Impact of Global Rankings and Policies of Higher Education in Transforming University Systems to Create Value in the Society

Abstract

This research study is an exploratory study of value co-creation in the university education system in the context of its socio-eco-cultural conditions. Dynamic internationalisation of higher education and glocal economy radically influence the research outcome and it has implications to the global ranking of the universities. Internationalisation and ranking of higher education institutions are entwined and mutually influence. The global International ranking initiated in December 2003 by the finance ministry of UK become proxy to determine the quality of a university in recent times. National and regional socio-eco-political factors have also transformed the functioning of universities with respect to international student recruitments. International students majorly contribute towards the fund for the university and economy of the country. University has mainly four key dimensions like student education, knowledge transfer, problem-solving, serving the society and economy. Even though the university is considered as a system, based on systems theory, harmonisation with the basic purposes of the university is human value. The societal need is to recuperate the vital inputs like students, teachers and the fund necessary for optimal performance of the university. The mechanism is evident from the Triple Helix Model [1], and Interdependence Model [2]. It led to research studies and models for university-industry linkages in a knowledge economy. SKIN (Simulating Knowledge Dynamics in Innovation Networks) model attempts to improve our understanding of the complex processes in modern innovations, used by scholars to find solutions to complex challenges. Value creation in the university systems and the perception by peers deviate as per the quality of supply inputs. Research findings indicate that parameters used for ranking and accreditations enforce universities to focus on the value creation in the system, improving year after year. The findings emphasise to collaborate with researchers, educators, professionals and policymakers to empower universities to be able to meaningfully contribute to practical, need-based societal issues and elevate interest of scholars, professionals, policy makers and the industry. A holistic approach is needed for a trans-disciplinary and interdisciplinary approach in university curriculum that addresses the gap between research and education for co-creating values in the university system. Recently embedding Responsible Research and Innovation (RRI) within the university system has started, which is a complex process. Achieving the objective in the changing structures, culture and practice of university system requires the forces of change being exerted by transposing the larger societal needs. In this research presentation, the authors have underscored blatantly a couple of main points. Firstly how the key findings for universities need to adapt in line with the international rankings and strengthen for value creation; which can transform universities; making them more responsible tow...