PULSE News and opinion from Liverpool Hope Business School June 2020 | Issue 9
EMBRACING THE DIGITAL REVOLUTION
THE POWER OF PLACEMENTS
COVID-19 AND THE ECONOMY
NEVER TOO LATE TO LEARN
How work experience can transform CVs
What does the future hold post-pandemic?
What it’s like to be a mature student
News and opinion from Liverpool Hope Business School June 2020 | Issue 9
WELCOME TO PULSE One year on from receiving AACSB accreditation, and the Business School has had to adapt to challenges no one would have predicted just 12 months ago. In the months since our last issue of Pulse was published, the Covid-19 pandemic has transformed every aspect of 21st-century life. For the Business School, it’s meant looking at the way we teach in a new light. Reflecting on the use of technology in aiding teaching, Dr Clay Gransden highlights how online applications can actually enrich the student experience (page nine). Meanwhile, Associate Professor Archontis Pantsios considers what the future holds for the economy following the Covid-19 pandemic (page six). The future certainly looks bright for Business Management student Joe Perrins, who shares his experience of completing a work placement year (page four) - something our most recent addition to the team can support you with. Business Engagement & Employability Manager and Professional Tutor Lyndsey Burkert has joined the Business School to help connect students with workplace opportunities. Read more about her plans for bringing employers and students together on page 10. I hope you enjoy this issue of Pulse and we look forward to seeing many of you in September, as we launch the 2020/21 academic year. Ian McKenna Interim Head of the Business School
Hope’s career service rated top 2 in UK Liverpool Hope goes above and beyond to boost the employability of its students, according to a new independent survey. Graduate jobs app Debut submitted a series of Freedom of Information requests to UK universities to find out how much they invest in their career services, as well as looking at average graduate salaries and employment levels. And Hope led the way, with only one other institution spending more per student on career and employability pathways. Meanwhile Hope - placed second in the UK list - was the only university in Liverpool to feature in the top 10 run-down. Chris Biggs, Senior Careers Adviser within Hope’s acclaimed Careers & Employability Team, said: “Graduate jobs are notoriously competitive, with around 70 applications submitted for every position posted.
IN THIS ISSUE 3
AACSB - one year on
8
Never too late to learn
4
The power of placements
9
Embracing the digital revolution
6
Covid-19 and the economy
10
Introducing Lyndsey Burkert
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NEWS IN BRIEF
“But Hope’s graduate employment rates are enviably above the UK average - and there’s a reason for that. “From the moment they arrive at Hope, until well after they graduate, we aim to guide students into their dream careers, covering everything from CV writing tips, to gaining valuable experiences through volunteering, placements and internships, as well as offering a full programme of career enhancement events.”
SPOTLIGHT
AACSB - one year on
Interim Head of the Business School Mr Ian McKenna reflects on how the School has progressed since receiving the prestigious accreditation. Just over 12 months ago, the Business School welcomed the AACSB Initial Accreditation Panel to Hope Park for four days of scrutiny of our teaching, curriculum, research and student learning frameworks. The result of this meeting – the culmination of more than three years of tireless hard work and dedication by Business School colleagues – was the award of the prestigious AACSB accreditation for a period of at least five years. On receiving the award, the University’s Vice-Chancellor Professor Gerald Pillay said: “We are proud to join this illustrious global network of AACSB-accredited business schools. AACSB’s pursuit of excellence and ever-improving standards resonates with our educational philosophy to make a difference for good in the world.” AACSB International is the longest-serving accrediting body for business schools, and the largest business education network connecting students, educators, and businesses worldwide. It provides internationally recognised, specialised accreditation for business and accounting programmes at the bachelor, masters, and doctoral levels. The fact that only five per cent of institutions across the world offering business degrees at the bachelor’s level or higher have earned this accreditation, means that Liverpool Hope Business School is understandably proud of this achievement.
Research activity is strengthening rapidly in a number of areas such as sustainability and greening markets, marketing, business management and economics. Our curriculum continues to evolve to meet the challenges faced in today’s global economies, and we are rethinking both our teaching approaches and subject content - not to mention our communication models - in light of the current game-changing Covid-19 pandemic. Our Marketing undergraduate degree provision has gained recognition and accreditation from the Chartered Institute of Marketing and this, along with the ACCA accreditation for our Accounting and Finance degree, means we continue to provide a bridge into the professions for our students. This will be reinforced by the introduction of an Economics major from this September. The suite of masters programmes offered in the Business School is constantly under development, and we have plans in the near future to introduce MA programmes in Human Resource Management, Operations and Logistics, Strategic Leadership and Sustainable Business. In addition, our students continue to inspire us with their energy and their achievements, as seen with the success of one of our teams at this year’s regional Young Enterprise competition. A lot has happened in the past year. No doubt, the next academic year will be just as interesting!
