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 executive education.
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 completion.
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.