The twenty-first century has seen a continuous evolution in all fields of education because of changing world order post 9/11, increased globalization, and rapid technological advancements. This evolutionary trend further intensified in the post-COVID-19 world as lockdowns gave rise to virtual institutes and online education.
New trends and job prospects have dawn the horizon while others have become obsolete. For example, the subject of entrepreneurship isn’t new in business education, but now, the need to incorporate the theory and skills of digital entrepreneurs in business education is important. This article is going to discuss the top nine emerging trends that are impacting business education in 2023 and also in the years coming ahead.
1. Hybrid educational model
The pandemic hiatus revealed the issues in conventional educational systems worldwide. A health crisis can halt all life activities, including education. Continued lockdowns highlighted the need for a hybrid learning model where the flexibility of online classes and the importance of physical and interactive learning go hand-in-hand. Therefore, business education institutions are offering online MBA programs in addition to on-campus full-time degree programs to facilitate remote learning. These online programs facilitate business skill development like leadership, business communication, and problem-solving through networking and collaboration.
2. Climate consciousness
Since the end of the twentieth century, climate change has gained significance at international forums. However, the recent impacts of global warming and climate change have amplified the need for businesses to become more environmentally conscious. Climate activists have called to hold companies responsible for their carbon footprints. This trend has impacted business institutions to teach green environmental practices and find a way to operate the business by complying with international environmental policies and standards.
3. Diversity and Inclusiveness
Integration isn’t the only effect of globalization. It has highlighted cultural diversity and socio-economic differences among different nationalities and ethnicities. Business organizations have to accept and include culturally diverse people and ideas to remain competitive in the business world. Likewise, it impacts the business education curriculum to conform to internationalization and inclusion. Internationalization refers to the process of redesigning a curriculum based on international practices, and the research and curriculum design shouldn’t be specific to any particular location. For example, managerial styles are different in different parts of the world. In some countries, the autocratic managerial style works well, while the participative managerial style is more effective in other countries.
Inclusion and diversity aren’t one-time phenomena. They’re perpetually shaping and reshaping the business world. Therefore, this trend is still relevant in business education in 2023.
4. International laws and policies
As discussed earlier, internationalization is the process of responding to the global nature of business in today’s highly interdependent business world by designing business curricula accordingly. The government’s policies and the directions by international regulatory bodies are directly affecting how businesses and trading will be done among different countries at the international level. Therefore, aligning business courses with current international laws and policies is worth considering.
5. Artificial Intelligence
Artificial Intelligence (AI) has vastly altered the way business is done nowadays. AI means increased automation which leads to high productivity and reduced cost. AI has influenced business organizations for good and bad. The downside of AI implementation means overdependence on machine learning models, and any minor breakdown can run into the risk of collapse of the whole operational process. AI isn’t only affecting the operational side of businesses but also the strategic decision-making process. The data and algorithms are aiding managers in making corporate decisions, so there is a risk of AI bias. Thus, all the opportunities and challenges brought forward by AI are impacting business education in the present world.
6. Corporate social responsibility (CSR)
Operational, marketing, and sales practices should be scrutinized to ensure that a business organization is socially responsible and sensitive to different people and societal norms. Corporate social governance isn’t a naïve idea. Rather it has been a part of business education for a long period. However, the challenges and threats posed by social media and online networking have made it necessary for business organizations to stay vigilant toward their social responsibilities. CSR may manifest itself in the form of healthy working conditions for its workers, fair wage rate, and avoidance of practices related to modern slavery. So, new ideas related to CSR should be included in business education in 2024.
Business education is no more only about management, marketing, finance, and human resource management. Further niche specializations like environmental risk and management, agriculture management, and healthcare management have been introduced recently. It shows that business education has expanded into other disciplines as well. This changing trend also impacts how courses and degree programs offered by different colleges and universities cater to that changing demand for a specialized skilled workforce.
8. Growth in specialized degree programs
Business institutions offer a wide range of specialized programs like agriculture management and health care management, considering the specialized niches emerging in the business world. In 2024, you can expect to see a rise in the specialized programs being offered by business education institutions.
9. Decrease in full-time degree programs
Remote learning had been the main reason for the decrease in on-campus enrollments. But factors like changes in preferences and paradigm shifts have made degree awarding institutes alter their course offering. More women are enrolling in MBA programs.
For those looking to study business, there is a vast pool of options in terms of the business degrees they can pursue. It’s a matter of identifying your interests, researching, and choosing what best fits your needs.