Almost one year on from the official notification, the Business School continues to move forward in all areas of its endeavours. PULSE Magazine | 3
HIGHLIGHTS
The power of placements Business Management student Joe Perrins explains how a work placement year has transformed his CV and finances. “But for me it’s about the freedom to spend a year in industry and then go back to your studies with a fresh perspective and impetus. “And in terms of my options after I graduate, it’s definitely helping to steer me in a positive new direction.” Joe worked at an Enterprise branch in Liverpool city centre, in a role that encompassed everything from logistics planning to sales, promotional work and marketing. He was praised for using his initiative to bring in 25 new major corporate clients. And his sales figures saw him place second in the North West during his final weeks - a region that involves hundreds of employees and extends as far south as Stoke and as far north as Kendal, Cumbria. Joe added: “I’m really proud of what I achieved. And the work placement also improved my confidence massively 100 per cent. If you’re worried about getting a job after university, a degree with a work placement year could be a ‘CV lifesaver’. That’s according to one Business School student, who’s just finished a crucial stint working in industry. And not only has Joe Perrins cleared his overdraft and bolstered his finances ahead of his final year of study, he’s also transformed both his CV and his confidence. Joe, who is studying Business Management, opted to turn his three-year course into a four year one - spending his third year on a paid work placement with car rental giants Enterprise. It’s a scheme that’s new to Hope - but which Joe says has been invaluable in terms of his near £20,000-a-year salary and his on-the-job education.
I’m really proud of what I achieved. And the work placement also improved my confidence massively 100 per cent. “Before university, I was quite nervous in certain situations. But having to work on major corporate accounts forces you to come out of your shell. “So many of my skills have improved - and I think employers will take notice of that in the future.”
Joe said: “I’d recommend the work placement year to anyone.
The Enterprise role was secured through Hope’s Careers & Employability Service, as well as the Business School, both of which work with local businesses to identify roles that compliment a student’s given degree.
“Yes, it was hard work, and it’s very different from being at university full time.
Meanwhile having to negotiate the current Coronavirus
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HIGHLIGHTS situation has, ironically, also given Joe an important lesson in crisis management. He reveals: “A lot of businesses describe themselves as operating in a ‘fast-paced environment’ - and this was certainly the case. “And I never thought I’d have to be part of a crisis management team - but that’s what we found ourselves going up against. “In the future, potential employers are going to be asking candidates, ‘What hurdles did you have to overcome during Covid-19?’ “And, ironically, if you haven’t got a lot to say, you’re going to be at a disadvantage. I was able to learn things that I hope I can carry forward to future roles.”
I was able to learn things that I hope I can carry forward to future roles. As Joe watches friends approach the end of their own degrees, he’s got no regrets about the fact he’ll be staying on for a further 12 months. He adds: “One of the big differences between me and my friends is our bank balances. “I was on a good wage, I got my student loan on top of that, and it’s a nice feeling knowing that I’m in a really good financial position going into my last year of study. “I’ve well and truly cleared my overdraft. “And I’d like to think I’m also much more employable than I was before. “In the current climate of jobs uncertainty, I think that’s worth its weight in gold.” Now Joe is hoping to use his work placement experience to inform his dissertation next year, potentially examining the car rental market. And he can also see it influencing his career direction too, as he eyes a future role in logistics management. He says: “No matter what happens, I want to have a real influence on whatever business I find myself working at. “And if the opportunity ever arose to start a new business from scratch, I’d jump at the chance.”
NEW STRUCTURE FOR THE BUSINESS SCHOOL The future looks promising for the Business School, as new management drives forward its vision. The University has moved from a Faculty model to a structure that sees significant decisionmaking responsibilities devolved to the Schools. As such, the Business School has a new management and committee structure, and will have more autonomy in setting its direction and operational priorities. All while still contributing to the University’s vision, mission and strategic objectives. Interim Head of School Mr Ian McKenna is joined on the Senior Management Committee by Subject Lead for Accounting, Finance and Economics Mr Brian Ricketts, Senior Professional Tutor and Assessment Coordinator Ms Jo Whittingham, and Senior Professional Tutor and Foundation Year Lead for the School Ms Paula Raper. Mr McKenna said: “This is a really exciting time for the Business School. “We have a new but very experienced senior management team with a great combination of leadership experience in the commercial, public and charitable sectors and many years of working at a senior level within the University. “More importantly, we have brilliant and energetic colleagues who, I know, will help us take the Business School to greater heights in the years ahead.” The School now has its own Academic Committee for the first time, chaired by Associate Professor Archontis Pantsios, and including colleagues from each of the School’s academic subjects. The School will also have senior representation on the combined Social Sciences and Business School Research and Ethics committees, and this will help to drive forward its increasingly vibrant research agenda.
