He said that today’s managers face a difficult and unprecedented challenge —the world is changing much faster than their organizations. Every industry, without exception has been overtaken by an accelerating pace of change that shows no signs of letting up anytime soon. In a business world of increasing uncertainty, the one clear certainty is that the pace of change is only going to get faster. Short shelf-life for products, services & knowledge is the order of the day. Obsolescence happens every day in the business world and processes become obsolete as technology advances. The two areas that are being heavily impacted by changes are the IT Industry and Finance. New Tools, New Financial Products are being developed —whether it is Insurance, Investment Banking, Brokerage, Futures Markets, Portfolio Management, Fixed Income Securities etc. Therefore the concept of long-range planning has lost its meaning, he said adding that even the validity of the skill sets learnt during an MBA program is like 10-15 years; after this period, re-learning and adapting to new tools and techniques is the only way to stay relevant, he advised.
While these are important, he deliberated upon the need to develop and hone on non-technical skills — soft skills and HR skills which are the key tools for new managers working in a diverse and multicultural workforce. The fact that we have moved from a male-dominated to a gender-neutral work force requires us to attune ourselves with relevant non-technical skills and these should never be overlooked, he opined.
He deliberated upon the need to develop strong analytical skills as Analytics is the buzzword of businesses across the globe and across all domains— Marketing Analytics, Financial Analytics, HR Analytics, etc. — are all significant to stay professionally ahead.
Answering to specific queries from his young audience, he said that Certificate courses in very specific finance areas such as International Finance, Relationships Management, Brokerage Operations and such could add value but only after having a sound footing in the traditional finance courses. Such expertise should be acquired while on the job rather than compromise on the traditional courses at this point of time, he added. Another takeaway from his talk was that in today's job deficient market, fresher's are better advised not to insist on a minimum salary, but take a job, work well for 2 years, get rid of their fresher's tag, and then compete on their abilities with the world for the rest of their work life.
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