Waiting for Godot: treading the boards of the great Brexit drama

From the realities of life outside the EU and effects already in evidence, to potential dividends as seen by supporters, ESCP Europe’s Simon Mercado runs the rule over Brexit’s implications for UK Business Schools

In April 2019, Xavier Bettel, Prime Minister of Luxembourg, remarked that waiting for Brexit is a bit like waiting for Godot. In Samuel Beckett’s famous play, the central characters stay and wait for somebody (Godot) who never quite materialises. Moreover, their long and painful wait is characterised by bickering and disagreement. One gets the connection to Brexit as well as the good humour that extends from the fact that Waiting for Godot was originally written in French. Plus, before anybody screams ‘backstop!’,  it’s worth mentioning that the English version of the play is often played out with the central characters depicted as two Irishmen. 

Three years on from the UK’s EU referendum, we still wait for a Brexit process outcome.  Theresa May’s resignation and a pending summer recess with a new Tory leader will not speed things up much. Halloween (31 October 2019) awaits the UK and EU as a self-imposed deadline. A game of ‘trick or treat’ looks inevitable.

Over these three torturous years, the UK’s Business Schools have had time to eat, breathe and sleep Brexit.  Few, if any, have expressed joy at its choice or impact and most have lobbied for a softer variant or its abandonment. This position has tended to reflect a majority view that continued EU membership is the best platform for the sector’s growth and future success.  

In one of its early pronouncements on the subject, the UK’s Chartered Association of Business Schools (CABS) declared: ‘We can’t change the outcome of the referendum but we need a good deal if we are to avoid seriously adverse consequences.’ Behind such a careful statement is a community of Business Schools that would tend to believe that Brexit is a setback, the scale of which will reflect the nature of the final exit deal. Across the sector, Business School Deans have queued up to couple cries of resilience with admission that leaving the EU hurts the UK’s ability to attract the best students, researchers and academics from across Europe.

Brexit fears and impacts

What underpins opposition and/or suspicions over Brexit? To answer this question, we have to look at the current situation and benefits of EU membership.

At the moment, higher education (HE) institutions in the UK can recruit the best European academic talent with relatively little restriction. Over 20,000 European nationals work in the UK’s HE sector on a visa-free basis. Among these are outstanding academics and professionals making great service to UK institutions. In many disciplinary fields, this supply line is vital to the educational offerings and reputation of UK institutions.  

On the other side of the staff-student relationship, the UK currently attracts EU nationals to study here with few obstacles or barriers. There are close to 140,000 fee-paying degree students from continental Europe in the university sector alone, making up about one quarter of its global international student population. As a full EU member economy, the UK can match its appeal as a high-quality, English-speaking sector with a fee and access regime that positions EU nationals favourably when compared to other international students.

With EU nationals treated as if they were home students, they pay lower fees and can study on UK-based degree programmes without visas. They can secure loan financing for their UK-based studies (as if they were UK nationals) and enjoy a right to stay and work in the UK after graduation. On top of this, there are around 20,000 UK citizens studying elsewhere in Europe for a degree at lower continental fee levels and a similar number of British exchange students funded each year under the Erasmus+ mobility programme. For younger people, this is one of the primary symbols of the UK’s EU membership.

Finally, as a highly competitive and impactful sector, the UK’s transnational education (TNE) strategies are very much aided by single market freedoms with considerable scope for growth in such activity. Campus implantation is easier in a context of regulatory alignment than regulatory divergence, as are other forms of award-based collaboration. Our research strategies are intrinsically linked to EU funding regimes and programmes. We presently enjoy full participation and access rights to Horizon 2020, with an excellent funding and participation rate. EU-funded research projects and initiatives have been the source of vast funding for research in UK institutions and are playing a vital role in enabling and scaling collaborative research across European borders. Programmes of this type build relationships and interdependencies that naturally span out into other forms of institutional co-operation. In addition, the EU’s structural funds have enabled many universities and their Business Schools to develop infrastructure and capacity.

The threat of Brexit

Are all the above benefits really at threat? If we consider what happens in a ‘hard’ or ‘crash-out’ Brexit, some of these established benefits look to be at risk. In terms of access for EU students and workers, basic legal rights of access would change dramatically. Students would be treated like other international students in terms of visa requirements and would almost certainly face higher fees and new visa-based access requirements.

UK higher education is renowned for its two-tier pricing model with international students already facing higher study fees, visa requirements (and costs), and restrictions on post-study work. This would be the new reality for EU nationals studying in the UK and one could lead to a decline in demand. The Department for Education (DfE) is said to be preparing for higher fees for new EU students from as early as 2020. Academics and professionals taking up work in UK higher education would require visa sponsorship, which amounts to an administrative nuisance and (small) extra cost to all parties.

The UK would also be outside Erasmus+ and forced either to buy in, or to set up new bilateral exchange schemes. On top of this, there would be no ‘pay-outs’ from EU structural funds to part support infrastructure and capacity projects at institutions in eligible UK regions. Outside the EU, the UK moves from a position of centrality within impactful Horizon 2020 research programmes to life on the outside. In the face of competing investment priorities at national level, there is no certainty that current EU funding levels would be matched by substitute schemes.

A softer variant of Brexit would arguably soften the blow, especially one with a commitment to preserving freedom of movement for young people for the purpose of education and training. In this scenario, one would envisage bilateral protocols between the UK and the EU in keeping with those concluded between the EU and Switzerland.