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EXPERT COMMENT
Covid-19 and the
Economy What does the future hold for the global economy following the Covid-19 pandemic? Associate Professor of Economics Archontis Pantsios considers. The global outbreak of Covid-19 in early 2020, in addition to creating a huge challenge for national health systems, wreaked havoc in financial markets and plunged economies into deep recessions.
Financial markets were the first to take the Covid-19 hit. In the first three months of 2020, major stock markets like the FTSE and Dow, fearful of lower short-run economic growth, experienced the biggest three-month decline since 1987 and are gradually recovering.
What the world faced was unprecedented, previous recessions were usually the result of contractions in aggregate demand or (less so) in aggregate supply.
Central banks and governments around the world scrambled and resorted to traditional expansionary monetary and fiscal policies to counter the pandemicinduced recession.
This time, as countries in a domino-like fashion were entering national lockdowns, their economies faced a huge shock affecting simultaneously aggregate demand and aggregate supply, which was expected to lead to sharp reductions in output and spikes in unemployment. The important term here is shock. What happened as a result of the Covid-19 pandemic was not due to some endogenous factor in the economic systems, but due to an exogenous health-related shock, similar to a natural catastrophe, affecting negatively both supply and demand for the foreseeable future. 6 | PULSE Magazine
Central banks slashed interest rates and poured money into the economy - the Fed’s efforts will surpass $4 trillion (£3.19 trillion), while the Bank of England agreed to temporarily finance the government’s spending to an “effectively unlimited amount”. Meanwhile, governments passed bills to directly assist firms and employees. In late March, the US Senate passed a $2 trillion (£1.59 trillion) aid package, while the UK budget deficit is expected to reach £260 billion in the 2020-21 financial year.
EXPERT COMMENT and the sooner it gets under control via a therapy and/or vaccine, the shorter will obviously be the economic impact and the sooner and stronger will be the ensuing recovery. This will lead to an efficient ‘catch-up effect’, with only temporary, transient negative economic effects. This is related to how the pandemic will affect spending decisions by consumers and firms.
The EU, after much bickering, agreed to an ambitious Covid-19 recovery plan with a total spending of $2.6 trillion (£2.07 trillion), a third of which would involve issuing of joint debt. As recession started to bite, unemployment surged. In the US, from a weekly average of 350,000 new unemployment claims during the first ten weeks of 2020, the country went to a weekly average of five million between mid-March to the end of April.
If consumers remain nervous and cautious following the pandemic, the recovery will take longer. Similarly, if supply is slow to recover as private debt leads to shutdowns and bankruptcies, and investment decisions are being postponed, the length and strength of economic recovery will be jeopardised, accentuated by the accumulated global effect. That’s where the role of central banks and governments becomes vital, in order to address immediate problems of liquidity, debt relief, and public spending and investment, until the engine of the economy fully revs up.
A quarter of American workers have filed for unemployment benefits since the start of the pandemic, which amounts to 40 million people, while in the UK nearly a million people applied for universal credit in the last two weeks in March. Unemployment is predicted to more than double and reach nine per cent in the second quarter. Economic growth forecasts are naturally bleak, with the International Monetary Fund predicting that global gross domestic product (GDP) will shrink by an average of three per cent during 2020, with individual countries affected differently. For example, the Bank of England has predicted that the UK is on its way to the worst downturn since 1706, with an estimated annual contraction in 2020 of up to 14 per cent. Naturally, as this crisis is truly unprecedented, various predictions are being adjusted on a daily basis. The question that looms over such a grave reality concerns the outlook for economic recovery. In theory, economic shocks usually have a short-run impact on the economy, which is commensurate to their duration. If the shock is not related or in any way affects structural elements in the economy, once the cause is lifted, the economies should be able to rebound quickly and robustly - this is the so-called V-shaped recovery scenario, espoused by Andy Haldane, Bank of England Chief Economist. There are, however, a number of important qualifications. The first concerns the longevity of the Covid-19 pandemic. The sooner it ends with no recurring waves
The role of the state will also be important in a new world where economic inequality will likely increase as a result of the evaporation of many jobs and businesses, and the creation of oligopolistic market structures. The Covid-19 crisis may not have an aggregate longlasting economic impact, but it will probably act as a catalyst in areas related to environmental, technological, labour and work-place developments.
