The future of business education - connecting value and relevancy: an action research study

Abstract

Today's business schools strive to balance academic rigor, research, and teaching relevant curricula to prepare learners for the rapidly changing workforce. Faced with enrollment challenges, questions about the value of the degree, and reports that graduates lack the skills employers desire, business schools are called upon to change their business model. While higher education is slow to change, the Covid-19 global pandemic forced immediate change to the mode of delivering quality education. This change also impacted the workplace, which now plans for long-term remote work opportunities. This action research study examined what a business school model that supports innovation, relevancy, and lifelong learning could look like. Data collected from participants during Cycle 1 consisted of interviews and design labs with campus participants, interviews with employers, and a public survey to understand the perceptions of lifelong learning and the future of higher education and work. Findings from Cycle 1 identified value propositions desired by customers of the business school (i.e., learners and employers). Findings from the literature review suggested that such value would need to be implemented by faculty, building from the classroom level upwards. Cycle 2 explored how faculty would incorporate identified value opportunities into their courses and if employers would perceive these to be effective in developing prepared graduates entering the workforce. The study concludes that a business school model that supports innovation, relevancy, and lifelong learning is collaborative, personalized, connected to industry, and supports deep learning. It also found that motivated faculty are the implementers of the business school's value proposition, employers and alumni are key partners in delivering value, and a trifecta of relationships between learners, faculty, and employers is critical to a sustainable business model. Lastly, the findings point to a project management-based curriculum to develop employer-desired skills that prepare learners for any career. --Author's abstract