Specific agreements would, of course, need to be negotiated and implemented. These would almost certainly maintain some of the current freedoms and benefits enjoyed under EU membership but this would be a menu-based approach with agreement to be struck on fees, rights of residence, post-study work entitlements, participation in the successor programme to Horizon 2020, Erasmus+, and mutual recognition of qualifications and diplomas.

Life beyond Brexit

Of course, the strength and resilience of the UK higher education sector must be taken into full account, as must the arguable benefits of a more independent path. Set against the so-called `Brexit penalties’ are the Brexit dividends as seen or understood by its supporters.  Taking a narrow view of potential reform to HE and immigration, UK institutions could expect higher per capita fee income from EU students and a potential reduction in the burden of student loan financing previously open to EU nationals, for which recovery rates are staggeringly low.

UK institutions have proven their ability to continue to attract international students in high number despite relatively high fee levels and even when visas supposedly function as an administrative barrier or psychological deterrent. The logic runs that if the product or service is good enough, demand will endure.

Pending immigration reforms driven by Brexit also extend the period of time that international graduates can stay in the UK in order to secure graduate-level work after completion of their studies. Planned rules will increase the time period international graduates are permitted to stay after graduation, from four months to six months, with a full year in prospect for PhD graduates. If this legislation comes onto to the statute books, then Brexit will arguably have improved the post-study work entitlements of half a million international students.

Brexit supporters will also remind us that whatever money is redistributed back to UK universities and Business Schools through EU projects and programmes pales into insignificance when compared to global net contribution. There is also broad assumption that substitute schemes will emerge at national level and with significant funding. Outside the formal structure of the EU, it is clear that UK-based Business Schools and researchers will find ways to collaborate with their European counterparts too.

Effects and impacts

Although the Brexit process has yet to come to a conclusion and the ‘end state’ remains unclear, it is abundantly clear that its effects are already being felt. One quick win for the UK sector has been the fall in the value of the pound on international currency markets, which has had the effect of making UK study more affordable; a sort of Brexit premium. 

Application and registration rates have held up, at least for now, although the fast rate of growth in EU applications for undergraduate courses experienced prior to the referendum has been lost. There are EU nationals on faculty and in administration teams across our institutions upset at developments and concerned over their future status. The ‘settled status scheme’ introduced by the government has allayed certain fears but the introduction and management of that scheme has attracted widespread criticism.

A significant number of EU staff and academics have left UK institutions citing Brexit as an influence on their decisions and applications for new posts have changed in profile for many institutions with a relative decline in applications from continental European academics. Some students have been confused about the extent and timing of rule changes that might affect them, especially as a whole series of supposed ‘independence day’ dates have come and gone. They and prospective entrants have faced uncertainty over the nature and timing of fee-related decisions as the UK has stumbled through without certainty over the start dates for new rules and regimes. 

Worries across UK higher education about future Erasmus+ and Horizon 2020 participation, have been linked to more immediate effects. Organisations across Europe have indicated that uncertainty about the UK’s continued involvement in European programmes is already causing problems. These include sharp falls in secured funding and requests for UK institutional/researcher involvement in Horizon 2020 project bids and applications.

But in a sense, we leave the biggest issue to last. Like other service businesses, the industry is better placed if the market is healthy and performing strongly. The first concern here is the most obvious one. Brexit is an assumed factor in the UK’s weakening growth rate. Apart from the knock-on effect on spending and earnings, there is ample evidence of Brexit-influenced relocation decisions. This may not amount to a ‘Brexodus’ of firms and jobs but there is a growing impact on the UK graduate jobs market, especially in areas such as banking and finance. After a bumper year for graduate jobs in 2015-2016, plans for graduate hiring by top employers have been downgraded. One annual survey (by research firm, High Fliers) has found an average 10% annual cut in graduate recruitment by private sector employees in the first two years subsequent to the EU referendum. Moreover, the requirement for firms to ride out Brexit uncertainties and fund expensive contingency plans is leading to short-term suspensions on investment decisions, for example, into management development training and/or commissioned research.

A final thought

As we await the final act of the great Brexit drama, it remains unclear what sort of sector the UK will finally have. One embedded firmly in the European Higher Education Area and subject to the full body of EU law, one connected to this area through some sort of independent deal, or one that is fully on the outside of it? The curtain falls on Beckett’s drama without Godot’s arrival. Luxembourg may be a tiny state but its Prime Minister might just have found the perfect way to depict and conceptualise this protracted Brexit drama.

Simon Mercado is Professor of Management and Campus Dean/Director for ESCP Europe Business School in London (UK).

How to build an effective online MBA programme

Imperial College Business School’s Paolo Taticchi highlights seven core ingredients that underpin the delivery of a high-calibre online MBA programme

A decade ago, if you asked those at the world’s leading Business Schools where the future of the MBA programme lay, the answer most likely would not have been ‘online’. However, that is certainly the way the industry has been heading in recent years.

To get a grip on what the future of the MBA looks like, your best bet is to reflect on the students. The GMAC Application Trends Survey Report provides an illuminating narrative on just how much the global MBA market has evolved as applicant demands, priorities and concerns have impacted on how programmes are designed and delivered. 

