FOR THE FUTURE. TSE. STRATEGY OF TURKU SCHOOL OF ECONOMICS 2020

Transcription

1 FOR THE FUTURE. TSE. STRATEGY OF TURKU SCHOOL OF ECONOMICS 2020

2 CONTENTS Contents...2 Dean s foreword Context and strategic positioning Context Strategic positioning Mission, vision and values Mission of TSE Vision Values of TSE Strategic objectives Critical success factors and their development Relevant high-quality research with impact Focus areas High-quality international learning experiences Active and rich interaction with society Prerequisites Skilled personnel, motivated students and productive networks Efficient and customer-oriented support services Balanced and well-managed finances... 25

3 DEAN S FOREWORD Turku School of Economics (TSE) aims to be an internationally respected business school that is endorsed for high quality and competence both with respect to scientific research, researchbased teaching and interaction with society. This requires development and dissemination of knowledge that is reliable and relevant, and also involves certain uniqueness. In order to be a leading business school within its frame of reference, the school needs a carefully prepared, thoughtful vision, a strategy, and action plans. This is a prerequisite for systematic quality development. Strategy is always about making choices and prioritising, but is not particularly emphasised at this stage of our work. The main purpose now is rather to give structure and especially focus to our activities in order to prepare for future challenges, i.e. to define the path towards a successful future. It is important to position ourselves in the current business school context nationally and internationally, and to find a durable profile for TSE. We also need to realise that we have in our hands an extremely valuable community that needs to be nurtured. Strong communality is increasingly important in the current operating environment that can even emerge to be a profiling factor. An important part of such communality is understanding that we all ultimately should act in the interests of the common good, and that Only he who keeps his eye fixed on the far horizon will find the right road. - Dag Hammarskjöld this is supported by a culture of openness, trust and commitment to TSE. This also means that we act with responsibility and make sure that we DEAN S FOREWORD 3

4 provide our students with tools and resources for responsible action. The vision and respective strategic objectives described in this document are based on three interrelated themes that share a strong future orientation: i) innovation, ii) foresight, and iii) responsible management. The aim is to integrate these themes with research agendas and curricula where appropriate, without forgetting our strong core of business studies and economics; with the ambition to produce world class research and learning experiences. The broader development agenda which these themes relate to is our overall advancement of internationalisation and interdisciplinary approaches. member of staff, as well as representatives of key stakeholder groups, has had the possibility to have their voice heard in the process of shaping a development plan for the future of TSE. Finally, we know there are many initiatives and openings in the agenda described in this document. We cannot expect them to be realised in immediately, but only in the longer term. We also realise this may require further prioritising and a step-by-step method so that we do not overburden ourselves, our organisation and our stakeholders; in other words, our community. Several methods have been employed to develop the For the Future. TSE. document. These methods range from student and personnel workshops to faculty and staff surveys and the comprehensive benchmarking of leading business schools. The newly established Advisory Board of the school will discuss and give comments on the ambitions of TSE. In addition, the Board of the school will discuss the proposed vision and development plans before accepting them. The guiding principle has been that every single Dean Markus Granlund DEAN S FOREWORD 4

5 1. CONTEXT AND STRATEGIC POSITIONING 1.1 CONTEXT Founded in 1950 at the initiative of local businesses, Turku School of Economics has an established position as a highly respected business school both locally and regionally. Today, the operating principle is international, aiming foremost at high-quality research that is relevant to business and society on a long-term basis. Based on its research heritage, TSE is known to educate responsible professionals who are highly capable of working in international fields of business. TSE has always worked in close cooperation with its local stakeholders; during the last two decades extending this to a regional and global level. At the beginning of 2010, the Finnish university system underwent one of the most profound changes in its history universities ceased to be budgetary agencies and were transformed into independent corporations under public entity law, or foundations under private entity law. This change coincided with a major structural overhaul that involved merging universities in order to reduce their number, to simplify and strengthen their profiles, and to promote more efficient use of resources. In Turku, the university reform led to the merger of the Turku School of Economics and the University of Turku to form a new multidisciplinary university. The vision was to build a unique meeting place of different fields of science; where business studies and economics connect to humanities, sociology, natural science and medicine. Research projects and other forms of cooperation have since been actively developed and are already bearing fruit. In this new University of Turku, TSE operates as a disciplinary unit comparable to a faculty. Despite the turbulence in the universities, Turku School of Economics has kept its national position as one of the top business schools (11 CONTEXT AND STRATEGIC POSITIONING 5

