Business Impact covers the big challenges facing global management education as the world asks more of its future business leaders.
ISSUE 2 2024 VOLUME 20
THE MAGAZINE OF THE BUSINESS GRADUATES ASSOCIATION (BGA)
LEADERS NEVER STOP LEARNING
Setting the tone How inclusive leadership can transform campus culture
• UVA DARDEN DEAN ON PURPOSE & THE VALUE OF LIFELONG LEARNING • WHY BUSINESS SCHOOLS ARE BEDROCKS OF SOCIAL ENTREPRENEURSHIP • JOINING THE DOTS BETWEEN WORKPLACE CULTURE & INNOVATION
PLUS
Latin America Conference 2024 AMBA & BGA 25-27 September 2024 | Rio de Janeiro, Brazil This unmissable gathering of business school deans and directors from across Latin America and beyond will address the issues that matter most in global business education
Join AMBA & BGA in beautiful Rio de Janeiro to share experiences, facilitate debate and inspire collaboration
Learn more and book your place at: amba-bga.com/events/latam-2024
Contents ISSUE 2 • 2024 • VOLUME 20
05 EDITOR’S LETTER
32 BEYOND ENGAGEMENT Why the benefits of simulations and virtual reality need not be limited to engaging students 36 SPOTLIGHT ON SCHOOLS The Faculty of Economics and Business, University of Talca, Chile 38 GUEST COLUMN Audencia dean Sébastien Tran on the race to lead the AI market 41 WEBSITE ROUND-UP Highlights from our new website 42 VIEW FROM THE TOP The opportunities presented by personalised and lifelong learning
Analysing the moral norms that link people together and make up an institution’s culture 06 BUSINESS BRIEFING The latest research, news and initiatives from BGA business schools around the world 12 COVER STORY TRANSFORMING CAMPUS CULTURE The role of inclusive leadership in upholding DEI and reshaping everyday ethos
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22 ARCHITECTS OF CHANGE
Why business schools must become bedrocks of social entrepreneurship ecosystems 26 BRIGHT FUTURES START HERE Students need resilience to overcome impediments and flourish, says the University of Sussex’s Rashaad Shabab 28 THE MISSING LINKS
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16 EMBRACING A LIFE OF LEARNING
UVA Darden School of Business dean Scott Beardsley offers his perspective on purpose, lifelong learning and the skills needed to lead institutions of higher education
University Canada West research on factors of
organisational culture that breed successful innovation
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RESEARCH AND INSIGHT: STAY AHEAD OF THE TRENDS IN BUSINESS EDUCATION
With unparalleled access to many of the world’s leading business schools, AMBA & BGA’s Research and Insight Centre offers powerful insight into the issues that matter most in global business education
Recent AMBA & BGA research has tackled: · The metaverse · Climate change · Digital transformation · Student experience and satisfaction · Graduate career paths and aspirations
The annual AMBA Application and Enrolment Report , meanwhile, offers a crucial overview of the MBA market’s health among AMBA-accredited business schools, allowing for benchmarking
AMBA & BGA is always looking to collaborate with business schools and corporate partners to enhance our research offerings. If you
are interested in partnering on a project, or joining one of our roundtables, please contact: research@amba-bga.com
EDITOR’S LETTER
EDITORIAL
Content editor Tim Banerjee Dhoul t.dhoul@amba-bga.com Head of editorial Colette Doyle c.doyle@amba-bga.com
CULTURAL CORNERSTONES A s renowned political scientist Francis Fukuyama once said at a Merrill Lynch Forum, “When people examine a culture, they pay too the school’s dean Scott Beardsley in our exclusive interview. Elsewhere, we hear about the Business schools have a responsibility to identify and establish environments that enhance learning and impact
Art editor Sam Price
Sub-editor Heather Ford
Insight, content & PR manager Ellen Buchan e.buchan@amba-bga.com CORPORATE Membership director Victor Hedenberg v.hedenberg@amba-bga.com BGA membership & account manager Ben Maheson b.maheson@amba-bga.com Senior marketing executive, BGA Shareen Pennington s.pennington@amba-bga.com Commercial relations director Max Braithwaite m.braithwaite@amba-bga.com
value of fostering a culture of social entrepreneurship from Berlin School of Business and Innovation’s Navya Gubbi Sateeshchandra. Through the creation of spaces for collaboration and idea exchange, Navya argues that schools can “cultivate a supportive environment where students can translate their burgeoning social consciousness into concrete action.” For Rashaad Shabab at the University of Sussex Business School, a supportive environment extends to student wellbeing. He makes the case for reviewing systems to ensure that students who experience social anxieties are encouraged to re‑engage in classroom activities wherever possible and build the kind of resilience that results in both improved mental health and brighter career prospects. United by the common thread of culture, our latest issue highlights several ways in which schools can delve deeper into their practices and principles to enhance the environments they provide and project on to our wider society.
