What Next After Graduation?

Now you have completed an important journey of your life! It is truly a milestone and whether you have done it for yourself or for parents’/partner’s sake, the dedication, commitments and challenges have been great and will live with you for a very long time to come. From now on, anything that you wish to set as a target or challenge is within your reach! Some of you will be looking for jobs and others will make a decision whether to set another educational goal. A master’s degree perhaps, a PGCE or professional qualifications? Any and all are within your sight and sky is the limit for you! Whatever you would like to do, you are now the expert to confirm to yourself, yes, I can and I will do it…

Just to let you know that Staffordshire Business School offers a wide range of Masters degrees, just to mention few: MSc Accounting and Finance, MSc Digital Marketing Management, MSc International Business Management, MA Human Resource Management and MA Strategic Human Resource Management. Most of which attract a student finance loan of £10,280 to pay for the fees and your living costs. Because the University wanted to make it easy for those who wish to further their study, it set the Masters fees so low! Therefore, the £10,280 student finance loan is more than enough to pay the fees and goes a long way to cover significant part of your living expenses. For example, the fees for the MSc Accounting and Finance is £6,200 (for Home and EU students). The recipients of £10,280 from student finance will be left with £4,080 after paying the fees which they can use towards their living expenses!

Remember, if you are still finding it difficult to make this strategic decision about your future, your ‘former’ personal tutor, course leader and all other staff who taught you are only too pleased to discuss this with you. Of course the Postgraduate course tutors are there too to provide further details about their particular course.

Being the Connected University, the message is simple, do not hesitate to get in touch!

Arshad Hussain, Senior Lecturer at Staffordshire Business School.

www.staffs.ac.uk

Sustainable Supply Chain

Operating ethically and operating profitably are no longer mutually exclusive concepts. Leading companies are “walking the walk,” balancing the goal of achieving profitability with gaining social and environmental advantages.

Companies stuck in a mind-set of “what’s the minimum I need to do” are missing out on opportunities to use ethical business practices as an integral part of what makes them unique.

Achieving responsible and profitable supply chains is about gaining a triple advantage creating a clear business case for organisations, as well as benefits for the environment and society. Those focused on this “triple advantage” is supply chain operations can increase competitiveness through increased revenue and brand reputation while decreasing cost and risk.

To sustain competitiveness, companies need to recalibrate their strategies towards ethical behaviour—moving from a focus on compliance to differentiation. Companies engaged in responsible supply chain efforts often refer to their “license to operate.” That implies they’ve established trust with local governments and society by complying with regulations and establishing health and safety programs that give them tacit permission to do business.

So you may think what is a supply chain?

Supply chains are present in every economic sector – they are made up of connections between suppliers of all the goods and services that go into the delivery of products to consumers.

A sustainable supply chain is one that involves the incorporation of socio-cultural, environmental and economically viable practices placed into the full lifecycle of the supply chain. The full lifecycle of the supply chain means all the steps from product design and development, to selection of appropriate materials, manufacturing, packaging, transportation, storage, supply, consumption, and recycling.

What are sustainable tourism supply chains?

In the context of the tourism sector, a sustainable supply chain includes all suppliers of goods and services;

–        either contracted straight from tour operators and associated ground handlers

–        or via suppliers including accommodation providers

A holiday is the end product most commonly purchased in a tourism supply chain.

Sustainable Supply Chain (SSC) encapsulates the trend to use purchasing policies and practices to facilitate sustainable development at the tourist destination. Most research has focused on environmental aspects of manufacturing, while other aspects of sustainability or the challenges for the service sector are largely ignored. Yet SSC is particularly important for tour operators, as the product depends on the activities of suppliers such as accommodation, transport and activities. Therefore, tour operators’ contribution to sustainable tourism will be more effective through the definition and implementation of policies that acknowledge responsibility for the impacts of suppliers.

Across tourism supply chains, research has suggested that the process of implementing sustainable practices is most challenging in the area of transport, and most straight forward in accommodation. Attempt to generate sustainability at the scale of a destination need the combined efforts of the widest partnership of stakeholders.

It is therefore important, when supporting and connecting to a local destination, for businesses to have a strong grasp of the whole holiday experience and the type of advice that will be useful for customers. Each destination has its specific setting, but a general summary of links looks like this:

© 2003 Richard Tapper, Environment Business & Development Group

The Benefits

So why might a business wish to apply a sustainable tourism supply approach – what are the principal benefits?

