Leadership in Uncertain Times Issue 5 • January 2019
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Leadership in Uncertain Times
LEADING BUSINESS THINKING
What Can We Learn from Trump? Page 8
Boundaryless Careers Page 20
World Top 30 for Sustainability Page 36
TURN OUR TALENT TO YOUR ADVANTAGE TACKLE YOUR BUSINESS CHALLENGES HEAD-ON WITH A STRATEGIC BUSINESS PROJECT Does your business have a challenging issue but not the time or resources to address it?
Then consider a Strategic Business Project with Durham University Business School. Taking place between June and September, our MBA students work across all sectors and functions, applying their skills and knowledge to deliver ideas and recommendations to take your business forward. Just submit your project idea online.
Find out more at: www.durham.ac.uk/business/bp
ISSUE FIVE • January 2019
INTRODUCTION • 03
IMPACT ISSUE FIVE Leadership in Uncertain Times Welcome to the fifth edition of IMPACT magazine, our School’s publication that showcases the impact our research and education has on the world. I am also delighted to say the magazine, which was first published in January 2017, was recently awarded Gold for Best Publication at the CIPR PRide Awards 2018 North East. The theme of this edition is Leadership in Uncertain Times, a topic of clear importance at a time where great uncertainty surrounds the global economic and political climate. Throughout, there are articles that reflect how, in the face of such uncertainty, business schools must provide stability by future-proofing the next generation of leaders who pass through their doors and enrol on their programmes. Such forward-focused business thinking is embedded in the School’s core strategy domains: research, education and student experience. Leadership is a word which can often bring to mind the idea of an individual responsible for leading others through the maze of life. While this is one portrayal, leadership can also very much apply beyond the individual to encompass the actions of a team or organisation as a whole. In this edition, an article by Professor Susanne Braun moves away from the leadercentric perspective to look more closely at the interplay between leadership and followership and explores the impact these two concepts can have on each other. Professor Carol Adams’ article exemplifies this idea, explaining how young people, millennials in particular, are driving change from the bottom up by pushing for businesses to be more socially responsible. It is an indication of the times we live in that many young professionals are not just concerned about their pay packets when deciding upon a career path but are keen to work for companies that are actually addressing the core
social issues that lie close to their hearts. Interlinked with this, Dr Julie Hodges’ article provides eight key actions to encourage stakeholder engagement, which she argues is the key to successful organisational change. As a Business School, we too have a responsibility to practice what we preach and, like the companies our graduates are going on to join, act more sustainably. One of the ways we have demonstrated this as a School this year is our place in the World Top 30 for integrating sustainability knowledge and skills into business education, in the Corporate Knights Better World MBA Ranking 2018. Another key strength of the Business School is found in our industry connections. Since the last edition of IMPACT, the School has implemented the University’s new Professors in Practice initiative, which has been designed to recognise the expertise and experiences of senior professionals across a wide variety of sectors, by enabling them to share their skills directly with students and bring practical insights to the classroom. The School has also welcomed a variety of high profile guest speakers such as Alex Aiken, Executive Director of Government Communications and Professor Ricardo Raineri, former Energy Minister of Chile. The School’s continuing connection to the leaders of today’s business world is not only reflected by the high-level guest speakers our programmes and research centres attract, but also by the number and variety of companies which attend our events. For example, our Placement and Internship Showcase connects our students to potential employers and, for MBA students, a corporate partner for their Strategic Business Projects. The experiences that our students gain from the School’s ever-growing professional network is documented in the Student Experience section of this magazine. As always, I would like to thank everyone who has contributed to this edition of IMPACT magazine. The support from all of those featured, from colleagues to students to alumni and business connections, has been exceptional once again. This demonstrates our tremendous collective commitment to leading business thinking, both nationally and internationally. Professor Susan Hart Dean of Durham University Business School
ISSUE FIVE • January 2019
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CREDITS
THANK YOU
THE IMPACT TEAM
Thank you to all who have worked on this edition, including academics, staff, students, alumni and business connections.
@dubusschool
Key contributors
Michael Nower
Dr Carol Adams Dr Sebastian Aparicio
Kojo N. Oduro
Durham University Business School
Chloë Apostolatos
Professor Tyrone S. Pitsis
Professor Rowland Atkinson
Gabriel Plata
Sue Boyd
Dr Anna Tilba
Professor Susanne Braun
Ken Vong
Louise Crow
Professor John Wilson
Natalie Taylor Communications Officer
Professor Kevin Dowd
Yang Zhang
Martin Thomas Senior Marketing Communications Officer
Professor Yanjun Guan
Charlotte Wareing Marketing Officer
Professor Susan Hart
Stephen Close Web and Digital Officer Deanne Dutton Conversions Relations Co-ordinator Dave Eason Senior Marketing Relations Officer Paula Lane Marketing Officer Liz Lawrence Marketing Communications Manager
Irshad Paurobally
@DUBusSchool Durham University Business School Durham University Business School
Professor Laurence Ferry Dr Mariann Hardey Dr Julie Hodges Emma Hunter Adeseye Lawal-Solarin Professor Mark Learmonth
CONTRIBUTE
Takaki Lievre
Want to find out more or contribute to the next edition?
Professor Geoff Moore
Dr Amir Michael Professor Kevin Morrell Anelise Moraes
Just send us an email: business.marketing@durham.ac.uk
SOCIAL MEDIA
Professor Mike Nicholson Alex McNinch
Durham University and Durham University logo are registered Trade Marks of the University of Durham. Unless otherwise stated, all material in this publication is copyright of the University of Durham. The University makes every effort to ensure that the information contained here is accurate. This publication is intended as a general guide to University of Durham’s facilities and form no part of any contract between you and the University. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form, or by any means, electronic, mechanical, photocopying, recording or otherwise, without the permission of the University. Please note that the University’s website is the most up to date source of information and we strongly recommend that you always visit the website before making any commitments.
CONTENTS • 05
CONTENTS Leadership and Entrepreneurship in a Turbulent World
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The Ever Increasing Value of Online MBAs
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Flattening Influence What can we learn from Donald Trump?
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Five-Year AMBA Re-Accreditation for Durham MBA Programmes
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Three Things We Can All Learn from People Who Don’t Use Smartphones or Social Media
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Director for Government Communications Visits School
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An Interview with Durham-EBS EMBA student Anelise Moraes
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Leading Globally in the Age of Disruption and Disintegration
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From the Boardroom to the Banks of Lake Windermere Building management skills at Brathay
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Dr Who and the Brexiteers
Irshad Paurobally’s MBA Strategic Business Project
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Bad Boss? You May be Making Things Better - or Worse! 16 All Aboard! The key to successful organisational change lies in stakeholder engagement
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Our PhD Community
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Boundaryless Careers Does your career break boundaries?
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Professors in Practice An initiative bringing world-class practitioner expertise into the University
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Alumni Panels Held at the Business School
The Language of Leadership Does it reinforce the advantages enjoyed by the people in charge?
Vice-Chancellor Joins Alumni Event and Awards an Honorary Professorship in China
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AI and Big Data Analytics in the Accounting Profession
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Dr Amir Michael
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An Interview with MSc Marketing Alumna Chloë Apostolatos
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Young and Giving Back How one Durham University Business School alumnus is working to build a positive future for young people in the UK
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‘No Deal’ Brexit How bad is it likely to be? The Contrast to the Great Exhibition of the North
28 Recent Events and Visitors to the Business School
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Power and Accountability in British Business Rebuilding trust and values
30 Creating Global Connections with Students
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Asleep at the Wheel: The UK Equity Release Industry is Sitting on a Big Problem
32
IMPACT Magazine Wins Gold at CIPR PRide
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Ethical Business in a World of Make Believe Gender equality event
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Millennials Want Businesses to Be More Socially Responsible – How can investors help? The Durham MBA: World Top 30 for Sustainability
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Athena Swan
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A Placement Year Can Transform Your Career
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New for 2019: Msc in Business Analytics
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ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Leadership and Entrepreneurship in a Turbulent World Over the last few years we have seen different types of crises around the world.
Dr Sebastian Aparicio
LEADERSHIP LEADERSHIPAND ANDENTREPRENEURSHIP ENTREPRENEURSHIPININA ATURBULENT TURBULENTWORLD WORLD• •07 7
Some of these crises have been associated with financial aspects, mostly in the United States and Europe; some others dealt (and are still dealing) with humanitarian issues based on political violence, taking place in countries such as Syria, Afghanistan, Venezuela, etc.
Unfortunately, thousands of people have been forced to leave their homes and move to other countries to start a new life. This massive exodus has created different reactions from around the world.
On the one hand, there are some countries who have set the foundations to provide support and help for those who are on their way or who have arrived. This is in the case of refugee and asylum policies which have benefited a high number of people through inclusive strategies. But on the other hand, different negative reactions have also taken place in certain parts of the world, where different exclusion policies have emerged. This is the case of, for instance, the United States and the United Kingdom, where certain political parties have led initiatives to some extent to close borders. This would be, for example, the American border wall to stop the entrance of Latin American people in general, and Mexicans in particular, or Brexit, where the United Kingdom has decided to leave the European Union. These examples make us think about the challenges that governments across the globe have in terms of strategic management and public policy. A reflection on what should be the role of civil society in facing these economic and humanitarian issues also emerges. In his books Everything in its Place: Entrepreneurship and the Strategic Management of Cities, Regions, and States and The Entrepreneurial Society, David Audretsch suggests governments and societies should take responsibility for their own economic development by strategically managing their local, regional and national environment. The author also invites the creation of economic transformation through inclusive strategies. Although in some cases it is thought a development process comes only from those governmental initiatives, the reality is that
the behaviour of households and firms is fundamental to overcome these turbulent times. One of these behaviours and policy mechanisms is related to entrepreneurial activity. In particular, it is commonly recognised individuals not only bring benefits to the government when deciding to become entrepreneurs but also to the entire society. It is also recognised that the formal (rules, regulations, etc.) and informal (social norms, values, etc.) environments condition entrepreneurship. To some extent, the institutional environment is also characterised by leadership styles, since some societies as a whole, usually developed countries, lead collaborative projects which benefit entire communities including charity campaigns and traditional celebrations. Some developing countries, quite contrary, tend to work in isolation and are grounded on an individualistic behaviour, creating weak ties between people and communities, which tend to remain disconnected.
Looking at the entrepreneurship level, international projects such as the Global Entrepreneurship Monitor show developing countries predominantly have more entrepreneurs driven by necessity issues than developed countries, which present more entrepreneurs motivated by opportunity recognition and innovation. This information may lead us to think that depending on the type of leadership, among other factors, countries may differ on their level and quality of entrepreneurship.
In this regard, societies characterised by charismatic leadership tend to involve people into a common project, so encouraging entrepreneurs to identify business opportunities to help communities. Based on this reasoning, leadership styles associated with inclusion initiatives should be learned and promoted by universities, particularly business schools, to equip people with the entrepreneurial knowledge and values to solve crises and problems in turbulent times.
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Flattening Influence What can we learn from Donald Trump? What do you do when social media becomes a platform for gloating, hate speech and an environment for the ‘influencer’? The power of social media is an often trumpeted asset of these, our digital times. During his election campaign and beyond, President Trump has been very vocal, often using multiple platforms to accuse, abuse and then to duck and cover from his political opponents and other critics.
Dr Mariann Hardey
To a certain extent, this is the golden age of connectivity and the networked citizen. What, then, can we learn from Trump’s approach to Twitter and the rest of social media? It is hard to register whether Trump feels differently regarding the scrutiny and review of his tweets. Reading his content, one of the things we have learned is Trump is bold, and clearly enjoys being able to hold a visible position on social media.
FLATTENING INFLUENCE, WHAT CAN WE LEARN FROM DONALD TRUMP? • 09
Like other influencers, Trump publishes with hyperactive frequency, moulding his content to the moment.
Though much of Trump’s content invites ridicule, disbelief and parody, which has (so far) successfully lifted him up out of reality television notoriety to the leader of the free world, we can also admire the rate with which he extends his voice (his influence) to his digital profile. The observations about a growing era of ‘influencers’ are grounded in the ways that consumers have long-term experience of the consumption and attention to reputation and trustworthiness. As part of a larger research project, my #richkidsofinstagram study seeks to explore visible signs of elitism such as wealth and social class on social media. Here are fundamental methods to enhance individuality, represent degrees of sociality and influence the digital audience. The interest in the trappings of social media influence is based on three dimensions. First as a means to explore how digital images are a discrete form of self-construction. Second, the broader practices of being influential and elitist. Third as a way to set out the conditions of connectivity along with the expectations of reciprocity. This is familiar to consumer behaviour, as modelled on the intensity of consumer desire and by seeking fulfilment through compulsive consumption. Following Trump’s social media content, his audience cannot take the opportunity to look the bragger in the eye. This aspect accounts for the sway of reactionary posts to Trump where Followers state they are justified in feeling got at, manipulated against or just plain fed up. There’s a lack of explanation to Trump’s method of engagement; gone is the etiquette of truth that can be trusted and hello the truth of one individual as he sees it. One might state that Trump is directly straight talking, but another interpretation is the uncomfortable (at best) realisation this president cares more about being brand Trump. Research analysing social media influencers establishes a significant disconnect between what individuals learn about online and the ability to decode the impact of such content. Trump is a good example. Never before has a president played such a visible role – or put such personal effort into achieving broad influence with his audience. Yet, for all that’s been written about Trump, there’s been little consideration of how, exactly, he is influencing us.
We live in an era increasingly at risk of inaccurate reporting – the fake news, fear and supposed favourable dishonesty. Some of Trump’s Followers may suspect character inflation and corruption, then even an emerging concept of ‘influencer’ (whether academic, commercial or cultural) may allow us to navigate inconsistencies, competencies and a commercially constructed character. In short, the seductive and compulsive nature of the digital landscape easily distracts Followers from important questions about the quality and trustworthiness which networked content produces. Trump has been using Twitter since March 2009, and there has been a gradual, inescapable embedding of self-promotion that has altered not only the presidential candidacy and campaign, but has now gone on to affect interrelated activities of his presidential term. Future impact Influencers are part of materialist consumer interactions. In this regard, there are four critical points the #richkidsofinstagram study has revealed so far: 1. Digital representations of wealth have immediate and long-term consequences, aligning the individual with clear-cut accounts of consumption. This content is then placed within the contexts of being and becoming, aspiration and achievement. 2. The turn in socio-consumer relations allows us to question the bounded-ness and the separated-ness of the ‘consumer’ and the ‘social’. We can now examine the conditions of consumption and view the consumer as a self-exploratory object for long-term analysis. 3. The #richkidsofinstagram contributes to the complexity of sociality and materiality. In this way, selfies challenge the static and physical state of materialism and are a crucial component to understanding the associations, relations and connections of each consumer activity. 4. Finally posts tagged as #richkidsofinstagram are animated by continuous offerings as to what it is to be and not to be perceived as ‘rich’. Due to these activities persisting, such as heightened exposure, we are unwillingly involved with the moral valuation of actions. The intensity with which audiences are acutely aware of sources of entertainment and individuals who hold ‘influence’, suggests the digital world is entering a renewed period of heightened reflection, exposure, openness and negotiation of uneven permeable boundaries. The significance of influencers’ existence has created habitual engagement, with its potential effect all the more important.
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Three Things We Can All Learn from People Who Don’t Use Smartphones or Social Media Dr Mariann Hardey Durham University Business School
Many of us spend hours every day tethered to our devices, pawing at the screen to see if it will deliver a few more likes or emails, monitoring the world and honing our online presence. Social networking platforms such as Whatsapp, Snapchat, Instagram, Facebook and Twitter are supposed to make us feel more connected. Yet our reliance on technology to “see” the social world around us can be a heavy burden. The Pew Research Centre recently reported that about a quarter of US adults say they are “almost constantly” online. Stress, addiction, depression and anxiety seem unsurprising consequences of using social platforms often specifically designed to keep us repeating the same actions over and over again.
Professor Rowland Atkinson University of Sheffield
Even so, many would find the prospect of living offline worrisome, or simply impossible. That’s why we undertook a small study with 50 people who may seem nothing less than social outcasts in today’s screen saturated environment. None of our participants used social media or had a mobile phone, and most even refused to email. We wanted to understand why these people had decided to switch off and how they managed it. But rather than seeking quick fixes for overuse, we explored the principles and values that drove our participants to live the way they do. Much has already been written about how we can switch off – but that won’t achieve much, unless we really feel the benefits. Here’s what our respondents said they’d learned from living their social lives offline.
THREE THINGS WE CAN ALL LEARN FROM PEOPLE WHO DON’T USE SMARTPHONES OR SOCIAL MEDIA • 11
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SPENDING TIME WITH OTHERS
Part of the problem with social networking platforms is that we don’t just use them for communicating – they also promote a particular way of being connected to and supportive of those around us. These interactions are channelled through the platform to create data, which is ultimately fed back to data brokers and marketers. Our participants shared a deep belief in, and attachment to, a different way of socialising that’s focused on expression, touching, talking and being in the same space, physically. For them, this helped to maintain a feeling of human bonding and connection. And while this slower, deeper acknowledgement of others was especially valued by our participants, they also thought it might be valuable to society more broadly. Given the angst-ridden nature of frenetic social networking, we could all benefit from slowing down and taking stock more often. For many people today, the sense of being ‘always-on’ is generating a desire to achieve greater balance and disengage from the things that are causing them stress. For our participants who didn’t use smartphones and social media, time with others was associated with a sense of calm and purpose in life.