6 altogether) in Finland. TSE is an extremely popular place to study when measured by the number of applications, and has been amongst the best in student surveys regarding content and quality aspects. However, there is a lot going on in the university sector in Finland regarding internationalisation and strategic positioning. TSE faces several challenges in this environment regarding internationalisation of the faculty and student base, as well as its strategic focus. Universities receive the majority of their funding from the budget of the Ministry of Education and Culture. The basic funding seems to be gradually declining and universities are increasingly expected to build their activities on domestic and international project financing and project operations. A new funding model was introduced by the Ministry in the beginning of Simultaneously, the same model with slight modifications was introduced within the University of Turku to allocate the basic state funding to the faculties and TSE. The model is based purely on research and teaching outputs (quantitative measures), emphasising international aspects. Unique Futures Studies The Finland Futures Research Centre (FFRC) is an internationally unique interdisciplinary research, training and development organisation. The faculty studies alternative futures and the challenges and possibilities included in them. Academic research places special emphasis on foresight, environmental and energy research, socio-cultural research, food and consumption, bio-economy, security and education. In addition, the faculty continually aims to develop the scientific foundations and methods of futures studies. The rigorous and interdisciplinary basic research creates an excellent foundation for both applied and tailor-made research. The Centre refines visionary knowledge regarding alternative futures and aims to provide tools for responsible decision-making and to stimulate public debate. by top-level researchers, groups and projects. Making the recognition wider as well as deeper requires focused actions and time, as is typical with reputation building. To enhance the quality and recognition of activities, TSE is taking more determined measures to network with colleagues and groups worldwide. The merger with a multidisciplinary university offers much greater opportunities for success in research, teaching, societal interaction, as well as in major international funding programs. In the future, TSE aims to be among the top three business school nationally, and in the near future a highly respected and well-known business school regionally (mainly Europe) extending to global competitiveness in the longer term. TSE is currently known internationally The structural development within the University of Turku is still ongoing and TSE is expecting to benefit from it notably. The return of the Finland Futures Research Centre (FFRC) as part of TSE will enhance our global recognition and create specific value. Together, we will create unique research and teaching results and further attract international partners. Such results are built upon unique interdisciplinary competence regarding futures studies/business foresight, responsibility and sustainability, as well as more specific knowledge produced by research in our business disciplines and economics areas. CONTEXT AND STRATEGIC POSITIONING 6

7 1.2 STRATEGIC POSITIONING The following SWOT analysis is the result of thorough discussions mainly among the Board (including students) and Board of Directors, as well as of evaluations, including lessons learned through the FINHEEC and EPAS accreditation processes. In summarising the strengths, we can say that TSE operates in a highly international spirit. As a small, export-driven economy, success for the Finnish business community and economy has always required activity and an open attitude towards other economies and cultures. Our faculty is widely networked and works together with international, highly regarded researchers and research groups. Internationalisation also extends through the curricula, even when the teaching language is Finnish. There are also several paths to study and graduate in English (M.Sc. level). We offer international learning experiences by faculty with international work experience and internationally tuned teaching material. For some years, the research output of TSE has been on a positive track towards highquality referee publications, which also have an impact when measured by citations. TSE is also proud of its officially noted open and positive work climate, as well as its good overall reputation among key stakeholders. On the other hand, the main weaknesses relate to the depth of internationalisation. The number of foreign faculty and degree students is relatively low, although the faculty in general have started to become very international when measured by international experience and networks. It is, however, a fact that more people need to participate in international academic activities at the highest quality levels. The current and future environment of TSE offers many opportunities for development. Great possibilities exist for strengthened cooperation with selected partner schools abroad, as well as substantially increasing interdisciplinary cooperation internationally and nationally not forgetting the huge opportunities the merger with UTU provides in this respect. The main threats relate to the competition for personnel and international degree students. There is a constant threat that key faculty members, in particular, will leave the school for potentially more attractive alternatives elsewhere. This would leave, at least temporarily, big holes in the infrastructure of the school. For the same reasons, failure to recruit new faculty especially from abroad, is a big challenge today and maybe increasingly so in the future. Failure to keep current and to recruit new key faculty members would ultimately lead to a weaker position among business schools nationally and internationally. In recent years, TSE has received a growing number of student applications. In 2013 it was the most attractive business school in Finland measured by the total number of applications and the second most attractive when measured by the number of first choices (after Aalto University School of Business). The University of Turku was third in a recent national survey for the most attractive university to study at amongst high school pupils (only the University of Helsinki and Aalto CONTEXT AND STRATEGIC POSITIONING 7

