Need and relevance of global management education in current times
Dr. Akhil Shahani, Managing Director, Thadomal Shahani Centre for Management, Shahani Group and Ask.Careers
Today, countries across the globe are becoming interconnected and trade barriers are vanishing. Businesses are not limited to domestic markets and firms are encouraged to have business activities all over the world. Globalization has become an important aspect. To facilitate globalization, businesses and firms are now focusing on developing a management force that is capable of handling the global markets.
This has led to increasing demand for individuals with a global management degree. But what is global management?
Global Management fundamentally manages operations and cooperates with resources and people in order to achieve and go beyond the desired targets to meet the business needs, goals, and objectives on a global scale. Global management aids to understand differences and similarities in different regions of the world.
To be an effective global manager, one must possess skills such as strategic thinking, relationship management, and good communication skills.
What is the need and relevance of global management education in current times?
Looking at current times, the competition in the market has upsurge. According to the data published by the Centre for Monitoring Indian Economy (CMIE) 63% of Indians between the age of 20-24 are unemployed. Furthermore, it also stated that the unemployment rate in India hit 7.1% during January 2020. Further CMIE disclosed 2021 Data, which showcased the unemployment rate that touched 14.5% in the Mid-week of May and it rose to 14.7% in May end.
Apart from the fact that getting jobs is difficult, holding on to the job has become equally difficult. Due to the pandemic, employees are being lay-off largely. In current times, jobs are limited and competition is comparatively more. Looking closely at the data, it clearly indicates that the unemployment rate is spiraling up. Before the circumstances become strenuous for you to get the job, opting for global management education to set forth a career will be the right decision.
Let us understand briefly the need and relevance of global management education in current times.
Global management education will help you develop requisite skills that will help you sustain in the competent world. It exposes you to cultural diversity and gives you a better understanding of other countries beliefs and values Moreover, to succeed in a global business environment, you need to have a thorough knowledge about international legal policies, trade agreements and international logistics issue. Here, global management education will help you.
Global management helps students learn through real-world experiences and research shows that learning through such experiences increases the engagement levels of the students. This in turn helps students achieve success and develop their skillsets.
Global education doesn’t only help the academic development of students, but also helps them to develop socially and emotionally. It helps to widens a student’s perspective about various cultures, relationship building and helps in effective communication.
Considering the unemployability rate and the surge in competition, simply choosing management education for a better career is not appropriate. Making the right decision at the right time is wise. Choosing, global management education will help you survive in the market in the long run; and will also make you capable to handle the global market efficiently. Since global management education is not limited to your own country, it broadens your prospects of getting a job abroad.
While a global management degree can help you with so many things, all that you have to do is be consistent, agile and dedicated to your goals.