These challenges require leaders who possess sound judgment, emotional maturity and the ability to balance competing interests with fairness and compassion – the ones who have developed not only intellectual intelligence, but also inner intelligence – and here’s where spirituality steps in. While there are numerous conversations and discourses about spirituality, it is often confused with religion and many simply don’t understand how they differ. Indeed, schools and wider society would do well to stop equating spirituality with religion and consider the advantages of pursuing it. Religion may shape beliefs and traditions, but spirituality is about cultivating self- awareness, a sense of purpose and the ability to make decisions that serve the greater good. It is the practice of understanding not just what we can do, but what we should do. Every leader encounters situations where there is no perfect answer – for instance, deciding between short-term profits and long-term sustainability, balancing
shareholder expectations with employee wellbeing, or determining how AI should be deployed responsibly. In these moments, spreadsheets and algorithms can inform decisions, but they cannot make them. What guides leaders is their character, their values and their capacity for reflection. These qualities are not innate; they can be developed. Business schools, therefore, have an opportunity to move beyond producing capable managers and begin nurturing wise leaders who are prepared to navigate uncertainty with clarity and integrity. The path to ethical decision-making One concept that deserves far greater attention in global management education is dharma . Often translated simply as ‘duty’, its meaning is much deeper. Dharma is about understanding one’s responsibilities and acting in ways that uphold fairness, justice and the greater good. It shifts the question from “What is the most profitable decision?” to “What is the right decision?” The Bhagavad Gita, an ancient Indian scripture widely regarded as a guide to ethical decision-making and purposeful action, continues to offer valuable lessons for leaders navigating complex moral dilemmas.
For instance, its story of Prince Arjuna, a capable warrior facing a dilemma, offers a timeless example. Rather than urging him towards victory at any cost, Lord Krishna encourages him to act in accordance with his dharma, ie with integrity and courage and without attachment to personal gain. This is relevant today, as leadership is not simply about achieving results; it is about ensuring that the path to those results is ethical, responsible and aligned with a larger purpose. In an era where decisions can affect millions of lives through technology, finance or public policy, teaching future managers to ask, “What is the right thing to do?” may be just as important as teaching them how to do it. However, this doesn’t mean that business schools should replace their entire curricula and start from scratch; rather, they should redefine how leadership is taught. Alongside courses on AI, corporate finance and analytics, they should also teach purpose and responsible decision-making. One example could be replacing a traditional case study each term with a ‘conscience case’ in which there is no single right answer and success is measured not by profitability alone, but also by fairness, courage and long-term impact. Even
24 Business Impact • ISSUE 5 • 2026
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