Globalisation is a powerful force that has made our societies more creative and prosperous. The business and management sector is no longer limited by geographical boundaries. It is increasingly influenced by international markets, diverse cultures, and global industry strategies. All these factors are also essential for a business’s success in today’s interconnected economy. However, this presents several challenges for future business leaders who must navigate global market trends, complex supply chains, and diverse teams while addressing pressing global issues. This necessitates a transformative shift in learning methodologies.
This evolving landscape has led to a growing focus on international collaborations in higher education, especially in management education. Global collaborations in management education are no longer supplementary but an essential requirement. They offer management and business students a pioneering way to equip themselves with diverse skills, wider perspectives, and robust networks, all of which are crucial in the 21st century. Consequently, Indian universities are collaborating with over 400 foreign universities, empowering students with leading education standards.
Global Collaboration as a Pathway to Skilled Graduates
International collaborations provide an opportunity for students to gain a global outlook, exposure to different business scenarios, and an understanding of complex economic systems. By participating in exchange programmes, study tours, and attending lectures by foreign faculty, students broaden their perspectives and foster cross-cultural understanding—developing skills that employers find crucial in today’s dynamic scenario.
Many employers believe that the graduates leaving business schools are unprepared to function successfully in the workplace. The reason behind this is the lack of technical and soft skills such as communication, analytical abilities, problem-solving, and teamwork. An IIE study, Gaining an Employment Edge, revealed that over 70% of students who participated in global exchange programmes gained essential soft skills such as intercultural competence, flexibility, adaptability, and confidence, all preparing them to thrive in the ever-evolving management landscape.
Promoting Curriculum Relevance and Innovation
Global collaborations also catalyse curriculum advancement and innovation. By partnering with leading institutions from different parts of the world, management schools can implement cutting-edge joint research programmes, modern pedagogical approaches, and deep insights into regional economic dynamics. Students can work on projects that tackle difficult global issues including poverty, economic volatility, and sustainability thanks to this collaboration. Additionally, collaborative research initiatives help students solve real-world issues while simultaneously enhancing their academic experience.
The focus on tackling complex global issues through collaborative projects directly aligns with the evolving demands of the modern workplace. Research suggests that by integrating collaborative and globally-oriented curricula, universities not only help in developing the core competencies identified by global employers but also foster adaptability and multicultural understanding crucial for international success.
Dual Degree Programmes and Academic Exchange
A study states that only 7 percent of MBA graduates from Indian business schools secure a job after completing their course. In addressing this challenge, dual degree programmes, a critical aspect of global collaborations, offer a significant advantage. Dual degree programmes allow students to gain two qualifications, enhancing their academic credentials and giving them a crucial competitive edge in the global job market.
Through academic exchanges, students can also become fully immersed in different educational systems. They are exposed to a range of teaching philosophies, course offerings, and evaluation techniques through partnerships with universities. This expertise gives them flexibility and the ability to work in a range of environments, which is essential in the global business world.
Global Internships and Placement Opportunities
New LinkedIn data has found that interns are almost 25% more likely than non-interns to start a full-time position within six months of graduation. By giving graduates a competitive edge and fostering global skills, universities that offer internships with foreign partners improve their employability. They also enrich learning by exposing students to diverse viewpoints and real-world applications. Additionally, international businesses place great value on these in the current business and management environment.
While universities provide foundational knowledge to students, internships offer the day-to-day flow of a professional work setting. Through an internship, individuals gain firsthand experience in business operations, team collaboration, and decision-making, bridging the gap between theory and practice. Additionally, these internships also cultivate crucial cross-cultural communication skills and adaptability, essential for navigating the diverse landscape of today’s management field.
Global Collaboration: The Key to Future-Ready Management
To support the development and applicability of business and management education, international partnerships are essential. These partnerships equip students with the cultural sensitivity, real-world experience, and global exposure they need to tackle the challenges of today’s dynamic business and management world. Global collaborations give students a wealth of opportunities to develop, learn, and thrive, shaping them into catalysts for positive change on a global scale.