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SWITCHING OFF IS NOT MISSING OUT
Our participants questioned what exactly is ‘social’ about social media: what constitutes communication, and what do we get from the way that social stuff is measured on online platforms – whether that’s friendship, support or social contact? Rather than having hundreds of ‘friends’, they would always choose to see people face to face and nurture relationships that would support them through the tough times. Taking the opportunity to switch off may, at first, cause some anxiety, but the trick is to realise that switching off is not the same as missing out. When you first switch off, you may spend more time in your own company. However, from these moments may come a realisation of how exhausting it is to sustain online connections, and indeed how superficial it is to be locked in endless exchanges of trivial information. Those who chose to disconnect are neither sad nor excluded. Freed from the screen, they escaped from the overwhelming flows of information and tasks. Their deep sense of connection with the world, and their loved ones, was clear to see.
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BEING, RATHER THAN DOING
Many of those who switched off enjoyed new-found vitality, because they found time to connect with the world in the here and now. This is crucial to helping us reset and relax, so that we are prepared for more stressful times.
Time spent scrolling through content may feel as though it makes light demands on body and mind, but the visual interference from a bright screen is far from relaxing. You are much less likely to have restful sleep if you share a bed with your smartphone or surf to sleep. As mindfulness is becoming more popular, its core ideas are often co-opted by technology. On Instagram, for example, successful influencers show off their yoga skills and promote spiritual disciplines. Fitness trackers, health data and yoga apps consistently rank among the top apps downloaded by smartphone users. Our disconnected group told us that we should be more critical of our use of apps and start leaving our phone behind. If mindfulness is a state of being focusing on the present – channelling thoughts, feelings and sensations as they flow through us – then what use is a screen? Constant connection paradoxically results in less free time, and periods when we are able to think without interruption give precious refuge from the demands of daily life. These disconnected people did not switch off to be ‘antisocial’. They did so to take charge of when and where they connect with people. They may well be part of a vanguard, leading to new ways of being happier, more rested and, yes, more social. Ten years from now, we might look back at the emergence of social media as a part of humanity’s growing-up – a time that created social divisions, anxiety and restlessness and which damaged the health and well-being of many. Until then, maybe it’s best to put our smartphones down – or at least switch them off a little more often.
LINK This article was published on www.theconversation.com
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Leading Globally in the Age of Disruption and Disintegration
Right now, there are two forces at play contributing to some of the most uncertain and ambiguous conditions at any time in our modern history: disruption and disintegration. I do not wish to imply there have not been uncertain times during many other periods of history, however I do believe the size and growth of the global population, the breadth and reach of globalisation of business and political interests and ideas, as well as the impact of technology on societies and economics is unparalleled. Together these things are creating challenges of a scale, severity and nature so that we need to rethink all aspects of how we do things. However, where there is risk, there are also opportunities. A focus on disruption and disintegration; In its simplest form, disruption implies an idea or innovation which alters or transforms how things are done. This can be by creating entirely new ways of doing things to changing how we do old things. Innovation is talked about as being either disruptive (an autonomous car), or incremental (keyless starter on a car). Of course, this is open to debate on what should or should not be labelled as ‘disruptive’ – even a self-driving car is simply
Professor Tyrone S. Pitsis
LEADING GLOBALLY IN THE AGE OF DISRUPTION AND DISINTEGRATION • 13
just another car on the road that will choke up traffic, require energy, and so on (in some ways it does not disrupt things, but in other ways it does). In many respects, terms such as ‘disruptive’, ‘innovative’ and ‘game-changing’ are more marketing concepts, important signals to both consumers and competitors in the market. If you’re a competitor of a business doing well as a disruptor and innovator, it is highly likely innovation and disruption will be buzzwords both internally and externally for your business.
I believe ‘disruption’ only speaks to one part of the innovation process. I prefer the word transformation. During transformation, important skills, capabilities and competencies are needed to ensure creative and successful outcomes. So many organisations and university courses focus on how we make the disruption, however, what is absolutely critical is how we manage the transformations which come out of the disruption. What should our strategy be, what should it look like? How do we lead and enable transformation to ensure our organisation thrives? What do we need to change? How do we design and use our technology to ensure we capture the benefits of what we learn during the process of disruption and the subsequent transformation? How do we then use that learning to build resources and capabilities to enable us to ensure sustainable advantage? However, the transformation that occurs out of disruption is only part of the puzzle. Earlier I mentioned the word disintegration. The Oxford Dictionary defines disintegration as 1. The process of losing cohesion and strength, and 2. The process of coming to pieces. So many events and situations are both disruptive and disintegrative that have, and will continue to have, profound impact at a global scale. For many people, technology and how it’s applied is disrupting, transforming and disintegrating many of the institutions we take for granted in simultaneously positive and negative ways. Most of these come through technology such as the growing rate of automation and robotics, the impact of artificial intelligence, and the seemingly unstoppable growth of the internet of things (IoT). The IoT has widespread implications and ramifications as it’s about the interconnectivity of people and organisations and the sharing of all forms of data, producing what is often
called ‘big data’. Almost all of this data is driven by two forces – business, and defence and security. Big data is big business, and we have seen how data has been used for commercial gain in various ways. Big data, and the IoT, has major positives, but there are also some very serious negatives which need to be dealt with – security and privacy being one of the most major ones. Globalisation is at the same time a driver and enabler of this technology, which has also been shaped by this technology and innovation. Globalisation is also simultaneously both disruption and disintegration as global firms deal with different cultural practices, norms and traditions, environmental and geographic contexts, whilst also dealing with different governmental systems, laws, rules and regulations. There are those doing the globalising and those being globalised, and there are proponents people for and against it. So, globalisation is also a geo-political process. The global context is changing, and there is significant uncertainty. China has active and ambitious expansionist aspirations, but at the same time we see an anti-globalisation rhetoric within governments in various parts of the world. For example, the current president of the US has well-known, if not mixed views against globalisation. As globalisation continues, and at the same time access to entrepreneurial ideas and initiatives provide threats and opportunities which will also create greater tensions, leaders and staff of global firms must deal with and become adept at managing the uncertainty. Add to this the fact that soon we will also be dealing with larger scale international competition in the conquering of space for resources, and things will get a lot more complex. When we add to all this the frightening prospect of ecological threats and challenges facing the world, then it’s clear to see leading and working in global organisations today is fraught with immense challenges at a scale and of a complexity requiring advanced knowledge, skills and capabilities. The disruptions are here and will continue to come. How ready you are to deal with these challenges and possibilities is up to you. Be a successful global business leader in an age of disruption and disintegration with the Global DBA: Durham-emlyon. Focus on leadership, technology and innovation management, global strategy and entrepreneurship, then apply theory and research into business practice.
LINK Find out more about the Global DBA: Durham-emlyon at www.durham.ac.uk/gdba
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Professor Mike Nicholson
It is January 1972. A UK television audience of around 11 million sits enthralled as a battered London police box materialises on the stormy planet of Peladon, where a motley collection of aliens from across the galaxy are gathered to ratify the planet’s entry into the Galactic Federation. It is a thinlydisguised analogy to the ongoing debates in Britain over the proposed entry into the then Common Market the following year. Doctor Who (then played by the brilliant Jon Pertwee) was uniting with former arch enemies, the Ice Warriors, to foil a plot to scupper the negotiations and secure the best deal for the troubled little planet. Sadly, when the Doctor pays a return visit a mere fifty years later (or just two in TV time), membership
of the Federation has failed to deliver prosperity, increased alien immigration, led to deep divisions in society and prompted a planet-wide miners’ strike with talk of a need to leave the Federation and hold a referendum! Sound painfully familiar? For fifty-five years, give or take a seven-year hiatus, the BBC television series Doctor Who has delighted, amused and scared audiences with its stories of travel through time and space, surviving around thirteen changes of lead actor (depending how you define and count them) and even a gender-change in the character itself, with Jodie Whittaker now the current Doctor. Part of that longevity is down to good storytelling and a series of amazingly talented production teams that can bring alien worlds into our living rooms week after week, often on a shoestring – the budget for the very first episode was a mere £1000. Like all long-established cultural institutions however, the programme has drawn inspiration from current events, adding a depth to the storylines that arguably just isn’t present in slicker US shows with larger budgets and longer
DR WHO AND THE BREXITEERS • 15
lead-in times. The events on Peladon were writer Brian Hayles’ attempts to add social comment to what turned out to be a good old-fashioned ghost story, the scripts working on multiple levels to delight audiences young and old. The programme’s debut was itself caught up in major global events. The very first episode was broadcast a mere 24 hours after the assassination of President John F. Kennedy, prompting an unscheduled repeat the following week for the benefit of a still-shocked audience who couldn’t take it all in. During the very first year, Doctor Who gave us the introduction of the Daleks in a story that echoed the rise of racism and a ‘dislike for the unlike’; it drew on problematic world trade negotiations to tell the story of Marco Polo, and it even had time to recreate still-painful memories of the Blitz in a Dalek assault on London perfectly timed to coincide with the twentieth anniversary of the end of World War Two. The trend continued throughout the programme’s original run, overtly predicting everything from the UK’s first female prime minister and the declining influence of the UN, through to inclusion of more subtle references to the dangers of corporate power (in The Green Death), gang crime and drug use in the East End (Talons of Weng-Chiang), and a nod to the public concerns over the spread of plastics in a tale of ‘killer shop-window dummies’ (Terror of the Autons) that left me, for one, afraid to walk past Burtons’ window for a long time to come! And my personal favourite? Stalwart writer Robert Holmes’ acidic attack on the hyper-inflation of the late 1970s with a vision of a world ran by a single company and where poorly paid workers must either pay extortionate taxes or face execution-by-public steaming in Corridor P45 (The Sun Makers).
It is this ability to resonate with different sectors of the audience that continues to be the secret of Doctor Who’s success. To the child, that is simply a parcel from Amazon with some rather sinister bubble wrap; to the parent, it is a view of a dystopian future where an out-of-control online retailer has to be forced by the government to employ a quota of ‘organic resources’ to provide menial support to the robot workforce.
And then there’s the amazing Jodie Whittaker, of course, second only to Tom Baker in my view as the greatest Doctor of them all. With boundless energy, humour and a wicked Yorkshire accent, she has made the part her own. In less than ten minutes, most of the audience had forgotten the character was ever male – testament to wonderful writing but also a very bold move that reflects changes in society as a whole. When the idea of a woman in the role was first mooted back in the mid-1980s – when Peter Davison quit the role – this led to public outcry and the worst type of tabloid journalism. Today? A few misogynistic grumblings on Twitter for a while, but by and large the gender-swap proved no big deal and the audience took it in its stride. We don’t miss the Doctor being male at all and, as she herself said when facing trial as a witch, the only thing the Doctor missed was not being patronised “when I was a bloke”. Perhaps times haven’t changed as much as we might have liked!
None of this is new, and that’s the whole point really. TV shows come and go, we are a very disposable society, but Doctor Who and other small-screen gems continue relentlessly because – like the B movies of the 1950s – their writers and producers reflect current ordinary concerns in the most extraordinary of stories. That creates unique connections with audiences that lesser shows simply cannot emulate. Connections that make the unreal real. There is no reason why that should not continue for many years to come. So what of the future? Well, we are long overdue a return trip to Peladon to see how its ‘Brexit’ may pan out and, when all is said and done, Doctor Who in the David Tennant era also predicted the short-lived career of Britain’s second female prime minister! And in the past few weeks, we’ve now met a mad billionaire hotel owner hell-bent on becoming President of the United States, a character ripe of his own ‘second term’. The possibilities are endless. As the Doctor herself might say, “This is going to be fun!”
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Bad Boss? You May be Making Things Better or Worse!
Professor Susanne Braun
Bad leaders are not solely to blame for bad outcomes – their followers can make it worse. On the flipside, followers and leaders can buffer undesirable effects on organisational functioning. Disagreeable, dishonest and careless bosses can mean bad outcomes for organisations and work groups. However, new research highlights that the employees they work with also play a major role in this. Employee anxiety, self-esteem and how leadership behaviour is perceived can all affect the leader’s influence on outcomes – and both followers and leaders can buffer against the effects of certain undesirable traits. Published in Frontiers in Psychology as a special article collection on the ‘dark side’ of leadership, the research can help organisations identify potentially problematic leaders or followers to reduce their negative effects. “Surprisingly, not only leaders’ but also followers’ dark-sides have emerged as hindering factors for organisational functioning. We are moving away from the somewhat unidimensional view that leaders are omnipotent and solely to blame for negative outcomes in organisations,” says Professor Susanne Braun of Durham University, UK, who co-edited the research collection together with Professor Ronit Kark, based at Bar-Ilan University, Israel, and Professor Barbara Wisse, based at the University of Groningen, Netherlands, and Durham University, UK.
BAD BOSS? YOU MAY BE MAKING THINGS BETTER - OR WORSE! • 17
Leadership and followership are crucial aspects of organisational functioning and can affect our society at all levels. Studies integrating leader personality traits and styles, follower personality traits and behaviours as well as their contexts are rare -- and most studies focus on good traits rather than ‘dark’ leadership or followership.
the organisation in comparison to those experiencing embezzlement and exploitative leader behaviour. Another revealed that strict tyrannical leadership can lead to employee work-family conflict, which in turn is related to employees’ emotional exhaustion. Furthermore, this can be made worse if the employee suffers from anxiety.
“In the wake of various scandals involving misbehaviour of leaders and rank-and-file employees, more attention has been given to the dark aspects of leadership,” explains Wisse. “There is a growing awareness that the positive side of leadership and followership should be complemented by a focus on the darker side. There are also plenty of ‘grey areas’ in-between, where further insights are needed.”
The findings from this research collection will be useful to advise businesses and practitioners on what drives leaders and followers towards dark-side behaviours – as well as point them to potential remedies to the problem.
The research highlights ‘Three Nightmare Traits’ at the core of dark leadership: dishonesty, disagreeableness and carelessness. When coupled with a leader who is highly extroverted and low in emotionality, serious negative consequences for employees and organisations can occur, including absenteeism, turnover, stress and poor performance. How the traits of leaders and followers interact to mediate these bad outcomes, an overlooked aspect in the past, is the focus of other studies. Using a range of techniques, from experimental evidence to real-life observations, this research reveals that certain characteristics combine to produce different outcomes. For example, followers with high Machiavellianism use all possible means to achieve desired ends, such as hiding knowledge or using emotional manipulation. However, this negative behaviour can be effectively reduced by ethical leadership – leaders demonstrating appropriate conduct through actions and interpersonal relationships.
“Another study positioned followers as ‘buffers to negative leadership,’ says Wisse. “It found that when followers had higher self-esteem, leaders with psychopathic traits behaved less self-servingly.” Employee self-esteem is also linked to how a leader’s behaviour is perceived and the subsequent consequences. Narcissistic leaders were rated as more abusive by followers with low self-esteem and in turn, this was related to lower employee performance and the experience of burnout symptoms. The nuanced impact of destructive leadership was also assessed. One study found, for example, that employees who feel abused by leaders have a higher urgency to leave
“A good start could be a positive organisational culture that buffers against negative leadership. Perceived accountability, organisational transparency, and values such as trust, respect and support can offset some of the negative effects a few individuals may have on the overall organisation,” explains Kark. Another approach could be to identify individuals with dark-side traits and prevent them from entering an organisation. For example, the Three Nightmare Traits can be aligned with specific personality profiles. This can allow organisations to put specific actions in place to highlight problematic leaders and employees at various stages of their career. “Diligence is required in early hiring and selection stages, when candidates with dark-side traits may seek to take control of the process,” she adds. “Structured interviews, work samples, and focus on actions and feelings can help to spot inconsistencies. Checking the facts through information from previous employers is a must.” The dark-sides of leadership and followership will always be a natural part of an organisational reality that many employees face day in and day out. It is hoped this collection of research will encourage an integrative view of leadership and followership, leading to better outcomes for organisations and employees alike.
LINK View the Editorial of the Research Topic, from which this has been taken, on the Frontiers in Psychology website.
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
All Aboard!
The key to successful organisational change lies in stakeholder engagement
Dr Julie Hodges
Organisations across the globe are operating in a changing landscape. As the rate of change gets faster, the disruption caused is dramatically reshaping how they function, putting increased pressure on business leaders to ensure their businesses and people can be just as flexible.
Although leaders envision and drive change, its success is highly dependent on the advocacy of stakeholders: staff, investors, partners and even consumers. It is the link between strategic decision-making and effective execution, between individual motivation and product innovation, and between delighted customers and growing revenues. Engaging stakeholders with organisational change is therefore a ‘must-do’ rather than a ‘nice-to-do’ activity.
There are countless benefits to be gained when people spread across functional and business unit boundaries collaborate. Bringing a wider range of perspectives can only boost idea generation and the development of new practices. Research shows that highly engaged employees also tend to be more supportive of organisational change initiatives and are more resilient in the face of change (for example, Holbeche & Matthews, 2012; Hodges, 2016). Organisational change should, therefore, be constructed or negotiated with rather than to stakeholders, whenever feasible. But how can managers instil a culture of high engagement and encourage stakeholders to actively engage in change within organisations? In my latest book Employee Engagement for Organisational Change: The Theory and Practice of Stakeholder Engagement, I have identified eight key actions that will enable success:
ALL ABOARD! • 19
1. Identify levels of involvement It is important for managers to first consider whether it is appropriate to seek the input of all stakeholders for the decision or development at hand. 2. Review how to engage people in change It is important to influence, motivate and inspire stakeholders to want to do what needs to be done and devote discretionary effort to it willingly, even eagerly. Doing this requires managers to have some familiarity with their staff and stakeholders’ interests; to what extent do you know what motivates and inspires each of your team members, both collectively and individually, in their everyday work and in times of uncertainty and change? 3. Co-create change The co-creation of organisational change can be developed by setting up working groups with representatives from different departments and grades – for instance, a change group with a specific role such as pulling together communications. However, these must be genuine attempts, not just tick exercises, to ensure the views of the organisation are represented and that staff ideas and concerns are truly heard. 4. Be clear on negotiables and non-negotiables There is a need to be very clear with stakeholders from the outset about what is within their power to shape with organisational change, what is not up for negotiation and, most importantly, why. This will not only help keep idea generation on the right track but also help with managing expectations, understanding and acceptance of the decisions which need to be made without their input. 5. Use various communication channels Employees should be given the space and support they need to speak up and share their views, ideas and concerns. Managers should review how they engage people through various forms of communication such as staff meetings and drop-in sessions (not just emails) to give people the space to ask questions and get answers directly. 6. Demonstrate that you listen to stakeholders’ views Managers should take the necessary time to listen to stakeholders and provide relevant feedback. For example, “You said..., we did...” If it is not possible to take action based on their views and ideas, then managers must explain this giving a reason why so that stakeholders do not feel overlooked or ignored. 7. Identify relevant behaviours Managers need to identify behaviour that indicates a lack of engagement or opposition to the change, discuss these behaviours with the individuals concerned and address
the issues which may be concerning them. These could be core concerns such as job security, financial impact, work relationships, levels of responsibility and learning and development needs, which people are reluctant to identify in group discussions and managers would be ill-advised to ignore. 8. Review how you respond to personal concerns and reactions Managers should not just assume that others will view the need for change in the same way they do as employees at different levels of an organisation and with different experiences will have different perspectives and ideas about what needs to change. Some may even highlight issues unknown to senior-level staff. Stakeholders must be provided with opportunities to share their views in organisational-wide conversations throughout the change process. Not only do many of these steps require a significant review of company policies and procedures to be successfully embedded within an organisation’s culture, they also require a significant amount of rethinking by managers on their communications styles, perspectives and even their leadership skills. Many leaders struggle when it comes to managing change, especially if it affects people. Retraining, though daunting, is just as vital for those leading the change as the ones expected to follow it. To this end we have launched a number of free and easily accessible online learning programmes aimed at supporting managers through the transition. Our MOOC in Leading and Managing People-Centred Change shows managers first how to cope with rapidly emerging new technologies and trends that are transforming the workplace, before considering how they can engage and involve others in the change process. The course also considers how managers can drive change ethically and what to do if a change initiative starts to fail. Change does not need to be overwhelming if it effectively engages key stakeholders.
DR JULIE HODGES Dr Julie Hodges, Associate Professor & Associate Dean for MBA Programmes, is a leading expert on organisational change and the author of several books including: Sustaining Change in Organisations, Managing and Leading People Through Organisational Change, Consultancy, Organisational Development and Change. Her latest book is Employee Engagement for Organisational Change (published in 2018 by Routledge).
ISSUE FIVE • January 2019
/ Leadership in Uncertain Times
Boundaryless Careers Does your career break boundaries?
The boundaryless career characterises modern employment and professional development. In today’s increasingly globalised economy, rapid technological advancements have prompted significant organisational restructures which, in turn, have resulted in a more fluid approach to working life and career progression. Whereas, previous generations entered the workforce with a set path in mind and a clear route up the ladder, such patterns are no longer essential to effective career management. In fact, staying in one role and one sector may put a professional at a disadvantage in some cases. As their industries evolve around them, a disinclination to change gear, build new skills or explore new avenues could lead to a professional’s skillset stagnating and their ideas and priorities being at odds with those who have been proactive in responding to the shifting landscape. Today’s industries require a more flexible approach, putting pressure on employees to constantly reset their goals, expectations and skill levels as they adapt to keep pace with competitors. So, what is the Boundaryless Career?
The term refers to the concept of pursuing a variety of job roles and opportunities that extend beyond one singular function over the course of a working life.
Professor Yanjun Guan
Previous research has identified the boundaryless career as the crossing of a number of traditional boundaries: organisational (changing employer), relational (changing your network or industry), hierarchical (changing your rank), work-life (changing your activities and schedules) and psychological (changing your perspectives). Each one of these is absolutely correct and yet on their own do not fully embrace what a boundaryless career really means. As our geographies and industries continue to become more interconnected, as technologies forge stronger links between and improve the capabilities of workers, companies are forced to operate in new ways. And as the general length of a professional’s working life gets longer, a boundaryless career is defined as the ways in which professionals and organisations adapt beyond the traditional confines of industry in order to remain successful, whether taking on a new role, switching industry location, working from home or challenging their ideas of what success looks like.
BOUNDARYLESS CAREERS • 21
What are the benefits? Several published review papers have tapped into the potential gains associated with boundaryless careers, noting that organisations which can adapt to change often improve their talent retention levels, become more innovative and, as a result, more profitable. But the transition is by no means easy.
Business leaders must become open to new ideas, support employees who wish to test their capabilities in new areas and encourage others who may be reluctant to upskill or retrain.
For individuals, career transitions often involve a significant shift in their professional identities which can leave them vulnerable. Change role too swiftly, or without taking the time to build the necessary competencies, and they may find themselves starting from scratch or at a disadvantage to more well-seasoned colleagues. It also often requires admitting gaps in their knowledge and a need to re-train and upskill – not always something they may wish to disclose to an employer or, in a manager’s case, their staff.
The boundaryless mindset was also found to be positively linked to employee promotion and unemployed people’s re-entry to the workforce as individuals became more open to trying new things and following new paths. Furthermore, a number of studies made a positive connection between career boundarylessness and career satisfaction, reporting decreased levels of professional burnout and better talent retention, particularly in circumstances where professionals had made a change voluntarily.
For organisations, change must be implemented gradually and with plenty of guidance and engagement from all stakeholders, or else risk alienating customers, workers and even investors. The changes of job duties, social relations, work environments and family life that accompany career transitions can also cause a great deal of stress for workers and company owners alike.
However, in regards to wellbeing, the literature we reviewed held some valid concerns. One paper found that upward job mobility linked to increased levels of strain within professionals and an increase in the level that work interfered with a professional’s home life.
How to succeed Together with colleagues from Sawyer Business School at Suffolk University in Boston and the VU School of Management at Vrije Universiteit in Amsterdam, we conducted a study which reviewed a wide range of peerreviewed literature on the relationship between ‘Career Boundarylessness’ and success, published between 1994 and 2018. As well as acknowledging the varied ways in which previous researchers and professionals have viewed what the concept of the boundaryless career actually is, we found that boundaryless careers can have both positive and negative effects on individuals’ career success. Crucially, success depends on a number of external factors – not least whether or not individuals had voluntarily or involuntarily transitioned into a more boundaryless way of working. In general, career boundarylessness was positively associated with increase in pay at an executive level in comparison to traditional career models. However, for lower-skilled or lesser educated employees, boundaryless careers held a higher possibility of negative consequences. Achieving success requires a flexible, exploratory and adaptable mindset – both for the individual and for their employers.
Overall, our review suggests that to better understand the complicated relationship between career boundarylessness and career success it is necessary for researchers, organisations and professionals to develop a more systematic framework to organise and understand the different components of boundaryless careers and their potential impact. Indeed the opportunities and gains on offer can sometimes seem to be outweighed by the costs and risks involved. However, when approached and implemented correctly, boundaryless careers can stand to bring a great deal of success.
LINK Professor Yanjun Guan’s full paper, Career Boundarylessness and Career Success: A Review, Integration and Guide to Future Research, was published in the Journal of Vocational Behaviour in 2018. Further information can be found in his article: https://doi.org/10.1016/j.jvb.2018.05.013
ISSUE FIVE • January 2019
/ Research & Impact
The Language of Leadership Does it reinforce the advantages enjoyed by the people in charge?
Professor Mark Learmonth
Professor Kevin Morrell
THE LANGUAGE OF LEADERSHIP • 23
Around the late 1970s, something momentous started to happen across the Western world. Ever since, we have witnessed the seemingly inescapable triumph of the people who run business, over rivals such as the unions and the regulatory state. Their triumph has endured, even after a financial meltdown in the first decade of the twenty-first century; today it continues to affect all our lives profoundly. In parallel, since the early 1980s, the economic policies pursued in the West have made many of us poorer than we otherwise would have been. ‘Austerity’ and the precarious forms of work many are left with today are merely the latest manifestations of these policies. The organisation of public services has also changed radically – having become saturated in the logic of the market.
However, in spite of being run by people who are now called ‘leaders’, many public services are failing the needs of ordinary people. At the same time as making most people poorer than they would have otherwise been, the very same policies have made the people at the apex of the business world (those who are now so often known as ‘leaders’) extraordinarily richer than they otherwise would have been. The recent popularisation of the term ‘leader’ as a synonym for people we generally used to refer to as ‘bosses’ or ‘managers’ is both a symptom of the triumph of business interests as well as a factor that makes contesting these changes even harder. In parallel with relatively easily-measurable economic changes, there have also been rather more subtle changes. One of these has been a gradual drift in the language we use to talk about work and our working lives. Unsurprisingly, this drift in language has gone in the same direction as the economic policies – it too has reinforced the advantages enjoyed by the people in charge. No one has been consciously orchestrating these changes. What has happened instead is that the sorts of words which make the work of top people sound glamorous and appealing have, over time, gradually come to be favoured by people who can influence opinion: politicians, the
media, celebrities; even certain academics have played a role in the process. In turn, these glamorous-sounding terms have found a fertile cultural soil in which to take root and grow. What this has meant is that by today many of us now tend to use these positive terms routinely, barely reflecting upon them or even noticing the nature – or the effects – of the language we use.
In today’s culture, the term ‘leadership’ appeals to widely celebrated societal values and norms that go back to Classical times. As a result, it is difficult to use the term without at the same time assuming its essentially positive, intrinsically affirmative nature. For this reason, we believe that routinely referring to bosses as ‘leaders’ has become both a symptom as well as a cause of a deep and largely unexamined conceptual architecture. In a nutshell, capitalism, and its turbo-charged offspring neo-liberalism, have effectively captured the terms ‘leader’ and ‘leadership’ to serve the purposes of the bosses. At first glance though, whether we call bosses ‘leaders’ – or anything else – might seem a relatively trivial matter. But because they are now used so routinely, the terms ‘leader’ and ‘leadership’ are becoming foundational in our thinking. Indeed, these terms perhaps feature in our everyday talk about work before we do any thinking. The language of leadership is made up of ready-made phrases that have invaded everyday talk, and as part of their invasion they prepackage the world of work. They frame some fundamental, taken-for-granted beliefs about power and organisational life. The language of leadership perpetuates fictions which are useful for bosses of work organisations, and it doing so breeds discomfort.
AGAINST LEADERSHIP: Language of Corporate Power, a book by Professor Mark Learmonth and Professor Kevin Morrell (to be published in early 2019), starts to unravel the fiction and make it easier for people who share similar discomforts about leadership to know they are not alone. It will also enable people to articulate their own objections and to better discover their own modes of resistance. These can be counter projects not just to the language of leadership but more generally to corporate power.
ISSUE FIVE • January 2019
/ Research & Impact
AI and Big Data Analytics in the Accounting Profession
The dramatic events taking place in the 21st century – since the Enron scandal in 2001, through the financial crisis in 2008 and the recent accounting and audit scandals have put an increasing level of pressure on businesses to rebuild the public’s trust in their practices.
As a result, managers and leaders are not only required to be highly skilled and talented as an essential prerequisite, but also to actively contribute to improving the public perception of their organisations and industries, through their daily practices, throughout their professional lives. One of the means of improving the skills, perceptions and understandings of managers is further education. Therefore, it also becomes the responsibility of business schools, the training houses and incubators of current and future business leaders, to acknowledge the need for their students to gain a contemporary set of skills to face the many varied and evolving challenges they are required to face day-to-day.
Dr Amir Michael
AI AND BIG DATA ANALYTICS IN THE ACCOUNTING PROFESSION • 25
One of the biggest challenges facing modern business is managing the explosion of data that new technologies have made available to the world. The main reasons why businesses struggle, and often fail, is their inability to be flexible enough or have the right skills to deal with big data – featuring large volume, high velocity, huge variety and questionable veracity. Integrity was the main element for businesses collapsing. Consequently, producing credible information with appropriate levels of integrity requires acquiring analytical skills to handle and make sense of big data, such as: visualisation, data transformation, data mining, data modelling, database analysis, tool selection and quantitative analytical skills.
Big data is characterized by its colossal volume captured from different sources, variety of nature whether structured or unstructured, velocity in terms of data dynamic and change over time, veracity regarding the quality of data and usefulness for different purposes (Hashem et al, 2015).
This what we refer to as the Big Data Five Vs. Given the massive levels of corporate investment in big data, $34 billion in 2013 increasing to $232 billion in 2016, the Big Four accounting firms have certainly recognised the importance big data plays in improving the quality of assurance services they provide to their clients (Alles and Gray, 2016). In the audit context, incorporating big data in assurance services means moving beyond customary financial accounting information, represented by the traditional structured financial statements regulated by the accounting standards and audited in compliance with the statuary audit standards and regulations, towards big unstructured non-financial data and a variety of narratives. Consequently, traditional data analytic techniques need to be rapidly upgraded from using simple Excel spreadsheets to analyse samples of accounting data to more advanced analytical tools which enable professionals to visualize big unstructured data sets and analyse the predictions built on them (Alles and Gray, 2016). The Financial Reporting Council (FRC) in 2017 and the International Auditing and Assurance Standards Board (IAASB) in 2016 called for a review to the use of Audit Data Analytics (ADA) by auditors to share good practices and encourage continuous improvement of audit quality. IAASB recommended that auditors need to capture better evidence to acquire a broader and deeper understanding of the entity’s environment, risk and business operations.
This was followed by an IAASB report in 2018 which showed how the different types of data analytics; descriptive, diagnostic, predictive and prescriptive analytics can help to gain a clearer understanding of the different business insights. It is believed that auditors need to learn these tools, using unregulated disclosures, to have better understanding of a business’ sustainability and future prospects. These tools are now based on artificial intelligence platforms, providing critical thinking, diagnostic analysis and advanced visualizations, and showing a dynamic analysis of the business’ operations beyond structured data disclosures. The reported growth supports the notion that “data is the new oil” (Al-Htaybat and Alberti-Alhtaybat, 2017), especially environmental, social, and sustainable reporting, which is driven by a realization that growing levels of disclosure are being undermined by a credibility gap, arising from the lack of confidence in both the data and the reporting organisations (Doane, 2000 & Swift and Dando, 2002). The release of financial disclosures via social media, such as Twitter, can help to reduce the information asymmetry (Al-Htaybat and Alberti-Alhtaybat, 2017). Dealing with artificial intelligence tools requires critical thinking, which is about asking good questions related to unstructured unfamiliar problems and searching for the right answers to resolve the problem. The ability to answer good questions requires full engagement with big data, whether structured or unstructured and captured from a variety of sources in different formats. In order to gain this knowledge, the critical thinking process needs to include other advanced skills such as: business analytics, measurement, representations, information systems and quantitative research tools. However, dealing with big data is not an easy task. There are some common obstacles professionals will face including: data integrity, data identification, data aggregation and data confidentiality. References: Al-, K., Htaybat, & Larissa. (2017). Accounting, Auditing and Accountability Journal Big Data and Corporate Reporting: Impacts and Paradoxes. Accounting, Auditing & Accountability Journal Accountability Journal Accountability Journal, 30(30). Alles, M. and Gray, G.L. (2016) ‘Incorporating big data in audits: Identifying inhibitors and a research agenda to address those inhibitors’, International Journal of Accounting Information Systems, 22: pp. 44-59. Doane, D. (2000), Corporate Spin: The Troubled Teenage Years of Social Reporting. New Economics Foundation London. Hashem, I.A.T, Yaqoob, I, Anuar, N.B, Mokhtar, S, Gani, A. and Khan, S.U. (2015) ‘The rise of ‘’big data’’ on cloud computing: Review and open research issues’, Information Systems, 47: pp. 98-115. Swift, T. and Dando, N. (2002) ‘From methods to ideologies: Closing the assurance expectations gap in social and ethical accounting auditing and reporting’, Journal of Corporate Citizenship, 8: pp. 81-90.
ISSUE FIVE • January 2019
/ Research & Impact
Dr Amir Michael Programme Director for the Full-time MBA Dr Amir Michael is an Associate Professor in Accounting at Durham University Business School. He was awarded his PhD by Durham University in 2008, received his MBA from the Arab Academy for Science & Technology in Egypt and gained a B.Com in Accounting and Finance from Alexandria University in Egypt. His research and teaching interests focus on auditing data analytics, accounting education and accounting information systems and reporting. Dr Michael has been instrumental in the development and leadership of the BSc in Accounting (KPMG/ICAEW) School Leavers Programme. This innovative programme has been mentioned in the House of Commons, cited in the Government’s education White Paper as an example of good practice in higher education and the highly influential Wilson Review of Business–University Collaboration report to Government. Currently, Dr Michael also leads Durham University Business School’s flagship Full Time MBA programme (ranked in the world’s top 100) and leads the accounting and finance provision across the entire suite of MBA programmes in the Business School. He has successfully supervised many national and international research projects at Doctorate, Masters and Undergraduate level. Dr Michael’s teaching philosophy reflects his interests in collaborative authorship, preferring student-centred teaching that encourages learning by both students and teachers rather than traditional models. He has been the recipient of the Faculty of Social Sciences and Health’s outstanding learning and contribution award and the Dean’s Award for teaching excellence. Outside of Durham University, Dr Michael is a member of the Chartered Association of Business Schools (CABS) degree apprenticeship working group, and an undergraduate and postgraduate external examiner for a variety of programmes across different UK higher education institutions.
