European Business School Leaders Affirm Relevance in the Future of Graduate Management Education
New report sheds light on emerging themes in an ever-changing GME landscape
The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, released an industry report on “The Future of Graduate Management Education” from the perspective of European business school deans. The one-of-a-kind report aims to make sense of the shifting graduate management education (GME) landscape and forecasts what the future holds for GME through interviewing 20 deans from a select group of European business school thought leaders. The resulting conversations contain rich insights for business school professionals as they cultivate the next generation of impactful business leaders.
“In a volatile world rife with disruption, business schools are standing at the forefront of change to ensure that they provide the most relevant experience to the leaders of tomorrow so that they have the skills needed to meet the changing needs of a dynamic and complex environment,” said Sangeet Chowfla, president and CEO of GMAC.
“As GMAC continues to invest in advancing the sector and serving the needs of students, schools and employers, we appreciate the work of these deans to identify and harness the trends and challenges to continue to create relevant, meaningful and inclusive experiences for students across the globe.”
The forecasting and insights from the deans coalesced along five key thematic areas: the future of technology and digitization; the imperative for business schools to take a lead role in sustainability and social responsibility; upending the way curricula are developed and research applied; what does lifelong learning look like in a post-pandemic world and how business schools remain relevant and differentiate themselves in a dynamic, global market. The report concludes that technology and digitisation are now a way of life and no business school can operate without paying attention to its responsibility to, and place in, the wider society it serves. Business schools also need to rethink content and learning journeys all while ensuring they stay relevant in an ever-changing world.
“It’s not unusual to question the relevancy of graduate business education ─ in fact it’s healthy to do so ─ whether it can keep up with the pace of change and foster inclusive environments, it is clear that business school executives are fully committed to continuing being a key player in moulding the leaders who will impact the future of business, the future of society, and ultimately the future of the planet,” said Nalisha Patel, regional director for Europe at GMAC. “We are grateful to these deans for their candour and contributions to the GME community, and look forward to seeing the journey continue.”
To read the full report, visit GMAC.com.
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wrich gbaf
- Whilst Boris gets distracted by cheese and coffee, business leaders, HR professionals and management teams meet debate the real issues faced by businesses in the post-covid world.
- The argument is more than where we work, its how we work better, smarter, and more efficiently in the new era of work.
A leading panel of experts will be debating this in London and Edinburgh this May and seek audience members with an opinion to attend.
As businesses continue to manage the transformation of work, fuelled by technology, and accelerated by the pandemic, companies are still facing a backlash from employees. As Boris Johnson admits he is distracted by coffee and cheese, and Lord Alan Sugar believes everyone should be back in the office full time, is the conversation heading in the wrong direction?
Since 2020, businesses have had to juggle the needs of their business, with the needs of the employees and customers. The argument is not about where we work, but how we can work better as we navigate the challenges of the post-covid world.
World-leading work futurist and author, Sophie Wadewill be chairing her first ever UK live panel debates in London, and Edinburgh this month. The topics for discussion will be culture and understanding your people, managing diversity and inclusion and how to ensure your business is future-proofed to attract the best talent, retain the finest people and ensuring a prosperous future for your business.
If you agree with Boris and Lord Sugar, or if you have found innovative ways to use technology to develop your business and have a success story to share, we would be delighted to have you in the interactive audience. Perhaps you have questions and lack solutions and would like to listen and network with your peers?
You can register and join us free at two live debates, one in London (24th May), followed by Edinburgh (26th May). The events will be recorded for use at events across the world.
Anyone registered and who attend will be provided an attendance certificate which can be used to log points against CPD programmes.
Event Details:
Panel Breakfast Briefing: Managing the Transformation of/at Work
Are you trying to figure out what work arrangements your company needs to offer to retain the talent you need? How well is the senior team at your company adapting to new business conditions? How confident are you that middle managers are engaging their teams to meet customers’ new and changing demands? What issues are lingering from the pandemic that need priority attention? Do you have concerns about attracting new, young recruits?
