A business school today would be spending about 75 % to 80 % of the time on lecturing and teaching students about the theories of business management. The student is spending very minimal amount of time on actual application of these business models, which would be what they would be doing at work at the corporations. The theoretical aspects may be more than easy to understand, but may be very difficult to implement. Corporate are emphasizing that resources from business schools have theoretical knowledge, but often find it very difficult to implement them.
This has greatly contributed to incompetency, inefficiency, poor work ethics, poor quality of work, etc, at the workplace. They are also considering that business schools should spend greater amount of time on case studies, team projects, simulation programs and internships. Tomorrow the managers who have passed out from business schools should be able to lead an organization based on values, ethics, skills and experience (Daniels School of Business, 2008). Besides, research could help understand the problems better and develop more effective solutions for these.
A business school should be encouraged and funded a greater amount of research-work by the corporate to ensure that the research findings do help the corporate in their business dealings. Overall, a strong interaction between the business schools and the corporate is required urgently to ensure that both can gain fruitful in terms of quality and effectiveness. The most important role any business school would be doing is to teach and guide the future human resource into the right kind of profession that one wants to be.
The corporate would gain greatly by helping the business school in its endeavor, which would be very beneficial (to the corporate) in the long-run (Daniels School of Business, 2008 & Ashford, 2008). Corporate scandals and business ethics The recent Enron scandals have demonstrated the need for intuitions to integrate several aspects including business, law, ethics, finance and accounting under one program. Today the business schools have not been pointed out yet for the indiscipline and the poor ethics demonstrated by the business resources during work at corporate.
However, in the near future, business institutions would be held responsible for the poor work ethics and the negative role played by business professionals in corporate scandals. The past scandals should serve as effective case studies in educating the students about corporate scandals, the manner in which it could destroy the image of the organization and also the impact it would play on the career of the professional. The role of these scandals, and the strengths and weaknesses generated by these need to be closely be debated in the classroom.
Merely researching the case studies is not useful, but the teaching faculty should utilize brainstorming and aggressive debating strategies from the students to effectively educate them about these scandals and the impact they would be having on business. The students would be forming the future of any business organization, and once the students develop thinking such that scandals are effectively prevented, then the corporate could benefit hugely. It is important that the theoretical aspects are effectively combined with the practical implications (Dharan, 2003, & Gintis, 2006).
Reducing the bridge between theory and application The business schools today are often being criticized by the corporate for not bridging the gap between theory and practical. It is not only a gap that the business schools need to close through their research and instruction given at school, but also it is their duty to do so. A business school would also have to improve the sciences of business administration, not only ensuring that the students are able to understand the various business techniques and processes.
Although some schools are not considering bridging this gap seriously, others such as the Michigan’s Ross School of Business and the Harvard Business School are considering closing down this gap. It is important that the corporate executive not only support and fund the research, but also communicate with the students and ensure that practical sessions on business sciences are up-to-date. In the Harvard Business School, there is a very close interaction with business organizations through case studies being developed in the institution.
Faculty teaching business sciences at the schools also need to have in-depth knowledge of practical aspects of applying business theory and the need to conduct advanced research. The professors teaching in business schools should have updated knowledge and something new and relevant to teach. One of the major stakeholders that can play an important role in changing the culture of the business school is the administration of the institution. They should collaborate with the students and the professors ensuring that the gap between theoretical knowledge and practical application is reduced.
It is important that the basic building blocks of the bridge between the academic and the corporate world are built (Ashford, 2008). It is important that faculty having knowledge of research techniques and practical application of theoretical knowledge are recruited in business schools. The faculty should be working in close coordination with the corporate. Many of these faculties have actually been teaching theory in schools and have slowly ventured out to consider applying theory in practical applications in corporate.
The business school should consider providing greater corporate exposure to the staff to ensure that they are aware of the practical implications of theoretical research. This would be a huge boost to the skill-set of the faculty resources. Junior faculty members should especially lead the way (Ashford, 2008). Many of the business schools offer an executive program in business administration for working professionals. They would be aware of practical knowledge, but may not be aware of the theory.
Such programs should be utilized as a tool to ensure interactions between the faculty members and the working student professionals, and also between the student professionals themselves. The teacher should in such programs be aware of the application of the research-based findings in the corporate world. On the whole, a teacher teaching for a full-time course would be having a lot of time available, whereas a part-time student would be having minimum amount of time. Hence, the most use of the resources should be made.
When a faculty oriented towards research, participates in a corporate program, he/she can find new ways of utilizing theoretical knowledge for practical implications. The experience of these would be presented in the classroom as immense benefits for the students. The quality of the education program would definitely improve. At present, many of the faculty members of business schools are participating in practice only towards the end of their career. This would mean loss of important resources due to improper administration and lack of motivation (Ashford, 2008).
