MIT’s New Free Online Sloan Course, and More – Boston News
Let’s explore the most interesting stories to emerge from Boston business schools this week.
Free Online MIT Sloan Course Explores the Future of Work – MIT Sloan Ideas That Matter
Automation, globalization, and new technologies can drastically change the future of the working world. In response to the growing sense of uncertainty about work’s future, a free online course created by a group of MIT Sloan experts explores how we can exert influence over the shape and form our future work will take.
Entitled “Shaping Work of the Future,” the course will focus on how technology is disrupting work and how we can adapt technology to augment rather than replace human work.
Professor of Work and Organization Studies at Sloan, Thomas Kochan asserts, “There’s no iron law of technology and no iron law of globalization. We can influence how these things play out and manage them better. But we’ve got to understand what the choices are, and we’ve got to get people really energized and taking actions to shape these forces.”
The course is open to the public and was designed to accommodate the global scope of the topic. Kochan adds:
“We need to get a message out to people around the world, young workers, but even more to experienced workers and leaders of business and government, that we can influence the future of work. We don’t see enough people understanding that they really can have an influence over these issues and have an impact.”
You can read more from the recent article here.
HBS Research Addresses Innovation Problem in Frontier Markets – Harvard Business Review
New Harvard Business School research on emerging markets reveals how market-creating innovation not only generates growth for companies but also galvanizes infrastructure, cultivates institutions, and mitigates corruption.
Contrary to popular opinion hat a society must “fix” its structures and institutions in order to foster innovation, authors Clayton M. Christensen, Efosa Ojomo, and Karen Dillon present the argument that innovation is the process by which a society develops. Thus when a country encounters roadblocks to prosperity despite activity within its borders, the country may not have a development problem—they might have an innovation problem.
“Market-creating innovations don’t wait for such obstacles to be removed by resources that are pushed in. They essentially pull in the necessary resources—creating workarounds or funding the infrastructure and institutions needed to deliver their products—even if those efforts are not initially supported by the local government.”
MicroEnsure’s Richard Leftley remarks on the power of innovation, “It’s difficult to run a ruler over things you can’t see. But when you strip away the layers of conventional thinking about what’s not possible and start to re-imagine what is, you can begin to create something really powerful. And that, in turn, has the potential to change the world.”
Check out the rest of the HBR article here.
BC Alum Takes Home Cox Conserves Heroes Award – Carroll School of Management News
BC Carroll alum Shavel’le Olivier, ’14, is the new co-chair of the Mattapan Food and Fitness Coalition’s Vigorous Youth program. In her role, Olivier coordinates volunteers, research, writing grants, planning events, and handles administration. This past fall, Olivier was awarded the Cox Conserves Heroes Award, presented by Boston 25 News in partnership with Cox Enterprises and the Trust for Public Land. The award recognizes a local environmental volunteer for work improving outdoor spaces. Along with the honor, Olivier received $10,000 to donate to MFFC.
Olivier credits her Boston College experience with boosting her leadership skills in unexpected ways.
“Those classes gave me a foundation that helped me explore how I am a leader—and that leaders are not [shaped by] cookie cutters, with shared characteristics, like being outgoing or able to talk a lot. You can be a leader by focusing on your strengths.”
Olivier also credits mentors such as Vivien Morris, the founder and co-chair of MFFC and community engagement manager for the Carroll School’s Joseph E. Corcoran Center for Real Estate and Urban Action. “These women in different leadership positions were inspirational to me. They encouraged me and made me more comfortable taking on more leadership roles.”
You can find out more about Olivier’s work here.
The Future Time Slack Phenomenon, and More – Boston News
Let’s review the most interesting stories to emerge from Boston business schools this week, including a Harvard professor’s explanation of what exactly “future time slack” is and why you may be dealing with it on a regular basis.
Time For Happiness: Why the Pursuit of Money Isn’t Bringing You Joy—And What Will – Harvard Business Review
New research shows that even if an employee receives a promotion or raise they covet, they may feel just as discontented. Regardless of the outcome of our efforts, we all feel increasingly strapped for time, and often the things that we believe will make us happy—and that we work so hard for—don’t.
Evidence shows that “time affluence” i.e. the feeling of having enough time is at a record low in the United States. Ironically, despite the perception that people today work longer and harder, data shows that most of us have more discretionary hours than ever before. Yet we still feel starved for time.
Harvard Business School Assistant Professor Ashley Whillans writes, “In a study of nearly 40,000 Americans, when people made time-saving purchases on Saturday or Sunday (versus those who did not), they spent about 30 minutes more socializing with friends and family. That in turn promoted greater end-of-day happiness. The people who made those purchases were happier not only because they socialized more but because they derived greater joy from doing it.”
Whillans notes the behavioral factors that affect our decisions to choose money or time. “We suffer from something called future time slack—the belief that we’ll have more time in the future than we do in the present. So, we decide to make some sacrifices now with the promise of enjoying more time later. Of course, when the future comes, we don’t have more time. We just repeat the same mistake.”
You can read more about Whillans’ research here.