All supply chains can be optimised using sustainable practices. Sustainability in the supply chain encapsulates a number of different priorities:

  • Environmental stewardship
  • Conservation of resources
  • Reduction of carbon footprint
  • Financial savings and viability
  • Social responsibility

Managing supply chains in a sustainable manner can help businesses in not only reducing their total carbon footprint, but also in optimising their end-to-end operations to achieve:

  • Improved credibility, visibility and brand reputation
  • Improved access to markets
  • Greater operational effectiveness leading to cost savings and profitability

We have created a free online tool to help you develop. Our training tool was developed by and with the tourism industry. This free online training covers 11 modules to complete with short quizzes at the end of each module. This tool helps you to design your own strategy in relation to your individual business needs.  All you need is an internet connection.

Click here to register and start your free online training today:  http://smartour.dcnet.eu/

Marzena Reszka, Staffordshire Business School


Reference

Accenture Consulting (2017). Walking the Walk Driving Competitiveness Through Ethical Supply Chains. [Online] Available from: www.accenture.com

Useful links

https://blogs.staffs.ac.uk/business/2017/04/10/service-quality-in-tourism-the-road-less-travelled/

SMARTOUR logo

Do not waste your time with useless SWOT analysis

How to conduct a SWOT analysis perfectly to boost your business!

SWOT is a simple and popular tool for businesses – everyone knows it. Therefore you can find it in a lot of books, blogs or trainings – business students learn about it everywhere. Most entrepreneurs conduct at least one before launching their business, most of which are far from perfect. Most of which are far from perfect.

The secret of the perfect SWOT is the analysis. Which means that you have to invest time and effort. It is not an idea-generation tool. SWOT is a strategy development tool – therefore it is not enough to collect some ideas for each area. SWOT may be simple – but not easy.

Why does your business need a SWOT analysis?

SWOT analysis is a strategy development method – it is indispensable for any new business. Specification of the objectives of the enterprise, identification of external and internal factors that have an impact on the success and positioning yourself in the market – these cannot be achieved without SWOT analysis. Even if you do not write down you have (sort of) a SWOT in your mind. With identification of the strengths and weaknesses it determines every marketing decision.

SWOT analysis is a strategic planning tool, therefore it is a must before starting your business planning. It is not just for new businesses, it is a vital part of any marketing plan. The environment, the customers, the competition are constantly changing, therefore you should update your SWOT regularly. SWOT analysis is a perfect tool to assess the effectiveness and determine the future of the organisation.

When you diversify your business or enter new markets – you need a marketing plan for that. One market – one strategy. B2C/B2B, different countries, digital – the markets are different. SWOT is a tool for strategy development, therefore any new market means a new SWOT.

It is also a good feedback for your team (and for you), it can function as a starting point for team discussions about the future in a specific business situation. Though the factors are mostly factual, their evaluation may be subjective.

You may not always conduct SWOT, but when you do, do it right.

Steps of the SWOT
Identification of the factors. Or data collection. Every SWOT analysis begins with the examination of the company and exploration of its environment: you have to identify the strengths and weaknesses and spot the threats and opportunities outside. Most of the students stop here, but this is a mistake. Because there is one more step.

Scrutiny of the factors (aka analysis). You should evaluate and classify your findings. Are you able to answer these questions:
– Why is this factor relevant? What is the impact of this?
– How can we use this factor in our strategy?

Identification of the factors – sources of information for SWOT
1. Customer data and feedback. The number of prospects, contacts, leads, clients and repurchasing clients. The structure and the activity of your customers. Customer value (Do you know it?) as the most important one. The feedback from customers in any channels: from social media to formal complaints.
2. Performance indicators and team feedback. Production rates, growth, market share, RoI. Campaign indicators: reach, activity (e.g. shares), cost per lead, website data (unique visitors, bounce rate, time spent, shopping cart abandonment), mail/advertising response rates. Personal indicators of your team.
3. Your financial performance – sales results, income, value of the company, investment, or any other information about the financial background and resources.
4. Market research – collect customer information (primary/secondary, qualitative/quantitative). Check forums, blogs, social media. Conduct a questionnaire survey. You can also research the supply chain or any other stakeholder group.
5. Information from the competitors. Public information: price lists, homepages, social media sites, stores and web shops, advertisements, publications, financial reports. Request proposals, use their services.
6. Your mission, objectives, marketing and financial plans, previous analyses.

