What is the Nature and Scope of Management? [US]

Some people are born leaders, while some strive hard and get there. Whatever be your pathway, leadership is perfected through years and years of experience. It is a blend of many different skills, methodologies, and practices that enable leaders to pioneer innovations and solve complex real-world problems. CEOs of big companies like Apple, Google, Facebook, Microsoft, IBM, and many others have set in some great examples of leadership. While we have heard their inspirational stories and brilliant ideas, we can’t help but wonder – what leadership theories they apply to materialize their ideas into successful ventures?  You can find out the answer right here! Today, we’ll take a look at some of the most inspired and time-tested leadership theories.  Top 5 Leadership Theories 1. Contingency Theory The contingency theory works on the principle that different attributes define the style of leadership. Each situation is different from the others, and hence, each demands unique techniques. There is no one way about it! Essentially, it depends on the leader and the course of action they choose to tackle a particular situation. A good leader possesses the perfect balance between context, needs, and behavior. A leader must never fail to understand the needs of his employees, analyze the situation and come to a decision accordingly. These are a few basic elements of Contingency theory. To follow this approach, one must be adept at making fair judgments after assessing a situation. This theory focuses on the different “variables” that make you a great leader. For example, the success of any leader depends on their experience, accuracy level, followers, and the situation at hand, among other things.    2. Situational Theory Situational leadership theory was proposed by Professor Paul Hersey, who believed in two main aspects – maturity of followers and leadership style. He focused on the principles of leadership style and excellence. In his theory, he mentioned that each circumstance would demand a different leadership style. To clarify, when you have skilled team members, a leader must have democratic leadership approach. On the contrary, when the team members are unaware of the situation, it’s best to follow autocratic leadership. At first glance, the situational theory may look a little similar to contingency theory, but it has some differentiating factors. First, it is important to remember that situational leadership theory depends on choosing the right strategy for a specific situation. Thus, it entails doing the right thing at the right time. Second, it believes that no case is the same, and a leader can not apply a similar leadership style in all situations. In other words, leaders must react according to the concerning situation, assess the situation, nature and maturity of members, and other determinants. Hersey and Blanchard have classified maturity into different degrees. These degrees vary from M1 till M4: M1 – Team members don’t attain skills and motivation to complete work. M2 – Team members are ambitious and willing but do not have the understanding ability. M3 – Team members are skilled but not ready to be accountable for their work. M4 – Team members have all the skills and are motivated enough to do the job. A leader must be skilled enough to understand the maturity level of the employees and only then take the situational approach accordingly. 3. Transformation Theory Transformation theory focuses on the relationship between the leader and team members. Hence, transformation leadership theory may also be known as relationship theory since its prime focus is on relations. This theory brings attention to the centre that is the leader. A leader must be charismatic and inspirational to instil passion among their followers (team members). It focuses on organization goals, group performance, supervision, coordination, and planning by the leader. This theory aims to build a team with enthusiasm and passion. It also signifies the level of contribution each team member must possess. When following transformation theory, a leader must focus on teamwork, guidance, and leadership roles in an organization. This theory proclaims that efficient leadership is one that gives direction to organizational goals. In this theory, there are two vital domains – punishment and reward. So, while it emphasizes rewarding a member’s success, it also encourages reprimanding members who fail to get the desired results. The aim here is to correct the behaviour of followers, motivating them to work harder for better results.  This theory is often widely used for training and introductory sessions for new team members. 4. Trait Theory Trait theory is derived from Great Man Theory. It follows the same pathway, where it is assumed that people are born with certain traits and qualities. This theory helps them to be good leaders. Unfortunately, it tries to stipulate that leaders are born, not made! As a result, one cannot learn the accurate skills of being a leader. Self-confidence, being extrovert, having communication skills, and courage are gifted qualities to a person. These skills contribute to achieving top leadership positions. Well, to many, this theory may not seem to be justified because it fails to define genuine leadership. If “particular traits” are key features of a leader, how do people with no such traits become leaders? While some people devoid of these specific traits may make great leaders, others possessing them may never make the mark as a true leader.  To put it simply, this theory focuses only on the leader’s qualities, traits, and personality – a thought process that seems to be quite dated. 5. Behavioural Theory This theory is quite interesting as it believes that leaders are made, not born. It is one of the most classic theories of leadership. It focuses on building leadership skills by effective learning, enhancing communication, practising planning, and finding solutions for challenges. In this sense, the behavioural theory contradicts the trait leadership theory.  It gives a new and progressive approach to leading a team.  Behaviourism is the essence of this theory. This approach aims at the actions of leaders and not on some particular skills. According to this theory, people can develop their abilities by observing and teaching. If you aspire to gain first-hand leadership & management training from top global mentors and industry leaders, you should check out upGrad’s PG Program in Management. This course is designed to help you become an effective leader by teaching you the fundamentals of management, leadership, and analytical problem-solving. Offered in collaboration with IMT – Gaziabad this 11-month course takes the application-based learning approach and includes interactive discussion boards, quizzes, and case studies. The best part – there’s no entry barrier in this course! Anyone from any educational/professional background can enrol in this course.  upGrad boasts of a 40,000+ global learner base spread across 85+ countries. Each learner gets 360-degree career assistance and dedicated guidance. Apart from living interaction sessions with mentors, students also engage in peer-to-peer learning, thereby opening up to new ideas and thoughts.  Wrapping up Over time, these theories have evolved in many different ways and perceptions. Each has a specific use case and approach to solving everyday business and workplace challenges.