Archontis Pantsios Associate Professor Pantsios holds a PhD in Economics from Binghamton University, US. He has taught at Middlebury College, Potsdam College of SUNY, the Catholic University of America, The American College of Thessaloniki (ACT) and Aristotle University of Thessaloniki. His research interests lie in the area of the economics of conflict, with specific applications to unionisation, strike activity and international relations.
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ALUMNI STORIES
Never too late to learn Business Management graduate Nicola Fry credits Liverpool Hope with helping her establish a successful career as a Senior Commercial Health and Safety Management Tutor. As I studied certain topics - globalisation, environmental sustainability, conflict management and negotiation - I could hear Hope lecturers delivering these classes during my degree, which seems weird, but really helped me to focus on learning. When teaching my own Management students to train others in their own organisations, I often draw on my experiences at Hope - my strengths, weaknesses, identifying learning styles that engaged me and helped me to learn. I connect well with my customers, as they are all like me - adults returning to study for the first time since leaving school. Many are accidental managers that have a wealth of industry experience and just need reassurance, confidence in themselves, and a package of skills in order to lead and manage their teams and enhance their business.
The Hope experience gave me confidence in my ability to study at degree level, and helped me to apply critical thinking to my work and the wider business world. My degree enabled me to become a commercial Health and Safety and Management Tutor and I’m now the Senior Tutor. In the last three years since completing my qualification, I have taken every opportunity to study, build on my existing skills, enhance my delivery, create opportunities for my organisation, and enable others within my personal and professional networks to succeed. While recently studying for my Health and Safety Diploma, I utilised all the skills and techniques I learned during my time with Hope to complete a very challenging qualification from home, in my own time, while working. I would never have achieved this without both the skills gained at Hope, a lot of hard work and a great deal of determination! 8 | PULSE Magazine
I enable people to reach their potential, so they can help their own people to reach their potential and face dayto-day challenges to improve both themselves and their organisations. I had an excellent experience at Hope, with access to a wide and diverse range of experienced lecturers, who all offered a high level of support, materials, communications and face-to-face teaching. Continuing to enable real ordinary working people to access higher learning opportunities should be a priority for universities, as communities, organisations and the wider world needs these skills. It took me until 45 years of age to realise what my exceptional skills are and how to use them to benefit others. When I was a child, university was unheard of for ordinary working-class families. You went to work and made your own success. If someone had identified my potential all those years ago, I could have made a much bigger contribution to society a lot sooner.
Embracing the digital revolution
Senior Lecturer in Marketing Dr Clay Gransden explores how online provisions can enrich student learning. Since the outbreak of Covid-19, the world has changed, the way we teach is no exception to this change. The internet and internet-ready devices had already become ubiquitous, in both our social and our professional lives. However, trying to use these technologies to extend or enrich student learning can be tricky. Indeed, it is all too easy to incorporate technology into the learning process without impacting a student’s actual learning. Some critics argue that the use of technology in education is sometimes forced and can be used for the sake of using technology. However, we are in a situation where technology is the only way we can interact with our students. Here at Liverpool Hope Business School, we try to face some of the issues of online learning in a variety of ways. We believe it is important to have a constant dialogue with our students to understand what works and what doesn’t. We are also blessed to have colleagues who are not only digitally agile, but who are willing to experiment with new technologies. In fact, we have colleagues who have created apps, won learning and teaching awards, and who are involved with learning and teaching at a university level. Within the four subject areas we teach in the Business School - Accounting and Finance, Business Management, Economics and Marketing - there are several types of software we are currently using. Of these, Mentimeter and Zoom have proved popular with colleagues and students alike.
Mentimeter - By using this software alongside our online presentations, students can use their smartphones to connect with the material being delivered and answer questions. One of the great benefits of using this technology is that we can gather responses from the whole cohort in real-time. In addition, we can then create visualisations with the data we collect from said session. Students also like the software as it creates a much more interactive experience through a medium that they are comfortable with. Zoom - A great Skype alternative that has become essential across the University because of its interactivity and stability. With this software, we can have remote interactive sessions with our students. We can enhance and expand our classes with some of the collaboration tools, including video breakout rooms, multi-sharing, polling, and group chats. Zoom has the added ability for users to share their screen – this has been a particularly helpful feature for both staff and students alike. Since the Covid-19 outbreak, we have had to change our teaching strategy. Part of this strategy is to ensure that our students are ready for the future. Businesses expect their current/future employees to have the skills to live, work and thrive in a digital world. We agree, by exposing our students to the many different technologies available, we improve their skillset whilst simultaneously facilitating their learning. While there are many uncertainties in the world right now, our encouragement and support for the students of the Business School has been resolute.