Expert Witnesses: Accounting and MBA Students Testify in Court – Sawyer Business School
In the Suffolk Law School Moot Courtroom, lawyers deposed Accounting and MBA students in a simulated embezzlement case. This marked the culmination of a semester of students interviewing a plaintiff and a defendant, gathering evidence, writing memos and reports and crunching numbers to determine how much money had been stolen from a fictional company.
As one student after another took the witness stand, the plaintiff’s attorney, Accounting Professor Martino Coviello, BSBA ’97, MSCJ ’04, and the defense attorney, Walter Nelepa, JD ’12, put them through lines of questioning.
Professor Coviello described the reasoning behind this simulation:
“A forensic accountant needs to keep a mindset that everything he or she does will, at some point, be scrutinized in a courtroom. So students need to understand not only courtroom procedures, but also withstand the scrutiny of a defense attorney. It never really clicks until you’re actually in a courtroom.”
Coviello notes how the courtroom simulation has a recognizable impact on the students abilities to recall and stand by their investigation. “You might have missed a date on a memo or you might have misplaced your notes, and that doesn’t seem like a problem until you’re in a courtroom and a defense attorney makes a big deal out of it.”
“He’s trying to instill doubt in the minds of the jurors by asserting that if you made a mistake on that stuff, then you must have made a mistake elsewhere in your investigation,” Coviello says.
You can read more from the article here.
Why AirAsia Boosts Marketing During a Crisis – MIT Sloan Ideas That Matter
Tony Fernandes, CEO of AirAsia recently spoke at MIT Sloan to share lessons learned about finding opportunity in adversity and building a culture around people.
Fernandes purchased AirAsia back in 2001 when the airline was $11 million in debt, turning it around to become the world’s best low-cost airline. AirAsia has weathered a range of disasters since Fernandes took charge, from 9/11 to the severe acute respiratory syndrome (SARS) outbreak, bird flu, high oil prices, and a currency crisis. Instead of panicking, Fernandes pays a visit to his advertising department. In fact, during the SARS outbreak, Fernandes tripled AirAsia’s advertising.
Tony Fernandes, CEO of AirAsia, bucked traditional trends, increasing spending during times of financial crisis, often to the company benefit.
Fernandes remarked, “Most companies cut marketing during a crisis, which is actually a huge mistake. Adversity is a great time to build a business.”
Fernandes adds that it’s important to remember that it’s always people who are the key to a company’s success, and that he is working to create a culture that reflects that.
“I probably spend 50 percent of my time walking around the office, because I think management by walking around is critical. Never lose sight that your biggest asset is the people in your organization. It’s not all about you—it’s about the whole team.”
You can read more about Fernandes and his visit to MIT here.
Harvard Talks Managing Disorganized Employees, and More – Boston News
Let’s explore some of the most interesting stories that have emerged from Boston business schools this week.
How to Manage Someone Who Is Totally Disorganized – Harvard Business Review
Disorganized employees can be wellsprings of frustration, but there are ways to help them better understand how disorderly tendencies impact others.
Harvard Business School‘s Rebecca Knight recently discussed strategies in HBR, addressing root behavior causes and ultimately develop better systems to manage workloads.
“’Is this person’s approach creating negative outcomes, or is it just a style difference?’ If your report indicates ‘disorganized but otherwise reliable, you may have to back off.'”
Rosie Perez (not the actor), Lead Financial Officer of Global Consumer Business Planning and Analytics at American Express, adds, “It takes a lot of time to change ingrained behavior, but it can be addressed. Most importantly, as leaders, it is our job to help coach our colleagues [with] constructive and pointed feedback.”
You can read more about the research here.
Bye-Bye Ivory Tower: Innovation Needs an Ecosystem to Thrive by Tracy Mayor – MIT Sloan Ideas Made to Matter
Innovation is not exclusively indigenous to Silicon Valley. We continue to see exciting developments in London, Tel Aviv, New York, Boston, China, Nigeria, Ghana, and South Africa. However, despite the benefits of globalization, the world of innovation is not wholly flat.
New MIT Sloan research has determined that there are geographic hotspots, or “innovation ecosystems,” where ideas move more easily from inception to impact.
Phil Budden, a Senior Lecturer Specializing in Innovation and Entrepreneurship, notes how the traditional “triple helix” that has long driven innovation—university, government, and corporations—is now joined by two additional players: entrepreneurs and risk capital.
“It’s so important to have innovation-driven entrepreneurs involved. They’re producing the companies of the future. You can’t just have today’s companies [in an ecosystem], you need to have those leaders who are going to produce future companies.”
Fiona Murray, Associate Dean for Innovation, urges corporations to take advantage of startups and entrepreneurs to help experiment on their behalf.
“What these startups tend to do very well is define, order, and test their assumptions through a series of what we call ‘innovation loops. So, one of the benefits of going from a purely internal research and development process to working externally is that you can really rely on the universities and startups in an ecosystem to do that experimentation for you.”
You can read more about global innovation here and watch the recent discussion below.