much attention to aspects like the kinds of consumer goods that people buy. That’s the most superficial aspect of culture. A culture really consists of deeper moral norms that affect how people link together.” Whether your school is looking to promote inclusive leadership or support student wellbeing, the moral norms that underpin culture lie at the centre. In our cover story, Oxford Business College’s Fawad Inam outlines how schools can make inclusivity standard practice among its leaders. “Commitment to inclusivity not only strengthens bonds within the community but also drives positive change, ultimately leading to a more equitable and vibrant organisation.” At the University of Virginia Darden School of Business, a new institute is supporting a lifelong learning culture that is growing with the realisation that a changing business world will reward those who are ready to adapt and update their knowledge. “We’re interested in how you can evolve learning to enable people to come back and retool until they’re in their 80s,” explains
Head of marketing and communications Leonora Clement l.clement@amba-bga.com Finance and commercial director Catherine Walke r
Director of accreditation and director of BGA services Mark Stoddard
Chief executive officer Andrew Main Wilson
Executive assistant to the CEO Amy Youngs a.youngs@amba-bga.com GENERAL ENQUIRIES info@businessgraduatesassociation.com
Tim Banerjee Dhoul Editor , Business Impact
Copyright 2024 by The Association of MBAs and Business Graduates Association . All rights reserved. Material may not be reproduced without the permission of the publisher. While we take care to ensure that editorial is independent, accurate, objective and relevant for our readers, BGA accepts no responsibility for reader dissatisfaction rising from the content of this publication. The opinions expressed and advice given are the views of individual commentators and do not necessarily represent the views of BGA. Whenever an article in this publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. BGA makes every opportunity to credit photographers but we cannot guarantee every published use of an image will have the contributor’s name. If you believe we have omitted a credit for your image, please email the editor.
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BRIEFING Business Impact ’s latest selection of updates includes an analysis of global efforts to tackle obesity, the Moomin brand’s culture of generosity and the relevance of the arts to management practice. Compiled by Tim Banerjee Dhoul , Ellen Buchan and Colette Doyle THE LATEST NEWS FROM ACROSS BGA’S NETWORK Business
REFLECTIONS ON PEACE, TECHNOLOGY & ART IN SUPPORT OF CREATING A BETTER WORLD
The first day addressed the impact of artificial intelligence in a globalised
the emblematic Spanish Pavilion of 1937, where artists such as Picasso and Miró responded to events in Spain with their work, demonstrating the power of art as an agent of change. The final day addressed the current confrontations in the world and how they affect our lives. It was moderated by Javier Wilhelm, academic co‑director of the master’s in professional mediation at UPF-BSM, who noted: “We find ourselves in an era of profound unrest, where conflicts are part of our daily reality and are often handled in an unconstructive way.” Wilhelm stressed the importance of promoting a culture of mediation, highlighting its ability to promote understanding, coexistence and – on occasion – reconciliation. CD
SCHOOL UPF Barcelona School of Management, Pompeu Fabra University COUNTRY Spain
and constantly changing world. Moderated by Oriol Montanyà,
deputy director general at UPF-BSM, it highlighted the importance of finding a balance between the speed imposed by technology and haste, emphasising the need to be aware at all times. Day two focused on the role of art and urban planning in promoting coexistence and diversity. Moderated by architect Maria Àngels Negre, the session included the participation of Imma Prieto, director of the Antoni Tàpies Foundation. Prieto expressed her vision of art as a window to the thought and reflection of society, giving historical examples of its use as a tool to express opinions and resist adverse situations. These included
he UPF Barcelona School of Management has once again organised Ethics Week, an event
T
that seeks to promote peace using proactive measures to foster coexistence. Over three days, the audience heard from various experts who explored the relationship between peace and its absence, looking at how this impacts our lives from multiple perspectives.
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NEWS & INSIGHT
find out what strategic work based on generosity means. It’s about involving more people, broadening the pool of strategic thinkers. Moomin’s strategy work appears to be organic, but it is guided by an exceptionally clear sense of purpose,” noted Tienari. The Hanken professor asserted that the book is in no way intended as an advertorial for the brand. Instead, it seeks to find a balance between sympathy and criticism in the same way that the company founded by Jansson and her brother Lars seeks to balance art and business. “Generosity does not mean that there are no tensions or frictions,” he said, pointing to the observations of Savage, who led the initial ethnographic study. “[He] witnessed many heated debates among decision makers at Moomin. Different opinions, disputes and reconciliations enrich the business.” The common thread of generosity leapt out when the authors wrote the book together. “It underlies not only the Moomin brand but also its strategic partnerships, strategy work and how it collaborates with new technology and the virtual world,” reasoned Tienari. TBD “Openness to differences, caring for people and showing respect for them is crucial to maintaining a resilient organisation”
GENEROSITY GUIDES MOOMIN COMPANY’S COMMITMENT TO BRINGING JOY
