Curricula 4.

0
Creating Future Managers

IFIM – NHRDN Study of

Industry 4.0 Needs
Index

Content Page

01. Introduction 01
02. Review of Contemporary Studies in the Area 02
03. Research Gap 03
04. Study Methodology 04
05. Findings 05
06. Conclusion 11
07. Appendix-1 12
08. Appendix-2 13
09. Appendix-3 15
10. Appendix-4 17

2019 Copyright: IFIM Business school, Copying or reproducing the contents of this
document in part or whole without obtaining prior permission is prohibited.
 Introduction
Business schools globally are facing major challenges today. The rising importance of
ranking and accreditations, the ongoing debate on rigour vs. relevance in terms of
research orientation and above all, the digital revolution changing the way work is done
in industry 4.0 moments, are contributing to a tectonic shift in the management
education landscape.

The next few years are likely to witness a rebooting of business education since the first
business school that was established in Europe in the year 1819. This new era which will
be in sync with Industry 4.0, may well be termed as Management Education 4.0 (ME
4.0). Here the term ‘Management Education’ is chosen purposefully, as management
today, instead of restricting only to corporates, encompasses all different organisations
(from large corporations to SMEs, from the public sector to NGOs) and has potentials to
contribute towards grooming professionals who would positively induce impact on their
businesses, communities and the planet as a whole.

If we look back to the history of management education in the global backdrop, we

observe clear divisions into three distinct phases. The first phase (1819-1945) was
characterised by some initial institutions driven by contemporary industry demand, for a
new type of business professionals like managers, which conventional universities were
then not able to fulfil. In the second phase (1945 -2000) institutions aimed to become
more scientific in its approach to make business administration and management as
standalone disciplines, triggered by the report written by Robert Gordon and James
Howell in 1959 for the Ford Foundation. The third phase (2000 until today) represents the
era of global competition, with the rising importance of accreditation bodies like AACSB
and EQUIS as a standard for high-quality education. This phase also marked the
emergence of international rankings like The Financial Times (first published in 1999) and
The Economist (first in 2002).

Considering the above facts, management education in India is a relatively new

phenomenon. In 1991, the number of approved management education institutions in
India was only about 130, with an annual MBA intake of about 12,000, comprising of
8000 full-time, 3000 part-time and 1,000 distance education students. However, in
2017, the number of approved institutions has gone up to 3359, with an annual MBA
intake of 232,679 students. The volume of MBA faculty has gone up to 56,313. As on
Mar 31, 2019, there are 10 AACSB, 10 AMBA and four EQUIS accredited schools in
India. Despite this progress, Indian Business Schools of today are in a difficult situation,
as there is a continuous competitive pressure to achieve global standards, in spite of
many of them being relatively new entrants compared to their global counterparts. The
situation becomes further challenging owing to the following reasons.

First, the high emergence of national and international ranking bodies and especially for

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 international accreditations, who rely on rigorous standardized assessment criteria for
which schools need to fulfil key performance metrics. For example, schools need to
have at least 50% of courses to be delivered by research-active permanent faculty. This
results in the recruitment of research active permanent faculty, which in turn push up the
cost of education.

Second, the requirement to publish in academic journals results in faculty often focusing
on research that may not always be important to prepare the graduates for a job market.

Third, the emergence of Massive Open Online Courses (MOOCs), has started
questioning the very idea of knowledge transmission.

Fourth, the changing needs of the industry buzzed as Industry 4.0. This is very important
as we look at the top ten global companies in terms of market capitalisation over the
past one decade, we would see the frequent enlistment of new digital companies (such
as Google, Apple, Amazon, Facebook) into this elite league.

