The Future of Work: What Can B-Schools do?
It is estimated that by 2025, 85 million jobs will be disrupted by a shift in the division of labour between humans and machines, while 97 million new roles may emerge that are more adapted to the new division of labour between humans, machines and algorithms.
The time is apt for transformation in management education. Business schools will have to do something radically different to serve the needs of global businesses by revamping their curricula and teaching methodologies.
Management education should be about preparing leaders for the future business world. It is said that the future of work will continue to be dictated by a need for critical thinking, entrepreneurial mindset and problem-solving skills, while Self-management, with active learning, resilience, and flexibility will also be skills that will be much sought after. The future workforce is expected to be diverse in every aspect, cross cultural and multi-generational and those who can relate to new technology and the rapidly-changing workplaces are the ones who will remain relevant in the long run.
What B-Schools Should Do
- Given the disruptive trends, management schools will excel if the curriculum is dynamic, students are equipped to network with the industry and value-added certification programs are provided by the industry, along with super specializations. The focus should be on creating an ecosystem at the campus that will impact the work though differentiation, creativity, innovation, problem identification and effective solutions.
- B-Schools should also impart the necessary skills to students that will enable them to adapt to multi-disciplinary roles, collaborate with multiple stakeholders, and show respect for diversity, inclusion and equity. Schools of higher learning must train students to be mentally strong, empathetic and physically healthy individuals who contribute to the society. Problem solving at scale and quick in collaborating with diverse group of people are skills that are indispensable in the current VUCA (Volatile, Uncertain, Complex and Ambiguous) world and B-Schools would do well to prepare their students for the next wave of disruption. Management education must encourage curiosity, desire for continuous learning, self-awareness, pursuit of multiple interests and preparation for the unknown among the learners.
- The third and most important thing B-Schools must do is to attract both government and private companies to set up their R&D facilities in the campus to forge closer industry-academic collaborations and give an impetus to innovation. Integration of the curriculum with technology and digital transformation is imperative for any futuristic management education. Unremitting corporate collaborations will lead to understanding the future of business.
- B-Schools ought to internationalize to attract best in class faculty and also deliver high-quality and pertinent research output. It is critical for ensuring success in achieving the mission of future-focussed education.
- Last, but not the least, the faculty at B-Schools need to step up and embrace change fast as the future is now.
The School of Business, UPES, has been a front-runner in the management education ecosystem.
The recently-introduced School for Life is an intrinsic part of the composite UPES student experience and facilitates learning and education that is a balance between what students want, and what is needed of them as future global citizens and leaders of tomorrow. The courses are designed to equip students with lifelong learning skills, a focus on a wide range of contemporary issues, and a mandatory social and professional internship experience that is unique.
The companies that recruit from UPES include prestigious names like L&T, Infosys, Nestle, IBM, among others. The university has been awarded 5 Stars for Academic Development, along with 5 Stars for Employability, Facilities and Program Strength for its MBA Oil & Gas Management program by globally-acclaimed QS Stars rating system.
UPES Council for Innovation and Entrepreneurship (UCIE) has been recognised by the Government of Uttarakhand as a Technology Business Incubator (TBI) and State Nodal Agency, to foster entrepreneurship and help incubate organisations in the Uttarakhand region with mentoring, flexible space, access to a network of resources and other business services designed to accelerate their success and create jobs and revenue for the state. UCIE is also a member of the University Business Incubator (UBI) Global, an international platform, which connects corporations and governments with innovative thinkers and doers globally.
The primary objective of any management education is to develop competency and capability of students to become entrepreneurs and efficient business professionals. Hence, pursuing the management degree from a well-established institution is critical for students to gain an edge in the dynamic and evolving corporate world.