Business administration is among the most popular disciplines globally. The demand continues to accelerate as management courses open up diverse pathways to achieving career goals. The Graduate Management Admission Council (GMAC) found that 53% of respondents in the United States go for management education to get a raise, and 41% enrol to obtain a senior-level position. Job transition to different companies or occupations is another post-course goal that candidates seek to fulfil.  MBA-qualified candidates are compensated well, particularly in the industry sectors with a shortage of skilled talent. This blog will familiarize you with the Business Management salary in the US and further discuss how you can secure higher earnings.  But before we begin, let’s understand why management training is garnering increased interest in the present-day job markets. Here are some of the key reasons:  The rising skill gap between the competencies employees want and what the candidates possess. The emergence of new technological trends, such as Big Data, Artificial Intelligence, Machine Learning, etc. triggering the demand for professionals with leadership aptitude. Increased job market competitiveness with companies paying a premium for talent. The desire for flexibility and pursuing courses that enhance the work experience.  MBA is an excellent upskilling choice for graduates and professionals alike. Nowadays, online programs allow you to learn at your pace and in alignment with your career needs. Read on to know where these credentials can lead you!  Business Administration salary in the US The following list will acquaint you with the post-MBA career options and the annual salaries associated with each track (as reported by salary.com).  1. Business Development Manager Business Development Managers are responsible for evaluating different business opportunities, including licensing, research and development, mergers, and joint ventures. In addition, they manage growth activities and apply a wide range of field concepts and practices to guide the work of subordinates.  Business school graduates with 3-5 years of experience in the relevant sector can find employment at an approximate annual pay of $129,622. 2. Business Application Delivery Manager The development, implementation, and maintenance of application systems require the streamlined efforts of several business functions. Business Managers can help facilitate such smooth conduct. They give strategic input for decision-making, assist in budgeting activities and further offer recommendations for improvements. The minimum qualification for this position is a bachelor’s degree. However, higher education in Business Administration and 3+ years of managerial experience can set you apart from the competition. In terms of salary, the national average for this job stands at $127,025.  3. Business Office Manager These professionals coordinate the multiple business operations to direct performance towards a common goal. They typically report to a senior manager and rely on their judgment and experience to address specific day-to-day issues. The median salary of $82,074 can significantly increase as they gain advanced credentials in areas like Human Resources, Operations Management, or General Management.  4. eBusiness Development Manager This job is concerned with e-business strategies and helping organizations implement overall policies and objectives. The manager’s task is to identify potential partners,m negotiate agreements, and also liaise with product development and marketing teams.  You would require at least 1-2 years of supervisory experience and extensive knowledge of departmental processes to qualify for this role. Recruiters typically give preference to Business School graduates with 5 years of relevant work experience. The median salary for this role is estimated at $142,230.  5. Business Continuity Manager Every business has to deal with uncertainty. And to deal with it, organizations need skilled professionals who can prepare contingency plans and enable effective change management. Managerial positions in this area involve establishing frameworks, training, communication, and testing of plans.  A background in IT, audit, or control can benefit those looking to enter this field. An MBA or related business certifications can demonstrate your relevant knowledge and functional expertise to prospective employers. Business Continuity Managers in the US receive a lucrative pay package of $117,712. 6. Business Intelligence (BI) Manager This management position entails dealing with complex technical problems, starting from identifying issues to the implementation of solutions. Prior experience in data analytics, decision science, and business intelligence also lets managers discharge their duties with a strategic focus. Their efforts align projects and departments with budgets, milestones, and larger organizational goals.  BI Managers typically report to the head of the department or unit and have authority for personnel actions. The median salary hovers around $135,773 as per current estimates.  7. Business Process Optimization Manager This job encompasses the synchronization of business operations with information technology. As the title suggests, the primary responsibilities comprise the management of day-to-day tasks to enhance performance results.  Individuals with practical knowledge of operations management, business analytics, and deploying optimization frameworks are fit for this role. This, combined with appropriate supervisory experience, can lead to an annual salary as high as $122,359.  8. Ethics & Compliance Business Unit Manager The Ethics & Compliance unit monitors the organization’s best practices, compliance procedures, and ethical relationships. Managers in this area study the applicability of different policies to specific business situations, sometimes also developing compliance risk management plans.  Ideal candidates already have strong legal and regulatory know-how. To that, a business management degree can add foundational knowledge of ethical sourcing, quality assurance, internal audit, risk management, communication, and human resources. The average annual salary of Ethics & Compliance Managers is $140,455. 9. Human Resources (HR) Manager HR Managers analyze job market trends and prepare workforce plans to make a positive impact on business results. They take care of the planning, recruitment, and selection of employees to fill specific posts. They also measure performance, determine compensation plans, and undertake training and development of the recruits.  Every business administration course has a dedicated module on strategic HR management. Candidates can also opt for specialized tracks if they are sure about this domain. US employers pay a median remuneration of $148,299 for senior HR designations.  10. Management Consultant/Entrepreneur You can pursue management consultancy as a career if you have specialized management qualifications and adequate experience in a particular field. Wealth Management Consultant, Systems Consultant, Risk Management Consultant, HR Consultant, and Strategy Consultant are examples of potential job titles. Project Management Consultants in the US make $85,729 on average.  Alternatively, you can venture out on your own and open a consultancy firm, offering your services and advice to the government, businesses, and clients.  Approximations by the employment site Indeed show that the average annual pay ranges from $34,648 for the Assistant Manager level to $223,624 per year for Founders and CEOs.  We have bifurcated the Business Administration salary by functional areas and specializations below:  Human Resources: $69,171 per year Finance: $100,231 per year Business Operations:  $100,603 per year Information Technology: $111,652 per year Product Management: $131,400 per year Logistics: $92,086 per year Marketing: $93,548 per year Strategy: $116,650 per year Salary Source: Payscale Here’s a breakup of Business Management salary by location as reported by Indeed:  New York, New York: $87,678 San Diego, California: $73,818 Tampa, Florida: $73,030 Chicago, Illinois: $64,478 Houston, Texas: $63,091 Austin, Texas: $60,330 Dallas, Texas: $66,772 Phoenix, Arizona: $60,513 Candidates can advance to consistently higher pay packages with the right qualifications, skills, and industry exposure.  Future Scope in Business Management It is clear that a Business Administration education provides a significant boost to your career and earnings. According to the National Association of Colleges and Employers (NACE), the subject is a leading choice at the bachelor’s and master’s levels.  Compensation projections by NACE predict that the starting salaries for Business School graduates will be 11.3% higher in 2021 than the class of 2020. Industry experts also reiterate that MBA serves as a gateway to leadership positions and high-paying roles. Now that you are aware of the Business Management salary in the US, you can make an informed decision that helps you realize your aspirations. upGrad’s online course in PG Program in Management is excellent for value addition. Trusted by 40,000+ paid learners and validated by 500,000+ working professionals globally, the platform offers worthwhile learning experiences for all. Plus, you get to connect and interact with peers from across the globe, facilitating the exchange of ideas and peer-to-peer learning.

What could be the key to effective communication? The answer to this question does not fall within the realms of the seven Cs in communication– clear, concise, courteous, coherent, correct, complete, and concrete. This particularly decisive skill in communication is breaking the traditional bounds on the business front, so top employers today are training their employees to develop this skill.  The skill is listening. Listening plays a crucial part in communication as it solely represents the degree of effectively receiving and interpreting messages. When one listens, it directly contributes to an effective chain of communication. On the contrary, the absence of listening skills can be a barrier to good communication.  Many success stories of entrepreneurs and other leaders accredit listening skills as it reduces errors and paves the way to productivity. For example, business magnate Richard Branson often quotes listening as a vital factor that shaped his success. Bernard M. Baruch also famously said, “Most of the successful people I’ve known are the ones who do more listening than talking.” According to a Deloitte report, communication skills emerged as the second most important skill after self-management.  Source  What must you know about effective communication and listening? major things and skills you must know to enhance your communication are given below: 1. Listening is NOT Hearing  The psychological act of hearing is more like collecting data. It involves the involuntary action of perceiving sound. Listening, on the other hand, is voluntary as it demands hearing with thoughtful attention.  