Role of higher education for creating future manager

Higher Education: Shaping Futures Managers

 

Higher education shaping the future managers is described by one expert “ heightened competition changing revenue stream ,demographic, technology and altered public perception and creating serious threads and opportunities for higher education which creates future  manager ”.higher education is responding to globalization. Respondents say that having an overseas presence will be the norm for the majority of universities over the coming years, and 54% of academic respondents say their institutions either already have foreign locations or plan to open them in the next three years. Distance education is also becoming increasingly global, with universities in the US and overseas leveraging advanced technologies to put education within reach of many more individuals around the world. 

 

When we talk of management education, we are basically referring to shaping up the students, aimed towards developing their competency and capability either as a manager fit to join an organization and help it to grow or as entrepreneur, to establish and grow one's own business. This capability does not come from possessing a management diploma or degree, but also requires developing in the students the will and skill to contribute for self sustenance and nation building. Presently it is seen, that there is a wide gap existing between the type of management education imparted in MBA colleges and what is there in real life management in business organizations. In order to make management education more realistic and useful for the industry, certain key areas need to be identified. These could be:-Benchmarking quality management education to create an enduring quality managers and entrepreneurs.

 

Benchmarking Quality Management Education  

 

Benchmarking with the top management colleges inspires an institute to produce quality managers. Management education needs to include knowledge, skills and abilities (KSA) that are needed today and that will be needed tomorrow by the industry. The mission of management education should be to become innovative and creative. The objectives of benchmarking should be to:- Make own students employable in industry. Moving the institute from academic mode to corporate 

 

To achieve these objectives the agenda should be:-

(a) To identify the industry expectations of the skill sets required of students.

(b) To identify the areas of Total Quality Management (TQM) in management education. 

(c) To identify the changes required in teachers imparting management education.

(d) To identify and address challenges and opportunities in, and advance the quality, content, and development of management education and practice worldwide. It is the pervasiveness of management practice, rather than its exclusivity, that makes quality business schools so vital to individuals, organizations, and societies around the world. It isn’t uncommon in the world of management education to debate whether it’s business or business schools that lead the way when it comes to new ideas, approaches, or practices. The answer should be both. In many parts of the world, increases in management education Represent purposeful public investments to enhance international Competitiveness or are the result of broader policy initiatives.

 

The Future of Management Education

 

In light of recent developments in management education, we conclude that the future not only holds exciting opportunities, but also poses serious challenges for business schools. This report leaves little doubt that the demand for management education will continue to grow. It also shows that, in some ways, the industry has been evolving to cope with the changing environment. For example, the number of business schools and programs worldwide has

expanded quickly in response to increased demand. It would be natural to be optimistic about the future of management education based on these observations. But, there are several issues of major concern. How will we accommodate future growth in light of resource Constraints and quality concerns? How do we balance global aspirations against pressing local needs? How will we assure quality, given tremendous pressures to cut costs? How will we sustain scholarship in business schools when doctoral education has not kept pace with growth in undergraduate and master’s enrollments? How will we continue to align programs and curricula with the ever-changing needs of organizations? Although there are no easy answers to these questions, the challenges embedded within them are not insurmountable. Management education has entered a period of profound transition driven by globalization, technology, demographics, and pressing social imperatives. 

Because management education is an investment in the future of business, it’s important to understand the challenges, opportunities, potential risks and rewards associated with this transition. Therefore, this report was created as a resource for leaders in the global management education community as well as business and government leaders, policy makers, and others who want or need to understand the global issues and challenges facing the complex, dynamic world of management education. For these leaders, we seek to provide a foundation for constructive dialogue, mutually beneficial collaboration, and investments in the future of management education.Quality management education contribute to society in other ways beyond education. The research conducted by faculty on business practices, organizations, markets, and environments contributes to an ever-expanding base of knowledge, ensures that pedagogy remains current and relevant, and helps companies to acquire a better understanding of the strategies that will ensure their success in a rapidly evolving world. Faculty expertise, and often that of their students, is sought by members of the business community ranging from small family firms, to technology Start-ups, to multinational corporations. In fact, many schools include outreach as part of their mission, and devote significant resources to address a particular need within their local business environment. Thus, high quality business schools provide nations with a competitive advantage, not only in the form of a skilled workforce, but also through intellectual contributions to general business knowledge. These contributions lead to rising income levels and economic growth.

