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Learning Rebooted in Higher Management Education

By Winnie Ranjan who is a Second Year PGDM Student at IILM Lodhi Road

Higher management education has witnessed a radical transformation in a matter of months due to the COVID 19 pandemic. Technology in the education sector has become an integral part of the new normal. This paradigm shift in the education sector has boosted the overall learning process. As a management student, online learning has made me wonder about the different trends and opportunities evolving in the field of education in the coming years.

As a response to the COVID 19 challenge, colleges and universities have revised the courses and subjects offered to students in order to facilitate learning that aligns with the skills required in the upcoming job market. The digital market space has taken another sharp upward turn and has evolved faster than ever before with new powerful sectors leading the pack. Different fields like data analytics, remote management, digital business, technology advancements among others have created even more demand for jobs. IILM has started offering subjects which foster alignment with the required skill sets in the job market.

In the current business world where everything is heavily dependent on data, analytics has become one of the powerful tools for the success of any organization. Considering this scenario, IILM has started offering different analytics-based courses to its students like Marketing Analytics, HR Analytics, Business Analytics, etc. which are in high demand in today’s job market. We also have a course on Python as technology is rapidly changing and learning programming has become crucial for future managers, so that they can provide innovative solutions for problems in the business world.

The lockdown has highlighted the importance of  E-commerce due to the changing behaviour of the consumers. It is very important for management students to learn about E-Commerce for both job opportunities as well as self-employment. Industry experts are delivering guest lectures so that students can gain insights into the practical application and challenges of e-commerce in various sectors.

IILM revamped its courses based on the current scenario and future forecast. It is also offering a course in Logistics Management. Apart from the digitalization in this industry, there has been a lot of changes in the global logistics management and supply chains due to the disruptions brought by the pandemic. Understanding these interactions is very important for managers to manage inventories and plan ahead.

There has always been a concern with remote learning with respect to imbibing social skills. Management students as “future managers” need to work in teams and manage people effectively. To help students incorporate these skill sets, IILM has offered a course on “Managing Virtual Teams” where international faculty have collaborated with IILM faculty members. This has enabled the mutual benefits of global learning for both students and faculty.

It is very important in these high times to interact and engage with students so that they don’t feel isolated and miss out on the personal touch. Business schools are planning sessions where they engage the students through different fun activities, games and other medium. At IILM, we have an interesting career course on “Management Through Movies” where students participate enthusiastically and discuss different movies keeping in mind the management approach.

The past few months have led to the digitization of education which has given rise to many online education platforms like Coursera, Udemy, Byju, etc., which in turn has widened the scope of learning for both students and professionals. In fact, many business schools have made it compulsory for students to take some courses on these platforms so that they can upscale their existing skills. IILM also took a similar kind of initiative and has tied-up with Coursera for providing free certificate courses to its students. Each student has her own strengths, weaknesses, interest area and pace of learning so based on choosing their own courses from a wide variety offered on this platform has been very helpful in providing personalized learning to students.

Looking into the future:

Looking ahead to a time when colleges and universities would re-open, there are higher chances of integration of analytics and technology into the course curriculum. As management students, it is important that we think through and analyze what is happening around us and how we can create opportunities for ourselves and harness these changes to the best for our learnings for a better future.

To learn more about how the new courses at IILM, please visit us at www.iilm.edu

Reforming our Education System- Student Blog (Kirti Manektala B.A(Hons)Psychology Year II)

“Education is what remains after one has forgotten what one has learnt in school” -Einstein

Introduction

The Indian education system is largely based on rote learning. Students focus more on memorizing the facts rather than understanding. This creates a bridge between education and knowledge. UGC even during the pandemic amidst the lockdown announced exams stating that exams are linked directly to academic credibility, career opportunities and future progress.

The question remains why are exams so important that even during the course of a pandemic which is causing a physical and a mental toll on people; UGC considers exams as an essential? Exams are built to test the rote learning capacity of a student rather than their actual conceptual understanding. In the real world, understanding the practical application is what comes in handy rather than mugged-up concepts.

Are marks so crucial for our future?

Marks still continue to be the most important factor in deciding the future of children. College cut offs, choice of streams, career choices, etc are all dependent on the marks a student score. 90% plus students choose the science stream, an 80% plus gets math, etc. The streams aren’t governed by choice but rather by 10th marks.

A 3-hour paper evaluates the individual’s potential, future and career choices. Evaluations should be based on real life skills as well as practical skills such as leadership, extra curricular, etc but rather they are based on a person’s ability to memorize provided content.

Subjects are also given different priorities for example: science students are given a priority over students with commerce or arts. Languages, communication, arts etc in the subject hierarchy are not considered as important as sciences.

Maths and science marks always determine a student’s overall capability. Students good in social sciences but lacking in math and science often find themselves condemned for their science and math marks despite their capabilities in other fields.

Similarly, students good at extracurricular such as sports, drama or dance but not above average in marks often face academic judgement.

