Abstract
The world of work is changing at a rapid and alarming pace. These changes have been ushered by several factors, including new technologies due to the 4th industrial revolution, political instability such as the war in Ukraine and the global health crises due to the Covid-19 pandemic. These changes have resulted in an increasingly complex business operating environment, where leaders in the 4th industrial revolution are now facing challenges that previous generations have never encountered. New technologies such as artificial intelligence, robotics and the ‘internet of things’ have fundamentally changed the fabric of business across the world, creating more opportunities and, at times, more societal challenges. The new world of work has been characterised by complexities, yet these complexities have created new opportunities for businesses that have embraced the change. However, several traditional businesses which were not able to adapt to the new world of work have floundered.
Business schools have a strategic role in developing leaders fit for the 4th industrial revolution. Business schools have remained a steadfast pillar of strategic development across the world with the purpose of cultivating leaders that are able to achieve business success. However, in times of change, business schools need to adapt and align to ensure that they are cultivating leaders that are able and capable of navigating through the changing world of work. This study explored the efficacy of South African business schools in developing leaders fit for the 4th industrial revolution through programmes such as the MBA. Through an in-depth review of current and longstanding literature, including a review of top-ranked South African and international business schools, an understanding of the skills required for the 4th industrial revolution was gained. This study then followed a qualitative methodology, which included interviews with key stakeholders in the South African business school ecosystem. These stakeholders included academic leaders from five participating business schools, current MBA students, industry representatives, previous students, and prospective students.
A total of 50 semi-structured in-depth interviews were conducted with these stakeholders to explore the efficacy of South African business schools in developing leaders fit for the 4th industrial revolution. Ethical and research best practice parameters were considered and adopted for both the interviews and selection of participating business schools and individuals. By using data analysis software, the findings from the data were analysed and codified into emergent themes. The findings of the interviews provided rich insight into the current strengths and areas for improvement within the existing business school model. These findings were related to the literature and used to develop a novel framework for business school relevance in the 4th industrial revolution.
Primary findings from this study suggest that South African business schools need to enhance their existing MBA curriculum. This includes the addition of pertinent aspects such as new technologies, which are currently considered as critical to the success of a business in the new world of work. However, in isolation, business schools are not able to respond to the changes necessitated by the 4th industrial revolution due to archaic and limiting regulatory structures. Therefore, this study has recommended policy changes within the higher education environment to allow South African business schools the onus to innovate their curriculums. This will assist South African business schools in providing relevant and contextual programmes to business leaders, which may be updated and enhanced in alignment with changing business requirements.
This study addressed an existing gap in the literature, which focused on the role of South African business schools in the 4th industrial revolution. Furthermore, this study contributed to the existing body of knowledge through the development of a novel framework of relevance for South African business schools. This framework was built on existing international frameworks and gathered insight from local stakeholders to contextualise and develop a framework specific to the South African business school environment. In addition, this study provided several recommendations, including curriculum reviews, policy recommendations and the integration of new skills required for the 4th industrial revolution to enhance the efficacy of South African business schools in developing leaders fit for the 4th industrial revolution.