In the SWOT you summarise your findings by grouping them into four areas: strengths, weaknesses, threats and opportunities. Threats and opportunities are mostly external factors and trends, while strengths and weaknesses focuses on the business itself. The result is something like this:

Click here to download a SWOT template!

Do not stop here. Your SWOT is not ready yet. The SWOT is an analysis, you still have work to do: the analysis itself.

Scrutiny of the strengths and weaknesses
To evaluate them, first you have to answer three questions:
– Is it a competitive advantage?
– Are you really good at this?
– What is the perception of the customers?

High quality products can be a real strength of the company, but if the competitors (or some of them) are producing the same high-quality goods then quality does not differentiate your business. Should you even classify this as a strength? Yes. It is important to understand if you are good at something. Your team also need feedback (Your sales have a 90% closing rate, your customer satisfaction is close to 100% – can you tell your team that they are not a strength for the company?).
However only competitive advantages can give you the upper hand against your rivals. When anyone can achieve this, it becomes a necessity for the market.

Even if you are the best you still can improve. It is essential to understand that you are better than the competitors, but if your customers are not satisfied, you should improve. Can a 40% repurchase rate be a strength? A 4% sales funnel conversion rate? An 85% cart abandonment rate?
You can classify it as a strength – you can be the best with them – at this specific situation. Temporarily. But the decisions should be different in the case of a real strength of the company compared to a competitive-only strength.

It is also vital to examine the perception of customers. An unknown, but existing strength requires different actions than an alleged but non-existent one. Customers can draw conclusions without knowing the facts, for example perceived quality of a product is highly related to its price, country of origin or the retailer. Perceived value (→ satisfaction) of a product is based on customers’ expectations. Cognitive dissonance distorts our perception, customers are not rational.

When you are ready with this, take a look at the whole picture.
Which are the most important strengths of the company? Which are unique? Where to improve, what to communicate? Can the business save money on some strengths?
Can you deal with all the weaknesses at the same time? Is it vital to improve any of them for the survival of the company? Can something compensate the weaknesses?
You can use ABC (Pareto) analysis to classify your factors.

Draw your conclusions for strategy – you can start thinking about the implications here. What are the consequences of these factors to the strategic level of 4Ps? Branding, pricing strategy, communication strategy, product portfolio, partnerships – most of them are determined by the strengths and weaknesses.

Do not forget to communicate / discuss this with your team. It can be important feedback for them, a recognition of their results. You can also set targets with them.

Scrutiny of the threats and the opportunities
As for the opportunities, the most important question is the prerequisites. What should you do to capitalise on them? How can you make full use of all the opportunities? Can you start working on them now? Do you need money, knowledge, licence – or any other resource before you can act? What steps lead the opportunity to become reality?

Threats are more difficult. You should know:
– the odds of their occurrence
– the consequences (potential impact of occurrence)
– ways of prevention / protection

Rank them by importance (multiple the odds and impact): those with high impact or high probability need immediate action (prevention or preparation). The identification of the most vulnerable points will influence your marketing. Focus the company’s resources to the critical factors, and do the easy and obvious only for the rest.
It is also important to examine what you can do. Some threats can be avoided, others certainly become reality sooner or later. The objective of the analysis is to be ready. To understand the options and start acting. Sometimes it is just monitoring the environment and setting up triggers (reacting behaviour) – sometimes it is leading the changes (proactive behaviour).

Do you really need to conduct a quality SWOT analysis?
The real question is this: do you need any marketing for your success? Sometimes business works without marketing or DIY.

But whenever you work with a marketing expert, a consultant or an agency, you have to make sure that they understand your business and goals. SWOT – a quality one – is a good starting point for cooperation.

Andras Kenez, Lecturer in Marketing

Any questions? Email Andras.Kenez@staffs.ac.uk

So you’ve graduated – now what?

