Does a business education brand today have a societal responsibility in addition to providing quality education?
Well, we’ve got the answer right here!
Many business schools were in dire straits during the coronavirus outbreak. In fact, numerous business schools had to close down. Multiple corporations stopped hiring MBAs because the education did not prepare them for innovative thinking.
Following pandemic layoffs, job losses, and a “worsening economy,” business school enrollment is on the rise once more. According to one of the leading publications, having an MBA will be an asset in a tough job market for those who see business education as a way to get a better job eventually.
It is clear that this increase appears to be ending two years of decline for advanced business education.
The potential for more MBA students represents a terrific opportunity not only for business schools but also for business in general. B-schools must seize this opportunity to transform their curriculum and the mindset in its essence.
Here, let us not forget to mention some of the more fortunate business schools like Asian Business School who are already transforming themselves into a more flexible and educationally global inclusive mindset.
When businesses needed holistic, creative thinking based on disciplined analysis, MBAs brought finance-focused, non-creative, linear thinking to the table.
In the past, one of the barriers to business leaders adopting the concept of standing up for what they believe in was the narrow focus of most business schools on enlightening MBA students in responsible business practices.
The concept of standing up for what you believe in is at the heart of unparalleled leadership. It’s not just a good business idea; it’s also a good idea for business education, and it’s a new business imperative.
The Need for a Shift in Business Education & Learning
We are already witnessing changes in corporate behaviour. Aren’t we?
Today, there is an insistent roar for businesses to recognise that the world is not asking them to do something distinct from their regular business; rather, it is asking them to do their everyday business differently.
CEOs are now expected to stand up and reject silence on social, political, economic, racial, gender, and privacy issues. Brands are now committed to changing organisational structures to bring stability to corporate leadership.
Of course, there is a deeper stimulation behind this since prospective customers now choose brands based on their virtuous behaviour in the marketplace.
This is where business schools can make the most difference: by preparing future leaders to guide in this new business landscape.
Business schools must change the way they teach business in order for prospective business leaders to lead the necessary and virtuous future business changes that will arise out of necessity and human morality.
A New Business Management Education
Nowadays, MBA students expect to learn about corporate social responsibility.
They expect courses that will focus on the vital components of making the world a better place due to business rather than despite it. This is becoming more of a priority. Sound business practices benefit the bottom line, and correctly results are replacing results achieved at any cost.
This critical shift in MBA programmes benefits society, corporations, and businesses.
Though, it has taken this long for many companies to recognise that they said the right things but did not do the right things.
Separating operations, marketing, corporate and digital strategy from corporate social responsibility misses the bigger picture.
Incorporating socially responsible practices throughout the organisation is the only way to generate leaders capable of dealing with the problems our fractured world will face in the future.
The Final Word
About two years ago, Financial Times reported that MBAs could assist in solving social problems at the college level before they even graduate and move on to their new careers.
By collaborating across disciplines to decode social challenges at the local level, students can invent the entrepreneurial ‘moonshot thinking’ skills they will require through their careers and the social impact skills they have to cultivate as a form of citizenship innately.
Will the new MBA integrate corporate social responsibility into the curriculum, business decisions, and practices to affect social, sustainable, and responsible change?
If yes, then these are the people who will be our new leaders.
Now is the time to make a change. Businesses are being held responsible for their actions or lack thereof. The management is concerned with the process, whereas accountability is concerned with the goal.
Interestingly, some of the top PGDM institute in Delhi NCR like the Asian Business School are already following certain integral practices through research and feedback from their stakeholders including alumni, industry leaders, and experienced faculties. It sets an example of how institutions need to revamp their curriculum so that future leaders can deal with business governance and accountability.