‘NO DEAL’ BREXIT. HOW BAD IS IT LIKELY TO BE? • 27
Michael Nower PhD Candidate
In the event of a ‘No Deal’ Brexit, the impact on the UK economy in the short run is likely to be extremely large. The research undertaken at Durham University Business School shows that over the first year after the ‘No Deal’ Brexit, UK GDP is expected to fall by over 10% relative to its pre-Brexit level. For comparison, the fall in UK GDP during the Great Recession was approximately 4.2%. This large decrease in UK GDP is driven by the disruption to both UK trade with the EU and UK trade with the non-EU countries with which the EU has existing Free Trade Agreements (FTAs).
In the long run, the impact of ‘No Deal’ is much more uncertain, as by leaving the European Union Customs Union and the European Single Market, the UK does regain the ability to sign its own FTAs. If, after the ‘No Deal’ Brexit the UK is able to secure a comprehensive FTA with the EU, and at the same time is able to negotiate tailored FTAs with non-EU countries, it is possible for long run UK GDP to be higher than if the UK remained in the EU. However, these FTAs would not dampen the substantial short-run impact of a ‘No Deal’ Brexit.
As UK trade is disrupted, there will be a significant decrease in UK productivity and real wages, as exporting firms will cut their employment and workers are forced to move into less productive jobs. However, it is possible for the UK government to reduce at least some of the short-run impact of a ‘No Deal’ Brexit through temporary unilateral recognition of EU product standards and a temporary unilateral reduction in import tariffs to zero, but these policies would not completely eliminate the short run hit to UK GDP. It is clear therefore, that although in the short run a ‘No Deal’ Brexit is likely to cause a significant reduction in UK GDP, the long-run picture is less certain. The long-run impact is entirely dependent on the future shape of the UK’s trading relationship with both the EU and, more importantly with non-EU countries, given the projected shift of global GDP away from the EU and US and towards quickly developing countries such as China and India.
Michael Nower is a 3rd year PhD Candidate in economics at Durham University Business School. His thesis is titled Three Essays on International Trade and Productivity.
ISSUE FIVE • January 2019
/ Research & Impact
The Contrast to the Great Exhibition of the North
Professor Laurence Ferry
The Great Exhibition of the North took place across Newcastle–Gateshead, around 20 miles from Durham, attracting millions of people to the region from June to September 2018, celebrating art, design and innovation to promote economic growth.
In contrast to this, through an ‘alternative’ great exhibition, artists highlighted marginalised groups who were affected by austerity cuts. This was influenced by the research of Professor Laurence Ferry at Durham University Business School, who said: “The key message to be conveyed was that transparency does not always lead to accountability for public services as this can become opaque.”
The work was produced by artist Toby Lloyd as part of a project named Those Northern Lights, So Pretty, which was instigated by Ben Jones of Community Interest Company Dingy Butterflies for Gateshead Council’s outreach programme during the Great Exhibition of the North. There were artists in residence in Saltwell Park, Gateshead and Newcastle University’s Fine Arts department were also involved. Professor Ferry explained: “The artists captured views from marginalised groups and used this discourse to question what public services are, why they are provided, how they are delivered, who should do this, when it should be done and where it should happen.”
This approach was based on the Rudyard Kipling poem I Keep Six Honest ServingMen, and six artwork posters were created. The series challenges us to think: ‘Do the services we consider as ‘public’ still function as they used to and how much influence do we have as ‘the public’ in how they are run?’ Through a colour blind analogy, the posters show the public services becoming more opaque and the voices of the marginalised groups questioning each of the themes. Over the six posters, the dots become larger gradually distorting the text until it becomes almost unreadable, echoing the Ishihara test for colour blindness, which contrasts with fading voices of community groups who participated in the project.
A Saltwell Park Volunteer said: “The artist residences in the park and subsequent exhibition were a great way to get the community involved in understanding the important role played by public services and highlighting the impact of austerity cuts. Such messages need to add to the discourse to reverse this policy that is now undermining communities.”
THE CONTRAST TO THE GREAT EXHIBITION OF THE NORTH • 29
The project is an example of art as social practice and is in the process of inspiring social movement, rather than in the final product. An exhibition of the work was held at Shipley Art Gallery in Gateshead from 15 September to 27 October 2018.
Professor Ferry said: “I would like to thank the participants who took part in the project and responded to the questions. These include members of Gateshead Clubhouse; The Comfrey Project, Gateshead Youth Assembly, Gateshead residents and the Friends of Saltwell Park. Professor Richard Slack has also been involved in archiving the work with me to maximise the impact of the research.” Professor Laurence Ferry’s related research can be explored in previous IMPACT articles, including the jazz musical based on the research of Professor Ferry and Professor Ileana Steccolini of Newcastle University here and Professor Ferry’s journey into becoming a Parliamentary Fellow. Digital versions of IMPACT are available on the School website.
ISSUE FIVE • January 2019
/ Research & Impact
Power and Accountability in British Business Rebuilding trust and values
Professor John Wilson Pro-Vice Chancellor of Northumbria University, Faculty of Business and Law
Dr Anna Tilba Associate Professor in Strategy and Governance, Durham University Business School
POWER AND ACCOUNTABILITY IN BRITISH BUSINESS • 31
Business is a profoundly important institution in our lives that provides an enormous contribution to economic prosperity and the growth of nations around the world. Although corporations’ foundations are embedded in delivering public purposes alongside commercial functions, over the past fifty years there has been a drastic intensification of the profit-generating motive at the expense of non-financial, social factors. Milton Friedman’s framework for business in which the social responsibility of business focused on increasing profits so long as the business stays within the rules of the game, established a conventional approach to doing business which focused on generating revenue and profits at the expense of the environment and other social purposes. As a direct consequence of adopting these excessively commercial values, amoral management attitudes created bad management practices which led directly to the financial crisis of 2008 and persistent corporate scandals such as Enron, Parmalat, News of the World, American International Group, JP Morgan, General Motors and Carillion which have contributed significantly to the overall deterioration of trust and public cynicism in the abilities of corporate executives and senior managers to lead organisations effectively. The impact of recurring corporate collapses, especially the loss of pensions savings of employees, has raised questions about the social legitimacy of corporations, prompting further reconsideration of what constitutes good (even, best) corporate governance practices in the UK and around the world (Tilba, 2016).
Results from recent surveys suggest that society’s trust in business, government and some public institutions (e.g. media, political systems) are at a historic low (Pew Research Centre, 2013; Gallup, 2014). According to the Edelman Trust Barometer, only a third of the informed public in large Western democracies trust business and government, respectively (Edelman, 2012; Beckmann, et al. 2015).
This erosion of trust has had a profound influence on the performance of business. The trustworthiness of an organisation is dependent upon cultural norms that promote high levels of integrity, clearly articulated values and a culture of honesty within organisations. In our developmental paper, we raise important questions about how trust in the management and governance of corporations can be restored now that it has been lost. This question is particularly significant in the context of Corporate Governance Code reforms and the ongoing work by the British Academy on the ‘Future of the Corporation’. In particular, we argue that there is a need to reconceptualise the notion of business in terms of its economic and financial contributions, as well as investigating its social purpose and corporate values.
The purpose of something is why it is created, why it exists and what it aspires to become. We believe that the purpose of business is not simply to produce profit, but to produce profitable solutions to society’s challenges.
To achieve this, we need to ensure that corporations are trustworthy in upholding their commitments to those purposes. Crucially, trustworthiness depends on the values and the culture adopted by organisations, highlighting the vital importance of honesty, integrity and commitment to those common purposes. This is the basis on which we could see a re-conceptualization of the corporation in the 21st century, starting with a radical review of ownership and leading to fundamental revisions of corporate governance codes that currently lack any real edge. The key to success is persuading businesses to adopt a range of values that positively influence organisational and personal behaviour, resulting in improved commercial and social performance and the restoration of trust in business. Achieving this would result in the realignment of corporate purposes with public purposes, focusing especially on companies with significant market power, such as network utilities, banks and other financial companies, and significantly influencing the future of the business corporation as society struggles to meet the challenges of the 21st century.
ISSUE FIVE • January 2019
/ Research & Impact
Asleep at the Wheel: The UK Equity Release Industry is Sitting on a Big Problem
Professor Kevin Dowd
ASLEEP AT THE WHEEL: THE UK EQUITY RELEASE INDUSTRY IS SITTING ON A BIG PROBLEM • 33
Most UK equity release mortgages involve a no-negative equity guarantee by which the lender guarantees that the borrower or their estate will never need to pay back more than the value of their house when the loan is repaid. The valuation of these guarantees became a hot issue this summer with the publication of Howard Mustoe’s BBC story and my report Asleep at the Wheel in August. This is a big issue because investors in the sector stand to lose billions. Yet the reaction to these reports shows that there is considerable confusion about the valuation of these guarantees. There shouldn’t be!
The truth is that we have known how to do these valuations properly since the seminal option pricing work of Black, Scholes and Merton in the 1970s. The problem is that equity release companies are using the wrong approach. The correct approach uses the forward house price in the option pricing formula, but firms are using the expected future house price in the formula instead. This practice has no scientific foundation and constitutes a major error. It also produces large under-valuations in the guarantees. My research lends support to the Prudential Regulation Authority, which has been telling the equity release industry for years that it was using the wrong approach. The industry is still in a state of denial, however, because the wrong approach is also highly profitable, at least in the short term, and firms do not wish to acknowledge that they are sitting on large hidden losses. Unfortunately, this approach may not be sustainable in the long run.
My report produced gratifyingly negative reactions from industry bodies like the Equity Release Council and analysts such as Baroness Altmann, David Cameron’s former pensions minister, but these responses merely reconfirm the central message that they still don’t understand the underlying issues. The actuarial profession is divided, and their professional body, the Institute and Faculty of Actuaries, is on record as having endorsed some of the misconceptions of industry practitioners. However, the better actuaries understand the issues all too well.
In many ways this equity release problem is reminiscent of the Equitable Life fiasco of nearly two decades ago. That mess has taken nearly twenty years to sort out, and hundreds of thousands of investors have lost large sums of money. It has many of the same ingredients – opaque undervalued long term guarantees, incompetent practitioners, inadequate regulation and the actuarial profession. In the aftermath of the Equitable, we were assured that these problems have been fixed, but it is now clear that the ‘fixes’ haven’t worked. Further results from this research project were presented to a seminar at the London School of Economics on 1 October. The seminar could best be described as a punchup and many industry people still refuse to accept that anything is wrong. In the meantime, it looks like this issue is going to run and run, for a while at least. But the underlying problems will not go away, and at some point the industry will have to come to terms with them.
ISSUE FIVE • January 2019
/ Sustainability & Ethics
Millennials Want Businesses to Be More Socially Responsible – How Can Investors Help? Carol Adams is Professor of Accounting at Durham University Business School and also the author of The Sustainable Development Goals, Integrated Thinking and the Integrated Report.
Professor Carol Adams
MILLENNIALS WANT BUSINESSES TO BE MORE SOCIALLY RESPONSIBLE - HOW CAN INVESTORS HELP? • 35
Whether it is climate change, gender inequality, poverty or environmental issues – young people, millennials in particular, are more concerned with these matters and tackling them compared to previous generations. In fact, the World Economic Forum’s 2017 Global Shaper Survey, which retrieved answers from 31,000 millennials across 186 different countries, found that young people considered climate change to be the world’s most serious issue which needed addressing, ahead of government corruption, large conflicts/ wars, lack of infrastructure and so on. This is something that has been reflected by millennials’ working practices also. Young people are not just concerned about these key issues – many of them want to only invest in and work for companies that are making a positive contribution to addressing them. A 2016 study by Cone Communications into millennial employee engagement actually found that nearly two-thirds (64%) of millennials won’t take a job if a potential employer doesn’t have strong corporate social responsibility practices. This is a trend seen in the business school world too, with more and more schools implementing courses and electives focusing on ethics, sustainability and the environment. This is not only a response to the wants of millennial students, who are actively looking for courses which teach these skills, but also an attempt by business schools to shape the future of leaders of tomorrow to be more socially responsible and ethical. In fact, Durham University Business School has recently been recognised for this, finishing in the top 30 business schools globally for sustainability in the Corporate Knights Better World MBA Ranking 2018.
Young people want a fairer society and to work in a manner which enables them to continue to enjoy the world’s natural environment and resources, whilst also seeking to have a healthy retirement income. Some may say that these two wants are mutually exclusive – but, they are not. In fact, many people, including long-term investors, now recognise that the two go hand-in-hand as companies will not prosper long-term unless they attempt to address issues such as climate change and inequality through their business practices. It is not only good for a business reputation-wise, but financially too.
One investment organisation that has really taken the lead both in responsible investment initiatives and transparency of their efforts is Cbus Superannuation Fund. Their Annual Integrated Report 2017 includes a timeline showing how their focus on being a responsible investor has increased over a relatively short period of time. They began to incorporate Environmental, Social and Governance (ESG) issues into fund manager and investment manager agreements in 2002 and appointed their first ESG manager in 2009. Then in 2017, with a responsible investment team in place, they publicly supported the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) and set about developing an active engagement and investment strategy to contribute to the Sustainable Development Goals (SDGs) set out by the UN. The Funds’ CEO saw a connection between a long-term focus, the Fund’s leadership in responsible investment and integrated reporting. Over the years I have worked with the firm Fund on integrated reporting and the integrated thinking that goes with it, I’ve seen a significant shift in the extent to which responsible investment and social and environmental issues have been incorporated into strategy through integrated thinking. Integrated reporting has clearly articulated that their longterm value to members goes beyond being one of the top performing funds in Australia in terms of returns. Everything they do is driven by members’ needs, including advocacy work. But beyond that, it is natural to them that this extends to considering human rights, labour rights, climate change and a range of other issues as relevant to their members’ long-term interests. Apart from benefiting from a more focused strategic framework through defining value and recognising the importance of multiple capitals (not just financial capital), the Cbus team have won the best reporting award from the Australian Institute of Superannuation Trustees (AIST) and were one of 12 reports awarded or commended from 2,500 reviewed by Responsible Investor this year – a great example of how investors can really drive change. When I wrote The Sustainable Development Goals, Integrated Thinking and the Integrated Report, I had investors, as well as companies, firmly in mind. Investors have the power and the means not simply to switch where their money is invested, but to influence the activities and business models of those they invest in. Investors can call on the companies they invest in to identify the SDGs which they make a material contribution to in a way which is aligned with their own strategy to create value. Addressing matters such as climate change and other sustainable development issues is clearly in the interests of long-term investors.
ISSUE FIVE • January 2019
DURHAM MBA: WORLD TOP 30 FOR SUSTAINABILITY • 36
/ Sustainability & Ethics
DURHAM MBA: WORLD TOP 30 FOR SUSTAINABILITY
The Durham Full-time MBA has been ranked 8th in the UK and 27th in the world by the Corporate Knights Better World MBA Ranking 2018. This ranking evaluates the extent to which programmes integrate sustainability knowledge and skills into business education. The ranking demonstrates that our Durham Full-time MBA is one of the top programmes in the world instilling a holistic purpose of business in future leaders, ensuring they are equipped with the skills, tools and values to build a more inclusive and prosperous society in sync with our natural world. Dr Julie Hodges, Associate Dean for MBA Programmes at Durham University Business School said: “Our MBA explores global ecological and social sustainability, looking at the impact on, and responsibilities of, business, as well as the role organisations need to play. It is vital MBA students gain the understanding of the impact of sustainability and ethical issues on the business world, and enhance their capabilities to lead businesses effectively in the future.” To determine the 2018 Top 40 Better World MBAs, Corporate Knights assessed 141 business schools from across 25 countries. They analysed institutes and centres dedicated to sustainable development, the percentage of core courses that integrate sustainable development, faculty research publications and citations on sustainable development themes, and faculty diversity.
Professor Geoff Moore
“Ethics and sustainability are embedded in the School’s ethos and form an important part of everything we do,” explained Professor Susan Hart, Dean of Durham University Business School. “That ranges from the development of programmes and curricula to the research efforts of our world-class faculty. We want to create the globally-focused, ethically-minded and forward-thinking business leaders of the future.” Geoff Moore, Professor of Business Ethics at Durham University Business School added: “Within the School’s Strategic Framework, Ethics, Responsibility and Sustainability (ERS) is core to our Research and Impact, Education and Student Experience.
Our ERS Strategy has ambitious plans and focuses us on our sustainability journey towards becoming a Top 20 European Business School.”