Review of contemporary Studies in the Area

Industry 4.0 is more than just a buzz word, a common term to describe businesses
driven by AI, Machine Learning, Automation, Robotics, Big Data, Analytics, Cloud, IoT
technologies, etc (Forbes Magazine). The World Economic Forum in their recent report
on ‘The Future of Jobs’ states, ‘…the fourth industrial revolution, which includes
developments in previously disjointed fields such as artificial intelligence and machine
learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology, will
cause widespread disruption not only to business models but also to labour markets
over the next five years, with enormous change predicted in the skill sets needed to
thrive in new landscape. The World Economic Forum (WEF) released a report on the top
ten skills required in the age of automation at the workplace. The ten identified skills are
complex problem solving, critical thinking, creativity, people management, coordinating
with others, emotional intelligence, judgement and decision making, service orientation,
negotiation and cognitive flexibility. Are these skills comprehensive enough to meet the
needs of Industry 4.0? Given these skill areas of WEF, how do Indian B schools respond
to such challenges? AACSB accredited IFIM B-school in India wanted to explore these
questions and many more.

The need of the hour, therefore, is the development of well-informed, educated and
skilled human resources that can successfully drive the era of industry 4.0. There
perhaps cannot be a better reference point than the book, ‘Rethinking the MBA:
Business Education at a Crossroads’ written by Harvard Professors Srikant Datar, David
Garvin and research associate Patrick Cullen. In 2009, they did a comprehensive study
to explore the state of MBA education. In the book, the authors make the case, that

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 although much of conventional business education is still germane, much of it needs to
be rethought. If business schools are going to be a crucible to help forge the next
generation of leaders, much more needs to be done in this space. Prof Datar identified
eight unmet needs, topics that were viewed as poorly or incompletely addressed by
business schools around 2008. Those eight unmet needs are Global Perspective;
Leadership Development; Integration; Organizational Realities: Power, Politics, and the
Challenges of Implementation; Creative and Innovative thinking; Oral and Witten
Communication; the Roles, responsibilities, and purpose of Business; Risk, Regulation
and Restraints - the Limits of Markets and Models.

Research Gap
Thus, to remain relevant, B School Education needs innovation to be aligned to Industry
changes. Prof. Datar’s study was published around the global financial crisis when
business education was at a crossroad. Are the findings still valid today and for
developing world? The sample frame of the study that revealed these eight unmet needs
in a B-School curriculum included B-Schools and corporates only in developed
economies. The key B schools in these economies are more than five decades or some
about a century old. The study did not include any B-School from India or such
emerging economies. Besides, this study was done a decade back. 

Furthermore, the study did not elaborately address the skill requirements identified by
the WEF while many of the skills may appear common. The study also did not envisage
the advent of exponential technology and rapid digitalization that brings forth the
platform business model we experience today. The focus of current research is to
investigate the emerging country-specific Industry 4.0 factors that will drive future
business education in India.

IFIM in collaboration with NHRDN undertook the following research questions in this
exercise.

What are the India specific unmet needs that the B-schools must address today?

What is the response of India Inc. and academia to the new set of skills identified
by WEF?

Done in advanced economies, both WEF studies and Dr Datar’s study need empirical
validation in an emerging market context since India is poised as a good template for
emerging markets for years to come.

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 Study Methodology
IFIM partnered with National Human Development Network (NHRDN) of India and widely
reached out to industry and academia across geography and domains. Our research
team explored the relevance and importance of these 10 WEF skill trends in the Indian
context and their impact on the future of jobs through extensive primary and secondary
research and analysis. Our secondary research included a study of related literature,
industry reports, relevant articles and points of view to enable us to develop the base
knowledge and hypothesis for our study. While we had multiple iterations at the
beginning of the project, we could gradually converge to a reasonable set of views which
were then further tested and refined. The complete study cycle was done in two phases.

Phase 1:
Based on multiple small focus group discussions with experts from industry and
academia, and review of reports on future of business by WEF, Deloitte, McKinsey,
NASSCOM, FICCI, EY, a set of survey questionnaire items were created pertaining to
Future of Business, WEF identified skill sets and a few other relevant skill sets
considered important for the desired curriculum. Through an online survey
questionnaire, response to these items was sought from the senior leadership in industry
and academia. The team considered strata sampling and collected responses from 292
respondents spread over seven geographical locations, namely, Delhi, Lucknow,
Mumbai, Bangalore, Chennai, Ahmedabad, and Kolkata, chosen based on their level of
industrial engagement. The team attempted to ensure that the respondents well
represent the entire country with their regional diversity, culture, industry readiness
across different sectors of the industry. The demographic data of the respondents are
shown in Annexure 1. The study questionnaire is given in Annexure 2. In summary, this
phase of the research attempts to answer the research question: What is the response of
India Inc. and academia to the new set of skills identified by WEF?

