Synopsis : As the Industry 4.0 world pans out,
Executive Education needs to be re-evaluated and re-transformed as a skill
enhancement tool. However, to bring about such a massive change, we need to
begin with the core and design executive education around a subscription model.
As the industry braces itself for the dynamic forces of disruption, the education system too needs to follow suit. In order to keep up with the winds of change, a complete restructuring, reorganisation, and re-energising of the executive education curriculum is the need of the hour.
The Crucial Questions
The foremost step would be to view executive education through the lens of relevance. Is the present system fulfilling the needs of the industry? Are we focusing enough on the evolved requisites of the present system? It is thus essential to evaluate the current models of education on the scales of their contribution and relevance to Industry 4.0.
The next aspect that needs to be
taken into account is the ROI on executive education. In the existing scenario,
continuous skill enhancement is required if one wants to
emerge on top of the unremitting
industrial transformations. Hence, it is imperative that the ROI time frame be
shortened in order to expedite upgradation of skills.
The Modus Operandi
A simple solution to the above issues
could be to design education around a subscription model rather than pursue it
as a one-time investment. The ongoing metamorphosis of the industry begets
quick adaptation of new skills. By devising an education system which allows
continuous engagement and the flexibility to equip an individual with new
skills, we can fill the knowledge gaps created in industry 4.0. For this to
happen, a two way interaction is required. Both, corporates as well as
institutions need to align their policies to make this happen.
Executive education is not a novel
phenomenon, it is a norm for most organizations to train their managers for the
betterment of the company. However, so far, this training has been treated more
as a retention tool by the employer and as a CV enhancing tool by the employee.
Yes, it has been a win-win situation for both but the situation is slowly
changing. The high costs and lack of entry/exit barriers for such programs, has
reduced the returns on executive education for both employer and employee.
To tackle this, the HR needs to work closely with the managers and the leaders and chart a career path for the individual. Once career paths have been defined, only those programs which may help in fulfilling the underlined goals should be offered. This would increase the ROI for the organization and enhance the productivity and efficiency of the employee.
As for business schools, their role
here would be to create better assessments before giving admission to a
candidate. This would ensure participation by serious candidates who understand
what they have signed up for. In a way, this would also raise the bar of
Another step that would enhance the
value of these programs would be to devise a curriculum which offers constant
monitoring of the individual’s performance. They should be made aware of the
progress they have made in the course and the benefits they have achieved post
Re-skilled For Industry 4.0 World
Executive education has hitherto been
a knowledge enhancement tool. But today, it needs to transform into a skill
enhancement tool which emphasises on a learn-by-doing approach. Vigorous
training models which impart skills are the step forward when it comes to preparing
our workforce for the next wave of change.