8 Table 1: SWOT analysis of TSE Strengths active participation in international research communities and groups international perspective in all teaching the number of referee publications and ISI citations is growing steadily diversity of subjects and methodological competencies strong profiling research focus areas attractive international Master s degree programs EPAS accredited emba program good reputation: highly regarded and trusted in the corporate world and among students intensive and versatile corporate cooperation, especially in terms of executive education open and positive work climate: intensive cooperation within TSE Finland/Turku is a safe, politically stable society with a unique natural environment Weaknesses small number of foreign faculties relatively small number of foreign degree students relatively low number of referee publications in the top-tier category (e.g. Times Higher Education) and relatively few individuals producing them degree completion % relatively weak no international accreditation at the school level Opportunities strengthening relationships with current partner universities interdisciplinary research and education within TSE and UTU new international joint degree programs designed new (international) faculty members establishing international strategic partnerships more student involvement in quality development Threats key faculty members will leave; potential difficulties in finding substitutes competition for high-quality faculties and international degree students gets tougher negative trend for funding the School fails to keep its position among the top three business schools in Finland CONTEXT AND STRATEGIC POSITIONING 8

9 University were more popular). The university ranked second most popular in spring 2013 when measured by the number of applications. In practice there is a very limited offering of private university studies in Finland (Estonian Business School and Helsinki Business School) and outside those, no student fees are charged. This makes the offer of business education so far fairly homogeneous. Naturally, the situation may change in the future, especially in terms of more foreign entrants. Currently, our competitive environment is quite different from many countries, where business education is offered by a larger variety of institutions and student fees apply. that have recently emerged at Finnish universities have created a situation where we may not be able to compete with remuneration. The same applies regionally and globally. Despite all this, we have recently been successful in attracting strong applications for a variety of positions from Finland and abroad. We believe that we can offer a working environment that continues to be competitive for a range of reasons. In general, TSE s national competitive situation is good: we are known for high quality among students and academic professionals. However, we face constant challenges in keeping the current and recruiting new high-grade faculty and staff. The different funding and career track systems CONTEXT AND STRATEGIC POSITIONING 9

10 2. MISSION, VISION AND VALUES 2.1 MISSION OF TSE Our mission is to generate internationally highly regarded and impactful research and learning for the development of entrepreneurial, innovative and responsible businesses and a sustainable society. This is carried out based on our unique expertise and interdisciplinary competence. Our task in the University of Turku is to conduct and focus on research and academic education in business studies and economics, having specific linkages to innovation. Our expertise is based on research conducted in cooperation with our academic partners and close, long-term relations with the business community. Combining our expertise in business studies and economics, and research with other disciplines of the university, we will together create value for our society locally, regionally and globally. Research has been raised to its present, internationally recognised level, with long-term target settings and a systematic and continuous evaluation process. With the Master s degree programs and numerous courses taught in English, we are able to attract both exchange and degree students from around the world. Actions taken on recruiting international faculty members are starting to be successful. MISSION, VISION AND VALUES 10

11 2.2 VISION 2020 TSE is internationally recognised for ground-breaking interdisciplinary research and teaching regarding business and societal development, with a strong emphasis on innovation, foresight and responsibility. Through this agenda we will make a difference to society, gain recognition and appreciation globally, and attract toptier students, faculty members and partners from around the world. This vision entails that we are known and valued worldwide for our research output in selected focus areas. We will have joint educational programs and research projects with our most valued international partners, with whom we share common values and ambitions. Our campus in Turku will be an increasingly lively international centre for learning and working. We will train professionals who are able to use and develop their business knowledge in a future world of continuous change. A sustainable future will be a focus in our research and teaching. Our graduates will understand the importance of global corporate responsibility and the impact of business activities on the future of the world. We will be a reliable academic partner in business development projects and executive training. MISSION, VISION AND VALUES 11

