Leonard Schlesinger's career shows a pattern. Teach—apply—then do it again. He's taught on the business faculties of Harvard Business School and Brown University. He's applied what he's taught in senior executive positions at Limited Brands and Au Bon Pain. He's now the new president of Babson College.Your business/academic background is unique. Do you have a unique insight to share as a result?
I've cut across corporate and academic pursuits with increasing responsibility in both areas. I now believe I'm capable of bringing general management skills to a faculty-centric environment in ways that advance the educational and organizational mission of the institution.
Are you good at talent management?
Yes. Career progress brings the realization that almost all the success of an organization is due to talent management.
Will your expertise at talent management help Babson deliver value?
My job is to gather great students, great staff and faculty to make beautiful music. That's the essence of college leadership.
What value will the American consumer want from a college or university in the 21st century?
It varies by constituency. Our obligation is to make sure we have a match between each person making the investment and the value delivered. For some, it's entirely a job ticket. For some it's the joy of learning. For others it's admission to a social network. For many it's a combination. As a small business college serving a niche, that task is easier for us than it might be for any university.
How are retail merchants and colleges similar?
They are both critically dependent on the skills of highly qualified people that are in short supply. Retail merchants have folks who perceive consumer trends, often months in advance. A competent faculty member in an academic institution will provide learning that students will need and use for a lifetime.
How do retail merchants and colleges differ?
Retail merchants serve customers. Colleges partner with students. You don't flunk your customer. The natural link of the consumer proposition ends at the classroom door. To treat them as customers inside the classroom degrades the teaching/learning process.
Where did your children attend?
My wife and I have three daughters. Our oldest, Rebecca, attended Vassar undergrad, Bank Street College of Education, and is now pursuing a second masters degree at DePaul. Our middle child Emily attended Brown and has a law degree from Vanderbilt. Our youngest, Katy, has an undergraduate degree from Swarthmore and is currently finishing her doctorate in astronomy at Ohio State.
Who paid and who's benefiting?
My wife and I paid. Our kids are benefiting. And we hope the world benefits.
How important is it for a college president to be able to foresee change?
Very. Higher education is one of our longest-living social institutions. Nevertheless, there are fundamental trends today that call for transformation of the industry. For example, without real change I can't conceive of a long-term future for a small under-funded college. It will require new operating capabilities and new sources of philanthropy. It will also require a new focus on students, their parents who are footing the bill, and their advocates.
How might that focus on the student relate to employability after graduation?
The opportunity cost of undergraduate education is enormous, both in terms of time and financial outlay. So we must assume the responsibility of demonstrating a return on that investment. Has he or she been trained to do what he or she wants to do? And will that career happen within a reasonable period of time after graduation? Finally, is the student connected into a network of alumni/ae who can convey incremental status and value?
As an example, describe the Wall Street hiring market for your graduates prior to the financial industry's present difficulties.
Roughly a third of Babson graduates pursued careers in finance and financial services right out of college. The hiring market has been historically robust—until the last few months.
How might that hiring market look two years from now?
It certainly won't look like it did last year. Already, there is no Wall Street to speak of as we remember it. Consolidation at the bank holding company level is changing the employment picture dramatically. The government's involvement two years from now is certainly unclear today.
Discuss Babson's involvement in sustainability.
We see real opportunities to produce talent for clean-tech industry. A possible $150 billion investment in sustainable projects by the Obama administration will require enormous talent. We will play a major role in providing it.
How will you harness Babson methodology to sustainability?
This college focuses on training people for managerial positions that require and reward action. Practical applications are taught, studied and encouraged here. Our students must ask "What do I know?" "Who am I?" "Whom do I know?"
What do you expect from your cross-enrollment agreement with Olin College of Engineering?
The overwhelming majority of significant entrepreneurial activities in the next twenty years will require a fundamental understanding of technology. Both colleges have essentially the same mission, which is to harness entrepreneurial innovation to make a better world. The platform for that at Babson is business. The platform at Olin is engineering. The more collaborative activities between our two non-competitive institutions, the better off we both will be.