is not just enough to achieve sales goals. The company must earn money to satisfy the shareholders and retain enough for development work. Every manager is responsible for ensuring that their departments contribute to the financial performance of the company. Those business units that don’t directly contribute to revenues will work towards reducing expenses. Business managers must also see that the money spent on every employee under their division brings the desired returns.

Also Read : How Strategic Management Helps Achieve Company Goals

Identify Opportunities For Growth And Expansion

No company can remain where it is. It needs to grow and expand continuously. With increasing competition, organizations must look at new areas to expand their business constantly. This could be through new markets, customers, or products. Sales managers must keep scouting for new opportunities. They must use their relationship with customers and channel partners to explore ways to improve sales. Sales managers must look at customer requirements for a new product. Analyzing market trends will help them identify suitable markets for expanding the company’s operations.

Also Read : Accelerate your career growth with a course in Business Management

Reporting To Senior Management

Managers in most big organizations report to their concerned executives. Companies with chief officers for different departments will have them supervising the managers. In smaller firms, these managers will report directly to the owners. These can be weekly or monthly reports, depending on each company’s system. The main agenda of the reports will be about the performance of the department. It can also include any special item that needs to be discussed. In many firms, the reports will be submitted physically in person at a meeting fixed at the convenience of both persons.

Also Read : Top Management Courses in India

Motivating Team Members

Everyone needs the motivation to work. This is true in companies also. Salaries don’t always motivate people to put in their complete effort. A compliment from the manager for a good job done works very well. Someone who has worked for a long time in the same position will seek elevation to a higher position. For some others, it will be a raise in their salaries. A manager must know what will work best for different employees and get it done by the top management. They will also provide feedback to the employees about their performance.

Also Read : Leadership Strategies to Boost Team Productivity

Formulate And Implement Budgets

Budgeting is another important duty of every manager. Budgeting is done monthly in most companies. This will include the expenses that the division will incur in that period, along with income that can be anticipated. Managers in the sales department must be good at predicting incomes for the coming period. Other heads of units with no direct income must use the fund allocation judiciously to make sure that all the requirements are met. They must also make provisions for emergency expenses that were not planned.

Also Read : Benefits of Financial Management for Marketing and Advertising

Arrange Resources For Completing Tasks

Various types of resources are required for the completion of work. This can include both humans and other items like machinery, stationery, money, etc. Managers must make sure that such resources are available for the department to complete its tasks and achieve its objectives. Good planning is required for this because various other managers will seek the same resources. Only the one that can put up the case convincingly will be able to get the resources from the common pool. One learns about sourcing and allocation of resources in the IIM project management course.

Also Read : Time Management: Work Smarter, not Harder

Regularly Update Skills And Knowledge

Every manager is expected to guide those working under them. This means that they must keep themselves updated with the latest processes. Managers must upskill themselves periodically so that it is possible to improve the efficiency of their departments. They must also make sure that all the employees are skilled to complete their jobs successfully. If any workers don’t possess the required skills, the manager must arrange for skills training. It is good for managers to participate in seminars and meetings that provide more knowledge about the industry.

Accept And Complete Jobs Above Requirements

One of the ways managers can prove their worth to the company is by accepting new and challenging jobs that are not part of the regular work. They must also go out of the way to find solutions for difficult situations and offer them without asking. Such initiatives from their side will increase their value for the organization. It will also improve their respect in front of the team members. This helps in motivating others and getting work done more efficiently. Constantly trying more challenging work will also improve their capabilities.

Also Read : How to improve performance management in an organization

Getting Work Done By Service Providers

Many of the business managers will need to get work done by external entities. Marketing managers will have to get a lot of publicity materials designed and produced by outside agencies. They must coordinate with the vendors and make sure that everything is delivered on time so that campaigns can be launched as scheduled. Managers in the IT department will need to work together with software service providers to ensure that all programs are updated as and when required. Managers must develop the art of getting work done by outsiders.

Maintain Records And Ensure Compliance

Managers in various departments will need to maintain proper records that will be checked by internal and external officers. The HR managers will need to have proper records about employees and their salaries. These can be checked by government agencies concerned with the welfare of employees. Supply chain managers must ensure that warehouses have the proper licenses and permits for stocking the company’s goods. Some hazardous chemicals will need special permits. Managers in the administrative department must make sure that the company is compliant with local laws and regulations.

We have seen what roles a manager must play. Those who are ready to take up the challenge must think of the next steps in that direction. How can you become a manager? The below guide will be useful for every manager aspirant.

What are the steps to become a business manager?

Identify The Industry And Department

The first step towards embarking on a managerial career is to identify the industry and department one wants to work in. One must not just be skilled to handle the job. The person must also be passionate about it. Those who are keen to help people and take care of their matters can become HR managers. People who love to face challenges and overcome them constantly may prefer to be in sales. It is also necessary to see which industries offer the best growth prospects before joining a firm.