Do you have questions that keep you up at night about how to navigate a challenging marketplace? Now the Future of Work has arrived, accelerated by the pandemic, the technology-driven business environment is faster-paced and less predictable. Employees must respond more quickly and solve more complex issues in teams. Executives are facing unprecedented challenges as we emerge from the pandemic and try to forge a new way forward.
Arrivals: 8:15am. Estimated End Time: 10:30am
London Event Details:
The Panel: Martyn Sakol, Managing Partner, OE Cam, Sabrina Del Prete, Founder and CEO, Kore Labs, Angus Ridgway, CEO, Potentialife, Haddy Davies, CEng MIChemE
Location: Venue 1, 229 Great Portland Street, London, Greater London, W1W 5PN
Registration and attendance are completely FREE
Register here
—
Edinburgh Event Details:
The Panel: Paul Reid, Founder and CEO at Trickle, Zahra Hedges, CEO, Winning Scotland, Neil Stevenson, CEO, Scottish Legal Complaints Commission, Adam Tuckwell, Managing Director at Mobas.
Location: The Scotsman Hotel, 20 North Bridge, Edinburgh, Edinburgh, EH1 1TR
Registration and attendance are completely FREE
Register here
HALF OF YOUNG BRITS CLAIM THEY ARE STUCK IN DEAD-END JOBS AND DREAM OF BEING THEIR OWN BOSS ACCORDING TO A NEW STUDY
by wrich gbaf
If you hate your job, you’re not alone as new research has discovered that almost half of young Brits (45 percent) feel trapped in a job they can’t stand.
According to the research, over a third (36 percent) of 20- to 35-year-olds admit they’re desperate to quit their job but can’t afford to, while 38 percent say they have no hope of getting a promotion or moving sideways to a more interesting position at their current company.
43 percent spend the whole day clock watching, while 29 percent admit the end of the weekend is ruined with “Sunday night blues” – the dread of going back to work the following day.
Yet the study of 1,500 20- to 35-year-olds, commissioned by the Open University, suggests it’s difficult to find something new, as 28 percent feel they fell into a career path they can’t get out of. A quarter of young people are desperate to quit their current jobs but are struggling to find something else.
To find a potential solution to the problems that many young people are facing with their career, and to show the realities of new career challenges, the Open University are launching an ‘Unlock Your Inner Boss LIVE’ challenge, where they will put TV and Radio presenter Gemma Cairney through her paces at the helm of a new business for the day, and will live stream the activity across their social channels.
Interestingly, 82 percent of young people said they dream of being their own boss, while four in ten (41 percent) said given the chance they would like to start up their own business. In fact, three-quarters describe themselves as having an entrepreneurial spirit and reckon they have what it takes to be successful.
When it comes to ‘side hustles’ or an occupation that is undertaken in addition to one’s regular employment, 37 percent of respondents say they already have one. A third of young people that don’t already have a side hustle want one and 21 percent claim to be planning their ‘side hustle’ now.
Professor Tim Blackman, Vice-Chancellor at the Open University said:
“It’s amazing to see the positive entrepreneurial attitude that young people in the UK have. Lots of young people know they have the potential to do bigger and better things but are unsure how to access their dream job. We hope the OU can be the solution to the problems that some of the younger generations are facing, flexible studying hours give OU students the ability to ‘earn while they learn’ and offer a chance to upskill to land their dream job whilst pursuing a side hustle at the same time.
“The OU has a proven track record of helping people achieve their dream careers. It’s the largest University in the UK and has produced more CEOs than any other University. Continuing to build your skillset is a must for these go–getters, so they can achieve the career goals they want. We think education should be considered as an option for every stage of life, the sky really is the limit.”
Gemma Cairney, host of the OU’s ‘Unlock Your Inner Boss’ LIVE challenge said:
“I’m thrilled to be taking part in the OU’s ‘Unlock Your Inner Boss’ LIVE challenge and be put through my paces, as my own boss in a new ‘business’. It’s brilliant to see that young people today have such positive mindsets about feeling entrepreneurial – they clearly want to take control of their careers and so many are planning their own side hustles. Hopefully watching me in the UYIB challenge will show that everyone is capable of achieving their dream job, given the right mindset and support. I’ve always considered myself to have an entrepreneurial mindset and I can’t wait to see what challenges the day has to offer!”
