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Weak rand may impact SA business schools

Cape Town – The market values academics, who are actively doing international research and therefore the weaker rand will impact negatively on the ability of South African business schools to attract them, according to Prof. John Powel, former director of the University of Stellenbosch Business School (USB).

Powell, a British citizen, joined the USB a few years ago.
 
Despite describing South Africa as a wonderful place to live, the weaker rand is one of the main reasons why Powell decided to pack up and move back to the UK where he will join the University of Exeter.

“When I applied to become director of the USB the rand was just over R10 to the pound. Now it is nearly R15. That means any savings and pension provisions I have in South Africa have decreased by 35% to 40% in UK terms.”

It is not all about the money, though. He is getting married to his fiancée (who lives in the UK) and wanted to get back into the job market before he turns 65 in a few years’ time.

“International academics are not greedy. South African business schools can simply not afford to pay the more than 150 000 pounds a year the head of a business school of the standing of the USB, Gibs or UCT GSB could earn in the UK,” explained Powell.

“It is not about nationality. I am not saying South African academics are not competent or desirable,” he adds quickly. “They are, but international business schools need international perspectives.”

The weakening rand will, therefore, increase the myopia if South African business schools, according to Powell.
 
“Innovation in any organisation is produced by difference. If you don’t have different views you do not examine what you do. An international perspective is needed to provide the necessary heterodoxy and diversity in a wide sense.”

 - Fin24



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