 

In most countries, we have seen evidence that the proportion of higher education expenditures supported by non-public sources has been increasing. For example, of the OECD countries for which data were available, eight saw increases in private expenditures that exceeded increases in public expenditures (Hahn, 2007, p. 7). In Canada, Italy, the Netherlands, and Switzerland, public expenditures decreased in real terms. In the United Kingdom, the “real value of the resource per student paid by the government has declined more than 50 percent [during the period between 1980 and 2005]” (Watson, 2005, p. 268). Expenditures on higher education relative to gross domestic product doubled between 1995 and 2003 (Hahn, 2007, p. 2).

 

 

 

The expansion of private finance and education mostly has been in response to rising demand and escalating costs, but all of the global trends and developments in management education described so far have, in some way, contributed to this development. Globalization and the rise of services have elevated the importance of higher education in developing knowledge economies. Technological advances, harmonization of degree structures, increasing student mobility, and innovative organizational structures have altered the competitive landscape. Now, competition is more intense, global, and multidimensional, as schools compete for the best students and faculty.

There are three  important points to make about the expansion of private financing in higher education. First, its most sizable contributors have been students and their families, due to increased tuition and fees. Second, in most countries, government support has not declined in absolute or real terms, but rather the proportion of government financing has shrunk relative to private expenditures. That is, public expenditures simply have not kept up with expansion of education. For example, between 1995 and 2003, private expenditures (adjusted for inflation)

doubled, and public expenditures increased by 50 percent in OECD countries (Hahn, 2007). Third,though there are many perceived benefits of private financing (e.g., the opportunity to reallocate public funds for other uses, diversification, reduced corruption, and more equitable access), private financing, especially through tuition increases, has met criticism and protests in many countries.Facilitate and encourage investments in doctoral degree educationand other infrastructure development.

Like other organizations in today’s knowledge-based environment, business schools’ most critical asset is intellectual talent. Yet, we have not been investing enough globally to develop the quantity and quality of future generations of business faculty. 

 

Global Foundation for Management Education

Shortages of doctoral faculty will hamper our ability to support growing demand for quality management education, to understand and project the changing expectations of organizations,and to continue to assist in achieving social and economic development goals. The ability to meet each of these challenges is firmly grounded in research and scholarly approaches to management education.Following its 2003 report on doctoral faculty shortages, AACSB has been engaged in a number of initiatives to address the problem. It has raised visibility about the issue through public relations and advocacy campaigns, clarified standards related to academic and professional qualifications, assisted in developing national and regional doctoral student recruitment events, created a brochure that is now widely used to increase interest in doctoral education, conducted more in depth research (e.g., doctoral education in Latin America), and introduced targeted educational programs. For example, its professional qualification Bridge Program is designed to help highly qualified practitioners to become active members of business school faculties. Newly approved Post-Doctoral Bridge to Business programs at five schools will assist non-business doctorates with making the transition into high-demand fields in business schools.

Unfortunately, there are no quick fixes to address the complex causes of these shortages.AACSB’s efforts have begun to make a difference, but have scale limitations in a global environment. Together, the whole business school community can play a role in raising public awareness about the issue and engaging business and governments in developing solutions.The business school community must convince business leaders and policy makers of the dire consequences of not investing in the future of quality management education through doctoral education. Quality will suffer otherwise, as will the ability of business schools to advance management theory and practice through research. As a result, organizations and economies will not perform to their fullest potential in the knowledge-driven, global business environment of the future.