List The Skills You Already Possess

Every manager, irrespective of the industry and department, must possess a set of skills. We shall talk about those later in this article. The IIM general management program advises students to list out the skills they already possess. This will help to know what skills one must acquire for becoming a successful manager. Once it is clear what a person is good at, it becomes easier to develop the others. One could also look at managers’ job descriptions in different departments to know what should be improved upon.

Also Read : Skills Required For A Career In Project Management

Check The Requirements Of The Industry

Some industries and positions may require special training and certification. Once you know where you want to work, it is time to check those requirements. One must find out whether any special qualifications or certificates are required for the job. The next step must be to join courses that offer such certificates. If the company in which you are working has a position and offers training for that, it could be an ideal scenario. If there are multiple requirements, it is essential to make a plan and start fulfilling them.

Work Your Way To Become A Manager

The best way to elevate to a managerial position is to find it in the company one is already working in. The person will be familiar with the products and systems. A manager aspirant can start with taking additional responsibilities. There may be temporary duties as a supervisor or team leader which must be grabbed. Such positions help in familiarizing with leading a team and handling others’ problems. The company will also watch the person’s performance and consider for elevation as manager. Online courses can provide the necessary certifications without taking a break from the job.

So, what are the options one has after completing a management course? Here are a few jobs that require the skills and knowledge of a business manager. Some of these jobs may require prior familiarity with the industry.

Trending Job Opportunities For Business Managers in 2022

Business Advisers

Many individuals may have excellent business ideas and technical knowledge but lack business acumen. Business advisers will provide the necessary information, guidance, support, and advice to such people. These professionals can work independently as self-employed people or join the firm and help it develop into a successful business. These people have helped many start-ups to move from concept to reality. They can provide information on getting finance. Business advisers also help companies with business planning and networking with related businesses.

Also Read : Why a Business Plan is important

Business Analysts

Business analysts must have an excellent knowledge of the industry and the way their competitors operate. These professionals usually work in a company helping it address various problems and finding solutions for the same. They could be working on specific projects or as a continuous improvement program. The job is to analyze a company’s work and find out areas that will need correction. These experts will then provide the necessary solution to overcome the problems and improve performance. This job needs excellent analytical and problem-solving skills.

Business Development Managers

An exciting job for those who will not shy away from challenges. The job involves creating new business opportunities for a company. They will identify new areas where a firm can spread its operations and increase revenues. Almost all companies need these people to grow. Through careful planning and strategy, these professionals help companies increase their market share. They can work in any industry. Business development managers are required for both B2B and B2C businesses, though the procedures may be different. Courses in business management teach students how important the role is in this highly competitive world.

Data Scientists

A person with an IT background and strong in statistics will enjoy this job. Businesses generate large volumes of data as part of their regular operation. This data has a lot of valuable information that helps run the business more efficiently and profitably. But the data needs to be extracted, cleaned and analyzed to find insights into the business. This is what data scientists do. With good information about the industry, they are able to find patterns in the data and provide solutions to various problems. They help companies make better decisions.

Also Read : Roles & Responsibilities of a Data Scientist

Project Managers

If you won’t buckle under pressure and can easily handle people with different skills and backgrounds, then this job is ideal. With strict timelines and tight budgets, this job can provide a challenge that can hardly be matched in any other job. Project managers are highly valuable for companies because they help complete specific tasks within a timeframe. As the problems in each project are different, it helps the project managers learn new things continuously. These persons are required in almost all industries.

Also Read : 7 Skills to Become a Successful Project Manager

Supply Chain Managers

This is an important position in any company that has something to deliver physically. They are an essential element in any manufacturing company. These persons are responsible for sourcing raw materials, moving them, stocking them, and delivering the finished goods to customers. They ensure customer satisfaction by providing prompt delivery of goods. These professionals must possess excellent negotiation and interpersonal skills as they deal with people inside and outside the company. They must also be specialists in time and space management.

Also Read : How to become a Supply Chain Manager

Human Resource Manager

No company can function without people. New technologies and machinery may appear regularly. But all of them need people to program and operate them. The human resource manager is responsible for ensuring that an organization has the right people in all positions to achieve its goals. It is not just recruiting that these people must handle but also retaining those working in the company. One of the major problems companies face today is that of employee attrition. Excellent interpersonal skills and empathy towards others’ problems are essential for this job.

The jobs mentioned above are just the tip of the iceberg. There are numerous options for someone qualified as a business manager. But performing successfully in any of the jobs will require you to possess a set of skills. It is beneficial for a job aspirant to know what these skills are and how they are helpful in the job.

Also Read : How to grow your career in Human Resource Management in 2021

Skills One Can Learn From The IIM General Management Course

Interpersonal Skills

If you cannot make people work, then it is not possible to be a manager. So, what one must first develop are interpersonal skills. A good manager must exhibit authority while also being approachable to the team members. They must know every person working under them on personal and professional levels. One can achieve this by team-building activities that help to show leadership skills while being in a friendly environment.

