PROFESSOR AHMED SHAIKH
On October 25, Regent Business School celebrated its 25th anniversary. Indeed it was not only a time for celebration, but also for some serious reflection on our journey as a major purveyor of business education.
We realised that in general the core curriculum of business schools is increasingly being scrutinised for its relevance and effectiveness in preparing students for a rapidly changing global landscape characterised by political volatility, major disruptions of the Fourth Industrial Revolution (4IR), the digital age, artificial intelligence, Internet of Things (IoT) challenges of sustainability, the widening gap between industry and business education, Covid-19, corruption, unethical behaviour, need for new skills and competencies, unemployment, increasing economic disparity and persistent poverty.
In the context of the above, I assert that a comprehensive overhaul of business school curricula is essential to equip our students, the future leaders with the critical thinking skills, systems thinking capabilities, intrinsic ethical and social justice values and practical experiences necessary to navigate these challenges.
To address these issues, business schools must redefine their mission. They cannot be “Business Schools as Usual”. The World Economic Forum, in a 2024 publication, suggests that we have reached a pivotal moment in our history, and inaction in restructuring our education could cost us dearly. It also suggests that we should prepare our students for a 21st century workplace that has not clearly defined the skills required. Furthermore, we require a new curriculum that integrates principles of social justice and sustainability into every aspect of business education.
A system thinking approach is a critical component that should be embedded in business education. The interconnectedness of global issues – such as climate change, economic disparity, and social justice – requires leaders who can understand and manage complex systems. Business schools should teach students how to analyse problems holistically rather than in isolation. This could involve interdisciplinary approaches that draw from economics, sociology, environmental science, and political science. For example, projects that require students to collaborate across disciplines can enhance their ability to see the bigger picture and devise comprehensive solutions.
Critical thinking must be cultivated to challenge the status quo and innovate in response to emerging challenges. To foster critical thinking skills, curricula should include experiential learning opportunities such as simulations, role-playing exercises, and problem-based learning scenarios. These methods allow students to engage actively with course material and develop their analytical skills in practical contexts.
Work-integrated learning (WIL) is another essential aspect of modern business education that needs greater emphasis. WIL provides students with hands-on experience in real-world settings, bridging the gap between theory and practice. Internships, co-op programmes, and industry partnerships can enhance students' employability while allowing them to apply their knowledge in meaningful ways. By collaborating with businesses on projects or participating in internships during their studies, students gain valuable insights into organisational dynamics and industry challenges.
Social justice should be a foundational element of business education. This involves teaching students about the systemic inequalities that exist within society and how businesses can contribute to their alleviation. Courses should cover topics such as corporate social responsibility (CSR), ethical leadership, and the role of businesses in promoting equity. For instance, case studies could explore companies that have successfully implemented inclusive hiring practices or those that have made significant contributions to community development. By highlighting these examples, students can learn how businesses can be a force for good while still achieving financial success.
Sustainability is no longer an optional consideration; it is essential for the survival of our planet. Business schools must incorporate sustainability into their curricula by teaching students about environmental stewardship and sustainable business practices. This includes understanding the principles of circular economy, resource management, and sustainable supply chains. Courses should also address the urgent need for businesses to adapt to climate change. Students should learn how to assess environmental risks and develop strategies that minimise negative impacts while maximising positive contributions to society. By equipping future leaders with this knowledge, business schools can help foster a generation of entrepreneurs who prioritise sustainability alongside profitability.
Ethics must be at the forefront of business education. Students should be trained to recognise ethical dilemmas and equipped with frameworks for making principled decisions. This involves not only understanding legal compliance but also grappling with moral questions about fairness, transparency, and accountability. Business schools can implement ethics courses that challenge students to think critically about real-world scenarios. Role-playing exercises and simulations can provide practical experience in navigating complex ethical landscapes. By fostering a culture of integrity, business schools can prepare graduates who are committed to ethical leadership.
Corruption remains a pervasive issue in many industries, undermining trust in institutions and hindering economic development. Business schools must address this issue head-on by educating students about the causes and consequences of corruption as well as strategies for combating it. Courses should explore topics such as corporate governance, anti-corruption policies, and the role of transparency in building trust with stakeholders. By instilling a strong anti-corruption ethos in future leaders, business schools can contribute to creating more accountable and transparent organisations.
Finally, I would like to assert that the need for an overhaul of business school curricula is imperative. By emphasising social justice, sustainable practices, ethical considerations, critical thinking, systems thinking, work-related integration, 4IR skills, entrepreneurship and addressing corruption, business schools can prepare graduates who are not only skilled managers but also responsible leaders committed to creating a better world. This transformation will require collaboration among educators, industry leaders, policymakers, and civil society organisations. Together, we can re-engineer business education as a powerful tool for social change – one that empowers future thought leaders to drive positive impact in their communities while fostering economic growth that benefits all members of society. We owe it to the future.
Professor Ahmed Shaikh is an academic and researcher in business education, an engineer and an Innovator of 4IR teaching and learning Spaces. He is also the managing director of Regent Business School.
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