"Universities are turning out highly skilled barbarians because we do not provide a framework of values to young people, who more and more are searching for it," says Steven Muller, President, Johns Hopkins University.
Education makes the human being knowledgeable, teaches self-preservation and can also provide success. It helps the individual behave in a socially acceptable way, build character and gain self -respect in the society. The intention of education is to produce a significant size of population of educated men and women who may understand the world well enough and are able to bring about a change in health and education services, a better environment, and elimination of ignorance and deprivation (limitations) that continue to asphyxiate the developing societies.
The purpose of life is to realize oneself and to be ourselves. Value based education is necessary to facilitate individuals to know the purpose of life. An individual thinks about himself, whereas the citizen thinks for the society that he lives in. Education should transform an individual in to a responsible citizen where in educational institutions play significant role in it. Teachers should articulate the need to understand the value of human life and the necessity for students to understand the purpose of education respectively. Value based education is a tool which not only provides a profession but also a purpose in life. Individual value system plays a key role in building strong societies and education is a vehicle, which provides set of values. Values allow a human being to differentiate between right and wrong. It makes an individual to understand the role of hard work and self- esteem. Value based education is a three-fold development. It tries to develop three aspects, physique, mentality and character. Even though physique and mentality are important, they are menaces without the third because character is the greatest of these.
We do not need mere academic education; we need more values education. A person who is morally educated will be a lot better equipped to move up in life or succeed than a morally bankrupt person with excellent academic qualifications. Hence, there are five human values like Sathya (Truth), Dharma (Right Conduct), Shanti (Peace), Prema (Love) and Ahimsa (Non-violence) need to be taught in management education. Human values should help managers think rationally while bearing human element in decision making process. Employees of the organization to be truthful to work they are performing. They must have right conduct in the decision-making. They should maintain peace and calmness especially in challenging and turbulent times to think and arrive at right decision. They should love their work and fellow human being to have healthy and cordial relations, which plays a major role in discharging duties and finally should not resort to violent methods at work places or other places to fulfill their commitments.
Management educational institutions have to realize the fact that they are producing young managers who have to manage turbulent situations and manage the business houses. The society and business houses are depending and coexist together. Large numbers of families are affected by the performance of business manager's decisions. Keeping in view of indispensable role that corporate managers have to play, business schools have a bigger stake in grooming management graduates. Though there are many western formula available to managers handy, the results are not as per the expectations.
Managers in the corporate world are amidst uncertainty, indecision, dynamic market conditions, pressures, unhealthy competition and unethical practices. The conditions are becoming so dynamic that manager's axiom is constant in the business is uncertainty and significant amount of time is being spent on managing vibrant conditions of business houses. Managers in the organizations deal with people every day apart from machinery, money and material. Of all the four elements, human resources are indispensable to manage the remaining three components of a business organization. Of late many business schools especially in India realized that management education should be imparted with human values. Few Management institutes already incorporated spirituality and values in the course curriculum to improve spiritual thinking, dedication and values for right decisions at the right time, ability to cope with stress and steering the organization to fulfill all stakeholders' expectations.
India has more than 9 percent annual growth rate during the last decade. In order to sustain the growth rate, there is a need to increase the quality of the higher education with human values. In the socio-economic development of a nation, human capital has a very crucial role. Therefore, there is a need of value based education in India, education, particularly management education. Decisions taken by the people at helm of affairs need to have either formal or informal value based education, which facilitates in taking right decision at right time without ignoring human element. Education with human values especially management education may help to build knowledge based societies with the human touch for the amelioration of people and healthy living.
Dr. S. V. Ramanarao
Dr. S.V. Ramana Rao is a Professor in Finance with a Doctorate in Finance from Center for Economic and Social Studies (CESS). He has worked in various institutions in India including TAPMI and also has conducted training program to NTPC, Simhadri employees also delivered lectures in FPDs conducted by Siva Sivani Institute of Management.