The growing gap between academic and business worlds and the lack of theory and relevance in research can be traced to deficits in underlying skills. Figure Three represents, in the judgment of the task force, a set of current and ideal skill dimension levels of faculty. Faculty are doing well on theory testing and construction and have made some progress on global thinking, but the greatest needs exist for improvement in multidisciplinary methods, new teaching technologies, technological awareness and innovative research. Additionally, the knowledge of best practices, business communication and creativity in problem-solving could benefit from skill enhancement. The gap is the distance from the right side ideal level of the chart and the current levels.
Much room exists for improvement in faculty skills and interests.
If business schools could move faculty skill levels up, build ties to industry, and increase faculty ability and willingness to change, progress can be made in solving the problem of lack of alignment between academia and business needs. In response to the problems represented by the growing gap between business practice and business schools, several strategies suggest themselves. A particular school's strategy may be very different from the strategy of other schools in attempting to address the need for greater faculty leadership capabilities. No one strategy will work for all, given differing institutional missions, initial faculty characteristics and competitive environments for individual schools. There are, however, some areas of general concern in which strategy and tactics of individual schools may benefit from the experiences at other schools.