B Schools Should Adapt To Contemporary Business Trends
In the ever-evolving landscape of business education, where technology and modern workplaces have redefined the way individuals approach learning, the journey from classroom to boardroom is now met with modern demands.
Vinay Razdan, CHRO, HDFC reminisces about the time when pursuing post-graduation was a natural progression for graduates, offering a chance to dive deeper into their chosen fields. Management schools, including XLRI, were more receptive to fresh graduates entering postgraduate programs. More than three decades later, many institutions seek candidates with work experience. The rationale is straightforward. Work experience on a candidate’s resume primes him to leverage his two years at B School in a more pragmatic and productive manner enabling him to connect the dots between theory and real-world application.
The contrasting paradigm
Reflecting on his B school journey at XLRI, Razdan shares insights into the challenges faced by a sea of graduates more than three decades back. The mid-80s was a time when the Indian economy was a relatively young one and the stride forward towards globalising the Indian economy was still a few years down the line. Job opportunities were limited with a sea of graduates vying for them.
Despite the dismal job scenario back then, the B school curriculum at XLRI equipped students with a diverse set of skills and competencies to test the real-world opportunities and ace them with flying colours. The XLRI model of management education was well integrated with field visits and internships even back then. Collaboration with Tata Group of institutions meant a win-win situation for management graduates and also enabled XLRI to narrow the gap between academia and industry.
Challenges and opportunities in business education today
Fast forward to 2023, the Indian economy is showing resilience amidst a global recessionary climate. The general business reality in today’s times is conservative with an intent to roll back projections. Add to that, the tech revolution that has potentially transformed the way businesses operate. The elixir of generative AI has made businesses reassess and realign their operational and workforce requirements. When ChatGPT was launched, experts anticipated that it would replace routine and administrative jobs but generative AI’s capabilities are also maturing fast enough to aid top-level decision making. For an HR manager who is perceived as averse to technology adoption, the question of upskilling and workforce reskilling has ruled the roast.
While businesses have been taking measures to make their workforce future-ready, how should B schools make the prospective job seekers ready in today’s hyper competitive and tech driven environment? Razdan addresses the current challenges and opportunities in business education. “Business schools need to be receptive to adapt to contemporary business trends and stay relevant”, he says.
Not just B Schools, the industry stalwart has a piece of advice for management students to navigate the business ecosystem that is undergoing a flux in today’s VUCA world.
“In an era of rapid disruptions and volatility, individuals must carefully consider their choices and give themselves the time needed for meaningful achievements. The concern lies in the temptation to experiment hastily and move on too quickly potentially missing out on valuable opportunities”, he says.
Workforce driven by a strategic mindset and high EQ to succeed
While training students for the challenges of tomorrow, B schools must recognise the diverse aspirations of individuals and organisations who have varying expectations. A pro tip that never goes out of fashion is to align career choices with personal strengths and the organisation’s culture.
“Despite the complexities of the modern world, the priorities never change. Focusing on increasing the top line, managing costs, and delivering a robust bottom line remains fundamental. Organisations are increasingly open to young talents bringing innovative ideas to the table making it a caseby case consideration, says Razdan.”
In the new paradigm of work, accelerated by technological advancements and business disruptions, B schools must prep a workforce that has a blend of intellectual rigor, laced with emotional intelligence, and driven by a strategic mindset.
As individuals navigate the complex landscape, their ability to simplify and contribute meaningfully to organisational goals will emerge as a key differentiator in the pursuit of success. In a world where instant success stories abound, Razdan places emphasis on a resilient and spiritual mindset to maintain and sail through career challenges with elan.