12 2.3 VALUES OF TSE A great place to think ahead! We share the values of the University of Turku: an ethical and critical approach, creativity, openness and communality. The TSE community is particularly characterised by openness, trust and commitment to TSE. Such an environment enables and motivates people to produce high quality research and learning experiences, and attracts collaboration with leading partners locally and globally. This also means that we act with responsibility and make sure to provide our students with tools and resources for responsible action. We believe that an open and positive work climate creates motivated, committed and creative staff and students. The friendly and caring atmosphere, and the equality of TSE, has been praised amongst international and national visitors as well as in nationwide student and staff surveys. Students coming from other universities find it easy to communicate and cooperate with our faculty members and students, and international students find the teaching of TSE relaxed yet inspiring and academically demanding. We believe that such a culture is a strength and a competitive advantage. An important part of our culture is also understanding the fact that no matter who of us succeeds particularly well, it is always for our common good. Within this cultural framework, TSE is creative and passionate about high-quality research and education. The inspiring and ambitious work climate combined with the supportive atmosphere reinforces a constructive but bold academic community and arouses a strong desire for new knowledge and learning. Appreciation of quality facilitates committed operational development and increased international networking. MISSION, VISION AND VALUES 12

13 3. STRATEGIC OBJECTIVES Based on the work on the mission and vision of Turku School of Economics, three explicit yet interrelated strategic objectives have been identified and specified: To enhance innovation through related research, education and societal interaction To make foresight an integral part of our research and education To further integrate responsibility into the curriculum and research agendas. First, we want to make a difference in society by contributing to research and education regarding innovations and innovative practices. TSE has a notable number of people participating in this agenda extending over organisational and disciplinary borders. Our objective is to make this agenda and its coordination more systematic than it currently is. Second, future orientation and business foresight knowledge will be developed through scientific, high-quality futures studies. Such a platform offers new possibilities to develop a business of the future as well as managers of the future. The possibilities offered by combinations of researchers and teachers in TSE and the faculties of UTU are extensive. Third, an important and interrelated building block for future businesses and society is ethical and responsible management for sustainable business development and a sustainable society. There is a need for TSE to further develop this area of interdisciplinary research and education. Underlying these three objectives, cross-cutting through our critical success factors (see Fig. 1 and section 4), is a more general agenda of advancing internationalisation and interdisciplinary approaches. First, we need to strive for overarching internationalisation, extending from research and teaching to administrative processes, and from inputs to outputs. A successful future requires internationalisation that goes beyond the current situation. In order to develop quality STRATEGIC OBJECTIVES 13

14 Research (four focus areas) Education Interaction with society Innovation Foresight Responsibility Internationalisation Interdisciplinary approaches Figure 1: Key strategic dimensions for the way forward we need to network and cooperate systematically with selected international partners, share good practices, and enhance organisational learning. Second, we see great potential in the cooperation between business disciplines and economics, and between TSE and the faculties of UTU. Unique interdisciplinary expertise was one of the leading ideas in creating the new University of Turku. research, education producing high-quality learning experiences, active societal interaction, and effective and efficient prerequisites. The BSC also has an important role as a signalling and communication device, as it informs us where we need to succeed and how, and what prerequisites are needed to facilitate success. Whilst there is already a lot going on in this regard, it is only the tip of the iceberg of what is to be potentially realised. By utilising these potentials, we can develop unique competencies to produce new kinds of knowledge and learning experiences that are relevant today and in the future with a real impact on academia and society. Strategic management at TSE has long been built on the Balanced Scorecard (BSC) approach. The structure and measures of the BSC, which is a radically modified and tailored version of the original BSC frameworks for business, is documented in the Operations Manual. The BSC is used to implement the strategy and evaluate success in achieving strategic objectives. The key to this process is the balance of the BSC: pursuing balance between efforts to advance high-quality Interdisciplinary research and education Two concrete examples of interdisciplinary research and education that already exist, in addition to FFRC, are the Turku Institute for Advanced Studies (TIAS) and the Turku Centre for Labor Studies (TCLS). TIAS is a center of research excellence including researchers from the faculties of humanities, education, law and social sciences, in addition to those from TSE. TCLS, on the other hand, is a coinitiative of all six faculties and TSE, and has been coordinated by TSE since TCLS coordinates a truly interdisciplinary palette of research and teaching at the university level on the challenges of working life and its future. STRATEGIC OBJECTIVES 14

15 4. CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 4.1 RELEVANT HIGH- QUALITY RESEARCH WITH IMPACT As an interdisciplinary school of business and economics, TSE is hosting 13 major subjects that are all considered important for its future success. Amidst the constant focusing and cutbacks occurring in the university environment, TSE has decided to maintain its long tradition of having a multitude of business disciplines and economics in its research and teaching portfolio. This is considered a strength and a unique position. Within this diversity, a strategic research focus that enables us to attract a critical mass of researchers and create an international impact is created in two ways: 1) by identifying and developing focus areas of expertise, and 2) by focusing on cross-cutting themes set in the strategic objectives (see the textboxes) Today TSE is primarily known for four focus areas of expertise: entrepreneurship, management control, networks in business, and economic policy and markets. In the strategy formulation process these areas have been found to represent the majority of high-quality publications, citations and other merits (e.g. editorships/editorial board memberships) indicating established recognition and a distinctive, favourable reputation locally, regionally and even globally. This information has so far been applied in decision-making regarding the allocation of extra funding and resources. Later we also discovered that TSE CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 15

