Summer 2007 BGSIE

SUMMER 2007

Careers

From Entry-Level to Executive, Beta Gamma Sigma Examines Current Career Trends and Issues

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what’s inside 2

A Message from the BGS President

3

Letters to the Editor

4

Bright Outlook for 2007 Grads

4

Top Degrees in Demand

6

The Two-Year Itch

8

MBA Grads Look to Do Good

9

First Impressions Facebook and MySpace

10

Reaching the Goal

11

The New Retirement

14

Executive Search Firms

16

Gifts from Friends

BGS Corporate Contributors and Affiliates 2007 Beta Gamma Sigma thanks those organizations that generously support the Society’s programs and services Beta Level Sponsors ($50,000+)

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SUMMER 2007 Volume 6, No. 2 Circulation: 100,347

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Samford University BGS Chapter Honoree, as someone who might be interested in helping with the project.

“Rick Horsley, long-time supporter of the School of Business, generously provided a gift to the School of Business to permanently endow the Richard D. Horsley Beta Gamma Sigma Scholarship,” said Taylor. “This gift, along with a supplemental gift from the Beta Gamma Sigma organization, will enable the School of Business to bestow annually a sizable scholarship to our best students.”

A MESSAGE FROM THE BGS PRESIDENT

S

ummer 2007 is upon us, and many of the “student” members who were inducted in the last year have joined their fellow “professional” members in the world of business. We wish them all good luck in their new endeavors. The Society counts on each member to contribute to its growing network of global business leaders.

John Wholihan, As the influence of Beta Gamma Sigma expands through a better understanding of our mission and objectives, President of Beta Gamma Sigma individuals and organizations have begun to step forward in profound ways and consider how they can assist the Society.

As lifetime members, we should all be excited about these Students awarded the recent developments. scholarships will be honored for their “Giving back” has always been a noble and worthwhile academic achievement and demonstrated leadership. Taylor undertaking, and when done properly it achieves dramatic said that with the schools’ top students receiving Beta Gamma results. Recently, individuals involved in several of our Sigma scholarships each year – combined with the presence collegiate chapters have chosen to give back to students and of the new bronze key on campus – the honor society should others, while at the same time benefiting Beta Gamma Sigma grow in recognition and prominence at the university. and its membership. Again, these are exciting developments In another great example of giving back, Pam Cash and I thought you would like to read about a few of them.

(BGS 1990, UNC-Greensboro), treasurer of the collegiate Last October, one of my fellow BGS Board members, chapter at The University of North Carolina at Greensboro, Dr. Kenneth Stanley (BGS 1970, Emory U.), and his wife Dr. decided to take the lead in helping other collegiate chapters Barbara Stanley, provided the funds to establish the Stanley succeed. Pam attended the March 2007 BGS Chapter Advisor Beta Gamma Sigma Endowment at Valdosta State University’s Workshop in San Diego and realized that some other schools Harvey Langdale Jr. College of Business Administration. They didn’t have the same opportunities. So, recognizing a need, gave the gift as part of VSU’s Centennial Years Celebration, she offered to mentor advisors at new chapters, or at those hoping to inspire others to give back. chapters with new advisors, so they Income from the endowment will could do the best possible job of be used to fund Beta Gamma Sigma recognizing their top students with BGS student induction fees. In addition, it lifetime membership. is anticipated that continuing financial Cash has started communicating support will be provided for the with a new advisor from another operations of the VSU Beta Gamma school.

Sigma Chapter to include recognizing “It came up as an idea at the students, funding available scholarships Workshop,” she said. “We’ve exchanged and supporting a variety of other emails and talked on the phone a bit. programs.

She’s in a similar position I was in when “Beta Gamma Sigma is the highest I first started with Beta Gamma Sigma,” academic achievement that business meaning she’s just taken over the students can obtain,” Stanley said at Drs. Kenneth and Barbara Stanley (far right) with advisor position and is very interested the time. “We are excited about the three members of the Valdosta State University in new ideas. opportunity to encourage, support, BGS Collegiate Chapter This has just gotten started but may sustain and recognize academic become a great benefit to chapters and excellence” at the school. students at many schools.

On April 26, 2007, the collegiate chapter at Samford Finally, at the Student Leadership Forums, we’ve had University installed a new BGS bronze key and dedicated it many examples of Beta Gamma Sigma members giving back during an impressive ceremony. That’s great news on its own, to the Society and its newest student members. At each event, but pales in comparison to the rest of the story. a few young professional BGS members who participated Beck Taylor, dean of the Samford School of Business, in previous Student Leadership Forums return and act as felt that Beta Gamma Sigma was not being given the proper mentors to those attending. They help guide them through level of respect by the larger campus and business school the process, provide them a realistic view of what they should community. He wanted to install a bronze key, but needed expect in the coming years, and act as a continuing resource assistance to come up with the funds. Taylor said he thought to some young members who are about to take their first of Richard D. Horsley (BGS 2006, Samford University), a retired steps into the professional world. I can’t name them all, but executive from Regions Financial Corporation and a former Continued at Bottom of Next Page 2 BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG

Very informative and relevant especially given my field in the managed security space to thwart spam and viruses through email and the web.

Rodel Alejo Vice President, MX Logic Inc. (BGS 2000, University of Colorado at Colorado Springs)

Spring 2007 I recently read the Spring 2007 magazine and am very encouraged by the efforts Beta Gamma Sigma is taking on Ethical Business Leadership. I resonate with the position of the EBL and feel that success in business comes first in who we are as individuals and how we go about our professional endeavors.

Scott A. Brown (BGS 2005, The University of Chicago) How ... turn of the century. And I say that as a turn of the century kind of guy!