Communication

An important tool to get work done, communication on different levels must be easy for a manager. They must communicate with their team members and the top management with equal ease. It requires a manager to be good in both oral and written communication. The IIM general management program teaches its students to become proficient in making convincing presentations.

Also Read : Top Tips to Effective Communication

Motivation

Good leaders can inspire team members by being an example. Motivation is highly essential for managers to get work done. Unless every member of the team achieves their individual goals, a manager cannot be successful. Managers must be ready to complete any job that a team member finds difficult to perform. They must use every opportunity to appreciate team members even for minor achievements.

Also Read : Using EdTech To Get Your Learners Motivated and Active!

Negotiation Skills

Negotiation is not something that one does with vendors or service providers. This is required inside the office also. When resources are scarce, managers must negotiate with management to acquire what is necessary for their department. Project managers must negotiate with different departments to get the people needed for the job. Department heads must also bargain with the management to secure the best deals for their team members.

Organization Skills

Managers are required to handle many tasks at the same time. They have their jobs to be performed. It may also become necessary for them to help their team members in doing something that they find difficult to complete. Managers of many departments will also have to deal with external entities. This is why they must have exceptional organizing skills if they must complete all tasks within the deadline.

Also Read : Developing Leaders to Guide your Organization Through Change

Problem-Solving Skills

Managers face problems quite regularly. They work with people, machines, and market situations. All of these are liable to pose various kinds of troubles. Managers must overcome them to achieve their objectives. They must be ready with solutions for any problem and ensure that work doesn’t get affected. Being attentive to details helps avoid problems. Managers must develop the capability of thinking on their feet.

Skills	Benefits
Interpersonal Skills	Helps to get work done by team members Can get the team’s requirements from the top management Helps to show authority while being friendly with employees
Communication	Can convey job requirements to staff clearly Helps make clear written communication to external entities Make presentations to stakeholders about work done
Motivation	This skill is needed to make people work harder It can keep the morale of the team high at all times Makes delegation of work easier
Negotiation	Get a better bargain from vendors Helps in getting all the people necessary for a project Can get the deserved rewards for team members
Organization	Saves time and helps finish jobs promptly Able to submit any documents when demanded Can do multiple jobs without trouble
Problem-Solving Skills	Helps to face any situation and complete given tasks Can help team members execute their jobs Helps to achieve objectives even in the face of obstacles

FAQs on Business Management Courses

Q. Why do companies need business managers?

Ans. Business Managers can lead company growth & teams of people who are trying to complete their individual tasks and make them work towards common corporate goals. These persons can improve efficiency while using as few resources as possible to reduce costs.

Q. How do HR managers contribute to a company’s performance?

Ans. HR managers understand their organization’s objectives and hire people who can help achieve them. Human resource experts also help the company save money by retaining good people and avoiding frequent hiring and training procedures.

Q. What does one learn at the IIM project management course?

Ans. Prospective project managers can learn how to complete projects within the scheduled deadline. They also understand how to negotiate with vendors to ensure that the project doesn’t overshoot the budget. They acquire the skills to keep together people from different backgrounds.

Q. What are the two important skills needed for supply chain managers?

Ans. Every supply chain manager must possess excellent negotiating and inventory management skills. They must negotiate with vendors for the best price and credit terms. It is crucial for them to manage inventories and save money for the company. Keeping the optimum amount of stocks also saves valuable warehouse space.

Q. What steps must be taken by those wanting to get a manager’s job?

Ans. You must first know which industry you want to work for. The next step is to assess the skills that you have and find out what must be acquired. It is also necessary to read the requirements for the job and understand what knowledge must be gained to perform well.

Q. Why should managers regularly update their skills?

Ans. Updating their skills helps to keep up with the latest technologies and improve efficiency. It is also a way to introduce the new methods to the team members and keep the company ahead of competitors.

Q. What is the importance of enforcing good behavior at the workplace?

Ans. When companies enforce good behavior, it will ensure that all employees get equal opportunities. Employees will not be discriminated against because of their backgrounds. There will be a peaceful atmosphere for everyone to prove their capabilities.

Q. How do management courses help aspiring managers?

Ans. Attending a management course helps these future managers know about the latest practices from across the globe. There will be various industry experts who can impart practical knowledge and provide solutions for various problems managers will face in their jobs.

Q. How does networking with other students help future managers?

Ans. As the employees come from various backgrounds and work experiences, it helps managers learn a lot about problems faced in the job. Networking also improves the chances of getting a good job.

Q. How do online management courses help those who are already employed?

Ans. It allows those who are employed to learn about management without taking a break from their job. They can study at their convenience from anywhere using any device connected to the internet.

Wrapping Up

As long as there are companies, managers will be in demand. Managers drive growth and development in a firm. One must understand that it is not possible to be a successful manager just by getting a certificate. They must continuously keep improving themselves on the job and learn from practical experiences.

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