The business landscape is constantly changing. We today operate in a VUCA environment that is Volatile, Uncertain, Complex and Ambiguous. The Covid-disruption made it even more complex and created massive disruptions in every sector of the economy. It reinforced the need for managers and leaders who can embrace challenges and innovate to provide effective solutions, for long term and sustainable growth. Businesses are understanding that they need to leverage technology to analyze better, predict more accurately, respond more effectively and operate more efficiently. The combination of the VUCA environment and the increasing reliance on technologies provides additional and emerging opportunities for those who are considering careers in management.
As traditional sectors continue to grow, capable managers and good talent will stay in demand. However, some of the key emerging sectors where management aspirants could consider specializations will certainly include the following:
Technology has the ability to help analyze and access data in more granular fashion, and create more dynamic opportunities to engage consumers. Consequently, managerial understanding and capabilities in Data Analytics and related areas are increasingly in demand. In the era of digitalization, tech-savvy managers are a boon for any company.
Start-ups and Family businesses is an area that is being encouraged and is receiving tax benefits and other incentives from the government. This is another area that could be of interest after studying management
Globalization has facilitated international linkages and opened up opportunities for businesses, creating greater opportunities for management graduates with MNCs and other reputed companies. Specialization in International Business would be useful.
The Banking and Financial sector (BFSI) is another sector that is continuously growing and provides job opportunities, growth as well as work-life balance for management graduates with skills and capabilities in that area of specialization.
The e-commerce sector is emerging as perhaps the fastest growing sector for management students for now. With expertise and skills in the e-commerce industry, you can become, amongst others, a supply chain manager, e-commerce consultant, customer relationship manager or digital marketer.
However, as a thumb rule it is good to remember that there are opportunities in many or perhaps all sectors, provided you have developed your skills and capabilities for that. The fast-moving consumer goods (FMCG) sector, for instance, is the 4th largest sector of the Indian economy. Therefore, there is demand for freshers who are specialized in retail and who can use their knowledge innovatively for the marketing of products. On the other hand, the automobile sector is the fastest-moving sector in the world and major companies such as Maruti Suzuki and Tata Motors are offering jobs in every department including finance, marketing, and operations management. The salary package, of course, depends on the industry trends and the company you are working for.