Decent work but are honors business grads thinking at this level in 2007? I’d been thinking that my continued BGS active membership wasn’t really worthwhile, but this issue pushed me over the edge.

Ed Devinney (BGS 2000, George Mason University)

I am still a 1st year “Management and Strategy” student in Aston University (Birmingham- UK), which means a prospective member.

I feel very content that the society is heading towards the goal of showing that ethical leadership “is one of the most important aspects of leadership in the 21st century.” That initiative has surely made me feel more motivated to do well on my second year to be able to receive a membership invitation.

Hans Alarcon (Prospective Member, Aston University)

Spring 2007 - Online Edition I much prefer the paper version. Many advantages with the paper version, not the least of which is providing access to my clients by placing it on the reading material table.

I’m sure there are some advantages of the online version, but to me the paper version wins out.

Jim Durica (BGS 1968, The Pennsylvania State University)

Fall 2006 The basic cause of the ethics problem, it seems to me, is that over the last 50 years the purpose of management has gradually shifted from managing the business successfully, to doing deals and making money. In my first job in GE in 1947, I met and got to know all the GE top management, Charlie Wilson, Ralph Cordiner, and the others. On an ethics scale they would be a 10; typical managers today maybe 5. They looked at their company through the eyes of operations, aiming to make their company Number 1 and keep it Number 1 in the marketplace.

Today executives and managers look at their company through the eyes of accounting, aiming to make the numbers. Instead of managing for market success they manage for shareholder wealth. Wealth = success. Deals create wealth by accounting measures, though often not by economic measures. Top MBA graduates aspire to jobs with private equity firms and to be paid more than a million dollars in year one working on deals whatever the economic and social consequences.

Until we can recalibrate our measures of success, we may be a long way from reliably ethical management William F. Christopher Publication Services (BGS 1947, Columbia University)

What do you think about this issue of the International Exchange?

Send your letters and comments to the editor: exchange@betagammasigma.org

they have provided a valuable service to your honor society and to hundreds of young BGS members who benefited from their experience and advice.

These are only a few examples of individuals giving back to the Society. There are many, many more, and even though I can’t list them all, they are each valued and appreciated. As Dr. Stanley suggested with his gift to the chapter at Valdosta State University, I hope these examples inspire you to

consider ways you can help. Your efforts – large and small – can have a significant effect on Beta Gamma Sigma and its membership.

“What I gave I have, what I spent I had, what I left I lost by not giving it.”

Thomas Ravenscroft BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 3

“As the skilled labor force shrinks, the demand for educated workers will continue to increase. You’ll see more hiring managers at college campuses recruiting and developing relationships early.” Brent Rasmussen, Chief Operating Officer of CareerBuilder.com

W

hat a difference a few years make!

Back in the spring of 2002, the National Association of Colleges and Employers (NACE) delivered a grim dose of reality to those approaching a spring graduation: College hiring was down. Way down, in fact, as a press release pointed out, “Employers expect to hire 19.7 percent fewer new college graduates in 2001-02 than they hired in 2000-01.”

Fast-forward to spring 2007 and things have turned around nicely, thank you very much. In its latest projections, found in NACE’s “Job Outlook 2007 Spring Update,” it appears that new graduate hiring is about to go from good to very good, if not great.

While the outlook for 2006 was described by NACE at the time as the best in four years, 2007 is shaping up to be much better. Figures released in April 2007 predict an astonishing 19.2 percent jump over 2006, which represents the fourth straight year that college hiring has enjoyed doubledigit increases. Overall, 60 percent of all companies responding to the survey indicated they would hire more graduates this year than last, while only 5.4 percent planned to hire fewer new graduates.

“I’ve seen healthy growth in entry-level hires,” said Nolan

BRIGHT OUTLOOK FOR 2007 GRADS Brunnworth, St. Louis Career Specialist with the Career Linkages office at Southeast Missouri State University. “There are always some areas that seem to be thriving – accounting, finance, IT – but overall I see healthy growth in new hires this season.”

The situation is somewhat similar in other parts of the world. In Japan, published reports estimate a 13 percent increase in new graduate hires. This represents the fourth consecutive year of double-digit increases in that country. In Canada, 42 percent of hiring managers are expecting to add permanent, full-time staff while just 4 percent expect cuts. In the U.K., reports say 45 percent of hiring managers expect increases in 2007 while 12 percent expect decreases.

Conclusion? This is a great time to be a graduating college student.

“Employers cited business growth and expansion as reasons for the increase in hiring,” said Marilyn Mackes, Executive Director of NACE. “In addition, many reported plans to put more emphasis on college hiring this year.”

The expected retirement of many in the Baby Boom Generation (see related story on page 11) has forced companies to think carefully about their hiring options. For many, recruiting talented, educated young workers is the first step, and finding ways to keep them with the company is the long-term challenge.

The upside, once again, points to good news for new graduate job seekers.

“We can already see the writing on the wall,” said Jeffrey Humphreys, Director of Economic Forecasting at The University of Georgia’s Terry College of Business. “It’s going to increase the payoff for higher education in the United States. The payoff for individuals who go for

Top 10 Bachelor’s Degrees in Demand

Top 5 Master’s Degrees in Demand

Accounting Business Administration/Management Computer Science Electrical Engineering Mechanical Engineering Information Sciences and Systems Marketing/Marketing Management Computer Engineering Civil Engineering Economics/Finance

MBA Electrical Engineering Computer Science Computer Engineering Mechanical Engineering

4 BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG

According to NACE, 2007

advanced degrees is going to widen over the next five, 10, 15 years.”