16 Innovation Innovation connects to the business disciplines in various ways both as innovative business (e.g. new business models, new forms of entrepreneurship) and as innovations (including product, service, marketing, organisational, and management innovations). The innovation theme peaks in a multitude of research projects on innovation processes and management, and, for example, in the Master s degree programme in Global Innovation Management distinctively demonstrating the tight connections between research and teaching. Innovation also links TSE to the strategy of the university where Business knowledge and innovations is recognised as one of the research fields in a phase of significant development. has specific competence in four methodological approaches: qualitative analysis of individual and organisational behaviour, quantitative and econometric research, interventionist research, and the methodology of futures studies. The distinguished areas of expertise combined with the methodological competencies form the cornerstones of success in research both now and in the future. However, it is worth noting that these areas may be modified or even changed through thorough periodical assessment FOCUS AREAS ENTREPRENEURSHIP. Research in this area focuses on international entrepreneurship, the entrepreneur and the innovation processes, and the operating methods associated with entrepreneurship from the perspective of those starting up a business, of companies seeking growth and global presence, and of public sector organisations seeking renewal. We investigate the role of entrepreneurship in a changing society within different economic, social and cultural contexts. Together with other forces in the field of science, entrepreneurship also helps to promote the emergence and growth of new and innovative business ideas. The research results support decision-making in organisations fostering entrepreneurship and innovations, and serves to develop related services, training and education. MANAGEMENT CONTROL. In global competition, the production and use of valid and reliable information provided by management control systems (MCS) represents a core business competence. At the core of such systems lies management accounting systems, which interrelate with other managerial systems and practices, as well as values and culture. Operative and strategic management in corporate and public sector organisations requires the support which financial planning, performance measurement, cost management and other modern MCS tools can offer. Our research themes in this area are closely linked to the challenges of developing and using MCS in fluid organisational environments, the role of MCS in innovation processes, and MCS in the creation and implementation of strategy. We are particularly interested in the behavioural and organisational implications of the design, implementation and use of MCS. Regarding research approaches, we have a strong tradition of applying qualitative research methods, and a plethora of theoretical bases ranging from management and organisation theory to sociology. NETWORKS IN BUSINESS. Specialisation, communication technologies and globalisation have made companies increasingly dependent on each other and organisations more decentralised, CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 16

17 Foresight A strong emphasis on foresight will differentiate TSE from other business schools in the future. Along with the integration of the FFRC, TSE was among the first universities in the world to offer futures studies as a major new subject. TSE is also one of the first universities in the world to offer a doctoral degree in futures studies. As a cross-cutting research theme, foresight brings together the methodological competencies of futures studies and economics to create new understanding of the development opportunities of businesses, economy and society at large. Futures studies link TSE to the strategy of the university by bringing a distinctive cross-disciplinary perspective to our research and by contributing to the futures research that is a selected area of strength in the university strategy. multicultural and even transformed to virtual entities. In this area, our research examines both inter- and intra-organisational networks, and focuses particularly on the co-creation of services in private and public networks, supply chain performance and costs, and decentralised specialist teams. Several research groups work in this area, bringing a multitude of perspectives to the research. Researchers develop models on networks at industry, company and individual levels. They produce new knowledge, for instance, on innovation, ethics and digitalisation in networks, and develop methods for network management and analysis. ECONOMIC POLICY AND MARKETS. Research in this area focuses on analysing policy-relevant economic questions, within public economics, macroeconomics and finance. The team has strong expertise in quantitative methods and its research is characterised by rigorous mathematical modelling, econometric analysis and computation. The central research problems concern financial markets, housing markets, labour markets, the public sector and business cycles. Topics related to game theory, collective decision-making and political economy are also an important part of the research programme and involve collaboration with political scientists. Turku School of Economics, like the whole of the University of Turku, emphasises high-quality international research as a foundation of its operation. The quality of research is monitored by an annual evaluation process at TSE and at the level of the whole university. Since 2011, research activities have also been evaluated centrally at the university level. TSE s academic performance evaluation system covers the spectrum of scientific publications, expert tasks, awards, international visits and research funding raised through competition. The method of assessment is based on awarding credits towards different academic research activities, and it is intended to guide and encourage staff to engage in qualified international research cooperation. For example, the new journal ranking in the national Publication Forum Project has been incorporated into the system to give significantly more credits for top-level publications, and an individual bonus (a scholarship) has been paid from 2013 to reward the best publications. More attention will be paid to improving doctoral studies and mentoring practice with the objective of enhancing the efficiency and quality of processes and outcomes. These actions will be taken within the framework of a national graduate CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 17

