Business
schools have effectively created generations of business leaders
through their MBA programmes for years. These MBAs eventually became
successful managers, executives, management partners and managing
directors. However this does not hold true anymore. What proved to be
effective in the past is becoming redundant now. As the business
world is continuously changing, there is an urgent need for constant
restructuring and reinventing business schools, careers and
organisations.
In
this intensely competitive and complex corporate world, educational
models should be developed in way that it becomes relevant for the
current scenario. Here are 3 basic and yet effective suggestions for
business schools around the world to revamp and rebuild an obsolete
educational system-
Hard
Skills Are Not Enough, Teach Creative Problem-Solving Skills
The
old operating manuals for achieving success have become useless now.
Our future business leaders need to develop the abilities to
improvise and find innovative solutions in real time to face unique
challenges present in the global market place. Hence B-schools need
to prepare their students to counter future challenges by enabling
them to think productively instead of simply going through the
motions.
Business
schools must design projects, coursework and assignments that would
help the students to develop creative as well as analytical thinking.
It is only by providing the students the opportunity to gain
experience in effective decision making in the face of uncertainty,
B-schools can offer more valuable training than simply teaching them
to calculate discounted cash flows. They should be encouraged to take
calculated and responsible risks and provide solutions to creative
challenges.
Create
Modern Business Leaders Instead of ‘Old School’ Leaders
Conventional
business schools create business leaders in the old-school “boss”
model where a single leader instructs and leads the team. MBAs who
become business leaders usually act like Orchestra Conductors.
Although they do not play any musical instruments, they guide their
teams to stick to the notes, written on a page, with accuracy and
precision. Even though this model might have proved fruitful earlier,
today business leaders need to act Jazz Musicians, instead of
Orchestra Conductors. They need to form small groups of skilled
employees involved in an ongoing and open-ended process of
exploration, innovation and creativity. Innovation will flourish when
calculated risk-taking will precede compliance.
Create
Leaders Who Focus Talent Development Rather Than Management Systems
Earlier,
the focus of business models was on developing repeatable and tightly
functioning management systems. However, at present, markets around
the world are changing continuously and have become more fluid as
well. Thus, now leadership needs to focus more on developing talent
instead of strengthening fault-tolerant processes.
Today
ongoing creative disruption has gained prominence over rigid
management procedures as the way towards success. Successful business
leaders are now augmenting their impact through the employees they
have trained and developed, instead of concentrating on enforcing the
rules they have formed. Currently, businesses require leaders who
will be able to increase their leadership capabilities, rather than
just complying with directives.
Modifying
Approach to Create Future Leaders
In
order to remain relevant and sustain in the rapidly transforming
corporate world, business schools must modify and alter their
approach. Today’s business leaders need to be creative and should
be able to transform, disrupt and reinvent on an ongoing basis in
order to achieve their business goals. Faculty and administrators of
B-schools should also follow the same approach if they wish to create
excellent business leaders for the future.