Phase 2:
Three Round table discussions were held in Mumbai, Delhi, and Bangalore. CXOs
representing a heterogeneity of industry domains and select senior representatives from
academia were invited to participate as shown in Annexure-3. The round table
discussions were anchored by a senior research faculty from IFIM and a senior member
from the corporate world. The aim of each round table discussion was to explore ‘what
are the unmet needs in Indian context’ and ‘what next’ as we start working on
developing a gen-next MBA curriculum. In summary, this phase of the research attempts
to answer the research question: What are the India specific unmet needs that the
B-schools must address today?

While one phase of the research attempts to validate the findings of WEF identified skill
areas by survey research, the second phase explores new dimensions using group

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 discussions by senior industry participants. Hence our findings of mixed method
research can be helpful for other emerging countries to design their B -school curriculum
geared towards Industry 4.0.

Findings
The finding of phase-1 and phase -2 are shown separately. Appendix-1 shows the
demographics of survey participants and Appendix-2 describes the itemized response
to questions in which participants agree to the identified skill areas in this research.
Appendix-3 shows the list of Phase - 2 participants who undertook group discussions
on India specific factors of Industry 4.0.

Factor Analysis of WEF 10 dimensions

A factor analysis was carried out on the responses (hot, warm, cold) to a list of future
skills to group the 10 skills identified by WEF into fewer groups. The responses were on
a three-point scale (3: hot, 2: warm, 1: cold). Exploratory factor analysis (EFA) helps to
reduce the data by taking into consideration, the correlation among factors. To ensure
the validity of factor analysis results, sample sufficiency must be tested and whether
enough correlations exist in the data for factor grouping to occur needs to be examined.
The outcome of the tests conclude that sample size is adequate, and a correlation exists
among skill sets. 65% of the variance in data was explained by the six factors extracted.

According to exploratory factor analysis (EFA), existing 7 skill areas collapsed into 3
factors – People Oriented Skills, Problem Solving and Rational Thinking behaviour.
People-oriented skills came out to be the largest factor explaining 27% of the variance,
encompassing people management, coordinating with others and negotiation.
Problem-solving skill requirement came out to be a second factor explaining 20% of the
variance, encompassing complex problem solving and judgement and decision making.
Finally, rational thinking behaviour encompassing critical thinking and cognitive flexibility
explained balance 18% of the variance, totalling 65% variance explained by these 3
factors. There are 3 skill requirements that stood alone in the analysis – creativity,
Emotional Intelligence and Service Orientation.

In conclusion, the data reveals People Oriented Skills, Problem Solving, Rational thinking
behaviour, Creativity, Emotional Intelligence and service orientation are the skill
requirement of next industrial revolution dominated by emerging business themes and
systems. The analysis is presented in Table -1 below.

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 Table 1. Exploratory Factor Analysis (EFA) of 10 dimensions of
WEF skills

WEF 10 skill Areas Factors Variance explained Total variance

explained
People Management
Negotiation People Oriented
27%
Skills
Coordinating with
others
Complex Problem
Solving
Problem Solving 20%
Judgment and
Decision Making 65%
Critical Thinking Rational Thinking
18%
Cognitive Flexibility behavior

Creativity
Emotional
Intelligence
Service Orientation

Factor Analysis of Other relevant skill areas

Out of 9 secondary skills mentioned in the survey, an Exploratory Factor Analysis (EFA)
combined them to arrive at parsimonious results for representing these skill
requirements. According to factor analysis, existing skill areas of additional skill
requirement section collapses into 2 factors – sociability and responsibility &
communication, with quantitative skills remaining as a standalone skill requirement.
Skills i.e. teamwork, team building, cultural sensitivity, entrepreneurial mindset,
sensitivity to social issues, work ethics, henceforth referred to as the factor ‘sociability
and responsibility’ explains 34% of the variance. Next, it is not so surprising that oral
and written communication, explained by factor communication has 17% variance,
making cumulative variance go up to 52%. Quantitative skills couldn’t group into any
other additional skill requirement and hold on to its position as a standalone
requirement.

