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Effect of Globalization on Management Education Essay

The internationalization of higher education can be linked to various internal and external changes in the international system. Externally, there have been changes in the labor market, which have resulted in calls for more knowledge and skilled workers, and workers with deeper understandings of languages, cultures and business methods all over the world. Education is becoming more invaluable to individuals. In today’s environment, education provides individuals with a better chance of employment, which In turn leads to a better lifestyle, power and status.

A global education should teach about issues that cross national boundaries, and interconnected systems on ecological, cultural, economical, political and technological grounds such as the Globalization program which draws upon expertise in many areas such as humanities, social science and environmental science. Globalization and technological advancements are delivering and Increasing access to the world and subsequently subjects should reflect this global outlook. The students and the country can also accrue benefits from foreign universities in India.

Not only the dents and their parents will be partially relieved from their financial burden but there will be reduction in brain drain of the country. Our youth will get psychological satisfaction getting degrees of foreign university here itself and will able to

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contribute to serve the country enjoying the life on home-front thereafter. Again we in our country are not so equipped now to fulfill the necessary requirement of admissions facility and Infrastructure for some of the advanced post graduate technical and other professional courses.

By encouraging setting up of foreign university in India, the country will get advantage of coming near to the world class faculty of excellence and various reforms of the methodology of the teaching and education prevalent threat . We will also be able to develop research culture in our institutions and the universities for which we lack In. * Role of management education In the post globalization era Management Education in India is at cross roads.

With the dawn of new millennium, while there was phenomenal growth in the number of B-Schools, the benchmarks were also on the rise. The Globalization doesn’t seem to have happened just to the Industry but also to Indian B- Schools. The expansion of B- Schools (in Number) doesn’t look to be in line with the challenges posed by the globalization of Indian Management Education. Of the 1 500 B- Schools India currently has, there might be around 200-250 schools, which might stand a standard test of quality.

Should the globalization of Management education India become a reality in terms of free movement of faculty and freedom of operations across the globe, the Indian B-Schools might have to take many Annihilates to stand up to the challenge. The solution seems to be,’ While the autonomous institutions have to strengthen their curriculum’. For the affiliated colleges to upgrade their competencies, the Financial Autonomy will be the Key and academic Autonomy, the major Driver.

The established institutions have to strengthen their curriculum by improving the standards in terms of Faculty ; Research, Industry Interaction, Use of Technology and Case Method. The words ‘global economy’ are on everyone’s lips today. From aggressively successful entrepreneurs and steel magnates to bio-techies and event management experts, everyone’s talking about expanding their businesses across continents. As more and more well-educated and well-equipped talent emerges, the task of talent selection becomes even more complex.

Companies find it increasingly difficult to identify and zero in on the right candidate for the right Job. The onerous task of hiring the best will become more and more difficult; the situation will be exacerbated by the requirement of greater numbers of people ‘on-the-job’. Opportunities to students Traditional, time-tested avenues of employment making way for newer opportunities and career paths, and today, most students are faced with a bewildering array of hoicksГв?of colleges, study subjects, fields of specialization and methodologies.

Students are faced with the unenviable task of having to make choices based on popular opinions or trends. Very few, if any, make choices based on potential and real aptitude. This means that finally, most new entrants in the professional field are there because they hope that they are in the right place and not necessarily because that is what they like and are good at doing. Apart from this, we will find that with newer seats of higher education opening up across the world, the task of getting oneself noticed by potential employers becomes ore difficult.

Highlighting one’s abilities and hidden or unique strengths becomes even more crucial in the race to stand out from the crowd. Graduates from institutes located in unusual geographies will be hit even harder, with a new class structure based on one’s graduating institute rather than one’s merit emerging. Both companies and Job seekers lose in the ensuing chaos. As companies resort to greater eliminators tactics, they run the risk of letting real talent slip through the employment net. Finally, out of the chaos will emerge order?

In a truly global economy, talent seekers room across the world will capture talent from across the world. In a truly global economy, there will exist a single, definitive benchmark, providing a standard methodology to recognize the quality of the human resource. In a truly global economy, external trappings will not matter, what will matter is potential and aptitude. In a truly global economy, the ability to contribute to a global business will economy, the playing field will be flat and level, providing opportunity to all, based on true merit.

The new dimension The emergence of such a new dimension has already begun. Companies are feeling he need for global standards to benchmark human resources, and academics are encouraging the use of merit-based candidate selection systems. Indian’s position as a lead contributor to the global IT human resources pool will need to be supported by the adoption of global standards for talent selection. It is out of this need that a council of companies, hiring experts, technology experts, psychologists, government agencies and test development experts came together and set up the Professional Aptitude Council.

With a charter to develop and administer global, industry-standard examinations on behalf of the IT Industry, PACE alps test skills and aptitude to make a highly predictive assessment of a person’s ability to perform in an IT Job within a global business setting. At the time of independence, Indian economy was developing and hence we required bureaucratic management skills. However 50 years after independence, the Indian economy has become more mature and hence we require entrepreneurial management skills. Our management schools have failed to meet this challenge.

Therefore there is a need to revamp our management education. * Growth of management education In 1950, the Department of Commerce of the Andorra University Started the first M. B. A. Programmer in India. In 1963, Indian Institute of Management, Mohammedan was set up in collaboration with the Harvard Business School. The asses and asses witnessed the growth of commerce education and 1970 and asses witnessed the growth of Management Education in India. There has been a tremendous growth of management institutes in our society. Every year about 14,000 students pass out of management schools.

Keeping in mind the demand, the supply is very meager. Management courses have become ‘Academic Courses’ rather than ‘Professional one’. Management Institutes, barring a few exceptions, have reduced to commerce alleges. There is an urgent need to restructure management education to meet new challenges of 21 Century. Glimpses of 21st century -thinks globally Alvin Toffee in his famous book ‘Future Shock’ Says ” To help avert future shock, we must create a super industrial education system and to do this, we must search for our objective methods in the future rather than the past…

Education must shift into American thinkers, Alvin Toffee and Peter Trucker have predicted the following changes in the socio- economic life. 1 . The Society of 21st Century would be the ‘non- socialist and post -capitalist’ society. . Manufacturing sector would lose its importance and service sector will make significant contribution in national income. There would be ‘service revolution’ in the world. 3. Knowledge and Information rather than ‘capital’ would be the main source of economic development. Hence there would be knowledge workers, knowledge society, knowledge executives etc. . Due to the information technology revolution, future business offices would be ‘paper -less’. And gradually business world would move towards ‘ office elimination’. 5. Future business organizations would be flat, networking and ad-hoc. The organization would be virtual and learning organization. 6. The task of Personnel Manager would be more challenging as well as more difficult because management will have does deal with knowledge workers. HARD, rather than HARM, would be the main activity of future managers.

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