Hearing results in partial interaction from the purview of business as it might involve a preconceived plan or notion upon responding. In contrast, listening points at a complete interaction as it is influential and aids in providing solutions or recommendations upon responding. People usually want to be heard and understood. “I hear you” or simply paraphrasing what is being communicated to ensure that you have deciphered the message correctly might clear up any confusion and reassure the speaker. One does not always have to be the most charismatic or the funniest person in the room. If you pay close attention to the speaker and ask curious questions, you’ll come off as someone interested in what’s being discussed or said.  2. Active Listening is the secret ingredient.  To be an active listener, one must be completely aware of what is said with utmost concentration. It is a term that was coined by psychologists Carl Rogers and Richard Franson in 1957. They wrote that “Active listening is an important way to bring about changes in people. They indicate how clinical and research evidence clearly shows it as one of the most effective agents for individual personality change and group development. And also how active listening brings changes in peoples’ attitudes toward themselves and others; shaping their basic values and personal philosophy.” Much like the seven Cs in communication, you can easily master the art of active listening by employing three simple As: Attention Due to a predominantly digitized lifestyle, the attention span of people has come down significantly. A study conducted and published in Time magazine in 2015 pointed out that people’s attention span is lower than that of a goldfish. The results showed that the average attention span of people has dropped from 12 seconds to an even lower – 8 seconds. To be a good listener, one will have to pay complete attention to what is said without getting distracted. Professionals are now engaged in several exercises, meditative activities, and mind games while taking a break at their workplaces. These stimulative exercises aim to elongate the attention span of people.  Attitude Your attitude influences all of your actions. Retaining and reflecting a positive and respectful attitude goes a long way. One of the most sincere ways to be respectful is to listen. For instance, making the person at the other end of the conversation comfortable enough to have an open dialogue, not interrupting them, keenly observing non-verbal communication, among others, are signs of listening respectfully.  Adjustment To listen is to be able to allow yourself to be changed by the other who is communicating. To adjust is to have an open mind and have room for more perspectives. Thus, active listening demands that you be open to understanding new things and sometimes even changing the preconceived notions after critically assessing what is said. Be ready to invest time and energy to work through the challenges in your way. Listening in Business Communication Business communication can be classified into two broad categories: 1. Internal As the term suggests, internal communication happens within the organization and is necessary for setting up an environment of mutual trust and coordination. Internal communication helps boost productivity, solve conflicts between team members, and enables better and faster decision-making. Most importantly, it allows workers to stay motivated while promoting a healthy workspace.  Senior-level executives can build a loyal workforce of skilled employees by ensuring that they are being heard. Listening to your employees’ challenges, pain points, or success stories helps you understand their strong and weak points. Consequently, you can give them meaningful advice. This is crucial to building trust and loyalty.  When employees are loyal and trustworthy, they become more productive. Also, this fosters a free flow of opinions, ideas, and feedback through all parallels of the organization. Internal communication aims to help develop healthy work relationships that can drive the company towards fulfilling its goals.  2. External External communication is what the organization is communicating with the customers. It promotes the organization/business by projecting a favourable image before the target audience, stakeholders, and partners.  In external communication, listening to the audience’s pain points and understanding their demands is crucial. Many advertisement campaigns miss the mark. They do not influence the perception or the behaviour of people. This is mainly because of the failure of the organization in understanding the requirements of its target audience. The most effective business and marketing personnel are the ones who are exceptional listeners.  Emotions drive the purchasing behaviour of customers. Hence, recognizing these human emotions and creating products or services that are authentic, real, and resonating with the emotions of the target consumers are vital. Thus, listening is one of the most critical aspects of business communication, both in the internal dynamics and external engagements and discussions. How to master effective communication skills? By now, you are aware that effective communication is a superior quality of a successful leader working across the different organizational levels. A good leader or manager can communicate their ideas to all team members while creating ample room for discussion and brainstorming. They listen to the ideas and perspectives of other people involved in the discussion and build on those to solve business challenges.  If you aspire to enter the managerial level, or better yet, the C-suite, the best career pathway for you would be a professional management course. These courses are designed to groom candidates for managerial positions, giving 360-degree training on fundamental topics like business growth strategies, marketing strategies, leadership, structured thinking, interpersonal and communication skills, time management, analytical thinking, sourcing analytics, etc.  upGrad has two fantastic courses for students and professionals looking to hone their managerial skills: 1. PG Program in Management (11 months) Certification from IMT Ghaziabad One on one mentoring Sessions from Industry ExpertsAssociate Alumni Status from IMT Ghaziabad Earn credits for a Global MBA Degree with Top B-Schools from UK & Australia 85 plus countries’ learner base with 40,000 plus paid learners. 10 Industrial Case Studies 360-degree career assistance Engage in collaborative projects with student-mentor interaction Get personalized, subjective feedback on your submissions to facilitate improvement 2. Professional Certificate Program in HR Management and Analytics (5 months) Professional certification from IIM Kozhikode, one of the top B-Schools globally Learn with the best management faculty of IIM Kozhikode Cutting edge, industry-relevant curriculum  Industry-relevant skill development 360-degree career assistance from upGrad  Global networking opportunities both with international learners and industrial experts Conclusion Apart from a robust technical suite, companies look for professionals with good soft skills, effective communication, and listening skills topping the charts. If you master interpersonal and communication skills, you can make an excellent first impression on anyone you meet, be it a potential employer or a vendor. Also, you can smoothly negotiate tricky matters like a promotion or salary hike.  The bottom line is, the faster you adapt to the current industrial requirements and demands, the better it is for your career trajectory. So, why not take a little professional guidance from upGrad’s seasoned industry experts and become a certified management candidate?

Stepping into adulthood demands a dynamic change in an individual’s demeanor. Along with the qualifications relevant to the job profile you are applying to kickstart your career, a set of relevant soft skills is necessary to establish. You can only bring value to any place by evolving as a well-rounded entity, professionally and personally. Problem-solving skills prove to be an essential criterion to strive towards creating value for an organization. Today’s dynamic industry scenario is replete with challenges. Every organization or company has its distinct set of challenges and issues. Hence, companies actively look for competent problem-solvers who can bring innovative and unique approaches to solving their business problems. In fact, as you grow in your career, you’ll have to face a host of different responsibilities and challenges that come with the role. Your goal should be to face any issues head-on. This is why professionals must upgrade their problem-solving skills.  In this guide, we’ll deep dive into what problem-solving skills are necessary for professionals and how you can enhance this in-demand soft skill. What are problem-solving skills? Problem-solving skills include exactly what the name gives away – the skills to solve problems. Solving a2 + b2 might seem like a matter of seconds, but real-world equations take a lot more effort to tackle. Problem-solving in professional spaces requires comprehensive knowledge to understand the root cause of an issue and work on the same to rectify it within a stipulated time. From analytical skills to technical finesse, you need to have all cards on the deck. Though it sounds complicated and demanding, it’s not impossible. The first thing you need here is an attitude and mindset that anything can be solved if you put your mind and effort into it.  Why are problem-solving skills so important? You cannot move ahead with a hurdle stuck in the middle of your path. In a workplace, these hurdles range from a conflict in your team, disagreement with colleagues, a client’s incessant interference, or unrealistic deadlines. When things aren’t as you’d want them to be or aren’t in sync with your beliefs, displaying outright disagreement can fuel conflicts that may further harm various aspects of your relationship with people. The only way to deal with such problems is with the help of problem-solving skills. An individual who knows their way with people and circumstances can effectively be the peacemaker in these situations. Thus, acquiring the right problem-solving skills is a crucial gift if you want to climb the promotional ladder.  Simplifying the Process of Solving Problems A user manual is necessary to understand the workings of a product and its best use. Similarly, understanding the process of solving problems can help to develop it as a skill. A step-by-step process simplifies breaking down each part to speculate it in detail.  1. Identify the problem The first step towards problem-solving is to identify it. Root, cause, and consequence – these three things play a vital role in the identification process. The key to solving a problem is to get familiar with it. The situation might look grave from above, but inspecting it from all possible angles might unearth potential solutions and answers. 2. Learn about it A clear understanding of a subject makes it easier to manage it. Now that you understand the problem at hand run a thorough research on it. Learn its intricacies to know whether it’s something you can control or if it demands a more advanced or collaborative approach. Do not hesitate to seek help from your team. A collective effort is better than a single struggling entity. 3. Seek solutions for it Access to information has simplified this step drastically. A library’s worth of reference can be put to use while seeking solutions for any problem. Look through available resources to find if similar problems occurred before. Note down your preferred solution together with the proven methods that have worked wonders in the past. This will enable you and your team to find the most befitting answer to the issue. 