5 top tips for new graduates from Senior Lecturer Angela Lawrence

Three years of study have come to an end, exams are over, the university board has sat, results announced and graduation is looming. It can be a worrying and scary time for many graduates as the intensity of those final assessments has been all-consuming for weeks and months. All of a sudden everything is over. There’s quite a gap in your life that you need to fill and you may be floundering and wondering what’s next. If you were smart, you began applying for graduate jobs at the beginning of the year, but even so, you may not yet have bagged the job of your dreams.

Here are a few tips to help you to stay focused on securing the graduate employment that you deserve:

  1. It’s a numbers game

Statistics suggest that 39 graduates apply for every advertised graduate position. So you are up against around 38 ex-students who are applying for the same jobs as you. Don’t be too hard on yourself if it takes a while and you feel like you spend half of every week filling in applications – it’s a numbers game, the more jobs you apply for the better chance you will have of securing the role that’s right for you. Keep believing in yourself and keep on searching through the jobs sites; sooner or later your time will come.

  1. Perseverance is key

Don’t give up – NEVER give up! You have worked hard to earn your degree and you deserve to get a graduate position. Okay, you may have to accept a job that is less than what you want in the first instance, to make ends meet, but do not stop seeking out and applying for graduate positions.  It took three years to get your degree so it may take three months or more to secure that job that you are after.

  1. Keep in work

Work, work, work…and keep working! You may only be working part-time, working to help out a family member’s business or working as a volunteer, but you must keep working. Having that evidence on your CV that you have a strong working ethic speaks volumes to potential employers. Furthermore, you are probably practising a multitude of transferable skills, whatever the role. Skills that employers want to hear about, such as good timekeeping, the ability to work independently or as part of a team, the ability to be trusted, accuracy and attention to detail.

  1. Ask for feedback

If you have applied for a job and had no response within indicated timescales, then ring the company up and ask them if they have shortlisted applications yet. If they have and you are not on the list, ask them if they would mind telling you what the criteria for shortlisting was, so that you know for next time. If you actually got to an assessment board or had an interview, but were not successful in being offered the job, you must ask for feedback. It may simply be that another candidate had more relevant experience, or it may be that you find out it was something that you were lacking, that you could work on before your next interview. It may be the way you interviewed, possibly nerves were showing. So practise makes perfect and you now have that knowledge to help you to prepare yourself better for your next interview.

  1. Network

The saying goes “It’s not what you know, it’s who you know”. This is never more true than in the game of job hunting. It is stated that ninety-three percent of recruiters use LinkedIn for recruitment. So if you haven’t got a professional LinkedIn profile, you’re missing a trick. Join your alumni LinkedIn group and network with alumni who know only too well how hard it is to find that all-important break in the job hunting market. But offline networking can be equally important. Check out the local networking opportunities with your local Chamber of Commerce, and seek out recruitment fairs in your local area or in the region in which you would like to work.

A final tip for Staffordshire University graduates – don’t forget that you have access to our online careers portal, eCoach following graduation. Our Careers Network services are available to you for as long as you need them. Your lecturers and personal tutors will be happy to provide you with references, so good luck and we know you’ll do us proud!

Teaching and Learning: International Cooperation

The Business School has been working with a number of international partners to support their efforts to upgrade the curricula and enhance the teaching and learning experience of their students for many years now. We have had partners in most Central and South East European countries as well as the Middle East. The Teaching and Learning Conference on 20 June provides an opportunity to invite some of our current partners to join us for a day of activities to consolidate the work we have been doing over the year.

Teaching and Learning has always been the focus of attention of our partners mainly because of the contrast between the traditional ‘talk and chalk’ approach, which had been common in almost all our partner universities, and the modern student centred learning or other alternative approaches. The idea of having students sit on different tables in one classroom, doing different activities baffled some of our visiting colleagues (I am sure it still baffles some colleagues in this country). Assessment in any form other than oral exams was dismissed as not sufficiently rigorous and not appropriate at university level.  Group work, presentation, poster making and other methods of assessing students’ work was treated as not serious.

However, over the years, as the relationship with Western universities developed and EU funded programmes aimed at reforming, restructuring and upgrading the higher education systems and studies were implemented, the university environment and attitudes changed too. The change agents were the younger, Western educated lecturers who gradually entered the higher education sector and began to use methods which they had been exposed to during their time at Western universities. In the meantime, the student numbers had soared too. Students had become very choosy and, being technologically more savvy than their teachers, they could access advanced knowledge and information easier than their professors.  Professors, therefore, had to change their attitudes and raise their games to meet the challenges of a larger number of demanding students and modern technology.