LINK Find out more about our MBA programmes: www.durham.ac.uk/business/programmes/mba
SCHOOL AWARDED ATHENA SWAN BRONZE AWARD • 37
SCHOOL AWARDED ATHENA SWAN BRONZE AWARD
“I am delighted to be taking forward the Athena Swan agenda over the next couple of years as we work to implement the action plan. We have many positive things to build on, but it’s clear that it will require a real collective effort to turn our commitments in to working realities so that we can extend equality of opportunity and treatment of all people at Durham University Business School.” Dr Martyn Griffin Athena SWAN Champion Durham University Business School
Durham University Business School has recently been awarded the Athena SWAN Bronze Award which will be held for four years. On 10 December 2018, Dr Gretchen Larsen and Jennifer Mordue attended the Athena SWAN Awards Ceremony on behalf of the Business School to collect the Bronze Award. The ceremony, which took place at Southampton University, was an opportunity to celebrate the achievement of the School. The Athena SWAN Charter recognises and promotes work undertaken by a University to address and advance gender equality. This Bronze Award is testament to the Business School’s commitment to being an established, inclusive Business School. Professor Susan Hart, Dean of Durham University Business School, said: “This is a tremendous achievement and reflects how diversity and equality of opportunity are at the heart of everything we do. It demonstrates the School’s commitment to the creation of an environment that recognises representation, progression and success for all.” Established in 2005, the Athena SWAN Charter sets out to encourage and recognise commitment to advancing the
careers of women in science, technology, engineering, maths and medicine, (STEMM). This remit was expanded in 2015 to acknowledge work undertaken in arts, humanities, social sciences, business and law (AHSSBL). The award includes all employees across the School. The revised charter no longer focuses solely on barriers to progression affecting women but aims to act as a catalyst for organisational and cultural transformation, making a real difference to all staff by promoting equitable, fair and inclusive working practices. More information on the ten key principles of the charter is available from: www.durham.ac.uk/equality.diversity/athenaswan Durham University has held an Institutional Bronze Award since 2011, during which time a University-wide Gender Equality Action Plan has been developed. Part of this plan is for all Departments and Schools across the University to either hold, or be currently working towards their own award. The application for Bronze Award, the first of three levels of award, required a detailed self-assessment of gender equality in the School and the development of an action plan to address any issues identified. The action plan specific to the School covers all areas of work and aligns closely with the School Strategy, particularly the Ethics, Responsibility and Sustainability transversal strand.
ISSUE FIVE • January 2019
/ Student Experience
A Placement Year Can Transform Your Career A placement year is transformational, there is no doubt.
Alex McNinch Placement Manager
Annual Placement and Internship Showcase 2018 event at Durham University Business School.
The students who return following a year in industry are focused, determined, professional and have a new appreciation of time management. In 2018, 47% of our placement students obtained a first class honours degree, compared to 25% of the cohort who did not complete a placement. This could be down to many factors such as people who decide to go through the placement application process are already focused and determined by nature. However, it also has a lot to do with being able to understand the real world of work and putting their studies into practise as well as exploring potential
dissertation topics and using their host organisation as a source of valuable data to really improve the research element of their final projects. One in ten of our undergraduate students at the Business School secure a placement, although the numbers interested are much higher. The reasons for not pursuing a placement include wanting to live and graduate with friends, as well as securing a summer internship which doesn’t interrupt their studies and graduation date. The University has put a greater emphasis on placement years by appointing three new Faculty Placement Officers in 2018, which is in addition to the Placement Team at the Business School. The focus will be on encouraging as many students as possible to undertake a placement year and to also remove some of the perceived barriers.
A PLACEMENT YEAR CAN TRANSFORM YOUR CAREER • 39
Summer internships offer students fantastic work experience opportunities and are a grateful addition to their CVs, but without discouraging students opting for shorter work experience opportunities, I believe placements offer so much more developmentally as well as a chance to truly explore a business sector or function. Being in the role for a year, versus one month or two, allows students to gain much more in-depth exposure to projects and become a fundamental part of the core team. It also potentially gives them much more contact with senior leaders.
Quite a few of our returning final year students talk about an amazing experience which has taught them what they thought they always wanted to do is not actually for them. And that is often as valuable a process as finding out something is indeed what you want to end up doing. Another fantastic advantage of a placement year is that many employers use the scheme as a pipeline for their graduate recruitment. In fact, many top organisations are working towards filling their graduate schemes solely from their placement and internship pipeline. Consequently, students may end up with graduate offers, taking the pressure off in their final year so they can concentrate on their studies.
Companies which host our students on placements have included: Bank of England, British Airways, Deloitte, Disney, EY, Goldman Sachs, Hilton, IBM, Lloyds, L’Oreal, Mercedes, PwC, Nissan, RollsRoyce, SAP, Siemens and Unilever. Many of these companies visit Durham University Business School to actively recruit our students by participating in our Placement Programme running skills sessions and attending the annual Placement and Internship Showcase event. In 2018, 25% of students on placement with companies who were on campus as part of the Business School’s Placement Programme, and that goes up to 56% when you consider the vacancies the School has actively promoted.
MY PLACEMENT EMMA HUNTER
Unilever
I was based within the Global Talent and Performance team in the HR function at Unilever. This role consisted of assisting with both the implementation and planning of the talent and performance agenda globally for 2017 and 2018. My day-to-day workload varied drastically with much of my role being project based and constantly refreshing with the agility of the business. However, some key tasks made up the substance of my role which included data collation and analysis to gain strategic insights, project management of Global Talent projects, the launch of new applications for performance management and also horizon scanning for best practice in talent and performance management across the business world. One of my achievements was creating a global leadership team diversity analysis breakdown document which the CEO of the company reviewed. Being only a placement student and getting to work in a position where my work was presented directly to senior leaders was definitely a highlight for myself. One great element of my placement was the lack of hierarchy I found working within the company. I had on many occasions the opportunity to liaise with the Chief Human Resource Officer which was a great opportunity to learn and network. I would suggest the most valuable thing I have developed on my placement year was my confidence across all platforms whether it be presenting, having the inner confidence when making a business decision or dealing formally with senior members of a global company. My placement year has enabled me to develop skills which I will carry throughout my future career.
Emma Hunter BA Business & Management 2015
ISSUE FIVE • January 2019
/ Student Experience
MY PLACEMENT TAKAKI LIEVRE
HealthyTokyo K.K.
HealthyTokyo K.K. is the first and only membership community dedicated to enhancing the health and wellness of English speakers in Japan, providing realtime support and appointments to any of our partnered medical facilities. Operating from Tokyo, they have partners all over Japan and are dedicated to helping anyone needing our services regardless of where they reside. This is a start-up company, and as such there are many implications, in terms of the dynamics of the business and also the relationship between colleagues. Start-ups can be very volatile, and with a small team you can be updating posts on a blog one minute and the next minute having to manage logistics for half a dozen new products from new business ventures coming in which need adding to the website, the faster the better. As an intern, for the most part I was a fully-fledged member of the team. I firmly believe they took my opinions to heart and listened to what I had to say, something which could be hard to accomplish in a large company with a well-defined hierarchy. As for the work I did, it included a multitude of things, although I focused on marketing-related tasks (my degree) with only five members on the team, I’d help in every way I could. One important aspect of my internship was the relationship I built with my direct superior. Overall, this was a great internship.
Takaki Lievre BA Marketing 2015
MY PLACEMENT LOUISE CROW
One of the first things I did when I knew I wanted to apply for a placement was to use online resources such as RateMyPlacement to make a list of placements I wanted to apply for and make a note of their deadlines. Most companies recruit on a rolling basis, meaning they assess applications all the time, so the earlier you apply, the greater the chance you have of being successful. The University Careers Team and the Business School placement events were also very helpful to understand what companies are looking for in your application. When I started my placement I was actually told by my colleagues I may not have been successful if I didn’t have a part time job/previous work experience, as that is one of the key points Deloitte look for in applications to show they can balance work and study. I used the summer between my first and second year to get my work experience in a charity shop to broaden my skillset. Once I started my placement, I embraced the opportunities given to me. This included spending time with my colleagues and hearing about their background and how they got their job at Deloitte. Overall, it has been an amazing experience. Since returning to university in October, I have enjoyed being a student in final year as I have developed skills, such as time management, that are helping me with my work-life balance. Being on placement, I used any occasion I could to speak to people within the firm and to ask for their advice about my dissertation, helping to gain an understanding about the industry and the companies that operate within it.
Louise Crow BA Accounting & Finance 2015
LINK If you would like to know more or have any queries about placements, please contact the Placement Team at business.placements@durham.ac.uk or visit www.durham.ac.uk/business/placements
A PLACEMENT YEAR CAN TRANSFORM YOUR CAREER • 41
MY PLACEMENT KEN VONG
Hewlett-Packard
I wouldn’t be who I am today if I hadn’t done a placement year. It has given me a sense of purpose, responsibility and value beyond my duties to myself. Throughout my life, all I have been doing is studying and helping my family business. On my placement however, my responsibilities had a direct impact on the running of operations. Working at HewlettPackard as a business analyst, the most important thing I’ve learnt is undoubtedly the meaning of double checking your work. It doesn’t mean do it again to get the exact same result, it means plugging in different numbers and using multiple different methods to see if you get the same result. I have also learnt the importance of tailoring your presentation to different audiences, the art of creating beautiful reports for different levels of management and understanding the hierarchy. The placement has had a significant impact on my future, making me more attractive to future potential employers and also affecting the way I think. I also developed positive relationships with senior management and networked successfully, and I know this could potentially bring me new opportunities with HP after I graduate.
Ken Vong BA Business & Management 2015
Annual Placement and Internship Showcase 2018 This year’s event on Wednesday 28 November saw the School welcome 21 recruiting organisations to meet with year 1 and 2 undergraduate students, allowing them to promote their work experience opportunities and share guidance about the recruitment process. Over 200 students met representatives from companies including 3M, Danone, Enterprise Rent-A-Car,
“We seemed to have some really keen candidates. Thank you for inviting us!” Hewlett-Packard
the Government Economic Service, GE, Grant Thornton, Hilton, HPE, KHWS, Morgan Stanley, Nissan, Perform Group, PwC, RBS, Rolls-Royce, RSM, SAP, Sony, Virgin Media, Warner Bros., and local IT specialists Waterstons. There was some excellent feedback from companies, some of which included:
“We definitely met with some really interested students who are going to apply for our placements, which is great news. I’m glad so many students attended.” Government Economic Service
Feedback from students...
“Truly a brilliant event! Having so much insight and information into the many different roles and opportunities from companies in attendance has really got me that much more excited about completing an industrial placement. Overall, a super insightful and enjoyable event!”
“A really helpful event and worth the time invested. It helped me figure out what I should be prepared to do so that I can get an Insight week and placement year from one of the top companies which came to the event. It also helped me somewhat decide which job area I would be most interested to get into.”
Dan Rose, Year 2 Business and Management
Dhruva Agarwal, Year 1 Economics
“It was so mind blowing to see and realise how these world leading businesses are genuinely interested in recruiting us.”
“The company’s representatives spoke very enthusiastically, providing both valuable advice and insight into securing a placement with them.”
Polina Toner, Year 2 Business and Management
Ajay Paul, Year 2 Business and Management
ISSUE FIVE • January 2019
/ Student Experience
New for 2019: MSc in Business Analytics
The global drive towards big data shows no signs of slowing down. Businesses are increasingly relying on data-intensive tasks and valuing those individuals who are proficient in conducting them. Internal recruiters at top tier firms prize a comprehensive understanding of data analytics in candidates for a huge range of roles. The same skills prove equally useful for budding entrepreneurs, equipping them with the ability to break down data to inform marketing strategies within their own start-ups. Whether the goal is to climb the ladder of a multinational powerhouse or go it alone, big data training leads to the gathering of vital market insights and competitive capability. Whilst the growing importance of data is widely recognised, Durham University Business School are among the first institutions to take action and offer prospective students the opportunity to stay ahead of the curve. New for 2019, the School is launching a one-year MSc in Business Analytics, a collaborative programme bringing together the expertise and knowledge of the Business School and the Department of Computer Science.
NEW FOR 2019: MSC IN BUSINESS ANALYTICS • 43
Unlike most business Masters programmes, the MSc in Business Analytics has been designed for graduates who have already established a science, technology, engineering or mathematics (STEM) background – either in education or industry – as well as the more typical business-focused backgrounds. By weaving these two disciplines together, the course will teach students how to approach data-informed decision making, identify algorithms in big data, get to grips with machine learning and coding, and use these skills to inform business decisions and future-proof their careers. Professor Mike Nicholson, co-creator of the programme, from the Business School says the MSc was constructed to reflect the demands of modern industry. “We noticed a lot of our Bachelors graduates expressed a desire to engage in further programmes that would help them to build a competency in data analytics, however many of the courses on the market focused only on building specific technological skills and not enough time was given over to explaining how these could be used in a business scenario. In structuring this programme we not only followed student demand, we also sought advice from our corporate partners and wider industry as to what skills they required of their newest recruits. Together with the Department of Computing we designed a programme that best catered to these needs.” The programme will be practically-focused from the outset. Students will have the opportunity to conduct an in-depth business analytics research project involving data collection and analysis, with the option of incorporating academic literature. By either working directly with an organisation or conducting an issue-led investigation focusing on one common business analytics problem across a number of organisations this practical approach to study gives students great freedom in shaping their experience and the way they engage with the data at hand. The comprehensive curriculum will comprise lectures, seminars, workshops, computer-focused practical classes, independent study, research and analysis, case studies and assessed fieldwork. Students will also benefit from presentations given by representatives of major multinationals and leading scholars, combining critical and progressive thinking. Outside the classroom, students will test their new-found skills in California’s Silicon Valley. The trip will provide the chance to visit leading international knowledge-driven organisations and evaluate the complex nature of their business models. Students will also take lectures at the University of San Francisco, analysing the data forms and processes underpinning marketing, strategy, finance and innovation. “The trip will provide a crucial insight into different working
environments and enhance participants’ employability through exposure to industry-leading companies,” Professor Nicholson says. Dr Steven Bradley, co-creator of the programme from the Department of Computing says: “We wanted to go beyond simply bolting pre-existing modules together to create a curriculum and instead build a programme that truly weaves these disciplines together. For the Department of Computing, the collaboration allows us to see the real-world relevance of what we are developing and helps to break the silos that exist between disciplines in academia. This is also true of business. Increasingly, analytical skills are in demand from employers looking for future managers. Graduates entering the workforce must have a solid awareness of multiple disciplines. By combining these skillsets in the classroom we are eradicating those barriers.” The collaborative nature of the programme’s creation allows for the programme to be accessed from two professional directions – computing and business – and encourages greater knowledge sharing and integration between the two. Mike says: “For those students less familiar with the tech-specific aspects of the programme, additional support will be provided by computing faculty to get them up to speed. Similarly, for those with a greater founding in technology and a more limited experience of management practice, faculty from the Business School will provide greater advice and guidance.” Dr Bradley says: “The capacity to draw out and interpret practical implications from big data is becoming essential to creating solid business plans, and the shift towards data-led decision making is evident. This means that businesses are increasingly realising the need to spread data knowledge more widely through their ranks to permeate all levels of an organisation.” Business leaders and entrepreneurs alike will thrive with these skills and in a business landscape continuously leaning on data, a solid understanding of the figures will soon be nothing short of essential. The MSc in Business Analytics promises to equip participants with just that. Applications for next year’s intake are open now. Further programme details, applicant eligibility criteria and costs can all be found via the Durham University Business School website.
LINK For further information on the MSc Business Analytics visit www.durham.ac.uk/business/analytics
ISSUE FIVE • January 2019
/ Student Section Heading Experience
The Ever Increasing Value of Online MBAs Online MBA programmes require careful thought and implementation but can offer wide access to flexible, high-quality learning, writes Sue Boyd. As businesses conduct more of their practices digitally, and with remote working arrangements on the rise, the Business School arena has had to adapt and innovate to keep pace with customer demand, hence the growth of the online MBA. At Durham University Business School, the online MBA became a key component of our portfolio about six years ago. Since then, we have worked hard to design a programme that offers the best
of both worlds to our students: the opportunity to undertake modules online but with the flexibility to select taught options, if they wish, either on-site in Durham or at an alternative international location, such as San Francisco. It is this blended approach that really appeals, with around two-thirds of our students opting to undertake at least one module in Durham. Our experience tells us that students are often happy with their career trajectory and therefore not inclined to take a year or two out to do an MBA. Instead they are looking for flexibility in terms of how they study, the ability to make meaningful connections with other students, plus the reassurance of a tried-and-tested qualification from an institution that has a reputation for delivering high-quality programmes.
Sue Boyd
THE EVER INCREASING VALUE OF ONLINE MBAS • 45
Bringing together online and on-campus Bringing together the online and on-campus elements has been one of the biggest challenges in developing our programme. The dynamics of online modules are very different to real-time classroom-based equivalents. The instructor who communicates in the classroom employs intonation, emphasis, pacing, gestures, improvising while ‘reading’ the response of the room.
Our most successful students appear to be those who engage most fully with the online materials and activities. The online instructor has to find an alternative path in written and recorded formats. Activities that have worked well in the classroom may not work so well online. Communication becomes something you need to explicitly ‘design for’ in order to overcome the physical separation of students studying across continents. This might mean offering live webinars or Skype consultations to support the learning, in addition to tutor-facilitated discussions and activities. To be done well, online delivery requires much thought and consideration. It is essential to design and structure modules in such a way as to promote the active engagement of students. With this is mind, the Durham Online MBA has been designed with some core features that run across all modules and are intended to ensure a consistent study experience from start to finish. The need to be on-site in a lecture theatre at all times is a thing of the past. Technology is improving dramatically, the use of smart devices is making online materials more accessible and is sympathetic to the way we are consuming information. Furthermore, the MBA can be significantly more international as a result of being online, enabling a far more diverse cohort to come together and bringing a richness to discussions. In very many practical ways, the collaborative working, the cross-cultural skills and the global perspectives that students experience on the online programme are also much closer to the reality of the modern workplace. Even more pleasing is the fact that our most successful students appear to be those who engage most fully with the online materials and activities. Perhaps they are the natural leaders, but what is certain is that they play a key role, alongside their tutors, in inspiring their peers to participate in the online experience.
