SkillsYouNeed states “Commercial awareness is a highly-valued skill in the current employment market. With public and voluntary sectors facing increased levels of competition for service provision, and the tight global economic position, this is perhaps not surprising.” Although commercial awareness is one of the key attributes cited by many employers as being essential to employability and graduate’s success in the world of work, many people unfortunately, are unable to demonstrate it.
Different employers have their own interpretation of what commercial awareness means for them and their sector - it is basically about developing an understanding of the organisation, the environment that it operates in, and how your role fits in the bigger picture. Hence, commercial awareness is as relevant to profit-making companies as well as charities, NGOs and the third sector.
Commercial awareness is a relatively easy skill to develop with a little application especially during your internship. Ask yourself and research the following questions which will help to enhance your commercial awareness:
- Does the organisation produce, sell, or buy products? Or is it in the services or ideas business?
- Who are its customers? Are these other businesses, or ‘ordinary people’?
- What is the underlying culture and values governing the organisation?
- Your views of the organisation operating in the wider world, along with its competitors. What are the key drivers for its success?
- What’s going on in the market sector? What do you know about the external factors that have an impact on the organisation? An analysis using the PEST or PESTLE model will provide a more holistic picture. Consider also the importance and influence of innovation/creativity, risk taking and customer satisfaction.
- What is the organisation’s position within the sector? A SWOT analysis will help to establish the organisational strengths, weaknesses, threats and opportunities. How does this influence its behaviour as an organisation within the market that it operates in and as an employer?
- What is your role, how does it fit into the organisation structure and contribute to the company’s goals?
- Are you the sort of person the company needs? Do you and your career plans fit into the company values and structure? What are the unique skills and attributes that you bring that can help the company meets its goals?
- Does the organisational behaviour of your own department fit with what you would expect from the organisation as a whole? In what ways?
- Have you observed any ‘unwritten rules’ about how people work in your department? Can you see anything that effective workers in your department have in common?
- In what ways is your organisation similar to or different from other organizations that you have worked with or know about?
- Have your observations about the organisation influenced how you work and your career plans? How? Why?