Globalization and Its Impact on Business Education in Emerging Economies: A Case of India

Abstract

The article reviews the impact of globalization on the quality of contemporary business education in India. When the Indian government liberalized the business education market in the 1990s, it was assumed that creation of business schools would automatically lead to employment-ready individuals, especially in managerial roles. On the contrary, certain trends suggest that business schools have been producing suboptimally skilled individuals for the industry, leading to an incessantly widening skill–employability gap. The article discusses the plausible reasons for this gap. The article also argues for integrating emotional intelligence (EI) as a key behavioural skill in management education framework.

Keywords

Academia industry emotional intelligence employability globalization management education skill gap

Introduction

In the last decade, the barriers to international trade have fallen, leading to an integrated and interdependent business framework. With growing interdependence of countries and cross-border trade, the businesses are faced with a challenge of retaining competitive advantage. This is possible only with proficient managers who have the ability to renew their skills with the changing environment. Thus, the contemporary leadership in organizations is compelled to rethink how to train the succeeding cohort of managers to tackle the unpredictable and accomplish the most challenging tasks.

The article reviews the impact of globalization on the global skill inventory levels with reference to developing countries like India. Further, it investigates the current state of management education in India, its relevance and significance, and the different issues and challenges faced by business schools today. In particular, the article discusses the skill–employability gap prevalent in management education. The article proposes emotional intelligence (EI) as a key behavioural skill that can be integrated in management curriculum. In this endeavour, the article also examines four top-ranking business schools with respect to their pedagogy and how they equip future managers with the requisite skills. Finally, it suggests measures that can be taken to make the managers employable.

Workplace Changes Post-globalization Era

Globalization implies competing not just with organizations within the state or national boundaries but also with those within the global expanse. The products, technology and services need to be manufactured keeping in mind the global audience. Altbach and Knight (2007) defined globalization as “the economic, political, and societal forces pushing 21st century higher education towards greater international involvement”. This era has been characterized by an ever-escalating need for skilled and technically sound manpower (Gordon, 2009).

Globalization can be categorized into two phases. The initial phase (1980–1990) was about creating value chains requiring low levels of skill and lesser wages across the borders, while restricting the higher level of expertise to the parent nation. The national institutes and educational bodies were able to suffice the skill demand of that phase (Brown, Lauder, & Ashton, 2008). However, in the next phase (post 1990), globalization could not be contained within national boundaries. There was greater degree of regulation of the entire value chain. The organizations integrated functional areas and focussed on core functions by estimating how best performance could be derived by optimizing skills and capital. This has given rise to global webs of high-, medium- and low-skilled work that straddle national borders, where a growing proportion of high-value work is located in low-cost and emerging countries like India (Brown et al., 2008). The demand for such wide range of skills that could be used across the borders has led to a transformation in the way the demand and supply dynamics of manpower skills operate.

Overview of Management Education in India: Evolution and Growth

Management education in India is relatively new and took a concrete shape during the 1960s, after the creation of the Indian Institute of Management (IIMs). It has progressed, in the past 50 years, as one of the unique features of the Indian university system. Jagadeesh (2000) found that the formal management education system has categories such as certificate courses, diploma courses, graduate courses, postgraduate courses and doctoral programmes.

The industry today is on the lookout for trained manpower in different functional areas—those who possess the degree along with the requisite skill set for the job roles—in large numbers. The India Skills Report 2017 highlighted that non-cognitive skills, such as communication, interpersonal, adaptability, EI, conflict resolution, and learning agility, will be more in demand globally. Individuals with certification in these skills will be preferred by employers over individuals with just domain-specific skills. Hence, ensuring compatibility between quality and quantity becomes a top priority.

Higher Education in India: Vision 2030, a report by Ernst and Young for the Federation of Indian Chambers of Commerce and Industry (FICCI), says that the skill gap is alarmingly high. A whopping percentage of graduates—75 per cent in the IT industry, 55 per cent each in the manufacturing industry and healthcare and 50 per cent in the banking and insurance sectors—are unemployable. The numbers in case of MBA graduates of the country paint a dismal picture with only 10 per cent employability rate (Mishra, 2014). About 53 per cent of the employed youth suffer from some degree of skill deprivation, which makes them unemployable (Kapil, 2014).

