Systemic View of the Role of Higher Educational Institutions in the Great Reset

Abstract

The Great Reset is a concept proposed by the World Economic Forum to rebuild the global economy sustainably following the COVID-19 pandemic, emphasising stakeholder capitalism, greener practices, and more equitable social contracts. However, most of the literature focuses on the role of business and government actors in the Great Reset. At the same time, research that considers the role of higher education institutions (HEIs) is lacking. However, HEIs have the significant capacity to support various aspects of the Great Reset. In this work, we examine different mechanisms by which HEIs could bring change, such as fostering the growth of workforce skills, promoting entrepreneurship and innovation, participating in community development and others. A survey on a sample of university professors, postdoctoral researchers, and research assistants has been conducted with the goal of evaluating the degree to which HEIs have played a role in influencing economic recovery after COVID-19, leveraging the industry 4.0, enhancing regional development, revitalising global cooperation, formulating sustainable business models, restoring environmental well-being, and restructuring social contracts, skills, and employment opportunities. A two-step cluster analysis has been conducted, indicating that HEIs played different roles in the Great Reset process, being the Leaders, Followers and Laggers. We found a significant difference between the various groups of respondents according to their scientific field, position, and region regarding the perception of the role played by their HEIs in influencing economic recovery after COVID-19. The position of the respondents contributed to their perception of the role that their HEIs participated in the process of the Great Reset, with the assistant professors perceiving the most often that their HEIs are Leaders. Additionally, the scientific field and region of the HEI also impacted their role in the Great Reset, with the HEIs from technology and countries outside of Europe being the Leaders most often. On the other hand, Followers and Laggers were equally from social sciences and other fields and European countries.