The traditional two-year, full-time MBA, once considered the stalwart industry leader, has faced a steady decline across the US and Europe, while the one-year programme has only grown in prominence. There’s also been increasing demand for part-time MBAs (so-called ‘lockstep programmes’, in which students follow structured classroom-based learning as a group, rather than dictating their own hours of study), which have seen stronger application volumes than part-time, self-paced programmes.

Such developments perhaps, on reflection, are not so surprising. The market changed substantially after the financial crisis of 2007-2008. People enrolling on a full-time MBA had to consider the potential return on investment in a way they didn’t previously. On top of substantial tuition fees, the prospect of giving up their jobs for up to two years of study with less guarantee of securing another on the other side, and arguably less opportunity for speedy career advancement, understandably made applicants look a little closer at the value of the two-year programme in comparison with shorter or more flexible options. 

However the most surprising trend to some, has been the significant hike in demand for online MBA programmes; a study method which, for a long time, was widely considered to be a sub-standard qualification, mostly due to over-ambitious, and ultimately unsuccessful, early attempts to provide online programmes. Despite significant leaps in technological developments since then, modern online programmes have continued to be shadowed by the failings of their less than stellar predecessors. That is, until now. 

High-quality applications

As the global business landscape becomes ever more driven by technology, with geographical boundaries no longer a barrier to working globally, and with the next generation of business leaders demanding greater flexibility in their working hours, the business education market has been under increasing pressure to offer programmes which better fit the lifestyle of the modern professional.

Since launching The Global Online MBA programme at Imperial College Business School, we have seen a growth of 30% in applications each year. This, in itself, wasn’t a surprise. Imperial has been a longstanding investor and supporter of online education. However the surprising factor was seeing the rising number of high-quality applications from extremely capable students around the world – not to mention the increasing number of students being sponsored through the programme.

It seems that the time of online MBAs being considered a B-product is over. 

Today, both applicants and corporations recognise the value of a good online education as equal, if not superior, to one gained on campus. In fact, only Business Schools seem to have missed the memo. Despite the surge in demand, a high proportion of leading institutions still do not offer an online study option to MBA students.

Their reluctance is understandable. The online MBAs remains, in many ways, a new, untested product, which requires significant levels of investment – both financial and intellectual – to make it a worthwhile venture. It’s not only about leveraging technology for the delivery of courses and degrees. It’s about new pedagogies, new forms of engagement and communication with students, and new ways of doing marketing and recruitment. Ultimately, it’s about developing new business models.

It’s no mean feat to create an online MBA – and to do it well. For those Schools willing to take the plunge, through my experiences of developing the online MBA programme at Imperial College Business School and building a knowledge of the best programmes offered by other Business Schools, I’ve identified seven core ingredients that must be present in order to deliver a high calibre, effective online MBA programme:

Top teaching faculty

Students who invest in an MBA programme typically harbour high aspirations and, as a result, hold high expectations of what their education should deliver. Quite rightly, students want access to the best researchers and teachers their School has to offer, and to receive personalised support in their professional development, regardless of whether they’re studying on campus or online. 

In an ideal world, the faculty responsible for delivering an online MBA should be the same individuals in charge of running the campus-based programmes, ensuring the same quality of curricula and helping to create an inclusive atmosphere beyond the physical boundaries of the campus. Any differentiation will only serve to create an unnecessary divide between campus-based and online programmes.

At Imperial, our full-time campus-based MBA is treated with the same academic rigour as our online programme. Applicants are held to the same criteria across the board and faculty are instructed to treat both classes as equal. Upon graduation, all MBA students, regardless of their study method, are awarded the same degree.

Structured flexibility

For all the talk surrounding the benefits of flexible working patterns, affording busy professionals greater levels of flexibility in structuring their learning doesn’t necessarily equal greater satisfaction or success. In fact, the opposite is true. Affording students too much flexibility does little to encourage cohort cohesion and engagement, as students find themselves at wildly varying stages of the curriculum and thus have little cause to engage with and learn from each other. It also provides little benefit to students’ professional development as they lack momentum and structure in their learning. Lockstep programmes put the right amount of pressure on students who, alongside modular learning, develop the additional skill of managing an intense workload of work and study. 

Proceeding in the learning experience together as a cohort creates a positive stimulus; students, naturally, keep up with study and deadlines driven by their classmates, and curricula can become characterised by group activities. 

Innovative ways of engaging students

As well as learning from the programme’s curriculum, a large part of MBA students’ learning comes from conversations with their classmates, faculty and the alumni network. Opportunities for conversations can easily be lost when studying at a distance. Engagement is vital in fostering a positive learning environment, therefore online programmes should be built to facilitate and encourage interaction between faculty, student and the wider school community wherever possible.

Building group projects into the online curriculum, enabling online students to attend live sessions, lectures and Q&As with faculty or alumni, creating online student-led events and regular discussion forums on relevant topics are all ways in which this can be achieved. 

A blended curriculum

Many of the best online programmes offer students a blended learning experience – allowing them the opportunity to engage in some learning in person in a physical environment. Time spent by students on campus should be designed to build the cohort’s spirit, helping firm-up relationships between students and faculty. For example, induction events can be a great way to break the ice between new students and set them on the right path. Similarly capstone experiences can be useful in enabling students to transition smoothly from student to alumni status.

Moreover, offering international study trips can aid dispersed global students to meet up throughout the programme, as well as providing a valuable hands-on learning opportunity. 

