EXPERIENTIAL LEARNING PEDAGOGY - A SUSTAINABILITY MODEL FOR MANAGEMENT INSTITUTIONS IN BRIDGING THE ACADEMIA-INDUSTRY GAP

Management Institutions in India, is viewed as an extension of degree program, as it is not able to distinct itself, as a course with an objective of imparting functional knowledge in different domains, and develop skills proficiency, to prepare and produce, Professional Managers, Leaders, Employees, or Entrepreneurs , getting ready to work real time in an Organization. The objective of Management course is to nurture and equip young mind with all the dimensions and functions of Corporate and Business ecosystem. They are trained to learn all aspects, including hard and soft skills, so that they are productive from day 1, for the employer. Employers generally do not have the resource, infrastructure, or time, to spend with young mind to educate or train them in detail about assimilation or ways of working. It is imperative, a Management graduate is absolutely geared up to start his role with minimum intervention when they are absorbed in an organization. But the industry research report data indicate that it is not the case, nearly 80% of graduates are not fit to be employed. The impression or frequent comment from student, were echoed ‘that what he learned in the course, couldn't apply or had relevance to the real-life business situation in his work or while setting up his venture. What was taught in the management school “was too academic-oriented" for starting a company? "There is nothing in the curriculum that prepares you to deal with most real situation that is essential in the initial years, for instance, idea generation, handling irate customers or managing cash flow when money is tight”. Many a times, Entrepreneurs, or any level of Leaders, could fall victim to analysis paralysis, since overthinking can lead to bearing on decisions little or large. It results in depending on research, rather on intuition, gut feel, kind of instincts, which drives to make an individual and Organization successful or large. One of the successful traits to derive and critical to do well, is the ability to think beyond. Thus, it is perceived there is a huge gap between what is the learning in an institution, and that is needed by a student, to be successful in real business environment. Academic teaching and business reality are in different zones. The interaction with the Industry, revealed that syllabus is more theory than an application. Students are not exposed to real time market scenario challenges, and thus they are not able to articulate solutions or handle simple process or operations. The decision taking skill is not apt, not able to manage collaborative working etc., these kinds of limitations is hampering the work assigned. Students should be taught how to deal with failures, since it is such an integral to Business. In experiential format of learning, we must use business game, that teaches that every decision you will make, will not necessarily be right one, it's humbling experience for students or young entrepreneurs, who normally fly with idea or assume, market is extremely easy to win over and scale it with ease, as projected in PPT's and Excel. The study was conducted in few Institution to understand, what approach or format of pedagogy Management Institutions should adopt that helps students to have an indepth and real learning and how to develop new business skills, based on what the respective industry is seeking in a fresh Management graduate. The Management institution should have an innovative approach of learning, which is enabling students to think, apply and observe the outcome, and they come out with their own interpretations and inference. Learning must be in an as much realistic situation so that it can be self-conclusive. Experiential Learning Pedagogy practiced by the Management Institution will have a transformational impact and optimal potential learning for the students, thus they are enriched and well equipped to perform the task and contribute significantly to the Organization.