The Role of Education in Shaping the Future of US Business

Most scholars, legislators, and economists believe that during the next few years ASEAN's worldwide relevance will keep increasing. As dean of Sasin School of Management in Bangkok, I see these patterns suggesting an interesting future for any business school with a worldwide perspective, but particularly for those with an eye on Southeast Asia. Many times, people ask me, what will Sasin—and, more importantly, most business schools—look like going forward? I want more study on five macro trends I perceive that will define that future. Although these trends are relevant for business schools all over, each one also offers chances and problems more common in Southeast Asia than in other regions of the world.

Generation Z: Their Expectations

Southeast Asia is a young region; over half of the ASEAN population is under thirty. Born between 1997 and 2012, Generation Z individuals welcomed the dawn of the digital age. Demand for quick content availability and 24/7 connectedness has defined their existence.

While we should be cautious not to label entire generations homogeneously, generally Gen Z is more likely than past generations to search for just-in-time schooling with immediate practical advantages. For business schools, this inclination has major ramifications.

In business education, we stress a lot on keeping relevance and getting influence. Both are great goals for which we may reach by including active learning into our instruction. Future business schools will find it difficult to draw in young students if they separate academic ideas from real-world application in their curricula.

This is why at Sasin we have adopted experiential learning approaches instead of conventional lecture-based ones. For instance, we developed our Flexible MBA using what we refer to as Transformative Action Learning. This teaching method stresses the investigation of practical issues that call for our students to apply answers and spend some time evaluating outcomes. Southeast Asia presents a variety of regional issues; by means of action-based learning, our students can assist in addressing these issues as they grow in their competency. Indeed, theory will always be a major component of our courses, but we also have to be very conscious of the learning style of younger generations.

The Pursuit of Lifelong Education

The World Bank estimates that 13 percent of Thailand's population is 65 years of age or over; the proportion increased between 2000 and 2020. By 2040 this figure is expected to double once again, to reach 26 percent. Our population is working longer, much like in many other places around the globe. Viewing education as a single event—or a college degree as the end of learning—is no longer relevant since people are extending their working careers and juggling fast technology changes.

There are many other suppliers ready to fill in should business schools fail to change to satisfy the demand for lifetime learning. According to Carrington Crisp's "Future of Lifelong and Executive Education," most professionals will have more than one job and 72 percent of employers now anticipate employees to at least once in their lifetime shift the path of their employment. Business schools should be shifting from time-bound education to stressing lifetime learning and providing courses that fit the evolving demands of professionals at every level of their careers.

Business schools have to include two important elements into their courses if they are to serve students who often will be balancing several personal and professional obligations: accessibility and flexibility. Our products should let people seek knowledge at their own speed and convenience. Similarly, we should credit students for pertinent past experiences so they may finish their courses as reasonably and economically feasible.

This runs counter to how corporate programs have usually been developed and carried out to demand students to follow the same timetables, deadlines, and courses. Turning to more flexible learning models calls for a different perspective for us as business teachers.

The CarringtonCrisp study also revealed that, when looking for learning possibilities, both companies (57 percent) and individual students (55 percent) are more likely to turn to programs provided by online providers than those supplied by business schools. Stated differently, there are many other providers ready to fill in should business schools fail to adjust to satisfy this demand for lifetime learning. Although we have a lot of work ahead of us to match our initiatives to the demands of professional students, this trend also creates many chances.

The Economic Growth of Asia

Southeast Asia has historically been a global crossroads and is remains one today. In its "Asia 2050: Realizing the Asian Century" report, the Asian Development Bank projects that, should present patterns continue, the region will almost double its share of world GDP to 52 percent by 2050. Should this occur, Asia will reclaim the major economic role it occupied some 300 years ago before to the Industrial Revolution.

"Trade follows the flag," is a well-known imperialist Britain aphorism from the 19th century. One might also say, "education follows trade," today as the global economy gets more linked. The demand for education will grow as Asia's significance as a major hub of trade and innovation increases—and, more importantly, so will the knowledge that the business environment of Asia will probably significantly influence the future professional performance of our graduates.

What does all this imply for colleges of business? From international business schools and students, at Sasin we are witnessing growing interest in the Asian business climate. Particularly because they view Southeast Asia as the most open, kind, and livable continent, many foreign students are enrolling in classes here.

I envision three effects of Asian economic dominance for business schools all over. First of all, future leaders will need to be familiar with and knowledgeable about Asian culture and businesses. Schools will thus have to incorporate in their instruction pertinent case studies, examples, and ideas regarding Asian companies.

Second, the count of collaborations between Asian business schools and those abroad is probably going to rise. Schools will be able to more readily include the Asian experience into their cultures with the correct partners through research projects, visiting teachers, cooperative programs, and student exchanges.

At last, the outward flow of Asian students from local universities is probably going to decrease as business schools in the area grow and take front stage internationally. Business schools in the West will have to reassess many of their international recruitment and operational policies as more students stay in—and come to—Asia for their educations.