Finance - $47,877 Humphreys (BGS 1980, University of Georgia) said baby boomers have Accounting - $47,421 a huge presence in the workforce today – especially in middle- to upperManagement Information Systems management positions – and they must be replaced soon. $46,966 “As that group moves into its retirement years,” he said, “it’s going to Business Administration/ create tremendous opportunities for younger folks – the generations behind Management - $44,048 the boomers – to move into better paying jobs at professional levels. In turn If you’re completing an MBA it’s going to increase the compensation levels in those fields. sometime soon, you get some good “It’s going to be much more of a seller’s market when it comes to news as well. For those responding that professional fields.” they recruit MBA graduates, they plan Experts say the shortages will create competition and force companies to to hire 22 percent more than last year. develop creative approaches to hiring and retaining top talent.

The segment adding the most MBAs this “Human resource professionals will need to act more like their year is manufacturing, which expects to marketing colleagues, focusing more on the wants and needs of job seekers hire 32 percent more than in 2006. and effectively ‘selling’ their positions and organizations,” said Neal Bruce, Bob Rieger, Director of Career Vice President of Alliance for Monster, the world’s largest global online Development for the Eller MBA Program employment job board. at The University of Arizona, said A recent DDI/Monster survey showed that some job seekers feel an salaries are going up and MBAs are increasing level of power in the job search process. Two-thirds of job completing their degrees this year when candidates say that the interviewer moderately or significantly influences hiring is on an upswing. their decision whether to accept a job or not. Those results seem to indicate “I think we’re in a very strong hiring that interviewers must sell themselves and their companies to job seekers market,” he said. “We are well ahead in simultaneously as job seekers sell themselves to interviewers. placement this year versus last year.”

Another important finding was the widening gap between employer With business graduates in perceptions and candidate realities. Almost three-fourths of job seekers said high demand, the outlook for Beta it is important to work for an organization they can be proud of, while only Gamma Sigma members should be slightly more than half of staffing directors consider it an important issue for very encouraging. Not only have they candidates. And while managers and staffing personnel cite “external factors” received degrees from the world’s as the top reason for employee turnover in their organizations, job seekers cite Continued on Next Page “insufficient compensation” as their main reason for leaving a position.

“Candidates are in a very powerful position – organizations need to think about hiring as a competitive practice if they want to attract the best people,” said EMERGING. EVOLVING. Scott Erker, Senior Vice President of Selection Solutions NEVER STANDS STILL …

BUSINESS for Development Dimensions International (DDI).

“Right now, there is a significant gap between what AND NEITHER DO WE. candidates want and what employers think they want.

That’s dangerous for organizations, because many don’t understand the motivations of the candidate sitting right in front of them.”

Not only are the numbers of new graduate hires going up, so are some average starting salaries. In fact, according to CareerBuilder.com, 42 percent of employers responded in a recent survey that they plan to offer higher starting salaries than 2006.

“As the skilled labor force shrinks, the demand for educated workers will continue to increase,” said Brent Rasmussen, Chief Operating Officer of CareerBuilder.com.

Announcing...

“You’ll see more hiring managers at college campuses Another addition to our academic portfolio. recruiting and developing relationships early.”

NACE found similar evidence that salaries would be The Center for Responsible Leadership going up this year. In fact, at the bachelor’s degree level, Through research and partnerships, our mission is to students in 26 out of 29 majors should expect higher advance the understanding, practice, and development starting salaries than their peers from one year ago. of responsible leadership for the benefit of society.

What about business majors? Should they expect higher starting salaries in 2007? According to NACE’s “Salary Survey” the answer is yes across the board.

Marketing majors are receiving the highest percentage increase among the business disciplines, with a 10.3 percent increase over last year, resulting in an average offer of $41,285. Other average offers, according to NACE, 602-543 - 6200 • w w w.west.asu.edu/sgml for undergraduate business majors this spring: Phoenix, A Z , USA BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 5

T

he time. The effort.

The headache. The endless interviews.

The seemingly ridiculous questions. The waitand-worry over whether the human resource person will call you back for another interview, or better yet, with the liberating news that your hard work has paid off in the form of a job offer. The uncertainty and selfdoubt when the search lasts just a bit longer than anticipated.

All this would seem to indicate that workers would want to commit to a (relatively) longterm relationship with an employer. Recent research indicates otherwise.

According to a survey of more than 2,000 human resource and training executives by the Novations Group, a significant number of organizations lose as many as a quarter of their new hires within the first year. A full onethird of companies surveyed indicate they suffer such a loss, while more than one in 10 responded that firstyear departures approach 50 percent.

“The incidence of hiring

THE TWO-YEAR ITCH Long Term Retention Difficult to Achieve

failures is startling, even to experienced selection and assessment professionals,” said Tim Vigue, an Executive Consultant for Novations, a global consulting firm based in Boston. “Because there’s no reliable baseline data we don’t know for sure if the findings mark a trend or whether first-year departures have been a pressing problem for a long time. But we think they’re not a new issue.”

Recent research done by other organizations seems to point to the same conclusions. In fact, the Kenexa Research Institute labeled the situation the “Two-Year Itch” when its research revealed that a full 57 percent of employees who reach the two-year mark are disengaged and focusing more on finding their next job than they are on excelling in their current one.

More than 840,000 responses collected from U.S. and U.K. multinational companies show that new hires are most excited and engaged during their first six months on the job, but that during the next year their satisfaction levels decline noticeably.

“These findings are of critical importance to employers,” said Jeffrey Saltzman, Kenexa’s New York Practice Leader. “A workforce that continually churns creates enormous expense and substantial employee morale issues, and significantly reduces a company’s competitive advantage.”

Companies pay a steep price when their employees lose interest in the goals of the organization. No matter whether they stay or go, there is a significant cost.