Staffordshire University played an important part in the transformation of the teaching and learning approaches in many partner universities, especially in Albania, Croatia, Kosovo and Macedonia. While working with universities in these countries to upgrade their study programmes and enhance the capabilities of their teaching staff, we also trained a large number of their younger staff on our MBA and MSc/PhD in Economics. Almost all of these young graduates have returned to their universities and are contributing to the training of the next generation of economics and business students. Over the years, around 150 young scholars completed Masters and PhDs at SU, constituting a critical mass of knowledge and skill in the region and in some universities. They have been instrumental in bringing new teaching and learning methods to their universities, something that has been particularly appreciated by students.

Currently we have two EU-funded projects working with 11 universities in Kosovo and Albania. Both projects involve supporting their teaching and learning practices and improving their curricula with the aim of embedding employability skills in the syllabi of different courses. We have hosted a range of staff (from Rectors and Deans to senior professors and new lecturers) and introduced them to the Staffordshire Graduate programme and how it is evolving in different schools – and they are very interested in this programme particularly because they face high levels of graduate unemployment in their countries. Some of our colleagues have also participated in either teaching or running seminars for staff on curriculum development activities. Dr Jana Fiserova from the School of Business, Leadership and Economics, Dr Mohammad Hasan from the School of Computing and Digital Technologies, and myself, for example, were recently engaged in these activities in Kosovo.

In the week beginning 19 June, we will be hosting young lecturers from three universities in Kosovo (University of Prishtina, Riinvest College, University of Business and Technology) and two universities in Albania (University of Tirana and Agricultural University of Tirana). Among other activities, they will be participating in the Teaching and Learning Conference on 20 June. They will be interested to learn about our efforts to improve students’ learning experience by using innovative methods, new technology and a variety of assessment methods that encourage student engagement with the subject and with the graduate attributes. They will also share with us their experience of a different group of students and different teaching environment. In some of these universities, staff have to deal with hundreds of students on their modules and, therefore, are eager to find out how we deal with large classes and how they can adopt some of these methods in their settings. At the same time, their experience of working in universities (and countries) with greater resource constraints would also be of interest to our colleagues.

We look forward to the exchange of ideas on 20 June.

Professor Iraj Hashi

School of Business, Leadership and Economics

Join our new Staffordshire University Business School LinkedIn page!

 

School of Business, Leadership and Economics Pride Awards Night

On the 30th March, final year Events Management students Josh Lonsdale, Tom Gater and Lorna Wilde organised and hosted the first (and hopefully not the last) Business, Leadership and Economics Pride Awards evening. Staff and students in the School were asked to vote for nominations in various categories and the event was part of their final year project module.

The evening started with a buffet and bucks fizz and Lorna performing a wonderful selection of songs. We were all blown away with her brilliant singing voice and professional delivery. Isabelle Clarke was master of ceremonies and Lorna, Josh and Tom presented the awards.

The event was for both staff and students celebrating their contribution and impact they have on the School and University. It was held in one of the School’s rooms in Ashley
decorated by the students. As Josh said “it was great to see staff and student support each other hand in hand about the great achievements we had within the school” and It has been a pleasure as final year Event Management students to put on an event that gets to showcase how many talented staff and students are in the school. We hope that this event will be continued by the school and we hope that the other schools may take the initiative to host a similar awards ceremony.”

The evening ended with Lorna again singing, this time ‘Somewhere over the Rainbow’ and ‘On My Own’ from Les Miserables especially for Carol and Angela. There was not a dry eye in the house – at least from Carol, Angela and me!

  

The winners of the awards were:

Exceeding Expectations Award

Given to a student who has gone above and beyond during their time here at the Staffordshire university Business School.

Dee  Rahmat

Commitment to Excellence Award

Awarded to a staff member who consistently and proactively help raise the reputation of not only the Business school but also Staffordshire University.

Karl McCormack

Outstanding Leadership Award

Awarded to staff members who lead students and or staff to achieve improved results across the Business school but also Staffordshire University.

Alison Maguire

Student Honours List

Awarded to students who have had a positive impact on Staffordshire University and the Business School throughout their studies.

