In a constantly changing world, what are seen as relevant skill sets today may become out-dated a few years later, reminded Dr Naushad Forbes, Vice President, CII & Director, Forbes Marshall Pvt Ltd, in his inaugural address at the Regional Conclave on Management Education, organised by the Confederation of Indian Industry (CII). “Too often, in our management institutes and engineering colleges, we worry about relevance. I don’t think we should. We should worry about providing a great education, an education where people learn how to think. Let our B-schools, therefore, focus on education and chase excellence, and foster the ability to think,” he said.
On the question of what enterprises look for in candidates during recruitment, Dr Forbes said that the foremost requirement is the ability to solve problems that are unfamiliar, because that is the reality of today’s workplace. “Teamwork capability and cultural sensitivity are two other requisites. Best teams are diverse, with complementary strengths. And, with international workforce, cultural sensitivity assumes importance. Students can gain these by participating in the planning of events in the campuses,” he explained.
To the educators in the audience, Dr Forbes had two suggestions to offer. “One, encourage project work in the classes, and discuss cases that are from the real world. Cases can be developed based on successful and challenging processes adopted in organisations; that would create the ability to take what we read, and relate it to what we see. And, two, do research, such as about the world-defining processes of Indian industry, and the bottom-of-the-pyramid marketing,” he elaborated.
M. M. Murugappan, Vice Chairman, Murugappa Group, in his keynote address at the maiden edition of the conclave, with the theme, ‘Management Education for a VUCA (volatile, uncertain, complex, and ambiguous) world,’ gave instances of global business dynamics, ranging from oil prices to currency volatility. “What seems to happen in a smaller sphere of operation may have its impact on a larger arena, and we have to adapt to this new reality. Management talent for today’s world has, therefore, to be equipped with vision, understanding, clarity, and agility,” he underlined.
What has become larger than shareholder return is public purpose, said Murugappan, and called upon the educators to collaborate, spend time with industry and institutions, and listen. “Let us work together on the metrics of performance, and synchronise the same, so as to translate aspirations to strategic transformations,” he appealed.
Importantly, Murugappan spoke on how critical thinking has become key to decision-making in business. “In a VUCA world, the probability of making inappropriate decisions is high, with attendant consequences. And, the factors that mitigate this risk are in-depth analysis of issues, and logical structuring of reasons that lead to conclusion, which are the elements of critical thinking,” he said.
Earlier, in the opening remarks, C. R. Swaminathan, Chairman, Education Sub-Committee, CII-SR highlighted the relevance of the VUCA theme to the B-school scenario, too. Management education for a VUCA world needs to create agile leaders, driven by values of integrity, and responsibility, and decisive leaders who can modify their personal styles to the context and work with the bigger picture in mind, Swaminathan urged. Since students are the major stakeholders in this ecosystem, the conclave has a dedicated session for students and young managers to talk about their perspective, he informed.
In his concluding remarks, J. N. Amrolia, Chairman, IR Sub-Committee, CII-SR and Director & CEO, Chennai Business School, cautioned that if we are not preparing the students for the new world of work, management education in the country runs the risk of becoming anachronistic. “Rather than look for a one-size-fits-all education, we have to aim for customised learning which meets the multitudes of aspirations of students, and also is useful to a variety of enterprises, including social and government organisations. We need to leverage technology in education to cut down on costs. And, importantly, the role of regulatory bodies should be one of strengthening management education, rather than controlling it,” he emphasised.