“Employees who are disengaging from the workplace represent a tremendous amount of lost value,” Saltzman said. “Not only did the organization expend tremendous resources to get that employee in the first place – resources which may now be squandered –

BRIGHT OUTLOOK (cont. from page 5) best business schools (those that are accredited by AACSB International) – in highly sought after fields of study – their efforts and recognition as the very best of the best puts them in an elite class.

“I tend to view things from my own corporate experience having hired hundreds of MBAs in my organizations over the years,” said Rieger, who worked as a corporate executive for 32 years. “But also I tend to view the suitability of our graduates to a corporate setting. Having said that, anything we can give the students to differentiate them from the

pack of other students out there is a positive.”

But honor society membership and graduation from an accredited business school on their own won’t get new graduates a great position.

“The HR people I’ve talked to, they want to see depth, not width,” said Brunnworth from Southeast Missouri State University. “They want to be able to ask a student about the organization they are associated with and they want to see real leadership and real depth in that organization.”

So with a little extra work, the job market in 2007 is very good for new college graduates. The job market is always cyclical, so now is a great time for new grads to make their mark, according to Rasmussen, the COO of CareerBuilder.com.

“The fact that nearly one-in-five hiring managers plans to hire more than 100 recent college graduates this year makes for a very positive outlook for these young workers,” he said.

What did you think abut this article?

Share your feedback with BGS: exchange@betagammasigma.org

6 BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG

Ready for your next career step?

BGS CareerCentral can help!

CareerCentral is the only job search site exclusive to Beta Gamma Sigma members. It’s the place the world’s top businesses go when they are looking to hire the “Best in Business.”

“Employees who are disengaging from the workplace represent a tremendous amount of lost value. Not only did the organization expend tremendous resources to get that employee in the first place...an unengaged employee negatively impacts organizational effectiveness.”

Jeffrey Saltzman, Kenexa’s New York Practice Leader

committed to their organizations.

More than 70 percent of those employed 16 years or more report high levels of satisfaction and engagement with their jobs.

“Whether in the U.S. or U.K., the longer term employees, who are of course the survivors of the ‘two-year itch,’ once again become more engaged and committed,” said Saltzman. By taking the necessary steps to get key employees past that two-year mark, he said, companies can reap the benefits of their investments in recruiting, training and development and build a higher-performing workforce.

an unengaged employee negatively impacts organizational effectiveness in such areas as customer interactions and relationships, productivity, innovation and growth. This pattern of disengagement represents an opportunity for companies to increase their performance if the disengagement pattern is addressed proactively and managed.”

What can companies do to keep their newest employees engaged?

When HR professionals were asked in the Novations survey, “What are What did you think abut this article? the reasons that new hires leave your organization within the first year of employment?” the No. 1 reason (48 percent) was “Unrealistic expectations of the Share your feedback with BGS: job and organizations.” exchange@betagammasigma.org “It appears that individuals and hiring managers are not sharing enough of the kind of information that would help each side determine if there is a good match,” said What are the reasons that new hires leave your Vigue, the Novations consultant. “This makes organization within the first year of employment? it a lot more difficult for new hires to get up and running in the new job and frequently 1) Unrealistic expectations of the job and organizations (48%) results in new hires quitting.”

Vigue noted that “not developing a sense 2) Failure to grasp “how things get done” around the organization (39%) of belonging” also ranked high among the 3) Poor communications with immediate supervisor (33%) reasons for failed hirings.

4) Failure to develop a sense of belonging and purpose (26%) “One-quarter of our respondents pointed 5) Inadequate technical skills (23%) to this real human issue: the need for new hires to bond with co-workers and the direction 6) Not understanding the link between the job and organizational goals (21%) the company is taking,” he said. “The finding 7) Failure to connect with key employees (18%) underlies what all HR professionals know, that 8) Inability to establish trust and credibility quickly (13%) people stay with an organization only if they 9) Poor people skills (13%) feel connected.”

The research isn’t entirely negative, as Results of a survey of more than 2,000 HR it seems that long-term employees are very and training executives by Novations Group, December 2006.

BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 7

I

f you are the slightest bit in tune with the world of popular culture, you have probably run across some mention of the NBC television series “Heroes.” Since its Fall 2006 debut, millions have tuned in to this “epic drama that chronicles the lives of ordinary people who discover they possess extraordinary abilities.” Each week these characters band together with one common goal: Save the world.

A large number of real-world MBA graduates share this same goal.

And what they may lack in mutationfueled superpowers, they more than make up for in talent, drive and business know-how. These up-andcoming career seekers represent a new breed of business professional, one for which “corporate social responsibility (CSR)” and “fiscal profitability” are not mutually exclusive concepts.

A 2006 survey of MBA students conducted by the group Net Impact found that 81 percent believe businesses should work toward the betterment of society, while only 18 percent feel that most corporations are currently working toward that goal.

“These responses reflect, at least in part, the extensive coverage of the corporate scandals of the recent past and the trials of the top executives implicated in them,” said Liz Maw, Executive Director of Net Impact. “It would hardly be surprising for such ethical disasters to enhance students’ appreciation of corporate social responsibility.”

MBA GRADS LOOK TO DO GOOD Among the study’s other findings: • 79 percent indicated they would seek employment that is socially responsible in the course of their careers, and 59 percent said they would do so immediately following business school; • 89 percent said business professionals should take social and environmental impacts into account when making business decisions; • 60 percent said they believed corporate social responsibility makes good business sense and leads to profits.

A Spring 2007 survey conducted by the workforce solution provider Adecco USA found that career interest in corporate social responsibility, at least in terms of environmental stewardship, is not just limited to MBA students. The survey of more than 2,400 American workers over the age of 18 found that 33 percent of employees would be more inclined to work for a “green” company. The study also found that 52 percent of American workers want their company to do more to be environmentally friendly.