The research also found that, unsurprisingly, three in ten young working Brits (31 percent) say they live for the weekend. The problems have been exacerbated by the return to the office, with three in ten saying returning to the workplace after working from home has made their job so much worse, with 35 percent admitting they’re missing the flexibility that home working provided.
And while half of young people said their parents’ generation were prepared to stay in a job they disliked, 31 percent of young people today, are adamant that they shouldn’t have to stay in a job they hate.
The research also found that on average, young working Brits who are stuck in dead-end jobs believe they are only using 39 percent of their full potential talent, this means that 27 percent are sticking to their current role solely for the income. As a result, over a quarter (26 percent) of young working Britons struggle to stay awake at the office – with 21 percent saying they work to live, instead of living to work. In fact, a fifth said the morale at the company they work at is at rock bottom, with 16 percent having a nightmare boss who they feel micromanages them.
Meanwhile, 13 percent admit sometimes they cry in the toilets because they feel so stressed out, with one in ten saying they can’t leave work on time, or their manager will think they’re not working hard enough.
The research has also uncovered the barriers behind finding your dream job – with 43 percent of young Britons admitting that despite all the difficulties with their current position, they still have NO IDEA what their dream career is.
31 percent say they can’t afford the training required, while 24 percent don’t have the skills required for their dream job. While almost a fifth (19 percent) admit they don’t know which skills they need for their ideal career.
Over a third are interested in upskilling in order to progress further in their current role, while 36 percent want to change careers by retraining in something completely different. One-fifth feel they would benefit from a better understanding of business management, while 16 percent are adamant they would like to develop their computer skills. Meanwhile, 17 percent said upskilling their IT expertise would be crucial for them to make their career dreams come true.
And when it comes to switching careers, 17 percent think the more time goes on and the more senior you become, it only gets harder and harder to make a change. 16 percent have regrets about starting their career and not being brave enough to go for a job they really wanted. However, 14 percent claim they just need a boss who will give them a chance when it comes to working to their full potential.
By Christian Kraemer and Leigh Thomas
KOENIGSWINTER, Germany (Reuters) -Group of Seven financial leaders are likely to agree on Thursday and Friday to help Ukraine pay its bills in coming months, but surging inflation, climate change, supply chains and the impending food crisis are also on the agenda.
Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy – the G7 – are holding talks as Ukraine, invaded by Russia on Feb. 24, is struggling to fend off the attack and is running out of cash.
“We have to secure the liquidity of the Ukrainian state,” German Finance Minister Christian Lindner, whose country holds the rotating presidency of the group, told reporters on entering the talks.
“I am quite optimistic that we will be able at this G7 meeting to rise the funding which would allow Ukraine to defend itself over the next months,” he said.
“The war in Ukraine … also entails additional risks for the development of the world economy … inflation, but also the lack of recovery after the pandemic. Therefore, we will have to discuss what we can do together in our respective areas of responsibility to avoid stagflation scenarios,” Lindner said.
The Ukraine war is a game-changer for Western powers, forcing them to rethink decades-old relations with Russia not only in terms of security, but also in energy, food and global supply alliances from microchips to rare earths.
“Ukraine is overshadowing these meetings. But there are other issues that must be discussed,” a G7 official, who asked not to be named, said, adding that debt, international taxation, climate change and global health were all up for debate.
Ukraine estimates its financial needs at $5 billion a month to keep public employees’ salaries paid and the administration working despite the daily destruction wrought by Russia.
SHORT-TERM CASH, LONG-TERM REBUILDING
The short-term financing package of some $15 billion to be agreed by the G7 would cover three months of Ukraine’s needs.
The European Commission offered on Wednesday to provide up to 9 billion euros ($9.44 billion) in loans to Ukraine, financed from EU borrowing guaranteed by EU governments, to cover Kyiv’s needs until the end of June.
Japan will double its aid for Ukraine to $600 million to help it cover its near-term needs, Prime Minister Fumio Kishida told reporters on Thursday.
