By Professor Bryan Lukas, Academic Director of Executive Education at Alliance Manchester Business School (AMBS)
The former chief executive and chair of IBM, Ginni Rometty, shared some words to live by in a recent interview, which really caught my attention. Her pledge to her colleagues as their employer was: “I can’t promise you employment, but I can promise you employability.”
By that, she meant that it is incumbent on business leaders to arm their staff with the skills that their organisation needs, but also that each individual needs to succeed in their career. That really chimes with me, because it matches my own outlook. Managers must never assume they have all the skills they will ever need on their team. Too many people seem to think that leading a business is just like riding a bike; a skill that you learn once and never forget. Upskilling must be a constant process of evolution if you are to maintain a competitive edge.
Evolve and adapt
Skill requirements will always change over time and employers must invest in their staff’s skills or risk being left behind.
The business landscape is in a constant state of flux; few would have anticipated the ubiquity of the internet 35 years ago, for example, and the transformational impact that Artificial Intelligence (AI) is having today was largely unexpected even five years ago. A lack of up-to-date management skills is also part of the productivity puzzle that the UK has been struggling to solve since the 2008 financial crisis. Bluntly, we’re not internationally competitive, with domestic output per worker around 20% to 30% lower than most industrialised economies.
The World Management Survey, which monitors management practices around the globe, calculated that between a quarter and a third of that productivity gap can be attributed to sub-par management practices. And it identified a lack of access to training as holding businesses back. Conversely, there is a positive link between higher quality of management and greater productivity. But the survey’s conclusions go further, identifying causal links between better management and profitability, exporting and growth too.
Supercharging skills
We’ve noticed that managers are increasingly appreciating the value of lifelong learning to keep up with new customer trends, economic headwinds, technological innovations and more.
Our own research found that most managers are now more than ever likely to enrol on a personal development course to enhance their existing skills, and that’s been mirrored in the popularity of AMBS’ new programme of executive education courses. But managers also told us that pressure on their work/life balance mean they can struggle to commit to ongoing education. More than one in five (21%) of the managers we surveyed said a lack of time to learn outside of work hours was holding back their career progression.
To that end, executive education must be flexible in its delivery, with programmes comprised of bite sized elements that can be accessed remotely or in person. Firms should be able to consult with course providers in advance to tailor programmes so they address specific business issues or organisational professional development requirements. And there are a range of well-known – though not necessarily well-understood – challenges that require a new set of skills to master.
Understanding the implications and opportunities of the ESG-influenced transition to a net-zero and a biodiverse economy, for example; and critically evaluating possible applications for blockchain, including the impact of digital finance on an organisation. Data and AI is an area with particular potential, but it’s also highly complex, requiring a specific skill set that presents barriers to access. Traditional leadership courses don’t necessarily equip leaders with the skills they need to utilise data and AI to its full potential.
There can be a temptation to turn to specialist consultants or advisors to address new issues in organisations, but that’s a short-term approach that can ultimately weaken a business. Being able to access in-house skills must be a better option than outsourcing expertise to ensure long-term growth.
Alliance Manchester Business School has recently broadened its portfolio of short business courses to equip future leaders with the real-life skills they need to lead in an ever-changing business landscape. Each course takes place at AMBS’s Professional Development Centre over four days and aims to provide senior business leaders with the tools, frameworks, and strategies to lead businesses successfully.
Devised by industry-leading academics, the courses cover topics such as data and artificial intelligence, leadership psychology, international business strategy and environmental, social and corporate governance (ESG). At AMBS, professional development courses are about more than just educating managers and leaders; they’re about partnerships and collaboration, understanding and impact. The expert team at the School transform the latest industry insights, world-beating research and visionary thinking into practical skill building, networking, and supercharged opportunity.
The full portfolio of short business courses can be viewed on Alliance Manchester Business School’s website.
If you’re interested to find out more about how a short business course could benefit you or your organisation, get in touch via shortbusinesscourses@manchester.ac.uk.
