6 Executive Management Skills To Thrive In A Changing Economy

1. 6 Executive Management Skills To Thrive In A Changing Economy Life is all about learning how to deal with changes –both in one’s personal and professional life. However, the ability to smoothly manage change does not come naturally to everyone. One needs to develop such management skills through continuous learning and practical experience. This is especially true in the sense of organizational changes. As part of this process, managers should learn to deal with new technologies, people from varying backgrounds, economic policy changes, and a diverse set of goals. A great way for aspiring professionals to quickly acquire these management skills is through executive management programmes for upskilling, such as the IIM K EPGP. Organizational growth in changing Economies Nowadays, change management comprises a major part of managerial responsibilities. For instance, the COVID-19 pandemic brought the entire world to a standstill for more than two years. Entire supply chains and economies, built over several decades, were disrupted within days of the pandemic’s onset. Managers must navigate such frequent organizational challenges to meet their business objectives in this evolving economic climate. Managers can reduce their operational burden by encouraging their teams to learn how to cope with changes. Opting for education and training programmes is an effective way of doing so. They can work with change management consultants to take advantage of their research and knowledge about change management initiatives. Professionals may also take up courses like IIM Kozhikode’ssenior management programme that helps budding leaders acquire key skills for business success. Management challenges brought by Economic shifts Changing economic scenarios are influencing the way companies are doing business and posing a host of challenges to managers. Workforce diversity, globalization, empowering teams, tech-driven innovations, total quality management, and downsizing –today’s managers are grappling with all these challenges. Constant change has become the new normal across businesses today. This calls for managers to widen their skill base. To meet this urgent need for organisations, IIM Kozhikode’s executive general management programme is built to assist participants in learning these skills. 6 Effective Skills for Executive Managers to thrive in growing Economies The essential skills that executive managers must possess for sailing through economic challenges are described below.

2. 1) Leadership Skills A competent leader understands and encourages the workforce. Moreover, they are equipped to take on new challenges and make the right decisions even during uncertain times. However, becoming an effective leader comes with practice and a lot of time. A short-term leadership-centric course is another way of developing leadership skills that can help managers and their teams traverse through rough economic conditions. 2) Communication and Presentation Skills A senior manager should be able to effectively communicate with people irrespective of their designation in the company. Additionally, a leader needs to influence and persuade employees to work towards attaining the company-linked goals. Presentation skills are also necessary for budding managers to share their thoughts and ideas with the relevant stakeholders. To hone such skills, one should observe and learn from other leaders within or outside their organisation. 3) Change Management Skills Change management is a key skill that all managers must possess. This will help them identify opportunities and capitalize on them early to help grow their organisation’s business. Today’s ever-changing economic patterns also require managers to hone their change management skills more than ever before. Enrolling in a well-structured senior management programme is a good way for business professionals to sharpen their change management skills. 4) Subject Matter Expertise Managers are required to be well-versed with all aspects of a business. They must know how much each organizational department is affecting company decisions. Moreover, they must take stock of their skills and knowledge and check for any skill gaps that are keeping them from reaching their career goals. Focused education programmes like the IIM executive coursescan help enrich participants’ knowledge of business practices without disturbing their careers. 5) Strategic Thinking & Foresight To be a successful leader, one must be able to develop strategic, progressive plans that can drive business growth for the organisation. In addition, managers must be able to take decisions after considering all aspects of the business, not only those areas with which they are familiar. In other words, managers must understand their industry and the business as a whole. Only then will they be able to implement change initiatives for taking their business to new heights.

3. 6) Emotional Intelligence Emotional intelligence or emotional quotient (EQ) is the ability to manage the emotions of oneself as well as others. Among the key aspects of emotional intelligence are self- awareness, relationship management, empathy, and social awareness. To hone these EQ skills, managers must learn to listen more, be aware of the consequences of their actions, and be open to constructive criticism from others. Preparing Future Leaders Pursuing the executive management programme by IIM Kozhikode will help learners become competent senior leaders in their organisation. The course curriculum encompasses a good combination of management theories and practices to create effective future leaders. In addition, the course imparts management education via a global perspective and time-tested pedagogy. This will help students practically apply their acquired knowledge and skills and improve their performance in the business world. To know more: https://executive.timespro.com/course/general- management/iim-kozhikode-post-graduate-management-programme-for- working-professionals/