Management Education in the 21st Century

“To enhance productivity, government will need to continue to focus on reforms that can improve the competitiveness of our businesses and markets, and provide an environment that encourages entrepreneurship and innovation.” 2015 INTERGENERATIONAL REPORT, Australia in 2055

Innovation is the key to driving any economy forward while effective management allows new entrepreneurial enterprises to go from being ‘Kickstarters’ to multinationals that influence national economies.

As economies and companies expand, new levels of management are required to diffuse daily operations to the correct staff. This growth in bureaucracy can be more harmful than helpful however. Poor management can adversely affect employee motivation while reducing productivity and tarnishing a business’ reputation. This leads to decreased revenue, increased costs and difficulty in recruitment.

The future of management education in Australia will be determined by its capacity to adapt to a changing economic environment through high quality research, an innovative teaching curriculum and deep engagement with businesses and other stakeholders. However, the demands of both employers and students are changing, requiring an increased emphasis on boundary-crossing skills that build attributes such as collaboration, communication, leadership, problem-solving and critical thinking.

“Soft skills” are necessary for being an effective manager, as they are the emotional and social skills required by employers. By being able to successfully interact with others, strong business partnerships can be made. Skills such as emotional intelligence are highly valued by employers leading many education institutions to integrate this into their programs. This is most successfully implemented through group work where students can build their communication skills with others and develop the ability to collaborate. While being able to communicate with fellow classmates or colleagues is important, being able to work with those from other countries and cultures is also essential. With business being increasingly globalised, it’s common for colleagues to come from across the globe or for partnerships to be made with companies from other countries. Many management programs focus on globalisation and the impact it has on business. As the world becomes more interconnected, it’s important for students to be able to work successfully with their international counterparts.

There are many schools in Australia that have fantastic Management programs. One great school to consider is the Australian Institute of Management. With locations all around Australia, it’s easy to find a course in the city or region you’re interested in. They also offer the option for students to start their studies in one state, and finish in another. The courses cover a wide range of topics, and are relevant to the globalised world and the changing trends in business and management. The Master of Business Administration in particular gives students the opportunity to build on existing knowledge and experience, in order to become highly skilled professionals in progressive, modern-day management environments. Degrees from Australia are widely recognized throughout the world, and beneficial to both business students and professionals.

For more information on management education in Australia and the Australian Institute of Management you can read the full profile…