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Lessons From COVID-19 To Take Centre Stage At B-Schools Risk Management To HR Dynamics

Lessons From COVID-19 To Take Centre Stage At B-Schools Risk Management To HR Dynamics

The lessons learnt from COVID-19 pandemic and long term consequences of the disruption caused by the lockdown, are set to take centre stage at premiere business schools in the country with many of them already gearing up to introduce them in the curriculum.

Effects on economy, changing dynamic of Human Resources management (HRM) due to work from home, price controls, sustainability, localism, business strategies for natural disasters and epidemics, risk management, decision making under uncertainty, are among the topics that are being discussed for inclusion in academic learning and discussions.

Indian Institute of Management (IIM), Calcutta, Director Anju Seth said that recent developments and their consequences will be incorporated and discussed as part of courses in Economics, Business Environment, Strategy, Marketing and other areas. "As business schools we have to step in and create content which can inform businesses and managers moving forward. I also expect that the nature of such an attempt should be rooted in cross-disciplinary elements," said Professor Vipul Mathur from the institute's Economics Group.

According to G Raghuram, Director, IIM Bangalore, "Our faculty is at the forefront of thought leadership on different aspects of the pandemic - impact on start-ups, technology, economy and business, education, healthcare etc. They have been sharing their ideas in different forms. Much of this will flow into classrooms as applications of concepts. There could also be cases written which would lead to material for classroom discussion," he told PTI.

According to academicians at Gurgaon-based Management Development Institute (MDI), students should be prepared to face such transition in the corporate world. "In the light of COVID 19, a ''new normal'' is a less financially leveraged world with more government interventions. Businesses may experience more prudence, less consumerism and low risk investment," said Rupamanjari Sinha Ray, Assistant Professor, Economics Area, MDI Gurgaon.

Social distancing and low growth have led to new business and economic challenges due to reverse migration, unemployment, low productivity, investment and liquidity challenges, public policy changes, and low international trade, she noted.

Xavier School of Management (XLRI), Jamshedpur, said future business leaders need enhanced "Resilience Quotient" to respond to unpredictable events like pandemics and similar adverse black swan-like events. "B-Schools must incorporate in their curriculum the widespread adverse impact and learning’s of pandemics like COVID 19 on society at large and business in particular. More importantly, the community at large and organizations, in particular, need to take conscious resilience-building measures to withstand and overcome unpredictable events that have an adverse impact - globally or locally," said Sunil Varughese, Chief Brand & Sustainability Officer, XLRI.

The country has been under a lockdown since March 25 to contain spread of COVID-19 throwing economic activities out of gear. Source: PTI



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