Additionally, globalization has mounted challenges, such as high competition, high quality standards, efficiency and effectiveness, which mandate a close linkage between government, industry, workforce and the academia. To build a superior intellectual capital base, several new IIMs have been set up. Other steps in this direction are the introduction of the higher education and research bill, the educational tribunal bill and the foreign educational institutions bill, with the objective to enhance transparency and quality. In spite of the aforementioned efforts and assistance from global organizations like the World Bank, the situation remains grim (Khare, 2014). The following section illustrates such emerging concerns about the contemporary management education in India.

Emerging Issues of Management Education in India

Management education in India is plagued by issues, such as inadequate infrastructure, paucity of qualified faculty and corporate insight, lack of ethics and values in business schools and scarce development of industry with respect to institute linkages, emphasis on research, inculcating global mindset, exposure to real business issues and multiple perspectives (Chopra, 2017; Jagadeesh, 2000; Khare, 2014; Malik & Venkatraman, 2017). All these need to be resolved to produce managers who meet the requirement of the industry and the global society.

Indian management education has been characterized by mushrooming growth, which has led to a major descent in the quality of education being imparted. All India Council for Technical Education (AICTE), which is the principal statutory body, permitted a large number of institutes to start MBA or equivalent programmes post 1990s, but this affiliation is also not mandatory to start a business school. Even if institutes get approval, it is merely to fulfil a customary formality. The present shape of management education is one of universalism and minimal customization. This is supported by Chopra (2017), Khare (2014) and Malik and Venkatraman (2017).

Chopra (2017) cited that a majority of the business schools are functioning with the motive to extract profit and have relaxed norms for admission in order to accommodate more students, thereby leading to enrolment of students of low quality. Even their assessment procedure and evaluation criteria are not defined, and most of the students get promoted to the next term, which adds to the skill gap. Further, some institutes have retired academicians occupying prime positions, but they do not exhibit much interest in upholding the quality of education. This is supported by Kawatra and Majumdar (1998), Nayak and Sahu (2016), Malik and Venkatraman (2017) and Rao (2009).

Kumar and Dash (2011) found that management education in India is a copy of management education in the West, characterized by alienated and out-of-context examples, and theories which students are hardly able to relate to. The syllabus provides rich theoretical knowledge, but there is no provision to impart an equal insight of the practical dilemmas faced by business organizations. The system churns out MBAs who are uninformed critics of the industrial environment. This has been supported by Gordon (2009), Chopra (2017), Mahajan and Sharma (2012) and Rao (2009). The rankings given to management institutes are often inconsistent and misrepresent the standard or quality of management education delivered. The current structure of business education allows limited points of interaction between the academia and industry, barring a few activities like consultancy or specific organization-based training (Ojha, 2005).

Skill–Employability Gap

The Global Talent Risk report (2011) of the World Economic Forum had warned that developing countries like India and Brazil would face low employability due to the huge skill gaps. The National Employability Report highlighted the state of skill deficit in India (Aspiring Minds, 2012). For roles involving client service and interaction, the employability remains between a meagre 10 per cent and 20 per cent. All these roles involve behavioural aspects and personality traits, such as openness, extroversion, EI, conscientiousness and agreeableness. Khare (2012, 2014) added that personal skills are considered more important and carry higher weightage in the overall skill gap index for all sectors, except electronics and IT hardware.

Khare (2014) affirmed that, in India, where the education infrastructure was late to develop, quality remains a principal issue. The unmatched requirement demand for higher and professional education in the country has led to a rather chaotic and unsystematic expansion, characterized by practically no preparation. The result is an overall decline in the quality and relevance of education and educational institutions due to the emergence of countless service suppliers (Gordon, 2009; Mahajan & Sharma, 2012).

Bennis and Toole (2005) and Pfeffer and Fong (2002) highlighted that there is strong evidence suggesting a complete disorder as far as skills taught in MBA and their real business application are concerned. Additionally, they also pointed out that there is paltry association between mastery of MBA curriculum and its transfer to the job.

