When someone mentions those three big letters - MBA - your mind probably conjures images of high-powered business professionals in well-fitting suits in mahogany board rooms. Indeed, MBAs make excellent executives; in fact, 60 percent of the best-performing CEOs in the country hang an MBA degree on their wall. Still, MBAs aren’t only trained for high-level corporate leadership. They can make a significant impact on small and medium-sized businesses, as well.
If you are wondering whether you should be targeting MBAs in your candidate search, this guide to all that MBAs can offer might be right for you.
Theoretical and Practical Knowledge
One of the primary goals of advanced education is enhanced knowledge, and MBA programs provide students with knowledge in spades. Through their courses, MBAs learn extensively about the current business landscape, acquiring an understanding of past and present theories across several business areas, including economics, finance, and marketing. Further, through practical assignments and exams, MBAs must apply their knowledge to prove they fully grasp the concepts and can put them to good use.
An MBA isn’t just one business expert; he or she boasts expertise in all of the most important business fields, so small and medium-sized businesses can acquire more knowledge with less effort.
Critical Thinking and Problem Solving Skills
MBA programs are more than repositories for information. While they gain new knowledge about business practices, MBAs also gain invaluable skills for their future positions on business leadership teams. Thinking critically and strategically and producing solutions to existing and possible problems are among an MBA’s most fundamental abilities. Thanks to their courses, they are better equipped than average workers at imagining the big picture of the business, so MBAs can analyze circumstances and make effective plans to ensure peak performance and growth. Even better, MBAs can identify a potential crisis and use their enhanced skills to navigate the business to safer waters.
Over 90 percent of available positions list “critical thinking” among necessary skills. Because critical thinking is among MBA programs’ primary goals for its graduates, small and medium-sized businesses should feel certain their MBA new hires will use their skills to the utmost effect.
Competent Leadership Ability
There is a notable difference between being a boss and being a leader: Leaders can competently direct others even outside positions of authority. MBAs tend to be eager and efficient leaders; their desire for personal and organizational success, as well as their extensive education in business administration, drive them to lead teams effectively.
While there are MBA courses specifically designed to boost leadership capability within students, the mere act of enrolling and completing an MBA program is often enough to increase confidence and enhance grads’ leadership abilities. An accredited online MBA is even more effective at this because it requires students to keep themselves accountable for their workload and education - so you definitely shouldn’t write-off online MBAs as less than their traditional MBA peers.
Networks, Connections, and Referrals
Individual professionals greatly benefit from vast networks, but the businesses they work for also stand to gain from those widespread connections. Even the weakest business degree program helps students by introducing them to important allies for their future careers: Professors, successful professionals, and peers can all provide guidance and aid in finding jobs and finding purpose. Meanwhile, you can profit from your MBAs’ networks in the same way: acquiring superior talent to bolster your staff, connecting with potential sources of funding or partnership, earning discounts on useful business services, and more. Small and medium-sized businesses stand to gain significantly by leveraging even a single MBA’s network.
Loyalty and Commitment
Finally, in a time when jumping ship after just two years is the employment norm, loyalty is becoming supremely important to small and medium-sized businesses, which can rarely afford to sustain hiring efforts in perpetuity. Fortunately, MBAs are perhaps the most loyal employees on the market. A study by the Graduate Management Admissions Council found that over the course of a decade, most MBA grads only worked about two jobs, and most remained with their first post-grad employer for longer than three years. What’s more, the most common reason for MBAs to hop jobs is salary, so if you can compensate your MBAs competitively, you will earn even more loyalty from them.
It’s vital that small and medium-sized businesses have strong, stalwart leaders. Adding MBAs to your employment pool will greatly increase the power of your workforce, reinforcing your business and helping it grow.
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