management perspective, generosity is based on the conviction that openness to differences, caring for people and showing respect for them is crucial to maintaining a resilient organisation.” Moomin Management: Redefining Generosity is based on an ethnographic study of the growing Moomin ecosystem, tracing the evolution of Tove Jansson’s amiable troll creatures from their initial publication in 1945 to today’s global art-based brand. Co-authored with United Arab Emirates University assistant professor Paul Savage, the study of Moomin Characters Oy Ltd is said to offer valuable insights into running a business that is committed to bringing people comfort and joy. “We tried to
SCHOOL Hanken School of Economics COUNTRY Finland
new book about the Moomin brand highlights the virtues of infusing management
A
with generosity. Co-author and Hanken School of Economics professor Janne Tienari explained that this approach is not about generous individuals, but how a company creates the conditions for a generous environment: “From a
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EUROZONE ECONOMY MARKED BY CHANGES TO THE LABOUR MARKET
SCHOOL Polimi Graduate School of Management
COUNTRY Italy
T he structure of the eurozone economy is changing due to the evolving nature of work, according to a study from Polimi Graduate School of Management. The research argues that the labour market’s shift from rigid to fluid employment, or what it terms ‘routine’ to ‘non-routine’ jobs, is making wages and inflation less sensitive to changes in the economic cycle at the aggregate level. This trend is highlighted by the labour market’s polarisation during the Covid-19 pandemic. Routine jobs such as craftsmen, factory workers and farmers offer employees far less mobility than those engaged in non- routine positions, who tend to change their employers frequently. More and more jobs are defined as non‑routine due to ongoing advances in technology and automation. The trends are said to offer insights into European economic policy. The transition to non‑routine jobs helps explain why it was harder for the European Central Bank to control inflation before Covid-19 than now. Attempts to reverse Covid-19’s job market polarisation may explain the unexpected inflationary boost of fiscal policies aimed at mitigating the pandemic’s effects. The study, authored by Polimi professor of macroeconomics Daniele Siena and Banque de France’s Riccardo Zago, was published in The Economic Journal . EB
RESEARCH AIMS TO REDUCE GREENHOUSE GAS EMISSIONS IN DEVELOPING NATIONS
greenhouse gas emissions and that’s what we wanted to research.” The duo’s study, in collaboration with Can Tho University in Vietnam and the University of Southern Queensland, suggests that the fall in emissions by substituting motorcycle trips with ‘active travel’ is significant. “Active travel is any kind of transport based on human physical activity, such as walking or cycling,” elaborated Mancuso. “We used micro-data collected during the Covid-19 pandemic to evaluate the potential reduction in emissions from substituting motorised transportation with walking or cycling. We found that 65 per cent of individuals used their motorcycles to travel less than five kilometres. If most of these trips were replaced by active travel, 22 per cent of greenhouse gas emissions could be reduced.” He concluded: “These are exciting findings that could help to inform transport policies in developing nations and hopefully lead to a better environmental future.” CD
SCHOOL La Trobe Business School La Trobe University COUNTRY Australia
esearch by Yen Dan Tong and Julio Mancuso Tradenta from La Trobe Business
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School offers new hope for reducing pollution and improving transport policies in developing nations such as Vietnam. As Tong explained: “Air pollution is an ongoing issue in Vietnam. The government has made commitments to reduce traffic congestion and carbon emissions by introducing motorcycle bans by 2030 in four of its major cities. “This has been controversial as motorcycles are the country’s primary mode of transport. There was a lack of evidence to show how effective the ban would be in reducing
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NEWS & INSIGHT
ADAPTING TOOLS TO DIFFERENT REALITIES IS THE FOCUS IN NEW SUSTAINABILITY PROGRAMME
Speaking at the programme’s launch event, Uruguay’s former minister of industry, energy and mining and now minister of foreign relations Omar Paganini pointed to the need to build on Uruguay’s existing international reputation in renewable energy. “We begin from a very good starting point, but continuing to improve will be more difficult,” he remarked. Another participant in the launch event’s panel discussion was Laura Kotsachis, manager of corporate affairs at Uruguayan mineral water company Salus. “Working on sustainability as part of the purpose of a company makes the topic permeate internally in the organisational culture,” Kotsachis told those in attendance. As such, the programme’s emphasis is on supplying participants with a grounding in practical tools for the design, planning and execution of concrete sustainability plans that can be adapted to different realities. Consisting of 60 hours of instruction in total, the programme will hold in‑person classes for four hours each week. Meanwhile, it ends with the option of a field trip to the Amazon in Brazil, where students can get first‑hand insights into local communities and sustainable experiences. TBD “The programme will cover applications of sustainability in both the public and private sectors”
“The new generation thinks about these issues and if companies do not begin to commit [to sustainability] in a real and transparent way, they will disappear because they will no longer have consumers,” declared UCU Business School dean Marcos Soto. The programme covers conceptual frameworks relating to key terms and definitions, before focusing on applications of sustainability in both the public and private sectors. Its treatment of the public sector, for example, will encompass an exploration of smart cities, urban planning and governance, as well as the ongoing transition towards renewable energies.
SCHOOL UCU Business School, Universidad Católica del Uruguay (UCU) COUNTRY Uruguay
CU Business School has launched a new sustainable development programme
U
that focuses on action learning and the use of real business cases. Its aim is to help participants understand the value of sustainability and how the field can impact the management of different organisations.
