STRATEGY
The positive impact of Business Schools A multi-stakeholder roadmap for global sustainable development must be included in business education curricula; for example, multidisciplinary core values and responsible management education competencies. Business Schools play a critical role in advancing UN SDGs through higher education worldwide. Our macro-level conceptualisation of innovative executive education ecosystems is presented through the findings of our study to answer essential questions around how Business Schools must be more relevant in global economics and sustainability ,and emerge as important social actors in transforming and updating executive education. Executives and senior professionals can work together to develop intrapersonal and interpersonal competencies related to sustainable management as part of their reskilling learning path. Technological skills development is critical for professionals’ reskilling, but executives should also be developed to contribute to global solutions to grand challenges, such as those identified by the SDGs. Business Schools are relevant game-changers responsible for shaping this economic and social change. Specifically, in executive education programmes, the development of an ethical business attitude and mindset is significant since business professionals are responsible for making decisions that will affect their companies’ stakeholders and wider society. Our call for innovative business education ecosystems To excel in the fast-changing 21 st century workplace, business professionals must adapt to a wide range of circumstances, including different organisations and markets, varied positions and teams, and changing management strategies and cultures. The move towards lifelong learning will give Business Schools’ executive education programmes a chance to appeal to groups of consumers they have not yet served: junior managers looking to extend their skill sets, and managers with potential who are looking to be better positioned for the future. For Business Schools, digital talent development is crucial in order to prepare skilled graduates for the digitally dominated business environments, and to strengthen regional economic development. The importance of collaboration between businesses, schools and industry to create a digital talent ecosystem cannot be overstated when addressing the global digital talent gap. Partnerships between Business Schools and industry provide opportunities to assist students, researchers, managers, entrepreneurs, and policymakers for sustainable talent development by giving them a chance to discover and support potential digital talents across regional economies. The development of both global and local strategies, through co-operation between Schools and regional industries, can deliver a future-focused workforce. However, five elements require consideration. To thrive in a digital-first future will require new capabilities. Technological awareness has become a critical skill in today’s technology-driven business world. Professionals must be technology and data-literate, while also possessing
By co-creating and co-building academic offerings with industry partners, companies and universities can combine their strengths and develop impactful leaders
market for learning production, a high student-faculty ratio, high-priced standardised programmes, and permanent academic teams. There is a misalignment between the pressing need to educate businesspeople and Business Schools as the clear answer to this need. Business School leaders must therefore reflect on the actual purpose and value of their executive education programmes if they are to ensure their relevance. Delivering reskilling and upskilling educational programmes presents many challenges for Business Schools. The rise of specialised and technical skills in the professional workforce requires constant upskilling and reskilling to keep pace with innovation within industry sectors. In the post-Covid-19 era, many industry leaders and scholars label Business Schools as irrelevant executive education providers for today’s labour market. For business education providers, recapturing the ‘skills’ provider’ role from in-house corporate programmes will take something more than simply adjusting to automation, remote working, and AI. Today’s Business School will have to strategically engage others in innovative education ecosystems by committing to experimentation, innovation, and industry partnerships. Meeting potential skills obsolescence will become a global challenge, requiring a structural solution that involves cross-functional partnerships between different actors within the business education ecosystem. A partnership approach will move from a silo model to a network approach where universities and other key players such as corporate universities, consulting firms, educational platforms, professional bodies, and professional certifications become part of the solution.
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Ambition | BE IN BRILLIANT COMPANY
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