A decade back, professionals lived by the conventional career rules and followed a predictable job trajectory. It was commonplace to see a large number of professionals continuing in the same job position for many years together and even more common was sticking to the same job profile with little or no addition to responsibilities. Changing careers or going back to education was highly unusual as a person could see success staying in one profile over the years.
This is not the case anymore. A look around and we see a considerable number of professionals, especially with 3-4 years of experience, enrolling in professional courses or shifting careers. So what has led to this transformation? The answer to this question is multifaceted — from increased awareness to volatile business requirements, evolving technology to thriving startups offering high salary packages have all played their part in bringing about this change in approach.
Let’s look at the key factors that are motivating professionals to take up executive education or shift to business analytics:
Fast-Track Career Growth:
Moving up the corporate ladder in a straight line through promotions is a very slow process and takes professionals certain amount of years to reach leadership positions. Completing an executive education program helps professionals catapult their career and reach top positions faster in a shorter span of time. Equipped with the new competencies gained through the executive education program, most professionals are moved up the hierarchy level by their present organizations. Shift to analytics is also driven by the need to boost the career. With analytics emerging as a business necessity for every organization, professionals see immense potential in the space as a career choice.
Today’s dynamic workplace requires constant upgradation of skills and keeping abreast with changing technological advancements. To get recognized in their organizations, professionals need to constantly upskill themselves and look at expanding their scope of expertise. Most organizations look for specialized skill sets like decision making, leadership capabilities, teambuilding, and communication apart from comprehensive knowledge of job function in employees at higher positions. This is where executive education comes into the picture.
Talking about skills, business analytics capabilities are currently most sought-after. With every organization looking at data-driven decision making, there has been a spurt in the demand for professionals with analytics skills in the last few years.
A lot of professionals enroll in executive programs to get a significant hike in their salary through placement opportunities provided by institutes. On similar lines, a number of professionals are shifting to business analytics due to higher pay packages. While there is massive demand for analysts and data scientists, there is a huge scarcity on the supply side. According to staffing solutions company, TeamLease Services, India is expected to see a shortage of nearly 2 lakh data analytics professionals in the coming years. Organizations are thus ready to spend big bucks for the right skills.
Starting an Entrepreneurial Journey:
Business analytics and executive programs are increasingly being considered by entrepreneurial enthusiasts. While the focus on developing leadership and managerial skills are the biggest advantages of executive programs, networking opportunities are a huge plus too. A typical classroom of an executive program includes a diverse pool of professionals from varied profiles and industries. This enables professionals looking to venture into entrepreneurship to increase their contacts alongside gaining knowledge about all aspects of business.
Business analytics is also high on the list of entrepreneurial enthusiasts to tap the potential of niche technology and growing market. According to a report by IDC, the big data and business analytics market will grow to $203 billion by 2020.
In the coming years, as the companies continue to expect broader skillsets from employees at leadership roles, both business analytics and executive programs will see further increase in popularity. The key for professionals to maximize the benefits lies in choosing a high-ranking program from an institute of repute.0