The Hult Team, Daniel Griffiths, Danielle Nugent , George Balshaw and Sarah Wright

Future Leader Award

Awarded to a student who encompasses of the Staffordshire Graduate Attributes.

Henry Greentree.

Community Partnership Award 

Awarded to a member of staff who with the community while maintaining a positive image of the Business School at Staffordshire University.

Carol Southall

Exceptional Contribution Award

Awarded to a member of staff who has contributed to not just the business school but Staffordshire university for several amount years

Anni Hollins

Future Leader Award

Awarded to a member of staff who has developed an original and contemporary assessment with positive feedback

Angela Lawerence

Written by Anne Harbisher

Stoke on Trent’s problem is not too many immigrants but too few!

Successful economies attract people whether they be countries, regions or cities. Diverse populations tend to be more tolerant, innovative, entrepreneurial and to have networks linking to elsewhere in the world, which benefit the economy. New people bring new cultural experiences whether that be events, art, food or celebrations.

The lack of diversity in the city even 15 years ago is clear from statistics. The 2001 census for Stoke on Trent saw the city population as 95% white and 96% UK born (the rest of Staffordshire was even more homogenous, for example Staffordshire Moorlands recorded 99.2 % white and 98.3% born in the UK).

The city has experienced a long term population decline in the post war period. The population of Stoke on Trent in 1951 was 275,115 and it has declined in every census up to and including the 2011 census which recorded 249,008 people. In comparison, the UK population grew from 41 million in 1951 to 63 million over the same time period tied to the post war boom in the economy. If Stoke on Trent had grown in population like the rest of the country it would now have a population of 453,000!

Currently the city population is estimated at 251,027 so for the first time in over 60 years Stoke on Trent has a growing population.

So what explains this current growth in Stoke on Trent? Throughout the 2000s three changes started to occur:

  1. Higher education expanded leading to an increase in all students including non-white students (often from other parts of the Midlands), international students and international staff at the two Universities.
  2. The coming of age of the Pakistani population that was the largest ethnic minority population (which even in 2001 only numbered 6,360 people).
  3. The inflow of population from Eastern Europe, which for Stoke was 3,080 people in the 2011 census.

Taken together the numbers are all low (both in absolute and percentage levels), especially compared to many other major urban areas in the UK. It is worth noting that here I have quoted numbers both foreign born and by non white ethnic group but it is worth remembering that many of these were born in the UK as well.

Therefore, the make-up of the population of the city has changed and the population is finally starting to grow though at very small levels.

Without immigrants our hospitals and care homes would struggle, our Universities would be smaller and some businesses would not be able to offer the services they do. The vacancy rate in the housing stock of the city has fallen and study after study shows that the immigrant population is a net contributor to the economy (not least because they are much less likely to claim benefits that the UK born population).

Some political parties like to blame these changes for the plight of the white working class in Stoke and elsewhere, but the reasons for economic weakness in the city are tied up with other factors.  Low skills levels, lack of investment, short term planning by government, offshoring of production, very low levels of business start up and changes in the world economy are much better explanations for the low wages and economic performance of the city than trying to blame immigrants. 

Some of these factors are staring to be tackled. For example the City was recently named the 2nd best place in the country to start up a business. The Ceramic Valley Project has set up sites across the city to attract businesses and this is already happening.

The City of Culture team is doing huge amounts of work talking to different groups, artists, businesses and others in the city to shape the bid and develop a positive image of the city.

As a city we need to attract investment and people – we need to present a positive and welcoming image to the outside world. An image that celebrates all the of people and communities of Stoke on Trent not just some of them.

 

Sources

http://www.neighbourhood.statistics.gov.uk

  1. Population census Stoke 2011 – total pop 249,008 – white 220,712 all other ethnic groups 28,296
  2. Population census Stoke 2001 country of birth – total pop 249,008 born in UK 228,294 all other Europe 5,363 (of which Accession countries were 3,080) , Africa 2,805 , Middle East and Asia 10,897 America and Caribbean 731, Antarctica and Oceania 305

The UK Gender Pay Gap – an end in sight?