We believe that two especially promising areas for doctoral education development are global collaboration and program innovation. Through cooperative efforts, doctoral production can expand, even in the face of resource constraints. It is noteworthy that U.S.-based schools have not been as interested in collaborating with one another to deliver doctoral education as have schools in Europe or Canada, nor have U.S. schools been as innovative as others around the globe in developing programs. For example, there is increasing interest among senior practicing

managers to transition to academic careers by earning a doctorate, but no AACSB-accredited institution in the United States currently offers a Ph.D. in part-time format that allows for continuous improvement. For both collaboration and program innovation, we believe the advances in information technology can already accommodate the depth required of some doctoral-level coursework and research.Tomorrow’s business leaders will need to be nimble and able to incorporate all aspects of good decision making in an increasingly global and complex business environment. Ethical leadership is vital to the future of American business.

 Today’s executives should take an active role with business schools to ensure that current students are fully prepared for the responsibility and authority they will take on.

In 2004, as part of our overall efforts to build and sustain public confidence in the marketplace, Business Roundtable - an association of chief executive officers of 160 leading U.S. companies with $4.5 trillion in annual revenues and more than 10 million employees - established the Business Roundtable Institute for Corporate Ethics. The Institute brings leaders from business and academia together to renew and enhance the link between ethical behavior and business practice. 

This report – Shaping Tomorrow’s Business Leaders: Principles and Practices for a Model Business Ethics Program – identifies key principles and leading practices and recommends actions for developing strong ethics programs and building an inspiring vision of the future for tomorrow’s business leaders.

As a nation, we need to cultivate our human resources and enhance our educational opportunities. As a business community, we need to support public and private sector efforts to equip our young people with the skills they need to compete in an increasingly demanding global environment. As individual corporate leaders, we need to recognize that success depends not just on our own knowledge and wisdom but also upon our ability to recruit, develop and empower an effective workforce. We also need to model the qualities that we require in our employees – and demonstrate the value of incorporating ethics into everyday business practice and decision making.

Senior leaders from sponsoring institutions are asked to identify the most important competencies they expect to see in the next generation of university leaders and managers. Examples of prioritized competencies are described below. Each of these developmental areas are designed into the workshops and some become part of applied learning work as well. Additional competencies are often covered in the course of the program; those shown here are typically woven into all three tracks.

Strategic Thinking

Contributes to the organization’s development of a vision and priorities. Anticipates the future and builds scenarios based on explicit assumptions. Demonstrates a systems view when analyzing goals, strategies, services, or processes. Identifies business/performance opportunities in areas to support teaching and learning. Communication and Persuasion Change Management Accepts role as a change agent and acts as a champion for change.Develops plans and follows through on change initiatives.Accepts the ambiguity that comes with change activities.Shared Leadership Can negotiate and handle problems without alienating people; understands others and is able to get their cooperation through influence. Delegates both responsibility and authority as appropriatDevelops the leadership and talent of those around him or her. Decision Making 

Makes timely and sound decisions based on data and facts, versus intuition.Gathers and uses all available information and logic to make a decision, including evaluating the long-term consequences. Makes decisions judged to be right for the university versus what his/her group might prefer, even though they may be difficult choices.Takes ownership for decisions.

Financial and Business Acumen

Possesses financial savvy and demonstrates the ability to lead cost-efficient initiatives without sacrificing quality or core values. Knows how to manage, deploy, and leverage capital (both internally and externally).

Selects and successfully leads projects/programs that produce favorable results including both business and financial outcomes. Demonstrates understanding of changing financial constructs. Building Agreement Recognizes different points of view, brings them out into the open, and builds on areas of agreement. Identifies the internal and external politics that impact the work; approaches each situation with a clear perception of organizational and political reality; can maneuver through political situations effectively to get things done.

Possesses Self Knowledge Knows personal strengths, weaknesses, opportunities and limits. Seeks feedback and gains insight from mistakes. Exercises influence in ways that enhance the support needed to advance initiatives. Builds consensus when appropriate. Working Across the Organization; Developing Strategic Partnerships Develops networks and alliances; engages in cross-functional activities; collaborates across boundaries and finds common ground with a widening range of stakeholders; utilizes contacts to strengthen internal support.