Various professionals and faculty from different institutions need to collaborate and form forums for solving professional problems. Institutions need to set up multi-disciplinary units, where professionals from different institutions and the corporate sector gather together to address professional problems and ensure that development of ideas and better ways to make decisions and solve problems are propagated. When there are sessions in which people from various universities, institutions and corporate gathered at one place, then would greater meaning for theory and research be put forth (Ashford, 2008).
Aiding the corporate sector in various research programs and developing theoretical models A career is business does not mean that the student after finishing his or her education would leave the school and look for a career in the corporate sector as a management professional. Corporate and their employees continuously require the help and the aid of the business schools to ensure that the research programs conduced by the business schools is put to greater use and that various theoretical models are appropriately interpreted to the practitioners.
The research work being conducted by many management gurus in the international arena may not be understood properly by the local business and the corporate. To give more meaning to these latest research studies and ensure that they are effectively utilized by the business organization to their benefits, a greater interaction with the corporate sector is required. The business school and the corporate organization can share research-based information in various ways including distance education programs, executive management programs, counseling sessions, seminars, presentations, email articles, workshops, etc.
Executive and distance education programs would consist of several sessions in which professionals from the corporate sector would interact with faculty and other participants. This could be an important stage for sharing information and ensuring fruitful interactions (Ashford, 2008, & Daniels School of Business, 2008). Integrating the various business disciplines One of the classical examples of a positive interaction between theory and practical has been at the Marketing Science Institute in Massachusetts in 1961.
In this program, more than 70 universities would be participating with several corporate for interactions on various topics and research programs. The Institute would be conducting research and funding programs, whereas the corporate would be putting practical experience to better use for students and other (Ashford, 2008, & Daniels School of Business, 2008). As part of the curriculum for business management, a student would study different subjects including marketing, human resource management, psychology, logistics, supply chain management, business ethics, business laws, operations, finance, etc.
The student would be passing these subjects individually, and no way of testing the skills and knowledge of the manner in which the student would be integrating these subjects. A business school should try to revamp the education taught in business management by integrating these subjects, such that greater amount of practical application would be considered. It would be better to have a greater number of subjects besides, the basic subjects that would concentrate on integrating the individual subjects.
This would ensure that the student is more prepared for business application and serve as a useful resource in an organization. One such application would be “ethical management of the human resources in the organization”, formed by a combination of business ethics, human resource management and business laws (Ashford, 2008, & Daniels School of Business, 2008). Conclusion Today, greater amount of the interactions is required between the business schools and the corporate to ensure that the divide between theory and practical knowledge is given a greater meaning.
Corporate would be requiring resources from the institutions, and hence it would be justified for them to aid the institutions in providing practical and hands on experiences. In turn, the institutions should not only provide interactive sessions to corporate resources, but also ensure that the latest research findings are put to a greater practical application. An academic organization would go much beyond training the students in the field of business management.
They would also give the students hands on experience of management and ensure that their faculties are exposed to the corporate settings in the form of part-times sessions and handling certain projects. Business management is now a multi-disciplinary field involving fruitful interactions between management professionals, businessman, engineers, administrators, teaching faculty, etc. Greater number of bridges in the form of seminars, internships, projects, research programs, seminars, executive programs, training sessions, workshops, etc, need to be laid down.
Collaboration and cooperation between individuals and organizations need to be established. The business school themselves need to develop internal programs that can expand to include external organizations and programs. The quality and effectiveness of the education would definitely improve. Greater amount of emphasis should be laid upon uniting the various subjects taught under business management, such that it would ensure that they would be having greater amount of practical implications. Finally, the importance of business ethics and also should be stressed so that scandals and poor ethics at the workplace are effectively prevented.
Asford, S. J. (2008). You Turn – Bridge to Practice, Retrieved on December 14, 2008 from AACSB Web site: http://www. aacsb. edu/publications/Archives/MarApr08/68-69%20YourTurn. pdf Daniels College of Business (2008). Learning at Daniels, Retrieved on December 14, 2008 from Daniels College of Business Web site: http://www. daniels. du. edu/du/media/docs/Discover%20Daniels/LearningatDaniels. df Dharan, B. G. (2003). Business Education and Corporate Accounting Scandals: Lessons on Accounting Information and Investor Trust, Retrieved on December 14, 2008 from RUF Web site: http://www. ruf. rice. edu/~bala/files/dharan-business_education_and_corporate_accounting_scandals_11-03. pdf Gintis, H. & Khurana, R. (2006). Corporate Honesty and Business Education: A Behavioral Model, Retrieved on December 14, 2008 from UMASS Web site: http://www. umass. edu/preferen/gintis/Corporate%20Honesty-A%20Behavioral%20Model. pdf