More education means more money

Given the heightened awareness of risk in the supply chain, academics and career advisors are telling young professionals to take on more education as they climb the corporate ladder.

“We are now placing a greater emphasis on critical thinking in our curriculum,” said Dr. Theodore P. Stank, Bruce Chair of Excellence in Business, University of Tennessee. “That includes learning the ‘soft’ skills of management and leadership.

Stank was one of three industry experts involved in this week’s webcast, “Logistics Management 27th Annual Salary Survey: Ready to Move Up.” The on-demand event is archived on our sister publication’s site, and is now available to registered readers.

Joining Stank, was Jarrod Goentzel, Ph.D., and executive director of the MIT Supply Chain Management Program, and Lynn Failing, vice president of Kimmel & Associates, Inc., a national executive search firm specializing in the logistics and supply chain industries.

“To fully cope with risk in the supply chain, people need to have a more diversified education,” said Goentzel. “That means being able to speak the language of finance as well as supply chain management.”

Failing agreed, adding that professionals should also take advantage of any opportunity to learn on the job.

“If you are managing a supply chain, then learn something about procurement,” he said. “And if you are in procurement, learn something about transportation. It’s all part of an integrated operation that helps the bottom line.”

Stank also shared an observation that championed education as an ongoing pursuit.

“Machinery and technology can become obsolete in a short time, but the same is true of people in the workforce. Unless you continue to grow and take on new responsibilities a person becomes stale and vulnerable,” he said.

In a wide-ranging and animated dialogue the three experts also shared their advice with management: Don’t take your people for granted.

“Our job candidates are interviewing companies just as hard as the companies interview them,” said Goentzel. “And the best will demand that they are given a solid career path that includes opportunity to advance.”

Failing agreed, noting that companies have a chance to “mentor” the most promising new hires so that they will remain with the company.

“Young people want more from a job than just a good salary,” he said. “They demand a different lifestyle balance, and insist that the corporate culture is one that they can be proud of.”

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