A New Era for Business Over the last few years, there has been a dramatic shift in how businesses operate, which has served to usher in a new era of business and business education. By Dr. Thomas A. Horan The pandemic has caused a rethinking of numerous business functions and a fuller realization that business success is intertwined with conditions outside the immediate confines of office buildings. Concurrently, the impacts of climate change are becoming more fully understood, and businesses are adapting as a result. In addition, the rising issues of racial and social equity that businesses are being held accountable for and the transformative impact of technology on business all combine for a “perfect storm” that sets the stage for a new era of business. Business education needs to adapt to prepare professionals and leaders to be effective in this new era unfolding in front of us. To do so requires a deep understanding of how businesses can and should play a positive
role in making the world a better place. An indicator of the tectonic shift underway was the 2019 “Statement of Purpose of a Corporation” signed by 181 of the chief operating officers of America’s leading companies. Known as the Business Roundtable, the group’s statement declared that a company serves the needs of all its stakeholders. The statement included commitments to development and compensating employees fairly, fostering diversity and inclusion, dignity and respect, interacting fairly with suppliers, enhancing the communities a business is involved with, supporting sustainable practices, and generating long-term value for shareholders. Continued on the next page...
Our new name signifies our ongoing mission to equip students with essential 21st century skills that improve both bottom lines and social value for all enterprises.