Strategic Team Work 

Introduction to Project Management, Managing Complex Projects Scope Out Your Project, Clarify the Charge and the Deliverables Create an Outline of the Work Plan Balance Task with Process and LearningIII Creating Your Development Plan Revisit Competencies; Use of 360° Survey Share Examples of Goals Appropriate to this Opportunity Participants Work on Shaping Their Development Plans Peer-to-Peer Coaching Conversations to refine Goals.

Next Steps for Completing Your Development Plan 

• Consult the manager or sponsor to whom you are reporting. 

• Discuss your plan with your coach. 

• Finalize and submit your goals.

Shaping tomorrow’s Business Leaders

 Principles and Practices for a Model Business Ethics Program – identifies key principles and leading practices and recommends actions for developing strong ethics programs and building an inspiring vision of the future for tomorrow’s business leaders.

As a nation, we need to cultivate our human resources and enhance our educational opportunities. As a business community, we need to support public and private sector efforts to equip our young people with the skills they need to compete in an increasingly demanding global environment. As individual corporate leaders, we need to recognize that success depends not just on our own knowledge and wisdom but also upon our ability to recruit, develop and empower an effective workforce. We also need to model the qualities that we require in our employees – and demonstrate the value of incorporating ethics into everyday business practice and decision making.

Our world is rapidly changing – and the changes affect every business, every industry, and every country. The future growth and competitiveness of U.S. business are at stake. The business world eagerly awaits tomorrow’s strong and ethical leaders.

There are many reasons for the wide differences in the quality of management education in different institutes in India. The main reason is the absence of a body that can ensure that the standards set are practiced and retained by all management institutes, like AACSB in USA. We do have an apex body – the All India Council for Technical Education (AICTE), that is responsible for setting the basic framework, guidelines and standards for quality of business education, there are however many problems when it comes implementation of these standard by MBA college and these problems undermine the effectiveness of these standards. In order install quality in management education in India, the AICTE and MBAcolleges / universities in the country should focus on the following issues: - • Quality of faculty 

• Infrastructure development

• Accountability of management institutes

• Values and ethics

When we talk of management education, we are basically referring to shaping up the students, aimed towards developing their competency and capability either as a manager fit to join an organization and help it to grow or as entrepreneur, to establish and grow one’s own business. This capability does not come from possessing a management diploma or degree, but also requires developing in the students the will and skill to contribute for self sustenance and nation building. Presently it is seen, that there is a wide gap existing between the type of management education imparted in and what is there in real life management in business organizations. In order to make management education more realistic and useful for the industry, certain key areas need to be identified. These could be:-

(a) Benchmarking quality management education to create an enduring quality managers and Entrepreneurs.

(b) Bring in professionalism in management education.

(c) Adequacy of qualified and competent faculty members, proper infrastructure, support  facilities and regular updating of curriculum.

 

Benchmarking Quality Management Education 

Benchmarking with the top management colleges inspires an institute to produce quality managers. Management education needs to include knowledge, skills and abilities (KSA) that are needed today and that will be needed tomorrow by the industry. The mission of management education should be to become innovative and creative. The objectives of benchmarking should be to:-

Make own students employable in industry. Moving the institute from academic mode to corporate mode. To achieve these objectives the agenda should be:-

 

(a) To identify the industry expectations of the skill sets required of students.

(b) To identify the areas of Total Quality Management (TQM) in management education. 

(c)  To identify the changes required in teachers imparting management education.                                  

References:

 http://www.articlesnatch.com/Article/Role-Of-Management-Education-In-Shaping-Future-Managers-And-Entrepreneurs/992673#ixzz1l49dzgha

http://www.articlesnatch.com/Article/Role-Of-Management-Education-In-Shaping-Future-Managers-And-Entrepreneurs/992673#ixzz1l49WbZwm 

http://www.articlesnatch.com/Article/Role-Of-Management-Education-In-Shaping-Future-Managers-And-Entrepreneurs/992673#ixzz1l49WbZwm