Practical Knowledge over Rote Learning

A student’s potential to excel in subjects, academics and extracurricular often depends on their aptitude which is largely genetic. For example: a student with logical mathematical aptitude would excel in math, a student with linguistic aptitude would excel in languages and one with bodily kinaesthetic aptitude would excel in sports or dance. Education needs to be personalized according to the student’s aptitude. Similarly, our education system needs to focus on practical learning rather than rote memorization of textbook content. Students need to be taught practical applications of the knowledge provided in their books.

Media overemphasizes on excellence

Oftentimes news reporters are seen interviewing board toppers where they ask them the most basic general knowledge questions and the toppers are unable to answer the same. Similarly, reporters also interview school teachers who are unable to answer the basic general knowledge questions.

This showcases a large loophole of our education system where students are aware of what’s written in the book due to their memorization capacity but they are unaware of basic general knowledge required in real world settings.

An 18-year-old student coming out of school is incapable to engage in basic banking, healthcare, investment, etc. Students are unaware of basic necessities such as how to wire money, how to write checks, how to file FIRs, how to file a PIL, how to write actual formal letters and emails, create CVS and resumes, how to check taxes, etc which makes them incapable of dealing with real life tasks which are rather important.

Different learning styles

Every human being has varying learning styles- visual, oral, verbal, physical, logical, social and solitary i.e. everyone has different ways of acquiring information. Our education system doesn’t take into consideration the difference in learning styles.

Education system needs to be moulded according to the learning needs of each and every individual. This would increase the effectiveness of the learning provided to each and every student. Rather than focusing on group learning where every student is supposed to acquire the information in the same way, education should focus on the strengths and weaknesses of every individual.

Similarly, the assessment types are again generalized rather than subjective for example: personality types- students who are introverted often find it uncomfortable to participate in group projects or present yet every student regardless of their individual differences are boxed up into the same type of learning as well as the same types of assessment. Every learner, every individual, etc is unique and that is something which education system needs to seriously consider.

Education is a journey to development

Education is an important part of an individuals’ growth and development. To create human resources, which would actually contribute to the resource pool of the economy we need to reconsider our methods of teaching. Adding technology to the equation doesn’t resolve the outdatedness of our education system. It is important that as we evolve our education system also evolves. It is important that education considers neuroscience, cognitive psychology and education psychology and creates a framework which is effective.

Conclusion

Education should focus on growth but shouldn’t create pressure. We need to consider where we are going wrong. Change is the only constant and our education system needs some serious change.  What are your views on the Indian Education System and how do you think National Education Policy 2020 would help in bridging the gap between education and employability?

Everyone is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid. – Einstein

https://blog.iilm.edu/kya-result-aaya-boards-2020/

A HEALTHY MIND IS THE GREATEST TREASURE TO FIND (Student Blog B.A. Hons. Psychology)

 

Conversations around mental health have always been a taboo in our Indian society. It has been related to how a person might be possessed or simply is dysfunctional to be ever cured; thus not be able to work in an environment to sustain oneself. People in our country are struggling with varied psychological issues that have a direct impact on their overall well-being. There is a tremendous mental health crisis that has been brewing in our society ever since 2015. The problem is aggravated as people believe that mental health issues can be cured by visiting religious centres where God is the only source of direction and solution to cure such problems. Even today, such belief systems have a found place in people’s life which is quite far off from logic and rationality.

Rural areas perceive mental illness very differently. They consider mental illness equal, to be possessed by some evil soul under which individuals facing problems are many times handled quite harshly which leaves a long lasting impact on their mental health & well being. Many times patients whose families are totally unaware of their condition end up abandoning their family members considering them mentally unfit, which leaves a long lasting scar in the life of the suffering person. Lack of mental health awareness has many a time led people from backward areas to a wrong diagnosis which worsens the mental condition of the person, leaving him in a situation where they may have no door to knock.

There is a great need to create awareness about mental health in rural areas, as compared to the urban sector where acceptance and initiative for treatment has taken a positive turn over the years, where mental illness is not seen or considered a taboo to talk and discuss.

Cases of mental illness in urban areas are increasing as people face daily pressures in work and personal lives. Working hours that go beyond the schedule of 9-5, has left people with no time for themselves. Ambitions have over-taken the need for personal care, healthy diet, appropriate sleep and even family time has been compromised giving an open entry to multiple mental health related issues.

Addressing mental health is very important. Once we understand and open up about our struggles we would be in a position to see what awaits us. Living with stress is equal to letting a cancer slowly but steadily grow to eventually harm us one day. Opening up about one’s feeling, emotions, physical symptoms, or lifestyle can be a great start. This will bring focus on the prospects of managing one’s well being. It is like healing a wound which might initially seem quite painful, but with the right diagnosis can cure you to be your wholesome self again pretty soon. The more one explores, the better one feels about his/her mental health condition. Just accepting one’s problem, living with it and not taking corrective action is not a good idea.

One must be very careful, attentive and address any problem they might face. Some symptoms are:

  • Confused thinking.
  • Prolonged depression (sadness or irritability)
  • Feelings of extreme highs and lows.
  • Excessive fears, worries, and anxieties.
  • Social withdrawal.
  • Dramatic changes in eating or sleeping habits.
  • Strong feelings of anger.
  • Strange thoughts (delusions)

It is imperative for a person to seek the help of a professional psychologist, and get the right treatment. People should be made more aware of what mental illness is, through campaigns and workshops.

The first step should be taken by schools to create awareness amongst children and adults of all age groups explaining that “it’s okay not to be okay” and that it’s absolutely normal for boys to cry and experience emotions like pain. There is nothing to be ashamed of. Dedicated counsellors and special educators should be hired in schools, to help people know about mental health issues. Workshops for teachers, parents, and students can be organised to understand how to deal with stress and day- to-day pressures of life. Talking to a therapist should be emphasized upon.

In the end, always remember that mental health issues are never something to be ashamed of. Only when awareness increases in society, will we be able help each other in times of stress and emotional instability because as the saying goes – a healthy mind is the greatest treasure to find.

At IILM University, our Psychology faculty members are trained psychologists and you are welcome to reach out to us for free counselling sessions. Please visit www.iilm.edu.

What mental health needs is more sunlight, more candor, and more unashamed conversation.” – Glenn Close

“Kya Result Aaya?” #Boards 2020

Introduction:

Board results are the quintessential discussion for parents and students which also becomes the most discussed topic amongst family. Unfortunately, it’s marking a child’s future with the percentage for the rest of their lives and not to mention labelling them.

The amount of pressure that board classes bring with them has been accounted in various studies, clearly signifying, inverse correlation of stress and marks in board exams, even though we continue to pressurize students to attain, at times, the impossible.

Expectations (from parents, teachers, peer and self) may crumble the self-esteem, as well as performance in boards and can have devastating effects on students and their career options.

100% Board results-2020

In 2019, as many as 17,693 students scored more than 95% in CBSE XII and the numbers increased to 38,686 students in 2020. Board results 2020 have raised the bar for students, who will be giving exams from here on. To compete with 100% marks can have challenges in plenty. Not to downsize the student who made that effort and actually got those brilliant marks; the discussion is about students who got a distinction (above 75%) and still feel “not good enough”.

This unfortunate inadequacy of “could get better marks” is a dilemma any student scoring marks from 70-90% category feels, especially when the choice of subjects in a prestigious university looks bleak. Not that the ones who make it over 90% waltz through the top universities. They also struggle and at some point “have to compromise” on the course or a college.

Can you accept your marks and not label it as destiny?

My observation while looking at board results- Yes, it is the highlight of your life and will be compared in galore with cousins, friends and any known person who got better marks than you. However, could we stop putting the blame on either teachers, Corona or pressure from known and accept what we scored gracefully?

Can we find jubilance in clearing class XII and being ready for applying in colleges rather than whining of what could happen if we scored better? Acceptance of board results brings inner peace and reduces comparisons which clearly isn’t helpful. I believe board results don’t shape your destiny and that only if you are ready to believe in yourself, can life offer opportunities for you to carve out the best in self.

If we can make a reality check and be honest with oneself, as to what are the strengths and to work on them, we may find our success, even if it feels inadequate to others. The key to convince parents and friends is when you, yourself can accept what you want to do, or reach out for counselling, if unable to make career choices.

Try reducing those mountains of expectation or mirages of “what I should be” to “what I can be” for a better career path and at the same time enjoy the journey of becoming your own person.

Experience the “Joy in Learning at IILM”

With newer opportunities coming up every day like School of Humanities at IILM University, Gurugram, we encourage students from varied fields to open their minds to choose a trending subject and experience the joy in learning. With latest pedagogy in teaching, faculties at IILM strive to help students create a niche for themselves and prepare themselves for better career opportunities.

Conclusion:

Board results could have brought tears of joy or disappointment given what you were expecting and what was received as results. See this as an opportunity to explore and search what and where you want to take your college education. Comparisons and expectations can be hurtful, so try avoiding them by focusing on “what you think you want” than “what you should be”.

 

“Every accomplishment starts with a decision to try”

Personality Traits in Mahabharata and the Ocean Model

Introduction:

While going about our usual day we interact with people, judge their personality as to how they are different from us and at times compromise  with the changing facets of their personalities without even thinking. We unknowingly almost like an automatic response form opinion about people depending on their overt behavioural responses.

Why we do this? Because we humans are wired for curiosity to know more about our environment aWhy we do this? Because we humans are wired for curiosity to know more about our environment and the people we live with. Like when we notice someone at a party surrounded by a large group of people, obviously the centre of attention, chatting and laughing; we may conclude that person is an extrovert.

So, how do we understand personality?

While studying personality we assume that personality characteristics are relatively stable over time and that traits show stability across situations. For example, someone who is described as an extrovert may be very outgoing and chatty at a party but less so in a conference. In both situations, they are likely to be more sociable than an introvert person. We also assume that personality traits influence behaviour. The person is outgoing and chatty because they are an extrovert.

At IILM, we offer courses in personality to undergraduate courses to help them discover themselves as well as understand our basic individual differences.

Personality and its spectrum

Cattell (1965) defined personality as being the characteristics of the individual that allows prediction of how they will behave in a given situation. Psychologists increasingly agree that five super traits may adequately describe the structure of personality.

Costa and McCrae (1992), who measured personality with their OCEAN model represents a continuum along which individuals can be explained in terms of their traits.  For a better understanding of these traits, the following is my explanation of how characters and their personalities were depicted from Mahabharat.

Characters from Mahabharat to explain OCEAN Model:

At IILM the curriculum is an interesting blend of science and mythology. I will explain how we teach traits to our Psychology students with the help of characters from Mahabharat.

OPENNESS – This factor refers to the individual having an openness to new experiences and an active imagination.

Karna was seen to be high on this scale as throughout the epic he justified his never-say-die attitude and courageously confronted all the odds of his destiny. His character in Mahabharata has everlasting fame because he teaches how can one present himself better than the destiny and accomplish everything with shatterproof determination. Bhima was seen low on this scale as he was conventionally oriented towards a particular goal that is of being the mightiest warrior.

CONSCIENTIOUSNESS– This factor describes our degree of self-discipline and control. Yudhishthira was high on this scale; was hard-working, organized, goal-driven whereas Shakuni was seen to be low on this scale as he is the person who poisoned the mind of his explosive nephew Duryodhana and fuelled-up the destructive war of Mahabharata, thus becoming the cause of the destruction of the Kauravas.

EXTRAVERSION – This factor is a measure of the individual’s sociability, energetic, optimistic, friendly and assertive.

Krishna was high on this scale as he attempted to navigate negotiations between the Pandavas and Kurus before the Kurukshetra war even happened. He convinced Balarama to not partake in the war itself. He even tried to get Karna to fight for the Pandavas as well. Sahadeva was shown to be low on extroversion, even though as the wisest of all the Pandava brothers he mostly kept to himself reading Vedas, spoke less and followed mostly what his elder brothers decided upon him.

AGREEABLENESS – This factor relates to the characteristics of social interaction. Individuals with high scores are trusting, helpful, soft-hearted and sympathetic.

Bhishma was high on this scale as his peerless statesmanship to be the mediator between the Kauravas and Pandavas and other impeccable characteristics still inspire his ardent followers across the world. Dronacharya was low on this scale as he discriminated against Karna and Eklavya on the basis of their caste. He did not voice out any objection in the court during Draupadi’s assault.

NEUROTICISM – This factor measures an individual’s emotional stability and personal adjustment. Duryodhana is seen to be high on this scale as he is motivated by greed, jealously, and a desire for retribution. Yudhishthira was low on this scale as he is calm, even-tempered, secure and happy.

Is there a situational difference when we portray our personality?

Psychologists explain this by segregating personality into a private and public persona. Private being the ‘real’ inner person, while public is the way that the individual presents themselves to the outside world. We may be confident and outgoing in some situations and less sure of ourselves and more retiring in other situations. A case where a shy reserved person joins an organisation but eventually becomes an arrogant and stubborn boss. This fits the explanation of how our personalities differ situationally.

Conclusion:

As much as individuals behave differently in different situations, our behavioural reactions can be clubbed into traits as similar reactions across age and cultures. To conclude, we can say that each one us is uniquely different yet distinctively similar as well.

 

“Personality is a mask we believe in”

Dr White

 

9 Tips to Write a Great Literature Review

Students from business schools and MBA aspirants around the world are keen to join the internship. Having an Internship is not enough, documentation of work is also necessary. Internship Research Report is a document that tells what you did during your internship and your productive approach towards the process. An intern needs to create the report carefully. The purpose of a literature review is to make the foundation of any report strong enough. You can define research as a criminal investigation, where you need to prove and justify your approach with tools of research.
A literature review is a process of appraising the studies conducted till date on a specific topic. Let us take an example of an intern working for the recruitment of an organization where their job is to analyze the recruitment process of an organization before hiring. Now during their analysis, it’s important for the intern to check how past researchers studied the recruitment process. What were the benefits of the processes they followed? Which strategy helped them understand the job requirements and better assessment of the candidates? This detailed review of the literature would help the intern to work on the current organizational recruitment process and forecast changes if necessary.

While reviewing various sources it is very important that students and researchers look into the following areas of the literature that they wish to review-

  1. Methodology – Awareness of methodology, and analysis instruments are necessary for the researcher to get familiar with the way research conducted by researchers. It further guides that research is going in the right direction or not.
  2. Research Problem – It gives clarity to the problem being address in the research. The Researcher can compare and contrast the findings of prior researches conducted.
  3. Research Gap – Research gap is the missing piece of the puzzle. It’s an area not yet explored by researchers. An example, the number of physically disabled candidates applying for IT jobs and the number of selection of such candidates. Systematic literature reviews help to identify the research gap. If you would be able to cover such a research gap your report will be worthy of the industry.
  4. Writer’s skills – A well-written literature review gives an insight into critical thinking and writing abilities to the audience.
  5. Limiting researcher’s biases – Human decisions are always affected by psychological biases. Prior research review direct researcher towards an unbiased view.

