The World Economic Forum describes business The Great Reset, which is the process of the world. Adjusting to the COVID-19 pandemic as a Great Reset. Schools play a significant role in this. Schools need to change in order to reach their full potential. The same goes for universities and businesses who support and engage them.
During the pandemic, a lot of attention was place on universities in terms of their vital work in developing vaccines and medical equipment. These efforts can also be benefit by schools. They can help with the enormous challenge of manufacturing and distributing billions in vaccines.
Business schools can help businesses to redefine their role in the post-pandemic era. This starts by reexamining outdate models that have driven since 1970s under the motto of maximising shareholder wealth.
The business schools have the expertise to assess and manage risk in extremely uncertain situations and rebuild trust with stakeholders who might have negatively affect by the crisis. They can use their knowledge in organisational development and change management to support different types of work and organisational structures, such as more decentralised decision making and remote working.
Changes In Business Schools Are Necessary
Business schools have evolved in their mission. Their horizons now extend to improving the well-being of society. They are not limit to students or businesses, but also include governments and non-profits.
Already, business schools were under increasing pressure to adapt to technological change, social expectations and competition. COVID-19 provided an impetus for businesses to take leadership in social change.
Significant change management is key to meeting high stakeholder expectations. Businesses schools must be fully and authentically committed towards solving problems that affect not only but also humanity. Their agendas should include applying all of their knowledge and skills in dealing with wicked issues such as climate change and ethics, fairness and disruption by digital technology and artificial intelligence.
Business schools are moving towards a focus on social impact through close research engagement with industry, society and society. This shift is being driven by increasing student, government, and philanthropic demand.
For example, the University of Queensland Business School has established research centers in trust, ethics, governance and business sustainability. The Imperial College Business School offers a program in the economics and financial aspects of climate change.
These changes do not help when metrics for success in schools are still driven primarily by graduate salaries. For example, the FT Global MBA rankings have a 40% weighting. A 3% weighting given to corporate social responsibility and ethics.
Business schools must encourage innovation and entrepreneurship to create new jobs and businesses that can replace the ones lost in the pandemic. Business schools are able to guide and stimulate start-ups as well as assist existing businesses in adapting to new realities. Businesses can benefit from their expertise in strategy, leadership, and governance.
Changes Must Also Made Among Stakeholders
Many students choose to study in schools. They continue to do so at many universities even after the epidemic. They often account for a large portion of university fees income.
Business schools cannot contribute to The Great Reset if they are not able to return the income they generate to university budgets. They must be fully recognize and support for their role in the creation of a new and exciting world. Universities must stop seeing business schools only as a cash cow and become jewels in the crown.
Business school perspectives can add value to research projects in sciences, social sciences, and the humanities. Research funders need to consider this. Business schools offer a wealth of knowledge, from the economics of drug development and new energy resources to business strategies to diversity and equality to marketing the arts.
COVID-19 is a turning point for business schools that will use their knowledge to relaunch, reinvent and reset their roles in promoting sustainable and ethical practices. Business schools not only valuable for short-term advice but they should also use by leaders to reflect on and adapt their long-term vision. Benefit from learning with schools how to respond to the COVID-19 crises and apply that knowledge to achieve the United Nations Sustainable Development Goals.
Business schools serve as a testing ground for more ethical. Trustworthy and dynamic leaders that can then influence wider societal issues.