Technology is radically altering the jobs market, according to a leading business school's global employment report, as more schools launch business analytics programs.
Technology is radically altering employment and the influence of big data is changing the key skills required in today’s job market, according to one of the authors of a global employment report compiled by INSEAD, a leading international business school.INSEAD has released its annual Global Talent Competitiveness Index, which measures a nation’s competitiveness based on the quality of talent it can produce, attract and retain.
Bruno Lanvin, executive director of global indices at INSEAD and co-author of the index, highlighted the changing definition of “employable skills”. “Technology is radically altering the employment picture,” he said.
“[The] big data phenomenon is changing a number of key skills required in today’s labour markets,” he added. “‘Knowledge workers’ are being significantly affected by the changes that technology is setting in motion.”
Bruno said that this shift is being seen beyond advanced economies and in emerging markets such as India, Morocco, Tunisia and Egypt.
Business schools in particular are rapidly incorporating big data and analytics techniques into their curriculums. Educators are also developing a focus on A/B testing and computer science in business.
The GTCI report says that technology is impacting 250 million “knowledge workers” globally – people who use information to guide decisions, such as business strategists and executives.
It adds that education systems need to reconsider traditional learning. The report says that talent development must go beyond “traditional” education and develop vocational skills.
Ilian Mihov, dean of INSEAD, said that talent has become the core currency of competitiveness for businesses and economies – but there is a “mismatch between education systems” and the jobs market.
“Businesses and governments need new kinds of leaders and entrepreneurs, equipped with the skills that will help their firms and countries to thrive in the global knowledge economy,” he added.
Other studies have painted a similar picture, and critics have suggested that business education in particular is too long on theory and too short on practical experience.
Paul Evans, professor of human resources at INSEAD, said that there is a renewed importance of vocational education. “For future talent competitiveness, countries have to take vocational education – that is, employability – much more seriously,” he said.
Recruiters increasingly say that they seek more technical skills in MBA candidates, and that training in the use of analytics will help them to stand out in a crowd.
Patrick De Maeseneire, CEO of Adecco Group, the Swiss human resources consulting firm, said that there is a “striking” talent mismatch in the US and Europe.
The GTCI report placed Switzerland at number one, followed by Singapore and Luxembourg in second and third places respectively.
The US came fourth, with the UK in seventh place behind both Canada and Sweden.
GTCI rankings are dominated by European countries, with only six non-European countries in the top-20 – Singapore (2), the US (4), Canada (5), Australia (9), New-Zealand (16) and Japan (20).
In response to recruiter demands, top business schools in these countries are developing a focus on technical skills, innovation and entrepreneurship.
Many are also rolling out master’s programs in business analytics, as companies in many industries reap the benefits of big data.
In the US, USC Marshall School of Business runs an MSc in Business Analytics program, for instance, while McCombs School of Business offers a program of the same name.
NYU: Stern has also invested in an MS in Business Analytics course, along with Arizona’s W.P Carey School of Business.
In Europe, Imperial College Business School runs a similar program, and in Asia Pacific Melbourne Business School is also rolling out a master’s of business analytics.
Georgetown’s McDonough Business School is also developing a course in big data, according to a person inside the institution.
A spokesperson would not confirm the development of a new program, but said the business school has taught big data courses to executives in the past.
MIT Sloan is also reported to be launching a similar program. The school did not respond to a request for comment.
Student Reviews
Georgetown: McDonough School of Business
GWU - excellent investment for future
George Washington University is a good respected institution with strong programs in various studies, including project management, international affairs, politics, medicine and etc. The university provides students with good opportunities for internships and networking.
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I have had an amazing experience at Georgetown University. The classes are enjoyable, the professors are exceptional, and I feel like I am receiving a worthwhile education. The people and faculty at this institution are extraordinary, and I have discovered my true self while being here. Additionally, I always feel secure on campus, as it is the safest place in town.
Georgetown is on top!
I've been enjoying this school so far. I wouldn't alter it, despite the fact that the school is on a hill and that it requires a lot of walking to get around it. For minority and first-generation students, there are a ton of services available. Even though the usual dorm rooms are modest, there is still plenty of area for storage. We have a ton of alternatives every day in the dining halls since they provide so many different dishes from so many different cultures
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Georgetown is my second home. The pre-professional counselors are incredibly helpful, and I feel supported and inspired to pursue my aspirations. We are certainly ranked as the top research university in the nation. They place a high priority on the development of the students as well as their physical and mental well-being.
Wonderful university
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Fantastic university
Georgetown university is a Fantastic university. The professors are outstanding, there are lots of ways to participate in campus life, and there are numerous groups and organizations where students can get involved. The campus is lovely and always kept clean, and there are people are willing to assist you 24 hours a day whenever you need help.
Review of Georgetown university
Being at Georgetown university has been one of my best experiences. The Professors are knowledgeable, approachable, and very helpful. You will fall in love with Georgetown because of its daily activities, the vibrant students you will encounter, the food served on campus, and the lush surroundings. The housing and dorms are fantastic. There is no better place than Georgetown University if you’re looking to study, discover new things, make lifelong friends, and have fun!
Academically challenging institution
Georgetown University is certainly an academically challenging institution, however, if you ask for assistance when you need it, the workload can be managed. Students are happy to assist one another, and most Professor want you to succeed. Student life is vibrant, the location is excellent and everyone here is friendly and welcoming.
4 Years as an Expat at Georgetown University
Georgetown University provided an exceptional environment for my academic journey as an expat from Italy. As someone who initially felt apprehensive about moving to a new country, Georgetown quickly alleviated my concerns and made my transition incredibly smooth.
One of the standout features of Georgetown is its diverse and welcoming community, particularly for international students. The campus is teeming with students from various corners of the globe, fostering a rich cultural tapestry that made me feel right at home. The vibrant campus life and numerous extracurricular activities offered ample opportunities to connect with fellow students, ensuring a well-rounded and fulfilling university experience.
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Initially enrolled in the College with a desire to major in Linguistics and minor in Art & Journalism, I appreciated the flexibility and openness of the Georgetown education system. After my freshman year, I discovered my true passion lay in Marketing and International Business. The university's seamless transfer process allowed me to transition to the McDonough Business School, where I found the perfect fit for my academic aspirations.
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