Leveraging stakeholder engagement to reconstitute a diverse business advisory council

Abstract

This paper looks at how academic leadership in US business schools and university advancement can work collaboratively to (re)constitute a business advisory council (BAC) comprising a more broadly diverse group of alumni and corporate partners that benefit the school, the students and the philanthropic efforts of the school. Academic leadership receives much-needed ‘real world’ advice and counsel about curricular and strategic issues; council members have an important and meaningful way to contribute to their alma mater or an academic partner in their community. If this council membership is groomed properly, advancement builds an annual donation stream that can be counted on to offset some of the financial pressures and, perhaps, can begin to source and train future candidates for the Board of Trustees. Students not only benefit from better-informed curricula, they also begin to build important network connections with the organisational community that could benefit them when they enter the internship or post-graduation employment market. In short, taking the time and energy to reconstitute a more diverse BAC could be a win-win for all parties involved.