Author: Scott Slater III


Student Spotlight: Olivia Hoffman

Olivia Hoffman is a senior Marketing major with a concentration in Digital Marketing and Analytics and a minor in Management. Early in Olivia’s college career, she made it a priority to get involved in extracurricular activities and try new things. Olivia recalls that the most important step she took as an undergraduate was exposing herself to areas outside of Marketing. Through experiences like joining the Learning Community Council’s Recruitment Committee instead of the Marketing Committee and participating in the First Year Experience Program as a Mentor, Olivia got a taste of what different career paths looked like and new opportunities. Another important step Oliva took was making sure to network. “We hear all the time from professors and faculty that networking is important, but networking is so much more than a buzzword. The only way I discovered my past internship and the role I am pursuing after graduation was by striking up a conversation with a friend of a friend who worked at the company – if I had not taken the time to network with her and ask her about her job, I would have missed out on the perfect opportunity for me.” This past summer, Olivia worked as a Human Resources Corporate Intern at CVS Health. The internship lasted 10 weeks from June through August 2022. At the conclusion of her internship, Olivia accepted a return offer to join the company’s Human Resources Leadership Development Program (HRLDP) after graduation, which is a three-year rotational program based in Hartford, CT.

When looking for internship roles, Olivia had certain criteria in mind. She knew she wanted to work for a large company with a strong company culture and a mission she believed in. She also wanted to work somewhere that invested in early career talent. “That can mean something different to everyone, but to me, that meant a company that offered Leadership Development Programs after graduation and other talent development opportunities catered to recent graduates. CVS Health checked all of those boxes, and when I joined the company this summer, I was even happier than I expected to be.” Although interns were primarily virtual this past summer, Olivia made the most out of her experience. Most days, She would attend meetings with her team to discuss and work on projects and participate in development workshops offered to interns. CVS Health placed a large emphasis on networking, so over the summer Olivia was able to set up 30 minute “coffee chats” with 50 human resources professionals across different areas of the business. Olivia states, “It is important to keep in mind that as an intern, your entire internship is also an opportunity to showcase your skills and company fit; that played a large part in the process for receiving a full-time offer” Olivia recalls her favorite part of her internship was when CVS Health hosted all 300+ corporate interns for a week in their Hartford, CT office for their Intern Summit event. “Although I had completed other internships prior to this role, this was the first time that I was truly in an office setting for full-time work due to the pandemic. That week really transformed my perspective on the workplace and allowed me to gain a better understanding of what office culture looks like, which cannot be communicated through a Zoom call. It was an overwhelmingly positive experience that influenced my choice to join the company full-time next June.”

One piece of advice Olivia has to offer other undergraduates is to look early and often for roles, but to also understand the timeline for your industry. “Sometimes you might find that perfect job listing in October, but most often the timeline may look different. It can be disheartening to consistently look for Marketing roles early in the year and to not find many, but once you realize that the Marketing recruiting timeline leans more towards the Spring semester, it can alleviate some worry.” Olivia also wants to emphasize how incredibly important it is to network as much as you can. “UConn students have such a large alumni network who want to see UConn students succeed, so take advantage of that! Attend events on campus where you can connect with employers and take the time to build genuine relationships before the internship or full-time role you want is even on the table so that you are top-of-mind when application time comes.”


Mike Morris ’23, School of Business

UConn Today – Mike Morris had his sights set on an MBA degree for a long time, but the obligations of work and military service – Morris holds the rank of colonel in the US Army Reserve – meant that had to be put on hold. When the time was right, Morris chose UConn – and found a seamless process from application to acceptance to support in course work and studies in the School of Business’ Online MBA program. And although the OMBA program is designed for non-traditional students, Morris was still able to take advantage of a familiar student activity: an immersive trip to study abroad, in Europe and North Africa. Having been elected to the UConn School of Business Student Hall of Fame, he’s looking forward to the next goal in life.

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Why a criminology prof wants addiction clinics within 500m of major transit hubs

CBC Radio – Jeffrey Cohen, a professor at the University of Connecticut’s School of Business, has been researching the benefits of bringing addiction and mental health treatment facilities near public transit routes. His research project ran between 2013 and 2018 is currently a working paper under peer review.

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Student Spotlight: Morgan Darby

Morgan Darby started her UConn career by commuting to the Waterbury campus and eventually arrived at the Storrs campus. Morgan is pursuing a Dual Degree of a Bachelor of Arts in Psychological Sciences and a Bachelor of Science in Marketing. Balancing this 145-credit course load in 4.5 years required the ability to be malleable and pivot as necessary. The choice to pursue a Dual Degree erupted from a desire to gain a holistic perspective. Morgan understands the value of emotional intelligence in the workplace, explaining that “emotional intelligence or EQ is not only a required skill for life but necessary for effective teamwork and leadership. Now more than ever it’s clear that business doesn’t operate in a vacuum.”

