B-Schools Must Be Ready To Create Future Leaders
Blurb: The important learning schools can take from businesses is investing in people - hiring the right talent to impart education and investing in R&D for the betterment of programs and curriculum
In today’s competitive age, the key expectation from B-schools is to keep pace with the evolving trends in business as well as the growing needs of students and employees. Earlier, an MBA student would be expected to graduate with excellent leadership skills and a fat paycheck, but that is not the scenario anymore. There has been a paradigm shift in how businesses are run, resulting in advancing the requirements of ‘leaders’ running it too. Industries are now more technologically advanced and are operating in very competitive, complex, and uncertain environments. Modern-day businesses require graduates with modern skill sets.
According to GMAC, India has the world's second-largest number of management degree holders, and approximately 24 per cent (of the total 6.1crore bachelor’s degree holders) obtained a master’s degree in management. In recent times, the interest and patience of employees have evolved. Employees are no longer staying in one company but shifting jobs, and they bank on their management degrees as a means to land new jobs. The rise of hybrid working in the post-pandemic world has given many employees a chance to also opt for second jobs. While moonlighting may work in some companies, it may be ethically dangerous in others.
With advancements in technology, the world is shrinking. The Internet is bringing people and cultures closer than ever before. Social media has removed geographical barriers and enabled people to interact and transact with each other from any corner of the world. We are now more aware of global ecosystems. This globalisation of the economy has given rise to the demand for global business friendly employees who understand different cultures, are fluent in different languages and can successfully run global organisations. This is a welcome change as it has opened up more job opportunities for management graduates – both at an entry level as well as by way of promotions.
Aligning Course With Job Needs
If we talk about B-schools in India, today they are transforming the management course to meet the demands of 21st century businesses. As per WEF’s Future of Jobs report, the top jobs now include data analysts, data scientists, AI & ML specialists, Big Data specialists, digital marketing specialists, process automation specialists, business development specialists, and the list goes on. All these roles require critical thinking and judgment coupled with analysis and creativity. According to PWC’s Future of Work 2022 report, the top four things that will transform the way people work in the future are technological breakthroughs, resource scarcity and climate change, shifts in global economic power, and demographic shifts.
Indian B-schools must be ready to create future leaders best suited for these roles. They are changing curriculums and introducing new programmes that emphasise skills like data analytics, AI & ML specialisation, programmes designed to increase knowledge on building tech products, promoting entrepreneurship skill development, and international business. Schools are also grooming management students with skills in digital marketing, digital transformation, digital strategy, computer programming, etc. There has also been an increase in collaborative management research. Institutes are building think tanks within their systems that integrate industry experts into the school curriculum and practical, at-work training with some of the finest companies. The movement to build skilled and adaptive leaders well-versed with changing trends has begun and will surely see changes as we progress.
Focus on Leadership
Along with hard skills, B-schools also have to focus on building leaders with soft skills. I believe in the adage ‘People don’t leave jobs, they leave bad managers. When we spend a considerable amount of time at the workplace, the least that is expected from the system is a culture that is employee-friendly and managers that have good relationships with their seniors and juniors alike. The most important skill is communication – a manager without good communication skills is like a car without wheels. True, communication makes or breaks teams and deals. A manager should be capable of motivating, inspiring, and mentoring his team. Anybody in a management position is expected to have forward-planning and problem-solving as key skills. In my opinion, a good leader should be empathetic and lead their team to common goals. Every good manager should have strong values, ownership, and a first-time-right mindset, and be willing to take risks as necessary.
Today, I can draw some parallels when I look back at my own experience in a B-school and my experience in corporates and my own company. The important learning schools can take from businesses is investing in people - hiring the right talent to impart education and investing in R&D for the betterment of programs and curriculum. Problems happen when what is being taught in schools is of no use in an actual workplace. The more schools and teachers sync up with industry leaders and are up to date with trends, the better adept their students will be at workplaces. Another imperative thing, that I believe can be taken from a workplace is an investment in tech. Technology is here to simplify the lives of people- be it software that helps HR digitise salary and attendance or an app that eases access to lending for customers. Similarly, investing in building tech that eases learning is very important. And, most importantly, creating a culture of entrepreneurship. India is seeing an entrepreneurial boom and welcoming of great business ideas tackling societal, business, and environmental problems like never before.
Making great leaders is not the sole responsibility of B-schools only, it’s a shared one with the government and industry.
