An endless requirement for business schools is that students should be equipped with contemporary skills on their first day of work.
The digital transformation of business has accelerated in a world plagued by the Kovid epidemic. Automation speeds up due to changing business needs and the involvement of all stakeholders such as customers, employees, suppliers, etc. in remote operation mode.
A very strange expectation from business is to prepare students for digital jobs. This capability will redefine the higher education ecosystem in the years to come.
An endless requirement for business schools is that students should be equipped with contemporary skills on their first day of work.
With the ease of doing business in India and the popularity of entrepreneurship, employers need not only a certification program, but also relevant experience in the domain.
Integration of experiential learning projects, earn while you are learning Programs to promote action-based learning in the curriculum must be relevant in the post-epidemic era.
Future leaders who have the ability to build and manage strong organizations need to be trained with a cross-functional perspective.
Entrepreneurship and entrepreneurial activities are important for a country’s economy and growth. Entrepreneurs who need business education at the present time have the necessary skills to nurture their talents to lead them to success. To achieve the goal of a self-reliant India, academic programs need to be driven by creativity and innovation. These are essential for the entrepreneur and the basic requirement for capital production and wealth creation.
Today business education must build strong industry collaboration and partnerships. These collaborations will create extraordinary research opportunities and bridge the gap between academia and industry.
Necessary and urgent
The world is very optimistic about India’s unique demographic dividend. According to the recently released Sample Registration System 2018 prepared by the Registrar General of India and the Census Commissioner, youth under the age of 25 constitute 46.9% of the country’s population. The landscape is set to change, with India’s population pyramid predicting an increase in the 15-59 age group over the next ten years. The current demographic advantage will last until approximately 2040. So our country has a very narrow time to make productive use of the population dividend and to overcome the skill deficit.
The world is experiencing an increasing shortage of skilled manpower due to the aging population. For a positive demographic dividend, India can fill this skill gap and meet its own demand for skills.
Educational model
Business education in the current landscape requires students to provide a quality cycle of learning through thought, action and reflection. The educational model should include both case and field methods to promote thinking and learning. The combination of case and field methods will fill the gap. This will give students a fairly meaningful opportunity to act as leaders and translate their ideas into practice. A well-planned academic ecosystem needs to be created where students receive faculty support not only within the classroom, but also through learning on startup ideas and career goals.
The place of higher learning has witnessed a hybrid approach during the epidemic where some students are private and others remote. Business schools need to do their best to use remote learning for hybrid classrooms and management students, global alumni and executive education participants. This requires upgrading the infrastructure, fitting its classrooms with monitors and technology, and changing the attitude of faculty members. Remote guidance is needed when maintaining interactive and engaging discussions.
Encouraging women in business school
While the goal of gender equality in business education is far from over, there are still fewer women in business schools. The epidemic and economic downturn are predicted to hit the gender balance even more in business schools. Business schools must prepare women to tackle occupational barriers and plateau challenges. Gender differences that are relevant to business arise in two ways, one associated with the birth of a child, and the other arising from different traditions and cultures across society. Cultural and structural differences in society misrepresent the real cost of childbearing to women and organizations. Business schools should sensitize students to stereotypes and preconceived notions against women. There are various issues in the domain such as mentoring, transfer, compensation, and early identification of top performers among female talents. These should be discussed and practiced in the classroom settings. To successfully and meaningfully achieve the goal of a self-reliant India, the strength of this pillar is needed, and the focus here will be relevant to the overall development of the nation.
Entrepreneur and business education
In the last few years, entrepreneurial landscape activity has increased the acceptability of start-ups as a catalyst for growth in the Indian economy. The well-funded companies of the past decade are entering a new phase of growth in the need for entrepreneurial talent. Entrepreneurship courses need to be designed to give students a solid foundation by providing them with knowledge about the process, meaning and context of entrepreneurship. They must combine theoretical and practical and offer results that help participants in their actual start-up journey. The entire journey of the entrepreneur should be backed up by relevant courses of Idea Generation, Idea Validation, Solution Testing, Market Approaching, Scaling, Growth and Venture Exit and Exit Strategy. Practical and strategic tools will prove relevant to the success of the enterprise and will add to the desire for sustainable livelihood.
Global economic trends indicate an increasing demand for business education in India. The big question remains – will Indian business schools be prepared for the challenges in the post-Covid environment?