Education
IIM-A, SPJIMR, ISB and IIM-B make it to top 50 in 2021 FT rankings
Source : Education Times
Insead based in France and Singapore is the top B-school
Financial Times Masters in Management (MiM) global rankings released today. Bharatiya Vidya Bhavan’s S P Jain Institute of Management & Research (SPJIMR) among the top 50 business schools in 2021 for the second consecutive year.
The 2021 rankings place SPJIMR at rank 39 for the Institute’s flagship two-year full time Post Graduate Diploma in Management (PGDM). The Indian School of Business (ISB) secured the 23rd spot in the top national and international B-schools institutes. The other two Indian schools in the top 50 this year are IIM Ahmedabad, ranked 26, and IIM Bangalore, at 47.
FT bases its ranking on 17 criteria across four categories with the following weights: career success after programme completion (57%), international exposure (25%), gender diversity (12%), and faculty qualification (6%). The career success category consists of seven criteria, with an emphasis on the average graduate salary three years after completion (adjusted by FT for “salary variations between sectors, US dollar PPP equivalent.”).
Insead, based in France and Singapore is ranked as the top B-school followed by London Business School, and the University of Chicago: Booth. This year, Harvard, Stanford, and Wharton have opted to not participate in the rankings. It has been observed that a total of 9 out of the top 20 institutes are from the US in the FT Global MBA ranking 2021.
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Business
How AI virtual assistants are transforming education and training
By Gregor Hofer, CEO and Co-founder at Rapport
What separates good doctors from excellent doctors, the type that might get five-star reviews if, like an Uber driver, their services were supported by a smartphone app?
Medical knowledge, expertise, and better outcomes are, of course, the most important factors. But – particularly when dealing with patients’ relatives, discussing risk assessment and imparting bad news – we shouldn’t underestimate the importance of bedside manner.
This might come naturally to some doctors but there are none for whom training isn’t useful, whether at medical school or on the job.
There will always be a place for real human interaction in this training, the type that involves role-play, with actors or colleagues playing out different scenarios that explore the most effective ways to handle difficult situations.
But what if this could be supplemented by more readily available and less resource-intensive experiences that simulate these training environments? And what if it could be applied across numerous sectors, industries and professions, of which there are a great many that could benefit from such an opportunity?
What might that mean for those instigating tricky conversations and, perhaps more importantly, those at the receiving end of them?
Advances in generative artificial intelligence – or GenAI – mean that these are no longer hypothetical questions.
There’s no limit to the type of person this technology could help, but we’ll review three – doctors, those working in corporate HR, and online students – to give a flavour of the benefits it brings.
Before we do, a quick word on how such applications work.
An overview of the technology
It all starts with data. With access to enough content, the type that you store and curate on your internal systems, large language models (LLMs) can be trained to find the most appropriate response to whatever user input they’re exposed to, whether in writing or spoken, and then you as a user can respond to that response, and so the cycle continues.
You’ll have experienced something similar using the likes of CharGPT, but because this is based on your own content, you’re more in control. (For simpler and more prescriptive scenarios, though, I’d add that with the best solutions, you can alternatively import predefined branching dialogue to keep your conversations on track.)
It doesn’t stop there, though; by tapping into a solution that’s supported by experts in linguistics and computer-aided animation, your colleagues can interact in real-time with avatars equipped with believable facial expressions, accurate lip-synching capabilities, natural gestures and the ability to detect emotions.
All of this adds to the user’s willing suspension of disbelief that they’re interacting with a real person, or AI avatar, thereby enhancing the effectiveness of their learning.
These innovations are reshaping how we approach learning and skill development in so many critical fields. We said we’d look at three. We’ll start by returning to medicine.
Medical training
AI assistants can supplement the way doctors are taught to break bad news to patients, one of the hardest things they’ll face in practice and, given its subjectivity, something that can’t easily be looked up in a textbook on anatomy or physiology.
