The Times are A-Changin’ … for Business Schools

At 80 years old, Bob Dylan is arguably the greatest living poet, certainly the Nobel committee thought so in 2016. One of the Minnesotan Maestro’s most iconic songs, released in 1964, is The Times they are A-Changin’ – a piece Dylan described as a song with a purpose and an anthem for change in society. The lyrics have a universal quality and stand the test of time as relevant commentary almost sixty years on – for the planet, for societies, for organizations … and even for the world’s business schools.

 “Then you better start swimmin’ or you’ll sink like a stone” (verse I)

One clear realization for business schools in the last 12 months is that activities have changed, radically changed and it is vital to keep up. At the end of 2019 there were still a number of schools who held on stubbornly to the fully presence-based model of operations. Indeed online content was often perceived as a low-cost alternative. While some schools had previously embraced the online or largely blended models before, the rest are rapidly catching up to this new norm. Now it is almost unthinkable that there will be a return to 100% classroom teaching.

 “Come writers and critics who prophesize with you pen.” (verse II)

A problem that has long plagued business schools has been the existential debate between rigor and relevance, a fight between academic legitimacy and business application of research activities. In the last year the emergence of impact as a key element of international accreditations for top schools (via AACSB and EFMD) along with movements such as Responsible Research in Business and Management means that this is no longer a choice – it is needs to be both. A change that offers new opportunities for schools but also challenges existing models of career management, tenure and research strategies.

 “Don’t Stand in the Doorway. Don’t Block up the hall” (verse III)

Many Deans and Directors will say that the pandemic permitted radical change in the operations of business schools that had hitherto been impossible or at best heavily resisted. Now the new normal has been set, the challenge will be to consolidate innovations that to build upon the change and respond to the expectations to learners. A key challenge will be to ensure that faculty and support staff are adequately energized and supported after a demanding period while also differentiating from new entrants and fierce competition.

 “Yours sons and daughters are beyond your command” (verse IV)

The challenges of the pandemic, climate change, racial injustice and inequalities all highlight intergenerational gaps which will likely grow and characterize our future. While younger generations have always complained about not being understood this gap in comprehension risks becoming a chasm. Schools are faced with the expectations of young generations to take societal challenges seriously, address the persistent racial and gender gaps in their leadership and ensure that faculty are representative of the societies. Some schools have anticipated these demands with a genuine commitment to Sustainable Development Goals meanwhile others are now playing catch up with various levels of authenticity.

 “The Order is rapidly fadin’. And the first one now will later be last” (verse V)

New forms of competition for established business schools were present before the pandemic but the changes have accelerated as online providers have thrived. New opportunities for micro-credential and flexible learning risk changing existing norms, established choices based on rankings, and creating a diversity of educational pathways. Established schools, sometimes challenged by bureaucratic or regulatory hurdles, will need to demonstrate new levels of agility and innovation if they are to succeed in meeting demands for flexibility and responsiveness.

 As Bob said in 1964, The line it is drawn. The curse it is cast. It is both a challenging and exciting time for business schools!