KUALA LUMPUR, July 2 (Bernama) -- Despite concerns about inflation and recession risk, employer confidence in graduate management education (GME) and its ability to prepare business school graduates to be successful in their organisations has reached new heights since the pandemic, according to the Graduate Management Admission Council (GMAC).
The annual survey of global corporate recruiters of business graduates finds this increase in confidence was seen across key industries business education caters to like consulting, finance and accounting, as well as technology, according to a statement.
“As disruptive technologies like generative AI reshape the labour market and the skill economy expands, employers are putting a premium on strategic thinking, people leadership, and problem-solving while betting on the rising importance of tech prowess.
“To achieve success, future business leaders will need to harness technological advancements and possess the knowledge and experience to manage the change brought on by these evolutions,” said GMAC Chief Executive Officer, Joy Jones.
The best news for today’s business school graduates is that employers' appreciation translates into optimistic hiring projections, with the majority of global recruiters planning steady or expanding hiring this year, with a third expected to hire more Master of Business Administration (MBA) graduates than last year.
Notably, employers’ renewed confidence in GME is reflected in the growing number of them who say business school graduates tend to outperform their other employees, fast-track to upper-level positions, and earn more than other employees, and the share has grown in recent years despite, or perhaps due to the rapid rise of technologies like generative artificial intelligence (AI).
With the attention AI has received, the responding employers do not necessarily believe the predicted changes have hit their workplaces just yet, with only 26 per cent considering AI to be an important skill for current GME graduates to leverage in their organisations.
However, when asked which skills will be most important in five years, AI ranked high across regions and industries. More importantly, employers consistently value problem-solving and strategic thinking as the top skills for GME graduates of both today and tomorrow, and these core competencies are seen as essential globally.
The study also found confidence growth in remote working management skills does not extend to remote learning, with about two-thirds of employers say the skills gained through GME are more important in today’s world of remote and hybrid working.
Despite that, employers’ new appreciation for business graduates’ ability to manage flexibility in the workplace has not entirely extended to an appreciation for the skills gained in online programmes. Overall, two-thirds of employers still believe in-person programmes impart stronger technical skills than online programmes, and nearly three quarters agree in-person programmes impart stronger leadership and communication skills.
Furthermore, the survey highlighted that hiring projections remain optimistic despite recession fears and policy impacts. Regionally, planned hiring expansion is most conservative in the United States and the technology sector, whereas employers in Asia report the highest intended hiring across GME degree types.
-- BERNAMA
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