Future Careers 2022: Employment Prospects & Opportunities In Strategic Management
In a business, change is the only constant and new challenges keep on rising. Strategic management aids in identifying opportunities for growth
Strategic management is a process of consistent planning, measurement, analysis, and assessment of all the activities that an organization is required to do to meet its business and sales goals, targets, and objectives. Every strategic management plan starts with identifying opportunities for the business to grow, evaluating the competitors and setting goals and strategies to meet the end objective. It also reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or if it needs any sort of replacement.
In a business, change is the only constant and new challenges keep on rising. Thus, taking into account the organisation’s existing strengths and weaknesses, it is the duty of the strategist to determine the best practices for seizing its chances at success by building on those advantages while cutting back on any inefficiencies. After implementing the strategy, the strategist monitors outcomes and makes changes as necessary. To develop those plans, it is very important for professionals to have a deep understanding of their industry and keen insights into how their company can operate at peak efficiency.
Career options after strategic management are:
There are tremendous job opportunities in strategic management. Strategy jobs are viewed as some of the most desirable profiles in large and mid-size corporations because they are the ones who provide access to the overall picture, the visualisation, and the main issues that establish value in an organisation. Strategic management as a career is on a rising spree with 5 per cent growth yearly, according to Zippia (US), which counts nearly more than 16,000 job opportunities generated every year. Strategic management is a high paying career, with the annual Strategy Manager's salary in India varies somewhere around Rs 5.5 Lakhs to Rs 41.6 Lakhs, however, in most cases average salary can go up to Rs 18.0 Lakhs.
The two key attributes that strategy managers must possess to succeed in their profession are analytical and organizational skills; as these abilities help them to analyze company goals, break them into sequential, achievable objectives, assign them to various groups, and track progress. Time management is also critical, as is flexibility and the ability to adapt. Communication abilities are a must, as strategy managers, one constantly needs to communicate with various stakeholders to make the final decisions.
Some of the highest paying career options after strategic management include:
- Business Analyst: The role of Business Analysts is to use the data in order to form business insights and suggest changes in businesses to achieve long-term goals. As a Business Analyst, one is required to identify issues in any part of an organisation, including IT processes, organizational structures, or staff development. As business dynamics are changing every day and organizations are seeking to increase efficiency and reduce costs, Business Analytics has become the epicentre of all operations. As a Business Analyst, you will be required to support an organisation's success through data-driven insights. It's a career that brings new challenges every day and new ways to put your skills into practice. If you enjoy hustling, helping people, asking questions, and solving problems, a business analyst as a career option could be a good fit for you.
- Project analyst: As a Project Analyst, one is required to support the project manager with the planning process, setting KPIs, preparing and maintaining documentation, reviewing contracts and financials, and monitoring project performance to provide insights and recommendations for improvement. A project analyst's job includes deriving insights from large amounts of data sets that support and guide optimal project performance. One should be well versed with documentation of reports, presentations, etc. and possess strong critical thinking, analytical, and problem-solving skills.
- Financial analyst: As a Financial Analyst, you are responsible for all the financial planning and analysis of a company and make well-informed commercial decisions. The job of a Financial Analyst requires forecasts of future revenue and expenditures in order to determine budgets for upcoming projects. One should have excellent statistical, researching, financial monitoring skills along with attention to detail and the ability to identify data patterns.
- Compliance officer: As a compliance officer, one is required to help organisations manage risks and avoid lawsuits by ensuring that business operations are performed in compliance with state and federal laws. The job of compliance officers requires dealing with all the operational processes and procedures using a compliance management system to ensure that the company complies with all legal regulations and ethical standards. Being a Compliance Officer, one is tasked with everything ranging from developing company policies, creating metrics to help track compliance, and performing compliance audits. They must be well updated with state and federal laws related to their industry and ensure that the company conducts business according to new regulations that arise.
- Consumer Insight Analyst: As the same suggests, a consumer Insight Analyst is a person in the company who helps the business understand their consumers or clients. A customer Insight Analyst uses big data sets to analyze customer preferences, requirements, and behavior. In order to be a successful consumer insights analyst, one should possess four core competencies which include strong analytical skills, quality control skills, planning skills, and presentation techniques. If you want to be a successful Consumer Insights Analyst, you should be able to demonstrate expertise in translating complex data into actionable proposals.
With business dynamics changing everyday, for a business to flourish and stay competitive in the market, it needs to incorporate high growth strategies that consistently allow them to expand their sales and profit margins. In the near future, the growth of strategic management will be phenomenal as it will strengthen the ability to think and act strategically and prepare the organisation to grow, nurture and be successful.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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