Goals And Skills For Business Management Career

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Introduction

My chosen area of graduate employment aspiration is to work as “Business manager” in the retail sector. In the role of business manager I will be in charge of designing the business strategies and managing everyday operations to ensure company’s efficiency, profit and success.

Being a business manager requires strong interpersonal and leadership skills which are vital for this role and stupendous teamwork is essential for any business success. The job of a business manager requires both excellent written and verbal skills of communication as it necessitates the ability to identify growth opportunities.

Apart from the employment as a retail business manager, the other employability opportunities for business manager can be: “Actuarial analyst arbitrator, business advisor, business analyst, business development manager, chartered management accountant, corporate investment banker, supply chain manager”(Prospects Mar 2020)

My degree in Business management prepares me for a career where I can apply to any business sector/industry as there are immense choice areas you can work in with this degree and aim to get relevant work experience.

Career as Business manager

The work of a business manager inspires, influences the success of a company. Business manager plays a key role in upholding the company’s major business values, ideals, culture with the clients and business stakeholders.

Responsibilities of a business manager include:

Identifying and assessing the every latest growth opportunity in current and prospective markets of the business.
Strive for the company’s goals and objectives.
New employees recruitment and training
Performing employee evaluations from time to time regularly and to advise them their areas of improvement.
Working on targets, designing business strategies, adhering to company policies and meeting company goals and standards.
Ensuring the availability of sufficient resources such as personnel, material, equipment in the company/business.
Ability to perform periodic budget analysis and develop company budget
Ensure the company activities cohere to legal policies and terms.
Evaluation and estimation of company performance on a gross scale.
Provide his team with resources to deliver world-class quality of work

Business managers would lead specific division or multiple departments based on company size. They are the pilots of a plane by enforcing, supervising critical mission operations and figuring out the objectives ensuring smooth flow of daily activities in a company’s business.

Qualifications required

Requirements of Business manager in retail requires:

Bachelor’s degree in Business, Business Management or other related fields.
At least 3 years’ experience in a management position.
Outstanding leadership abilities.
Excellent written and verbal communication skills.
Working knowledge of the latest business policies and regulations.
Demonstrable analytical thinking & business insight.
Work experience at fast-paced retail environment
Putting customers first as a priority for providing best customer service
Meticulousness over tasks assigned and seeking enough knowledge on commercial awareness on a regular basis(Dunelm 2020).
Exhibit strong leadership and skill potential to positively influence other team members at work.

They should be capable to manage customer-facing operations, sales & marketing progress. Ability to work in cross-functional teams such as Business to Customer(B2C) or Business to business(B2B).

General trends for Business manager career

Out of top 10 jobs, 8 job posts are available for graduates in the UK which are related to business, sales and HR. Marketing associate professional is the top title of business management graduates, with more than 800 graduates in this role six months after graduation(Prospect Mar 2020).

Covid-19 pandemic has changed the global economic situation with job cuts in the next three months as the proportion of employers planning for redundancies increases this quarter(Prospect Mar 2020).

“Redundancies:- The proportion of employers intending to make redundancies over the next three months has increased to 33%, rising 11% since last quarter. This jump reflects the worsening economic landscape and clarity over the Government’s Job Retention Scheme.The average direct cost to employers in making a redundancy is £11,125”(CIPD Aug 2020). Extremely lowered employment rate and no increase in pay in next 12 months in the private sector(CIPD Aug 2020).

A retail personnel in Lidl mentioned regarding new retail jobs opportunities, there are less than average working hours given to existing workers at Lidl due to covid-19 pandemic and 14000 job applications on hold and job cuts influenced to both covid and brexit.

A graduate degree of Business management is very much sought as there is obvious pay gap is visible between mainly-graduate and mainly-non-graduate jobs, with graduates paid two-thirds more (63%) than their peers in elementary roles(CIPD Aug 2020).

Skills and knowledge

Based on our primary and secondary research analysis on the career of business managers brought us insights that the graduate training schemes offered by large employers give quite relevant experience in several departments and specialisation from the business outset environment.

Primarily, for a business management student, their degree allows them to develop a wider in-depth perspective of business organisations which provides you with subject-specific knowledge in areas such as markets, retail, customers, finance, operations, communication, information technology and business policy and strategy. Business issues are often addressed at a European and international level.

Enormous insights of our deeper secondary research for the career as a business manager as graduate re-instantiated the below points:

Graduate schemes available:

A one or two years on job training programme designed and structured exclusively for graduates by many companies, especially by employers in retail have incredible opportunities to start the career of a business management graduate.

This benefits graduates with outstanding career path and sub-stream choice they prefer and niche skills as business managers just with their first job.

In contrast to an apprentice, it’s a boon of growth opportunities for graduates for

a.) great hands-on experience
b.) understanding your chosen professional career path
c.) practical application of acquired knowledge with your university degree of business management for your work deliverables
d.) broad understanding of how businesses work in high-end settings and commercial scales.

The best prospects of choosing to get through a graduate scheme is to gain reputation, steadiness, dedication, confidence in a full time job by learning master skills at the same time concurrently.

Graduate trainees are mentored and guided by seniors in the team/company and who are available for them to be approached for advice and guidance whilst building key skills which helps to cope up with work pressure.

Many best graduate employers have global establishments and locations at international level which interests and encourages young graduates who are willing to travel abroad.

In a report of 2019 revealed that top payers and top 100 Graduate employers are the businesses in Finance, law, consulting, oil & energy and retail. 1/6th of graduate opening schemes offer starting salaries greater than £40K in the UK and with few UK’s best known graduate recruiters paying starting salaries of minimum £45K for their 2019 intake.(Prospects-High Fliers 2020).

References

Prospect Mar 2020, Business management – March 2020 What do business studies graduates do? https://www.prospects.ac.uk/careers-advice/what-can-i-do-with-my-degree/business-management
CIPD Aug 2020, Labour Market Outlook: Summer 2020 https://www.cipd.co.uk/knowledge/work/trends/labour-market-outlook
Dunelm 2020, Dunelm Group plc, Retail Graduate Management Programme https://www.glassdoor.co.uk/job-listing/retail-graduate-management-programme-dunelm-JV_IC3414359_KO0,36_KE37,43.htm?jl=3495083171&utm_campaign=google_jobs_apply&utm_source=google_jobs_apply&utm_medium=organic
https://www.prospects.ac.uk/careers-advice/getting-a-job/graduate-schemes

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Goals And Skills For Business Management Career

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