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The review goes on to make recommendations for policymakers in the UK, where adult obesity is said to have reached 64 per cent in 2021 at a cost to the country’s National Health Service of around £6.5 billion per year. Policies that include calorie labelling in restaurants and restrictions on where certain foods can be displayed in supermarkets are already in place in the UK, as is a tax on the sugar content of soft drinks – something that yielded, on average, a 46 per cent drop in sugar content among products liable for the tax between 2015 and 2020. However, there is a clear need to go further to address health concerns in the UK and the Imperial review adds substance to the argument for extending tax measures. “The evidence that people in lower‑income groups benefit the most from these taxes suggests that they can also play a role in reducing health inequalities,” said Elisa Pineda, who authored the paper while working with colleagues at Imperial College Business School’s Centre for Health Economics & Policy Innovation. EB “An eight per cent tax on unhealthy foods led to an 18 per cent drop in their sales at supermarkets and up to 40 per cent at other retailers”
EVIDENCE POINTS TO POWER OF TAX IN EFFORTS TO CURB OBESITY
In the case of Mexico, an eight per cent tax introduced in the Latin American nation on non-essential, energy-dense foods, including sweets, sugary cereals and salty snacks, led to an 18 per cent drop in their sales at supermarkets and a fall of up to 40 per cent at other retailers. Low‑income groups were the biggest consumers of these types of foods before the tax and demonstrated the largest reductions in spending on these unhealthy foods once it was in place. Pointing to findings from North America and New Zealand, the review suggests that the impact of taxes on unhealthy foods can be heightened when they are coupled with subsidies for healthy food.
SCHOOL Imperial College Business School COUNTRY UK
ncreasing the price of unhealthy food is a simple but effective way to encourage
I
healthy eating, according to a new peer-reviewed analysis from Imperial College Business School. The paper assessed 20 studies from countries including Mexico, the United States, Canada, Hungary, Denmark, Singapore the Netherlands and New Zealand.
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NEWS & INSIGHT
SCHOOL Jyväskylä University School of Business and Economics ENGLISH-LANGUAGE OFFERINGS EXPAND WITH NEW DEGREE
COUNTRY Finland
yväskylä University School of Business and Economics (Jsbe) is expanding its English-language
J
degree portfolio to encompass undergraduate-level education, with the upcoming launch of a programme in business innovation and sustainability. The three-year BSc degree will build on the core competencies and profile of Jsbe, while also offering a direct path on to its existing international master’s programmes. These full-time, two-year degrees include MScs in corporate environmental management and international business and entrepreneurship. “In our new programme, students will network with experts in different fields, while building important skills and proficiency in business, argumentation and the creation of new knowledge,” said the programme’s academic director and Jsbe senior lecturer Juha Kansikas. Electives in areas that are taken further by the school’s master’s options will also be available, supporting the pathway from undergraduate to postgraduate studies and leveraging faculty expertise. The programme will start accepting applications in January 2025, with admissions criteria to be published this autumn. The University of Jyväskylä currently has around 14,500 students, of whom a little under 2,000 are attached to its School of Business and Economics. TBD
STUDENTS ENCOURAGED TO BROADEN HORIZONS THROUGH A COURSE ON THE VISUAL ARTS
participation in this course because, as happens in top business schools worldwide, it is necessary to promote the development of lateral thinking.” There are three components to the course. The first, held at Mambo, explores the role of museums and public institutions in the contemporary art system. The second considers the importance of private sector involvement in the art world and takes place at the Mast Foundation, a Bologna-based technology, art and innovation institute. The final segment, meanwhile, looks at the role of independent spaces and non-profit organisations in building rich and fertile artistic communities. “Even for the younger participants of the professional programmes, it is important to understand that art and management are not distant worlds from each other. On the contrary and especially in Italy, they intersect more often than we think,” added Paola Giuri, associate dean for professional master’s programmes at the school. TBD
SCHOOL Bologna Business School University of Bologna COUNTRY Italy
M aster’s-level students at Bologna Business School (BBS) have been given the chance to immerse themselves in the visual arts as part of their business studies, thanks to a partnership with the Museum of Modern Art of Bologna (Mambo). Contemporary Art and Visual Culture is led by Mambo director Lorenzo Balbi and is available to participants of BBS’s global MBA and professional master’s programmes. Author of the project and director of the global MBA at BBS Marcello Russo said that the course “allows our master’s students to broaden their horizons and knowledge through visual culture, art and imagination. I encourage
SHARE YOUR NEWS AND RESEARCH UPDATES by emailing Business Impact editor Tim Banerjee Dhoul at t.dhoul@amba-bga.com
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In the landscape of higher education, the call for diversity, equity and inclusion (DEI) has become increasingly imperative. When authentic, inclusive leadership is implemented, it can transform campus culture, moving from policy formulation to practical application and everyday ethos, as Oxford Business College’s Fawad Inam outlines here Transforming campus culture
B usiness schools are recognising that merely implementing DEI policies is insufficient; a further shift is needed to fully transform campus culture, which can be achieved through inclusive leadership. This involves embedding DEI principles into the fabric of the institution, fostering a sense of belonging for all members and ensuring that every individual’s voice is heard and valued, ultimately creating a more dynamic and innovative academic environment. In an article based on Abigail Dunne-Moses’ research, published by the Centre for Creative Leadership, inclusive leaders are defined thus: “Individuals who are aware of their own biases and actively seek out and consider different perspectives to inform their decision-making and collaborate more effectively with others.” At its core, inclusive leadership is a philosophy that extends beyond diversity; it is a dedication to embracing and celebrating the richness of differences within a community. Inclusive leaders realise diversity encompasses a range of identities, perspectives and experiences; they
champion equity by ensuring that every individual feels valued and respected. This proactive approach involves creating an environment where all members, regardless of background or characteristics, feel a sense of belonging and are empowered to contribute their unique talents and insights. Inclusive leaders understand that fostering diversity not only enriches the organisational culture, but also leads to more innovative solutions and better outcomes for the entire community. It’s also important to note that inclusive leadership is not just about representation, but also concerns actively amplifying diverse voices, ensuring that they are not only heard but also valued. By creating pathways for participation and engagement, inclusive leaders foster a culture of collaboration and mutual respect, where individuals feel empowered to bring their authentic selves to the table. This commitment to inclusivity not only strengthens bonds within the community but also drives positive change, ultimately leading to a more equitable and vibrant organisation where everyone can thrive.