18 Responsibility The third theme, responsibility, refers to ethics and sustainability of businesses and society. To live up to the future challenges of a global economy and the expectations set for business school education, it is imperative to put responsibility issues at the forefront of both research and education. On the basis of recent initiatives in studying and teaching responsible business (several Master s and Doctoral theses, KEKO/Sustainable Development Studies module) and with the support of FFRC that excels in the study of sustainable future, TSE has good opportunities to extend its research on responsibility-related topics both in business disciplines and economics. allocating strategic funding for interdisciplinary teams that work in the focus areas and using the results of the research evaluation to grant funding to the departments and units using transparent evaluation systems in an organised way to audit research output within focus areas, and giving more visibility to the results of the evaluations, to make the research progress recognised Enhancing international research cooperation and the quality and impact of research in the focus areas of research by: establishing strategic partnerships with regionally and/or internationally respected universities and business schools school reform, which is currently underway, and the joint recommendations for doctoral studies issued by the University of Turku. To enhance research as the key success factor of TSE and to boost the positive trend in its research output, we set up the following development targets: Facilitation of interdisciplinary research and research group formation in the focus areas of research by: recruiting visiting professors in the research focus areas in particular, to give input to research groups and doctoral education recruiting international doctoral students and scholars through personal networks and by organising an open international call for all key research positions Supporting the search for national and international research funding by: encouraging (and rewarding) professors and post-doctoral researchers to form research groups and to seek external funding for research in the focus areas systematically developing the operations of the Centre for Collaborative Research supporting knowledge exchange and cooperation between departments and the FFRC CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 18

19 4.2 HIGH-QUALITY INTERNATIONAL LEARNING EXPERIENCES TSE offers education at all academic degree levels and to businesses and other stakeholder partners. The education is based on the high-quality international research carried out by the faculty. The students are generally highly motivated and talented in their studies. TSE graduates are known for their competence and are highly valued by employers. TSE is an extremely popular place to study when measured by the number of applications, and has been amongst the best in student surveys regarding content and quality aspects for quite some time. It is highly ranked in terms of the total number of applicants. The general challenges of the school such as internationalisation and strategic positioning affect the education. The three key success factors through which TSE International Master s Programmes TSE currently has four international Master s degree programs: Global Innovation Management, GlobaI Information Technology Management, Futures Studies, and International Master s in Management of IT, the last being a joint degree programme with IAE Aix Graduate School of Management (France) and Tilburg University (the Netherlands). TSE also has an executive MBA programme that is EPAS accredited by EFMD. will sustain and improve its competitive position regarding education are: the implementation of school-level strategic objectives for education professional (state-of-the-art) design of educational programs, following the ILO (intended learning outcomes) approach and labour market requirements provision of challenging and inspiring learning experiences The implementation of school-level strategic objectives is critical for the success of TSE. In order to be competitive we need to: increase the number of international faculty members and students implement innovation, foresight, and responsibility as integral parts of our programs Turku School of Economics offers higher education programs in business and economics, relying on cutting-edge research and a broad knowledge of business practices special attention is being paid to critical and responsible thinking. Innovation, foresight, and responsibility will be strongly integrated into CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 19