Online MBA students learn how to navigate time zones, different perspectives and cultures. Accreditations and rankings play a significant role in attracting students to our programmes. As well as being viewed as a positive indicator by potential applicants, they also help us to assure them that our procedures, systems and the quality of education are of a consistently high standard across all modes of delivery. When all MBA routes in the portfolio offer broadly the same learning outcomes, faculty involvement and access to resources such as careers support, there is no perceived differentiation in terms of the value between programmes. So, who is choosing the online MBA and what is their motivation? The online MBA programme’s reach and accessibility not only attracts an older, more experienced cohort than the traditional campus-based MBA, but also provides for a more internationally and professionally diverse class. Students typically work in relatively senior roles, shoulder a lot of professional responsibility and therefore cannot – or prefer not to – take a year-long career break in order to pursue their studies. As a result, they’re also typically not the sort of people who coast along in their roles. They tend to be more active, motivated and engaged learners. They strive to get to know their classmates and benefit from learning from them as well as from their studies. Working and studying allows these students to tailor their learning to their working environment. They can draw on the challenges they encounter to inform their assignments and use the assignments to examine and address those challenges. Students can then implement their learning directly in the workplace as they progress through the programme. As their increased capacity and enhanced skills start to be noticed, they become more valuable to their existing employers who can offer internal opportunities to take advantage of their MBA learning. The return on investment is clearly important. For MBA students, the return they expect to see is, in the main, related to employment – be that the opportunity to progress further within their own organisation or sector or the potential to use their enhanced knowledge and skills to make a significant career change.
THE EVER-INCREASING VALUE OF ONLINE MBAS
ISSUE FIVE • January 2019
/ Student Experience
And what of employers and their perceptions of online methods? As learning and development within organisations has moved to virtual formats, to keep staff in the workplace, courses like the online MBA are recognised as providing a very real alternative to classroom learning. The ability to apply new skills and knowledge directly to the workplace is a key benefit of the online MBA programme format. For employers, such programmes enable staff to boost their skill sets without taking a career break, meaning there is no loss of talent from the organisation. Qualities of independence, time management and self-motivation are clearly demonstrated by students who keep pace with the online study schedule. An ability to combine the multiple responsibilities that come from managing work and study simultaneously, as well as fulfilling commitments to family and beyond, demonstrates resilience, flexibility, project management skills and the ability to see things through.
Key components of the Durham Online MBA: • Two-year programme (part-time) • Triple-accredited (AACSB, AMBA, EQUIS) •R anked 5th in the world, 2nd in the UK (Financial Times Online MBA Ranking 2018)
• Personal career advancement
• Nationalities: 28
•G lobal network of students, alumni and faculty
• Flexibility – study fully online or complete some modules in Durham
In many organisations, the makeup of the workforce is truly international, with employees, suppliers, partners spread all around the world. To manage this successfully, business professionals must become better at working together. Online MBA students learn how to navigate different time zones, adapt to different perspectives and cultures, building these skills as they build their knowledge.
• International module option
The networking element for online students is considered just as critical as it is for their full-time counterparts. Students studying online might need to work a little harder to forge connections with their peers, but the interactive elements and technological enhancements are making this easier. Social media tools also help participants to personalise their learning experience and to maintain active networks both during and after their studies. The blended approach offered by Durham helps to accelerate networking, as students can physically come together to undertake some of their modules on-site.
• Strategic case analysis in place of traditional dissertation
• Average age of students: 36
The ability to combine these traditional soft skills with a reasonable degree of technological competence can give these employees the edge. The online MBA certainly plays a role here, with its use of virtual environments to equip students for a world where remote working is becoming part of the expected routine.
The ability to apply new skills and knowledge directly to the workplace is a key benefit.
• Core and optional modules (with option to choose pathways in technology, entrepreneurship or consultancy)
• Comprehensive induction
• Access to alumni business mentors.
Ultimately, the online format has much to offer. Its ability to make knowledge more accessible enables institutions such as Durham to extend their reach. However, human contact remains important. Students need to feel that someone is interested in their personal development and progression through the programme and the development of a learning community, not just a connected community, is a key part of that. With competition from UK, European and US Schools increasingly intense, continued innovation is crucial. However, technology should be the facilitator rather than the driver and it must be used to best effect to support communication, collaboration and to develop this sense of connectedness and community. Finally, we should be under no illusion that the online MBA is somehow an easier option. The programme offered at Durham University Business School requires 15 hours of study per week, so a hard-working mindset and strong organisational skills are essential. Acknowledgement: This article first appeared in the Association of MBAs magazine Ambition, October 2018
FIVE-YEAR AMBA RE-ACCREDITATION FOR DURHAM MBA PROGRAMMES • 47
Five-Year AMBA Re-Accreditation for Durham MBA Programmes Durham University Business School has proudly been awarded a five-year re-accreditation for our Full-time, Online and Executive MBA programmes by the Association of MBAs (AMBA). AMBA has been a leading impartial authority for over 50 years on recognising high quality postgraduate management education. Its accreditations have become widely acknowledged as the gold standard for all MBA, DBA and Masters programmes by only awarding its endorsement to schools within the top 2% around the world. The re-accreditation was awarded following a comprehensive assessment conducted by a panel of global business school experts, comprised of programme and academic directors and deans, alongside AMBA’s UK Director of Accreditation, Katherine O’Flynn. Areas examined were the programmes’ curriculums, student cohorts, international reach and partnerships, faculty expertise and connections to global industry. Susan Hart, Dean of Durham University Business School, said: “I am delighted that our MBAs have achieved another five-year accreditation. This is testimony to our position as a leading international business school, with excellence across our key strategic areas of research and impact, education and student experience. The high standards of our reviewed MBA suite and both in-and-extra-class activity are showing clearly. The result has come at an exciting time as we plan to build upon our existing success by further developing our diversity, internationalisation and business connectivity.”
The judging panel noted that the Durham MBA excelled in a number of areas, commending the enthusiastic, committed leadership of the School, the collegiate atmosphere, the open and approachable nature of the MBA team and the quality of the School’s facilities. Judges also commended the initiatives and opportunities in place for MBA students across all programmes to network and engage, such as residential induction weeks. Andrew Main Wilson, CEO of AMBA, said: “AMBA is a truly global business organisation and the only accrediting body that specifically focuses on accrediting MBA programmes. We are very particular about who we accredit. Operating as both an accreditation and membership organisation, AMBA is unique in the postgraduate management field, as it brings together the business leaders of tomorrow with the thought leaders of today.
With its re-accreditation, Durham University Business School remains a valued component of the world’s leading business schools. We value working closely with them and AMBA’s MBA members to ensure outstanding postgraduate management education continues to be the top priority for employers, governments and ambitious executives who will become the global business leaders of the future.” Julie Hodges, Associate Dean for MBA Programmes at Durham University Business School said: “The re-accreditation of our MBA portfolio from AMBA serves to demonstrate the high quality of the teaching and learning experience we provide for all our students. Our MBA programmes blend theoretical perspectives with practical application, by leveraging strong connections with different sectors across the globe. This enables our students to enhance their knowledge and build the skills, confidence and ability to become effective business leaders in a time of accelerating change and complexity. Our triple accreditation attracts applicants from diverse backgrounds who provide a wealth of different perspectives, which adds to the challenging and enriching experience of our programmes.” The re-accreditation from AMBA adds to a number of accolades the School has received in recent years for the quality of our MBA offering, and other degree programmes. These includes receiving a five-year accreditation from EQUIS, and regularly securing a spot amongst the world’s top 100 MBA programmes in a variety of rankings. This includes:
9th in the UK 18th in Europe 64th globally
Financial Times Global MBA Ranking 2018
2nd in the UK 3rd in Europe 5th globally
Financial Times Online MBA Ranking 2018
6th in the UK 8th in Europe 14th globally
QS Distance Online MBA Ranking 2018
LINK You can find out more about our MBA programmes at www.durham.ac.uk/mba
DIRECTOR FOR GOVERNMENT COMMUNICATIONS VISITS SCHOOL
ISSUE FIVE • January 2019
/ Student Experience
DIRECTOR FOR GOVERNMENT COMMUNICATIONS VISITS SCHOOL
Alex Aiken takes centre stage at Online MBA induction. L-R, Professor Stuart Corbridge, Vice-Chancellor, Durham University, Alex Aiken, Executive Director for Government Communications, and Professor Susan Hart, Dean of Durham University Business School.
On Thursday 11 October, Alex Aiken, Executive Director for Government Communications, visited Durham University Business School as a guest speaker to present to Online MBA students on the role of marketing and communications in Government.
Online MBA students. It was excellent to see the enthusiasm of the students and I wish them well in their studies.”
Alex also met with Vice-Chancellor of the University, Professor Stuart Corbridge, and Dean of the Business School, Professor Susan Hart, and received a briefing on the University’s activities linked to regional development and the UK Industrial Strategy from key staff across the University.
During the talk, Alex discussed his background, including the 12 years spent as Director of Communications and Strategy for Westminster City Council, and how there are various facets to his role of Executive Director for Government Communications, including the production of the Government Communication Plan. He also gave an insight into some of the key campaigns he has overseen during his time in post.
The lecture was delivered in the optional induction week at Durham University Business School for its Online MBA students and tied in well with the start of the Marketing module. Appointed to his current role in December 2012, Alex has been responsible for creating the Government Communications Service and developing cross-government campaigns including the UK Industrial Strategy and Regional Development.
Alex Aiken said: “I was delighted to visit Durham University Business School and enjoyed the opportunity to speak about government communications with the
Dr Julie Hodges, Associate Dean of MBA Programmes, said: “We were delighted to welcome Alex to the Business School to share his experience and thought provoking views with our Online MBA students. The business insights shared by leading practitioners, such as Alex, are of great value to our students at the School, as they enable them to learn from the experiences of others and also encourage and stimulate debate about key business issues.”
The Durham Online MBA is currently ranked 5th in the world and 2nd in the UK in the Financial Times Online MBA Ranking 2018.
AN INTERVIEW WITH DURHAM-EBS EMBA STUDENT • 49
AN INTERVIEW WITH DURHAM-EBS EMBA STUDENT ANELISE MORAES The schedule of disciplines in the programme is very diverse, which gives us a broad knowledge of different aspects in the business administration field. Besides this, the schedule of classes met perfectly with my work schedule. What have been the benefits of studying the Durham-EBS EMBA so far? The fact that the programme is designed for small learning groups enables us to strengthen relations with each other and deepen our learning experience. There are 25 students in our cohort from 11 different nationalities, very broad areas of expertise and background. The high level of work experience and education of my peers aligned with the professors’ academic knowledge make the discussion during classes even more interesting. It is important to mention the development of soft skills, such as leadership, communication and networking. Originally from Nova Friburgo in Rio de Janeiro State, Anelise Rezende de Moraes started the Durham-EBS parttime Executive MBA programme in September 2018 while continuing in her role as a Sales Manager at Pacific Prime working on Middle Eastern, African and Latin American markets at their Dubai office. Please could you tell us about your background? In 2008, I completed my Bachelors Degree in International Relations and started my career in international business as Import Analyst at Oticon Brazil until mid-2010. That year, my life totally changed suddenly. I had applied and was granted a full scholarship by the Chinese Government in July 2010. One month later, I moved to the other side of the world to start my Masters Degree in International Economics and Trade at Shanghai University (China). That was the beginning of the greatest adventure of my life. After graduation, I started my career at Pacific Prime Insurance Brokers as Health Insurance Advisor in their Shanghai office. In 2016, I relocated to Dubai (UAE) to embrace new challenges in my professional career in the Arabic world. Why did you decide to study the Durham-EBS EMBA? After thoroughly researching the market, I concluded that the Durham-EBS EMBA programme was the one which best met all my expectations. I wanted to continue my education in a renowned European university, aligned with my professional career in Dubai. The outstanding recognition of both universities, including Durham’s high position in the Global MBA ranking, also contributed positively to my decision.
Please could you tell us about a typical day/week on the Durham-EBS EMBA programme? Our schedule is extremely well organised. We receive newsletters with the schedule of activities and pre-reading materials for the upcoming module in advance. The classes are very dynamic, and professors use stimulate different ways of teaching from videos to standard power point presentations. Sometimes we have group presentations and need to perform exercises individually. The classes provide lots of interaction between both students and lecturers. After classes, we normally organise a social activity. Please tell us about your favourite highlight/experience and why? My favourite highlight was the first residential week in Durham. We had a lot of fun during our team-building activities in beautiful scenery of North West England. The team building was indeed an opportunity to learn a bit more about ourselves and our peers. The week was finalised with a formal dinner organised at Hatfield College to officially welcome us to the University. Everything was very intense but also very special. Undoubtedly, a nice way to start our EMBA journey!
LINK For more information on the Durham-EBS EMBA, visit www.durham.ac.uk/emba
ISSUE FIVE • January 2019
/ Student Experience
From the Boardroom to the Banks of Lake Windermere Building management skills at Brathay 2018 EMBA Cohort.
When enrolling on an MBA programme at Durham – whether Executive or Full-time, students can have certain expectations. For example, they can build upon their existing knowledge in areas such as global business economics, marketing and strategic management. They can expect for their perspectives on effective people management to be challenged. And, in the modern business landscape, students can expect to get to grips with new technologies and better understand core social issues such as sustainability and ethics. In fact, by enrolling on the dual award Executive MBA delivered in partnership with European Business School (EBS), students can also expect to study at two UNESCO World Heritage Sites – our campus in the heart of Durham and in the Upper Middle Rhine Valley in Germany. However, what students may not be expecting, is to kick off their studies by learning how to steer a small boat and navigate high ropes courses!
The MBA at Durham begins with a residential trip to another World Heritage location, Brathay Hall – a Georgian mansion set on the banks of Lake Windermere in the Lake District. This may sound like an odd location to take a group of global business executives keen to upgrade their skills for the modern world, but this trip is a vital component in their study experience. Over the course of two and a half days, students are tasked with completing a number of challenges designed to test their team-working and leadership capabilities, problem-solving skills and break them out of their comfort zones, setting the tone for the programme ahead.
Lake Windermere, Lake District, Cumbria – UNESCO World Heritage Site.
FROM THE BOARDROOM TO THE BANKS OF LAKE WINDERMERE • 51
2018 Full-time MBA Cohort.
Taking on the challenges at Brathay is a vital step in students’ professional development according to MBA Programme Co-ordinator Sara Appleby. “The main purpose of the trip is to enable students to build individual relationships and encourage the development of a strong teamwork ethic through the cohort,” she says. “The location of Brathay in the Lake District helps our students to quickly and constructively cement relationships which will carry them through their year at Durham University Business School and the rest of their careers.” During their residencies, Durham’s MBA and Exec MBA students can engage in coaching, business project simulations, and the use of psychometric tools, action learning, peer feedback and personal reflection in order to gain a perspective of their capabilities beyond the confines of their professional identities. Such work, Sara says, cannot be replicated in a classroom setting. “It is essential to build the bonds of individuals and groups outside of the lecture theatre. Team challenges are really what drive the work at the residential and, to do this successfully, a variety of settings are required. Key themes over the residency are productivity, trust, team-working and relationship building. To achieve this, students take part in a variety of activities ranging from outdoor, high rope challenges to classroom-based reflective sessions. Working in small groups (which change daily) helps enhance the trust and rapport between students.” Executive MBA student Artjom Masberg says activities which focused on building communication, tolerance, open-mindedness and fun helped to break the ice with his classmates.
“We travelled to Brathay pretty much at the beginning of our residential week in Durham, so we did not know each other and had very different cultural and professional backgrounds.” “In one task, we were split into groups to assemble some figures into a whole shape, with little preparation, under a time limit, which meant that we had to find an efficient way of assembling the components whilst including the recommendations of other team members. In a group which did not really know each other yet, and with different personalities, this can create some conflict, therefore we had to evaluate the situation and some people had to take a step back to allow us to work as a team.
We first thought that this was a competition, but we then also had to try to help the other groups. This was difficult at first because suddenly our bigger group had a much higher potential for tension and poor communication. However, in the end every single participant was included in the task, and we became unified in a really short time. In my opinion, this was one of the most useful activities in Brathay.” By focusing on increasing their personal and professional awareness, their interpersonal skills and the way in which they position themselves within the group, students can understand where they most need to develop their skills and grow. Itzel Nieto Sanchez, who participated in last year’s Brathay residency whilst completing her MBA, believes the experience has been valuable tool for reshaping her career. “One highlight of the programme was the induction at the start that involved a visit to the Lake District in the UK, with activities targeted to allow the class to bond but also to develop our leadership and team working skills. I really enjoyed this unique experience and plan to incorporate some of the teambuilding activities into business meetings at work!” Wendy Pearson, Career Consultant for the MBA programmes, facilitated this year’s residential visit alongside Brathay’s staff. She says the trip enables students to acquire the relevant new skills to move effectively toward achieving their future goals. “During the residential programme students are inspired to engage in a reflective process, are challenged on their behaviours and actions and supported to develop themselves and their social awareness,” she says. “The programme builds trust and develops a real sense of team over a very short period of time. Students overcome various challenges and realise the resilience that they have to achieve success in their studies and future career aspirations.” So whilst the Lake District is a far cry from the ultra-modern glass-walled boardroom, it seems it is the ideal location for spawning new ideas and invigorating business professionals in making a change.
