Technology to soft skills: Some emerging trends in B-school education

At last count, there were upwards of 16,000 business schools worldwide. Like any other venture, education has got a commercial side today, albeit with a social cause attached to it. These schools need to keep track of what’s happening in the global environment and continuously adapt to meet the expectations of its divergent constituencies. 

Over the past twenty years or so, the rate of change in the world of business has multiplied more than at any other time in history. For example, data and mobile phones were still in a nascent stage and the concept of start-ups in business was rare. Now, both are a rage and for any business school to have stuck with the traditional routes, would have spelt doomsday for their fortunes. 

Let us now take a look at possible scenarios in the Indian business education sector.  

Technology: More than ever before, technology continues to transform the modern world, which means the skillsets today’s workforce requires will also need to adapt. New technologies often means new skills, and both companies and job seekers will need to redefine their requirements and the value of those abilities. With increasing automation, the need for low-skilled jobs will be replaced with specialist skill sets. There has been a move towards making education more science based, with a view towards getting the most out of AI and Data Analytics. This change has worked for the US 

B-schools, because foreign applicants who were wary of the US immigration policies have suddenly found that it is easier to look at employment in the US with a STEM degree (Science, Technology, Engineering and Mathematics), besides the fact that having a STEM degree also enables them to stay longer in the US.    

Soft skills: In addition to “hard skills”, companies are increasingly looking for job applicants with “soft skills”. Employers have begun to place a greater emphasis on the “soft skills” that can’t be replicated by robots, such as critical thinking, collaboration, and communication. Employers have also started using tools such as Psychometrics to scientifically assess candidates on soft skills before offering them job contracts. That will automatically mean the courses need to be tweaked at business schools in India.  

Online learning: Today, online learning is a base minimal requirement at business schools. This is done to complement traditional, in-class programs with modern on-demand / anywhere learning. Many of the leading business schools have found this to be good money earner as well, suiting the needs of their students better. This platform is attractive to prospective students who are looking for more flexibility, and is much more economical. Plus, it has an added bonus of allowing you to stay employed while you work towards your degree.

International hubs: B schools have started operating with remote hubs in other cities and countries. This is helping them source more candidates and also helping students from these countries to access quality education

New Specialisations: Business schools are keeping a tab on new and emerging trends for the 21st century. One such new domain is Agribusiness, which is constantly evolving with new technologies. It encompasses farm planning, weather forecasting, research, soil management, seed production, innovative farm machinery, plant protection, crop nutrient management, harvesting, marketing of produce, storage, supply chain operations, financing, food processing, retailing and much more which were completely unheard of until a few years ago. Most business schools address these by offering relevant courses on developing business acumen and learning about best practices. 

From intern to employee: This is especially true in the Indian landscape, where most students complete their MBA immediately after their graduation. They have limited work experience, so the chance of interning with two or three companies during their MBA is a major advantage, because it helps them experience the real life work environment. Companies, meanwhile, get an opportunity to attract potential long-term recruits, at a fraction of the cost and therefore, are leaning into internship programs as a pipeline for full-time employment. 

Back to the crystal ball gazing for all of us, but I dare to say that these trends will last for at least the next 10 years.

The author is chief communications officer (corporate marketing & brand strategy), vice president & head -technology innovations, Escorts Ltd.