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INCLUSIVE LEADERSHIP
Showing empathy for others Key characteristics of inclusive leadership include authenticity, empathy, courage, collaboration and accountability. Inclusive leaders lead with authenticity, establishing trust and rapport within their teams and the wider community. They possess a deep well of empathy, enabling them to understand and appreciate the lived experiences of others. Such leaders also exhibit courage in confronting bias and discrimination, even in the face of adversity. Additionally, they foster collaboration across diverse groups, recognising the power of collective wisdom and diverse perspectives. Furthermore, inclusive leaders hold themselves and others accountable for upholding principles of equity and inclusion to drive meaningful change. These leaders prioritise open communication, actively listening to the concerns and ideas of team members and promoting a culture where everyone feels valued and respected. By championing diversity and inclusivity, they create environments where innovation and creativity can flourish, leading to enhanced organisational performance and social cohesion. Inclusive leadership, therefore, is not just about moral or ethical considerations, but also about leveraging the full potential of every individual within the organisation to achieve greater success and harmony. How to transform campus culture In a higher education setting, it’s vital that the role of inclusive leadership trickles down into the overall campus culture. Inclusive leaders serve as torchbearers, setting the tone for campus culture through their actions and behaviours. Their commitment to inclusivity can be seen in all aspects of campus life, from administrative policies to classroom dynamics. They prioritise building authentic relationships with students, faculty and staff, fostering a sense of community and belonging. By actively engaging with diverse stakeholders, they bridge divides and cultivate a culture of mutual respect. Inclusive leaders also champion diversity and inclusion initiatives, embedding them into the fabric of institutional practices. Whether it’s through recruitment efforts, curriculum development or campus programming, they ensure that DEI remains a top priority. Inclusive leaders confront bias and discrimination head-on, implementing training programmes and awareness campaigns to dismantle systemic barriers. By fostering a culture of accountability and transparency, they create safer spaces where
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everyone feels valued and respected. They develop platforms for open dialogue and constructive discourse, fostering understanding and empathy. By encouraging conversations around privilege, power and identity, they empower individuals to challenge preconceived notions and engage in transformative learning experiences. Additionally, inclusive leaders can leverage data and research to identify areas where disparities exist and implement evidence-based strategies to address these issues. They advocate for policies and practices that support equitable access to resources, opportunities and support services for all students, particularly those from underrepresented and marginalised groups. Furthermore, inclusive leaders can collaborate with external partners, such as community organisations and other educational institutions, to enhance the impact of their DEI initiatives. By building a network of allies and resources, they can amplify their efforts and create a more inclusive environment both on and off campus. This comprehensive approach to inclusive leadership not only enriches the educational experience, but also prepares students to thrive in an increasingly diverse and interconnected world. Inclusive leadership in higher education, therefore, is essential for fostering a campus culture where every individual can contribute to and benefit from the collective growth and success of the community. Outlining the opportunities Despite its importance and impact, inclusive leadership can face several challenges within educational institutions. For example, resistance to change, deeply ingrained biases and institutional inertia can often hinder progress towards fostering truly inclusive environments. Additionally, the reluctance to embrace new approaches and keep traditional structures can create barriers to implementing inclusive practices. Furthermore, biases, whether conscious or unconscious, can manifest in hiring practices, curriculum development and interactions within the campus community. However, these challenges also present opportunities for growth and transformation within educational institutions. By recognising and addressing such obstacles head-on, institutions can embark on a journey towards greater inclusivity and equity. Resistance to change can be overcome through strategic leadership that emphasises the benefits of diversity and inclusion, demonstrating
how they contribute to academic excellence and institutional success. By fostering a culture of continuous learning and adaptation, educational institutions can create spaces where dialogue and reflection are encouraged, allowing for the exploration of new ideas and approaches. Moreover, addressing biases requires a concerted effort to promote awareness and accountability throughout the institution. This may involve implementing bias training programmes, diversifying hiring committees and incorporating inclusive practices into every aspect of campus life. By confronting bias and discrimination openly and transparently, educational institutions can create a more welcoming and inclusive environment where all members of the community feel valued and respected. Institutional inertia, while challenging, can also be an opportunity for transformation. By leveraging existing resources and structures, institutions can gradually implement changes that promote inclusivity and diversity. This may involve revising policies and procedures, reallocating resources to support marginalised groups and re-evaluating the curriculum to ensure that it reflects diverse perspectives and experiences. Through deliberate and strategic action, educational institutions can navigate these challenges and emerge stronger and more resilient, fostering a culture of inclusivity that enriches the academic experience for all members of the campus community. Strategies for moving forward Strategies for cultivating inclusive leadership on campus can include investing in leadership development, promoting accountability, fostering collaboration, listening to stakeholders and leading by example. Providing comprehensive training and professional development opportunities for current and aspiring leaders equips them with the knowledge, skills and tools necessary to lead inclusively and effectively. Establishing clear metrics and benchmarks for evaluating progress towards DEI goals ensures accountability, while recognising and rewarding exemplary leadership further