Thus, the additional skill requirement data reveals, sociability and responsibility,
communication and quantitative skills are the most important factors for the next
industrial revolution. The analysis is presented in Table 2. below.

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 Table 2. Exploratory Factor Analysis (EFA) of 9 dimensions of
other relevant skill areas

Skill Areas Factors Variance explained Total variance

explained
Team work
Team building
Cultural sensitivity
Entrepreneurial Sociability and
34%
Mindset Responsibility

Sensitivity to social
52%
issues
Work ethics
Oral communication
Written Communication 17%
communication
Quantitative Skills

Summary of Phase – 1 research results

People Oriented Skills, Problem Solving, Rational thinking behaviour, Creativity,

Emotional Intelligence, Service Orientation, Sociability and responsibility,
Communication and quantitative skills are the identified skill areas in the research. The
results can be grouped under two sections -1) Hard Skills - Problem Solving, Rational
thinking behaviour, Quantitative Skills and Service Orientation 2) Soft Skills - People
Oriented Skills, Sociability and responsibility, Emotional Intelligence, Creativity,
Communication skills.

Findings of the qualitative research phase

The results of phase – 1 has been used to encourage discussions and reflections of
senior executives from the industry. 10 dimensions have emerged from this concluding
phase of research as outlined below along with insights from practitioners’ roundtables.
Appendix-4 contains the traceability matrix among IFIM-NHRDN study, WEF Skill
dimensions and ‘Rethinking the MBA’ findings.

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 1. Learning Orientation and Analytical Mindset
Learning as a one-time activity vs lifelong pursuit
Prepare for continuous learning
Modular programs for senior management for technology upgrade
Research and Analytical skills
Focus on why, rather than how

2. Integration of Data, Communication and Technology

Convergence of technologies
Automation to replace tasks and Moore’s law impacting education
Being comfortable with technology
Technology adoption
Marrying data with technology
Data appreciation/analytics, Technology integration- application of Artificial
Intelligence and Machine Learning across business
Appreciation of technology integration with business functions like Martech /
Fintech / HRtech
Use of multi-device / technology (chat box) in pedagogy

3. Solution Orientation and Problem Solving

Execution is more important than strategy
Mix students with practitioners during program delivery
Help them with real-life projects
Strong practical focus
Interdisciplinary learning for multifunctional roles
May need to combine consumer behaviour, and individual & organizational
behaviour develop a deeper insight
Being comfortable with multiple job roles
Skill orientation / Technical skills / Service mindset

4. Dealing with Change and Uncertainty

Ability to deal with ambiguity
Able to manage structure vs ambiguity
How to be comfortable with change
Students should be encouraged to experiment, and educational institutes must
facilitate to take the scare out of failure
Prepare to deal with failure
Technology adoption, change management, ability to work in ambiguity
Thriving in chaos, un-learning skills, modular programs for senior management
in technology upgrade
Curriculum flexibility (individualized)
Building awareness of business eco-system and changes in business rules

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 5. People and Team Orientation
Individual vs. Collaboration
Competition vs. Collaboration
Individual vs. team
Teamwork, Communication, Negotiation, Collaboration
Virtual collaboration
Learning to deal with diversity
Art of Sharing
Ability to work with multi-generation workforce
Strong behavioural knowledge

6. Innovation and Creativity - Entrepreneurial Orientation

Value creation
Research to be a part of the curriculum
Creativity
Design thinking
Abstract thinking applied to strategy / New product marketing
Storytelling
Appreciation of consumer-centric design

7. Social Sensitivity and Cross-cultural Orientation

Social consciousness and social inclusivity
Cultural sensitivity
Being flexible
Collaboration as a culture
Ensuring cultural fit
Environmental Sustainability, Values
Empathy
Social Inclusiveness
Social responsibility and sustainability

8. Managing Self (Self-Awareness, Self-development including Wellness)

Purpose of life
Inner resilience and clarity
How to manage self/self-discovery
Instilling a sense of self-belief and not following a herd-mentality
Ability to re-invent oneself
Introduction of the psychometric test at the beginning of the program and help
students understand what they want to be and how they can reach there
Doing the psychometric test once again prior to students' starting the corporate
journey
Ensuring a higher level of student engagements
Greater accent on soft skills

