Importance of Education in the Economy?
Education refers to the discipline that is concerned with methods of teaching and learning in schools or schools -like environment.
Education plays a role in our economy today, it Fosters human capital development: A skilled and knowledgeable workforce is essential for attracting investment and driving economic growth. Education can help equip individuals with the necessary skills to contribute to the development of the region
Education fosters social cohesion by promoting understanding, tolerance, and respect among diverse communities. In a region marked by inter-communal conflicts, education can serve as a unifying force.
Its contribution to the economy of Kenya and to the Africa region?
Kenya’s education sector has improved quickly. The report notes that Kenya’s real gross domestic product (GDP) is projected to grow by 5.5% in 2022. Education sector have provided for over 16 million children and youth, with almost 500,000 teachers distributed in close to 90,000 schools in Kenya this has created job opportunities. The education system is also expanding to accommodate more students, especially in pre-school and post-primary education. (world bank, June 2022).
One of the successful Family business school in Kenya Makini Schools. The results showed that Makini Schools is a successful family-owned business, over the last decades, there has been transfer of school management from one generation to the next, good governance and well-structured system.
Role of Education in the Sector: Population/Economy/Family
Aims of education in Kenya are to promote love and loyalty to the nation, develop overall skills such as mental, physical, social, moral, spiritual etc. Education increases understanding and respect of other interrelationships among business partners and also in Family businesses. Positive environmental and health practices are promoted by education.
Education Challenges: are the corporate governance, strategy, succession challenges faced by these companies
No exit Plan: Family businesses often lack a defined strategy for what will happen if an owner wants to retire, sell the business, or transfer responsibility. This goes hand in hand with succession plan issues and next generation preparations. All Family businesses need a plan for the future. It is important for family businesses to plan ahead for business succession. Many family-owned businesses do not have a plan in place and this can be a source of heated debate and intense family politics when the time arises to select new leadership.
Lack of external view; While family members in a family business may not always have the same opinions, they often have similar upbringing and life experiences which may lead to a uniform view of the business. All businesses need to have external views to help them in structuring a strategic management and put in place good governance, this can be a Consultant for their company in order to thrive.
Industry Association:
Some of the sectors that IFFB has partnered with is Kenya Private Schools Associations. We work closely to ensure proper governance and strategic management and execution conflict management and resolution practice are implemented.
Some Sector Clients we have Partners to support:
