Article by: Rico J. Baldegger, PhD, President of the Board of Trustees, SwissSustainabilty.Foundation
Introduction
The societal impact of business schools, particularly those with AACSB (Association to Advance Collegiate Schools of Business) accreditation, is significant and multifaceted. The AACSB accreditation helps ensure that business schools not only meet rigorous standards of teaching and research but also actively contribute to societal well-being: “The school demonstrates positive societal impact through internal and external initiatives and or activities consistent with the school’s mission, strategies, and expected outcomes.” This influence shapes how business is conducted globally and reinforces the role of education in solving societal challenges. Business Schools have societal impacts through curriculum and research focus, leadership development, community engagement, entrepreneurship and innovation, diversity and inclusion, global perspective, and policy influence.
Curriculum and Research Emphasis: AACSB-accredited business schools are encouraged to focus on academic excellence and issues like ethical management, corporate social responsibility, and sustainability. These topics are integrated into curricula and research initiatives, preparing students to address societal challenges in their professional roles.
Leadership Development: Business schools play a crucial role in shaping future leaders. Empowering ethical leadership and social responsibility influences how these leaders make decisions that affect employees, communities, and broader societal issues.
Community Engagement: Many business schools engage directly with their local and global communities through various initiatives, such as consulting projects, nonprofit partnerships, and community service programs. These activities help address local societal issues while providing students real-world learning experiences.
Innovation and Entrepreneurship: Business schools often serve as incubators for innovation and entrepreneurship. By supporting startups and new technologies, they contribute to economic development and job creation and potentially address societal problems through innovative products and services.
Global Perspective: AACSB accreditation requires schools to provide global learning experiences, which helps create a more culturally competent workforce that can operate effectively in a globalized economy. This broadened perspective enables future leaders to address international challenges and work across borders.
Diversity and Inclusion: Business schools increasingly focus on diversity and inclusion in their student bodies and faculties. This shift helps foster a more inclusive economic landscape and promotes varied perspectives in business practices.
Policy Influence: Faculty at business schools often conduct research that influences business practices and policy at various levels. This research can lead to better regulatory frameworks and practices that benefit society.
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