The year 2021 is all about implementing the lessons learned from the year 2020. Globally, the business environment has undergone significant transformations and it has necessitated the need for building a repertoire of cutting-edge business management skills. The skills that are needed today have a very subtle angle to it bordering around empathy, emotional agility, and context management. 2021 is about more constructive communication, navigating through complex situations tactfully, and managing time as per the context of the work. The hybrid workplace that the millennial business managers are operating in is calling for newer learnings.
Here are 7 crucial skills that business managers need to be able to successfully work in hybrid work environments and these are:
- Marketing - Marketing is one of the crucial functions that every business manager needs to be proficient in. Today marketing is not just about a handful of strategies but a holistic environment of connecting each strategy to bring about a transformation in quality of product or service, seamless go-to-market in minimum time, and a strong connection with the target audience. Millennial marketing is an amalgamation of strategic, technical, and creative thinking.
- Analytics - Mastering analytical skills and taming the BIG Data is not just about creating smart charts and excels to offer business insights and market trends. Today, for any business manager, analytics is a powerful tool to devise creative solutions to a problem. It is important to undergo training and opt for professional upskilling. Upskilling empowers business executives and aspiring leaders with the mental toolkit to build on attention to detail, foresight, capacity to communicate the 'Big Picture', and powerful decision making.
- Market Research - Today the greatest challenge in business lies in holding the attention of the stakeholders and then gradually leading them to make a favorable decision. When it comes to market research, the role of a business manager revolves around leveraging the digital and omnichannel strategy with dexterity to foresee business opportunities and creating innovative formats for presentation.
- Negotiation - Negotiation is not just about reaching a point where one stands to benefit. Modern-day negotiations are about chalking a plan for deeper and long-term collaboration and value-creation for all the stakeholders involved. Agility, a creative approach, and the ability to see the bigger picture for everyone are some of the key skills for negotiation.
- Leadership skills - Leadership is not just about leading from the forefront. It has to do a great deal about mentoring, motivating, and exercising mental agility to make mindful decisions. Millennial business managers need to be visionaries who can create a business roadmap for the organization keeping in mind the unforeseen challenges that the organization might encounter.
- Financial planning and management - This is a very critical function that business managers have to master. A single mistake has the potential to disrupt the cash flow and overshoot the budget leading to unprecedented losses. Smart business management is all about resource optimization, cutting unnecessary costs, and strategic investments.
- Networking and collaborative skills - Businesses will cease to exist without networking. With Covid19 disrupting innumerable value chains in the global business ecosystem, the millennials have to establish newer and strategic partnerships at multiple scales for business continuity and growth.
Today business managers need to hands on expertise in the global and local business ecosystem along with the know-how to collaborate cross-functionally within the organization. Upskilling and understanding the growth drivers in business is supercritical and therefore, those seeking to grow must explore the Executive Programme in Business Management (EPBM) by IIM Calcutta delivered in collaboration with Hughes Education. This course has been designed to deliver best practices to prepare the next generation dynamic business leaders to operate in the society as visionaries, innovators, and powerful collaborators.