“We’ve seen an increase recently in the number of job seekers who want to work for ‘green’ companies, or companies working in industries that are helpful to the environment,” says Bernadette Kenny, Chief Career Officer, Adecco USA. Some employees are even willing to put their salaries where their values are. According to a 2005 online survey by the site www.care2.com, 48 percent of employees say they would work for less pay if they could work for a socially responsible company.

And they say they would work harder; according to the survey 40 percent of employees would be willing to work longer hours for a job at a socially responsible company.

“This should be a wake up call to employers,” Randy Paynter, Care2’s Founder and CEO, said. “Companies that are taking steps to be more socially responsible and environmentally friendly have an advantage in the hiring market.”

“It used to be that you had a choice: make money or make a difference. The great news is there are now lots of job opportunities at socially responsible companies, if you know where to find them,” Paynter said.

In order to address this shift, business schools are being driven by students and corporations to revolutionize management education. More than three-fourths of MBA students participating in the 2006 Net Impact survey agreed that CSR should be integrated into the program’s core curriculum.

“Students are definitely pushing for more curriculum in this area,” said Rich Leimsider, Senior Program Associate for The Aspen Institute, an international nonprofit organization dedicated to fostering enlightened leadership and open-minded dialogue. “The MBAs of today are much more savvy, and don’t want to have to check their values at the door. Demanding better education prepares them for profit as well as other factors.”

Business schools are responding. A 2005 survey of 91

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business schools conducted by The Aspen Institute and the World Resources careers that will create social, Institute found that more than half currently require a course in ethics, corporate environmental, and financial value, social responsibility, sustainability or business and society. That’s up from 45 the so-called ‘triple bottom line.’” percent in 2003 and 34 percent in 2001.

Despite this stumbling block, both “Business education at its best prepares leaders for the business world,” the number of CSR career seekers and explained Leimsider. “It shouldn’t be just vocational training and the basics of the number of CSR career openings accounting and finance, you should learn all the tools. Now, more than ever, are expected to increase in the years to students have to learn to manage social and environmental issues that will come. influence their business careers.

Scott Johnson, Vice President “There are really two ways to look at it. On one hand, there are real of Global Environmental and Safety risks for businesses who don’t figure out how to become more socially and Actions for SC Johnson, is one top environmentally responsible. On the other hand, there are big opportunities executive who agrees. that can come with being a socially responsible business. Good business schools should prepare students for “The MBAs of today are much more savvy, and don’t want to have both.”

So where are these socially to check their values at the door. Demanding better education minded MBAs going after graduation? prepares them for profit as well as other factors.”

While some are choosing to dedicate Rich Leimsider, Senior Program Associate for The Aspen Institute their careers entirely to CSR via the non-profit track, the vast majority of CSR-minded MBAs are opting to make a difference within mainstream corporations.

“In today’s global business Therein lies a problem. environment, there is tremendous While business leaders have started to take notice of the importance of opportunity to create social and integrating socially responsible principles into their corporate structure, this environmental value while doing what message has not, in all cases, trickled down to the companies’ representatives is right for the business,” said Johnson. on the front lines: the campus recruiters. According to Leimsider, a disconnect “More and more corporations will currently exists between the CEOs, who understand they are in trouble if they demand leaders who understand these don’t take CSR seriously, and the recruiters who are operating with an outdated opportunities and can deliver results.” set of hiring criteria.

That said, maybe this latest crop Along those same lines, a February 2006 report by The Aspen Institute’s of MBAs can save the world after all— Business and Society Program found “little evidence that career services offices even without mutant superpowers. are specifically helping students find opportunities in mainstream business

First Impressions - Facebook and MySpace What is the image you want to project to potential employers?

Hundreds of thousands of college students in the United States and around the world have pages and participate on social networking sites such as MySpace and Facebook. Most students have harmless entries that describe their everyday lives, families, friends and interests. These sites have become tremendously popular and have changed the way college-age students communicate.

However, there may be information included on a student’s page that can be damaging in a job search. According to the “Job Outlook 2007 Fall Preview” conducted by NACE, potential employers are visiting these sites more frequently as a way to find out about prospective employees.

More than one in 10 employers responded in a recent survey that they planned to review profiles on social networking sites when considering candidates for openings. And this year, approximately 40 percent are undecided as to whether they will or won’t visit these sites.

Users beware!

More than 60 percent of employers who admit visiting the sites say they are influenced to some extent by what they find there. So students may feel that their comments, views and actions mean nothing in the long run, but if they’re posted on MySpace or Facebook, they may damage the students’ chances for the jobs they seek.

“Students need to be very careful,” said Nolan Brunnworth, St. Louis

Career Specialist with the Career Linkages office at Southeast Missouri State University. “I hear from employers, and I know for sure that they’re looking at Facebook profiles. Their opinions are sometimes swayed – right, wrong or indifferent – by the student’s information. So, like everything else, if you want to be business savvy, use it to your advantage.”

How would a student or new graduate do that? Brunnworth said someone could project a professional image on the site rather than one that may not be taken seriously.

“It’s all about going from the big stack to the little stack,” he said, referring to the large numbers of resumes that hiring managers sift through. He said that if you’re going to have something that sets you apart from the rest of the stack, make sure it’s something positive.

“I’ve been to the conferences,” he said. “I know the recruiters are looking at those sites.”

BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 9

If everything’s not “coming up roses,” at least middle and senior managers in the United States feel optimistic about their career prospects for 2007-08.

REACHING THE GOAL

U.S. Managers Optimistic on Careers

I

n a recent survey by recruiting firm Adecco, nine out of 10 managers, business owners and workers in professional positions felt that career opportunities were promising this year.

