Prof. D. Mukhopadhyay
Indian universities and institutions churn out every year thousands of graduates in the discipline of management or business administration, but many of them are observed to be hired at a significantly lower pay salary for doing non-standardized work profile. The corporate sector has expectations of management graduates as they seek those people who can add value, drive innovation, and lead organizations to success. They are expected to possess business acumen, strategic thinking, leadership skills, adaptability, a global perspective, ethical decision-making capabilities, effective communication, and an entrepreneurial mindset. By meeting these expectations, management graduates can thrive in the corporate sector, contribute to organizational growth, and have a positive impact on the dynamic and competitive business environment. In today’s rapidly evolving global economy, the sustainable development of industries and corporations is crucial for long-term success. India, with its burgeoning corporate sector, must equip its future business leaders with the necessary skills and knowledge to navigate the challenges of a stiff global competitive economic environment. In addition to the content and curriculum, the teaching, research, and delivery quality of management education are essential for producing competent and well-rounded professionals. 1903 was a landmark year in the annals of the automobile industry when Ford Motor Company was founded in Dearborn, United States of America with a capital of $28,000 by a mechanical genius named Henry Ford, who produced better automobiles at lower cost than had ever been seen in the word before. By 1914, Ford was selling 45% of motor vehicles in the domestic market and, by 2021, it held 55% of the total motor vehicle market across the globe. It was a one-man company, highly centralized with Mr Ford and remained so through the $5, eight-hour day, the Model T and and Model A, till 1947 when Mr Henry Ford expired. During the time of Henry Ford, there were no financial nor operational controls. The balance at the bank was the sole indicator of commercial locus stand of Ford Motors.
The company was plagued by unbalanced production facilities, constant bottlenecks due to which the company could never expand the scope of efficient production, control of loss and waste of materials and other inputs, , no innovation, and, above all, non-dependence on others’ expertise and skill in decision making. Though Ford was a mechanical engineer of a superlative degree, by dint of which, he used to manufacture automobiles of mechanical excellence but limited appeal against General Motors, Ford’s competitor and,, consequently, Ford Motors slipped almost into the mode of bankruptcy facing a loss $9 million a month in 1947 . However, under Henry Ford II, Hank the Deuce, the oldest grandson of Henry Ford and Ernest Breech, Ford Motors introduced the concept of planning, execution and control and decentralization in decision making through establishing the theory of the ‘profit centre’ and actualized the most dramatic recoveries in business history. This helps us to understand the purpose of professional management. Therefore, an industry needs people(s) attributed with the potential , as emancipated by Fernandez-Araoz, with the traits of motivation- a burning commitment to excel in pursuit of goal of the hiring organizations, curiosity, a strong inquisitiveness for having new experiences and knowledge and significant and meaningful feedback along with an openness to learning and embracing change, insight, the ability to collect and analyse the available authentic information that guide towards unknowns of new possibilities, engagement, free communication for persuasive vision connect with the rank and file and finally determination, the wherewithal to face the challenges and recover from unfavourabe situations and adversaries. This speaks of a highly disciplined exposure to skills and robust training in resource management, cost optimization and decision making keeping in view the requirements of the technology driven business environment. At this point, a question peeps very obviously into the inquisitive minds as how many management schools in India develop their management programs and pedagogical systems for imparting contemporary technical and soft skills , training and theoretical knowledge to the aspirants of having a career as a professional manager and the answer may be in terms of insignificant magnitude and that constraints employability of students graduating from traditional universities and institutes baring few.
The market-driven economies demands for management education curricula with a strong emphasis on sustainability as a core competence. This entails developing an understanding of environmental, social, and economic dimensions of sustainability and their interconnectedness. Courses on sustainable business practices, corporate social responsibility, and ethics should be integrated into the syllabus. Additionally, students should be encouraged to explore innovative solutions to address pressing global challenges such as climate change, resource depletion, and inequality. Secondly, the challenges faced by businesses today require a holistic understanding that goes beyond traditional management concepts. Management education should adopt a cross-disciplinary approach, incorporating knowledge from various fields such as environmental sciences, social sciences, technology, and policy-making. By blending these perspectives, students can gain a comprehensive understanding of the interconnected nature of the global economy and develop innovative strategies to address complex challenges. Besides, the rapid pace of technological advancements and disruptive innovations necessitates a focus on technology and innovation management within the management education syllabus. Courses on emerging technologies, data analytics, digital transformation, and innovation management should be included. By fostering a technological mindset and providing hands-on experiences with cutting-edge tools, management programs can equip students with the skills required to lead technological advancements and drive innovation within their organizations. Further, given the globalized nature of the business environment, management education must provide a global perspective to students. This involves integrating international business, global economics, cross-cultural management, and geopolitical dynamics into the syllabus. Exposure to diverse cultures, markets, and regulatory frameworks through case studies, simulations, and international exchange programs can broaden students’ horizons and enable them to thrive in a global competitive environment. Promoting an entrepreneurial mindset is vital to instilling a spirit of innovation and risk-taking among management students. Entrepreneurship courses should focus on idea-generation , opportunity recognition, business planning, and access to finance. Encouraging students to develop their own start-ups or entrepreneurial projects can foster an entrepreneurial ecosystem that drives economic growth and job creation, ultimately strengthening the Indian industry in the global marketplace. While management education in India has made significant strides, several gaps still exist. Firstly, there is a need for more practical and experiential learning opportunities to bridge the gap between theory and practice. Collaborations with industry partners, internships, and case-study-based learning can provide students with real-world exposure besides industry Integration . Secondly, there is a lack of faculty expertise in emerging areas such as sustainability and technology. Investment in faculty development programs and collaborations with industry experts can help address this gap. Finally, fostering collaboration between academia and industry through research partnerships and consultancy projects can promote knowledge exchange and facilitate the integration of cutting-edge practices into the curriculum.
Faculty without strong research and innovation can hardly deliver an effective teaching-learning process for which continuous professional development programs should be designed and implemented to equip faculty members with the latest knowledge and pedagogical techniques. This includes encouraging faculty to engage in research and publication activities, attending conferences and workshops, and fostering collaborations with industry practitioners. By investing in faculty development, institutions can ensure that students receive instruction from experts who are up-to-date with industry trends and practices. Last but not least, the policy makers should re-define the essential qualifications and experience for recruitment of new faculty in different management trades and 3-5 years of managerial grade corporate and industry experience may be included as one of the essential components in the essential qualifications and experiences particularly for management and engineering discipline . This, also, over a period of time, may supplement the requirements of recruiting the ‘Professors of Practice’ which, in turn, would accrue operating costs leverage. Effective feedback and assessment mechanisms are crucial for gauging student progress and improving the quality of education. Regular feedback from students and industry stakeholders can help identify areas of improvement and enable course corrections. Assessments should encompass a variety of methods, including individual and group assignments, presentations, case analyses, and examinations, to evaluate students’ understanding and application of concepts.
Management seers and thinkers such as Peter F. Drucker, C K Prahalad, Ram Charan, Vijay Govindarajan, R. Gopalakrishnan etc, perceive that Indian management graduates’ competency levels in a global context vary, but there is a consensus that there is room for improvement. While Indian graduates possess strong intellectual capabilities, there is a need to enhance their practical skills, global mindset, communication abilities, and leadership qualities. To bridge the gap, management institutions should focus on experiential learning, industry exposure, integration of global perspectives, and the development of practical competencies. By aligning management education with industry requirements and nurturing the holistic development of graduates, India can produce management professionals who are competent and well-prepared to thrive in the global competitive economic environment
(The author is a Bangalore-based Educationist and management scientist)
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