Business Management Education for 21st Century: Integrating People and Planet with Profits

Abstract

Many questions clutter our horizon in 21st century. The way business is passing through impulsive and unremitting changes; the new business management norms are created every day. The business management education should follow the suit; rather provide lead to the business. We argue that the business management program curricula must emphasize the content and pedagogy design to equip students who are capable to run business successfully on each of three parameters; economic, social and environment profit. We propose conceptual framework and a model to support our arguments. Business environment is changing very fast. Visibly the technological disruptions, social expectations and rapid globalization demands better understanding of its impacts on economy, society and environment in terms of the costs, and benefits. The business can only survive if it’s economic, social and environmental benefits are higher than the cost. This paper constructs argument emphasizing on core principle of business management education that any course delivery should integrate with triple bottom line. The key questions business school should address revolves around the curricula, the subjects that should be included in syllabus, content of the courses, teaching pedagogy or learning mechanism and recruiting students with right aptitude, attitude and temperament. Business schools attempts to address one or all those ingredients. The more important missing element in business management education is integration of course delivery with the triple bottom line. The existence of business is economic or accounting profit. To be a sustainable business; social and environmental performance of business cannot be ignored. Each course included in the syllabus has a purpose; to help business to enhance the triple bottom line.