As we enter 2017 the old chestnut of the gender pay gap has become a hot topic for discussion as the promotion of equal pay has become not just a matter of social and moral justice but one of economic necessity as women have become integral to the UK’s economic performance. However, despite the Equal Pay Act 47 years ago, women still earn less than men in Britain today. The difference in pay between men and women remains the clearest and most dramatic example of inequality for women.

What is the gender pay gap?

Overall, women can expect to earn significantly less than men over their entire careers as  a result of differences in caring responsibilities, clustering in low skilled and low paid work, the qualifications and skills women acquire, and outright discrimination (Fawcett Society, 2015).

 

shaking-hands

 

Gender pay gap down to 5% among UK workers in their 20s, study finds

The Resolution Foundation says women will still earn significantly less during their careers as the gap widens after age 30. Women in their 20s have seen the pay gap halve to 5%, but just as in previous generations the discrepancy compared with men’s earnings widens when they hit 30 and start a family.

In a report highlighting the challenge facing Theresa May in closing the pay gap, the Resolution Foundation said women entering work now would still earn significantly less than their male counterparts over their careers, despite an improvement in pay differentials during the first decade of employment. The Resolution Foundation compared the typical hourly pay of different generations of men and women over the course of their careers.

Women in their 20s earn more than men of same age, study finds

It found that, for workers in their 20s, the pay gap was 16% among baby boomers – born between 1946 and 1965 – 9% among people born between 1966 and 1980, and 5% among those born between 1981 and 2000, referred to as millennials.

“It shows that the gender pay gap has closed for every subsequent generation of women,” the think-tank said. “This reflects positive trends, including rising higher educational participation which women in particular have benefited from, and more women breaking into high-paying industries and occupations.”

However, a sharp rise in the pay gap after the age of 30, seen in previous generations, puts millennial women on course to face a deficit of almost 30% by the time they are in their mid-40s unless there is further government intervention.

 

gender

 

Laura Gardiner, author of the Resolution report, said: “It’s important to not overlook the positives. The rate of progress between generations is really welcome, particularly with Generation X. Even in the child-rearing years there’s still really big gains.” But she said there were many issues related to working part-time, such as missing out on informal chats in the pub, that needed to be tackled. “I wouldn’t want to play down the policy success we’ve had, but the area where there’s probably the most we could do is around the part-time penalties, and the opportunities for promotion and progression, the cultural stuff,” Gardiner said.

The question is will it take until 2069 to bridge the UK gender pay as suggested in a report by Deloitte’s last year? Time will tell and no doubt in 2018 we will be pondering the question again. In the meantime, wishing you a Happy, Healthy and Prosperous (in equal pay terms) 2017.

If you are interested in this topic please feel free to contact me – Peter.Beszter@Staffs.ac.uk

This semester I will be teaching the Managing People through Performance and Reward module which will be examining the UK gender pay gap.

 

Dr Peter F. Beszter

Doctor of Business Administration – a way to link industry with academia

Our Doctor of Business Administration (DBA) students are well established and recognised professionals in their fields in high-powered executive level jobs in various industries ranging from retail to corporate banking, from academia to government. One of our DBA students completed Staffordshire University’s Masters in Strategic Human Resource Management (HRM); another one had completed Staffordshire University’s Master of Business Administration (MBA) before joining the DBA programme, which demonstrates the varied progression options. Our DBA students come from diverse backgrounds both cultural and educational. They all have in common one thing though – they want to advance their careers as well as their respective fields, industries or companies through research.

Our DBA candidates use academic literature and rigorous research to develop new marketing metrics that will help firms in different industries predict their sales growth; they develop family business succession plans in countries where no such things exist; they investigate international trade opportunities in education services so that universities in their country can grow; some test existing models in new contexts, others develop new concepts and theories.

Such exciting collaboration enables Staffordshire University to be incredibly close to businesses at the highest level and contribute to their strategic decision making. One such example is a project that has spun out of a DBA research initiated by the HR Director of DFS.  A team of high calibre researchers presented findings directly to the DFS team and the cooperation flourishes. Read this post and this article to learn more.

