Decoding The Management Education

The world is not flat- Urge of knowledge will never end

Since the 1990s, the term ‘globalization’ has become an increasingly prominent feature of economic, social and political discourse, not just within the academic community, but also in the popular press and in the world of policy making. It is, however, a notion that is far from straightforward. Definitions and debates have proliferated around the syndrome of processes and outcomes alleged to characterize globalization. Everyone agrees we live in a more ‘globalized’ world, but views differ as to what this means and whether it is a trend for good or ill. Those on the neoliberal right are typically pro-globalization, arguing that it has opened up markets across the globe, that it is a force for spreading opportunity and wealth across nations and that the intensification of competition it engenders stimulates innovation and productivity. Those on the political left tend to be anti-globalization, arguing it is a process dominated by global corporations that have become more powerful than nation states, that it increases inequality within advanced economies and undermines the ability of the world's poorer countries to improve social welfare or protect their natural environment. One of the contested aspects of globalization concerns its geographies and especially whether globalization is rendering the significance of location and place redundant and irrelevant. Several writers have argued that globalization—especially as driven by the revolution in information and communications technologies (ICT)—marks the ‘end of geography’, the onset of the ‘death of distance’ , the emergence of a ‘borderless world’, of ‘de-territorialization’ or ‘supra-territorialisation’ and the ‘vanishing of distance’.

Due to globalisation, Competitive labour markets aside, competition for employees is likely to become an increasingly important issue as the worldwide population ages. With some regional differences, employment levels in many developed economies are very high, and competition for skilled staff is intense. Concomitantly, due to the pressures of a changing demographic base, the demand for intellectual capital- a cadre of highly skilled, independent, internationally marketable and mobile individuals- is exceeding the available supply.

Despite the rapid expansion in the supply of highly qualified workers, many managers and executives in all seven countries believed in a ‘war for talent’, a competitive struggle to attract and retain ‘top’ talent central to their competition strategy. More corporate resources are being focused on attracting, retaining, and developing ‘top talent’ at the same time that a larger proportion of the labour force hold university degrees.

Although all the companies involved in this study anticipated an increase in demand for university graduates, there is little doubt that ‘more means different’ as companies differentiate their ‘knowledge’ workers in terms of function, competence and performance. As companies in this study globalise their Finance, marketing, HR and other strategies, especially talent management, it becomes impossible for employers to have first-hand knowledge of universities or the quality of students from different institutions, which explains why reputation and branding become key.

India

Since last decade, India has advocated the creation of a high-skilled, high-waged economy by upgrading the education and skills of its workforce. The creation of world-class skills is assumed to be a route to economic prosperity, reduced income inequalities and social cohesion. Such policy prescriptions rest on the idea of a knowledge economy where innovative ideas and technical expertise hold the key to the new global competitive challenge.

Governments all over the world want their countries to have high-value, high-skill economies, and they realise that the first step towards this aim is to have a well-educated workforce. The three central pillars of the government’s plans for education reflect these realities: expansion, equity and excellence. Over the next five years, every aspect of higher education is being reorganised and remodelled: funding, leadership and management, quality assurance, accountability, relationships with industry, international collaboration and the way teaching and research are conducted. Emphasis will be placed on strengthening existing institutions. In arguably the biggest reform in the governance and funding of state universities, an ambitious programme is underway to devolve authority and budgets for higher education from federal government to the state governments.

Gujarat

Gujarat is one of the most industrialised states in India, which is reflected in its approach to education reform towards employability. Overall, there is a strong sense that Gujarat is moving forward quickly to internationalise its education and trade. The state is dynamic and supportive; there is a sense of optimism that they are on the right track. They are not waiting for central government legislation, but are determined to move ahead with major reforms within their Higher Education system over the next decade within the existing legislative frame.

In the developing world the knowledge society will ask for even more highly qualified knowledge workers. Economic development, modernisation and demographic pressure will fuel the demand for higher education also in other parts of the world, only limited by the inability of the poor to finance the cost of higher learning. Local institutions nor governments will have enough resources to deal with this massification of demand in

many countries, leaving an unmet demand in the upper and middle classes of many countries.

Companies have consistently tried to improve quality while reducing their costs. But these attempts have been limited by the problems of delivering high-quality goods and services in lower-cost emerging economies. While these issues remain, companies reported a rapid narrowing of this quality and productivity gap, which in turn is transforming the way they think about the global supply of talent. The new competition is based on quality and cost, challenging Western assumptions about the inherent competitive advantage of the developed economies for high skilled, high value economic activity.

Factors driving the new competition include:

• An increasingly competitive environment where old and new competitors consistently up the ante in pursuit of competitive advantage;

• Rapid economic development in China, India and other emerging economies, enabling them to compete for high-value work. These countries have been able to leapfrog decades of technological developments in the West, for example by the introduction of cellular mobile communications;

• An increasing supply of highly educated workers,

• A shift towards the global alignment of business processes and the international benchmarking of quality standards, facilitated by new technologies.

Few decades ago, there was a race of moon, then there was race of money and now there is a race of knowledge, where student with just graduation degree will not be able survive in this race of survival.

Need of Post Graduation Degree:

MASTER OF BUSINESS ADMINISTRATION

YOU'VE BEEN through 15 years of education — not counting those two or three years in pre-school and kindergarten — with a degree under your belt. Now it is finally time for you to step out into the world and find your place in it. But you are faced with many options, some of which will postpone that decision to join the workforce for a couple more years. While most professional degrees might lead you directly into a job, or at least define for you an area of work, general degrees give you a good education. Of course, there are many jobs for which further formal education is necessary and highly desirable.

What exactly is the advantage of being an MBA?

Several reasons,

Today’s era require good decision makers which lead the world to the new heights, MBA will provide opportunity to develop analytical decision making habits.

MBA degree gives better career opportunities with good salary package. When it comes to the question of entrepreneurship, MBA allows a student to

develop all kind of skills required –entry level to the top level. It helps to develop all theoretical knowledge to the practical exposure to meet with the real life situation. A student can develop large network system.

It supports a student to enlarge new leadership styles and extending the thoughts of innovation into practices.

MBA is not just a degree but it is entire practical concept for corporate world.

Let’s quickly glance through some other significant factors that usually get ignored during B-school selection:

The faculty

Infrastructure

Teaching Methodology

Career Statistics /placement Alumni feedback Specialisation being offered Recent School Ranking Accreditation Status Scholarships / Financial Aid Convenience of Location