4. Apply it  Take your time to script a strong plan to implement the decided solution. Going all out in a rush can lead to more harm than good. Make sure you understand the situation fully before acting upon it. The aim is to control the situation instead of it controlling you. Well-thought, deliberate actions have always produced better results than rash or impulsive decisions. 5. Learn from the experience Now that you’ve been through the lengthy process of creating and finding solutions, it is time to see your plan in action and watch the results unfold. The complete procedure is a learning curve, irrespective of the results. The more challenges you take on, the wiser you become. Each experience will give you a unique perspective on approaching different problems, both in your personal and professional life.  Problem Solving Tools for the Win For people who lack natural fluency in problem-solving skills, don’t worry! It’s never too late to start. Problem-solving tools are the key to unlock, understand and unravel the art of solving complicated situations. As any other art requires practice, so does this one. Let’s head for the remarkable traits possessed by the best problem-solving geniuses. Analytical Skills A powerful problem-solving tool, analytical proficiency showcases your technical knowledge and explains how well you put the same to use. Formal and informal concerns are easy to curb under the guidance of a critical thinker. Segregating complex issues to solve separately to aim for the best conclusion is surely what a master problem-solver would go for! Emotional Intelligence Needless to say, a work environment is always under the threat of experiencing a host of conflicts, including emotional conflicts. Disagreements often lead to situations capable of causing emotional damage. Considering the well-being and interests of everyone included in a situation – be it clients and stakeholders, or employers, or employees – is necessary to deal with conflicts. Anyone with high emotional intelligence possesses the ability to initiate the reconciliation process amid any conflict.  Creativity Different perspectives, when combined, can welcome a variety of problem-solving techniques to the table. The presence of a creative mind is the only way to aim for such practices. Brainstorming creative methods to address a problem can be more fruitful than using conventional ways to get the desired results. Perseverance Solving problems is not a one-time affair. It often takes numerous chances to hit the bull’s eye. The possibility of your idea solving the issue at hand in the first attempt is pretty low – if it does, great! Hone your perseverance skills to employ different ideas and study the results closely. This particular problem-solving tool has the leverage to benefit other aspects of your professional life too. Teamwork Any workspace is empty without strong teamwork. Most of the time, solo efforts are not enough to take down even the most complicated issues. That’s where your workforce joining hands can help conquer the obstacle. Encourage yourself to work and maintain coordination among a group of people. Share and be considerate of others’ ideas and perspectives. Be open to listening to new approaches and visions of your colleagues or subordinates.  Get your hands full of experience. Experience is the greatest teacher among all, but it takes time to gain that. So while you gain experience in your workplace, you can boost your soft skills by enrolling in professional courses. upGrad is a platform that helps you get top-notch education while connecting with peers from across the globe. With a learner base of 85+ countries, upGrad serves thousands of learners every day, all around the world, with its live programs created under the guidance of global university partners. One of India’s top online education giants, upGrad always strives to deliver quality learning support and 360-degree career assistance. Learners at upGrad are equipped with industry-specialized coursework and essential soft skills to become a part of the same industry later. An excellent opportunity for individuals looking to strengthen their experience towards working as professionals in the relevant sector. You can surf through the vast course catalog on the website.  upGrad alumni speak highly of their incredible experience confirming its reliability and invaluable guidance towards a successful career path. From business analytics to machine learning, a detailed curriculum composed of best-in-class content assures enriching education quality for all. Students, working professionals, or entrepreneurs, anyone can join upGrad courses due to their flexible nature.  Conclusion Problem-solving is an essential life skill, and strengthening it is the best way to flourish personally and professionally. Troubling occurrences might seem intimidating from the surface, but leaning a bit more can offer great insights to mend things easily. Take baby steps but do explore your abilities and limits over time. Remember, learning is a lifelong process, constant and it’s never too late to start! Check out upGrad’s professional courses to add value to your resume and gain industry-relevant skills.

Among the many traits an employee is expected to possess, analytical thinking leads the list. It is a part of the problem-solving process, but only better and more meticulous. Analytical thinking doesn’t limit itself to the workspace. Instead, it takes inspiration from one’s everyday routine to think and implement actionable plans or solutions for different life challenges. The way to develop analytical thinking might be lengthy, but that doesn’t mean it’s impossible! Being part of a working environment brings a deep sense of responsibility. After all, it’s a valuable skill to offer assistance across the myriad facets of work. But only a few manage to put forth effective solutions – these are the analytical thinkers. As an employee, there will be instances where your analytical thinking ability will be tested, and it can be an indicator of your current and future space in the organization. Practicing analytical skills is the best way to win over such situations while proving your worth as an asset to the brand.  Analytical thinking encompasses brainstorming ideas, collecting and evaluating information, and putting it to the best use. However, it’s not as easy as it sounds. It takes years of practice to hone these subtle aspects of analytical thinking. The first step to getting there is to have a curious outlook and mindset. Once you start thinking and exploring a situation from every possible angle, you can pave the way for your growth in any work environment. Types of Analytical Skills To get started with working on building analytical thinking, explore the nooks and crannies of its components. The fundamentals of analytical thinking include a set of practices that are essentially common soft skills sought by recruiters worldwide.  1. Data Analysis Seeking solutions for complex problems simplifies when you own an ample amount of data relevant to it. Knowing the formula leads you to the outcome of a sum more quickly than struggling for shortcuts. Gain proficiency in dealing with statistics and quantitative analysis, finance, and tech spaces! 2. Communication Skills The search for the right clues only initiates after gauging the problem, which requires efficient communication skills. Meeting people, knowing their concern points, reassuring them of delivering solutions, and winning their trust constitute the first few steps of bagging a client. When dealing with a client, remember that you are verbally representing your organization. Lack of communication can kill the conversation at the initial stage. 3. Innovative thinking Conventional approaches are bound to lose their vigor after a while. Modern businesses face modern challenges and demand innovative and unique solutions. Put your brain to work – start reading relevant materials, connect with new people, and experiment with fresh ideas.  4. Reasoning Instead of skimming through the concern points in hopes of a stray idea entering your head, try the proven method of reasoning. Gauging all the available options can lead you to the most effective solution so take time to come to a conclusion after thorough deliberation and reasoning. 5. Researching The journey to reach a conclusion begins when you start thoroughly understanding the right resources, tools, and methods required for addressing the situation at hand. Apt researching skills enable you to identify the most compelling solutions for problems. 6. Critical Thinking Critical thinking is usually based on a unique perception that an individual reaches after analyzing the subject from their subjective viewpoint. Being rational is necessary for critical thinkers – which leads them to reach unbiased conclusions. Practicing critical thinking allows a balance between analyzing technical information along logical reasoning to reach a fair conclusion. So, how do critical thinking and analytical thinking differ from each other? Considering both demand logical comprehension skills, efficiency with data, and a rational mind, both methods may seem interchangeable. Analytically, they are not. Critical thinking seeks to understand a condition after viewing it from multiple perspectives. This may include data, opinions, alternatives, and the current situation. It carries more of an opinion-backed style. On the other hand, analytical thinking breaks down evident information and relevant data to analyze a condition deeply, following precise, ordered steps. It backs the conclusion with scientific results rather than simply relying on logical thinking or opinions.  How to Practice Analytical Thinking? Now that you’re on a journey to develop your analytical skills make use of these simple tips to catalyze the process. Try and start practicing the different types: 1. Bring out your maths book. Maths can be a great player to replenish your lost data analyzing skills. Solving reasoning problems can be a great exercise as well! The complexity of equations is challenging enough to put any mind in the forward gear. Try and practice math problems regularly to sharpen your analytical thinking skills.  2. Start reading Reading is one of the most prominent practices to strengthen any skill. Read regularly to build comprehension skills and concentration, which will lead you to assess situations better. There is nothing that cannot be found in books. Compiled view of the world can gift you the wild itself. Just try immersing yourself in any genre. 3. Be observant Understanding human behavior is complex in itself, so why not practice it a bit by being receptive to our surroundings. Walk around spaces with a crowd, and interact with them occasionally to share thoughts. You’ll be amazed to find so many fresh perspectives. 