Liberalization and globalization of Indian economy have provided challenges and opportunities to our new business and which has necessitated...more Amid the emergence of the 21st century, a new era of modern business has set in India.It has been analysed that due to the differences in the cultural dimensions developed by Hofstede such as the power distance index, individualism and long-term orientation between the supervisors and the employees (who are from the United Kingdom and Asian and African countries respectively) contribute to the difficulties in the management.
This research is focused mainly on existing problems and challenges which are needed to be addressed and seeks to provide the solution thereabout.
At present in India, there exists three-tier management education administration i.e., Indian Institutes of Management (IIMs), Entrepreneur's and prestigious industry run best management institutes and management departments of Universities.
It discusses the rationale of re-engineering of the whole management education system i.e, Admission, Instruction, Infrastructure, Regulation, Examination, Certification, Training and Placement etc.
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Besides this, private B-Schools and non-statutory business training institutions also impact business education leading to MBA degree or PGDM diploma.
Unfortunately, most of the students don't get the job in the completion of the course.
The recommendation is that cross-cultural training be provided initially to the supervisors in a broad-based manner so that they are able to manage their employees from the different social and cultural backgrounds.
Further training can be provided to the employees from the Asian and African cultures so that they are aware of the expectations from the supervisors and management.