Digital Literacy A Must-Have Requirement In B-School Curriculum
How should the role of business schools evolve to keep pace with the rapid advancements in technology?
The World Economic Forum reports that 25 per cent of the jobs will be reshaped, either disappearing or getting morphed into something else by technology. Forty-five per cent of the current skill sets will change. B-schools play a crucial role in preparing the next generation of leaders to thrive in this ever-changing environment. A strong emphasis on digital literacy needs to be incorporated into their curriculum. This includes teaching students not only theoretical concepts but also practical applications of emerging technologies like AI/ML, data analytics, and blockchain. This can also be achieved by enabling partnerships with the industry to provide live exposure to real-world business challenges to the students.
It is also crucial to understand that technology is not isolated from other business functions, and students should be able to understand how these advancements intersect with areas such as marketing, finance, operations, and human resource.
How does HUL balance traditional leadership competencies with a focus on new-age skills to build its talent pipeline?
With a legacy of building more than 500 CXOs for India and the world, HUL is known to be a ‘leadership factory’. We are in the future of work with skills as the new currency. Organisations are deconstructing jobs into skills and the value of talent is defined by the skills they bring to the table. At HUL, our standards of leadership (SOL) embody the leadership mindsets and behaviours that we expect from our employees and hence form the bedrock of what we seek in candidates. The key SOL elements are growth mindset, consumer and customer focus, bias for action, accountability and responsibility, and the ability to be talent catalysts.
Over the years, we have set up a robust leadership training infrastructure and a lifelong learning culture to embed and strengthen these standards of leadership amongst our talent pool. Apart from the SOLs which are core competencies, we’re constantly on the lookout for differentiators ans new-age skills that add to our diversity and bring an edge to our business - data science, cognitive flexibility, digital acumen, and creative problem solving to name a few. We’ve also been finding the right balance between buying versus building skills and constantly finding avenues to invest in building talent for niche business opportunities.
HUL recently announced ‘digital commerce’ as a new UFLP specialisation in addition to conventional customer development/marketing careers. This was a first by any FMCG company. The selection was done through an online masterclass and a rigorous simulation which resulted in a ‘Digital Readiness Index’ (DRI) for the top 250 students across the country and was used to pick the top eight digital commerce trainees as an exclusive highly aspirational talent pool.
How has the changing FMCG sector impacted the skills you seek in potential employees, and how do you think B-schools can address these demands?
The FMCG sector will see a shift in the channels of prominence – by 2030 general trade contribution will shift from 70 per cent to 55 per cent in 2030, making it imperative for organisations to develop a digital ecosystem and invest on acquiring and building digital capabilities.
Digital – In an increasingly digital world, having a strong foundation in digital literacy is essential, to leverage technology for advantage in unique and innovative ways and carefully analysing data. B-schools can address this demand by integrating courses that focus on digital literacy, data analytics, and emerging technologies into their curricula. They can also look at introducing STEM-embedded MBA programmes that bring the best of both worlds in the form of new-age courses in the space of management science, business analytics, statistics and product management, people analytics, etc.
Data-driven decision-making ‑ With the abundance of data, the ability to derive meaningful insights is paramount. We seek employees who can make informed decisions based on data analysis. B-schools can contribute by emphasising quantitative skills, statistical analysis, and decision-making frameworks in their programs. Practical application of data analysis through projects and case studies can further enhance this skill.
Social Responsibility -‑ The changing landscape places a heightened emphasis on corporate social responsibility and sustainability. B-schools can address this demand by integrating courses on ESG, ethics and corporate social responsibility into their curricula.
How can B-schools foster effective collaborations with industry players to ensure graduates are job-ready?
With the next decade poised to be the India growth story there is a heightened need for the youth of our country to become future-ready, we must visualise the skills and competencies architecture and prioritise the need to enable MBA graduates to meet the challenge of today and tomorrow. B-schools hence should invest time to restructure, realign, and better adapt to the rate and scope of change.
There needs to be a definite shift in teaching pedagogy to offer students higher industry interfaces and practical application-based assignments. Establishing industry advisory boards comprised of experienced professionals can help B-schools review and align their programs with current industry needs.
Additionally, colleges need to engage industry leaders in shaping their talent via mentorship programmes, guest seminar sessions, connections with alumni, interview coaching, case competitions with students getting face time with senior leaders and and building networks even before they join the industry.
