The year 2020 has been rather unexpected. A microscopic virus has changed the entire course of existence with drastic consequences. Entire world and India being no exception to it, can acutely feel the aftermath of the pandemic in every sphere of lives – socially, economically, physically and mentally.
Future leaders, who pass from the portals of a B-school carry the onus of tackling the existing scenario in the most systematic and strategic way. The following five areas of Business Management, namely Entrepreneurial Management, Design and Research, Data Analytics, Health Care Management and Stress and Anxiety Management may be very useful, if offered as courses or modules in B-schools to provide the complete overview and a systematic approach to handle work and life holistically. Mastery in these areas not only prove beneficial in creating new jobs but will also ensure the physical and mental wellbeing of the employees.
DESIGN, RESEARCH AND DEVELOPMENT
COVID 19 has brought down the economy in a drastic way and the most disheartening part of this pandemic is that, it has taken away employment of many. It has even crossed the figures of the Global Financial Crisis of 2008 which led to an unemployment rate of 6% globally as compared to 7.2% of the unemployment rate caused by the corona virus.
There is a need of a specialization like Design, Research and Development which can be beneficial and helpful for MBA Graduates. COVID-19 has taught the importance of an old adage “change is the only constant”. The companies would hire people on temporary basis for temporary works and here GIG ECONOMY comes into play.
Designing projects and doing research work (that may be in any area like that of strategy, marketing, finance etc.) for the development of the company are some of the job opportunities, that will be on rise in near future. This specialization would help students develop skill sets that are essential for a mutually beneficial relationship (that’s for the company and the individuals) and may help secure their earnings in this new normal.
Apart from disrupting lives, this pandemic has brought a change in consumer behavior and their mindsets, leading to a multitude of newly arisen demands in the market such as EdTech, e-pharmacy, online grocery etc.
There are many areas (problems) that are yet to be tapped. An ‘entrepreneur mindset’ is the need of the hour to dissect the problem and find solution. This pandemic has displayed, an enormous relevance for courses in entrepreneurship and innovation that will play a significant role in inculcating a managerial acumen and alacrity.
MBA in entrepreneurship and innovation may provide students the required expertise and methods to begin and grow new companies in an innovative way as per the existential economic situation. This will help society at a large in the following ways:
Revolutionizing the economy with technology
Mentoring young people to acquire new skills
Data science has become the operative word with companies undergoing several technical changes during the COVID-19 phase. To manage the current disruption and move towards a ‘new normal,’ many companies are making use of Data Science tools like Predictive Analysis, ML Algorithms, Recommendation Systems, and Analytics. In the post-COVID world, data can give businesses a competitive advantage and it can be used for minimising risk, for remote monitoring, and also for preventative and predictive maintenance. This tech disruption has created a lot of job opportunities.
Also, according to a recent study by Up Grad, there is a 40% increase in the student fraternity to pursue data sciences in a comprehensible way to equip themselves as per the current economic scenario.
Hence B-schools should start more meticulously designed courses on Data Analytics along with the degree specialization like MBA in Data Analytics.
Today, the term “healthcare industry” has not remained limited to merely the medicos but has rather extended far beyond the realm of hospitals with the integration of other sectors that provide goods and services relevant to curative, preventive, palliative, and rehabilitative care.
According to IBEF (India Brand Equity Foundation), the market size of the Indian health care sector was worth around $ 100 billion in the year 2017, which is further expected to reach a whopping $ 280 billion by 2020.
According to the Bureau of Labor Statistics, the growth in healthcare employment is expected to continue and reach almost 26% by 2022.
In keeping with the need, business schools can curate the content and squarely design and offer a course on health care and Hospital Administration to prepare and arm dynamic Indian youth with highly surrendered and self-motivated managers and administrators for coping up with increased demand in health care sector.
As the pandemic continues, the mental toll on people is increasing. It’s incumbent for everyone to look after their mental health so as to enable a personal and professional well-being.
It is important to impart a sustainably ‘packaged course’ to integrate and enhance the following:
- Soft concepts of emotional intelligence
- Empathy building skills
- Understanding the philosophical frameworks of life
- Design Thinking which consists of five phases-Empathise, Define, Ideate, Prototype and Test with right coaching and counselling skills
The uncalled situation due to pandemic has come as an epiphany as well as a blessing in disguise for the B-schools and MBA graduates to better the nation and bring in a systemic overhaul for the betterment of the nation by packaged offering courses for holistic growth mentally and physically both.
Thus, B-schools can diversify by focusing on the new age MBA specializations that will cater to the demands created in the present scenario.
The writer is Assistant Professor, Business Communication, MDI Gurgaon