Over the years, Morgan has totaled 7 part time jobs in different industries: retail (clothing, food & beverage), government/nonprofit, education, residential construction, environmental remediation, and research/academia. She explains that learning how to work under various management styles has been beneficial in her understanding of the governance of corporations. She states, “Recognizing where the decision-making power and funding trickles down from has allowed me to more effectively implement feedback as necessary.” One of Morgan’s most standout opportunities was serving as a Project Intern for Shelton Economic Development Corporation. “In a very fast paced environment, I had the privilege of learning how to perform the act of effective grant writing from the President himself.” Morgan recalls, “During my first two weeks, we had a 9-day deadline to successfully earn the city a $410,000 Small Cities Grant for their Sensibaugh Heights project. Seemingly learning on the spot how to acquire and produce 50 supporting exhibits/permissions was a learning curve. This effectively laid the groundwork for future projects which require tight-deadline management. This experience ultimately offered me know-how into navigating cross-departmental communication between the Connecticut Department of Energy and Environmental Protection (CT DEEP), the Mayor’s office, and the local municipality’s Housing Authority. This experience ultimately offered me know-how into navigating cross-departmental communication.” These projects gave Morgan insights into the function and allocation of not only city planning, but an introduction to the expansive world of environmental remediation. As graduation approaches, she is seeking a Marketing position in branding or a role that sits in the realm of ESG/Corporate Responsibility. For students interested in these topics, she recommends the following courses: MKTG 3208 on Consumer Behavior; MKTG 3253 on Sustainability, Markets, Society; MGMT 4900 on Strategy, Policy and Planning.

As a first-generation college student, one challenge Morgan found breaking into the professional world was attaining networking skills. She advises students to discuss their career with everyone, even if it’s just to gain knowledge of a specific industries’ systems. She describes how this exposure can give you a competitive edge on landing your next role. “Being able to bring value to a brand through personal experiences can only benefit consumers and society on a macro level.” She states, “At first, I felt this pressure to fit a certain ‘mold’ of the standard corporate intern, but I found more success by bringing my personality to the forefront of every discussion. Critical problem solving requires thinking outside of the box. Ask questions and try everything!”



UConn student-led venture fund bets on sustainability, insurtech, edtech startups

Hartford Business Journal – When Aria Penna enrolled at UConn as a finance major she was eager to begin her coursework, but also knew she wanted to get more out of college life than just books and lectures. So she signed up for a relatively new program called Hillside Ventures, a student-led venture fund that invests in early-stage startups. She’s one of six women in the 31-student program.

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Alumnus Mark Shenkman Honored with Museum of American Finance’s Lifetime Achievement Award

UConn Today – Mark Shenkman ’65 (CLAS), H ’07, an emeritus member of the UConn Foundation Board of Directors, received the Museum of American Finance’s Lifetime Achievement Award during a gala celebration in New York City on Monday, March 13. Shenkman, founder and president of Shenkman Capital Management, was honored for his outstanding career in the investment industry.

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Today’s Business Students Believe Embracing People, Planet Are Essential Elements of Corporate Success

School’s Second Annual Sustainability Summit on March 24 Open to Alumni, Friends of UConn

We often do not think deeply enough about the domain of education. It is certainly about reading, writing, and arithmetic taught to our youngest learners as tools to enable them to learn more and explore more and grow more. As they move through their lives, the intellectual challenges evolve and the depth of their study and understanding grow apace. It has been my privilege to work in university settings for most of my adult life, among colleagues pursuing the next big idea and challenging received wisdom, while incorporating their innovations into writing, textbooks, and teaching.

In the Business School at UConn, we are constantly rethinking and revising our curriculum to focus on what is important. An example of a long-term evolution is the Friedman Doctrine. In 1970, University of Chicago professor Milton Friedman published an article in the New York Times declaring that a business does not have any social responsibility to society beyond serving its shareholders. The notion was that profit maximization arose from the most efficient use of resources and as the profits were realized and distributed to the shareholders, the shareholders had the ability to use these returns as they wished to support socially important needs. This idea was embraced in business schools and became a foundational principle for finance. It also drove a bit of a wedge between the schools of business and scholars at their universities.

Triple Bottom Line Embraces Profits and More

Over the ensuing 50 years, many challenges to this doctrine emerged. Today there is the notion of a “triple bottom line” that suggests value maximization is not just about profit, but also includes people and the planet. Corporate social responsibility (CSR) and investing based on environmental, social, and governance (ESG) outcomes have emerged as a growing area of interest for our students and the companies who recruit them. Educators and employers know that the younger workforce of today cares about how their employer serves its community and the planet.

At UConn, our students are passionate about our planet and preserving it for their children and grandchildren. The Aspen Institute ranks UConn among the Top 10 universities addressing environmental issues, but our students want more. UConn President Radenka Maric recently responded by pledging carbon neutrality for the campus by 2030. The clock is ticking.

For our part, the School of Business is convening our second annual Global Business Leadership in Sustainability Summit on March 24 for students to learn more about this rapidly growing area and to meet alumni and corporate partners. Alumni and friends of UConn are welcome to attend.