Sophisticated technology

The technology challenge scares off many Business Schools and constitutes an entry barrier for Schools that are open to adding an online MBA to their catalogue but don’t know how to. However, to offer a competitive programme, it is vital to invest in modern, intuitive and savvy technologies to support students’ learning.

There is a range of options to consider. Classic virtual learning environments (such as Moodle or Blackboard) typically do not offer the user experience that online MBA students want, so some Schools decide to engage popular online study platform providers such as Coursera, EdX, Udacity and FutureLearn to run their programmes instead. Others may decide to invest in proprietary bespoke platforms. 

Beyond facilitating the day-to-day running of the programme online, tech innovation is needed to support a variety of learning methods – live streaming of classes and events, or enabling multiple-campus connectivity, creating virtual and augmented reality solutions, developments of chatbots for student support.

Even creating purpose-built on-campus facilities (for example, the Harvard HBX facility designed for teaching online cases at best, or the WOW room of IE to offer a visual-classroom experience to both students and faculty) is a worthwhile investment. 

Continuous investment

The online delivery of an MBA calls for major investment from the outset, and a consistent dedication to investment moving forwards as technologies involved continue to improve. The inevitable growth of this market will bear significant rewards for Business Schools that have invested heavily and strategically in their online offerings, whereas those Schools that have limited themselves to tweaking old distance-learning programmes will have little chance of survival in this crowded market.

Senior management support

The development of online programmes, particularly the industry gold-standard MBA, triggers all sort of questions and problems for Business Schools to consider. It’s not only about money, it’s about developing (or committing to outsourcing) tech expertise and training faculty on how to conduct online delivery effectively, managing and protecting intellectual property, recruiting students globally and facilitating timely support for students of different cultures in different time zones. Managing these considerations is not possible without senior management support and a long-term commitment from all involved.

The structure and continued development of the Global Online MBA at Imperial College Business School is a reflection of each of these points. Since the programme’s launch in 2015, we have endeavoured to keep investing in its development, performing a major curriculum review after two years, and introducing new technologies on a regular basis. We’ve also encouraged and supported faculty to pilot new forms of engagement online, on-campus and abroad.

The successes and positive feedback, we’ve received from students have led us to develop our online offerings even further, offering a blended Executive MBA, a new online MSc in Business Analytics, and adding blended elements to all on-campus programmes.

For Schools, Deans and MBA Directors exploring the development of online MBAs I have three final pieces of advice:

1. Online education is a ‘go big or go home’ game. Investments in online programmes must be thorough and strategically aligned with the larger agenda of your institution. Investing in an online programme could cost you as much as investing in 10 traditional MSc programmes. Be ready.

2. Online education is also a ‘different’ game to master. The best lecturers you have at the School may actually become your worst online, if not trained appropriately. Not all members of faculty will adapt to online education smoothly. Take the time to understand your faculty’s reservations, and invest in their training and development.

3. Online education is only a ‘game’ metaphorically. In fact, it’s a complex business that calls for the right strategies at the right time to ensure success. You must pay attention to the world around you, the actions of your competitors and the needs expressed by your students and applicants – and be prepared to be bold in addressing them.

Dr Paolo Taticchi is Principal Teaching Fellow in Management and Sustainability, and Director of the Weekend and Global Online MBA programmes at Imperial College Business School.

Applying original thinking to business

Business Schools must encourage independent thinking and bravery in their students to help prevent future financial crises, says Fiona Devine OBE, Head of Alliance Manchester Business School. Interview by Jack Villanueva and David Woods-Hale

What were the key points of your presentation at AMBA’s 2018 Global Conference for Deans and Directors? 

I wanted us all to reflect on the global financial crisis of 2008 because the causes and consequences of that crisis are still being felt today and will be for some time. 

I wanted us to think about its impact on the world with a particular focus on leadership and management education. We have to produce the leaders of tomorrow who still take issues of corporate governance very seriously. There are many examples in the business world and in all aspects of life in which we have to think about fraud, accountability, corporate governance and how we address those issues. 

In light of that, how do you think Business Schools should be preparing MBAs to be leaders of tomorrow?  

Business Schools should be producing well-rounded people. By that, I mean people who understand business in the wider context – the social, economic and political environments in which businesses are operating. 

They need to understand this external environment as well as the environments of the organisations in which they’re working.
I think business leaders of the future need to understand how to manage change, how to lead change, and how to deal with risk and uncertainty. 

How can we be sure that the skills that are currently being taught are the right tools to safeguard against another financial crisis?

We’ll only know that when there isn’t another one. 

I don’t suppose we’ll never have crises in the future. But there should be people who will have the independence of mind to step up and say when there is uncertainty about issues. It doesn’t have to be a big crisis for people to draw attention to something. It’s about having the independence of mind and the courage and bravery to say something different – and not be part of group think. It’s about reflecting on and challenging things that come along if they don’t feel right. 

Do you think MBAs are being taught the necessary skills to succeed? 

I would hope so, as a Business School Dean. They will be taught what’s needed if the curriculum is up to date. An old curriculum doesn’t serve anybody, so we want an academic community that is abreast of the latest developments in the world of business and how it’s changing; and always bringing theory and practice together. 

Our strapline in the Business School in Manchester is ‘original thinking applied’ and it is really about defining theory and practice. Theory is often speculative and not grounded; it’s about connecting this to practice and this is very important and I know that many Business School Deans aspire to achieve it. 