Of those respondents, nearly 70 percent expect to reach their personal and financial goals.

These results show a tremendous amount of optimism.

“American workers have a right to be optimistic,” said Bernadette Kenny, senior vice president of HR for Adecco North America. She said the “exuberance” felt by American managers was entirely rational, and that all indicators pointed to 2007 being a great year.

“It’s a job seeker’s market,” Kenny said. “The unemployment number has held steady at a low 4.5 percent, 1.8 million jobs were created in 2006 and average weekly earnings rose 4.5 percent compared to 3.2 percent in 2005.”

Kenny said there is a downside for employers, however, as they must now find creative ways to keep their best talent. It’s much cheaper to retain your own talented, trained managers, but it can be very difficult in a job seeker’s market.

CareerBuilder.com, in its “2007 Job Forecast” survey, also predicts a solid year for job seekers in the United States.

A positive sign for Beta Gamma Sigma members is that “accounting/financial operations” and “management” were two of the most sought-after categories mentioned by respondents.

“Recent reports from the U.S. Department of Labor support a sense in the market that the economy is slowing at a gradual, reasonable pace

and inflation has steadied,” said Matt Ferguson, CEO of CareerBuilder.com. “This bodes well for job creation as economists and employers alike predict a moderated, yet stable, hiring environment…Forty percent of hiring managers and human resource professionals surveyed report that they will increase their number of full-time, permanent employees in 2007, compared to 2006.” Only 8 percent of employers responded that they expected to decrease their number of workers.

The CareerBuilder survey was completed by more than 2,600 hiring managers and HR professionals working in private sector companies.

The survey identified seven major hiring trends that can be expected in 2007:

Bigger Paychecks

81 percent of employers report that their companies will increase salaries for existing employees. Nearly half expect to increase initial salary offers to new employees.

Emphasis in Diversity Recruitment

Nearly one-in-10 employers will target African American and/or Hispanic job candidates. Bilingual candidates (English/Spanish) are in great demand.

More Flexible Work Arrangements

19 percent of employers say they are very or extremely willing to provide more flexible work options. 31 percent are fairly willing.

Rehiring Retirees

One-in-five companies plan to recruit retirees from other organizations and/ or provide incentives for their own workers approaching retirement age. The problem of Baby Boomers approaching retirement is very critical.

More Promotions

With the perceived lack of upward mobility being a major reason for employee turnover, 35 percent of employers plan to provide more promotions and career advancement opportunities to their existing staff.

Hiring Overseas

Signaling the importance of the global market, 13 percent of employers say they will hire employees in other countries, while 9 percent are considering it. China and India lead the way as U.S. companies target areas to hire.

Better Training

Because of the overall shortage of skilled workers, 78 percent of companies say they are willing to recruit workers who don’t have experience in their particular industry and provide the training and certifications needed.

All of these areas point to a banner year for experienced job seekers in America.

“Employers expect to face greater human capital challenges as a large number of Baby Boomers retire and productivity growth plateaus,” said Ferguson. “Forty percent of employers report they currently have job openings for which they can’t find qualified candidates.”

Ferguson said that in 2007, the U.S. workforce is likely to see employers become more competitive in recruitment and retention efforts, which will be most evident in higher salaries, better training and career advancement opportunities, and more flexible work cultures.

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W

e’ve all read and heard about the impending labor shortage brought on by the retirement of millions of baby boomers over the next two decades. Recent research indicates that although they are aware of the problem, many companies have not yet figured out what to do about it.

The creators of the 2006 Merrill Lynch New Retirement Study describe the survey as an attempt to better understand the retirement expectations and preparedness of both individuals and employers. An earlier study done in 2005 found that “three-quarters of baby boomers had no intention of seeking a ‘traditional’ retirement.” Instead, a majority of these people planned to “retire” into a new stage of life where they worked, but maintained a much different balance between their employment and lifestyle activities.

This “New Retirement” as it’s called in the study is already a reality. Nearly half of all those aged 60 to 70 indicated they were either not retired or retired but working. The ideal retirement for 71 percent of adults surveyed is to work in some capacity, and almost half of those U.S. adults who plan to work in retirement (45 percent) say they don’t ever plan to stop working. When asked when they expect to retire, the average is 61 years old, but

THE ‘NEW RETIREMENT’ How will Boomer Exits Affect Business?

How many hours per week do you work on average?

Retirees Age 41-44

23.4 hours per week

Retirees Age 45-49

20.5 hours per week

Retirees Age 50-54

20.8 hours per week

Retirees Age 55-59

20.2 hours per week

Retirees Age 60-70

Continued on Next Page

17.4 hours per week Source: Merrill Lynch New Retirement Study, 2006

Leadership Across the Board, Results that Count Loyola Marymount Students Excel in Business Plan, Marketing, Ethics Competitions The LMU College of Business Administration Congratulates Its 2007 Competition Winners: LMU MBA Business Plan Competition Team – Dwight Yorke, Allan Avelino, Tim Vermilion and Ben Waddle – Earned the right to compete at the Moot Corp® (Super Bowl of business competitions) in May 2007 at The University of Texas • National Spirit of Enterprise Competition, University of Cincinnati (First Place - $10,000) • Stuart Clark Venture Challenge, University of Manitoba (First Place - $15,000)

LMU Undergraduate Marketing Team – Regan Hickey, Megan Jennings and Katrina Lee – competed against more than 120 students from five countries.

• First Place – Manitoba International Marketing Competition, University of Manitoba

LMU Graduate Business Ethics Team – Finalists in the 37-team competition.

