Historically, business management has been a lucrative and prestigious career path with an outstanding future outlook. However, considering that the job market has changed dramatically in response to COVID-19, you may be wondering whether or not the future still looks bright for business managers.
The uncomfortable truth is that this is not an easy time to be searching for employment opportunities, regardless of the industry you hope to work in. Australian unemployment levels are currently high. For every business management job opening available, there are numerous talented individuals competing to get hired — but this is also the case for every other type of job opening right now.
That said, despite the global health crisis and the rush to implement automation technologies, business management is a career path that appears to have a relatively good employment outlook. Let’s explore a couple of reasons this is the case:
Business management requires a specific skill set that is not easy to come by. Managers must be skilled communicators, collaborators and negotiators. They must possess empathy, resourcefulness and leadership abilities.
The required skills can be cultivated with training. The easiest way to acquire them is by finding an advanced university course where the instructors are both experienced managers and proficient teachers; either a master of management degree program or a master of business administration could be useful for acquiring the needed skills to do the job.
University isn’t the only available pathway into a management career. There are some companies that maintain their own management trainee programs, and they hire promising candidates to train. Typically, securing a position in one of these programs allows you to earn a steady salary, and you learn on the job as you work. Aldi is an example of a company that operates their own retail management training program.
If you want to be a retail manager, it is also possible to acquire training by studying a VET course in retail management.
Pursuing these skills is worthwhile, as virtually every sizable industry needs strong leadership talent. Outstanding managers enjoy a high level of career versatility, because there is a universal need for individuals who possess the ability to motivate, inspire and manage others effectively.
There’s been a lot of talk about the social and economic effects that automation technologies will have on the job market in both the short and the long term. We’ve already seen automation replacing some bank tellers and cashiers.
There are people who believe that, eventually, all work will be automated – but it seems that we are a long way from having that happen. Still, automation technologies are becoming more sophisticated, and they are advancing rapidly.
In light of that situation, it would be foolish for any student to select a career without giving some consideration to how their vocation of choice could potentially be affected by the future progression of technology.
According to consultants at McKinsey, there are some human activities that, so far, have been challenging to automate utilising the current scope of available technological innovations. These are jobs that involve managing people, or jobs that encompass creative work, planning and decision making. Such hard-to-automate tasks form the bulk of the typical manager’s job description. This is good news for students who are hoping to choose a career path that won’t be rendered obsolete by automation within a few years.
If you’re hoping to embark on a career that offers lucrative and venerable work, business management is one that’s definitely worthy of your consideration. Historically, there have been plentiful available job opportunities in this vocation. One of the hopefully temporary repercussions of COVID-19 is that there will likely be fewer available career opportunities in all industries in the short term; business managers are likely to be adversely affected by the crisis, as will most everyone else. However, the long-term outlook for this career appears to be favourable.