In today’s fintech world of blockchain technology, cryptocurrencies, digital cash, machine learning, artificial intelligence, and predictive behavioural analytics, we are surrounded by the physical evidence of a dramatic transformation in business.
At this moment the future of work is a mystery to most – including the best futurists. Traditional business models are experiencing disruption with every entrepreneurial innovation. Many of the jobs we’ve prepared students for over the past century will disappear within a decade.
It’s clear that as business is transformed, business education must also be transformed.
This is an exciting time at the DeGroote School of Business. We’re poised to make dramatic changes, not only in the manner in which we deliver business education, but also in how our students are equipped for roles that are more ambiguous than ever and are key to the health and prosperity of our communities and country. Meeting their needs and indeed, demands, for an applicable education is paramount for success.
For the past year we’ve engaged in deep conversations with students, alumni, employers, donors, faculty, and community partners about their ideas for a future-focused undergraduate business experience.
Now we need to hear from you. Share your thoughts through this website, our social channels, and at our upcoming events. Your feedback will help us shape the future of business.
Dean Len Waverman
DeGroote School of Business
More and more, as students move through their final year, “courses” will be a series of problems to be solved in cross-disciplinary teams through interaction, not one-way monologues by an instructor, write Dean Len Waverman and @McMasterEng Dean @ikpuri.https://t.co/FdJ9F2rUZ0— DeGroote Business (@DeGrooteBiz) April 29, 2019
To excel in the automated world Canada shouldn't forget the liberal arts: study - Canadian Business https://t.co/DSbzQZaXHL— Canadian Business (@cdnbiz) May 2, 2019
Great jumping off point for important, needed, discussion. https://t.co/krmQlFbwUK— Jennifer Lewington (@JenLewington) April 27, 2019
How a new programme at a top Canadian university breaks down academic barriers and allows students to pursue their interests across the campus in collaborative and experiential ways. “…as students move through their final year, “courses” will be a series of problems to be solved in cross-disciplinary teams through interaction not one-way monologues by an instructor.”
For Canada to thrive in a time of profound economic and technological change, we need to develop a workforce that is highly mobile and equipped with the skills critical to the jobs of the future.
Some experts posited that we won’t be using credentials in the future; rather, we will be testing for competencies developed through “just-in-time, just-in-place” learning. Hence, there will be a need to design tests to be more democratic and less biased. Tests should not be binary (e.g., do you know the information or not?), but rather, can you demonstrate what you know? We should be testing levels of mastery through immersive collaborative simulations that are AI driven.
Automation will accelerate the shift in required workforce skills we have seen over the past 15 years. Our research finds that the strongest growth in demand will be for technological skills, the smallest category today, which will rise by 55 percent and by 2030 will represent 17 percent of hours worked, up from 11 percent in 2016. This surge will affect demand for basic digital skills as well as advanced technological skills such as programming. Demand for social and emotional skills such as leadership and managing others will rise by 24 percent, to 22 percent of hours worked. Demand for higher cognitive skills will grow moderately overall, but will rise sharply for some of these skills, especially creativity.
More than 25% of Canadian jobs will be heavily disrupted by technology in the coming decade. Fully half will go through a significant overhaul of the skills required.
The future of business education is the future of business.
Whether you’re a student, alumnus, staff member, faculty member, or someone in the broader business community, we want to hear from you.
What should business education be like? What are universities doing well, and what are we missing? Let us know what you think.