As we said from the outset, this is easier for some doctors than others, but given the literal life-and-death nature of such conversations and the shattering impact that the death of a loved one can have on a relative, there’s always room to improve medics’ empathy and communication skills – which is exactly what this technology delivers.
By utilizing experiential AI tools, clinicians can better use their time, alleviate pressure, fatigue and burnout symptoms, and ultimately allow them to better serve their patients.
Corporate HR
In corporate HR, virtual assistants can significantly streamline and enhance the hiring and firing process, as well as any difficult conversation; whether it’s a tough review, a disciplinary hearing, letting down an employee about a promotion they’d applied for or any other scenario that might bring a bead of sweat to your forehead, it’s all about providing safe and cost-effective practice before doing it for real.
Tech research consulting firm Gartner recently found that more than three-quarters (76%) of HR leaders believe that if their organisation doesn’t adopt and implement AI solutions, such as generative AI, in the next 12 to 24 months, they’ll lag in organizational success compared to those that do, while 34% of HR leaders participating in their January benchmarking session said they were exploring potential use cases and opportunities when it came to generative AI.
If they do manage to adopt the right technology, the impact will be massive among those who deploy it wisely. After all, which company wouldn’t want to upskill its HR professionals in tangible soft skills such as empathy, communication, problem-solving, and conflict resolution in a controlled setting?
Online education
AI-powered tools can hugely boost student engagement in remote learning environments, and the research suggests that it comes close to rivalling in-person experiences. When you consider the staff-to-student ratios common in most educational settings, this should be no surprise – think how many students can fit into a lecture hall (even if they don’t always turn up!).
But we’re not necessarily talking about formal education; this applies equally to any informal setting in which someone needs to improve their education in some way.
With this technology, you can invent new ways to educate your students – or staff – by transforming lessons into experiences, using interactive characters reflective of the subject. This means you can increase user satisfaction and performance without compromising on content.
Whatever the scenario and whatever the use case, the chances are that if you have the right content in sufficient quantities, you can tap it for interactions that would otherwise be lacking in uniqueness or prohibitively expensive.
With AI virtual assistants, everyone’s a winner.
Business
Dealing with Parental Leave: How Your Business Can Support Employees with Families
Looking after your staff is a fundamental part of running a successful business, ensuring staff turnover remains low and workers remain happily motivated. Workers now have more agency than ever when it comes to choosing their employer, in part thanks to the rise in remote working which means workers are no longer limited to looking for roles within their local area.
39% of UK workers now work at home within a given week and workers are beginning to demand more in terms of employee benefits, especially when it comes to welfare.
One of the areas where employees may focus is “family-friendly” working and benefits. But what does the law say about these contractual offerings? And how can your business benefit from having a comprehensive “family-friendly” benefits package? We spoke to the employment law specialists at Beecham Peacock to discover how your business can become more caring.
What does the law say about parental leave?
In the UK, women are able to take up to 52 weeks of maternity leave. The first 26 weeks of leave, which includes two weeks of compulsory leave (four weeks for factory workers), are known as ordinary maternity leave, while the final 26 weeks are known as additional maternity leave.
During maternity leave, a woman’s rights to pay rises, accrued holiday, and returning to work are protected by the law.
Eligible mothers-to-be are entitled to be paid statutory maternity pay for 39 weeks. This will depend on whether or not they satisfy service and earnings criteria. Otherwise, they may not be able to claim maternity allowance.
Statutory maternity pay equates to six weeks paid at a rate of 90% of average weekly earnings (before tax). For the remaining 33 weeks, the current rate of payment is £172.48 or 90% of their average weekly earnings – whichever is lower. This rate is reviewed annually.
There has been much discussion about the mandatory amount of maternity pay and whether it does enough to support women in the workplace – a recent study found statutory maternity pay is just 47% of the national living wage. To attract and retain women, businesses may wish to consider offering enhanced maternity pay and benefits packages.
