Impact of Globalization on Management Education

Impact of Globalization on Management Education – Curriculum to Careers

The global techno –economic paradigm is changing at a pace that defies easy mapping. Emergence of global village and digital economy with internet connectivity is the order of the day. This results in fundamental changes in the way the business is organized and conducted in every functional area, globally and in India as well. On the domestic front, India’s economic growth, in recent years, has been impressive.

This has been due to conscious move towards market based economy. The imperative question is how to sustain it and if possible, better it. Sustainability is possible by spurring innovation and creativity to move up the value chain. Indian business models need to be re oriented, incorporating the newer dimensions of risk and inclusive growth. Excellence is seen in few quarters and that is not enough. Increasing complexity and consequent instability marks the emergent business environment that defies solution through traditional managerial tools.

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Further to have sustainability in business the role of manager is to be sensitized. But the current curriculum and pedagogies of management education needs a paradigm shift from transaction based approach to transformative approach. Knowledge ecology needs balancing with an integrated curriculum encompassing multiple skills. For equitable distribution and applied innovation we need to pick up transferable skills and reverse applied learning systems with top down approach.

Hence there is a great need to be updated the curriculum to meet the changing needs of the components of globalization which should be incorporated into all areas of management like basic courses, Core functional,  inter-functional courses,  integrated and value addition courses. The basic courses have to be rejuvenated so as to meet the dynamically changing global business trends. Core functional courses such as banking and insurance should be effectively managed to meet the global demand in banking sector.

Inter-functional courses like mass communication and marketing embedded with finance are greatly evolving. Integrated and value addition courses such as training on soft skills and value added skills like SAP, PEOPLESOFT etc to get job ready. Hence, the suggested framework will balance both theoretical knowledge and acquired skill which has been proven essential for the employability by the placement organization to meet the challenges of a globalized economy.

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