Importance of Emotional Intelligence

The aforementioned numbers divulge the fact that there is a stark shortage of soft skills and behaviour regulation, both of which are vital for any job responsibility and in determining the success or failure of a manager. Numerous studies have illustrated the importance of interpersonal skills and their consideration by management at a global scale (Ghoshal, 2005; Khurana, 2007; Mintzberg, 2004; Pfeffer & Fong, 2002).

Rubin and Dierdorff (2009) found across a study of 52 different occupations that the MBA course curricula have minimal representation of behavioural skills, although they are ranked the most important by managers across organizations. Studies advocate that the MBA framework should focus more on integration of soft skills, like interpersonal and leadership skills, as recruiters consider these behavioural aspects more instrumental than technical skills (Eberhardt, McGee, & Moser, 1997).

In view of the above-discussed deficiencies in the business education curricula, the present study proposes the importance of EI and its applicability for future managers. EI is a form of social intelligence that involves the intellectual processes used in the appreciation, comprehension and management of one’s own and others’ emotional conditions and the capacity to use those feelings to motivate, plan and achieve (Mayer, Salovey, & Caruso, 2004).

At the organizational level, Voola, Carlson, and West (2004) argued that EI can be harnessed to gain competitive advantage. As per the resource-based view, organizational capabilities are a source of competitive advantage, and organizations with better leadership and strategic change capabilities are more likely to achieve superior performance. Therefore, enhancing EI, which can be enhanced and improved unlike intelligence quotient (IQ), would be a unique and non-imitable source of competitive edge.

The importance of EI has been established in the professional front, and there is growing evidence that EI is no less than general intelligence in determining a person’s success (Carmeli, 2003; Cherniss, 2010; Cherniss & Goleman, 1998; Morehouse, 2006; Zaťkováa, & Poláčeka, 2015). The first and foremost link between EI and workplace was explored in the area of leadership in organizations (Coco, 2011; George, 2000; Keil, Bezboruah, & Oyun, 2009; Megerian, & Sosik, 1996). Studies portray that leaders with high EI have high self-awareness, sense of passion and purpose and the ability to reflect on their own behaviour. EI affects professional growth and development of individuals and also their workplace performance (Carmeli, 2003; Fatt, 2002; Goleman, 1995, 1998; Gosling & Mintzberg, 2004).

George (2000) found that emotions facilitate various cognitive processes, such as decision-making, inductive reasoning, attention to detail, detection of errors and flexible planning. The ability to manage one’s emotions and understand others’ is tantamount to effective managerial leadership. This was supported by other studies (Bellizzi, 2008; Megerian, & Sosik, 1996). Leading business journals, like Fortune and Harvard Business Review, have featured articles on EI and its connotation for the workplace.

Carmeli (2003) asserted that the role of managerial skills, in general, and EI, in particular, is very significant for the success of senior managers in the workplace, and that EI augmented positive work attitudes, altruistic behaviour and work outcomes and moderated the effect of work–family conflict on career commitment. This has been supported by Dulewicz and Higgs (2004), Khokhar and Tulika (2009), Lindebaum and Cassell (2012), Zaťkováa and Poláčeka (2015).

The significance of EI has been examined across different industries, such as sales, IT, telecom, banking and pharmaceuticals (Dulewicz & Higgs, 2004; Lindebaum & Cassell, 2012; Nafukho, 2009; Yildirim, 2007). Extending it to the arena of education, it still needs to be established whether or not it makes a substantial difference. The investigations in the education industry across the world began by looking at the significance of EI at the school level (Abdullahi, 2009; Fernandez & Ruiz, 2008; Mayer & Salovey, 1997; Opengart, 2005). Abraham (2006), Cain (2004) and Suzyn and Nelson (2006) called for the incorporation of EI competencies in the university curricula in courses like law, international travel, and so on.

Boyatzis and Saatcioglu (2008) asserted that the prevailing business education is able to raise students’ general intelligence by 40–50 per cent, but their EI increases by only a meagre 3 per cent. This leads to an unsuccessful career and unsatisfactory relationships at work. After the new curriculum with EI component was introduced, the students were significantly able to enhance their competencies in leadership, relationships, helping others and information gathering. Darr (2006) stated that the job requirements for knowledge workers have changed from only technical skills to an equal combination of interactive and social skills. This has been supported by Hampson and Junor (2005), Leidner (1993) and Singh (2010).

