To predict the future, one does not need to be a sci-fi buff. With the changing face of business, and how it is being operated, it is obvious that digitally operating businesses will end up thriving and the existing businesses will have to make digital strategic plans meet the demands.
Many surveys such as the Harvard Business Review report pointed towards the numbers that around 90% of the business houses have a digital strategic plan and some other surveys also state that by 2025, most of the businesses have plans to shift online.
Due to this rapidly changing scenario, a business school graduate may find it difficult to identify where does he stand and his acceptance for the industry in the future. Here are a set of skills you need to have to survive in this industry in future
Flexibility and adaption
The hierarchies in the organisations are dying rapidly. The employees in an organisation must learn to adapt in a more flexible and collaborative environment keeping in mind the impact the companies are facing due to the fast-paced technological changes. Millennial workforce and innovations in organisations are increasing at a massive rate, and technological changes have led to cutting down of 25% jobs which are relevant now but won't be relevant by 2025.
Administrative tasks might be taken over by Artificial Intelligence in the future. The administrative tasks which occupy the 50% time and effort of a manager will be no more there which will give the managers more time for innovation and to execute strategies for the business. The managers in future business houses must learn to manipulate and use technology for the best of the organisation. Managers will have more time for out of the box thinking for creative inputs in the managerial roles of an organisation.
Becoming more collaborative
Many international business firms such as Deloitte have surveyed to find out that more than 40% of their employees seek and try for regular communication with the management. This is resulting in a horizontal communication system in an organisation as opposed to a diagonal system which was followed before in business firms. The parallel systems which will be newly followed in the future business firms will challenge managers to be more flexible and collaborative with the lower scale employees. Maintaining a good workplace for employees and keeping track of their satisfaction and grievances will be mandatory for the managers.
Surviving in Diversity
As Gen Z will be making a foray into the business firms from a diverse cultural background, managers have to learn to cope with the diverse workforce working towards the same goal. With globalisation, people from linguistically, culturally and mentally diverse backgrounds will be entering into an organisation and working in a diverse environment which will be beneficial when the manager has that adaptability. Not accepting the diversity will make the business firms struggle.
The 21st century has well understood a man’s emotional algorithms in business firms. Though the future will be technology-driven, it won't be emotionally cold. Experts have suggested that the newer generations are likely to develop a greater personal bond with their group-mates in an organisation which is beneficial for the organisation and the work culture. The managers have to be emotionally understanding of the needs and expectations of the workers working under him/her.
The calmness in a technology-driven industry will be much needed in the future. The managers must be able to calmly handle the challenges and maintain balance within technology and human efforts through a thorough understanding and analytical powers. Discipline, yoga, breathing exercises are also becoming relevant for the managers.
The management demographic in India is changing massively and rapidly. With the penetration of technology and IT backed management practices, the business growth in India is experiencing a never-before-like speed despite some economic setbacks. The person who has or willing to venture in the managerial roles, must understand the fast-changing rules of the modern era and update himself/herself regularly with the new practices of the industry. The best managers are responsible for creating the best business of tomorrow, so the quest for knowledge of technical innovations are important as well.
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