Why Participate in the PRME?
The benefits of adopting the PRME for a business school or a management-related academic institution are to a certain degree similar to the benefits for a business engaging in responsible business practices:
- Businesses which incorporate values of sustainability and corporate citizenship into their core strategy and daily operations are the forerunners of a necessary adaptation process of the corporate world. Likewise, leading schools that want to stay "ahead of the curve" are adopting the PRME as an internationally recognized framework for adaptation and change.
- Business schools and management-related institutions are by definition closely connected to the community they serve: the corporate world and their key stakeholder organizations. This is why they need to focus as much on the excellence of their basic research as on the relevance of applied research to new needs and changing operating environments of business. It is the same reason why schools strive to strike the right balance between sound scholars and excellent practitioners within their faculty. Given the growing demand by business to develop new approaches on how to integrate environmental, social and governance issues, it is in the best interest of business schools striving for excellence to adapt and serve this new demand.
- The PRME are a call to encourage and facilitate large-scale progress of business schools towards a new approach in education that meets the new needs and expectations of the business world and the demands of a new generation of students with regard to sustainability and good corporate citizenship. Until this new value proposition becomes mainstream, schools that lead the change will have a competitive advantage. Leading corporations will welcome the emergence of a new generation of professionals whose vision, knowledge and skills are suited for the new opportunities of value creation in the 21st century. In sum, the PRME are an initiative that will increasingly enhance responsible performance, adaptation to changing demands, and competitiveness in the market.
