In a churning and emerging global marketplace like India, understanding the fundamental connections between business, the environment, and society has become essential. The roles and responsibilities of business as a global force are becoming more urgent and complex, and concepts related to societal responsibility and sustainability are gaining recognition as essential elements in business management.
Increasing complexity and interdependence require new approaches. Companies need integrative management tools that help embed environmental, social, and governance concerns into their strategic thinking and daily operations. They need support as they internalize and integrate these issues into the core of businesses, engage in dialogue with stakeholders, and report their conduct. They require talented, dynamic, ethical, innovative and visionary leaders who can not only advance organizational goals and fulfill legal and fiduciary obligations to shareholders, but who are also prepared to deal with the broader impact and potential of Indian business as one of the most positive global force in society. Any meaningful and lasting change in the conduct of corporations toward societal responsibility and sustainability must involve the institutions that most directly act as drivers of business behavior, especially academia. Academic institutions in India can help shape the attitudes and behavior of business leaders of today and tomorrow through business education, research, management development programs, training, and other pervasive, but less tangible, activities, such as the spread and advocacy of new values and innovative ideas. Through these means, academic institutions in India have the potential to generate a wave of positive change, thereby contributing enormously towards the nation’s ambitious future vision, helping to ensure a world where both enterprises and societies can flourish.
The pages of this paper delineates the best practices that are commonly followed by world class B-schools in their basic, practice, governance and pursuit of commercially successful, practical yet scholarly activities. It tries to highlight the fundamentals which are absent in our practices, processes required to become a world class institution and draws implications for B- schools in India that aspire to become world class.
The paper is based on author’s nearly 3 decades long senior management level global multi-industry exposure across multiple continents and his association with many world class institutions around the world. The paper also reflects the views and ideas of many renowned authorities of management and technology educators, practicing technologists, thought. It also discusses issues like global as well as Asian standards, practices, while discussing and recommendations related to autonomy, research, governance, compensation and financial independence which are critical for academic development of management institutions in India.
Education, Knowledge & Applications - An Overview
Today, when the galaxy of knowledge, be it social, political, economic or scientific is expanding at an unprecedented pace, new questions and new interests require us to enter into a new search for a new coherence. Old theories and ideas, although important, cannot be taken as a corollary due to this unprecedented pace of change taking place in the contemporary world and the workplace has turned into a global village.
At present, conception and understanding of any subject and their applications are undergoing a radical change towards the multiple, the temporal and the complex. A new paradigm is taking shape introducing multiple choices, self-organization and trans-disciplinary, complex dynamics. Consequently, knowledge has become very complex. It has become imperative to prioritize the actual need and effective mix of evidence and application...