In a recent interaction with Higher Education Review, Ranjeet Nambudiri, Dean, IIM Indore shares his views on how universities and industries can collaborate more effectively to ensure management students are well-prepared for the workforce, the benefits and challenges of implementing a skill-based education approach in management studies and more.

How can universities and industries collaborate more effectively to ensure management students are well-prepared for the workforce?

One of the key recommendations is the inclusion of a mandatory project component within the curriculum. Such an approach would present challenges for the industry partners as well as the institutions while this could be implemented at a micro level, while every course includes a project. Also, introducing a distinct component which is separate from traditional summer internships given that internships serve different objectives, typically, would be an alternative option.  

This new factor will emphasize more on the practical application of management concepts as well as theories in real-world scenario. Also, a credited program which include an Industry Interface Program can be established and it can offer academic credits. The program will also comprise a 4-6 week immersion with an industry partner which can be conducted either offline or online. Students would be assigned live projects with the guidance of a faculty advisor in order to address & solve relevant industry issues and challenges.

Also, the curriculum should incorporate an “Industry Consulting Module” or “Industry Project” where students work as external consultants over a defined period. Students can work on live problems that are presented by their industry partners. Understanding and acknowledging that a few institutes would face challenges in securing industry access, students from mid-tier business schools, with limited industry connections can still undertake live projects with the help of secondary data. And, these projects may necessarily not involve direct engagement with industry partners however, it should focus mainly on analyzing as well as solving real business problems via data collection & analysis.

Not just the practical experience of students will be enhanced significantly but also their ability to apply theoretical knowledge to real-world situations will be enhanced by incorporating such components into the curriculum.

Skill-based education focuses on equipping students with practical skills. What are the benefits and challenges of implementing a skill-based education approach in management studies?

Since skill-based courses equip students with practical abilities which make them job-ready upon entering the market, the inclusion of skill-based courses in the curriculum is essential. While theoretical knowledge is valuable, true proficiency is achieved only through practical experience and skills that include leadership, critical thinking & communication are important. However, one of the major drawbacks or challenges with skill-based courses is their assessment. For instance,  courses in which the students are given an imaginary budget for setting up & running a simulated business render valuable insights into business operations however, it cannot be evaluated by implementing traditional academic methods such as Viva or exams.

Institutions that are bound by university norms would be required to introduce flexibility in their evaluation systems for accommodating these courses. The assessments must focus mainly on the effectiveness of the performance of the students in the activity rather than focusing on conventional exams. Therefore, in order to successfully integrate skill-based courses into the curriculum, it is important to overcome these challenges.

How can technology be leveraged to bridge the gap between academic management education and industry requirements?

When we think about technology, AI & ML are frequently highlighted. Since the influence of technology on education is unavoidable, the emphasis should be on incorporating technology as one of the complementary components in academic programs instead of opposing its integration. Technology simplifies tasks that were previously considered to be complex. For instance, bringing an industry leader into the classroom earlier required coordinating schedules & arranging travel and this would be time-consuming, particularly for institutions in less accessible locations. But now owing to the advancements in virtual platforms, industry leaders can easily engage with students remotely and they can offer the same level of interaction, allowing for real-time questions & activities. This effectively bridges the gap between industry & academia, leveraging technology to improve educational experiences.

How would you articulate a special message to the students that inspires them, offering guidance and wisdom while reflecting your professional experience and values?

in today’s business world, often referred to as the VUCA (Volatile, Uncertain, Complex, and Ambiguous) environment, things are far less straight forward than they once were. Hence, students today should focus inward, by cultivating resilience & patience in order to tackle problems effectively. The key message is students should be prepared to face failure. The chances of failing in a job were relatively low, about a decade ago. However, today, the likelihood of encountering failure or even facing difficulties in certain aspects of any job is relatively higher.

Most people struggle to cope with failure, and this leads to burnout or a tendency of giving up easily. Therefore, to address this, students must maintain an internal focus and identify personal strengths and utilize them. This approach helps students to maximize their capabilities. While resilience is not always taught in business schools, it is a vital skill that students should develop for navigating the complexities of the modern business landscape.