Not so long now, MBA graduates were highly demanded across various sectors. I am talking about the time when there were limited B-schools and only those who strived for a leadership position in MNCs, enrolled for an MBA programme. With the ever-growing competition and onset of a technologically-driven era, things somehow changed. Today, MBA isn’t the top-priority of businesses, which has led to a rapid increase in unemployed MBA grads.
So, what changed?
Well, if you look at the bigger picture, there were multiple warning signs, but policy makers weren’t ready to adapt with the changing times. I will try to dissect these signs and address the elephant in the room.
As mentioned earlier, we live in an era, where everything is evolving at a rapid pace. While the traditional form of education is worth appreciating, it is in dire need of reforms and restructuring. Lack of skill-based education led to students not meeting market expectations. As a result, the number of unemployed MBA grads increased drastically. Our institutions need to prepare students such that they are industry-ready. We can use skill-based programme to focus on knowledge and skill enhancement of students.
There is an old saying, “Your comfort zone is the most dangerous place to live in”. Like it or not, once an individual enrolls in an MBA programme, his overall perspective towards life changes. He expects higher salary, bonuses and other complimentary benefits. Simply put, he goes into comfort zone. Now, if we look from the perspective of businesses, they expect high returns on their investment. Since most MBA grads aren’t job-ready, they find extreme difficulty during the job search. We need to educate and train our students such that they effortlessly adapt and evolve with the changing trends.
There has been a rising concern about the tech gap. More and more businesses are talking about the need for technically sound MBA grads in leadership positions. While our institutions are doing their best to bridge the skill gap, students still lack basic technical skills. MBA grads can enroll in customized tech courses for AI, Blockchain, Big Data analytics, and much more to bridge the tech gap.
In the digital era, businesses focus on innovation and disruption to stand-out from the rest. They demand critical thinkers and innovators to help them achieve this goal. Therefore, let us come together and end the employment crisis for MBA grads by preparing them such that they meet the market expectations.