In May our DBA students presented their research at a DBA symposium organised by the Chartered Association of Business Schools and Aston University Business School, where they worked with their peers from other DBA programmes and discussed their research under supervision of experienced academics, researchers and doctoral supervisors. The event was preceded by the Postgraduate Research Conference at Staffordshire University, to which our DBA students made a valuable contribution. In fact, authors of the very best papers were selected by the conference organisation committee to chair a session, giving students an important experience valued highly in academia. Later this year, our DBA students contributed to a very successful and productive DBA symposium organised by Cranfield School of Management and the British Association of Management in October. DBA candidates met with DBA supervisors, programme directors, and DBA students and graduates from universities all over the UK and abroad. Liaising with them enabled students to set a benchmark against the market standard and gauge their own progress. Debates and discussions about their research helped our students to develop confidence in articulating their research to specialist and non-specialist audiences. This is a key skill DBA candidates need to develop in order to be able to disseminate their research to practitioners as well as academics. This will also help them tremendously when they eventually defend their thesis during a viva voce examination.

     

Networking however doesn’t only happen at symposia or conferences. During the BAM symposium residential week our DBA students enjoyed an evening playing bowling with their peers and the Programme Director (who broke her finger trying to lift the side bars for them!). This was a great opportunity for our DBA candidates to get to know colleagues from other cohorts, who are in different stages of their doctorate, whilst trying something new as most of them had never bowled before. It strengthened the cohesion between and within cohorts and facilitated better teamwork and peer support amongst the DBA candidates, who are from different parts of the world.

To find out more about Staffordshire DBA contact the Programme Director
Dr Jana Fiserova, visit our website or follow us on Twitter #staffsDBA

Technology, Opportunity and Entrepreneurship

Technology has fabulously changed our jobs market since it transformed the production landscape during the industrial revolution, but even more so in the past three decades. Like in the 16th century, many jobs that were once considered crucial are now obsolete, and new job descriptions are being created in the labour market even as many forms of automation are presently being integrated into the production process. One does not have to go far to see how technology has changed our lives in forms of communication, transportation, work and leisure. Your being able to read this article has been greatly enhanced by technology and I as the writer have had to have some basic skills in technology to be able to deliver this article to you.

As an economist, there used to be a time when my profession worried about what humankind would do when we ran out of oil but recent technological advancements have once again rendered that discussion archaic. There also used to be a time when the factors of production were firmly believed to be land, labour, capital and entrepreneurship but some economists will argue that there is a need to include one additional factor of production in the modern era – you guessed it “technology”.

So what does this mean for young people as they decide their future? Should we be scared of this trend? How far reaching will advancements in technology be felt? Humankind has been very fortunate to have been able to grasp the benefits of technology and we have used it to live longer healthier lives, explore space and other planetary objects, and open great doors for the future but we have also made many mistakes along the way. Young people need to wary of this and know that they have to be the ones to decide on how we harness this power and what we use it for.

Business Management students at BMW in Munich

Business Management students at BMW in Munich

My area of focus in economic research right now is entrepreneurship and I became interested in entrepreneurship particularly because entrepreneurs are the ones who combine all the other factors of production to actually benefit humankind. Without the entrepreneur, other factors of production would be idle. Entrepreneurs however need to be somewhat knowledgeable to be able to do their jobs properly. Adam Smith, one of my favourite economists used the example of a small grocery to illustrate this point:

“The owner of such an enterprise [a business] must be able to read, write, account, and must be a tolerable judge too of perhaps, fifty to sixty different sorts of goods, their prices, qualities, and the market where they are to be had cheapest.”

This example shows that a business owner needs a modest amount of education to function profitably. This education might not necessarily be formal but the entrepreneur must know their stuff.

In our current society we are awash with technological advancements and these seem to be changing the way we live and do business. Businesses that have not kept abreast of current vagaries or have been slow to make investments in innovation have found themselves left behind, and entrepreneurs will need to know that they will face the same fate if they do not stay knowledgeable about technological developments that affect their customers and market.

This also presents some opportunities for entrepreneurs as they can be avant-gardists and influencers of the future. Imagine the impact that innovators have had on our current society not just in terms of social media but virtually in all productive fields. The world needs smart means of using its limited resources to improve the quality of our lives, and individuals who can do this successfully will be blessed with the commensurate rewards.

A holistic education is thus needed to be successful in the present climate as well as an open mind and the right sort of social capital. As the saying goes “no one is an island” and “many hands make light work”. Business owners and potential successful entrepreneurs will also be wise not to jump into the water with both feet but to test out their ideas and products carefully before venturing out boldly into the wide world.