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INCLUSIVE LEADERSHIP
Courage is an essential quality for inclusive leaders as they navigate challenging conversations and confront systemic barriers to equity and inclusion. It requires a willingness to challenge the status quo, speak out against injustice and advocate for meaningful change, even in the face of resistance or discomfort. Collaboration is another cornerstone of inclusive leadership, recognising that meaningful progress is achieved through collective effort and partnership. By engaging stakeholders from all corners of the campus community, leaders can harness the collective wisdom and expertise necessary to drive sustainable change. Moreover, accountability is fundamental to ensuring that inclusive leadership principles are upheld and embedded within institutional practices and policies. Leaders must hold themselves and others accountable for promoting DEI at every level of the organisation, from hiring and retention practices to curriculum development and campus programming. By fostering a culture of accountability, leaders demonstrate their commitment to creating environments where everyone has the opportunity to thrive and succeed. As we look towards the future, it is imperative that we answer the call to action and redouble our efforts to cultivate inclusive leadership practices within educational institutions. This requires a collective commitment from leaders at all levels to prioritise diversity, equity and inclusion as foundational principles of campus governance and culture. By embracing inclusive leadership, we can create learning environments that not only educate minds but also nurture hearts, fostering a sense of belonging and empowerment for all members of the educational community.
incentivises such efforts. Encouraging interdisciplinary collaboration and cross-departmental partnerships leverages collective expertise and resources, breaking down silos to amplify the institution’s impact and effect meaningful change. Actively soliciting feedback from students, faculty, staff and community members through open dialogue and constructive channels ensures that diverse perspectives are incorporated into decision-making processes. Leading by example and modelling inclusive behaviours and attitudes in all interactions demonstrates a commitment to equity and justice in hiring practices, promotion decisions and institutional policies. Additionally, creating mentorship programmes that pair experienced leaders with emerging ones can provide practical guidance and support for cultivating inclusive practices. Institutions can also establish diversity committees dedicated to overseeing and promoting DEI initiatives, ensuring sustained focus and continuous improvement. Regularly hosting workshops, seminars and panels on diversity and inclusion topics can raise awareness and foster a campus-wide commitment to these values. By embedding inclusive leadership into the institutional culture, higher education institutions can create environments where every individual feels valued, respected and empowered to contribute to the collective success of the community. This holistic approach not only enriches the educational experience, but also prepares students to become inclusive leaders in their future professional and personal endeavours. All hail the powerful catalyst Inclusive leadership serves as a powerful catalyst for profound transformation within educational institutions, offering the potential to reshape campus culture from the ground up. Through the adoption and embodiment of core principles such as authenticity, empathy, courage, collaboration and accountability, leaders can cultivate environments where every individual within the community feels not only acknowledged but also truly valued. Authenticity in leadership breeds trust and transparency, creating an atmosphere where individuals feel safe to express themselves fully without fear of judgment or marginalisation. Empathy also allows leaders to connect with the experiences and perspectives of others, fostering understanding and compassion across diverse identities and backgrounds.
Fawad Inam holds the position of executive principal at Oxford Business College. Over a career that has spanned two decades in the realms of research, academia, knowledge exchange and leadership, Inam has undertaken advisory roles for more than 60 universities and institutes worldwide. Inam is also a principal fellow of the Higher Education Academy and a chartered engineer. He is an active member of the Engineering Professors’ Council, where he offers strategic guidance on education policy and strategy to numerous national and regional organisations
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Embracing a life of learning University of Virginia Darden School of Business dean
Scott Beardsley is walking the talk on lifelong learning by going back to school to pursue a degree in ethics at the University of Oxford. In this interview with Tim Banerjee Dhoul , he offers his perspective on the skills needed to lead institutions of higher education and help students find their purpose
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INTERVIEW WITH THE DEAN
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Business Impact • ISSUE 2 • 2024
“I would say that I’ve had to use every skill I learned in management consulting as a business school dean,” says Scott Beardsley, dean of the University of Virginia Darden School of Business. I Beardsley spent 26 years at McKinsey before completing a doctorate in higher education management from the University of Pennsylvania and joining Darden in 2015. He believes that the parallels between life at the helm of a globally renowned business school and that of a private corporation are plentiful. “The higher education landscape still has an economic model. You have budgets and you need to be able to hire great people and develop them, while delivering good outcomes. It’s all the same, except that instead of maximising profit, you’re maximising the learning experience, career outcomes and thought leadership as an objective function. You also have to be an expert at crisis management and dealing with social issues. Take whatever topic you read in the newspaper this morning and your student body, faculty and staff will want you to have an opinion on it – this is the same challenge that corporations face.”
