What's needed and taught: It's no longer business as usual for B-schools

As the world of work changes, so must our approach to education and skills. Globally, today, investing in people is of paramount importance, ahead of everything else. Valuing human capital not only equips individuals with expertise to respond to systemic shifts, it also empowers them with knowledge to create and sustain a more inclusive world, for a better tomorrow.

Business schools, hence, need a balanced system which offers curricula that’s a blend of diverse subjects. Workplaces today are geography agnostic; management pedagogy needs to be redesigned to include changing international business content and concepts, technology, skill-building and communication exercises and modules.

According to the 2018 Future of Jobs Report, 75 million jobs are expected to be displaced by 2022 across 20 major economies. Simultaneously, new ways of working and new workplaces will create around 133 million roles, primarily driven by growth in new services and products. Future managers will have to spend a lot of time working with machines and algorithms to meet the demands of demographic shifts and economic changes. Reforms in business school teaching will be the key to ensure that future managers remain competitive in the new world, businesses have access to relevant talent, and people can keep pace with changes in the shop floor. In keeping with the emerging trends, global and regional exchanges of best practices and international business commitments need to be part of the new teaching modules at business schools.

For employers, a major concern is that most business school graduates, though good with theory, know little about implementing solutions for the real world. On the other hand, for the students, an MBA degree no longer guarantees a well-paying job in a big corporate house. A report of the Core Curriculum Subcommittee at the Yale School of Management says: “Management education is compartmentalised by function even though management challenges no longer are. The result is a disconnect between what is taught and what is needed”.

So, how does one face this reality? Well, I have a five-fold solution to this: First, business management courses must adopt a global perspective and develop international exchange programmes. Today, it is important for managers to know how to operate in different countries and cultures as well as appreciate existing and emerging economic and political differences. 

Secondly, specialisations need to be ahead of their time to cater to future businesses. So, while brand management and human resource management remain relevant topics, it would help if business schools offer courses in areas such as energy and corporate Fraud. 

Thirdly, as we witness collapse of companies and occurrences of intentional misrepresentation of information, around us, we need to put the spotlight on business ethics and corporate accountability. This will help ensure no deviation from core values, and a humane approach to trade. 

Fourthly, diversity & inclusion will be the key. More and more women will compete in the workforce and Universities have their role to play to attract and develop this vital talent pool. Corporates can only be top employers by focusing on equal opportunity and parity across all fields — with initiatives like Equal Salary Certification and much more. 

Lastly and most importantly, is to foster the spirit of entrepreneurship. Management education needs to cover elements like opportunity identification/ mapping, capital building, legal/regulatory knowledge (local & international), and understanding of businesses at different stages of growth.

When a young work force, equipped with applicable skills, secures well-paying jobs, it leads to the creation of a robust economy and a strong society. And the first step towards this goal is set at business schools. India will have one of the world’s largest and youngest populations by 2020. The Government of India is focused on the issues pertaining to higher and technical education. It is critical now to have an innovative curriculum that moulds a management student into a manager armed to build businesses of the future. It’s time that B-schools get more creative, practical and forward looking, when drafting their syllabus. Clearly, it’s NOT business as usual anymore.

The author is managing director, India, Philip Morris