Duke’s Dean: We Won’t Adjust Our Strategy For A Ranking

Duke University's Fuqua School of Business

Duke University’s Fuqua School of Business

We’re here discussing the importance of values in the world of tomorrow. Why does that matter to you as the dean of a business school? 

It happens to be a personal passion of mine. I have a strong belief that as business schools we have a responsibility to generate leaders who are thinking not just about their analytic abilities but to bring purpose in the way they operate, and how to lead in the [global] environment of [fragility, extremism and polarization].

Why is it important for the world to agree on a common set of values?  

Because otherwise we will end up living in a world that is falling apart. There is already more polarization and extremism every day, and people care less about each other’s fate.

I see two reasons for that. One, as the world is getting more interdependent, people start to see that that means they are losing control, and they don’t like it, and therefore retreat to serving their own self-interests. And second, as the world is going faster and faster, the economic cycles are shorter, and the pressure to improve becomes really intense.  But at Fuqua we often say: ‘To go fast, go alone. To go far, go together.’ Well, I believe that is true. And whether because of interdependence, or cycles, the drivers at work today push us to move apart rather than to move together. That’s where the importance of common values kicks in.

How does this play out at the business school?

As a business school, we have an imperative to make people understand how you slow things down and bring people together; how to get people to understand how to cross boundaries to draw out what’s important for others, and increase your capability to make a difference in the world. Those are skills that end up being about sense of purpose and values.

Aren’t business schools already including this in their curriculum?

Yes, but it shouldn’t be about just the ethics class. The question we should ask is, ‘How you get different people to engage together and share what they have that is so valuable?’ What I hear a lot is that for this to happen you need authenticity. But then again, very often we don’t allow for true authenticity. So many times you’ll see people being who the group expects them to be, rather than who they really are – especially in business schools.

How do you try and make Duke different in this regard?

We’re aware of the power of authenticity, and give it a lot of importance. There are values that unlock the power of authenticity, and we promote them.

The first principle is that of collective diversity. We think of them as one idea. Collaboration without diversity lacks real value. We’re stronger because we’re together. And we’re stronger because we’re different.  The second principle is authentic engagement. This runs counter to in-authentic engagement. When will you feel safe? It’s when you’re around people who are like you. So we try and make sure to create an environment in which people can learn to trust and like each other. And the third principle is that of supportive ambition. If you look at the research on diverse teams, you will find that they often outperform homogeneous teams. So you need a mechanism to be authentic, even if you’re different. That creates this opportunity that goes against the stream. That’s why we have an incredible opportunity.

What is the takeaway of all of this for a person who is applying at Duke for an MBA program? 

First, we have to acknowledge that analytics are of certain importance, although we don’t put a fix bar on them. Second, you also need EQ, which we measure throughout the application. Are you someone who has demonstrated a real sense of purpose? Have you shown values around how you value others? Are you trying to make a difference from working with communities? And is that the core of who you are? What are the kind of individuals who will make a stronger team? These are the character values we are looking for, in addition to IQ.

We are positioned in a way that we attract people who exhibit the potential for and have exemplified consequential leadership. Where can you add the most value? It’s through leadership. How do you have the most impact? It’s through leadership. So we care about making sure that we get these kinds of people.

That means you must attract a lot of people from the non-profit and NGO sectors then, or people who want to go into these sectors. Isn’t that a problem for some rankings, which put a huge emphasis on starting salaries and salary increases?

It’s unrealistic to think that rankings will go away. But if you look across rankings sometimes they create incentives that go against who we want to attract–the fact that we want to produce leaders who will have an impact. Some people want to go in education, or to an NGO, or a non-profit, and we will always want to be an environment where we allow students to make a difference. That’s non-negotiable.

Would you prefer rankings that would put more value on leadership development, if there was a way to actually measure it?  

Of course, I would prefer measurements that are consistent with our values. But at the same time there’s information content in the current measurements. Would it mean that I don’t want to be number one in the current rankings? Well, rankings are important. But I draw the line as follows: Rankings should not drive your strategy. We want to be responsible for the world we live in.

How can you do that? 

It’s important that we don’t pigeonhole business schools in the capability of what the business school industry can accomplish. I happen to have a strong belief that business will be the transformational force of the 21st century, even for people who don’t come out of business. The difference between now and 70 years ago is the connective tissue role of business: the nation state matters less and the business activity matters more. That tells me we have an enormous responsibility–and of course an opportunity. We need to use this opportunity as a positive force to change the world. I think business will be forced to change the world for good or ill. At a business school, we can help change the conversation around business confidence and what it takes to be a truly effective leader in the world.

DON’T MISS: DUKE TOPS BUSINESSWEEK MBA RANKING FOR THE FIRST TIME

 

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