Leading and learning In 2017, Beardsley wrote Higher Calling , a book discussing the rise of non-traditional leaders in academia and the skills required by those at the top. Seven years on, he believes its takeaways are more relevant than ever. “Governments are increasingly divesting their budgetary support to universities and you have rising cost structures because students require greater assistance. In addition, you have costs that rise above the rate of inflation because people in higher education also want to be paid a fair wage and they index themselves to industries that are more productive than higher education. As a result, you have a complicated, resource-intensive business model, together with a rapidly changing environment where innovation is required. In that context, you need to have the skills to adapt, try new formats and find different ways of meeting learners.” One of the ways in which Darden is reaching out to new audiences is through the Sands Institute for Lifelong Learning, established from a portion of a $68 million gift received in 2019. “That’s about helping people learn throughout their life,” Beardsley enthuses. “We’re interested in how you can evolve learning to enable people to come back, take classes and retool until they’re in their 80s.” The Darden dean is leading by example in this vein, having recently taken a six-month sabbatical to pursue a master’s in practical ethics with a focus on data and AI at the University of Oxford’s Faculty of Philosophy. He expects to complete the programme next year. “I was one of the experts worldwide on technology regulation when I was at McKinsey and given what’s happening in AI, I was curious to update my thinking,” he says matter-of-factly by way of explanation. Beardsley, who is also an MBA alumnus of MIT Sloan School of Management, is a strong proponent of lifelong learning and believes the concept is here to stay. “I think it will be increasingly common either for people to say to themselves, ‘Wow, the world is changing, I need to learn some new skills,’ or for their employer to say, ‘We want to invest in our people and would like to offer, as a benefit, a chance for you to go and take some courses.’ Educational institutions will be a major provider of that learning, but not singularly,” he foresees. Implicit therein is a nod to the fiercely debated competition from learning providers outside the
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INTERVIEW WITH THE DEAN
“To give an analogy,” he continues, “I’m a tennis player and I have taken lessons from people who are incredibly good players but are simply unable to convey how another person can improve their game. They might just say, ‘Well, I hit my forehand at 100 miles an hour,’ and you say, ‘How do I do that? I would like to learn how to hit my forehand at 100 miles an hour,’ but they can’t express it to someone else.” Facets of faculty development Developing faculty members’ teaching abilities is therefore something in which Beardsley and Darden place the utmost importance: “We use the Socratic method of teaching, which provides a live learning environment akin to a real-life simulation of being a general manager. However, teaching in this way is a special skill and very few people know how to do it instinctively. So, we have a whole faculty onboarding and teaching and development programme to help new professors learn how to teach.” Putting professors through their teaching paces is designed to complement rather than detract from supporting their research output. “A lot of people say, ‘You can either be good at research or good at teaching, so which one do you choose?’ but we don’t find that it has to be a trade-off. We’re uncompromising on the quality of teaching and we’re uncompromising when it comes to the quality of your thought leadership,” the Darden dean declares, before detailing how the school sees these two facets of faculty life intertwine. “As a researcher, you sharpen your thinking by teaching. Plus, the students are intelligent; you might be standing in front of a class of 20 to 70 students who are leading-edge intellects and they will challenge your thinking. You don’t know what they’re going to say in class and you learn a lot about the topics by teaching them.” For Beardsley, this process is all the more effective when teaching topics based on emerging research. “If you can convey new ideas through quality teaching, that’s quite powerful. You can develop interesting cases, wrestle with the situation and bring in the latest research,” he reasons. “For example, we have found that there’s a synergy between having great ideas and the creation of electives.” There are also initiatives that support research more directly at Darden. “If you’re a faculty member, you want leverage for your ideas. For this, you’ll want
traditional higher education sector. However, Beardsley is not concerned about losing sway to the private sector and speaks from a wealth of experience in this regard, having also headed up learning and leadership development programmes worldwide during his time at McKinsey. “We need to remember that just because a corporation offers a leadership development or training programme, it doesn’t mean that they’re necessarily good at delivering it and there’s no guarantee that the instructor is an effective teacher,” he reasons, explaining that the programmes he helmed at McKinsey were overseen by a mix of internal experts and external faculty brought in from universities.
