Here’s what business schools doing to meet the challenges of 2023
There are nine (Nava Graha) areas on which B-schools should focus and take resolutions for greater achievements in 2023.
By India Today Web Desk: Uncertainties in today’s business world are well explained through a few acronyms like VUCA (volatility, uncertainty, complexity, and ambiguity) and BANI (brittle, anxious, non-linear and incomprehensible). The challenges of today’s business world have created many opportunities for B-schools.
Business schools are realising the significant role they must play by carrying out meaningful research with real-world impact and educating leaders with the courage to grasp the reins and steer businesses in a new direction. 2023 will be a challenging-yet-exciting year for higher education institutions across the world — especially business schools. Here’s all you need to know from the expert Dr Nitin Kumar Saxena is a Professor of Marketing and Chairperson of Accreditations and NBA at Jaipuria School of Business, Ghaziabad.
LEADERSHIP AND PURPOSE
B-schools have had a mixed scorecard when it comes to leadership development. Creating responsible, values-driven business leaders will be vital. B-schools must ensure that leadership development is embedded in all aspects of our educational offerings and that enabling suitable leadership styles is also critical.
It equips students with a realistic rather than overly idealistic frame of reference regarding how things are in the real world. It is about exploring case studies for meaningful and immersive experiences that require students to leave their comfort zone and get hands-on experience. The objective is to create resilient and pragmatic leaders with theoretical knowledge and savvies to thrive in the industry and lead impactful change towards a bright future.
SUSTAINABILITY AND ESG
B-schools have a moral responsibility to nurture graduates with broad knowledge and skills and to produce purposeful citizens who can lead impactful change across society and organisations towards sustainable development. Business schools must deeply embed sustainability into curricula, identity, and purpose. Teaching about sustainability and ESG (environmental, social, governance) should be holistic and systematic, covering everything from biodiversity loss to climate change to equality, diversity, and inclusion.
AI, the metaverse and peer learning will emerge to challenge conventional teaching. New artificial intelligence technologies with unprecedented capabilities may be the final nail in the coffin for take-home essay assignments. ChatGPT is an excellent example of ML applications’ growing power and breadth, which promise to disrupt all the functions covered in a traditional business school curriculum, from supply chains to marketing.
Interdisciplinary education and collaboration with industry will be crucial for B-schools. Renewed levels of cooperation and recognition with one another, with other departments across universities, should be the focus. It also means proactively involving stakeholders, whether industry, alumni, employers or government, in the design and execution of our educational offerings.
Assessment tasks are congruent with the learning outcomes B-schools are striving to achieve. A course learning outcome emphasises creativity. The different modes of learning that are part of our new normal encourage schools to define their learning approach and how to translate it consistently to other settings. 2023 may see the rise of real-time assessment methods, such as viva voices, that call for students to think on their feet.
This constitutes adopting technology for effective teaching & learning, value capturing, value augmentation and value delivery. Digital transformation will lead to operational excellence and be the B-schools’ competitive edge in 2023.
It is much more about creating high-impact learning journeys for students. In-person learning will be indispensable for full-time, part-time, or executive education. Short courses and skill-based courses will continue to attract online learning formats.
RETAINING AND UPSKILLING
B-Schools recognise the importance of retaining its teaching and non-teaching employees by investing more in training and upskilling. In this context, the business school should provide students with strong analytical and operational skills that are industry-relevant along with developing a sense of belongingness for better retention.
Thus, a more profound recognition of the importance of purpose and integrity across all aspects of the business will be evident, along with collective attention paid to family businesses and their essential role in the global economy. More emphasis on the flexibility and stack ability of learning formats will be critical. Students will choose to attend B-schools by developing a sense responsibility towards national growth, societal development, industrial transformation and global sustainability.
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