The EU executive also proposed to set up a fund of unspecified size of grants and loans for Ukraine, possibly jointly borrowed by the EU, to pay for its post-war reconstruction.
Some economists estimate such a project would require between 500 billion euros and 2 trillion euros ($524 billion to $2.09 trillion), with estimates frequently changing depending on the length of the conflict and the scope of destruction.
With sums of that magnitude coming into play, the EU is considering not only a new joint borrowing project, modelled on the pandemic recovery fund, but also seizing the now frozen Russian assets in the EU, as sources of financing.
Some countries like Germany, however, say that the idea, though politically interesting, would be on shaky legal grounds.
U.S. officials emphasise it is too soon to map out financing for a massive rebuilding plan for Ukraine and Washington wants the discussions to focus on Kyiv’s immediate budget needs over the next three months.
“After all, these rebuilding needs are mostly a bit in the future,” a U.S. Treasury official said. “This is why we’re focused more on the budget needs of Ukraine in the next three months than about reconstruction, Marshall Plans and asset confiscation.”
($1 = 0.9550 euro)
(Reporting by Paul Carrell, Chirstian Kraemer, Leigh Thomas, Francesco Canepa, Leika Kihara, David Lawder and Jan StrupczewskiEditing by Matthew Lewis and Tomasz Janowski)
By Josh Smith
SEOUL (Reuters) – At the top of South Korean President Yoon Suk-yeol’s agenda for his first summit with U.S. President Joe Biden this weekend will be strengthening American “extended deterrence” against North Korea, according to Yoon’s security advisers.
The term means the ability of the U.S. military, particularly its nuclear forces, to deter attacks on U.S. allies.
The issue came to the forefront during the campaign that led to Yoon’s election in March, driven by concerns over North Korea’s increasing missile and nuclear capabilities.
Here’s what Yoon’s team wants from Biden, and why extended deterrence has become a dominant security issue for Seoul:
WHY SOUTH KOREA’S FAITH IS SHAKEN
In 1958, the United States deployed tactical nuclear weapons to the peninsula. It pulled them out in 1991, but has continued to extend its “nuclear umbrella” to South Korea by vowing to use all of America’s capabilities to defend against an attack.
That promise is aimed not only at protecting South Korea, but at making it unattractive for Seoul to pursue its own nuclear weapons to counter the North.
The United States also stations more than 28,500 troops in South Korea, along with tanks, helicopters, anti-missile batteries, and other conventional weapons.
Yoon’s concern comes after faith in the U.S. commitment to defend South Korea was shaken under former U.S. President Donald Trump, who demanded Seoul pay billions more to support U.S. troops. That led to stalled negotiations that were only resolved under Biden.
Trump also repeatedly proposed withdrawing U.S. troops from South Korea, former Secretary of Defense Mark Esper said in a memoir released last week.
The American withdrawal from Afghanistan and debate over its support for Ukraine have also sparked discussions on the need for South Korea to boost its own capabilities, including whether it should pursue its own nuclear programme.
WHAT SOUTH KOREA PROPOSES
During the campaign, Yoon suggested the U.S. could redeploy its tactical nuclear weapons to Korea, but later backtracked.
His team has since asked Biden to permanently deploy U.S. “strategic assets” such as submarines, aircraft carriers, and bombers to the Korean peninsula.
Yoon says he would “normalise” the joint military drills with the United States that were scaled back under outgoing President Moon Jae-in, in a bid to placate Pyongyang and resume stalled talks to rid the peninsula of nuclear weapons.
Yoon has also reactivated an “Extended Deterrence Strategy and Consultation Group” with the United State that hadn’t met for years.
The nuclear umbrella promise is not included in the two allies’ mutual defence treaty. Instead, every year the U.S. defence secretary issues a joint communique with their South Korean counterpart committing to use the “full range of U.S. defence capabilities, including nuclear, conventional, and missile defence capabilities” to extend deterrence to South Korea.