“We’re uncompromising on the quality of teaching and the quality of your thought leadership”
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Business Impact • ISSUE 2 • 2024
data and support in working with that data, as well as people to help you with case writing and that type of research support is something we’ve created greater endowments for. In addition, we received a $50 million gift that provides research support on the topic of AI and its ethical implications for management, for example.” The case of the case study Fundamentally, the school recognises how research fuels innovation in business. “Thought leadership matters a lot because you need new ideas to advance business practice,” Beardsley surmises. One outlet through which the school’s thought leadership can impact industry practice is its business case studies’ arm Darden Business Publishing (DBP). Established in 2003, use of its faculty-authored content has since spread to more than 130 countries. This is noteworthy because, historically, the protagonists that feature in the case studies used day in and day out at the world’s leading business schools haven’t always represented a fair slice of the modern business world’s realities, let alone taken advantage of the format’s opportunity to normalise the presence of underrepresented groups in management among cohorts of high-potential future leaders. “We have worked on protagonists in the case and have intentionally gone through having them be from different geographies, genders and backgrounds. It’s always a work in process, but diverse protagonists represent the reality on the ground,” Beardsley observes. One recent case from DBP concerns last year’s biggest-selling recording artist and woman of the zeitgeist, Taylor Swift. However, the case’s true protagonist is an analyst named Inez Reynolds who is tasked with advising her company on a point of financial valuation in relation to Swift’s set of master recordings. Authored by an alumna of Darden’s MBA class of 2023, with the support of faculty member Michael Schill, it illustrates the type of setting in which students can be introduced to key business topics. There is, of course, still a long way to go in achieving genuine gender equality in business. At Darden, one initiative designed to boost its pipeline of talented women and achieve a greater classroom gender balance allows candidates to secure a place on the Darden MBA right after completing their undergraduate studies.
“Business has a role to play in whatever it is that you want to highlight as an important societal issue”
Inspired by Beardsley’s participation in a presidential task force on women in business during Barack Obama’s administration, the idea behind the Future Year Scholars Programme is to get undergraduates thinking about pursuing postgraduate business education earlier. Once accepted, scholars then defer their admission to the programme for two to five years while they gain the necessary work experience. “One of the things we learned from the task force is that while you can’t generalise, women are less likely than men to want to wait until they are between, say, 28 and 31 years old to go to business school,” he reveals. Among the 92 Future Year Scholars enrolled last year, women represented 53 per cent, according to the school’s class profile. “Business has to find a way, in general, to promote more women into executive ranks, the senior management ranks and the CEO ranks. As a society, it’s in our own enlightened self-interest to do that,” Beardsley concludes.
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INTERVIEW WITH THE DEAN
Finding purpose & making a difference Addressing societal problems such as this lies at the centre of business education’s appeal for the former consultant, as he describes: “What excites me about business education is that we are educating people to solve the issues that need to be solved in society, or to put it another way, to seize the opportunities to make the world a better place. And there are a lot of opportunities to do good and to solve problems that make a difference for real people, whether that’s in relation to climate change, hunger, income inequality or improving the education of younger people. Business has a role to play in whatever it is that you want to highlight as an important societal issue.” This brings the concept of purpose squarely into the equation. After all, for years we’ve heard that business school students are seeking something more than achieving seniority and the accompanying salary levels alone. However, for Beardsley, the concept of purpose is more about determining your own individual values and motivations than any particular career path you might embark on. “I don’t think purpose is mutually exclusive with any industry. It’s also about understanding yourself and what gives you meaning in your own life. The other thing to remember is that a career lasts a long time and you may have multiple careers within your lifetime,” he says, noting that the chances of any business school student doing the same type of job 15 years on from graduation is low, regardless of which industry they join after completing their programme of study. The conversation’s ensuing tilt towards meaning and the journey of discovery that accompanies many business school experiences raises an important point for the Darden dean. “A lot of people feel they need to have a clear roadmap of what they’re going to do for the rest of their life before they go to business school. However, I think this is unknowable, so a good approach is to build a set of skills that will allow you to adapt to an ever-changing environment. “Not knowing what you want to do is a really good reason to go to business school because it allows you to go through a process of self-reflection and find out more about how you think and what you might want to do. You might find that you’d like to work in an environment that has a lot of global interaction, for example, or one with an emphasis on team interaction, or one that has a certain mission. The more you’re in touch with understanding what some
of those things are, the more likely it is that you’ll be able to find something that resonates with you. “That’s why we have infused ethics and responsible leadership into the curriculum, to enable people to ask themselves life’s big questions. There’s no single source of absolute truth in this world, so we try and get people to take different points of view into account and understand that a lot of answers are quite nuanced, rather than being black and white. That’s a good simulation for what graduates will face in the real world when they’re put into positions of responsibility.” Reflecting on his own sense of purpose, Beardsley is convinced that determining what matters to you enables you to get the most out of yourself. “I place a great value on lifelong learning and being in an environment where I can help other people achieve their full potential. I found that environment at McKinsey when I was leading its learning and leadership development programmes and I find it at business school, where you can help learners become better versions of themselves. But if I hadn’t thought about what gives me meaning, I wouldn’t have that purpose.”
Scott Beardsley is dean of the University of Virginia Darden School of Business, where he is also a professor in its Strategy, Ethics & Entrepreneurship academic area. Before joining Darden in 2015, Beardsley was a senior partner and elected global board member at McKinsey & Co. During his 26 years with the firm, 24 of those based in Belgium, he held some of its most senior roles, including leading all professionals’ global talent learning and leadership development. Beardsley holds a doctorate in higher education management from the University of Pennsylvania, an MBA from MIT Sloan School of Management and a BSc in electrical engineering from Tufts University. He is currently pursuing research towards a master’s degree in practical ethics at the University of Oxford
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Business Impact • ISSUE 2 • 2024
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