What Skills Do Business Graduates Need?

Business skills are vital to the smooth running of an organization. These skills help professionals understand the internal and external factors influencing an organization’s success and the processes leading to meeting business goals. The skills needed to work in business include soft skills, such as communication and emotional intelligence, and hard skills, such as financial accounting. Employers look for a balance of soft and hard skills when employing staff.

Business graduates are in high demand because of the breadth of skills they offer to a business and their potential to become leaders in the future. Employers from multinational companies, startups and other small businesses will be interested in employing business graduates. A business degree prepares graduates for a range of roles in a variety of areas of business. Employers hope to see various soft and hard skills in business graduates so that they can fulfill numerous roles.

Those interested in advancing their business careers can read about the benefits of online MBA programs on the St. Bonaventure University website, linked to here. When students learn about becoming skilled and effective leaders, and earn a qualification recognized by employers worldwide, they are rewarded with job opportunities, promotions or an increased salary.

Soft and hard skills in business

Hard skills are abilities and knowledge related to the job that employees need to work well. Soft skills are the personal qualities that help in working and interacting with others. Employers look for a good combination of soft and hard skills in their employees so that their overall performance is effective. Hard skills are specific to the job and relate to each work role. Every company has its own hard skills requirement for each occupation. Soft skills relate to personality. Employers would require some soft skills in all of their employees, whereas others are necessary in particular jobs and not required in others.

Hard skills can be developed by employees through training and learning at work, while soft skills are developed through personal and professional experiences. Hard skills can be measured, whereas soft skills are harder to quantify. Hard skills can be evaluated through CVs, portfolios, assignments at work and role-specific job interview questions. Soft skills can be assessed by asking behavioral and situational questions, by using soft skill tests and questions, and by getting to know an individual’s personality.

Soft skills

Below, we outline some of the soft skills that employers look for in potential employees.

Strategic thinking skills

Strategic skills are highly regarded by employers and are considered key to organizational success. According to a study published in Harvard Business Review, 10,000 senior executives were asked about the leadership behaviors that are most critical to their organization’s success, and they chose strategic skills 97% of the time. Employers look for business graduates who can see the bigger picture. Strategic thinking skills enable professionals to use critical thinking to solve complex problems and plan for the future. Employees who can think logically, critically and strategically can impact an organization’s future development. These skills are essential to meet business objectives, address challenges and overcome obstacles.

Concentrating on present tasks but planning effectively for the future is vital. Strategic thinking includes using analytical skills to examine information such as financial statements, market conditions, internal resource allocation and emerging business trends. This analysis helps create a strategy related to the current organizational situation. It is useful to be aware of potential issues and the pros and cons of different actions before making an informed decision. Strategic businesspeople take a broad, long-term approach to solving a problem. They excel at thinking ahead and make decisions based on objective analysis. Strategic thinking involves thinking in multiple timeframes and identifying long-term goals. It means thinking systematically and understanding the impact of decisions on all parts of the organization.

Communication

Employers know that a happier workplace creates happier employees, and they look for people who communicate well and can fit into the work environment. Effective communication with colleagues can help in building relationships and being an active member of the workforce. The way that someone speaks and their body language make an impression on others and determine the effectiveness of the message. Good verbal communication in the workplace is concise and specific.

Writing is an important communication tool, whether through emails, reports, business plans or project proposals. Written communication for business should be informative but brief and help the audience understand the important points. Good written communication is followed up appropriately and demonstrates the active pursuit of goals.

Active listening requires complete attention and engagement and is the most effective form of listening. Being a good listener means hearing what is said and also recognizing what has not been said. Observing body language and tone of voice can help in interpreting the message. Verbal communication can be used – for example, saying “I understand” or “Tell me more.” Nonverbal communication could be eye contact and nodding.

Problem-solving

Employers like to see problem-solving skills in potential employees. These skills involve the process of methodically removing barriers that prevent the achievement of business goals. Problem-solving skills help employees foresee the likely risk sources to the business and make decisions on how to manage those risks. Business professionals have to identify and resolve problems every day.

When problem-solving, it is important to stay calm under pressure and pay great attention to detail. Certain steps can be followed, starting with clarifying a problem through research and getting feedback from those affected. With these new insights, as many solutions as possible can be generated. The next step involves using the ideas to make a short list of the best options. Finally, the strongest idea can be executed with stakeholders fully informed. Creative problem-solving can be used when thinking of possible solutions. For example, the manager can ask team members to brainstorm and develop as many ideas as possible.

