Changing Role of Management Education
The
greatest competitive challenge facing the Industry/Corporate today is how to
embrace the dynamic changes. The
business environment is in constant flux and Companies must accept the new
realities. The backdrop of such changes
has catalysed a reassessment of traditional management concepts and
practices. Innovating the evolution of
new management paradigm and identifying its main drivers has been the twin – challenges
confronting the B-Schools
To
ensure quality management education, the institutions should constantly
endeavor to introduce innovative pedagogy and create a learning environment
that- harnesses creative and entrepreneurial management potential. Design,
methodology and approach have been thoroughly over hauled replacing the
conventional methods of teaching.
Re-orientation of programmes by paying emphasis on values, ethics and
quality of management education has been another significant aspect of teaching
methodologies.
Management Guru Peter Drucker 40 Years ago said “ To make knowledge work productive will be
the great management task of this Century, just as to make manual work
productive was the great management task of the last century”, This truly depicts
the paradigm shift that we experience today.
Ever since the global melt down, especially in USA with its cascading
ripples in South Asia and South East Asia and the current unprecedented the
entire management pedagogy hitherto practiced has been put on
deterioration. It has necessitated a paradigm
shift in redefining and reinventing the entire gamut of academic delivery.
In this background India the 4th largest economy of the
world, needs highly qualified managers to manage the highly competitive
business enterprises. However, Indian
business schools lack widely in terms of quality of Faculty, market-driven
curriculum, good infrastructure and placement.
The mushrooming of the B-Schools sans quality has added only the numbers
without churning out any strategic leaders who can leverage the pace of
sustainable development.
There
is a little doubt that business education is a huge industry across the world
.It is estimated that the global corporate education and training market is
around USD 72 billion. The global management education market is to be
estimated to be USD 24 Billion. It is growing at the rate of 10-12% per annum
.The United states is the largest market .Since the market is lucrative and
entry costs are relatively low there is a continuous growth of new entries
.With the increasing competition the reputes schools are now globalizing and
branding their products .This is likely to see a reputation and brand driven
growth. Although the general value chain of business schools has remained
relatively unchanged over the past 50 years, business schools have created some
unique characteristics in their value creation, branding and niche positioning.
At the same time corporations are intensifying their efforts for management
development and the number of corporate universities is on the increase.
This being so, the other side of the story shows the concern for the
Business School professors is how to produce good managers with the attributes
of increased efficiency and effectiveness, ethics, knowledge, fluency to apply
management concepts, theories and tools. We shall examine the areas of concern;
the key issues which is to be focused upon in uplifting the management
education and making Indian Management education world class.
When we talk about the management education, we are basically referring to the
shaping up of the student to develop the competency and capability either as an
intrapreneur (to join and help an organization to grow) or as an entrepreneur
(to establish and grow one's own organization). This capability does not
necessarily always come from possessing a piece of paper whether called
"degree" or "diploma" in Management, but also by means of
developing the will & skill to contribute for Self reliance and self
nourishment in nation building.
The existing system of Management
Education is alienated from real life. There is a gap between the subjects and
the objectives and this cannot achieve such goals as national development,
building ethical, religious and spiritual values in business etc.
Management education should not only aim to meet the needs of the
students but it also should match the expectations of the whole community. For
this business schools should focus on educational program as well as the all
around development of the students .One of the many issues facing management
education today is how to teach ethical behavior, human values and
international understanding without prejudice.
To bring about and assimilate the above changes the whole pedagogy will
have to be recast to address the challenges.
The real challenge with B-Schools lies in lack of soft skill though
students are comfortable at their domain knowledge. Training in soft skill becomes the added
responsibility of the B-Schools. The
Management schools focus on this aspect which will enhance employability matrix
and be useful for the employers.
Increased interface/interaction with corporate/industries can broader
the outlook of students. Along with
enabling the students for securing the right job, entrepreneurship development,
motivation and fostering an incubation centre at the Management Institutes
should be encouraged. Such move will
help them go for self employment thereby widening more scope for employment
generation and inclusive growth.
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