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 Well-being / taking care of health and emotional stability
Introducing sports and gym for physical fitness and yoga for inner engineering
Fit enough to do a full marathon during the two year program
Cognitive load management.
Today's generation comes with an entitlement mindset
For tomorrow’s jobs, students must build five types of Quotients- Emotional
Quotient, Technology Quotient, Financial Quotient, Strategy Quotient, Spiritual
Quotient
EQ is the most important one among all five quotients
Graduates need to demonstrate emotional maturity

9. Business Orientation -Multidisciplinary Approach

Linking prediction and creation approaches
Self-confidence
Risk-taking abilities
Skills for jobs that do not exist today
Ability to file patents
Appreciation of multidiscipline programs

10. Globalization
The nature of work, work-place, and global opportunity will change
Globalization will have a larger impact
Produce talents with a global perspective

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 Conclusion
It is interesting to observe that both the WEF skills and Other Relevant Skills emerged
from the quantitative analysis of the questionnaire survey, indicated the very similar
dimensions evolved from the round table discussions by the experts. Some crucial
dimensions have come out from round tables, which did not find place in WEF findings,
namely, Globalization, Managing Self, Dealing with uncertainty, etc.

The ten dimensions clearly align with the needs of the emerging gig economy of the
current Indian industrial process. Industry 4.0 is fast creating new job roles whilst
simultaneously making redundant the traditional roles in the company. The Chief Digital
Officer role is fast amassing more importance than the traditional role of operation. The
dynamics of HR are clearly being impacted by factors such as work from home policies;
increasing temporary hires and offshore centres; 24X7X365 operations; collaborative
working cutting across borders; cultures and time zones, etc. Manufacturing is being
dominated by robotics, automation and 3D printing. Marketeers are spending more time
browsing data, developing algorithms and discovering new opportunities by deploying
AI and machine learning. The new age companies are making the so called
mega-corporations of yesteryears and their established business models redundant. The
Fortune 500 list is reinventing itself with the new age companies as they continue to
dislodge the legacy behemoths from their podium positions. A few years ago, the
change was coming, and now it is here to stay in the form of Industry 4.0. The shift from
Industry 3.0 to 4.0 happened in less than a decade, and be rest assured that Industry
5.0 has already started to make its forays.

The geographies that led the change in the past have shifted from the West to the East.
The East with its large percentage of young population is surely set to drive the new
world. This change is holistic and everything from economics, technology, culture,
language and human behaviour is being impacted.

This research study clearly indicates that professionals need to be trained differently as
the paradigm of business management is changing. The need for professionals who
value being and have the ability to think and execute is fast outpacing the need for those
who can just think and command. Management Education 4.0 needs to evolve rapidly to
prepare professionals who can apply their learnings fearlessly, take risks and deliver
outcomes consciously. The ten dimensions as described above need to be christened
as the ten commandments for Management 4.0. Curriculum designs aligned to these
commandments should deliver the required professionals for Industry 4.0 who are
capable of managing the challenges of Industry 5.0.

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 Appendix-1
Demographics of Survey Participants (292 Executives) *

* The details of qualitative interview round consisting of 43

executives mentioned in Appendix-3

Total respondent: 292

Industries: 13 verticals, (70% of respondents are from Consulting, Education,
Services and Manufacturing)
100

80

60

40

20

0
Consulting

Education

Energy

Financial

FMCG

Health Care

Human Resources

Infrastructure

IT

Manufacturing

Other

Pharma

Service

Age group: About 72% of respondents are from age group 25-54
Gender: About 25% of respondents were female and 75% male

Male
Female

Seniority level: Out of 292, 156 are from Senior management

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 Appendix-2
Details of survey questionnaire filled in by 292 Executives with
Basic Findings

Future of Business (Nominal data with YES/NO as response)