On Tuesday, the conservative Chosun Ilbo newspaper said the war in Ukraine proves that “nuclear weapons can only be deterred by nuclear weapons” and called on Biden and Yoon to discuss “practical” preparations for a North Korean nuclear attack.
However, in a survey to be published in an upcoming Journal of Conflict Resolution, only 27% of South Koreans asked supported a U.S. nuclear response if North Korea used nuclear weapons against the city of Busan. Nearly three quarters of South Koreans surveyed in a separate poll in February favoured the country developing its own nuclear weapons.
WHAT IS THE U.S. POSITION?
Washington has been coy about any plans to permanently deploy strategic assets, and analysts say such a move may be unlikely.
“These need not be permanent to be useful and are best viewed as a rheostat where they can turned up or down, and be brought in when needed,” said Terence Roehrig, a professor of national security at the U.S. Naval War College, noting that deterrence measures must be calibrated not to inflame tensions.
Washington insists its commitment to South Korea’s defence is “iron clad.”
U.S. National Security Adviser Jake Sullivan told a briefing on Wednesday that the United States is prepared to make both “short- and longer-term adjustments to our military posture as necessary to ensure that we are providing both defence and deterrence to our allies in the region and that we’re responding to any North Korean provocation,” without elaborating.
(Reporting by Josh Smith. Editing by Gerry Doyle)
(Reuters) -Britain’s National Grid on Thursday reported a rise in its annual pre-tax profit, helped by higher prices of gas and electricity, but the energy distributor said rising inflation and a cost-of-living crisis posed a “significant” challenge.
The industry’s regulator in April raised the cap on the most widely used tariffs by more than half, as gas rates hit peaks amid the Ukraine war. The decision compounded troubles for Britons who were already reeling under soaring energy prices.
National Grid, which runs Britain’s energy systems and operates a gas franchise in New York City and Long Island, posted a 16% jump in underlying profit before tax from continuing operations to 3.06 billion pounds ($3.78 billion) for the year ended March 31.
The company expects earnings for 2022/23 to be broadly flat on the reported figures and said it maintains its financial outlook over the five-year period to 2025/26. Its shares dropped about 1.7% to 1,224.5 pence in early trading.
“The world has changed dramatically over the last year, with the tragic war in Ukraine, a global economic slowdown, and rapidly rising inflation,” Chief Executive Officer John Pettigrew said.
“The UK and U.S. communities we serve are facing significant cost-of-living challenges.”
British inflation in April leapt to its highest annual rate since 1982, while U.S. consumer price growth slowed sharply in April.
($1 = 0.8087 pounds)
(Reporting by Shanima A in Bengaluru; Editing by Aditya Soni and Uttaresh.V)
(Reuters) -British Airways owner IAG said on Thursday it has agreed to order 50 Boeing 737 MAX jets for delivery between 2023 and 2027, in a vote of confidence in the struggling U.S. planemaker.
The order for 25 737-8-200 and 25 737 MAX 10 jets to be used for short-haul operations at IAG-owned airlines is worth $6.25 billion at list prices, though the company said it had negotiated a substantial discount, as is typical in the industry.
IAG, which owns Ireland’s Aer Lingus and Spain’s Iberia and Vueling in addition to British Airways, also has a further 100 purchase options as part of the deal, which is subject to shareholder approval.
“The addition of new Boeing 737s is an important part of IAG’s short-haul fleet renewal,” IAG Chief Executive Luis Gallego said in a statement.
The deal falls short of a blockbuster non-binding commitment for 200 737 MAX jets placed under former chief executive Willie Walsh at the Paris Airshow 2019 that was a welcome lifeline to Boeing when the model was grounded after two fatal crashes.
But the firm 737 MAX 10 order from a top-tier customer is an important signal to the market at a time when Boeing faces an increasingly high-stakes battle to win certification of the largest MAX variant before a new safety standard on cockpit alerts takes effect at year-end.
Boeing’s financial health hinges on the resumption of deliveries of 787 Dreamliners and clearing MAX inventories, company executives and analysts have said.
Reuters in February reported IAG was likely to place a slimmed-down version of its 2019 commitment involving closer to 50 jets than the original 200.
