At present, India has around 5500 B-Schools operational. Management education is considered to be the most sought after option by students and young professionals. However, not all management graduates get employed by top notch companies at lucrative salary packages. According to a study by The Associated Chamber Commerce and Industry of India (ASSOCHAM), business schools in India are producing “unemployable” sub-par graduates, earning less than Rs 10,000 a month if at all they find placements. The report also revealed that only 7 per cent of management graduates from Indian business schools, excluding those from the top 20 schools, get a job straight after completing their course. “The quality of higher education in India across disciplines is poor and does not meet the needs of the corporate world,” Assocham Secretary General D S Rawat said.
The reason for educated unemployment is the poor quality of MBA education/PGDM education and age-old teaching methodologies. Students are unable to learn the skills desired by the employers while studying in a management college. Employers not only require management graduates, but also leaders and analytical thinkers who can implement best practices and solve problems. Therefore, colleges need to impart skills that will help the students to face real world situations. Let’s understand some more reasons why management colleges should adopt a more innovative and realistic approach.
- Improves communication and interpersonal skills
One cannot undermine the importance of good communication skills in the corporate world. B-Schools should conduct extra-curricular activities frequently. This enables the students to interact with different kinds of people. It also boosts their communication skills. Students learn the art of public speaking and negotiation.
- Learn by doing enhances knowledge and skills
When students visit the industries, interact with the corporate leaders, understand the corporate culture, etc. it helps them learn faster. Also, this enables them to implement this learning in their professional lives. Only classroom training cannot lead to a thorough understanding of management concepts. By doing things practically, students learn the nuance of the business world.
- Helps to develop entrepreneurship skills
There is a vast difference between a manager and an entrepreneur. During the course of study in a management college, students should be trained in leadership skills, effective time management, business development, etc. so that they can kick-start their own venture if they want to.
- It makes a student more employable
Management institutes should upgrade their curriculum more often to align it with the recent industry trends. The students learn the updated concepts, which make it easy for them to implement them in their professional lives. The corporate case studies and real life examples help the students to get an understanding of the problems and devise a solution for them. Employers are on a lookout for problem solvers who are updated with the recent market trends.
Grades are very important aspect to secure a highly-paid job, but it is not the most important thing. Management education should comprise of various activities along with classroom learning. This results in the holistic development of students and thus higher employment rate.