If a chess player is asked the difference between tactics and strategy in the game, he responds by saying that tactics involve a short progression of moves that are used to attack or make captive a chess piece whereas strategy is having authority over the centre of the board or optimization of piece mobility that means long term plans for success and victory.
In the business world too, some people concentrate on a short sequence of actions to make a profit or achieve a goal. But the kingmakers of the business sector are strategy managers who can envision several moves ahead and create short-term, mid-term and long-term plans for success. Without strategy managers, any business would move forward without any plan or action around the board.
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The tasks of a strategy manager are to set the goals of a company, its maximum productivity with minimal risks. These professionals are top leadership executives whose job is an assessment of organizational goals determining the realistic goals, working with the company’s executives and formulate action plans to achieve the goals.
All the business pieces like human resources, finances, supply chain and partnerships have to be put together by the strategy manager and optimize these elements and get them moving in a unified direction.
According to the Bureau of Labor Statistics, the need for business operation specialists is going to remain steady with a growth of 5%, resulting in around 17,000 jobs that will be available annually through 2024.
Skills and Duties of Strategy Managers
- Project management skills with multi-tasking ability.
- Quick decision-making skills along with expertise in various financial structures.
- Mathematical and Statistical knowledge along with organizational and analytic skills.
- Achievement of the company’s objectives by developing business strategies and management of the team.
- Assign work to the team members and monitor their daily activities and provide guidance and feedback if needed.
- Offer assistance in recruitment of employees, their training, performance evaluation, retention and termination of members.
- Analyzing the business and report to the management for decision-making purposes.
- For existing business strategies, review and recommend improvements based on the market and competitive trends.
- Identification of business problems and providing solutions.
- Offer business presentations to organizations whenever needed.
- Assessment of market trends and business competitors and identification of threats and opportunities.
- Support the development of the long-term strategy of the organization by conducting research and analysis of the effectiveness of operations, processes and stakeholders.
- Should be able to lead, inspire and motivate a team into the consistent improvement of their performance.
- Ability to be calm under pressure.
Required qualifications for Strategy Managers
- A Bachelor’s degree in any business fields like Business Administration, economics and Industrial Management Finance is essential.
- Minimum 2 years of working experience mostly preferred as support personnel for Strategy Manager.
- Pursue a Master’s in Business Administration (MBA0 in finance, economics and management.
Best Colleges to pursue a career in Strategy Management
- Indian Institute of Management, Bangalore.
- Indian School of Business, Hyderabad
- Indian Institute of Management, Ahmedabad.
- Faculty of Management studies, New Delhi
- MICA, Ahmedabad
- National Institute of Securities market, Navi Mumbai
- Bharathiar University, Coimbatore
Job Roles of a Strategy Manager
According to the candidate’s skills and interests, they can choose any of the job roles available:
- Financial Analyst
- Business Analyst
- Research Investigator
- Product Strategist
- Project Management Coordinator
- Strategic Initiatives Associate
- Project Analyst
- Process Coordinator
- Business Development Coordinator
- Marketing Consultant
- Compliance Officer
- Consumer Insight Analyst
Employment Opportunities
Organizations from different departments employ a strategy manager to develop action plans for handling their tasks and services in effective ways. Some of the top areas where interested individuals can apply are:
- Finance and Insurance
- Professional, Scientific and Technical Services
- Public Administration Mining, Oil and Gas Extraction
- Management of Companies and Enterprises
- Manufacturing
- Health Care and Social Assistance
- Accommodation and Food Services
Top recruiting companies for Strategy Managers
Salary of Strategy Manager
The pay scale of strategy managers depends on the qualifications and experience of the individuals.
• The starting salary for a freshly graduated strategy manager is Rs 6, 00,000 yearly.
• The starting salary for a corporate strategy manager is Rs 4, 00,000 every year.
• The salary for a strategic planning manager is Rs 4, 02,000 annually.
• A senior strategy manager has an earning of Rs10, 00,000 yearly.
– Samiya Firdous