IAG’s then-Chief Financial Officer Steve Gunning told analysts in November that the airline group would need some additional short-haul aircraft towards 2024 or 2025 and hinted that any order would include the 737 MAX.
(Reporting by Jamie Freed in Sydney and Sachin Ravikumar in Bengaluru; Editing by Sherry Jacob-Phillips and Jan Harvey)
By Yuka Obayashi and Florence Tan
TOKYO (Reuters) -Oil prices rose on Thursday, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.
Brent crude futures for July were up $1.32, or 1.2%, at $110.43 a barrel at 0700 GMT, after falling by more than $1 earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures for June rose 62 cents, or 0.6%, to $110.21 a barrel, recovering from an early loss of more than $2. WTI for July was up $1.33, or 1.2%, at $108.26 a barrel.
Front-month prices for both benchmarks fell about 2.5% on Wednesday.
“A slump in Wall Street soured sentiment in early trade as it underlined concerns over weakening consumption and fuel demand,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. [MKTS/GLOB]
Asian shares on Thursday tracked a steep Wall Street selloff as investors fretted over rising global inflation, China’s zero-COVID policy and the Ukraine war. [MKTS/GLOB]
“Still, oil markets are keeping a bullish trend as a pending import ban by the European Union on Russian crude is expected to further tighten global supply,” Yoshida said.
The European Union this month proposed a new package of sanctions against Russia for its invasion of Ukraine. This would include a total ban on oil imports in six months’ time, but the measures have not yet been adopted, with Hungary being among the most vocal critics of the plan.
The European Commission unveiled on Wednesday a 210 billion euro ($220 billion) plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.
Also, U.S. crude inventories fell last week, an unexpected drawdown, as refiners ramped up output in response to tight product inventories and near-record exports that have forced U.S. diesel and gasoline prices to record levels. [EIA/S]
Capacity use on both the East Coast and Gulf Coast was above 95%, putting those refineries close to their highest possible running rates.
In China, investors are closely watching plans in the country’s most populous city, Shanghai, to ease restrictions from June 1, which could lead to a rebound in oil demand at the world’s top crude importer.
Stephen Innes from SPI Asset Management said news that Shanghai planned to gradually resume inter-district public transport from May 22 was positive for risk and supporting oil prices.
($1 = 0.9537 euros)
(Reporting by Yuka Obayashi in Tokyo and Florence Tan in Singapore; Editing by Tom Hogue, Bradley Perrett and Emelia Sithole-Matarise)
LONDON (Reuters) – Batsman Kane Williamson had a poor season in the Indian Premier League (IPL) but New Zealand coach Gary Stead said a change in format from Twenty20s to tests will help the 31-year-old rediscover form in next month’s three-match series in England.
Sunrisers Hyderabad captain Williamson has returned home from the IPL to attend the birth of his second child after managing 216 runs from 13 matches with a strike rate of 93.5, the worst among batsmen with a minimum of 100 runs.
The New Zealand captain is set to return to test cricket after overcoming a nagging elbow injury in the opening match against England at Lord’s on June 2.
“He’s a bit disappointed he hasn’t got the runs he wanted during the IPL,” Stead told reporters.
“You don’t often see the great players often miss out perhaps as much as he has, but I think what we have to understand, coming back in to red-ball cricket, I think that will suit where he’s at with his game, his temperament as well.”
Stead expected Williamson to play New Zealand’s final warm-up game at Chelmsford later this month.
“They’re having the baby in the next three or four days, and then he will be back three or four days after that,” the coach said.
Tim Southee is also set to join the squad in England after his Kolkata Knight Riders were eliminated from the playoff race on Wednesday.
Fast bowler Trent Boult and batting all-rounder Daryl Mitchell will stay on in India, however, with the Rajasthan Royals set to feature in the playoff.
“The only question mark for us is if people are in the IPL final, the closeness of that to the first test and whether they are ready or not,” Stead said.
The IPL final is scheduled for May 29.
(Reporting by Amlan Chakraborty in New Delhi; Editing by Peter Rutherford)
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