20 education at all levels, both in degree teaching and executive and postgraduate education, training and development. To strengthen the internationalisation of our education, the support for the exchange of teachers will increase and faculty members will be recruited through international channels and connections. Furthermore, action will be taken to expand the number of foreign degree students recruited. Attention will be paid to intensifying cooperation with selected international universities and business schools. Cooperation includes jointly organised courses and, to some extent, more joint degree programs in the long term. Our students acquire excellent language and communication skills during their studies through intensive language and business Virtual learning communication training. International skills are developed through a variety of teaching in English and with international content and exchange periods abroad. In our strategy, we are paying attention to developing the experience even further by offering a culturally enhanced and varied environment; through an increased number of international faculty members and students. As a small country, an international outlook is a prerequisite for learning and doing business. Therefore, the majority of companies are internationally connected and active. This is fully reflected in the education at TSE. The information technology infrastructure is well developed, and virtual courses are being offered. TSE is well prepared for the further development of virtual learning and programs when and if appropriate. The recently appointed International Advisory Board will give an external and international point of view on our strategy development, programs, research and teaching. Virtual teams in International Business (VIBu) is a business simulation game developed at TSE. It offers a globally unique learning environment as it is played online together with teams from all around the world (e.g. Stern Business School/NYU, University of Melbourne, Johannes Kepler University Linz). VIBu learning is based on experiencing the challenges of the virtual world and communication through participating in a RealGame in which the different companies need to collaborate with each other in order to manage their operations in a profitable manner. This is one of the main differences between VIBu and traditional business games: success requires collaboration with the other companies - not fierce competition between the companies. The professional (state-of-the-art) design of educational programs forms a cornerstone for our success. In order to achieve that we need to: Strive for designing a smaller number of high ( world class ) quality programs based on the comprehensive competence available at TSE and UTU Identify programs that differentiate TSE from close competitors Define career goals and explicit learning objectives (ILOs) for each programme and each course to ensure clear professional relevance for the program CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 20

21 Create governance structures to monitor that the programs are relevant, challenging and inspiring for students and that students graduate and find jobs Provide faculty support for students in personalising their study plans ensure academic challenge by employing scientific articles, books and assignments, and where possible utilise our own research select interactive teaching methods with an emphasis on group work, communication, and presentation skills Secure continued and enhanced student engagement in programme development Our next target in programme design is to further the development of the degrees towards a true Bologna model. This will be obtained by evaluating the present situation of drop-outs versus graduates, and by taking the necessary actions to run programs effectively. The quality of learning is measured by systematic assessment throughout the progress of the studies. Students and other stakeholders are able to participate in the design of courses and programs through feedback collected and through planning meetings with teachers. Various third-party assessments are used such as SEFE reports (the Finnish Association of Business School Graduates), FINHEEC auditing (the Finnish Higher Education Evaluation Council), and international quality assessments and accreditations. use educational technology to increase, challenge, and/or enhance student experience and learning outcomes on an ongoing basis, develop teaching and learning methodologies and strengthen opportunities for pedagogical development developing a reward system for pedagogical development and innovations and excellent learning outcomes actively engage students in development activities. We offer our students high-quality learning experiences, which make them well equipped for working life and for advancement in their Modern teaching methods The provision of challenging and inspiring learning experiences is critical for attracting, retaining and graduating students. In order to make our courses both inspiring and challenging we need to: be selective in providing courses in order to make sure that sufficient resources can be allocated to teaching and the monitoring of learning outcomes Examples of courses applying new kinds of learning environments and methods are Digital Marketing and Advertising & Consumption Culture. Such courses have introduced novel forms of corporate cooperation and techniques related to the flipped classroom. These courses are highly valued by students and the corporate partners, and some of them have gained international recognition in terms of case competitions, for example. CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 21

22 careers at home and abroad. We want to offer our students diversified optionality, and appreciate their forethought in building their own degree structures. We offer our teachers opportunities to maintain and develop their pedagogical skills continuously through a systematic human development program. Newly recruited teachers are required to have a basic level of pedagogical skills as well as the potential for maintaining good research skills. We will also increase the presence of our research focus areas in programs, teaching and theses work. Our learning approaches emphasise close contact, dialogue and interaction between teachers and students. A wide array of teaching methods are used to support independent and reflective learning, which requires a high degree of motivation and responsibility from the student. The EPAS accreditation already awarded to the emba programme is an indication of TSE moving in the direction of high international quality and recognition. 4.3 ACTIVE AND RICH INTERACTION WITH SOCIETY Interaction with society will play an increasingly important role as a success factor for universities in the future. The capacity to influence society, for example through all forms of innovations and innovation activity, requires a strategic commitment from the university and TSE as well as systematic and intense communication in order to secure the balanced development of societal interaction alongside scientific research and education. Interaction with society is a two-way relationship in that the feedback and ideas received are highly relevant for the development of TSE s research and education. Correspondingly, TSE plays an important role in enabling the skills, knowledge, and innovation capacity of a multidisciplinary university. The results of scientific research are put into practical use to both drive new innovative business ideas, boost business growth, and to enhance business competence and entrepreneurship in the community and in society at large. TSE s societal interaction is local, regional, and global. What needs to be strengthened in particular is the role and impact on a global level. TSE s societal interaction involves several activities. We have partners from diverse interest groups in the public and private sectors and academic organisations. For a business school, intensive and systematic interaction with the business community is vital. It includes cooperation and co-creation in research, CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 22

