11 May 2024  [See Hua Daily news - translated from Chinese]

In the face of rapid change and the growing strain on our planet, people and resources, business as usual is not an option any longer. At Monash University’s School of Business, students are nurtured to be socially responsible leaders and changemakers who seek to build a safer, healthier and more equitable world.

Senior lecturer and Entrepreneurship and Innovation Hub (eiHub) director Dr Daniel Loy said today’s employers are looking for graduates committed to building a better world.

“Today, it makes absolute business sense to be socially accountable.
When businesses act responsibly, they have a longer lifespan, are supported by society and have minimal negative impact on the community and environment,” he said.

Dr Loy also observed an increased interest in social entrepreneurship versus for-profit business approaches by students primarily, reflecting a more socially conscious generation desiring to make a difference.

As a proud signatory of PRME (Principles for Responsible Management Education), the School of Business is recognised for world-class business and management education with a focus on sustainability and service. Monash lecturer and PRME director Dr Priya Sharma said businesses are a key agent in building a sustainable future for all and the School offers graduates an unparalleled learning experience. For example, students are asked to produce video campaigns focusing on a specific UN Sustainable Development Goal (SDG) or develop a corporate governance framework for a local NGO working with refugees. “We want to build highly skilled, socially responsible business leaders. We do so by integrating a spirit of service and impact creation into our learner-centric curriculum, authentic learning assessments and through advocacy,” Dr Sharma said.

Monash also actively contributes to the CERTE (Connecting and Equipping Refugees to Tertiary Education) initiative by UNHCR, Fugee School and private tertiary institutions. As of 2023, 41 refugee youths have been admitted into private tertiary institutions. At the same time, the School’s eiHub cultivates entrepreneurship and innovation through engaging programs such as competitions and workshops, including the Ideas for Tomorrow Challenge and Start-Up Bootcamp. “Industry partners come in as mentors and judges to provide real-world perspectives. Business is no longer just about profits, it’s about value creation for all,” Dr Loy said.

Monash is highly regarded for its excellence in research, and what sets its endeavours apart is an unwavering dedication to impactful research. Economics Professor Grace Lee said the School’s research tackles current issues such as gender equality, poverty and economic policy. More importantly, the School’s research translates into real-world impact for vulnerable groups such as women entrepreneurs in the B40 group, refugees and ageing communities.

“We are building a future workforce that seeks to transform society. Students are given opportunities to collaborate with NGOs as well as engage with industry leaders and the community on a variety of research projects. Today, one is working with the UNHCR in Bangladesh while two are World Bank economists,” Prof Lee said.

Head of the Marketing Department Dr Juliana French added that the School prepares responsible business leaders who are industry-relevant with sought-after skills. “Our goal is to develop strategic marketers who innovate inclusive marketing approaches that represent the needs of all consumers,” she said. For example, students work with Tzu Chi Foundation Malaysia to understand how marketing can promote sustainability and advance the use of recycled products.

Dr Sharma, who is chair of the PRME ASEAN+ chapter, pointed out that graduates who prioritise sustainability and promote social welfare gain a significant competitive edge. “Today’s business leaders need to earn the trust of customers, investors and employees.
Responsible management, ethical behaviour and environmental stewardship will build trust and loyalty, eventually contributing to business success,” she said.

Monash University’s School of Business is committed to fostering socially responsible business leaders who emphasise value over profit and create meaningful impact. If that’s you, learn more about business programs available here.