% of Respondents
who has answered in
Sl No Future of business skill areas a rmative for the
importance for the
skill
Business process will be driven by automation (robotics, IOT,
1 93
Machine learning etc.)
2 Agile will become a norm rather than an exception 92
Blockchain technologies will revolutionise various industries
3 88
carry on their activities
Business places will be dominated by collaborative work carried
4 98
on through interactive technologies
Abundant data and ways to extract real time insights from them
6 (Big Data, AI etc) will drive decision making and operations 96
extensively
Increasing cross-border business will increase the need of a
7 95
high level of cultural sensitivity
Impact of business on the triple bottom line, including Profits,
8 People and Planet will become more important than just top-line 91
and bottom-line considerations for assessing business outcomes

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 WEF List of skills for the 4th Revolution (Nominal data with
HOT/WARM/COLD as a response)

% of Respondents
No WEF Skill Areas who responded
Hot and Warm

1 Complex Problem Solving 95

2 Critical Thinking 95
3 Creativity 98
4 People Management 98
5 Coordinating with Others 96
6 Emotional Intelligence (EI) 96
7 Judgement and Decision Making 97
8 Service Orientation 97
9 Negotiation 97
10 Cognitive Flexibility 96

Other relevant skills of the future

% of Respondents
who have shown
Other Relevant skills captured around themes of the importance for
No qualitative interviews the skill
Oral Communication/Articulation (Story telling/presentation)
1 skills 98
2 Written Communication (report writing/emails etc.) 95
3 Team Work (collaboration/cooperation/contribution) 98
Team Building Skills (Conflict management/motivating team/
4 leading) 98
5 Cultural Sensitivity 98
6 Quantitative Skills 96
7 Entrepreneurial Mindset 98
8 Sensitivity to social issues and environment sustainability 96
9 Work Ethics 96

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 Appendix-3
Details of Senior Executives who participated in the Roundtable
Discussions

Three Roundtable conferences (Mumbai, New Delhi, Bangalore)

comprising of 43 practising executives including 18 CXOs

Mumbai

Ms Kalpana Maniar, President & CIO, Edelweiss Financial Services Ltd

Dr Mitul Thakker, Chief People and Compliance Officer, IKS Health
Dr D Prashanth Nair, Co-founder, Indus Partners
Dr N M Kondap, Director General, Chairman, Western Regional Committee
(2011-17)-AICTE & former Vice-Chancellor, SVKMS, NMIMS University
Ms Sindhu John, Head-HR, TCS Banking
Mr Afzal Modak, Chairman-Board of Directors, Logo Infosoft
Mr Abhilash Misra, CEO, NSE
Mr Amit Sharma, VP, Future Group
Mr Vikram Goel, CEO, Quikr Realty Ltd.
Mr Mandar Desai, Director, Management Consulting, KPMG
Mr Satyarth Priyedarshi, Head of Product Marketing, JioChat
Mr Mahesh Gera, VP, Group HR and Admin, Rustomjee (Keystone Realtors)
Mr Yashraj Vakil, Co-founder, Buzzinga.com
Mr Sameer Dhanrajani, Chief Strategy Officer, Fractal Analytics
Mr Dhananjay Singh, Director General, NHRDN

New Delhi

Mr Amit Malik, Chief People, Operations and Customer Services Officer, Aviva Life
Insurance India Ltd, Gurgaon, India
Mr Ankur Aggarwal, Managing Director, Crystal Corp Protection Limited
Mr Dharm Rakshit, Head HR, Hero Moto Corp Ltd
Ms Kirti Seth, Head, Future Skill Initiatives, NASSCOM
Dr Neena Pahuja, Director General, ERNET India, Department of Electronics and IT,
MC&IT, Govt. of India
Ms Parul Soni, Global Managing Partner, Think Through Consulting (TTC)
Mr R Anand, Senior VP(HR), HCL
Mr Ram Jalan, CEO, Wave Infratech
Mr S Y Siddiqui, Chief Mentor, Maruti Suzuki India Ltd
Mr Sandeep Tyagi, Director (Human Resources), Samsung Electronics

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 Ms Saswati Sinha, VP and Head (HR), Cheil India
Mr Sumit Goswami, CEO, QX Limited
Mr Vikas Mittal, Data Scientist, 360 Digital Transformation
Mr Zairus Master, CEO, Shine.com

