Management is one of the most exciting yet demanding professions, as it calls for such a wide range of expertise. The most effective managers maintain a unique blend of hard and soft skills, as this field rests at the intersection of communication, leadership, and technical capability.
Adding further complications to this field? Necessary business management skills can vary greatly from one niche to the next, and while all managers need core competencies like time management and problem-solving, other skills may be far more job specific. Success hinges on developing a broad perspective that allows managers to observe and analyze organizational concerns and goals while facilitating progress by integrating data-driven insights with emotional intelligence.
A managerial mindset like this is not easily achieved, but a strong foundation in core technical skills can form the basis for a wonderful career. To that end, we’ve highlighted the technical acumen that should accompany core communication and leadership skills for managers, along with opportunities for management students to gain these essentials.
The Significance of Hard Skills in Management
These days, management soft skills receive a great deal of attention, with recruiters telling the Graduate Management Admission Council (GMAC) that communication skills are among the most sought-after when searching for qualified job candidates. Cross-cultural competence is also important. These soft skills cannot be fully leveraged unless they are supported by a comprehensive set of hard management skills. GMAC findings underscore this reality, with data analysis and strategy highlighted as two of the most vital skills.
Hard Skills for Managers
No two management jobs will call for precisely the same technical skills, but there are a few main competencies expected of capable managers. While these skills may not be utilized daily, they can make it easier for managers to handle complications as they arise and can even help management professionals pursue their career goals as they uncover their unique talents and passions.
Many business programs emphasize hard skill development, but it can be difficult for aspiring students to determine which skills are most relevant and what it takes to develop them. To help, we’ve outlined a few of the most important hard management skills below, along with a few of the many ways these skills may be used in the modern workforce.
Financial Management Skills
Financial literacy forms the foundation of management success. At a minimum, managers should be equipped with basic math skills and have a foundational understanding of budgeting and investing. Beyond this, managerial finance is a must. This encompasses the procurement and disposition of money, along with financial aids such as break-even analysis.
Given the global nature of the modern economy, international finance is also valuable. Well-prepared professionals will have a solid grasp of foreign exchange risk management and even multinational capital budgeting.
Data Analysis and Business Intelligence
Today’s management professionals oversee not only human employees, clients and vendors but also a growing wealth of data. To seamlessly navigate high volumes of data, managers must make regular use of data modeling techniques, along with data visualizations and descriptive analytics. Skills related to predictive analytics and business forecasting are increasingly valued, especially as advanced AI solutions are built into a myriad of business operations.
Project Management Expertise
Project managers are in high demand, and business professionals who understand critical frameworks and processes can find fulfilling work in a variety of sectors. A project management mindset is valuable even for those without the actual title of ‘project manager.’ Developing this mindset begins with thoroughly understanding the phases of project management with an emphasis on risk assessments, budgeting, and time management as they relate to the emerging project economy.
Marketing and Market Research Skills
Marketing management is a highly rewarding career trajectory for those who gravitate toward more creative or communication-oriented positions. This is by no means the only context in which marketing or even market research skills will prove valuable, however. All types of professionals will eventually need to market something: concepts, initiatives or even their personal brands.
Hard marketing skills often center around analytics that provide valuable insights into target audiences, such as their attributes and pain points. Marketing analytics can also reveal whether various strategies or campaigns are effective as well as areas for improvement.
Human Resource Management Competencies
Human resources (HR) provides valuable opportunities for aspiring management professionals to use their unique skills to facilitate employee growth while helping organizations make progress toward ambitious objectives.
HR management competencies are not, as some people mistakenly assume, strictly centered around soft skills. Rather, HR calls for a strong foundation in data analytics, as metrics related to employee turnover or satisfaction can prove highly insightful.
A far-reaching understanding of government regulations is essential as they relate to hiring and the conditions of employment. HR managers must also understand how to structure payment strategies to help achieve overarching organizational goals.
Operations and Supply Chain Management
Operations management aims to design optimized production processes that allow for the greatest efficiency possible. Inventory management, capacity control and production control all significantly impact these processes. While there is a definite shift toward project-oriented business practices, operations management will always be important for facilitating impressive productivity in logistics and the supply chain.
Strategic Planning and Business Development
Organizations are most impactful when they develop a distinct vision with related objectives to drive progress toward that vision. Strategic planning involves the creation of this overarching vision and objectives, plus resource allocation to ensure all stakeholders are properly supported along the way. This is not possible without a distinct blend of business development manager skills, including both technical acumen and strong communication.
Meanwhile, business development relates to the various processes that drive growth opportunities within organizations. These essentials go together, and leaders tasked with such initiatives must possess strategic thinking and problem-solving skills, supported by strong business analytics and other data-driven skills.
Leadership and Team Management
Leadership is a more technical pursuit than many people realize. The most effective leaders rely not only on their intuition and their people skills but also on data-driven insights. They must be able to leverage a variety of tools and technologies to gather information, manage their teams and boost their leadership acumen.
Technological Proficiency
Technology looms large in every field, as seen by results from the GMAC survey of recruiters. Many respondents highlighted blockchain and virtual reality as crucial tech-oriented skills. The leaders of tomorrow will also need to select, implement, and monitor AI systems, which are expected to drive both innovation and efficiency.
This is where a unique blend of hard and soft skills can come into play: There is a clear need for managers to master current technological systems while being flexible enough to embrace new tech opportunities as they emerge.
Continuous Learning and Skill Development
Hard skill development is a life-long process. In addition to getting comfortable with new technologies and making sense of far-reaching data, management professionals must also continue to learn and grow. Stagnation limits agility and innovation, so there is no room for resting on your laurels. Opportunities for continuous learning abound, and each new technological breakthrough provides a chance to master new skills.
How to Build Business Management Skills
Now that you recognize which hard and soft management skills are most critical, it’s time to take active steps to develop them. This is a long-term effort and will require considerable self-reflection. Follow these steps to get started:
Set Clear Goals
Consider which areas of the business world you find most fascinating and where you envision a future as a management professional based on your unique talents and interests.
Based on these insights, you can begin to source ideas for what you’d like to achieve in the business world and which type of degree will move you in the right direction.
Credentials matter, but goal-setting initiatives should also emphasize the specific skills that will allow you to score the right job and thrive in a professional environment. What can you do to develop and leverage in-demand technical skills?
Gain Relevant Education and Practical Experience
You’ve set a few ambitious goals and decided that a targeted degree will give you the guidance and accountability you need. Now, it’s time to select a relevant degree program. You’ll want something broad-based enough to cover the full range of skills highlighted above.
Embrace Leadership Opportunities
As a college student, you will enjoy many opportunities to flex your leadership muscles. This could mean taking on leadership roles as you complete group projects. Many students also find that extracurricular opportunities allow them to flex their leadership muscles. Consider seeking formal positions within your favorite clubs or teams so you can take on new responsibilities and get a better sense of the leadership styles to which you naturally gravitate.
Practice Lifelong Learning
A growth mindset is essential in today’s fast-paced business world — and the most successful business managers are also the most committed to continually honing their skills. This means embracing new technologies and methodologies long after you’ve graduated and making a point to participate in professional associations, conferences and workshops. Mentorship could also provide ongoing learning opportunities, so don’t hesitate to seek out (or act as) a mentor.
Learn More About UTC’s Online BSBA
Ready to take a powerful step toward a bright future in business management? UTC’s Bachelor of Science in Business Administration (BSBA) will equip you with the unique blend of hard and soft skills that today’s top employers demand along with the ability to continue gaining valuable skills far into the future. Reach out today to learn more or start with your application.