Critical Thinking, Cultural Awareness Key to Business Education

The School of Business is often thought of as Milton Friedman’s apostles, where the profit motive rules supreme. Not true. Our colleagues in Arts and Sciences sometimes forget that half of undergraduate coursework in the business school is in the arts and sciences and many of our courses mandate both critical thinking and cultural awareness. Moreover, in the last several decades CSR, the environment, human rights, and other balance points for profit maximization have moved to the forefront of our curriculum. But they are balance points. The core notion that efficient allocation of resources to produce goods and services at low cost is one we embrace and we educate students in how to accomplish that.

For example, UConn has a Business and Human Rights Initiative, something that is unusual in higher education. The business school partners with the University’s Gladstein Family Human Rights Institute to develop and promote programs and activities that raise attention and awareness to global abuses of human rights. We will soon be launching a master’s degree and a set of certificates built around CSR. We expect many of our MBA students to make a subset of these experiences part of their education. In fact, our new MBA Now courses will offer a special series of elective courses in 2023-24 focused on sustainability and the supply chain. At the university level, in response to student interest, we have changed the common core that everyone must take to include an environmental course.

Humanitarian Benevolence Varies Greatly

In educating our students, one important objective is perspective. They must be able to evaluate “doctrines” thoughtfully and dispassionately. “Doctrines” by the nature of the word are belief systems that are extolled by groups, often religious or political. This notion is antithetical to the university. The Friedman Doctrine is appealing and simple. But it misses a great deal. It is built on an assumption of perfect markets and informed, benevolent citizens.

The perfect market assumption fails because of positive and negative externalities. Companies seeking to maximize profits make self-serving decisions when the costs of their polluting activity do not fall on them—a negative externality produces positive profit for the enterprise. The neighborhood bears the cost of bad water, etc. Informed benevolent citizens is also a failed assumption. In the USA today, we have familiar examples of people who have pledged the majority of their extreme wealth to nonprofits. Buffett, Gates (Bill and Melinda), Bloomberg, and Bezos follow in the path of Carnegie, Ford, Morgan, and Vanderbilt. But other uber-wealthy individuals have no apparent social conscience. So, the Friedman Doctrine is built on shaky ground that fails to incorporate externalities and overstates a shared humanitarian objective for those who benefit from (and influence) government policy.

The School of Business is committed to providing a curriculum that explores these important ideas, requires students to evaluate the nuances of ideas and opportunities, and gives them license to learn what they want to learn to enhance their future. We have launched a series of new programs that give students more license to choose their path. And we seek to engage them in open dialogue about not only efficient allocation of resources but also thoughtful investment in the future of our economy.

 

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Revised UConn MBA Program Allows Students Flexibility In Achieving Goals

There is a narrative around higher education that it is ossified and unchanging. Nothing could be further from the truth, and the UConn School of Business is testimony to the dynamic nature of higher education. Today I am excited to share several major changes in our programs. The biggest is the realignment of our MBA programs.

Specifically, we are reducing the number of required credit hours by 25% to better align our offerings with our competitors. We are also eliminating the requirement that students must complete a concentration. Taken together, these changes give our students greater control over what they study, and allow them to tailor their program to knowledge required for their chosen career path. These changes give more decision making and autonomy to our students and reduce mandatory requirements of the degree programs.

Historically, concentrations were deep learning in core areas such as finance, accounting, management, marketing, or management information. Today the world is changing, and aspiring professionals seek targeted knowledge and more diverse opportunities. Rather than a deep-dive concentration in finance, they may seek some data analytics and some project management. Our revised curriculum opens these doors to allow students to design the program of study that they seek, and their employer may prefer.

The core curriculum is little changed. The total credit hours are reduced, which shortens the time to degree and the program’s cost. The reduced electives allow students to tailor their education to their needs. As work lives grow longer and the pace of change accelerates, we expect the notion of life-long learning to grow apace. Young professionals and their employers will look for periodic enhancement of their skills and knowledge. UConn will stand ready to provide shorter updates on important topics in the form of certificates, badges, or other affirmations of additional knowledge.

In the last few years, and especially in response to COVID, we have learned how important flexibility is to our students. In response, we have created a fully online MBA offering. Equally important, we have enabled students to seamlessly combine some courses in the online format and some courses in a face-to-face modality as the demands of their personal and professional lives dictate.

Our admissions professionals are ready to talk with interested candidates about how these changes may affect their plans.

 

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Strategies for Success in Business (Taylor’s Version)

UConn Today – Superstar Taylor Swift may have exceptional musical talent and a legion of devoted fans, but, a UConn scholar argues, it is her nearly flawless business strategy that has fueled her path to superstardom.

“Talent only gets you so far,’’ says Sami Ghaddar, a School of Business professor who specializes in business strategy. “I would say that Taylor Swift is a very savvy businessperson.

“In an industry where rivalry is intense, it requires well thought-out and prudent decisions to reap the rewards that she has. Taylor Swift is a person; but Taylor Swift is also a business.’’