4. Practice problem solving The best way to train your brain for a possible mental dual is to practice it beforehand. Visualize problems and identify the most practical answers for the same. Offer your assistance to others as well – an excellent practice to sharpen your mental prep. 5. Podcasts on the go Instead of wasting hours commuting from office to home, enjoy the route by playing informational podcasts. These podcasts are full of bite-sized information which one can easily consume and gain useful insights to improve the analytical side of the brain. Podcasts come under different genres, so you can choose the ones that align best with your interests and field of work.  6. Analytical tools Different analytical tools are available in bulk to capture daily life activities and practice analysis of data. Thus, instead of cluelessly struggling with analytical tools at the first go, you can start with one tool and mix it with your own experience to understand the correlated patterns.  7. One skill a day tactic Expansion of information in mind is the biggest achievement one can proceed towards. This is possible with the help of developing new skills. One skill a day tactic aims for the readers to participate or try learning about at least one different skill every day. Actively running your mind can result in wonders. You can choose both online and offline means to pick up different skills that can make your mind more active and productive.  8. Introducing changes in personal life Monotony can hamper your analytical abilities. You need to fuel your analytical side by introducing a fresh routine in your daily life or professional workspace. Recognize your behavioral patterns and try approaching life problems in different ways. Hone New Skills  Now that you know how to develop your analytical thinking put the mentioned skills to work. The best way to do so would be to get enrolled in a dynamic course that seeks active participation, as well as enriches you with world-class coursework found only on upGrad. The Professional Certificate Program in HR Management and Analytics is an excellent option to acquire analytical thinking skills. This 5-month course is perfect for mid-level and senior-level managers.  With a learner base spread over 85+ countries and 40,000+ paid learners enrolled globally, upGrad delivers quality education online. Explore paid and free courses created under the expert guidance of industry professionals to deliver the market’s most sought-after skills. Furthermore, the dedicated team of mentors ensures 360-degree career assistance to learners, helping them to seek the best career opportunities after accomplishing their upGrad journey.  Conclusion Analytical thinking is a highly coveted skill in the present industry. No wonder companies prefer professionals with the right mix of analytical and critical thinking skills. Learning and upskilling are both lifelong processes that demand dedication, patience, and effort. So, strive hard in your career growth journey, and you’ll reap the rewards that will take you further up the ladder.  Check out the comprehensive list of industry-curated courses on upGrad’s website to learn more and start your development journey already!  

One of the primary fuels to make any organization work is its financial structure. Whether dealing with the organization’s finances or keeping the cash flow in check, the finance sector of a brand is always on the run to make things work around the clock. However, the finance sector alone is not capable enough to work following the monetary exchanges of any organization. Financial transactions such as dealing with capital funding and investments are out of their responsibility. Hence, corporate finance emerges to relevance over this section. Corporate finance utilizes several resources to allocate finances for demanded areas, keeping the organization’s expansion in mind. But what exactly is corporate finance? Corporate finance is the study of financial activities, dealing with the utilization and distribution of wealth to maintain a company’s capital and economic structure. This area of finance manages investment, funding aspects to proceed towards stable wealth generation that can help the company experience relentless growth. The corporate finance motto includes making sound financial decisions to enhance the monetary impact by implementing sustainable goals, profiting both the shareholder and organization. It uses proven tools and analysis to aim towards sustainable growth rather than a momentary profit.  Read: Career in finance and its Scope. Fundamentals of Corporate Finance To comprehend the core of corporate finance, initiating from the base is essential. Here are the vital principles of corporate finance to understand actions that management takes to prioritize boosting the company’s value. 1. Investment Principle – opting for the befitting space to allocate resources. The investment principle’s significance is to warrant the use of scarce financial resources to make the most efficient decisions. A company must allocate its finances to the right decisions, keeping the potential opportunities in mind. The investment must be made to ensure a stable flow of economic opportunities while keeping funds in check for future usage. From estimating the return on a planned investment to allotting credit days to the customers, corporate finance deals with all, choosing investment-worth markets and companies to acquire, also come under the working procedure of corporate finance.   2. Financing Principle – seeking the right mix of capital to fund your business Orchestrating a business structure requires capital, which usually is a mix of debt and equity. This principle of corporate finance deals with reaching an optimal mix of many such financial instruments while keeping the future implications under vigilance. Corporate financiers use this principle to help businesses make stable financial decisions leading to a reduction in the acceptable hurdle rate. The value of this optimal mix for capital structure is also kept in mind while making steady decisions. After deciding on the right financing mix to establish the capital structure, the principles also help implement it for the long or short term. 3. Dividend Principle- allocating the generated revenue As the outcome of relentless participation in investment opportunities, any company that matures is bound to reach the phase when generated cash flow exceeds the existing investments and hurdle rate. At this juncture, companies are to determine the right ways to reward investors and return debts. It can either decide to utilize the excess cash to pay off or use it to expand businesses. The decision has to be made keeping the maximum value of the business in mind. Both private and public corporations handle dividend decisions differently.   Types of Corporate Finance Types of corporate finance include the various methods of raising funds for the business. These are broadly categorized to ensure that the company discovers its best match. Short-term and Long-term are the two divisions that encapsulate several activities relevant to raising funds for the company. Short-term corporate finance Short-term is the type of corporate financing that extends its services to a company for a short period of time. The tenure for short-term corporate finance is limited to a few months or a whole year at maximum. Short-term corporate includes various other sub-activities. Financial lease:  Financial lease refers to the type of corporate finance where the financial entity is the owner of the asset till the lease is repaid. In some instances, companies own the operating control over the assets by the time payment structured on time is exhausted. Trade Credit: Trade credit is an agreement where clients can purchase any offered goods while paying the supplier at a scheduled date later on. Prominently part of the B2B structure.  Accrual accounts: This method of corporate finance refers to following the accrual method of accounting, which enters the sale at the time of invoice generation rather than when cash is actually received. Most companies include this method in their work-frame.    Long-term corporate finance As the same suggests, Long-term corporate finance refers to corporate financial aids spread over a year or more. The time span tends to get longer with minimum interest rates that can be returned as monthly interest payments. Long-term corporate finance includes various types of activities, such as: Debentures: A debenture, also known as a type of bond, is the debt instrument used by big corporations and governments that agree to borrow finance following a fixed interest rate. Lack of collateral backing makes the reputation of the issuing entity the only aspect to rely on for obtaining the principal amount and interest. Bank Loan: Bank loan is the most common financing option that almost every other company relies upon to structure its expansion. Entities can choose from medium to long-term financing options.   Floatation: Conversion of a private entity into public by issuing shares for the general public. This type of corporate financing ensures obtaining funds from external means rather than depending upon earnings and fresh projects for maximizing the corporation. Scope of Corporate Finance Scope of corporate finances refers to the various objectives and responsibilities that are dealt with under the corporate financing sector. These objectives focus on maximizing the sustainable expansion of the company along with generating wealth. Some of them are as follows: Capital budgeting to keep expenditures in check while allocating only the most profitable projects. Market analysis to keep up with the rapidly changing trends by accumulating the same in practices. Decision-making after in-depth market research around raising capital through reliable and most effective sources. Taking up the advisory roles under mergers, acquisitions, and takeovers. Analyzing different investment options using fundamentals of corporate finance to redeem an optimal mix of the most efficient financing instruments. Decisions to diversify and expand as per the growth of the company. Additional Resources to Strengthen your Knowledge Millions of people realize a promising career under the umbrella of corporate finance. While a full-time degree may not be accessible to everyone, an online educational platform like upGrad is making a change with its well-curated range of international programs. With 85+ countries learner base, 40,000+ paid learners globally, 500,000+ working professionals impacted, upGrad has emerged as a breakthrough in the education consuming process. Learners are offered advanced certificate courses equipped with industry-relevant skills, curated specifically by expert faculties and industry professionals. upGrad’s 360-degree career assistance allows students the right place to solve all their grievances and career-related queries, making it an extremely learner-friendly platform. upGrad success stories speak volumes of its dedication to proffer career-enhancing education. Conclusion Keeping up with the ever-so-fast pace of the market can get tough with the lack of a responsible and expert workforce. The best way to keep your company unfazed amid the changing winds of the market is with the help of a reliable team. Any business that generates money and seeks expansion in the near future must enable a smoothly running corporate finance section. A panel of experts, appropriate data, and the needed tools to configure research materials are enough to strengthen your company against all odds. Students or working professionals, anyone can look for better career opportunities with a strong resume that you can easily win through upGrad. The dynamic field of corporate finance is full of ups and downs, so prepare yourself to go hard for it! 