Writing a literature review is an art. There are certain guidelines that make Review of Literature stronger for any Research-

  1. Define The Problem Statement – It’s a herculean task to create the objectives or problem of research. Being a student of a business school, you can consult your mentor or project guide. It must not be too narrow or too wide as prior researches are available. A wide problem statement makes the research tuff to be justified and analyze.
  2. Locating the Literature Survey – Online resources like google scholar, Microsoft Academic, Base, Core, Semantic Scholar, ERIC database, and many more can help you to locate and review the related literature. A proper citation must be there in the report.
  3. Analysis of Literature – While analyzing literature you need to consider (a) the objective of the study, (b) statistical or analytical techniques used to analyse the literature, (c) result or conclusion of the research made.
  4. Structure a literature review – The chapter must start with an introduction that will define why the topic picked, trends of research. Contribution of researchers in the area, and in the end conclusion explains the gap which you wish to fill and further opportunities of the future studies in the area.

With all this extensive information on how to Review the Literature in Research Projects many educationists, students and professionals have benefitted. Giving it away forward we at IILM University help students at every step in their internships where they work on Research Projects and Proposals. This process might sound rigorous initially but once our students master the basics about Research it opens wide horizons of Creativity, growth & Innovation for them. It gives them a professional edge while being a student they get exposure to learning things the right way.
There is a lot that goes into Research. A true Researcher Lives his Research every moment. Note that during your placement interviews maximum questions are Project-based where your research skills and your dissertation report speak a lot about your analytical skills. Cracking your interviews with critical research gives you an edge over other students. Only a few Universities stress on a Strong Research Foundation and IILM being one benchmarks its Research Teachings on many platforms
Does it end here? No. We keep learning our entire life but to learn it is necessary to read and practice. Keep reading and exploring to uncover the deeper insights about the great findings and researches being done every moment.

For research related guidance, follow my blogs here or write to me at ashutosh.singh@iilmgsm.ac.in

A CACTUS IS REALLY JUST AN AGGRESSIVE CUCUMBER

Introduction:

As a cool cucumber can turn into a savaged looking cactus, all of us can indeed turn our calm selves to something ferocious because of anger which at times triggers violent responses. Reactions ranging from rash driving to banging doors to actually getting into a physical altercation and verbal aggression are seen most commonly with people who are apparently aggressive.

Social Psychologists cleave the concept of aggression into emotional and instrumental aggression which is to say that former results from unhappy/negative emotions (carried out in the heat of the moment like slapping in a fit of rage) whereas the latter is intended, a well-planned move (to hurt someone purposely like a bully in school or at work).

Aggression is exhibited in physical aspects – hitting, kicking to non-physical aspects like verbal (yelling), social (bad-mouthing, excluding others), racial (micro aggression), sexual (misogyny, homophobic jokes) that are intended to harm others.

Following Liberal education at IILM University, we teach life skills in out everyday classes in the form of role plays or class discussion to help them accept, understand and manage negative emotions.

But why do we aggress? Is it like a life skill that we all need so that we don’t look meek?

Evolutionary Scientists explain that we have an innate ability to protect as well as seek continual survival of our genes. Human beings need to be able to aggress in certain situations, and nature has provided us with this skill which means that under the right situation, almost all of us will aggress (Buss & Duntley, 2006).

Physiologists’ support evolutionary perspective as it is known to mankind that aggression is controlled by Amygdala i.e. limbic system inside the cortex controlling emotions. This further controls our autonomic nervous system which in stress activates flight-or-fight mechanism.  What science is trying to explain to us is that under stress, we will either fight the stressor or run away from it. Not only this, some imperative chemical substances in our body like serotonin which when found to be at low levels predict aggression (Kruesi, Hibbs, Zahn, & Keysor, 1992; Virkkunen, de Jong, Bartko, & Linnoila, 1989).

Behavioral scientists feel that what we see in our environment is how we condition ourselves to be; so if children see their parents act out aggression by hitting, to them it’s OK to do the same. It’s no rocket science to explain that aggression would harbor aggression and the more we see it, the easier it is for us to repeat it.

It is imperative to say that one’s social situation also makes it critical for a response like aggression. As it is commonly noticed that we may react violently in situations where we are uncomfortable/ fearful or provoked (with friends or subordinates) but may react more calmly in others (in front of an authority).

On hindsight, it is easy to recall that when we were aggressive, we were likely to be experiencing a negative emotion (example- unhappy thoughts, pain or discomfort) that’s why it became so easy to react aggressively. In general, it could be the feeling of being ill or undergoing emotional disturbance that makes one vulnerable to frustration which further provokes violent behaviour.

At IILM University which is considered one of the best private universities for Psychology around Delhi/NCR, we teach critical thinking and communication skills along with other courses where we discuss how anger does not become an issue till you keep ignoring it. Reaching to the core of an internal conflict and addressing concerns is half battle won without inflicting pain to self or others.

 

How to if not stop, control aggression?

The answer to this is Catharsis which is a process of releasing, and thereby providing relief from, strong or repressed emotion. For reducing negative affect and its arousal, if we can actively distract ourselves from that emotion it can help break the cycle of being provoked to react in anger. Catharsis can be any form of meaningful engagement like talking it out, exercising, listening to music and is most useful when done alone.