• Kerrigan Prize (Graduate Divisional Champions), National Intercollegiate Business Ethics Competition, Loyola Marymount University • 10K Co-Champs in the LMU Run for the Bay

www.lmu.edu BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 11

‘NEW RETIREMENT’ (cont. from page 11) they expect to work (on average) another nine years in retirement.

“Not only is the new model of retirement here, but it transcends many different age groups,” said Michael Falcon, head of the Retirement Group at Merrill Lynch.

“Multiple generations report cycling in and out of work and pursuing a new career later in life as the retirement ideal.” He said this shows that companies need to be aware of this new concept of retirement in order to prepare for the new workforce realities.

There are some trouble spots for employers who wish to keep employees working at least part time well past the traditional retirement

“From my own experience, woefully I think companies are shortterm focused. They have not yet awoken to the realities of a labor shortage coming.”

Bob Rieger, Director of Career Development for the Eller MBA Program at The University of Arizona

age. Many individuals would like to change their line of work as they step back from their current jobs. This makes it difficult for companies to avoid the “brain drain” of their most experienced personnel picking up and doing something different.

However, the study indicates that 65 percent of baby boomers and 58 percent of 60- to 70-year-olds are looking forward to new work experiences. In fact, an even greater percentage of young workers aged 25 to 40 (70 percent) responded that they expected to work in a different industry after reaching retirement age.

This is just one of the differences between employers’ views of the “New Retirement” and those of individuals. While a majority of individuals plan to continue working as much as they want – with the option of cycling between periods of work and leisure time – companies responded overwhelmingly that they expect older workers to work a traditional part-time schedule. The study suggests that these types of disconnects could be problematic How prepared do you think your company is for the large for companies that don’t do their number of baby boomers reaching retirement age in the homework. coming years?

Are employers prepared for the number of individuals leaving the Not much thought about it workforce and then wanting to re-enter 31% it, perhaps in a much different way In the midst of preparing 27% then before?

Bob Rieger, Director of Career On track 24% Development for the Eller MBA Just getting started Program at The University of Arizona, 17% said he doubted it.

Don’t know/refused 2% “From my own experience, woefully I think companies are shortterm focused,” he said. His experience includes 32 years as a corporate executive before taking his current Among which class of employees do you think you will feel job. “They have not yet awoken to the the impact of labor shortages and brain drain the most as realities of a labor shortage coming. a result of employees retiring?

We haven’t heard any recruiters talking about it.”

The Merrill Lynch survey results suggest that while some employers 35% are planning for it, nearly a third haven’t even thought about it. Jeffrey Humphreys (BGS 1980, University of Georgia), Director of Economic 24% Forecasting at The University of 21% Georgia’s Terry College of Business, said this doesn’t really surprise him 15% as companies are just beginning to consider what this will all mean.

“That trend is just beginning to 6% unfold,” he said. “The early edge of the Baby Boomer Generation just Highly Skilled Middle Rank and File Senior Don’t Know/ turned 60. They’re just moving into Professionals Management Management Refused their peak retirement years. It won’t become a full-blown, gale-strength Source: Merrill Lynch New Retirement Study, 2006

12 BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG

force probably for another three to five years when the boomers start to hit 63, 64, 65. Then it will become a much more important factor in terms of recruiting.”

Results of the Merrill Lynch New Retirement Study indicate that some companies have begun to embrace and prepare for the workforce changes ahead. “Those leading the pack realize first and foremost the importance of attracting and retaining older and talented workers.”

The study says that companies trying to attract and retain older workers have adopted at least two of the following: •

Introduce new technology to accommodate employees working remotely.

•

Allow older workers coaching and mentoring opportunities.

•

Offer more health care coverage for part-time or seasonal workers.

•

Provide different assignments.

•

Opportunities to transfer jobs with reduced pay and hours.

•

Offer phased-in retirement programs.

•

Provide different balances between compensation versus other benefits.

•

Allow employees more flexible work schedules.

“The pioneers on the employment front are those companies that have already realized that the ‘New Retirement’ is here,” said Cynthia Hayes, head of Employer Plan Solutions at Merrill Lynch. “By permitting telecommuting and more flexible schedules, providing coaching and mentoring services, as well as offering increased access to health insurance, these companies have demonstrated that they are already thinking about the new approaches they can take to leverage a very valuable workforce segment that still has the desire to work.”

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BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 13

Important Qualities to Look For When looking for the right search consultant, keep in mind the following: • Presentation skills and communication style - These people will be representing you in the marketplace. They should be polished and articulate.

• Persuasiveness - They should have the ability to tell a compelling story about your company and the opportunity.

• Knowledge - Do they have sufficient industry and functional knowledge to make sound recommendations and help you stay on track?

• Integrity - Do they represent themselves and their firm as operating with the highest in ethical and honest standards?

• Perception - They must have the ability to assess and see past a candidate's experiences into their true leadership style and competency. Good recruiters are students of human psychology and utilize sophisticated methods to interview potential hires.

But what value does your company get from a search firm?

Nicole A. Fende, Senior Partner at Allen Austin Executive Search Consultants, said an organization can consider a much broader spectrum of

EXECUTIVE SEARCH FIRMS Issues for Companies and Candidates

candidates by employing one.

“We don’t just go after people who have said they are looking,” she said.

“We will proactively call up people who fit the profile, (even those that) are headdown-and-happy, and say, ‘Hey, can I just talk to you for five minutes? Can I share a little bit about something?’ And, you know, listening is free.

“We’re able to open a dialogue with people who aren’t actively on the market and may not have even been thinking about making a move, who say, ‘I’ve got to dust off my resume and update it.’ Because those make some great candidates.”

Issues for Candidates If you’re contacted by an executive search firm, what should you expect?

