In the second part of our series of interviews, business leaders outline the skill sets business graduates must develop to thrive in an ever-changing business world
Nirmal Sethia, Founder and Chairman, Newby Teas
I think philanthropy is key to business success. Big players such as Bill Gates understand this as well. He gives graciously and gratefully to charity. Business programmes should be sharing the importance of philanthropy with all students throughout Business Schools.
The younger we learn to be givers, not takers, the better. For too long, leaders have judged others when they don’t know themselves and this system has to be eradicated. This profession of greed is thriving, but it will die a slow death.
Herbert Henzler, former European Chairman, McKinsey & Co
Strategy is applicable everywhere. You can take your management skills to any company if you’re excellent at managing. I think it’s transferable and applicable. If you’re a great manager, you need to realise you can’t do it on your own. You’ll need a team around you that supports you, helps you and goes through the trenches with you. If you don’t have this, you might as well forget it.
Jack Welch was 42 when he took over GE and he was able to establish a great team around
him. I think the textbooks have become similar whether you’re in the US, UK or Germany, and the analytics are also similar. We live in a quantitative world, so if you’re strong in analytics, you’ll be able to add, subtract, multiply and divide. But the social dimension has become much more important.
The necessary condition [for great leadership] is social. Does a business have people it can send to a client who will listen to the client’s needs, help them, work with them and collaborate in a catalytic way?
Does the client think they’re a solution or adding to the problems? Can the
client work with them from Monday to Friday?
These questions define the difference between good and great.
Joseph Ripp, Executive Chairman, Time Inc.
In this ever-changing world and given the rapid pace of change, it’s critical for leaders to be flexible and agile.
Business graduates should have an entrepreneurial spirit and encourage that type of culture in their organisations.
Martina Mercer, Marketing Consultant and Editor of Sunday Woman magazine
When hiring business graduates the biggest three skills issues for me are creativity, adaptability, and a genuine passion for the business to which they’re applying. Business Schools are adept at teaching students every fine detail of business and marketing. However, obvious skills gaps crop up when hiring graduates.
Some lack the skills to be creative which can create problems. They’re so used to following textbooks and applying the formulas they’ve learned that they find it difficult to adapt their strategies in order to deliver the bespoke needs of a business. They like to follow a step-by-step plan as taught in Business School, however real business is rarely like that and some graduates can find it difficult to work within budgets while still creating a healthy, improved profit, and while adding value with their work.
Others will hold on to the information they learned at School, despite the changing landscapes, which can be detrimental, as we must all adapt our methods to suit the status of the business and current trends.
I’ve found business graduates are proficient in data processing and attention to detail, but many need training to work in a fast-paced environment and within budgets. Others struggle with B2B and B2C relations while needing training in management and teamwork. These issues can be easily solved once a graduate settles into a role and gains practical experience. Universities could prepare graduates by encouraging them to start their own business, no matter how small, and giving them holistic training which involves pitching, sales, service, record keeping, working within budget and adapting to limited timescales.