For partners, leave entitlements are different. Statutory paternity and adoption leave entitles fathers/partners to take one or two weeks of paid paternity leave, paid at a rate of £172.48 or 90% of their average weekly earnings – whichever is lower. This rate is also reviewed annually.
When this leave is taken differs depending on whether paternity or adoption leave is being taken. Again, your business may wish to consider enhanced leave and pay packages.
For eligible parents, another option that is increasingly taken up is shared parental leave. Whilst the mother will always have to take two weeks of compulsory leave (four weeks for factory workers), the remaining 50 weeks (or 48 weeks for factory workers) can be taken by either parent.
This gives both parents flexibility and the opportunity to spend time with their child. Statutory parental leave pay is paid at the same rate as the latter part of statutory maternity or paternity pay, and can be paid for up to 37 weeks to eligible employees. Again, businesses may wish to consider offering enhanced parental leave pay to attract and retain employees.
What are the positives of greater employee benefits for parental leave?
Of course, there are extra costs associated with paying more than the statutory pay requirement. However, offering parental leave options and policies that go above and beyond the minimum requirements can benefit a business just as much as it benefits your employees. Such packages will enable business to attract and retain employees.
How to draft a comprehensive parental leave policy
Lisa Branker, Head of Employment Law at Beecham Peacock, advocates for a comprehensive leave policy that supports all of your employees. She comments:
“Entitlements and eligibility for parental leave, pay and benefits should be clearly contained in your business’ relevant policy. If your goal is to attract and retain your workforce through flexible and/or enhanced benefits packages then this information needs to be clearly set out and accessible. A clear policy makes employees aware of how much leave and pay they are entitled to, helps managers to respond to any queries, and allows your business to plan for and support working parents.”
“Pay and leave aren’t the only considerations – for example, your business may be able to offer a salary sacrifice scheme to make childcare arrangements. Other, non-financial support can also be a huge help for new parents or parents-to-be. Increasing the flexibility of working hours or offering a hybrid working scheme can give your colleagues the support they need to manage the transition into parenthood. These measures will enable you to motivate and retain your workforce, without creating an onerous financial burden.”
Every company is different – and there’s unlikely to be a one-size-fits-all solution. Think about which solution (or combination of solutions) is best-suited to your company before creating or amending a parental leave policy. If you’re considering creating or updating your policy, Beecham Peacock’s free policy reviews are a great starting point to check your offerings meet your business and legal needs.
Business
Bridging the Gap: Evaluating Technology Companies’ Efforts in AI Consumer Education
Agata Karkosz, Leader at FPAcademy at Future Processing
AI is becoming increasingly influential across various sectors and industries. And its impact is only expected to grow in the future. In fact, AI adoption has more than doubled since 2017, with businesses making larger investments to scale and fast-track development.
With such rapid advancements taking place, it is important to educate consumers about navigating the complexities of the technology.
The Current Landscape of AI Education
There are several companies actively providing education and training in the field of AI. Google AI has been offering AI and machine learning courses to consumers for a few years now, while lesser-known companies, like Coursera, edX and Fast.ai, have also entered the space.
Nevertheless, these offerings are often catered to people interested in learning and developing skills in the technology, rather than the everyday consumer. In fact, research released last year by leading software development company, Future Processing, found that more than two-thirds of UK consumers aged 50 and above felt technology companies needed to do more to help them understand AI.
Respondents were asked what AI applications and tools they are currently using, with AI voice assistants and customer service chatbots coming out on top. But, because the technology’s capabilities are wide-reaching, companies need to up their game to ensure the average consumer is in the know.
Educational Initiatives: Are They Enough?
Companies must work harder to help consumers of varying levels of technical expertise understand AI. Doing so will help demystify AI and build consumer confidence and trust.
Understanding this need, Google AI offers resources such as the “Machine Learning Crash Course”, a free online course designed to introduce individuals to machine learning concepts. Microsoft, too, has its AI School, an online platform supplying free courses and resources covering various AI topics, while other major firms, including Facebook, Intel, Amazon and NVIDIA, have sparked similar education initiatives.