In the corporate world, Risk Management is simply the forecasting and evaluation of all kinds of possible risks to minimize their impact and keep the business afloat. The dynamic business environment of today has exposed companies to threats and dangers of all kinds. Today, risks come in all forms – financial uncertainty, legal liabilities, management errors, natural disasters, and other accidents. To add to these are the cybersecurity threats that put all the crucial data and IT infrastructure at risk.  Naturally, companies now heavily invest in setting risk management strategies to mitigate these risks. All businesses – whether big or small – face the consequences of unexpected dangers and threats and therefore invest in risk management plans. By having a foolproof risk management plan in place, organizations ensure that they can identify, plan, and prepare for rainy days. This way, the organizations can safeguard themselves in the long run from critical risks.  As a result of this, risk management is one of the areas where companies actively hire talented and skilled candidates. If you’re an MBA aspirant, you should know about risk management as a field and all the opportunities you get while working with risk management strategies.  All in all, by working on seamless risk management strategies, you help organizations:  Develop confidence in their business decisions. Establish processes and procedures to avoid threats.  Corporate governance principles that focus specifically on risk management. Create a safe and secure work environment for everyone involved.  Decrease legal liability while increasing the stability of all business operations. Stay protected from detrimental events. Establish a solid insurance plan and save on insurance premiums. Tried and Tested Risk Management Strategies Here’s a five-step risk management strategy that can act as a skeleton for all the different risk management projects you embark on. Step one: Identifying the Risks Generally speaking, the four main types of risks that a business needs to protect itself from are operational, financial, and strategic risks. These include all the kinds of threats and worries that a company can face. The first important step is always to identify the types of risks relevant to the business at hand. This is one of the first and most important steps of any risk management strategy. You can identify the risks by looking at the organization’s past experiences, internal history, consulting a professional, or performing extensive external research. Some other ways of identifying potential risks include group discussions, interviews, focus groups, and more.  Once you have organized the business risks as per their categories, it becomes easier to analyze particular risks in more detail and be prepared for them.  Step two: Analyzing the Risks In many risk management cases, problem resolution requires identifying the problem and finding a relevant solution. However, before figuring out the best methods for handling risks, businesses need to locate the precise cause of these risks.  For that, they need to ask the important question – “what led to such a severe threat and risk, and how could it influence the business?” When a risk management strategy is put in place, one of the essential steps is to map the different risks to different policies, documents, processes, and procedures. This means that the system already has a mapped framework of risk that then evaluates and analyzes the risks and lets you know the far-reaching effects of each risk. Some critical questions that you should consider in this step include:  What is the most negative thing that can happen? How will it affect the organization and its functioning?  What can you do to resolve it?  Can something be done to ensure that this never happens in the future?  Step three: Evaluating or Prioritizing the Risks Once you have analyzed all the different kinds of risks using the mapping framework, it’s time to prioritize the different risks. This is an important step since you should first focus on high-priority risks that pose more challenges to a business. Other risks that might be more like inconveniences can be dealt with at a later stage. Knowing the levels and priorities of various risks will give you a better idea of how to go about approaching risk management. Step four: Treating the Risks Now that you have identified the risks, analyzed them, and ranked according to the seriousness, you need to eliminate or contain each risk as much as possible. For this, you will need to coordinate with experts from each department with which the risk is associated. Meeting with different team members is essential to understanding how to contain or eliminate the risks if they were to happen.  Step five: Monitoring and Reviewing the Risks Unfortunately, there will always be some business risks that you cannot eliminate. Many risks will need to be continuously monitored and proctored, as risk management isn’t something that has a start and an end, but it is more of an ongoing process that is constantly changing and evolving.  The organization, its processes, and its work environment are constantly changing – and so should the risk management strategies and plans. If an organization becomes too rigid with its risk management process and develops a culture, so to say, it will face difficulties in the face of change.  Now, let’s look at some of the most used approaches to risk management.  Approaches to Risk Management Once the risks are identified and the risk management strategy has been implemented, different approaches can be taken for different kinds of risks – depending on their severity and effects on the business.  Keep in mind that each risk tends to be unique, and you may need to take a fresh approach for new risks. That said, it is still good to know some of the more used approaches to risk management.  1. Risk Avoidance Risk avoidance isn’t turning a blind eye to the advent of risks. Instead, it is ensuring that you are avoiding risks from happening. Prevention is better than cure, and that’s what risk avoidance tries to live by. A risk avoidance approach works by deflecting as many threats as possible to avoid all potential future disruptions, costly damages, and downtimes to businesses.  2. Risk Reduction Tweaking some aspects of different project plans, company processes, and even tech infrastructure can help in reducing certain risks. By doing so, companies can safeguard themselves from future threats. This is a great strategy that can be used to make the business processes much more efficient.  3. Risk Sharing Sometimes the best approach to risk management lies in sharing the risk across different customers, vendors, departments, and external organizations. This works by figuring out where the risks are shared and working on solutions collaboratively to mitigate and manage risks.  4. Risk Retention One of the primary reasons for arranging different risks in the priority level is determining whether some risks are worth it from the business perspective. That priority list comes in handy for this approach by helping companies understand whether or not they even need to retain some risks. For example, in case the level of severity of a risk is less than the efforts and time it would take to manage it, it’s better not to retain that particular risk, and so on.  Conclusion Risk management is and will continue to be an essential arm of any organization. As we march towards an even more data-fueled world, these risk management strategies and techniques will shift more in the data realm, and managers will have to doubly ensure the safety and security of all the organization data.  Because of this, risk management is also one of the fields that are constantly on the lookout for experts and skilled professionals. If you have the required qualifications and experience, you can build a solid career in risk management. If you are keen on upgrading your career with an Executive MBA course, upGrad is offering the Online MBA Program in collaboration with the Dekin Business School. The program has been designed to stand at par with the best on-campus Executive MBA programs across the globe. If you are a fresher but are interested in risk management, you’re in the right place. At upGrad, we offer an array of globally recognized MBA Courses that have helped students across the globe establish a firm foot in the world of business management. Check out our courses, go through the curriculum, and enrol in the one that fits your needs the best. Experience quality education, supportive peer groups, and motivating career assistance with upGrad! 