At undergrad and master’s courses in Psychology at IILM University we teach positive and social psychology and most importantly emotional intelligence. We endeavour to help our students with a thorough understanding of psychology, its components and how aggression is a symptom of repressed issues which through therapy and counselling can be managed.

Conclusion:

Aggression is seen more an emotional than instrumental response needs to be managed by first checking on our feelings. We need to assess what caused this emotion and why? At times aggression is directed at something different than what actually provoked it. When we think carefully about our situation, rather than simply responding in an emotional way, we can carefully choose the most effective responses when we are angry (Berkowitz, 1993).

To conclude, aggression is not a disease we need to fight, lets comes to terms with how normal an aggressed response is; but accept that it cannot be typified into personality. We need to address cause before the management for a long-term goal.

 

Mankind 4.0

Humans are ever-evolving- This phenomenon is triggered by their needs and wants that are required to be fulfilled for survival; well sometimes for luxury too. Every kind of change that takes place in the world develops mankind in certain ways that makes them a little more capable. There are no limits to what humans can do, but it is only discovered when they face a crisis. This is the perfect time to move up the ladder of maturity and once again prove that nothing is superior to humans and nothing can end this mankind’s reign on earth.

What happened so far?

2020 is the year that escalated the revenues of the News Industry and Media Houses. A series of events have been taking place globally which have had a large impact, rather a very negative impact be it to people, biodiversity, climate, or economic growth. The Australian bushfire, Delhi communal riots, coronavirus pandemic are just a few examples to site. The effects of the pandemic have been the most massive so far, so huge that the world has come to a standstill. Lives have been lost exponentially and so have the hopes of people of going back to normal ever again. There is going to be the start of a new normal soon after there is some control over this situation. The pandemic has had far-reaching consequences on human behavior and there have been unforeseen innovations and development taking place concerning a new lifestyle.

It is the beginning of a new era with changes influencing healthcare, consumption, values, society, education, politics, finance, economy, and so on. Such humanitarian revolutions had been taking place from time to time with the genesis of civilization. Firstly, it was the discovery of fire, secondly, the rise of agriculture and thirdly, the industrial revolution. Perhaps a technology revolution is on its way because that’s the only way to keep things going in this crisis. Just when the world was moving towards technology adoption at a very rapid pace, the Covid19 pandemic has fuelled this phenomenon.

Re-shaping industry and economy

All the sectors that are likely to be dominant from now on are healthcare, pharmaceuticals, medical devices, manufacturing, logistics, agriculture, education, and social welfare. There will be a significant influence of technology either in the form of virtual reality or artificial intelligence, in all these sectors. The new economy will be technology-driven. Disruptive innovation is going to be a focus point. Social welfare also will gain significance. All of it will be facilitated by public-private partnerships which can lead to socio-economic development. The need for the hour is to focus on all these areas so that the world is ready to face such a pandemic again without severe loss. Otherwise, the economic depression cycle will continue for a prolonged duration. The cycle goes on like this- business exists for profit and no production leads to no sales and hence no profits. The capability to employ becomes less. So, companies only hold on to very essential employees to meet demand when the economy picks up. Subsequently, people lose jobs or have the fear of losing jobs and buy less, consume less. So demand goes down and profit automatically goes down. It is evident that revenues are falling and both consumption and production are going down paving a path towards economic recession. However, post the pandemic, the countries with a zero growth rate will be looked upon as an attractive business hub as compared to the countries with a negative growth rate which is going to be common after this catastrophe.

Life comes first

Many of the best paying jobs only facilitate the exchange to make money and serve the no wider purpose to society. This leaves us with huge consulting firms, the advertising industry, and the financial sector. Health care and social care never got the limelight as they were considered “unattractive”. Looks like in the present-day people are realizing that there’s more than making money to survive. A much wider approach to life needs to be followed. Life should be valued more than anything else. Nobody anticipated that a microorganism can devastate the most evolved and developed organism on earth; the humans. This is a signal that the next phase of evolution has arrived where we need to reconsider our way of life. The priorities need to be altered and a more vigilant human needs to take shape.

A transition in lifestyle

Post the 1918 Influenza pandemic, many lifestyles, and hygiene etiquettes were being followed that were never imagined about earlier, yet are a part of our daily routine in the present day. Similarly, there will be some concrete transitions now. Just to cite an example, as social distancing is so essential, multistory buildings might become history. Too many people jammed in one apartment is undesirable. We need more open spaces with better ventilation. Filtration and neutralization of air and water will become mandatory. The home will be the new office for jobs that don’t essentially require movement and physical interaction. Work will be digitized to the farthest extent. The internet will be more accessible and the blood of information flow. Traditional jobs will be replaced by robots. Education delivery will become blended and rich. Globalization will move towards localization. Countries will try to be self-sufficient by having an entire supply chain within the country borders. Country borders might be closed except for extremely essential exchanges and international trade will be redefined. Social welfare, poverty reduction, education, and employment will be prime concerns. In addition to this, people will value their jobs, focus on productivity. Family life will be back, eating nutritious home food with the family together, interacting, bonding, all of it which was somewhere lost in the mechanical life will revive. The scarce resources will be better utilized for needs first and then wants.