Bangalore

Mr Parag Diwan, Chief Executive Officer, EVOracle

Mr Abhishek Ranjan, Associate Director and Global Head – CSR, Brillio
Mr Suman Mitra, Sr. General Manager–Human Resources, Bosch Limited
Mr Sudeep Goswami, Director & GM - GSI Sales, India, Dell
Mr Nitin Sareen, SVP – Head of Analytics Solutions and Delivery, Group Data and
Analytics Cell, Aditya Birla Management Corporation Pvt. Ltd.
Mr Uttam Rathod, Head-Corporate HR, TMEIC Industrial Systems India Pvt. Ltd
Mr Sujitesh Das, VP & Global Head – Strategic HR, Microland
Mr Abdul Majeed, Sr. Partner, Price Waterhouse
Ms Priya Singh, Director & Head of HR, Lowe’s India
Ms Revathi Kasturi, Entrepreneur, LAQSH Job Skills Academy
Ms Parul Jain, Head – HR, ANZ
Mr Kamal Bali, President & MD, Volvo Group India
Mr Samir Kumar, MD, Inventus India
Mr N Balachandar, Group Director, HR, Coffee Day Enterprises Ltd

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 Appendix-4
Traceability matrix among IFIM-NHRDN study, WEF Skill
dimensions and ‘Rethinking the MBA’ findings

Industry 4.0 needs from IFIM Unmet needs from

WEF skill dimensions
study "Rethinking the MBA"
1. Learning Orientation and
Analytical Mindset
2. Integration of Data,
Integration
Communication and Complex Problem Solving
Oral and Written Communication
Technology
Organizational Realities: Power,
3. Solution Orientation and
Politics, and the Challenges of Service Orientation
Problem Solving Implementation
Risk, Regulation and Restraints -
4. Dealing with Change and Judgment & Decision
Understanding the Limits of
Uncertainty making
Markets and Models
Co-ordinating with others
5. People and Team Orientation Leadership Development Negotiations
People management
Complex Problem Solving
6. Innovation and Creativity -
Creative, Innovative thinking Critical Thinking
Entrepreneurial Orientation Creativity
7. Social Sensitivity and Cross- The Roles, responsibilities, and
cultural Orientation purpose of Business
8. Managing Self (Self-
Awareness, Self-
Leadership Development Emotional Intelligence
development including
Wellness)
9. Business Orientation -
Integration Cognitive Flexibility
Multidisciplinary Approach
10.Globalization Global Perspective

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The project has received appreciation from all quarters. Some support for the effort is
reflected in the comments of heads from industry and academia:

“A very timely and insightful research report on the changing requirements of

management education. Future graduates of management will have to learn
both the hard sciences of automation, AI and Blockchain as well as the soft
sciences of emotional IQ, globalization and cultural diversity.”

Jagdish N. Sheth, Ph.D.

Charles Kellstadt Professor of Business,Goizueta Business School Emory
University, Atlanta, USA

“I have not seen an effort like this that has been done so scientifically involving
all the different stakeholders, using multiple methodologies both quantitative
and qualitative research. The report that will emerge will hopefully serve as a
catalyst to generate much more discussion across business schools and
something that is positive and widespread will come out of this”

Dr. A. Parasuraman
Professor and James W. McLamore Chair in Marketing – University of Miami

"I am pleased to see AACSB-accredited IFIM Business School deeply

engaging business in this initiative to shape future management curricula,
AACSB’s accreditation standards stress the importance of active engagement
with the business community and innovation in programs to ensure graduates
are future ready and equipped for tomorrow’s business world.”

Tom Robinson
AACSB International’s President and CEO

“India is in dire need of an upgrade in its management curricula to keep up

with the rapid transformations across industries globally. The country’s youth
are considered one of the most talented resources across the world. The
survey will be a platform for corporates in the country to share their views on
the skills required for the future workforce. It will guide management
institutions to adopt these practices in today’s curriculum to create job-ready
and continuously employable professionals. This will keep India’s academia
and industry aligned, which has seen a phase of disconnect in the past.”

Dhananjay Singh
Director General, NHRDN