How important is the continuation of learning after achieving an MBA? 

It’s hugely important. We all talk about it and we know that in a world of change, risk and uncertainty, it’s important to have the space to step out of your organisation, find a platform to talk to people about issues and challenges and get advice. 

Executive education and continuing professional development provide that space for you to do that. It’s easy when you’re in an organisation to think you’re the only person facing these problems and you’re the one who has to come up with novel solutions, but often when you join an executive education programme you’ll find yourself confronting similar dilemmas and challenges so it’s good to have those conversations and join that collective discussions about the best ways forward. 

In what ways have Business Schools adapted sustainable leadership into their programmes? 

Sustainable leadership is to do with resources and how you use them efficiently and effectively for the long term. One of our preoccupations is with environmental sustainability – but there are other forms – and in Manchester we have scholars working in this area. 

For example, there are lots of discussions at the moment about the need to move to a low-carbon future, but how do organisations get there? It’s a huge transition, especially if you’re a dominant player in a particular market. How do we get there? This has to be a core part of the curriculum [in Business Schools] whether it’s in the MBA or electives on specialist masters or undergraduate programmes. There’s a high demand for these programmes from students. 

What are some of the innovative teaching methods being used to prepare the leaders of tomorrow? 

Teaching has changed considerably over the past 10-20 years, most notably because of new technology. The days when you would go into a lecture for an hour of being talked at, as a passive audience member, are long gone. 

Technology has allowed us to do amazing things in the classroom and that learning engages students a lot more. It’s not about passive learning, even in large lectures. Material can be presented in innovative ways, using apps and gamification, to help people learn and think in active ways. 

Is the need for innovation a major challenge that Business Schools face? 

Like any other organisation, Business Schools have to think about change, evolution and relevance. Business Schools have to be useful to the business world, serving local as well as international communities. 

The biggest challenge is the politics of today – will the world remain as international as it has been for the past 20 years? Will we embrace people of all nationalities moving around the world and studying at Business Schools? Will people still feel comfortable to do this as the politics of the world changes? 

Which is the bigger issue for Business Schools: the volatile economic environment or barriers to student mobility? 

International mobility is important, not only for the Business School world but education in general. The academic world has enjoyed a surge of interest from students coming to Business Schools from all around the world and it would be shame if we lost that confidence people have to travel. 

We’ve got to think about keeping students up to date with current debates about politics, looking at international relations in terms of trade, how countries collaborate with each other, and all those sorts of issues. These are important for understanding businesses and what happens in the business world.

What innovations have you seen in Business Schools that have the potential to change the way businesses do things? 

There are lots of things out there and even as a Dean of a Business School, you hardly know the breadth of innovations happening in your own School. 

I’ve been interested in knowledge-transfer partnerships, in which Schools work with organisations. I have a number of colleagues working with legal companies at the moment, around legal tech. They’re exploring changes happening with legal technologies, how that’s disrupting the legal world and also how data is disrupting this sector, in the same way as fintech has disrupted the finance sector. 

Academics are bringing their expertise to the areas of solving business problems and helping companies through this. It’s important to be useful. 

How can a Business add value to a corporate with which it’s working? 

There are many ways we can work with corporates. Business Schools act as a platform to bring people together to discuss important topics. 

Manchester Alliance Business School recently held a talk on the industrial strategy in the UK, bringing people together to talk about this. What was gratifying about this event was that people were sharing business cards with each other. We can be a place where big ideas are discussed and we can bring solutions to problems as well.

Fiona Devine OBE is Head of Alliance Manchester Business School and Professor of Sociology at the University of Manchester. 

Creating responsible citizens to lead organisations to sustainable success

Preparing MBAs to lead sustainable economic growth is the core task of Business Schools, argues Professor Percy Marquina, Director General, CENTRUM PUCP, the Graduate Business School of the Pontificia Universidad Católica del Perú. Interview by David Woods-Hale

What do you think differentiates the MBA at CENTRUM PUCP?

When students search for a Business School at which to study their MBA, they look for prestige, a high-quality academic programme and networks. At CENTRUM PUCP, we possess and offer these elements to students. But we offer more than that.

We prepare our students for the future by creating responsible and socially committed leaders, who think, decide, and act based on principles. We believe in an holistic form of education that enables students to assimilate the knowledge they require to lead companies based on the experiences they have shared in our classrooms and in their lives. 

Our programme also provides students with the human skills demanded by companies, such as time management, task prioritisation, complex problem solving, the ability to train others and to build sustainable networks.

With reference to Latin America in particular, why is it still vital to develop world-class business education? 

Globalisation and interconnectedness are growing at an exponential rate; every day it becomes evermore important to understand that our actions have far-reaching impacts. As technology advances, it will become easier to reach new audiences, but it will be more important for professionals to acknowledge that competition is no longer local, but international as well.

What innovative teaching methods have you come across that are used to create the leaders of tomorrow?

Emerging, disruptive technologies such as artificial intelligence, virtual reality and machine learning are changing teaching methods in Business Schools and can help us to adapt teaching to each student’s learning needs. For example, at CENTRUM PUCP, we use IBM Watson Personality Insights analytics to understand and predict the personality characteristics of our students. Using these results, we take a more humanistic approach to our MBA programme.