Life on earth is precious and with every passing day, facing challenges and changes, mankind has always learned to adjust and endure. With this optimism, we can hope that with time we will evolve to a stronger, more sensible, and responsible being and harmoniously share the planet with our fellow beings. We need to make some quick lifestyle changes and inculcate healthy habits. With our efforts, we can have a better and happier ending to the year 2020 and have a successful decade ahead.

Please comment and share your views on how the Human Race will evolve in 2020.

By Manisha Kar                                                                      Dr. Anjali Jindal

IGSM/PGDM Student                                                 Assistant Professor (OB & HR)

Does Financial Literacy help in developing “Financially Smart Individuals”?

Making informed financial decisions is the key to effective financial planning. Every individual is required to deal with many financial decisions daily. Easy availability of a wide range of complex financial products in the market has led to a situation of “Paradox of Choice”, Killins, R. N. (2017) for the Individuals. It is thus imperative for individuals to be financially literate. To be equipped to make decisions, people must have an understanding of the basic financial concepts. Lack of such understanding may result in unproductive decisions. Financial choices relating to investments, savings, borrowings, retirement planning, estate planning, etc are effective and more productive if made by financially literate people.

What does Financial Literacy mean?

Financial literacy is achieved when an individual has access to the information about the various products and services available in the market; the information is achieved through an authentic source; the individual can comprehend that information in a way which results in informed financial decisions, thereby leading to financial betterment and well-being. 

According to OECD INFE, financial literacy has been defined as “A combination of awareness, knowledge, skill, attitude, and behavior necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.”

The U.S. Government Accountability Office (GAO) has defined financial literacy as “the ability to make informed judgments and to take effective actions regarding the current and future use and management of money. It includes the ability to understand financial choices, plan for the future, spend wisely, and manage the challenges associated with life events such as a job loss, saving for retirement, or paying for a child‟s education.” 

Basic understanding of the various financial products and services and the applicable framework of risk-reward forms the broad base for achieving financial literacy. Individuals must, therefore, appraise the key determinants of financial literacy and how they impact our daily lives. This can be the only way to wiser financial planning and welfare maximization, both- at the individual level and for the society as a whole. 

What are the key determinants of financial literacy?

The ability of individuals to control their Financials, how well they make their ends meet and their approach towards choosing appropriate products reflects an individual’s money management skills. An Individual’s level of financial planning, however, depends on the provision for Savings, knowledge about investments and attitude towards financial planning. Whereas financial knowledge of an individual can be assessed based on their understanding of key concepts such as inflation and compounding; and their knowledge about the concept of diversification. Thus, money management, Financial Planning, Financial Knowledge and Understanding are the key determinants of Financial Literacy levels. OECD INFE (2011), S&P FINLIT (2014).

 

Conclusion: 

As per a Global Fin Lit survey by Standard & Poor‟s Financial Services LLC (S&P) only 24% of adults or less are financially literate in India, S&P Fin Lit Survey (2014). Among the group of emerging economies, India stands at the lowest level in terms of financial literacy. This proves that financial literacy is yet to be given priority by Indian citizens. Being in a situation where 76% of its adult population in India does not understand even the basic financial concepts, the need of the hour is to refurbish the savings and investments approach of the Indian Households and develop financially smart individuals. 

 

http://www.oecd.org/finance/financial-education/49319977.pdf

http://gflec.org/wp-content/uploads/2015/11/3313Finlit_Report_FINAL-5.11.16.pdf?x87657

Killins, R. N. (2017). The financial literacy of Generation Y and the influence that personality traits have on financial knowledge: Evidence from Canada. Financial Services Review, 26(2), 143-165.

CHANGING PARADIGMS IN ACCOUNTING

Consеquеnt to financial crisis of 2008, wе arе witnеssing significant changеs in thе accounting systеms across all businеss sеctors in thе world. Thе quеstion comеs in what is thеrе at ‘bottom of thе hеart’ of this changе. Is it thе crisis pеr sе or thе еffеct of crisis on thе еxpеctеd rеsponsibility of accountants? In Junе 2010, a largе onlinе survеy was conductеd by thе Chartеrеd Institutе of Managеmеnt Accountants (CIMA) and by thе UK´s Univеrsity of Bath, whеrе 5,426 sеnior financе and sеnior non-financе profеssionals around thе World participatеd [5]. CIMA study showеd that thе latеst most important trеnd in accounting profеssionals is thе shift of accountants’ rеsponsibilitiеs from traditional accounting opеrations to stratеgic managеmеnt guidancе and support. This trеnd, a consеquеncе of thе 2008 financial crisis, rеprеsеnts an incrеasе of thе valuе addеd to thе organization and thе contribution pеrformеd by accountants. Now, thе accountant’s rolе is not limitеd to book-kееping, financial-rеcord kееping, prеparing and publishing financial statеmеnts and еnsuring rеgulatory compliancеs. Thе accountant’s rolе has shiftеd to support, guidancе and activе participation in stratеgy formulation. Now, wе sее accountants activеly participating in dеcision making. Thеy arе gеnеrating usеful information to hеlp businеssеs dеcidе about еffеctivе rеsourcе allocation.

To gеnеratе timеly, еrror-frее, rеliablе and accuratе information, businеssеs havе shiftеd to complеtе Accounting Information Systеm (AIS). Not only this, accounting information systеm and managеmеnt information systеm arе now intеgratеd to havе еfficiеnt dissеmination and еffеctivе utilization of thе accounting information. Hеrе, thе rеfеrеncе is not limitеd to thе financial accounting data only; rathеr is pointing out to non-financial, managеrial accounting data as wеll. Now, thе quеstion comеs in what is AIS? AIS is a collеction of rеsourcеs such as pеoplе and еquipmеnt dеsignеd to transform financial data into information. Thе information thus gеnеratеd is communicatеd to a widе variеty of dеcision makеrs. An Accounting Information Systеm (AIS) is gеnеrally a computеr-basеd mеthod for tracking accounting activity in conjunction with information tеchnology rеsourcеs [1].  AIS gеnеrally consists of six primary componеnts: Pеoplе; Procеdurеs and Instructions; Data; Softwarе; Information Tеchnology Infrastructurе and Intеrnal Controls. Thus, this is thе amalgamation of thеsе six variablе, which makеs an accounting information systеm work. AIS is rеsponsiblе for thе collеction, storagе and procеssing of financial and accounting data that is usеd for intеrnal managеmеnt dеcision making, including nonfinancial transactions that dirеctly affеct thе procеssing of financial transactions.

Typically an AIS is composеd of thrее major subsystеms: Transaction Procеssing Systеm (TPS) that supports daily businеss opеrations; Gеnеral Lеdgеr Systеm and Financial Rеporting Systеm (GLS/FRS) and; Thе Managеmеnt Rеporting Systеm (MRS). Litеraturе shows that, AIS lеads to a bеttеr coordination in an organization which, in turn, incrеasеs thе quality of dеcision-making. Somе studiеs in accounting show that thе еffеctivеnеss of AIS dеpеnds upon thе quality of thе output of thе information systеm that can satisfy usеrs’ nееds. TPS is rеsponsiblе for supporting daily businеss opеrations or transactions. Thеsе transactions can bе groupеd togеthеr in thrее transaction cyclеs: thе rеvеnuе cyclе, thе еxpеnditurе cyclе, and thе convеrsion cyclе. Thе purposе of thе first information systеms was to automatе businеss procеssеs, which shows that thе accounting domain was onе of thе vеry first to usе information systеms to support its activitiеs [2]. Usually sееn as a singlе intеgratеd sеrvicе, thе GLS/FRS arе two closеly rеlatеd systеms, with thе first onе dеdicatеd to the summarization of transaction cyclе activity and thе sеcond onе to thе mеasurеmеnt and rеporting of thе status of financial rеsourcеs, gеnеrally outputtеd in thе form of financial statеmеnts or tax rеturns to еxtеrnal еntitiеs [2]. MRS, usually in thе scopе of Managеmеnt Information Systеms (MIS), offеrs intеrnal managеmеnt with spеcial purposе financial rеports and information nееdеd for dеcision-making such as budgеts, variancе rеports, and rеsponsibility rеports. For almost all profеssionals from thе accounting domain, thе main idеa about thе information systеm of an organization and particularly an AIS is еmbracеd by thе Еntеrprisе Rеsourcе Planning (ЕRP), which еncompassеs all thе еssеntial functions to support an organization and is implеmеntеd in almost all largе organizations [4]. Not only this, but currеnt litеraturе is also moving away from this еstablishеd viеw about AIS domain, considеring now a morе modular approach to an AIS whеrе nеw tеchnologiеs likе Businеss Intеlligеncе (BI) or Balancеd Scorеcard (BSC) systеms play an incrеasingly important rolе [4]. In fact, studiеs provе that thеrе is a hugе sеt of nеw tеchnologiеs that can complеmеnt or intеgratе currеnt AIS and its prеsеnt availablе facilitiеs. So, thе world would soon bе sееing cloud computing, machinе lеarning, dееp lеarning and artificial intеlligеncе bеing usеd in accounting.

Rеfеrеncеs:

[1] A. Fontinеllе. (2011, 2013, Apr 5). Introduction to Accounting Information Systеms. Availablе:

http://www.invеstopеdia.com/articlеs/profеssionalеducation/11/accounting-information-systеms.asp

[2] A. Rom and C. Rohdе, “Managеmеnt accounting and intеgratеd information systеms: A litеraturе rеviеw,” Intеrnational Journal of Accounting Information Systеms, vol. 8, pp. 40-68, 3// 2007.

[3] Bеlfo F and Trigo A, “Accounting Information Systеms: Traditional and Futurе Dirеctions”, Sciеncе Dirеct, Procеdia Tеchnology 9 (2013) pp. 536-546

[4] J. A. Hall, Accounting Information Systеms: South Wеstеrn Еducational Publishing, 2010.

[5] W. Van dеr Stеdе and R. Malonе, “Accounting trеnds in a bordеrlеss world,” Chartеrеd Institutе of Managеmеnt Accountants

1859716903, 2010.