Joy Field Garners Top Award from Decision Sciences Institute by William Bole – Carroll School News
BC Carroll School of Management Associate Professor of Operations Management Joy Field has received the highest honor bestowed by the Decision Sciences Institute (DSI), a global society of more than 1,800 scholars dedicated to fostering knowledge for better managerial decisions.
Field was named the 2018 co-recipient of the Dennis E. Grawoig Distinguished Service Award, named for a founder of the 50-year-old Institute. The other recipient was Morgan Swink of Texas Christian University.
DSI President Johnny Rungtusanatham of Ohio State University asserts, “This is a highly competitive distinction awarded to those who have made a continual impact on the Institute and the disciplines it serves.”
Field reflected on her two decades of involvement with the Institute. “DSI has been a major contributor to all aspects of my professional development—publishing, teaching, and service—and I am delighted to have been chosen to receive this award from among the many colleagues who have also contributed so much to DSI.”
Find out more about the recent award here.
HBS Examines the Allure of White-Collar Crime, and More – Boston News
Welcome back and a happy 2019!
Let’s explore some of the most interesting stories that have emerged from Boston business schools this week.
Interviewing White-Collar Criminals: 6 Tips from Harvard Business School’s Eugene Soltes – Journalist’s Resource
Denise-Marie Ordway from Journalist’s Resource recently profiled HBS professor Eugene Soltes, who’s 2016 book Why They Do It: Inside the Mind of the White-Collar Criminal surveys what “drove dozens of wealthy, successful businessmen to become white-collar criminals.”
Soltes offered six tips for journalists on how to build trust and develop rapports with potential sources behind bars.
- “Don’t lead with personal questions and questions that probe into the meatiest details of a convict’s crimes.”
- “Have a plan for whether and how you’ll use sensitive information that sources might divulge once they trust you.”
- “If you want prisoners to talk to you, write them a letter.”
- “When interviewing individuals who are incarcerated, choose phone calls over in-person meetings. You can develop a rapport more quickly through four 15-minute phone calls than one hour-long, in-person conversation.”
- “Establish a system of checking your biases to limit the impact your relationships with sources could have on your work.”
- “If you’re describing someone’s feelings, opinions or mindset, consider letting that person review what you have written to make sure it represents them accurately.”
You can read more from the Soltes profile on white collar criminals like Bernie Madoff in Journalist’s Resource.
Stocks & Bonds, Eggs & Bacon – Sawyer Business School
In early December, 2018, the first Summa Breakfast at the Sawyer Business School featured Amundi Pioneer Asset Management CIO Ken Taubes, MBA ’84, who offered his insights into “where the global economy has been and where he thinks it is going.”
A look inside the Summa Breakfast, held last month at Sawyer Business School / Photo via suffolk.edu
Taubes was surprisingly optimistic: “The dollar’s been strong, and the economy’s fine. In the macro sense for consumers, it hasn’t been this good in a long time.”
He also advises attendees to “turn off the noise and look for opportunities.”
You can read more about the recent Sawyer event here.
The Billionaire Next Door – Carroll School News
Boston College’s Joseph E. Corcoran Center for Real Estate and Urban Action recently hosted billionaire philanthropist Bill Cummings, a “model real estate developer with a strong conscience,” who spoke to roughly 70 BC community members.
After an overview of Cummings’ inspiring rags-to-riches story, along with a remarkable career ascent, he urged attendees to “do the things you want to do, and do them reasonably well.”
“An entrepreneur won’t find success by getting into a putatively lucrative industry that he’s not passionate about,” Cummings said at a recent BC event. / Photo via bc.edu
Cummings was recently honored as one of the Top 50 Givers by Forbes. The Cummings Foundation, according to the article, has “awarded more than $200 million to nonprofits in the Boston area.”
“The grants have made an impact near and far, from soup kitchens and homeless shelters in Essex, Middlesex, and Suffolk counties, all the way to Rwanda, where the foundation has established medical centers in collaboration with Boston-based nonprofit Partners in Health.”
Cummings closed with a paraphrased quote from dancer and actress Eleanor Powell:
“What we are is God’s gift to us. What we become, and what we do with our lives, is our gift to God.”
You can read more about Cummings here.
The Big Picture: The 5 Most Important MBA Numbers of 2018
Each year there’s a ton of new information that comes out about MBA programs. From new rankings to the latest GMAC news, there are a thousand little tidbits that can overwhelm applicants, students, and alumni. We’ve collected the most important MBA numbers of 2018.
To pare down the news into the information you need to know, we’ve taken a look at the big picture of the MBA for 2018 and outlined the five most important pieces of data you need to know. We’re talking about everything from the decline and U.S. MBA applications to the increase in female enrollment, the higher salaries and GMAT scores, as well as the increase in interest in technology. Continue reading…
U.S. Tops Highest MBA Salary Rankings
Return on investment post-MBA is one of the main considerations for candidates. After all, who would want to spend tens of thousands of dollars on an education without a solid salary afterward? That’s why it’s so important to look at how the best MBA programs can affect a graduate’s salary.
So, where should you go to school for your MBA if you want the best salary after graduating? We’re taking a look at the highest earning MBA programs per country to dig down into what you can earn as an MBA all over the world.