The moment you come across a job ad, it gives you an impression that the job post requires a specific skill set as per the profile and industry of the employer. So you aim to crack the interview and prepare a super impressive resume that lists all your qualifications and skills that match the job profile.  Your resume acts as your first impression. Recruiters browse through resumes in search of unique and competent employees who can bring value to their organization. They aim to choose the crème de la crème from all applicants. Hence, they look for extraordinary proficiency and keep a lookout for candidates possessing the perfect combination of hard and soft skills. During an interview, interviewers expect you the demonstrate the qualities apt for the role you’re applying for. Employers look for solid personal traits that reflect the team spirit of the candidates. They want a peek into your life experiences and talent. What’s more, they always desire professionals who can perform any task with the utmost tact and proficiency. Thus, you must strive to prove yourself as a worthy candidate and a team player for a particular role. The goal is to show potential recruiters that you can become a valuable asset to their organization.  Typically, employers filter candidates based on multiple skills and qualities. These qualities and skills include:  Honesty Ambition Communication skills Loyalty Teamwork Dependability Self-reliance Flexibility Confidence Quick learning skills Work ethic Problem-solving skills Determination Positivity Top qualities employers look for in a candidate  We have compiled a list of 19 essential skills and qualities that employers look for while hiring in any industry: 1. Good communication skills This quality makes you excellent in expressing your thoughts and ideas, establishing a connection with whom you’re communicating. When you appear for the interview, you can make the best use of the given opportunity to demonstrate your proficiency in communication and expression.  This involves how well you speak, your command of the English language, and how well you bond with a potential employer. Any job post requires a candidate to be an excellent communicator to coexist and collaborate with different members of an organization or outside of it. 2. Dependability and responsibility Employers prefer dependable applicants who show a clearer sense of responsibility and work ethic. This quality is often reflected through referrals and recommendations. So, make sure to include any referrals and recommendations you’ve earned from past experiences that prove you are a reliable and trustworthy professional with valuable working experiences.  3. Problem-solving and analytical skills This quality allows one to reach the root of any problem and design effective solutions. Employers determine if you have this quality or not by asking situational questions. They often give hypothetical but relatable situations and check your response to assess your problem-solving and decision-making abilities. Hence, draft well-though of answers that portray your problem-solving and analytical thinking skills. 4. Ambition and leadership skills Having these skills assures the employers that you’re worthy of being promoted to leadership or managerial roles. Being ambitious and possessing leadership skills can help you climb up the promotional ladder pretty fast. However, you must be able to substantiate these skills by referring to examples from your previous work experiences. 5. Teamwork Today, almost all job roles require collaboration skills and qualities that make you an efficient team player. Again, employers evaluate this quality by asking situational questions. They often seek examples from your past work experiences to see how you have managed to work with a team and collaborate with other members of your organization.  6. Flexibility It is a well-established fact that change is the only constant. Therefore, adaptability and flexibility is a critical skill that employers look for in candidates these days. This is because the work atmosphere can be unpredictable – you never know how things may change in a company. Being adaptable and flexible helps show that you are willing to learn new things. 7. Self-reliance Proactiveness and self-reliance are two qualities that work as the cherry on the cake. Any employer would be the happiest to hire employees who aren’t codependent. They will prefer someone who takes the initiative, leads people, and remains proactive in handling the task at hand. Such employees don’t need to be micromanaged. 8. Eagerness to upskill Employers prefer professionals who are always eager to learn and improve their skills. They value people who aren’t stubborn in their working methodology. The more enthusiastic you’re to learn, the more you’ll grow as a professional. In the long run, you’ll become a highly valued candidate in your field with an impressive resume. For example, if you’ve completed any professional certification courses, do mention those to the interview.  9. Confidence Being confident means having clarity of thought about your long-term and short-term goals. It means having faith in your capabilities and also the ability to convince your employer that you’ll be a good fit for their company. The more confident you are of yourself and your abilities, the higher will be your chances of impressing the person before you. This quality is one of the most important qualities any employer looks for while hiring.  10. Work ethic Every organization prefers hardworking, diligent, and committed employees. So, you must convince the employer that you take pride in your work and are punctual, hardworking, and prudent. 11. Ability to plan, organize, and prioritize work Organizational quality is quintessential if you are looking for leadership and management roles in a company. Hirers of such job posts keenly look for good planners, organizers, and delegators. Having this quality makes you a more reliable employee, and the company would know that you’ll make the best possible decision around your work plan. 12. Ability to gather and process information When you work for a company, the employer gives an array of information through instruction manuals, verbal guidelines, data sets, etc. You need to plan your work strategies according to these mandates. If you’re proficient in obtaining and processing such information, it reflects your efficiency as an employee. It shows that you can retain information and also act on the same.  13. Ability to analyze quantitative data Analysts are often expected to have this quality as their job won’t produce the desired results without analytical skills. Thus, if you’re applying for technical positions, you must be able to analyze quantitative data such as statistical figures, reports, tables, etc. Effective analytical skills will allow you to understand the company’s market position more effectively. 14. Technical knowledge related to the job Needless to say, candidates must possess the required technical knowledge for a job. So, for example, a companion hiring engineers would need the candidates to have the necessary technical degree and practical proficiency in that field. The same goes for all other areas where specific technical expertise is required. 15. Proficiency with computer software programs. We live in a digital age, and computer proficiency is a must-have quality any candidate must possess. Employers prefer candidates who are well versed with computer software and other computer operations as no work in today’s world can be done without computers. 16. Ability to create and/or edit written reports. Any job profile would require you to create and edit written reports regarding your department at one point or the other. This is a must-have quality for any employee, regardless of their job profile. Creating well-articulated reports helps you visualize the data for everyone’s understanding (both technical and non-technical staff). 17. Ability to influence others The ability to influence people is particularly crucial for managerial and sales/marketing roles. If the employee has strong communication skills and an impressive personality, they can influence others to come on board with their opinion or plan. This quality helps employees gain new leads, convert leads into customers, and build meaningful relationships inside and outside the workplace.   If you want to ace the hiring process and choose candidates best suited for your organization, pursue the Professional Certification in HR Management and Analytics on upGrad. IIM Kozhikode and industry experts specially crafted this course to help students get the best exposure and skills related to HR management. In 5 months, students learn about HR practices, HR analytics, talent acquisition and development, workforce planning strategies, etc. This course explicitly targets mid-level and senior-level managers. upGrad promises overall development powered by peer-to-peer learning across a global learner base of 40,000+ students. Apart from a well-structured curriculum, learners enjoy interactive live sessions with top instructors and industry experts. Conclusion Needless to say, every employer looks for specific qualities in their potential employees. So, if you are aspiring to land a lucrative job opportunity at a top firm in the country or on the global platform, you must strive to acquire these skills. The qualities and skills we’ve mentioned above are what every recruiter looks for, irrespective of the industry or job profile. As job seekers, you must polish your skills to a level that will help you grab the best possible career opportunities. It’s a competitive world, and being one of the crowd won’t suffice. You must possess all the qualities that make you a better choice than the other applicants for a job post.

