In this edition of Impactful Insights, we explore Professor Socrates Karidis’ professional journey in education building, based on an academic foundation in economics.

Socrates reflects on his extensive academic and leadership career in the UK, US, and Greece and explores the crucial role of education in today’s society while identifying the Business School Impact System (BSIS) as a powerful articulator of institutional impact. His academic work spans topics including foreign direct investment, migration, institutional trust, and public finance. Alongside his leadership roles, he has contributed to the field through research, teaching, and PhD supervision and examination.

Can you please introduce yourself and share your background in the realm of business education?

I am Professor Socrates Karidis, Pro-Vice-Chancellor at Coventry University and the CEO of Coventry University London. I joined the University Group in 2017 and was appointed in my current role in September 2020, after having served as Deputy and acting Chief Executive Officer. In my role, I am responsible for directing Coventry University London and its vision, mission, and values in accordance with the Group’s corporate plan and its strategic initiative to raise its profile and expand its footprint in the capital and internationally.

I hold a PhD in Economics from Clark University and have been part of three Higher Education systems, each with a different approach to academic freedom, regulatory environment, education delivery and societal engagement. The experience of 30 years in academic, management and senior leadership positions has helped me develop and continuously reaffirm my appreciation for the role education plays (or should play) in our society and has enabled me to see the difference it can make in transforming the lives of individuals, communities and nations. It has also led me to understand the consequences of undervaluing education for people, leaders and prosperity.

I have had the privilege of serving forward-looking universities where business education is delivered not only with the view to develop the wealth creators and business leaders of the future but also to ensure that education is a fundamental element of our society and its impact is a profound one that should be recognised and celebrated. Every step of the way has added to the process of developing better futures for people, and I feel fortunate to be in a leadership position which allows me to shape the way this happens.

How has being involved with BSIS influenced your perspective on business education and institutional development?

In a number of ways. Firstly, it enabled me to refine my understanding of university impact, not necessarily in terms of the different ways it takes place but of how it is articulated alongside the BSIS dimensions, making it therefore possible to uncover duplications and overlaps, as well as gaps and inefficiencies. Adjusting my thought process against the seven dimensions allowed for a deeper, more focused and more effective investigation of a university’s or a school’s impact.

BSIS offers a unique opportunity for its experts to interact with top business schools around the world in a way that may not have been possible otherwise. Although through our careers, these interactions occur often, the experience of spending a couple of days exchanging views and uncovering the strategies and operational priorities of people in positions of ultimate responsibility is endlessly developmental.

I have discovered ways in which universities and business schools are being impactful and influential that I didn’t know existed. The power of students in shaping and driving these interactions is inspirational and a testament to the role business higher education can play. At the same time, I was able to locate silos of activity which create confusion and inefficiencies and to reaffirm my view for a holistic approach under a clear strategic plan when it comes to impact, without, of course, compromising the benefits of agile, risk-taking activities and academic freedom. Finally, as expected, the involvement with BSIS has helped my own perspective and practice in shaping an institutional offer which is impactful across all dimensions.

Can you share the journey that led you to your current role and how your background in the field has influenced your approach to (societal) impact?

This has not been just a professional journey but one of life. The 30 years of professional experience in higher education have shaped my view on individual and societal life and have guided my understanding as well as my approach to societal impact. There have been two parallel roads: my academic foundation in economics and my professional life in education have always been closely intertwined. They have affected each other and therefore my presence in the field as well as in the profession.

Economics offers a structural lens through which we understand the functioning of individuals, organisations, regions, and nations. It may be the study of mankind in the business of life, as a very prominent figure once said, but whilst trying to explain the continuing moving goalposts of the framework in which we all operate, it also prompts critical reflection on the roles of various societal actors, including governments and institutions. Therefore, the values of awareness and systemic understanding are, in my view, a primary element of the economic science which has inevitably informed my personal views, choices and the overall journey. In order to understand the world of business, one must appreciate the economic context with its interactions, dynamics and organic developments. Otherwise, actions are myopic, short-lived and often detrimental to the well-being of people and their environment as well as to the sustainability of businesses. This point of view has created very useful analogies and parallels during my journey in the world of higher education.

I pursued a career in higher education because I subscribe to the ideal that societies change and advance only through their people. It was a vehicle for me to be able to contribute to the development of agile learners who are in control of their future and are prepared to become global citizens. However, in reality, I always wanted to affect and shape the way this is happening and to be able to define the framework, not only be part of it. That is how I pursued the opportunities and managed the move to leadership positions where the increased responsibility (not necessarily for people but mostly for activity) offered me the prospect of affecting the educational process.

As an expert in business education, what do you believe are the most pressing issues facing society today, and how are you addressing them through your work?

There are many pressing issues facing society today. They are complex, multidimensional and often difficult to decompose and analyse. They may be economic, political, geopolitical, technological, environmental or social and can rarely be classified solely in one of these categories. Some are quite prominent, closer to the surface, and are being discussed a lot, and others are more fundamental but do not attract headlines. For some, the scientific community agrees either unanimously or with overwhelming majority, and for others, approaches, opinions, interpretations and proposed solutions differ. Unfortunately, however, the level of public debate suffers from the detrimental effect society’s view on education and its role in tackling the important issues it faces has in today’s world. The frightening truth is that the value of education is questioned, its usefulness debated, investing in it is targeted, and its necessity is often doubted when falling victim to myopic political manoeuvring.

The value of education has and will always extend well beyond economic metrics; it is a dynamic force that enriches our national intellect, regional development and societal fabric. Its effect on society should be defining, and its principles of enquiry, debate and challenge, along with the willingness to reach one’s potential and to never stop learning, should be recognised, praised and become intended characteristics for all.

Universities in general and business schools in particular have made great progress in the way they approach their role in society. Not only through the immense contribution to the development of new knowledge and their understanding of the world but, crucially, because they have become more entrepreneurial and accessible to all, regardless of background, and because of the ways they have developed the learning journey to support and prepare those who trust their future with them. This is why the work universities do with EFMD on the BSIS programme is crucially current and relevant, as it identifies the impact they have on society and enhances their understanding of it.

Finally, how do you envision the future of societal development and the role that professionals in your field can play in shaping it, in line with the values and objectives of the Business School Impact System?

Universities and business schools should understand the complex and multilayered levels of their impact, which go beyond student numbers and accolades. By combining the different impact dimensions, the work BSIS does provides a holistic view of a university’s role which is not limited to economic activity generation or to knowledge creation. This is fundamental and opens the door to consider secondary dimensions of impact which, although not always in scope of the exercise and not easily quantifiable, are equally important and should be acknowledged, assessed and celebrated.

Sustainable societal development cannot be achieved in isolation and in silos. Communities, larger or smaller, should realise that their interaction with universities but also with each other is profoundly necessary for their development. It is our responsibility, as education professionals, to work even harder in the current global climate in order to develop those relationships, create or broker the links between the different institutions and disseminate knowledge in a way that no one else can. We equip our students with the cognitive knowledge and skills they need to thrive in this world, and this is not only for their individual benefit but for that of the society as a whole.

A question I often ask during the BSIS visits is whether the university or school would be able to identify all the different forms and layers of impact derived from its activities had they not undertaken the assessment. I believe that most universities contribute massively to their zones of influence; however, their level of awareness regarding their contribution is either limited or not joined up and properly articulated. This is where the work BSIS is doing becomes very relevant and considerably useful.

For additional insights, announcements and perspectives about Societal Impact and BSIS in Business Education, visit the conversation here.