Issue link: https://www.e-digitaleditions.com/i/373915
37 BizEd September/October 2014 ESATOKYAY/TH I N KSTOCK T his is an exciting time for me to be taking the helm of AACSB International's board of directors. It's a time when we are realizing that management education has been living under the same vision for more than 50 years, one defined by the 1959 Carnegie Foundation report by Frank Pierson and the Ford Foundation report by Robert A. Gordon and James E. Howell. Since their publication, these docu- ments have been pushing business schools to build academic credibility and to move beyond the vocational education that characterized business education at the time. This direction has served business schools well, helping them increase their presence and credibility first in the United States and then around the world. However, this vision no longer can provide the guidance we need in today's rapidly evolving environ- ment. Higher education is changing dramatically due to technological advances, increasing globalization, and evolving models, as well as more diverse student populations and faculty compositions. Mean- while, society and business expect more than ever of business schools. I think Francois Ortalo-Magné, dean of the Wisconsin School of Business, put it best. At a recent meeting of AACSB's Committee on Issues in Management Educa- tion (CIME), Ortalo-Magné noted that what management education needs is a "new North Star." For evolving expectations of manage- ment education, and the emerging opportunities for business schools. The Visioning Initiative also will look at how the roles of busi- ness faculty are evolving to achieve these goals. Business schools are increasingly using different combi- nations of tenured and nontenured faculty, and they're encouraging faculty to engage and innovate in a myriad of ways, including research, teaching, consulting, and adminis- trative responsibilities. Finally, the initiative will con- sider the new ways that businesses are recruiting, developing, and retaining talent. For example, some companies are planning their tal- ent recruitment and development strategies five or more years in advance. Those who need to hire employees with specific skill sets are turning to alternative provid- ers of business training. Business schools must understand why employers are finding more value in alternative providers—only then can they adjust their programs to fill the skill gaps that employers are facing. CIME will explore whether a disconnect exists between tra- ditional business curricula, which often emphasizes lifelong leader- ship, and employers' immediate need for specific talent. As part of the Visioning Initia- tive, CIME is soliciting feedback from administrators, academics, centuries, the North Star, known in Old English as a lodestar or "guiding star," has served as a navigational tool. It's now an appropriate metaphor for our industry, as we navigate the some- times precarious and ever-chang- ing seas of higher education. CIME's discussion about this new direction has been rooted in how the individuals in our business schools will inspire others, manage organizations, and mentor the next generation of leaders. We are look- ing at how the needs of business and business schools have changed, as well as how business schools must adapt to remain competitive. AACSB's plan for the future includes two main initiatives—the Visioning Initiative and the 2020 Committee. Both efforts will help us better understand and shape the roles management and manage- ment education will play in society. Defining a New Vision At a recent AACSB meeting, one business school dean wisely sug- gested that business schools are accountable in three main areas: responsible generation of wealth, responsible consumption, and responsible innovation. Adminis- tered in three phases, the Visioning Initiative is intended to define a new vision for management edu- cation in these three areas. The effort will examine the future roles of management in society, the Business schools are accountable in three main areas: responsible generation of wealth, responsible consumption, and responsible innovation.