“The illiterates of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”- Alvin Toffler. Dramatic changes are overwhelming us every day, and we are watching them accelerate at a pace like never before. We witnessed how the world can go from normal to a complete state of abnormality or the ‘new normal’ as we call it, within hours. Under these rapidly changing circumstances, the mantra to sustain has been and continues to be – learning, unlearning, and relearning.  This cycle of learning, unlearning and relearning demands open-mindedness. In other words, it demands an adaptive mindset, which emphasizes being receptive to newer and different ideas, perspectives, and information. Critical and rational understanding of a subject requires you to step outside of your comfort zone and explore the different aspects to come up with one or more solutions. Today, advanced digital technologies and tools have made receiving and sharing information super seamless and time-savvy. In such a dynamic scenario, one must continue to nurture their thought process by adapting to newer approaches, concepts, and methodologies. Why do we need an adaptive mindset in our professional life? Adaptive thinking is crucial for professional development because it: 1. Equips you to go against any challenges. If you accept any misfortune or mishap that has happened, it gets easier to think about how you intend to deal with the consequences. This holds true in your personal and professional life. The latter, more so than ever because there is always a chance of things not working out exactly how you planned on them, in which case it is your resilience and refreshed mindset that is going to get you through the adversity. 2. Makes you a relevant and valued employee. The way a job is done or a job description is dynamic and subject to change with time. For this reason, employers look for workers who can adapt to a change in function or environment gracefully. The more updated you are with the latest technologies, workplace systems, tools, and business strategies, the higher your value is to all employers. 3. Allows you to be a better and a natural leader. A good leader has to be focused, motivated, and most importantly, have an open-minded outlook. By welcoming and adapting to change yourself, you set an example for your co-workers, thus inspiring them to do the same.  4. Keeps you feeling content and helps you adapt to career changes A change in the work environment can cause severe stress. However, if you train yourself to predict it and adapt to it better, you will feel more at ease. It will build your self-confidence and independence, so if there is ever a bump in your career, you can deal with the stress and make the best of the situation at hand.    The pillars of adaptive thinking 1. Learning The World Economic Forum in 2018 published a report on the skill sets that will be imperative for career building. Among those, “active learning and learning strategies” was cited as one of the essential skills for the year 2022. Although the solution to having an adaptive mindset is learning, and information is available on everything under the sun upon the click of your mouse, the challenge lies in figuring out what to learn. The “what” can be identified if you focus on short, medium, and long-term goals.  Get down to the basics and proceed to identify the advanced prerequisites for attaining those goals. If your goal is to prepare for a higher role or improve yourself in the current role you are working in, focus on those particular skill-sets. You must follow the cycle of learning, unlearning, and relearning whenever necessary. 2. Unlearning  In simple words, unlearning is the insight or skill of giving up on whatever does not hold true, helpful, or relevant in any way. Just as we learn about the trends changing, we need to unlearn older trends and patterns to succeed. The key is not to remain restricted to methodologies, technologies, and approaches that you’ve learned so far. Instead, you must always keep an open mindset. When you unlearn, you try to look at things from all different angles, thus, gaining a better understanding of a specific situation and, eventually make informed decisions. Relearning: The Extended Cycle One must realize when to give up some idea or information if it is no longer relevant or true. Holding on to something that no longer brings personal or business benefits will always result in losses, monetary or non-monetary. For instance, leaders need to unlearn their strategies to succeed from the past to prolong their streak of success at present.  Similarly, there is a limited shelf-life for the skills that one may have. There is no skill that doesn’t demand specific tweaks and refinements for staying relevant. Whether it is technology-related or otherwise, you must continuously strive to stay relevant in the job market. This applies to habits and behaviors, too, as it helps create the perfect work-life balance and boosts your mental and physical well-being.  However, the cycle does not stop with learning and unlearning. The process of relearning is crucial as it involves upgrading your knowledge based upon current trends and changes. For example, the more updated processing cores you add to your devices, the more effective and boosted their performance will be. Similarly, the more updated information you learn, the more chances there are for you to accomplish. When this healthy habit is cultivated, every mistake will present new opportunities to learn and improve. The process of unlearning and relearning can be jolted down to three main focus points: Willingness to accept a new challenge that comes your way. The desire to embrace a new thought process, idea, information, or perspective. Developing perseverance in the face of unforeseen adversity. 1. Agile vs. Adaptive Over the past year and a half, the global populace has undergone significant changes to thrive during the pandemic. While individuals had to make personal decisions to stay safe and sound, businesses had to navigate their way carefully in their respective markets.  In March 2020, around 13 million people in Latin America purchased online for the first time due to a strict lockdown. E-commerce sales, which is sales via the internet, jumped post-April 2020 in the United States. China, the first country which reported COVID-19 cases in 2019, is expecting its online grocery market to grow by 63% in 2021. This report published in Forbes mentions that the majority of the consumers in Europe will continue to purchase online even after the pandemic ends.  Deriving from the above figures, it is clear that several companies which had never previously gone online had to switch to cater to the needs of the consumers. Such businesses which initiate changes are more adaptive.  Several businesses have failed to adapt and have suffered as a result. Polaroid, for example, hadn’t developed its software offering. With the advent of mobile phone cameras, Polaroid was suffering heavy losses. An in-depth study on this case revealed that the reason for the company’s non-adaptive nature was a panel of leaders who were obstinate when it came to re-designing their product.  Non-compliance of businesses to societal changes can be traced along with the several industrial revolutions that have taken place in the past.  On the other hand, a counterexample and one of the best adaptive business models that have shown an insatiable appetite for change is Amazon. Over the years, the company has made the best use of data and automation. In fact, the most recent attempt of Amazon to invade digital advertising shows that the company is willing to explore newer means, strategies, and techniques. 2. Early Adopters and Laggards Jeff Bezos, the founder and executive chairman of Amazon, is an “early adopter” according to the Diffusion of Innovation theory, developed by E.M. Rogers.  Roger’s theory establishes that early adopters are those who embrace change in society. It is only after early adopters like Bezos, will an early majority of people adopt those new ideas, strategies, or products. While the panel at Polaroid, who refused to adapt, fall under the category of “Laggards” as they are bound by the company’s tradition and are conservative in nature.  3. Technological Change Technology by itself has to develop constantly with time. This process is known as Technological change (TC). To be a pioneer or an innovator in the technological field and bring innovations that solve real-world business problems or adds value to an existing solution, one must have an adaptive mindset. Adding to that, several other skills, such as originality, creativity, and analytical thinking, will come in handy. Master Adaptive Thinking with upGrad Adaptive thinking is a core facet of management. Managers and industry leaders are the epitome of adaptive thinking – they are the pioneers and early adopters of new methodologies, approaches, and tools. If you too wish to again adaptive thinking skills, you need to check out these upGrad courses: 1. Master of Business Administration (MBA) Liverpool Business School (18 months) Get dual degrees – MBA degree from Liverpool Business School and PGP Management from IMT Ghaziabad. This course is recognized by World Education Services Experience a one-week induction program at the university campus Be mentored by industry leaders and interact with industrial leaders Advance in your career and receive 360-degree career support Pick specializations that appeal the most to you. Receive dual alumni status, one by the Liverpool Business School and another by IMT Ghaziabad 2. Product Management Certification Program (6 months) Ranked #3 Executive Education by Financial Times Receive DUKE CE Certifications Unlimited access to content for three years One to one mentorship from product experts Build your own captivating resume To Wrap it up We are currently witnessing the fourth industrial revolution, which is technology-driven like never before. This era is focused upon harnessing technologies to create a rather inclusive culture and future. It has brought about a fundamental change in the way people lead their lives. The courses suggested above will direct you and help you learn the ways of the metaverse.  Everything comes down to adapting and navigating through newer avenues and overcoming challenges.