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IN PROFILE
INTRODUCING The Business School is pleased to welcome its newest member - Business Engagement & Employability Manager and Professional Tutor Lyndsey Burkert. Lyndsey will be working with employers to create workplace opportunities for students, which will enrich their experience and CV. How will you be supporting students and businesses in their employability ambitions? My new role includes creating industry links for all employability aspects - from placement year and summer internships, to graduate opportunities. This includes working with local organisations to strengthen and forge links, as well as showcase how the School can contribute to the strategic employability agenda for the North West region. There is an exceptional demand from students to contribute and retain skills within our local economies in Merseyside, in both the profit and the not for profit sectors. This is also a key focus for the region’s Chambers of Commerce, which recognise the importance of retaining local graduate talent. In my role as a Professional Tutor, I will be teaching, designing course content, coaching students along their journey, and embedding a renewed focused on employability skill and external engagement. I will also support the Young Enterprise programme, growing the links with professional bodies and developing an alumni network.
What are you most looking forward to about your new role? I’m looking forward to helping increase the number of students who undertake a year in industry through the extended placement year scheme. I also want to support students at the end of their first year to grow in confidence and secure their first steps into summer internships, work shadowing or volunteering. As the graduate labour market continues to change and adapt over the forthcoming years, so will the careers and
employability offer from universities. This will also lead to the opportunity to help create and deliver an exciting new employability skills programme for all levels of undergraduate students at the Business School. We are excited as a School to be developing and delivering a programme of employability education, starting with first year students this September. I’m looking forward to helping design, shape and deliver this offer, which will equip our students with key transferable employability skills.
How important are placements/work experience in the current climate? I’m passionate about life-long learning and the ability to transfer that learning into credible employment outcomes for the students. The majority of students who return to university after a year in industry come back transformed. They perform at a higher level with some exceeding their previous forecasted degree classification, as they are able to write, reflect and apply that knowledge in their assignments. The softer skills of enhanced confidence, stronger interpersonal skills and industry insight makes them a very strong candidate when they then enter the graduate labour market.
Find out more If you’re interested in working with the Business School and its students, you can contact Lyndsey on Linkedin either through the Liverpool Hope University (LHBS) Liverpool Hope Business School account or her personal account Lyndsey Jayne Burkert.
Biography Lyndsey completed a BA Hons in Human Resource Management in 2016 and went on to study for an MBA with Merit from the University of Liverpool in 2018. She later completed a PG Cert in Strategic Director Leadership & Development at the University of Chester.
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As well as being an active Associate Member of the Chartered Institute of Personnel and Development (CIPD) Merseyside & Cheshire, Lyndsey holds a NonExecutive Director position in social housing.
THE BUSINESS SCHOOL
ABOUT US: LIVERPOOL HOPE BUSINESS SCHOOL The Business School curriculum is cutting-edge with all teaching research-informed and delivered by staff with both professional and practical backgrounds. A high number of staff have PhDs, while three members of the School have run successful businesses. This means the School is highly qualified at an academic, professional and experiential level, to engage in research that connects with the business sector.
The School works closely with accreditation bodies and is a member of various professional networks. These include the Association to Advance Collegiate Schools of Business (AACSB), the Association of Chartered Certified Accountants (ACCA), the Chartered Association of Business Schools (CABS), the Chartered Institute of Marketing (CIM), Liverpool City Region Local Enterprise Partnership (LEP) and Professional Liverpool.
With strong links to a range of leading local and national companies, professional bodies and organisations, and a range of innovative ethical and social enterprises, the School has a reputation for developing students with sound theoretical principles and a thorough understanding of contemporary business practices. Guest lecturers and practitioner input allows students the opportunity to visit companies, study abroad and work via Young Enterprise to develop and run their own business.
WHO WE WORK WITH:
BUSINESS DEVELOPMENT CLUB
BUSINESS DEVELOPMENT CLUB
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To find out more please visit: www.hope.ac.uk/businessschool
Pulse is published by Liverpool Hope Business School, Hope Park, L16 9JD.
T: 0151 291 3087 E: businessschool@hope.ac.uk
The views expressed in the magazine are those of the contributors and do not necessarily represent those of Liverpool Hope University.
LiverpoolHopeUniversity @LiverpoolHopeUK