They are paid by the company looking to fill a position, so why is it in your best interest to work with them?

Fende said that her job is to bring two sides together to make the best match possible. She recommends that anyone dealing with an executive search firm – whether as a company looking to hire someone or a candidate that has been contacted – should look for certification by the Association of Executive Search Consultants (AESC) – www.aesc.org.

“It’s like the Better Business Bureau for retained search,” she said. “They have a code of conduct for how you interact with candidates. So, yes, my client is the company, but I have in my opinion both a personal and ethical obligation to treat the candidate well.” She said the code of conduct ensures that she will work for both sides.

“In some ways you have two masters, but in the end if it’s the right thing it should be a triple-win,” she said. “All three of us (client company, candidate and search firm) should win in the end.”

Fende said in negotiations, search firm personnel are able to help find common ground on issues like salary and benefits. While pay is always important, it is often the other parts of a company’s offer that must be worked out. She will go back-andforth between the two sides so the candidate doesn’t get involved in direct negotiations.

“Candidates will tell us things

14 BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG

Marc Tyler Nobleman / www.mtncartoons.com

S

o, your company has decided to seek out the services of an executive recruiting firm to attract top talent for a critical management position. The list of firms is endless, so how do you make the right choice? And if you’re an individual contacted by a recruiter, what should you expect?

Experts suggest contacting others who have hired firms to undertake similar searches and learn from their experiences. As in many other circumstances, there’s no point in reinventing the wheel when the current wheel design already gets the job done. But when you are charged with finding the right firm for your organization’s critical opening, here are a few suggestions courtesy of Allen Austin Executive Search Consultants (www.allenaustinsearch.com):

that we can then shop and peddle to the client so you don’t get bad feelings between the candidate and the client,” she said. “Basically, we can play ‘bad guy’ when necessary.”

As an example, she mentioned a recent candidate who wanted four weeks of vacation written into his contract even though the company had a corporate policy that capped vacation time at three weeks. There was a perfect fit otherwise, but the candidate, who had worked many years to reach his high-level status, felt the lack of a fourth week was a deal-breaker.

So, in an effort to make both sides happy, Fende started negotiating with the company. They came up with a compromise plan that gave the candidate three official weeks of vacation, but also excused him from working the week between Christmas and New Years Day. So the client was happy because this executive officially got three weeks of vacation, which matched the company’s policy, but the candidate was happy because he got the four weeks off that he felt was fair. A potential snag was turned into a win-win.

She said, however, that anything agreed to in negotiations must be put in writing in the contract.

“Whenever a compromise or benefit is offered or reached, it needs to be in the offer letter,” Fende said. “What I always say when someone hesitates is, ‘Look, I’m not trying to make you look like a bad person or say you’re not honest. What if you get hit by a bus or you take an offer somewhere else? Then, that chain is broken and what happens to my candidate?

“There are too many horror stories I’ve heard about someone leaving or getting transferred and then a commitment that was made to a candidate is not honored.”

So, in the case of the executive who wanted four weeks of vacation, the agreement was written into the offer letter so there could be no misunderstandings later.

Fende said there are a few things potential candidates should find out before working with an executive search firm: 1) Ask the name of the search firm and do some research.

2) Find out the title of the individual who is contacting you – “You don’t want to be dealing with a “wet-behind-the-ears” intern.”

3) Make sure he or she is a member of AESC. 4) Ask, “What is your policy on handling my information?”

5) Ask up front, “What is the process?” Make sure you know what to expect

and there are no surprises.

6) Make sure he or she is exclusively working on this search. If there are five or six firms working on the same search, it can lead to negative issues for the candidate.

7) Spend a little time – make sure you’re comfortable with the person, just like in any other professional relationship.

8) Trust your gut. If there is something that makes you feel like they are not looking out for your best interest, tell them you’re not interested.

9) Once you reach a comfort level with someone, realize you have to provide certain information, such as your current compensation level. (Don’t be afraid to say, “This is where I am now, and I wouldn’t consider moving unless it was for this much more.”)

10) Ask, “What is the retention rate for candidates after they’ve been placed in a position?”

(Fende said Allen Austin’s retention rate is 92 percent after two years.)

(For more information, contact Nicole Fende, Senior Partner at Allen Austin Executive Search Consultants, at NFende@allenaustinsearch.com.)

Employers: Connect with “The Best in Business”

BGS CareerCentral is the on-line job board designed to connect the “Best in Business” with those organizations wishing to hire them. Unlike other career sites, those searching BGS CareerCentral were all top scholars from the world’s best business schools – from recent graduates to senior executives. Consider BGS CareerCentral if you’re serious about finding the best business professionals.

BGS INTERNATIONAL EXCHANGE SUMMER 2007 WWW.BETAGAMMASIGMA.ORG 15

Gifts from Friends

GENEROUS DONORS SUPPORTING BETA GAMMA SIGMA January 16, 2007 - April 15, 2007

Beta Gamma Sigma gratefully acknowledges the support of the following individuals, as well as the organizations listed on page one. Without this assistance, the Society would be unable to continue adding value to the lifetime membership.

Chairman’s Board $5,000

Bradley University Robert E. Turner

Director’s Table $1,000-$1,999

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President’s Cabinet $500-$999

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Dean’s Club $250-$499

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Century Club $100-$249

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The Beta Gamma Sigma Student Leadership Forum

Fall 2006 BGS Student Leadership Forum November 2-5, 2006

Coral Springs, FL

Winter 2007 BGS Student Leadership Forum February 8-11, 2007

Beta Gamma Sigma, Inc. 125 Weldon Parkway Maryland Heights, MO 63043-3101 www.betagammasigma.org bgshonors@betagammasigma.org (314) 432-5650

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