How important is sustainability, and in what ways have Schools adapted this into their programmes? What does sustainable leadership looks like?

Sustainability is crucial nowadays and we try to instil this in our students. By sustainability, we mean that professionals should meet society’s needs, preserve humanity, increase opportunities for others and make their organisations’ marketing, finance and human resources departments sustainable. We guide students to take decisions that put society’s needs ahead of profits. 

What are the biggest challenges facing global Business Schools today?

The biggest challenge for Business Schools is helping to create responsible citizens. We must be able to develop competent professionals while guiding students through a process of social sensibility. And we must also be competitive. 

When facing global competition, we find that every School that has been able to obtain good results and trained their professional workforce is making a name for itself in the areas in which it excels. 

Gone are the days when professors used to teach traditional subjects in a static way; the time is ripe for a new model of professor who is able to inspire students’, teaching and learning from them in a constantly evolving environment that demands greater skills and vision in order to develop social innovators. 

At CENTRUM PUCP we have developed the NeuroManagement-Lab initiative, with the objective of identifying students’ main leadership competences and areas of development. Through this programme, we enhance the user experience, helping to personalise education, shaping skills and helping students to discover their strengths and work on their weaknesses.

How do you instil the thirst for global mobility and an international mindset in your students? 

Whenever I step into a classroom or I encounter a student, the message I always try to communicate is a simple one: do what makes you happy and you will lead the way. Having visited so many places, I have confirmed this theory: students overachieve when they are able to work and pursue their goals in something that makes them happy. 

If you are able to identify and understand your passions, your thirst and commitment towards your goals will increase every day and your competition will become global. 

You will innovate, search and look for solutions to questions that have never been asked before because your thirst for knowledge will push you to think more broadly. During their MBA, our students are exposed to global experiences such as international faculty, peers, global case studies, international study stages, business programmes abroad and so on.

You urge your students not to put limits on their goals – can you share some insight into how MBAs can take theory into practice? 

Through many case studies, we teach students the ways firms and managers have faced and solved unexpected problems. I advise them to stick to their principles and the message of their organisation. 

If your organisation has a distinctive characteristic or stands for something, wear it as your own personal badge of honour. 

One story that people can relate to is Apple’s. Steve Jobs, former Co-Founder and CEO of Apple, believed in innovation and in the superior quality and practicality of products. He used to say: ‘Apple products should be easy to understand. Everyone should know how to use them’.  

His team believed this, too – at a time when this was not expected – and created products accordingly. Acting in line with the beliefs of your organisation can help it differentiate itself in a saturated or extremely competitive market. 

At CENTRUM PUCP we promote entrepreneurship as a way of creating innovative business models. Several start-ups are created every year by our students, and have a great impact on society. For example, three graduates from CENTRUM PUCP and three from the faculty of engineering PUCP were among the 15 finalists in the Cisoc Global Problem Solver Challenge. The talented Peruvians developed Pukio, an intelligent mechatronic system that generates clean water through the condensation of water vapour in the air. Collaboration is vital in an uncertain climate. 

How does your Business School link and work with other Schools, employers and alumni? 

Relationships are about co-operation, and co-operation is about progress. We challenge ourselves to establish partnerships with other Business Schools to provide the best each School can offer in a combined MBA or specialised master’s programme. 

We promote co-operation between our departments to allow the ideas and innovation to flow through the veins of our School. We create opportunities for alumni to collaborate with us so that we benefit from the skills and experiences of the professionals we create in our classrooms. Co-operation has grown in importance among Business Schools and it is yielding better results.

What would your advice be to other Business School leaders operating in such a volatile and uncertain world?

Education is not about outcomes. It is about the impact. At CENTRUM PUCP, we have a mission: educate to serve. We serve academia, the business world and wider society. But we are also here to educate people about sustainable development. 

We want people to learn to thrive in a competitive world. Business Schools should also follow suit: educating people to allow them to see the bigger picture and teaching professionals how to lead the departments within their organisations.

Do you feel optimistic about the future of business, Business Schools, and the economy?

I believe we are all more aware of the global challenges ahead than we were a couple years ago. We are in the process of acknowledging the impacts of our actions and the dangers of not doing so over the long term. 

Business Schools have taken advantage of this. We teach students to think about impacts on society and how our actions can be turned into positive outcomes for the greater good. 

Sustainability is both an individual responsibility and about teamwork: we all have to engage in the right actions to produce a positive impact. I believe Business Schools are preparing people to provide sustainable and egalitarian economic growth.

Professor Percy Marquina is Director General at CENTRUM PUCP, the Graduate Business School of the Pontificia Universidad Católica del Perú. He was previously General Manager of Rhone Poulenc and General Manager, Commercial Manager and Marketing Manager of companies related to the Richard O’ Custer group. Marquina holds PhDs from the Maastricht School of Management and the Pontificia Universidad Católica del Perú in business administration and strategic business administration, respectively.

7 tips for thriving in your workplace

For recent graduates and professionals seeking their first real taste of working life, thriving in your workplace is vital. After all, this is the first step in what will be an illustrious career for you, so you want to make it count by being the best you can be.

Truly thriving in your workplace can also only increase your job security, help you network internally, raise your confidence and help with career progression down the line.

Here are a few tips for those who are looking to maximise their chances of thriving in the workplace:

1. Set up quarterly targets with your manager

In some industries, like sales, your performance will be entirely measured on targets. However, why not set some individual professional goals to achieve with your manager too? These are ones that you won’t share with the rest of the office.