Still, due to fresh technological advancements and research breakthroughs, as well as increased data availability, open source and collaboration efforts, rapid industry adoption, and greater funding and investment, the challenge for companies comes in maintaining up-to-date and readily available education materials.
The Challenge of Simplifying Complexity
The inherent complexity of AI arises from the interdisciplinary nature of the field, combining elements of computer science, mathematics, statistics, neuroscience, and engineering. AI involves complex algorithms, sophisticated mathematical models, and intricate programming structures that are hard to rationalise.
Balancing the need to simplify AI concepts for broader understanding while retaining the essential information poses a significant communication challenge for businesses. Oversimplifying may lead to misconceptions or a lack of appreciation for the complexities involved while providing too much detail can result in confusion.
Successful communication often involves using relatable metaphors, real-world examples, and interactive experiences to engage consumers and help them grasp the fundamental principles without getting lost in technical intricacies. Effective communication about AI requires collaboration between experts, educators, communicators, and the general public to ensure a more informed and inclusive understanding of this rapidly advancing field.
Transparency and Explainability
Enhancing transparency and explainability in AI systems has become a key focus for technology companies to address concerns related to bias, accountability, and trust. Several efforts have been made to make AI systems more understandable and interpretable. Some common strategies and initiatives include:
Interpretable Models
Many technology companies are working on developing AI models that are inherently more interpretable. This involves using algorithms and architectures that produce results that can be easily explained and understood. For example, decision trees, rule-based systems, and linear models are often more interpretable than complex deep neural networks.
Explainable AI (XAI) Techniques
Explainable AI is a research area focused on developing techniques and tools that help users understand the decisions made by AI models. Techniques such as feature importance analysis, saliency maps, and attention mechanisms aim to highlight the factors influencing the model’s predictions.
Ethical AI Guidelines
Many companies have established ethical AI guidelines and principles prioritising transparency and fairness. These guidelines may include commitments to avoiding biased data, providing clear explanations for decisions, and involving diverse perspectives in the development process.
User-Friendly Interfaces
Technology companies are investing in user-friendly interfaces that allow users to interact with AI systems more intuitively to enhance transparency. Dashboards, visualisations, and plain-language explanations help users understand the model’s behaviour and outputs.
Addressing Challenges and Gaps
AI education faces several challenges that stem from the diverse nature of the field, the varied backgrounds of learners, and the evolving landscape of information dissemination.
The rapid evolution of AI is a primary challenge, but a lack of standardisation, diverse audience backgrounds, and the spread of misinformation have also hampered the public’s ability to understand the technology.
The highest concerns surrounding AI are privacy, transparency and security. This is supported by Future Processing’s research, with respondents aged 50 and above ranking security and data privacy as their highest concerns when using AI, followed closely by misinformation and question misinterpretation.
But, through ongoing collaboration and dialogue, governments can establish standards which foster diversity and inclusivity, provide up-to-date resources, and emphasise practical application to deliver more effective and equitable AI education.
The Role of Ethical Guidelines
With AI frequently coming under the spotlight, technology companies are increasingly recognising the importance of ethical guidelines and policies in AI development and usage.
Many have published official documents outlining their ethical principles and values concerning AI. These documents typically cover commitments to fairness, transparency, accountability, privacy, and avoiding biases in AI systems. For example, Google and Microsoft’s respective AI Principles are publicly available documents that articulate the companies’ ethical commitments.
Learning to Embrace
Continuous efforts in AI consumer education are imperative to navigate the evolving landscape of AI, bridge educational gaps, address ethical considerations, and ensure that individuals are equipped with the knowledge and skills needed in an increasingly AI-driven world. The commitment to transparency, inclusivity, and ethical practices will contribute to building a more informed and responsible AI community, meaning we can embrace all it can bring to the table, rather than dwelling on its shortcomings.