In the Indian context, studies have revealed that the present skill status of MBA students in terms of soft skills requirement is miserably inadequate (Jagadeesh, 2000; Malik & Venkatraman, 2017; Singh, 2010; Yeravdekar & Tiwari, 2014). Mahajan, Agrawal, Sharma, and Nangia (2016) pointed out that the Indian management education system is afflicted with challenges, such as poor infrastructure, curricular insufficiency and lack of experienced teachers. All these have resulted in a severe deficiency of technical as well as social skills, like EI, in the graduating students. This has been supported by Chaudhry (2003), Dayal (2002), Khurana (2007) and Shweta and Kumar (2011). The existing academic success model gives maximum credit to cognitive aspects, such as rationality, intellectual reasoning, competition and objectivity, and totally ignores the existence of factors, such as emotions, emotional awareness and their application. The affective component, which is the emotional reaction, can account for as much as 75 per cent of the variation in success of individuals (Hunter & Hunter, 1984).

There is a clamant need to incorporate EI competencies in the management curriculum. Educators have been increasingly focusing on the role of EI and other non-cognitive variables in enhancing learning in higher education (Fatt, 2002; Jaeger & Eagan, 2007; Newsome, Day, & Catano, 2000; Salem, 2000).

The overall relevance of soft skills with specific reference to EI, the impact of EI on the performance in the professional sphere and the increasing skills gap in the management education scenario make a compelling case to incorporate EI in the business curriculum. On these lines, the present study examined the working of four top-ranking business schools, specifically with respect to the pedagogy adopted, curriculum endorsed and other aspects that make them stand out among the several business schools that have cropped up in the country.

Rubin and Dierdorff (2009) stated that any investigation is deficient without assessing factors that impact the agenda at the programme level. Media ranking has been identified as the most influential factor driving the curriculum framework and determining the reputation of an institute in the marketplace. Better-ranked business schools are more pertinent to managerial realities through better-aligned curricula (Elsbach & Kramer, 1996; Gioia & Corley, 2002; Morgeson & Nahrgang, 2008; Segev, Raveh, & Farjoun, 1999). With this in view, the article selected only top management colleges to observe how their curriculum is aligned to the overall managerial realities with specific reference to the use of EI. The research also tried to investigate how the pedagogy and curriculum reinforce the importance of behavioural component, specifically EI, the significance of which has been discussed earlier. The researcher made an attempt to observe the daily functioning of these business schools of Delhi (NCR) India, selected based on the criteria, such as AICTE recognition, reputation and ranking, government-run institutes and autonomous institutions and Common Entrance Test to select candidates and drew conclusions based on them and some secondary material available.

Case Observations from Selected Top-ranking Business Schools in India

The aim of the investigation was to analyse the characteristics of the teaching learning scenario in business education and evaluate the personality of the candidate considering not only the intelligence but also the behavioural aspect. All the four business schools had adequate infrastructural facilities, such as a fully equipped library, computer centre, research centres and practical laboratories, to enable and facilitate the teaching learning process. The institutes had companies from all sectors, such as manufacturing, telecom, Fast Moving Consumer Goods (FMCG), consulting, Banking, Financial Services and Insurance (BFSI), trade, IT/ITES, and so on, visiting their campus for internships and final placements. These companies offered job roles involving the use of a plethora of skills like interpersonal competence apart from just technical competence on the part of the students. Some of the job roles offered were corporate HR, HR consulting and industrial relations, general management, investment banking, trade and logistics, product management, wholesale banking, retail banking, equity research, corporate finance, consumer banking, supply chain, procurement and logistics, operations, product management, business analytics, and so on.

The pedagogy employed at the institutes was learner-centric and highly interactive and demanded substantial participation and action learning, through which students could relate the concepts, ideas and theories to their experiences. The emphasis was largely on stimulating the participants to integrate the concepts learnt across the core curriculum and apply them to their individual work experiences and contemporary business situations. Teaching methods included lectures, case studies, seminars, group discussions, business games, role plays, simulations, exercises, structured and unstructured group work and field visits. Group activities and industry visits, consultancy assignments and internships were also incorporated into the pedagogy to provide real-time experiences to students. International collaborations and student exchange programmes were encouraged to promote intercultural sensitivity.