It’s always good to have something to work towards and it should ensure that you are constantly developing. Plus, you’re bound to work more efficiently and with more motivation if you’re chasing a goal, rather than simply praying that the clock hands move faster.

2. Write out daily and weekly targets

Setting more frequent goals is an excellent way to motivate yourself. Each Monday morning, for example, you could set out what you want to achieve for the rest of the week.

The best part is, these goals don’t even have to be work-related. They can include something as simple as talking to your colleagues at lunch in order to improve your working relationships or using your break to walk around a park and get some fresh air.

Writing out a to-do list each morning, meanwhile, can keep you organised and on top of your tasks for the day. It also helps you to see where you might have free time to ask for more work. Organisation is a key strength you need in order to thrive at work.

3. Work with your colleagues

If you’re an introvert, this can be difficult. However, working alongside your colleagues can play a huge part in not only enjoying your job, but perhaps thriving in your role too. 

For recent graduates, this is likely going to be your first experience of a full-time working environment. You don’t want your first proper job to be awful, do you? This is the start of your career, so you need to hit the ground running.

Show your colleagues that you aren’t a deer caught in headlights and offer your knowledge and insight into projects. Plus, don’t be too proud to ask for help or to work on certain tasks in the first few months. This will enable you to bounce ideas off your colleagues, gain some invaluable knowledge of how tasks are completed and start building a strong professional network.

4. Lead meetings or projects

For recent graduates, confidence in your new role is key. From the very start, you want to show that you belong in this environment and you’re far more likely to thrive in your workplace if you feel confident.

You’re never going to gain leadership skills by taking a back seat. So, why not take some initiative and put yourself forward? Whether this is asking to lead meetings, client calls or projects, putting yourself in these positions is an excellent way to acclimatise yourself to working life. It also sets you up nicely for career progression too!

5. Hone your key skills

If you’re good at something, whether that’s a certain task or use of a specific software, demonstrate your ability. When starting a new job, doing something you know you’re good at will fill you with confidence.

What’s more, you may become the go-to person in the office that people come to when they need help with a task you’re proficiently skilled at. This will ensure you thrive in your workplace, and allow you to develop your best skills to a level of expertise.

6. Jump into the deep end

However, don’t just focus purely on one particular skill you have. You don’t want to be a one-trick pony. This can damage your chances of getting a better-paid position or promotion, as employers will always pick an employee who can offer versatility in their skill set.

Learn new skills, put yourself out of your comfort zone – these are just a few examples of what you can do to improve your versatility. If you’re worried about the consequences, make sure you have a few safety nets to fall back on. For example, ask a senior colleague to listen in on your client call so they can help you if you get stuck.

7. Are you ready to thrive in the workplace?

In order to secure career progression and get higher paid jobs in the future, you need to be the best you can be in your current role. When applying for new jobs, you will most likely have to use your existing employer as a reference. It goes without saying that if you thrive in their company, they’re far more likely to give you a glowing reference.

Make sure to follow these tips whether starting a new job, or if you just want to improve in your current role. Thriving in the workplace goes a long way to helping your career!

Lee Biggins is the CEO and Founder of CV-Library, an independent job board in the UK. Having launched the company from his bedroom nearly two decades ago, Lee has since seen CV-Library grow from strength to strength, and he is now committed to growing Resume-Library, its US sister site.

Future-proofing your organisation: developing well-rounded leaders

Many organisations have created a talent base that is skilled in a narrow area of expertise, but not prepared for upper management

In a 2017 post for AMBITION, Juliette Alban-Metcalfe talks about developing a learning culture in organisations, stating: ‘We can’t afford to maintain the silos we’ve built up and ignored for years.’ In this statement, she challenges us as learning and development professionals to address a very important issue, developing well-rounded leaders.

For years, we have helped people develop expertise around specific jobs. However, the need to expand the knowledge, skills, and abilities of our future leaders is often neglected. We’ve created a talent base that is skilled in a narrow area of expertise, but not prepared for upper management.

It is said that by 2030, baby boomers will be completely out of the workforce. So we, as L&D departments and professionals, need quickly to rectify the silos of specialists we’ve created by broadening the role-specific training of the past in order to address the workforce needs of the future. 

Our challenge is to develop a new generation of company leaders capable of making well-rounded and well-informed decisions. So what types of things should we be helping employees to learn, and how?

Many employees don’t know the strategy of their organisation. They are so focused on their individual job that they miss the big picture.

Competitor knowledge is something we’ve seen particularly lacking. People get caught short in being able to ‘sell’ their products and services as the best choice in comparison to their competitors. In an ideal world, all employees would understand their company mission, vision, strategy, and competitive advantage.

Few individuals understand their company’s business model, and how it makes money. Understanding how the company makes money helps individuals make better decisions regarding expenditure, negotiations, investments, and more. 

Continuous improvement is a concept that every individual should embrace. There is always a better way to do something and each individual should be responsible for ensuring that their job is done in the most logical, efficient and ethical manner. Continuous improvement helps a company make incremental improvements over time, and achieve ‘breakthrough’ improvements.

A stakeholder is someone with a positon on a topic, so they can be anyone. Knowing who the stakeholders are helps employees to ‘see the big picture’ and make better decisions.