23 Learning with corporate partners Examples of interaction where students, faculty members, alumni and other corporate partners meet and cooperate are the Business and Teamwork course and the Alumni Keynote Speaker lecture series. The Business and Teamwork course is compulsory for all first year students. The students are divided into groups mixing different backgrounds and orientations. All the groups have a godparent company with which the students carry out project work. In general, it is common practice throughout the curriculum that courses include, in addition to guest lectures, various forms of corporate cooperation. education and development of both TSE and its business partners. A number of TSE faculty members actively participate in the development of businesses and other organisations through training, consultation and as board members and/or in advisory positions. Third-party funding is becoming increasingly important in all the areas for which the university is responsible. Therefore, the ability to increase the amount of collaborative research and obtain and implement extensive international research projects is a critical success factor for TSE. Furthermore, in order to provide value added, we have to produce new and relevant knowledge and learning for the business community through things such as executive education, project cooperation and business seminars. In this, the activities of two TSE units are crucial: the Centre for Collaborative Research (CCR) and TSE Executive Education and Development (TSE exe). Activities together with TSE alumni and other close communities are essential and under strong development. What is particularly needed is to increase the coordination and communication of TSE alumni operations and activities. Strengthening the role of societal interaction as a TSE success factor requires that: societal interaction is better integrated and visible in research and education TSE understands the needs of its most important interest groups and employs this knowledge in its development and interaction TSE is well known and highly regarded as a value-adding partner in research and education. TSE is a strong brand in the minds of its key stakeholders international interaction and impact is significant. International interest groups, networks and partners are aware of and engaged in the development of TSE It is important that the monitoring system supports the development of TSE and its special features in societal interaction. Crucial variables to be measured and steered at TSE include the quality and scope of corporate cooperation in research and education, the impact and scope of executive education, the volume of thirdparty financing, the impact on development in societal structures, organisations and businesses, the number of business seminars and meeting forums organised by TSE, the development of research-based and student-initiated businesses, improvements in the innovation environment, the relevance of research activities, international networking and the quality of project operations. CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 23

24 4.4 PREREQUISITES We aim to constantly develop the management system of the school to facilitate excellence in research and teaching. The guiding principle in this regard is high quality in all activities and allowing a reasonable amount of academic freedom and flexibility. On the other hand, the autonomy provided at the individual level also means individual-level responsibility and accountability for forecasted results. In the near future we will pay special attention to further develop our quality assurance system, and to ensure excellent internal and external communications SKILLED PERSONNEL, MOTIVATED STUDENTS AND PRODUCTIVE NETWORKS needs and desires of our personnel, students and partners. Close interaction between personnel and students creates a collaborative and constructive, esteemed learning culture and a true sense of belonging. The overall well-being of personnel and students strengthen TSE as a desired partner in international, national and regional cooperation. From researchers, we expect international highquality publishing, experience and cooperation. In terms of teaching, we want to offer our students ambitious and pedagogically versatile international learning experiences. We are open to developing new and effective learning methodologies. In administration, we value professional, efficient and customer-oriented execution. TSE is an outward looking community characterised by leading competence and defined by motivated, committed and creative personnel with passionate interest in research and education. Inspiring and ambitious leadership, combined with an open, supportive and caring atmosphere, reinforces a constructive and bold academic community and promotes a strong desire for knowledge and learning. Appreciation of high-quality research and education result in committed operational development and increasing international networking. Interactive networking will open new perspectives and offer unique learning opportunities for students and staff. At TSE, every individual employee and student is acknowledged as an important author of our success story with particular strengths and expectations. We listen to and understand the Systematic, sharp-eyed human resources planning, an effective and appropriate recruitment policy and a practical and well-structured and organised system for career development are essential for professional personnel management and recruitment. Recruitment needs to be proactive and increasingly international. We must focus on seeking talents worldwide, relying on our own strengths and reputation as well as the positive image associated with Finland, southwest Finland and the multidisciplinary strengths of the University of Turku and its campus EFFICIENT AND CUSTOMER- ORIENTED SUPPORT SERVICES At the University of Turku, administrative support services are located at the university, faculty and departmental level. TSE acknowledges the strategic importance of support services for CRITICAL SUCCESS FACTORS AND THEIR DEVELOPMENT 24