Problem-solving skills allow employees to self-manage their tasks and projects. Through self-management, they can take the initiative to solve straightforward and complex problems they encounter. Those with good problem-solving skills are a valuable asset to any team. They think of new ideas, better ways to do things, and save money for customers and the organization.

Emotional intelligence

Emotional intelligence can be broken down into four parts: self-awareness, self-management, relationship management, and social awareness. Overall, this skill refers to the ability of people to understand their own emotions and influence those of others. Awareness of oneself and others can mean having more control over interactions and more effectively accomplishing goals.

Self-aware people recognize and understand their strengths and weaknesses, moods and emotions, and how these affect others. Self-management is about managing emotions healthily, taking the initiative, meeting commitments and adapting to change. Relationship management is building relationships, inspiring others and working well in a team. Social awareness means having empathy, understanding the needs of others, and feeling comfortable socially.

Understanding personal emotions and how to manage them helps in working in a team and dealing with crises. Seeing emotions in others can help when resolving conflict within teams and mentoring team members. Developing emotional intelligence can help you stay calm when under pressure. Emotional intelligence can help you navigate the workplace, lead and motivate others, and establish a successful career.

Hard skills

Here are some of the hard skills that employers look for when hiring new staff.

Data analysis

Data analysis is used increasingly by companies to generate growth and improve services and operations. Data analysis skills can be utilized to organize information into a form that can best help the organization. Being analytical also demonstrates the ability to be aware of the company’s bottom line and use available resources to maximize profits. Data analysis can include data mining, resources management and data engineering. Data is also used to explore problems and underly decision-making.

Analytical reasoning is a sought-after hard skill in today’s business world. Summarizing datasets, recognizing trends and testing hypotheses can provide an analytical framework for dealing with complex business problems and making informed decisions that benefit an organization. Using data analytics can make employees more credible when putting forward their viewpoints. Having data to back up arguments and recommendations can mean that other staff take more notice and take the argument more seriously.

Project management

Project management can help every part of the business run more efficiently. It can scale high performance and build on a team’s best practice. When carried out effectively, projects are planned and managed to achieve a timely completion within budget. The team can focus on the work without being distracted by running over time or budget. Employees feel empowered because the results positively affect the company’s bottom line. They can see how their work contributes to the business’s strategic goals.

The project manager can map the project’s journey and determine timescales and projected spending, allowing for an efficient allocation of resources. They can forecast any issues and make data-driven decisions. Data can be collected in a data management tool to oversee what is working, what can be improved, and how the project compares to the benchmarks. Project management software can calculate how much time and money each project costs. Project management can help make data-driven decisions; better align teams, stakeholders and clients; and optimize workflow for smoother processes.

Finance

When staff have financial understanding, they are more likely to work in a financially efficient way.  Financial literacy is understanding financial terminology, statements and concepts and knowing how to use this information to make a financial impact. Business graduates should have some knowledge of finance as it can help them have a more informed view of a company’s past, current and future performance. Financial intelligence is important regardless of someone’s role in the company. The ability to analyze, evaluate and interpret financial data can be used to inform business decisions.

Financial literacy can help in any business area and improve decision-making, negotiation and leadership skills. Understanding the company’s financial statements and accounting can be a motivating factor and give insight into the impact that actions have on the company’s financial health.

It is useful to read and understand fundamental financial documents. The most important of these are the balance sheet, income statement and statement of cash flows. There should be an in-depth understanding of how numbers should be applied to the business. Managers can consider the financial implications before making decisions. Financial knowledge can mean putting together a strong case when applying for budgets.

Management

Employers are often looking for future managers and leaders for their company. Strong management skills are closely linked to organizational performance. Companies aim to develop leaders who drive team morale and productivity. Managers must know how to lead meetings and communicate organizational change. Management concepts include planning for, organizing and controlling organizational change. Effective management is a key driver of employee engagement and productivity.

Managers need strong analytical skills to review situations, projects and business plans. They analyze business needs and solve complex problems. Managers coach and mentor their teams to improve performance and morale. They work with the finance team to understand company budgets and ensure financial health. Managers understand how the company operates and how the workforce determines business success. They often help to develop business strategies that affect the future of the business. Management is a multi-faceted role that contributes in many ways to the effective running of the business.

Conclusion

Employers looking to employ business graduates seek the skills to make someone productive at work and fit in with the organization’s culture. The ideal candidate will differ according to the position available and the type of industry. Employers look for a mixture of soft and hard skills that would fit the role in question and hope to discover them through the interview process. When business graduates know what their skills are, it can make them more employable when applying for jobs.