IRSHAD PAUROBALLY’S MBA STRATEGIC BUSINESS PROJECT • 52
ISSUE FIVE • January 2019
/ Student Experience
IRSHAD PAUROBALLY’S MBA STRATEGIC BUSINESS PROJECT Irshad Paurobally started the Full-time MBA in September 2017 after having read law at Durham University as an undergraduate. He chose the Business School for his MBA as he knew the institution could provide him with an excellent environment in terms of support, research and opportunities. As part of his MBA programme, Irshad chose to undertake a Strategic Business Project with Forest Carbon, a company which operates in the carbon capture industry and who were established partly as a consequence of Director Stephen Prior’s own Durham MBA business project in 2005. Irshad’s brief was to devise a social media strategy for Forest Carbon which would help the company expand its reach and raise awareness around climate change and sustainability. To help identify the best social media platforms for Forest Carbon to use, Irshad used a combination of industry insights and company information. He decided to use LinkedIn as the main social media channel as the platform would enable both the company and their employees to engage with users through thought leadership posts.
To ensure his business project was a success, Irshad felt that it was crucial to build a rapport with the company stakeholders and gain their support which he did through continuous engagement and site visits. Irshad explained why he chose this particular business project: “I wished to learn more about the emerging area of social media marketing. Moreover, I believe passionately in sustainability and the good work of organisations like Forest Carbon in making the world a better place. Ultimately, this belief gave me the energy and wisdom to go the extra mile.” Using a holistic model, 14 recommendations were proposed to Forest Carbon, including a tested marketing implementation plan. In drafting the recommendations, the willingness as well as the capacity of Forest Carbon to deliver on a social media strategy was considered in order to ensure the relevance of the proposal. Irshad is now in the final stages of his MBA programme and is currently doing an internship with FCMB Bank UK.
“Durham gave me the confidence to face the challenges posed by disruption by providing me with cutting-edge research and access to thought-leaders.” “My future plans are now to work in a challenger bank in the City in the field of banking strategy and innovation. I would also like to contribute towards the FinTech industry which my MBA and Strategic Business Project will definitely prove helpful towards within this emerging area of finance.” Stephen Prior, Director of Forest Carbon, said: “The Durham Full-time MBA business project is a great way of bringing in a smart and dedicated mind to focus on a business problem, whilst at the same time benefiting from the academic discipline and independent thought provided by the Business School. Having had a good experience with a previous project we didn’t hesitate in offering one this year as we needed some strategic thinking and research around our LinkedIn marketing strategy. Irshad completed a really thorough and detailed piece of work, and most importantly a useful one.”
This page, L-R Irshad Paurobally, Durham University Business School MBA student. Stephen Prior, Director, Forest Carbon.
OUR PHD COMMUNITY • 53
OUR PHD COMMUNITY The PhD is the highest academic degree, and as such Durham graduates are in demand for academic posts in leading universities and top business schools, for business and management consultancy in commerce and industry and for senior management roles in private sector organisations and government institutions. Whatever an individual’s goals, the Durham PhD provides students with the opportunity to combine rigorous
Gabriel Plata 1st year PhD student from Colombia My Bachelors degree is in Government and International Affairs from Universidad Externado in Colombia. I completed an MSc in International Business at the University of Birmingham, UK. My research interests deal with the way institutions affect business creation on different levels and contexts. One important aspect is that my research looks for a real impact on policy-making and real-life applicability. I am sponsored by a joint effort initiative created by a group of public institutions in Colombia, the COLCIENCIAS (the Colombian Administrative Department of Science, Technology and Innovation) and ICETEX (Colombian Institute of Educational Credit and Technical Studies Abroad). I chose Durham University Business School to study my PhD because of the diversity, people coming from different academic backgrounds and from different regions around the world. This results in a multidisciplinary context that helps you build a deep understanding of the globalised world and its challenges. The School has a great team of worldknown researchers in my subject, and my supervisors are experts in their fields. Durham University Business School is an important player with proven impact on the region’s social and economic development.
academic theory with research to influence the world of business and make a unique contribution in a field of study. The School has a vibrant research community with 180 PhD students at various stages of the doctorate journey. To give you a feel of the breadth and range of activity, some of our current PhD students have shared their experiences with us.
Kojo N. Oduro 3rd year PhD student from Ghana My Masters and Bachelors qualifications in Monetary Economics are from the London School of Economics, and I also have a Masters degree in Public Administration (MPA) from Harvard University’s Kennedy School of Government. I’m undertaking a PhD in Accountancy researching into integrated public financial management reforms in developing countries, using Ghana as a case study. The research looks at how accounting practices emerge, are maintained, and transformed in the Government of Ghana through financial management reforms. At this stage the story line of my research appears to be leading to a substantive theory on budget credibility as a core category of public financial management reforms. Without credible budgeting, it is impossible to have consistent. The best thing about doing my PhD has been being able to re-discover an academic passion, after years of being engaged as a consulting practitioner, and the possibilities of bringing new insights to the field. After graduation I want to extend my public financial management consulting practice into action research and executive education.
Yang Zhang Durham PhD graduate from China Before starting my PhD study in Durham, I worked as a full-time trust fund manager in Shandong International Trust Corporation Ltd. My PhD in Finance looked at Risk Management and Asset Pricing with High Frequency Equity Option Panels with a thesis focused on examining the information gained from option markets for risk management and asset pricing in the stock market. I had an amazing time doing my PhD and have developed a solid knowledge in my research field, equipping myself with a lot of quantitative skills that helped me to find my post-doc position after graduating. The research centres provide students with a very supportive research environment, such as holding various research seminars or workshops and conferences during the summer/winter break. Those events provided the students the chances to exhibit their research and seek collaboration opportunities with scholars from world-wide leading institutions. I am currently a post-doctoral research fellow at Kellogg School of Management in Northwestern University in the United States. I hope to pursue my career in academic institutions in the United States or the United Kingdom, or work as a financial economic researcher in a policy-making department.
ISSUE FIVE • January 2019
/ Student Experience
Professors in Practice An initiative bringing world-class practitioner expertise into the University.
The Business School is leveraging its excellent connections in the implementation of the University’s new initiative Professors in Practice. Professors in Practice has been designed to recognise the expertise and experiences of senior professionals across a wide variety of disciplines and sectors, by enabling such individuals to share their skills directly with students, bringing public distinction and practical insights to the classroom. Over the last couple of months the School has confirmed the appointment of five high profile individuals from a range of backgrounds who all have senior level management experience and success in their respective fields in common. The new professors who have joined the faculty on a fixedtenure basis are Danny Griffiths, Andrew Harrison, Carl Hunter, Rupert Hoogewerf and Andrew Wright.
(L-R) Full-time MBA Student Yuta Kabasawa, Andrew Harrison and Full-time MBA Student TShego Malinga
Danny Griffiths is currently the Director of Human Resources at the UK Ministry of Defence Equipment & Support and was a former Vice President of European Business & Organisational Transformation and former Global Head of Labour Relations and MD of Nissan Europe. Danny is an experienced and highly respected senior HR practitioner with significant knowledge of all aspects of strategic and operational human capital management. A leader of talent management initiatives regionally and globally and seen as an industrial/employee relations expert with previous purchasing and supply chain experience both in automotive and in retail environments.
PROFESSORS IN PRACTICE • 55
Andrew Harrison is a Durham alumnus based in Hong Kong running his own consultancy business after spending over twenty years in Marketing Director roles in Europe and USA for Procter & Gamble, Coca-Cola and Nestle. Andrew also had UK CEO roles with Muller and RadioCentre before working across Asia for WPP, the FTSE 100 marketing services group. Already active with the Business School as a visiting fellow, member of the School Advisory Board and mentor for MBA students from Hong Kong, Andrew will focus his Professorship around international business and the marketing specialism. In fact, Andrew is the first of the new appointments to have delivered a session to Full-time MBA students when he visited the School in November. Carl Stephen Patrick Hunter is also an alumnus and Honorary Doctorate of Science. A former Greenjacket Officer in the British Army, Carl is CEO of Coltraco Ultrasonics - an exemplar of British technology and high exporter with markets in 109 countries. Carl has a passion for inspiring, encouraging and nurturing undergraduates and postgraduates across STEM (science, technology, engineering and maths), and he brings extensive experience in entrepreneurship, international business and the contribution of SMEs, exporting, HM Government and Innovation to British business. In addition to lecturing on undergraduate and postgraduate programmes, Carl will be supporting the Business School in building capability with respect to data and decision sciences, an important area for future business and evidenced by the launch of the School’s new MSc Business Analytics (see page 42). Rupert Hoogewerf graduated with a degree in Chinese with Japanese in 1993 and after subsequently spending seven years as a chartered accountant at Arthur Andersen in London and Shanghai. Rupert founded the Hurun Research Institute – a household brand across China and the world’s largest Rich List provider, ranking over 5000 individuals annually. Now in its 20th year, Hurun Report Inc. has grown into a leading research platform responsible for creating and delivering over 100 business-focused events each year in China, including industry-respected awards. In his new role, Rupert will be drawing on his own entrepreneurial story, that led him to establish the Rich List and change attitudes towards the perception of wealth in Chinese society, to contribute to the Business School’s teaching of entrepreneurship. Dr Andrew Wright is a Durham physics graduate and independent consultant with more than a decade of boardlevel responsibility at the Office of Gas and Electricity Market (Ofgem). Andrew also has extensive commercial
experience in the energy and utility sectors working for almost 14 years as a senior financial analyst for several global investment banks, researching the energy and utility sectors. Andrew already engages with the University as a member of the advisory board for Durham Energy Institute (DEI). The joint appointment with the Engineering Department will see Andrew using the professorship to coach students through masterclasses in policy development and regulatory practice. Professor Susan Hart, Dean of Durham University Business School commented on the initiative:
“Professors in Practice will benefit our students enormously. They will give them access to a group of exceptional individuals with diverse experience and associated insights from across a range of senior management roles. All have board-level experience and have succeeded with challenging international projects. Their contributions, bringing current industry perspectives into the classroom will only strengthen our strong teaching ethos.” Andrew Harrison took advantage of the Business School advisory board meeting in early November to deliver the first masterclasses by the newly appointed Professors in Practice to the School’s students. Normally based in Hong Kong, the visit to Durham to attend the board allowed Andrew to make a presentation on The Rise of the Machines to both Full-time MBA and MSc students. The session looked at the impact of modern technologies like artificial intelligence and virtual reality, as well as the use of big data on future career choices and opportunities. “It was great to be able to meet and engage with the Business School students. The students as you’d expect came up with some excellent questions. I’m looking forward to working with them again in the near future,” said Andrew. Current Full-time MBA student Yuta Kabasawa from Japan commented: “I really enjoyed the masterclass from Andrew Harrison. It helped me to envisage what my future may look like.”
ISSUE FIVE • January 2019
/ Alumni
Alumni Panels Held at the Business School In October 2018, Durham University Business School’s Alumni Team held two alumni panel events for current MBA, MSc Management and MSc Finance students with around 250 students attending. The events were a perfect opportunity for the new students to find out how the Business School’s programmes can help them to develop their knowledge, ability and ambition plus improve their professionalism and take their careers to the next level. Members of each panel have summarised some of their top tips within the article.
MBA PANEL: FRIDAY 5 OCTOBER Associate Dean of MBA Programmes Dr Julie Hodges hosted the MBA event and introduced the panel to the students. There were five panel members, who had graduated over the last few years and have successful careers in different industries. The panel shared their experiences then took part in a question and answer session. Andre Yeung, Pharmacist Advisor, NHS (2014/15 cohort, Full-time MBA). William Camuso, Construction Project Manager, H&M (2014/15 cohort, Full-time MBA). Mohammad Hussain, Parts Marketing Manager, Cummins Inc. (2014/15 cohort, Full-time MBA). Aditi Sharma, Intern, Change Management and Technology Adoption (2017/18 cohort, Full-time MBA). Kanad Kashyap, MBA Strategic Business Project Cummins Inc., (2017/18 cohort, Full-time MBA).
Andre Yeung: “My advice to MBA students would be to really maximise your educational investment by saying yes to as many things as possible throughout the year. There are so many opportunities presented to students that it may initially seem daunting but the more you take part, the more you’ll end up getting out of the course. Another bit of advice would be to maintain and develop your network of contacts as you go through the year. A strong network will help when it comes to self-sourcing a project and getting a job when it’s all over!” Aditi Sharma: “Believe in your potential. Stay strong. It is OK to fail or not to perform well. Reflect back and start afresh. Meanwhile be easy on yourself, make sure you take time for yourself and explore things which make you happy. The Durham MBA is a journey which requires you to be resilient, and if you are here, you have got it all to make it work for you.” Mohammad A Hussain: “The MBA programme is surely a challenging but a highly rewarding course too! It can get demanding at times so organisation skills and time management are key. Engage as much as you can; network well as it’s the best chance to experience such diversity. And of course, enjoy the beautiful city to the fullest while you are in Durham.”
This page, L-R Andre Yeung, Kanad Kashyap, Mohammad Hussain, Dr Julie Hodges, Aditi Sharma, William Camuso, and Dr Amir Michael. Opposite page, left, L-R First row: Penny Hawley, Hayley Hewitson, Second row: Paolo Nocco, Dr Thomas Renstrom, Yaman Islim, Ioannis Blekos, Judith Lines, Hacer Muslu. Opposite page, right, L-R Mathias Schubert, Ahmed Harbaoui, Alex Blakoe, Mahmood Shakib, Joachim Sabbat and Professor Christos Tsinopoulos.
ALUMNI PANELS HELD AT THE BUSINESS SCHOOL • 57
MSC FINANCE AND MSC MANAGEMENT PANELS
MSC MANAGEMENT PANEL: FRIDAY 12 OCTOBER
Director of MSc Programmes Economics and Finance Dr Thomas Renstrom and Director of Masters in Management Programme Professor Christos Tsinopoulos gave welcome speeches and programme introductions to the new Masters students, which were followed by the panel sessions and a networking dinner. Members of the panels shared their study and working experiences and answered the students’ questions about the programmes, international studies, internships and future careers.
Mathias Schubert, Operations Manager, SCHUBERT STONE (2015/16 cohort, MSc Management (Entrepreneurship)).
MSC FINANCE PANEL: FRIDAY 12 OCTOBER Paolo Nocco, Project Manager M&A, Swiss Post (2015/16 cohort, MSc Corporate and International Finance). Ioannis Blekos, Equity Sales (Multi-asset), Goldman Sachs (2014/15 cohort, MSc Accounting and Finance). Yaman Islim, Analyst, (2014/15 cohort, MSc Finance and Investment). Ioannis Blekos: “My most valuable tip would be to join the societies that match your interests the most (related to your personal interests and/or areas of study) and interact with people from various backgrounds.” Paolo Nocco: “1. Network as much as possible and get involved in activities. 2. Take part in extra curricular activities to make yourself unique. 3. Take advantage of all the help and support offered from the Business School. 4. Interact with students from different nationalities to gain new cultural experiences.”
Ahmed Harbaoui, Business Developer, Credit Suisse’ Strategy & Projects Team (2015/16 cohort, MSc Management (Finance)) Alex Blakoe, Product Manager, MedTech (2015/16 cohort, MSc Management) Mahmood Shakib, Associate Management Consultant, World Wide Technology (2015/16 cohort, MSc Management (International Business)). Joachim Sabbat, M&A Analyst, The Fulford Group (2015/16 cohort, MSc Management (Finance)). Mathias Schubert: “Get involved in activities, societies, university trips and exchange programmes beside your studies. This way, you not only grow your theoretical knowledge in class but you grow as a person and become more attractive for prospective employers as well as more confident to launch your own business. Also, talk to as many people from different backgrounds as possible while you’re in Durham. You will gain a global perspective on life and an invaluable network with potential resources from around the world for a lifetime.” Ahmed Harbaoui: “Be open for new encounters and participate in the social events and activities offered. If you want to grow, you have to challenge yourself, and don’t forget to enjoy your time in wonderful Durham.”
ISSUE FIVE • January 2019
VICE CHANCELLOR JOINS ALUMNI EVENT AND AWARDS AN HONORARY PROFESSORSHIP IN CHINA • 58
/ Alumni
VICE-CHANCELLOR JOINS ALUMNI EVENT AND AWARDS AN HONORARY PROFESSORSHIP IN CHINA September 2018 was very busy for the School’s alumni team who worked with alumni in China to support alumni chapter events in Shenzen, Shanghai and Beijing. The events were very popular; in fact, combined they represented the School’s biggest event in China to date. Nearly 400 graduates attended the events with 120 in Shenzen, 124 in Shanghai and 150 in Beijing. The Vice-Chancellor Professor Stuart Corbridge joined the alumni team and former students at the Beijing event which was held in Hotel Jen, Beijing on Friday 21 September. Here the VC awarded an honorary professorship to Mr Jin Xu, a former Minister Councillor of the Economic and Commercial Office of the Chinese Embassy in the UK. Mr Jin has had a long and distinguished career in the Chinese Ministry. A President of the Academy for International Business Officials, he has worked to build understanding and improve commerce between the People’s Republic of China and other nations including the USA, Turkey and the UK. Mr Jin’s visit to Durham University was covered in issue 3 of IMPACT magazine. Business School Alumni Manager Penny Hawley commented: The events received some excellent feedback from the alumni:
“It is always enjoyable to catch up with our graduates to find out how they are doing, and this visit to China has been no exception. It was great to see so many alumni in the three cities we visited. Having the Vice-Chancellor attend the Beijing event was particularly pleasing as it shows how important our graduates are to the University and that we value our continuing relationship with them.”