Additionally, three business schools had special subjects dedicated to soft skills, in general, and EI, in particular, such as psychology for managers, counselling skills for managers, organizational behaviour, team building and communication, EI and leadership, and psychometric testing. They also had an organizational behaviour and psychometric laboratory where practical application of behaviour skills was practised and assessed. Such exposure helped students to practise these skills which are often taught just as theoretical disciplines. All the business schools held frequent seminars on contemporary topics in behavioural research, such as EI and its impact, stress management and personality development with respect to soft skills. For this, they were exposed to speakers from the corporate who could provide an insight into the real world and its issues. All the institutes had activity clubs, events, competitions led and managed by the students with the aim to enhance various skills, such as leadership, interpersonal competence, conflict resolution and intercultural sensitivity.

The overall observations of the top business schools by the researchers have led to the conclusion that stringent criteria were used while selecting candidates. These included not only merit in terms of marks obtained and scores accrued but also performance in group discussions and personal interviews. The aforementioned observations, which have been supported by studies like Undel and Bhor (2013), stated that the existing gap which includes the gamut of skills, such as functional, behavioural, emotional (adaptability, communication and stress handling) and attitudinal, can be tackled by intertwining hard skills with soft skills through a rigorous pedagogy. This is supported by Khare (2014), Shukla (2013) and Sri (2014).

The findings of aforementioned studies indicate that the behavioural component of the personality is as important as the cognitive component; hence, business education should emphasize on both components to produce successful future managers. The real differentiator is the capability of the managers to influence their own attitude and that of their subordinates. The extent to which managers/leaders are aware of their own emotional state determines to a great extent how they will perform and how their team will.

Implications for Practice

Through this article, we have tried to sensitize educators and managers in the industry that there is a disconcerting gap between knowledge and skill, which can be plugged jointly by the efforts of the academic and business stakeholders. This mandates development of a holistic, targeted and customized model for business management education, involving inputs of representatives from the industry and academics (Chaudhry, 2003; Dayal, 2002; Elder, 1997; Khurana, 2007; Shweta & Kumar, 2011; Wilding, 2010). The FICCI report Higher Education in India: Vision 2030 (2013) states that to realize the goals envisioned for 2030, adopting a transformative and innovative approach is critical across all the levers of higher education: from curricula and pedagogy to the use of technology to partnerships, governance and funding. Emerging issues regarding quality assurance should be tackled carefully so that management education in India is able to create jobs and sustain global competition. This is possible by laying onus on world-class innovation and research. Sigmar, Hynes, and Cooper (2010) pointed out that to prepare students to successfully enter and sustain themselves in the business world, the education should equip them with teamwork skills and exceptional capability to communicate. Incorporating EI training into the business curriculum can provide students a competitive advantage academically, personally and professionally. Consequently, business schools should deliberate upon the inclusion of a course in social and emotional skills in the business curriculum. Incentivizing/enabling faculty development and exchange programmes with industry as well as attracting and incentivizing world-class faculty to conduct research would also help (Chopra, 2017; Mahajan et al., 2016).

Limitations and Scope for Future Research

The propositions we derived require empirical inquiry. The research could be extended by conducting an empirical investigation to understand the effectiveness of EI for students of management education. Further, the relationship of EI with different variables could be studied in the Indian context, where the research is still in the nascent stages. The findings of the article cater only to the Indian context. In order to arrive at more generalizable notions, researchers and practitioners need to look at EI in other emerging economies.

Conclusion

To sum up, India needs an extensive preparation at the regional, sub-sectoral level of higher education, with special attention to management education, so that the future of organizations and business is secure. Management education should, therefore, be a facilitator, linking education to human progress in all walks of life. The skills drive should not be restricted to the dissemination of functional know-how but be a synthesis of virtuous academics and social skill development, including the ability to handle emotions and emotionally driven scenarios.

Acknowledgment

I would like to express my sincere gratitude to all the experts who have been a source of great guidance during the completion of my doctoral thesis. I would also like to thank all participants who have helped my with my data collection during the research work.

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article.

Funding

The authors received no financial support for the research, authorship and/or publication of this article.

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