Tying up with industries

Providing skilled talent for today’s workforce is one of the most significant deliverables for every business school. Business schools therefore need to craft their programmes and curricula in tune with the needs of employers and students to create a balance of demand and supply in terms of skills and industry know-how. They also need to innovate and upgrade as and when required, to meet the needs of the employers and the ambition of the students.

Going beyond business studies

B-school students equipped with engineering degrees, especially those from the computer science, electronic and electrical streams, are generally in huge demand. Industry giants such as Amazon, Microsoft and American Express are among those making offers. As per campus recruitment trends, B-school placement officials also pointed out that positions such as data sciences, data mining, big data, artificial intelligence (AI), Internet of Things (IoT), product research, pre-sales solutions and tech analysis were filling up fast.

Hiring trends indicate the fact that a need for managers equipped with technology and innovation skills is on the rise. Recruiters are on the lookout for individuals having sound knowledge of AI, IoT, big data and risk management, to fill the roles in areas of strategy and investment banking.

For business schools, a collaboration or tie-up with multiple industries has two fundamental aspects. One is developing a course curriculum in line with industry requirements. Also, sometimes, in an executive space, business schools are required to custom-build executive courses with, as well as, for certain employers.

The second aspect is where students gather industry experience to gain deeper insights and research skills. Collaboration is the best way to bridge the gap between classroom theoretical education and practical learning in a real environment.

Business schools are encouraged by the demand for talent and skills. However, this demand is continually changing. Apart from expertise, the drive to innovate, collaborate with industries and building trusted tie-ups must be an essential part of every B-school strategy. Industry tie-ups facilitate in allowing B-school students to take advantage of apprenticeship or internships while preparing them for real-world scenarios.

Real-time industry knowledge

An internship gives students hands-on experience with real-time problems. The students are expected to apply acquired knowledge to real word experiences and find appropriate solutions. In addition to learning technical skills, they also develop transferable skills such as communication and teamwork. Although the college pedagogy comprises a mix of textual and practical learning experience, gaining industry knowledge has unparalleled benefits. Industry experience is imperative to stay updated with the challenges surrounding the professionals.

Networking

The final goal for B-school graduates is either scoring a proper placement or stepping into successful entrepreneurship. Networking or building contacts is an essential aspect of both scenarios. While gaining industry experience students are surrounded by professionals who can end up being their colleagues or their connections to their first job.

Pathway to a confident professional

The most difficult-to-recruit skills for employers include the ability to influence, strategic thinking, drive and resilience, and problem-solving. They also consider soft skills like teamwork, networking, and time management quite important. Tackling real-time industry challenges is the best way students can arm themselves with self-dependence and confidence to succeed in the real world. Having multiple industry tie-ups allows B-schools to open a window of internship opportunities for students in numerous sectors.

When B-schools collaborate with the industry, both students and employers benefit from a plethora of opportunities. They can provide students with a 360-degree learning experience imperative to succeed in the professional world.

(The author is Managing Director and CEO, GIBS Business School, Bengaluru)