Rethinking Management Education for a better tomorrow
33rd AIMS foundation day lecture by Padma Bhushan Prof. Dr. Mritunjay Athreya titled ‘Rethinking Management Education for a better tomorrow’ covered the following five parts:
a.????Major global issues of today
b.????Vision for better tomorrow
c.????Rethinking Management Education
d.????Stakeholders and their Dharma
e.????Our Action Plan
Major global issues of today:
Prof. Athreya had identified ten key issues of today and then based on the immediacy has shortlisted only three key issues based on ABC Analysis. The three pressing and emergency issues he presented were: Climate emergency, Rising inequalities and Threats to peace on earth and space. Climate emergency is so threatening with glaciers melting, forest fires, oceans rising, etc. After the Rio de Janeiro Conference we must have acted with zeal and fervor to fight climate change – we didn’t. The rising inequality is yet another urgent issue to be addresses with no hesitation. The 1% versus the 99% gap has been widening and it is a huge threat to humanity. The threat to peace on earth and space is from new powers, when we though the world is becoming a better place. When Russia and America ended their cold war, everyone expected that the world will become more peaceful. Instead the world is being threatened by a new power that tries to enforce control over other nations and the space in many forms.
Vision for better tomorrow:
Prof. Athreya said saving our planet is the most urgent task. He also mentioned that the next 100 days are important in terms of under 100 days before global climate talks. We need good decisions and great actions to combat climate change. We need to work towards zero carbon emission, green businesses committed to environment welfare and preservation, zero waste, circular economy, conservation of natural resources, etc. He also suggested to reduce inequalities we need to work from both ends – eliminating poverty, lifting people up from the lower strata of the society and to minimize the upper end wealth accumulation. He also suggested that to reduce the threat to peace and harmony we must work towards preventing hegemony. Both militarism and terrorism are not good for world peace and harmony.
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Reorient Management Education:
Prof. Athreya said clearly that our focus must be on building green businesses for green economies all across the globe. We must not be tied to the traditional profit focused regime. He said we must strengthen Environment, Social and Governance based best practices in businesses. ESG has been a practice in the developed countries over the past 15 years and it is catching up in a big way in India also. In the first week of August 2021 the ESG bonds issue in India stood at $5 billion for the current year. The capabilities of ESG guidelines are strengthening to the extent that some funding agencies are disinvesting from companies that do not have ESG criterion met. Global funds are strictly adhering to ESG norms. Growing global trade and investment for world peace must be yet another orientation for Management Education. Organizations like WTO, UNCTAD, IMF, IBRD, etc. must be strengthened to ensure world trade and investment will flourish and multiply. Management Education must be oriented towards the use of Science & Technology for peace and not for war/terrorism. How US elections were interfered and other countries’ peace is being disturbed by Science and Technology currently is an open secret.
Management Education institutions must develop a MBA Shapath or MBA Oath. Like doctors who graduate take the Hypocrite Oath, every graduating manager must take the MBA oath in true sense of commitment and total dedication. The MBA Oath suggested by Prof. Athreya is a follows: I solemnly promise to manage all my roles and organizations in such a way as to harmonize the expectations of all stakeholders; preserve our planet; help reduce inequalities; and contribute to peace.
With 3300 Business Schools in the country with an average size of 120 students in each B School Management Education reorientation can bring about a significant change in the country and the world.
Stakeholders and their Dharma:
The consumers must be ethical in their consumption focusing on responsible and minimal consumption. The consumers must be in support of the circular economy. The fund providers must be stringent with ESG norms. The proxy firms and shareholders must be recommended only with ESG compliant firms. The recent issue of Norwegian Sovereign Fund with ESGI criterion focuses along with ESG on the I of reducing inequality. Employees need to be totally responsible not only to be disciplined, productive and sincere, they must ensure that ESG principles are sincerely adopted by the organization. Employees can make it happen by their total commitment to ESG. Business leaders must be karmayogis. They must be visionaries and long-term focused. Business leaders must not be carried away by their rewards and perks. They must be concerned about their contribution to environment, society and corporate governance in the purest and best form.
Business Roundtable Redefines the Purpose of a Corporation to Promote ‘An Economy That Serves All Americans’. This was the news on 19 August 2019. The declaration they made ended as follows: ‘Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.’
Complete declaration can be read here: https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans.
Our Action Plan:
Prof. Athreya emphasized the need to redesign the Management curriculum for a better tomorrow. This must be based on the reorientation required and stakeholder dharma. In order to redesign and deliver a curriculum focused on solving the emergency issues of the global economy and society we need to organize and deliver faculty development programs. We need to go beyond that to conduct Management Development Programs and Executive Development Programs based on the new curriculum. All this needs a lot of content and pedagogy development. In order to achieve all this we must strengthen the cooperation for the vision among the government, civil society, corporate and academia. Servant leadership must be the order of the day to see the results.
(Note: The lecture heard and understood by me is presented here.)
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Management Professional
3 年When I was listening to the lecture a few things that were making me happy. As Dean of LMIMS, I had brought in the program called Management Forum. The first event in every Management Program is proclaiming the MBA Oath from Max Anderson and Peter Escher the Harvard Alumni. The oath is comprehensive and covers every aspect of ethical conduct by managers. What was even more satisfying and fulfilling to ponder was that I had created Master of International Business Oath and Master of Finance and Control Oath. These were two major Master programs I took care of in CMS College of Science and Commerce, Coimbatore. There we used to have Commerce Forum - an one hour intellectual activities organized by students with creative and interesting presentations. The next important factor that gave a great sense of satisfaction was his mention of sustainability as an urgent call for corporates and the ESG investments. I am so fascinated by UNSDFs and keep reminding my students again through the Management Forum about UNSDGs as a highly relevant and crucial area to focus as management students and as future managers. Reorientation of Management Education is the need of the hour. The entire Management Education if it can be redesigned focusing on the UNSDGs we will do a great service to humanity and the planet. As Prof. Athreya rightly said the plan of action must be immediate and urgent. Designing new curriculum based on UNSDGs, creating content based on UNSDGs and training faculty members, organizing MDPs/EDPs to orient managers and leaders to embrace UNSDGs as the central theme of management education and create a partnership among government, corporate and academia. Sooner we do the better! Unfortunately Business Schools think 'Business as usual'!