The next question is: ‘How do we help employees acquire this kind of knowledge and skill?’ Knowing and doing are different things. Also, learning opportunities need to be structured to ensure real-world, on the job experiences.  

One idea that is rarely used is job rotation. Anyone who aspires to lead in an organisation should work in at least three different areas of the business. 

Unfortunately, most companies reserve their rotational programmes for ‘high potentials’. A better approach would be to create an immersion programme for all employees, so that everyone has a more rounded view of the organisation. This will help in retention as well as educating employees about their role.

Most people leave an organisation because they feel there is no growth or advancement for them. But what if they were able to identify their own future role? Participating in a rotational programme could inspire them to contribute to the organisation in many ways.

Organisations must focus on developing well-rounded individuals who can take the organisation into the future. The future success of our companies depends on it. 

Nanette Miner is the Founder and Managing Consultant for The Training Doctor, LLC, a learning design firm.

Is AI making dangerous decisions without us?

Artificial intelligence (AI) is set to take control of many aspects of our lives, but not enough is being done with regards to accountability for its consequences.

The increasing application of AI across all aspects of business has given many firms a competitive advantage. Unfortunately, its meteoric rise also paves the way for ethical dilemmas and high-risk situations. New technology means new risks and governments, firms, coders and philosophers have their work cut out for them.

If we are launching self-driving cars and autonomous drones, we are essentially involving AI in life-or-death scenarios and the day-to-day risks people face. Healthcare is the same; we are giving AI the power of decision making along with the power of analysis and, inevitably, it will have some involvement in a person’s death at some point in the future, but who would be responsible?

Doctors take the Hippocratic oath despite knowing that they could be involved in a patient’s death. This could come from a mistaken diagnosis, exhaustion, or simply missing a symptom. This leads to a natural concern about research into how many of these mistakes could be avoided.

The limits of data and the lack of governance

Thankfully, AI is taking up this challenge. However, it is important to remember that current attempts to automate and reproduce intelligence are based on the data used to train algorithms. The computer science saying ‘garbage in, garbage out’ [describing the concept that flawed input data will only produce flawed outputs] is particularly relevant in an AI-driven world where biased and incomplete input data could lead to prejudiced results and dire consequences.

Another issue with data is that it only covers a limited range of situations, and inevitably, most AI will be confronted with situations they have not encountered before. For instance, if you train a car to drive itself using past data, can you comfortably say it will be prepared it for all eventualities? Probably not, given how unique each accident can be. Hence, the issue is not simply in the algorithm, but in the choices about which kinds of datasets we use, the design of the algorithm, and the intended function of that AI on decision making.

Data is not the only issue. Our research has found that governments have no records of which companies and institutions use AI. This is not surprising as even the US – one of world’s largest economies and one that has a focus on developing and deploying AI – does not have any policy on the subject. Governance, surveillance and control are all left to developers. This means that, often, no one really knows how the algorithms work aside from the developers.

When 99% isn’t good enough

In many cases, if a machine can produce your desired results with 99% accuracy, it will be a triumph. Just imagine how great it would be if your smartphone can complete the text to your exact specification before you’ve even typed it.

However, even a 99% level of precision is not good enough in other circumstances, such as health diagnostics, image recognition for food safety, text analysis for legal documents or financial contracts. Company executives as well as policymakers will need more nuanced accounts of what is involved. The difficulty is, understanding those risks is not straightforward.

Let’s take a simple example. If AI is used in a hospital to assess the chances of patients having a heart attack, they are detecting variations in eating habits, exercise, and other trends identified to be important in making an effective prediction. This should have a clear burden of responsibility on the designer of the technology and the hospital.

However, how useful that prediction is implies that a patient (or her/his doctor) has an understanding of how that decision was reached – therefore, it must be explained to them. If it is not explained and a patient [that is given a low chance of having a heart attack] then has a heart attack without changing their behaviour, they will be left feeling confused, wondering what the trigger for it was. Essentially, we are using technical solutions to deal with problems that are not always technical, but personal, and if people don’t understand how decisions about their health are being made, we are looking at a recipe for disaster.

Decision making, freedom of choice and AI

To make matters worse, AI often operates like a ‘black box’. Today’s machine learning techniques can lead a computer to continue improving its ability to guess the right answer or identify the right result. But, often, we have no idea how the machines actually achieve this improvement or ‘learn’. If this is the case, how can we change the learning process, if necessary? Put differently, sometimes not even the developers know how the algorithms work.

Consumers need to be made more aware of which decisions concerning their lives have been made by AI, and in order to govern the use of AI effectively, the government needs to give citizens the choice of opting out of all AI-driven decision making altogether, if they want to. In some ways, we might be seeing the start of such measures with the introduction of GDPR in Europe last year. However, it is evident that we still have a long way to go.

If we are taking the responsibility of decision making away from people, do we really know what we are giving it to? And what will be the consequences of the inevitable mistakes? Although we can train AI to make better decisions, as AI begins to shape our entire society, we all need to become ethically literate and aware of the decisions that machines are making for us.

Terence Tse is an Associate Professor of Finance at ESCP Europe Business School and a Co-Founder of Nexus FrontierTech, which provides AI solutions to clients across industries, sectors, and regions globally. His latest book, The AI Republic: Building the Nexus Between Humans and Intelligent Automation is due for release in June 2019.