“It was a wonderful event! I am always proud that I graduated from the Business School, and made so many friends from the events.” “I love to know the current news from Durham, and I was so excited to see the VC and have my photo taken with him.” “We really appreciated everything the Business School offered us. We would love to continue attending the Alumni events.”
AN INTERVIEW WITH MSC MARKETING ALUMNA • 59
AN INTERVIEW WITH MSC MARKETING ALUMNA CHLOË APOSTOLATOS Originally from the Netherlands, MSc Marketing Alumna Chloë Apostolatos completed her Masters in 2018. Chloë is currently employed as Associate Account Strategist for Google Marketing Solutions (Google Dublin). Why did you decide to study an MSc in Marketing? Having started my academic journey in 2011 with a Bachelors degree in Philosophy and French, I was unsure where my future would take me. While philosophy and French taught me to approach problems in different ways and think with a more open mind, it was my involvement in the various societies and internships I undertook during my studies that led me to develop a passion and an interest in marketing and business. After working in customer care operations for 18 months I finally took the plunge to pursue my passion and applied for the MSc Marketing programme at Durham University Business School. Why did you choose to study at Durham University Business School? I chose Durham because of the School’s great reputation and career prospects. Studying at one of the UK’s best business schools alongside talented people from around the world was invaluable for my career.
The Business School also offered countless opportunities to develop myself, not only academically, but also professionally. How has Durham helped you in your career? Besides the academic curriculum, I got involved in various societies and also became class representative to help boost my CV but also to get involved in the community at Durham. The careers team at the Business School was extremely valuable in helping me develop the skills needed to succeed post-graduation. They set up weekly workshops and offered one-to-one appointments to help set clear career goals and to ultimately help me succeed in the job-application process. Applying for jobs was extremely daunting and challenging at first, but support was offered at every step of the process which helped me secure my dream job.
What was an unexpected highlight of your experience at Durham? Because of Durham’s collegiate system, it was really easy to make friends and meet people from different programmes, backgrounds and interests. The friends I made at Durham are now working and living all over the world. This is what makes Durham such a special place; Durham connected us to each other, even though we all came from such different places, it allowed us to become really close in such a short period of time, bonding over sleepless nights in the Business School library and sharing takeaway food. You secured your dream job. Tell us a little about this. After handing in my business project in September, I moved to Dublin to embark on a new adventure. Since then I have been working as an Account Strategist for Google in Google Marketing Solutions. I work with a portfolio of 150 clients in Belgium and Luxembourg, helping them achieve their digital marketing goals with Google. I love being at a company that’s truly innovative, pushing the boundaries on digital marketing and AI, and I get to work with really interesting people. This job allows me to use my language skills and, of course, my marketing knowledge gained at Durham helps me be a better strategist for my clients. What would you say to anyone considering studying at Durham? I look back at my time at Durham as one of my best years yet. It allowed me not only to get my MSc in Marketing, it also helped me secure my dream job and gave me a great social and student experience overall. I would highly recommend the programme and the Business School to anyone passionate about pursuing a career in business.
ISSUE FIVE • January 2019
/ Alumni
Young and Giving Back How one Durham University Business School alumnus is working to build a positive future for young people in the UK
I was born and raised in a single parent, low-income household in Finsbury Park, North London. I believe the lack of male role models partly contributed to my search for affirmation. My search for identity culminated in me joining a notorious North London-based gang and being stabbed in my chest at the age of 16. Thankfully, this experience was the wake-up call I required. I completed my A-levels at
Richmond upon Thames College and went on to graduate with a First in my Business Economics BA from the University of Leicester. During the final year of my undergraduate studies, I decided that I wanted to venture into a career in either management consultancy or entrepreneurship. With this ambition in mind, I enrolled on the MSc Management programme at Durham University Business School.
YOUNG AND GIVING BACK • 61
The modules available on the course equipped me with a robust understanding of the core functional areas of business, and the relationships that the Business School possess with reputable management consultancy firms were immensely beneficial. Additionally, I found activities such as the School’s Dragon’s Den competition and the group business plan, submitted as a part of the New Venture Creation module, provided an in-depth exploration into the process of analysing business problems and devising innovative solutions. I was lucky enough to participate in the Dissertation Abroad scheme, spending three months completing my dissertation at WHU Otto Beisheim School of Management in Germany. My dissertation explored different mechanisms for enabling UK-based social enterprises to grow to achieve higher social impact and enhanced commercial success. I was selected to present my findings at the Entrepreneurship Research Institute at the Technical University of Munich. Thankfully, I was awarded a distinction for my dissertation. After a phenomenal 12 months, my Durham University experience culminated with me graduating with a distinction degree classification. From there, I was privileged to undertake the role of co-founder and CEO at Young & Giving. Young & Giving is a platform that utilises artificial intelligence to connect millennials from under-represented backgrounds with mentors in a variety of industries, ranging from investment banking to user experience design, to provide career advice and support. The inspiration for Young & Giving was largely derived from the challenging nature of my upbringing. In light of my experiences, I am immensely passionate about empowering young adults to pursue their career aspirations regardless of their socio-economic background. The knowledge and insights gained at Durham have proved invaluable. Additionally, the brand equity associated with graduating from Durham University Business School has enabled me to build firm relationships with important stakeholders such as investors. The Young & Giving vision was officially birthed in January 2018. In the same month we partnered with the management consultancy firm Accenture to organise a mentorship insight conference, which was a tremendous success and helped to propel our development. The sold-out event was attended by 150 university students and featured panel discussions and keynote speeches from KPMG, IBM and Accenture. Since then we have received approximately 400 mentor and mentee registrations with users signing up from Germany, Italy, UK and Nigeria. We have successfully managed relationships with mentors from firms such as UBS, Deloitte and the World
Health Organisation. We have also facilitated mentorship relationships with mentees from a variety of universities such as Durham University, London School of Economics and Kings College London. Despite having achieved some important milestones, I still faced the challenges of finding a co-founder and raising investment. Consequently, in October 2018 I applied, and was accepted onto, the Zinc VC Accelerator Programme. Learning from the successful innovation in computer and life sciences, Zinc combines insights from social sciences with top entrepreneurial talent and venture capital to build new, scalable, mission-led businesses. The Accelerator Programme brings together fifty minds for nine months to help entrepreneurs find their co-founders and build mission driven commercial businesses. Each programme has a single mission to solve a social problem which affects at least 100 million people. I met my co-founder Sohail on the Zinc VC programme. With over 20 years’ software engineering experience and previous insights building multimillion pound businesses, Sohail currently sits as Young & Giving’s Chief Technology Officer. Zinc VC provides initial investment into each founder participating in the programme and access to follow-on venture capital and grant funding through its unparalleled relationships within the public and private sector.
I am dedicated and committed to turning the Young & Giving vision into a reality. I am on a mission to propel mass social mobility and diversity by connecting millions of young adults from diverse backgrounds with mentors. I would highly recommend Durham University Business School to anyone as it is one of the best choices you could ever make. The profound professional development gained through the exhilarating modules, compelling extracurricular activities and global alumni network is incomprehensible. Adeseye Lawal-Solarin Co-Founder and CEO of Young & Giving and alumnus of the MSc Management at Durham University Business School.
ISSUE FIVE • January 2019
/ Events
Recent Events and Visitors to the Business School We are always delighted to welcome visitors from around the world to talk to our students. Guest speakers from a variety of different industries visit the School to share their knowledge, experience and expertise.
Professor Paul Burns.
The following is a small sample of recent activity. Our recent visitors and events include: PROFESSOR PAUL BURNS, EMERITUS PROFESSOR OF ENTREPRENEURSHIP The MBA team were delighted to welcome Durham University Business School alumnus and world-class author of the New Venture Creation core textbook, Professor Paul Burns. He took part in a masterclass and panel activity, together with other contributors, to inform the MBA cohort about the content and learning they would acquire if they select the Entrepreneurship pathway. Professor Burns also contributed more video content to the Online MBA module on New Venture Creation during his visit. Professor Burns commented: “Durham University Business School was (and is) important in bringing entrepreneurship to the forefront of business education at a time when big was ‘beautiful’. It also pioneered a more practical approach to business education as well as a more qualitative rather than quantitative approach - which I believe more reflects the real business world. These aspects make it different to many other Business Schools.”
Professor Burns was joined on the panel by Jon Tate, MD and corporate entrepreneur at Tracerco; Gillian McLeod, alumna, inventor and entrepreneur; Lucy Armstrong, VC and Business Angel; and Roger Fink, lawyer and MD of new venture support start up, Sparqa. A lively and interactive panel discussion was followed by refreshments and further informal conversation with students and staff in the Lounge.
RECENT EVENTS AND VISITORS TO THE BUSINESS SCHOOL • 63
12th Kyoto-Durham International Workshop in Islamic Economics and Finance.
12TH KYOTO-DURHAM INTERNATIONAL WORKSHOP IN ISLAMIC ECONOMICS AND FINANCE This was conducted under the theme of New Horizons in Islamic Economics and Finance on 24 - 25 July 2018 at Durham University Business School with academic papers presented by the School staff, PhD students in Islamic Finance, Kyoto University staff, along with invited academics from various UK and international universities. This annual workshop has taken place since 2006, alternating between Durham and Kyoto, with the next workshop being conducted in Kyoto University in 2019. A total of 25 papers were presented on different aspects of Islamic economics and finance as well as on the political economy of the Muslim world. The workshop has been an important experience for Islamic Finance PhD students over the years providing them with a forum where they can discuss their research, get international experience and also develop their international network.
PROFESSOR RICARDO RAINERI, FORMER ENERGY MINISTER OF CHILE Durham University Business School’s MSc Finance and Economics Programmes and Centre for Environmental and Energy Economics (CE3) welcomed Professor Ricardo Raineri to the School in June 2018 to present his lecture Challenges and Opportunities for Development and Financing of Energy Projects. Professor Raineri is the former Energy Minister of Chile and the immediate past President of the International Association for Energy Economics (IAEE).
Professor Raineri is a prominent economist and energy specialist, with a track record of international engagement with business and industrial stakeholders. During his visit, Professor Raineri also spoke with current MSc students at the School, sharing his career insights and knowledge about the energy sector.
Professor Kiran Fernandes, Associate Dean for Internationalisation.
DURHAM GLOBAL DEBATE ON BLOCKCHAIN APPLICATIONS AND IMPLEMENTATION AT THE CHINA FINANCIAL INFORMATION CENTRE SHANGHAI WITH COCOON NETWORKS On 19 September 2018, the Business School staged its first Global Debate with the full support of the British Consulate General in Shanghai, CENTI Central Europe, Tech Shanghai Advocates and Cocoon Networks at the China Financial Information Centre in Shanghai. The subject of the debate covered blockchain technology - a disruptive innovation that has played an important role in financial services, reducing frictions in global transactions and providing a higher level of trust.
The seminar brought together university scholars, industry leaders, investment institutions and regulatory authorities from China, the UK and other countries to discuss all aspects of this growth field. Professor Kiran Fernandes, Associate Dean for Internationalisation at Durham University Business School, Professor of Operations Management and Vice President of the Higher Education Department of the UK National Council (pictured) and Professor Julian Williams, Professor in Accounting and Finance, represented the School and gave keynote addresses. Other organisations represented included: World Blockchain Organisation, Department of Communication Science and Engineering, Fudan University, China University of Political Science and Law, Blockchain Financial Rule of Law Research Centre, Centre for Digital Economy and Blockchain Research, University of Chinese Academy of Sciences, International Digital Assets Charity Foundation, and Double Chain Capital.
ISSUE FIVE • January 2019
/ Events
Sustainable Energy Security: Options for Bangladesh.
ANNE CONFERENCE Analyst Network North East (ANNE) held its autumn conference at Durham University Business School on Wednesday 3 October 2018. ANNE is a network where analysts from the academic, public and private sectors can connect and exchange ideas on analysis (quantitative and qualitative).
The network is for anyone with an interest in analysis happening in North East England. Members include: Business and financial analysts, statisticians, data scientists, modelling analysts, economists, STEM students, operational and social researchers. The conference was supported and hosted by the Centre of Technology and Innovation Management, and by Dr Riccardo Mogre, Professor Christos Tsinopoulos and Professor Kiran Fernandes. Teresa Rayner and Ann Dobson, also from the Business School, and Paula Richardson, a current MBA student, contributed to a very successful event. Professor Christos Tsinopoulous delivered the keynote presentation on the impact of Brexit on innovation. Other speakers included Max Tse from the National Audit Office (NAO), Ryan Dunn from the Department for Work and Pensions (DWP) and Amy Hughes from the Operational Research Society. A roundtable on volunteering opportunities for analysts, moderated by Jamie Douglas, ANNE Education Co-lead, also took place as part of the conference. ANNE holds three events each year at locations in the North East of England. Events are free to attend and a continuing professional development CPD opportunity. ANNE events help analysts to make connections and learn from specialist and expert speakers.
LECTURE - SUSTAINABLE ENERGY SECURITY: OPTIONS FOR BANGLADESH Mr Monowar Islam Chairman of Bangladesh Energy Regulatory Commission (BERC) spoke at the lecture which was also attended by Richard Middleton, Chair of Commonwealth Scholarship Commission in the UK.
The BERC regulates the power and energy sectors of Bangladesh. Since joining BERC in February 2017, Mr Monowar has worked towards ensuring the country’s energy security and sustainability. He is also responsible for implementing reforms to promote a competitive market environment and attract private investments. Prior to this appointment, he served as the permanent secretary of the Power Division for the Bangladesh Ministry of Power, Energy and Mineral Resources and the Chairman of the Bangladesh-India Friendship Power Company and the Bangladesh-China Power Company. In his long career, he played a vital role in strategic planning, policy formulation and implementation of mega development projects in the power and energy sector. Professor Kiran Fernandez received a crest from BERC on behalf of the Business School.
CREATING GLOBAL CONNECTIONS WITH STUDENTS • 65
Creating Global Connections with Students With overseas study now ranking amongst the most important markers for graduate success and an increasingly internationally mobile population of students, we are further widening our net to enable us to recruit well qualified, committed students from all across the globe. Attending international student recruitment fairs forms an integral part of the Business School’s recruitment activity and allows us to meet with students and representatives who otherwise would not have the opportunity to speak with us face to face. By heading into ‘their back yard’, we remove barriers for those who are unable to travel to visit their short-listed institutions and raise aspirations towards, and awareness of, our suite of fantastic programmes. It also allows us to provide reassurance for potential applicants through developing relationships and networks in their country that can encourage and support applications. The University’s local agents network plays an important role in getting our message across and these visits allow us to update them on new developments and opportunities.
In the current recruitment cycle, with the support of academic colleagues, we have attended or plan to attend events in 21 countries across the globe, incorporating visits to Latin America, North America, the Middle East, South and South East Asia and Europe. Alongside these events, we also encourage overseas students to engage with us through online information sessions, where they can chat to relevant staff about the programmes, available careers support and admissions process.
LINK The full list of events that we will be attending in Spring 2019 is available via our website www.durham.ac.uk/business/events
ISSUE FIVE • January 2019
IMPACT MAGAZINE WINS GOLD AT CIPR PRIDE AWARDS 2018! • 66
/ Events
IMPACT MAGAZINE WINS GOLD AT CIPR PRide AWARDS 2018!
On Friday 7 December 2018, IMPACT was awarded Gold for Best Publication at the Chartered Institute of Public Relations (CIPR) North East PRide Awards 2018. The magazine showcases the impact the Business School’s students, researchers, staff and alumni have across the business community and the world. IMPACT was first launched in January 2017 with the aim of creating a high quality magazine featuring business insights, embedded across the School’s stakeholder community and beyond. CIPR judges summarised: “IMPACT is a great example of thought leadership best practice. Well researched and wellexecuted – and well received by a very educated group of stakeholders. A worthy winner!”
PRide Awards. The magazine brings together members of faculty, staff, students, alumni and business connections to showcase the impact the Business School has on the wider communities, from the local to the international. Thank you to all of our contributors.” The CIPR North East PRide Awards 2018 were held at The Biscuit Factory, Newcastle on Friday 7 December 2018, with winners being selected by a team of leading industry experts. Founded in 1948, CIPR is the Royal Chartered professional body for public relations practitioners in the UK and overseas.
The Business School’s marketing team work with colleagues from across the School, students, alumni and business connections to produce articles covering a range of topics. There have been four editions previous to this one, each with a strategic theme, and all include examples of the School’s high-calibre research and the impact it has internationally, the achievements of everyone involved and stories of continuous business activities. Professor Susan Hart, Dean of Durham University Business School, said: “It is fantastic to see the hard work that goes into IMPACT being recognised at the CIPR
From L-R, Colin Briggs, BBC newsreader and host of the awards; Matt Watson, Member of the CIPR North East Group Committee; Durham University Business School’s Natalie Taylor, Communications Officer; Marta Guzniczak, Director of Operations; and Martin Thomas, Senior Marketing Communications Officer.
The Disney effect on gender expectation and diversity in the workplace 30 January 2019, 16.30 – 19.00 Durham University Business School, Durham Gender diversity and gender stereotyping remain key business ethics issues for organisations of all types. Join us for an evening which introduces the concept of ‘organisational readiness’: socio-cultural expectations about working selves that prepare young people for their future life in organisations. Learn about new insights into the puzzle of women being encouraged to participate more directly in organisational life whilst continuing to be relegated to the sidelines in organisations.
BOOK NOW www.durham.ac.uk/business/genderequality
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At a glance
• 2 year part-time programme • Personalise your programme to support your career goals • Flexibility — study fully online or complete some learning at Durham • Gain international business experience
Find out more at
www.durham.ac.uk/online-mba
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