Neel Sai and Ryan Fontanazza were excited to begin consulting for "Jersey Bound," a local products-based store in Newark Liberty International Airport.
They never expected to run the place.
Through a series of unexpected twists, "Jersey Bound" has evolved into a unique boutique: the first entirely Rutgers student-operated business. Sai and Fontanazza control the finances, sales and marketing for the vendor.
“When it comes to starting a business, we had no idea what we were getting involved in,” said Sai, a Rutgers Business School senior.
The two students approached Kevin Lyons, an associate professor in the Department of Supply Chain and Management and Marketing Sciences about getting hands-on experience toward the end of earning their degrees.
Lyons suggested they work at "Jersey Bound," which was a collaboration between several New Jersey organizations.
Lisa Nejjar had one last weapon to wield in her effort to woo the young reality TV casting agent from the CNBC show "Shark Tank" sitting at the table in front of her.
Nejjar, a 41-year-old former nurse from Lyndhurst, had laid out on the table a dozen samples of her company’s product — a stretchy waist band called a "fusion belt" — that can hold keys, money and other items while the wearer exercises.
In fast-paced patter, she had touted her $60,000 in sales since launching the product eight months ago, her new partnership with another waistband maker, the fact that she had "sunk all my 401(k) into it"; and her three patents. She even offered the agent a couple of free samples.
"And I’m Italian and from New Jersey," she added, alluding to the prevalence of people from that demographic in reality TV shows, and laughed a little self-consciously. "I’ve got to push."
Nejjar won’t know for a while if she makes it onto the show, but there was no shortage of hopefuls like her at Rutgers Business School in Newark Friday, when the show held auditions for its upcoming season, its seventh.
On April 30, 2015, Rutgers Institute for Ethical Leadership presents its annual conference to address ethical issues across all sectors and brings together leaders from business, nonprofits, government and higher education.
The focus of this year's program is Ethics in Health Care; how we as a community of providers, educators, suppliers and patients can maintain the highest ethical standards within a rapidly changing environment. Topics include the Cost of Fraud, Economics & Consequences and Big Data.
The Rutgers Institute for Ethical Leadership (IEL) announced that 24 leaders from the business and nonprofit sectors completed the Spring 2015 Executive Leadership Certificate Program. The two-day program, “An Ethical Journey to Success,” included focused learning experiences and case studies on real-world ethical challenges.
“We are proud to help create a more ethical landscape for people doing business in New Jersey,” explained Judy Young, Executive Director at the IEL.
“Congratulations to everyone who completed the Certificate in Ethical Leadership. As leaders, they are now prepared to set the tone for their team and organization when faced with ethical dilemmas that can do minor and serious damage to their reputation… and their bottom line.”
Supply chain innovations like predictive analytics, 3D printing and wearable technologies are delivering jobs for talented managers across sectors.
He added that they are also a way to “sustain competitiveness and manage the fast-paced changes caused by both global markets and changing consumer demands.”
While the topic of Integrated Marketing Communications (IMC) isn't new to marketers and communications professionals, it's a practice that's undergone a recent metamorphosis and continues to evolve due to digital innovation and omnichannel interaction.
At the same time, organizational silos are still impeding the ability to move the IMC needle amidst aspirations of communications agility.
Through the introduction of its new Mini-MBA: Integrated Marketing Communications certificate program, Rutgers Business School Executive Education (RBSEE) is extending the conversation on IMC beyond the strictly theoretical to arm practitioners with a blueprint for bringing IMC to life in their companies and organizations.
"Given our program offerings with respect to digital marketing and social media marketing, the topic of IMC is a natural extension of the marketing mindset as we seek to provide a full-range of courses that enable marketers and communicators to achieve tangible results across the board, from the highly strategic to the more tactical," said Christina Murphy, a program manager for Rutgers Business School Executive Education.
"While many recognize the need for integration across the communications spectrum (the 'why'), the actual strategic execution of this initiative (the 'how') remains seemingly elusive and that's why this program was created," Murphy said.
A growing number of employers say a degree from a prestigious college counts less than it once did. But among elite finance and management-consulting firms—which offer some of the highest starting salaries for new graduates—an alma mater still matters. That puts students from less-selective schools at a disadvantage, career-services officers and students say.
“We teach our students that they’re going to have to compete,” said Eugene Gentile, director of the office of career management at Rutgers Business School. “Many of our students are not already moneyed. They’re often first-generation college students. When they get out there in these firms, they compete with the best of them.”
Rutgers senior Jason Seo, co-president of Little Investment Bankers of Rutgers (LIBOR), the school’s finance club, said companies “are actively searching for kids” at target schools, while “we are actively searching for firms.”
Understanding financial data can be a challenging and daunting task, especially for those with no formal financial background.
However, to succeed in today's complex business environment, even managers who are not in their company's finance department need to understand the language and tools of finance. Managers and other professionals require a robust understanding of financial statements, departmental budgets, forecasts and methods of evaluating potential investments and projects.
Whether you want to increase your financial knowledge, work more effectively with your corporate finance team, transition into a new role with more direct financial responsibilities or learn to make effective financial decisions, the Rutgers Business School Executive Education (RBSEE) program "Fundamentals of Finance for Managers," beginning April 21, will provide you with the tools and vocabulary you need.
Program Manager Jennie Fine said this program was developed in direct response to market need.
"Across industries and functional roles, managers need a solid ability to analyze, prepare and present financial information," Fine said, "but often have had no experience or education to prepare them."
"Fundamentals of Finance for Managers' prepares managers for personal and organizational success by providing practical, hands-on coursework and exercises," she added.
Education offers an advantage, but not an escape from America’s racialized job markets.
As the U.S. economic recovery inches forward, it's become popular in some circles to suggest that anyone who's qualified and wants a job can find one.
But that view is also inaccurate. Data show that the “skills gap” is largely a myth. There are still more job seekers than job openings in most industries. And for educated workers who are black, the canard is especially clear.
Millions are finding out firsthand that higher education in the United States does not provide the sort of beeline to high-paying employment that it seemingly promised. But for black America, the connection between college and a job is especially tenuous.
Social networks also play a major role in reproducing racial hierarchies in the labor market, according to a recent study: The American Non-Dilemma by Professor Nancy DiTomaso in the Department of Management & Global Business at Rutgers Business School. Whites disproportionately hold down jobs of prestige and high pay. And when those in high places bestow favors to their buddies, former classmates and acquaintances, they perpetuate racial divides, whether intentionally or not.
Earlier this month, when the student government at the University of California-Irvine banned the American flag—and all flags—on a part of the campus, the national media pounced, Internet trolls snarled, and lawmakers swooped in with a proposed amendment to outlaw the ban.
Even after the ban was reversed and student leaders apologized, the Internet hand wringing persisted. Students at the school took to Facebook, worried that the brouhaha would brand the school as un-American and sully their career prospects.
This may be the Internet age, but even the Bard understood the currency of a good reputation when he wrote in Othello, “But he that filches from me my good name, robs me of that which not enriches him, and makes me poor indeed.” Today, every gaffe—and worse—is instantly consumed by millions of eyeballs—and employers.
In recent years, this online judge and jury has given rise to an entire reputation management industry. And it’s raised this question: Can ties, even tenuous ones, to a tarnished organization or group really dim your job prospects?
Researchers, as it turns out, have given this somewhat sweeping brand of guilt-by-association an official term: demographic stigma. It’s the “stigma of belonging to a discredited social category such as an industry (e.g., the tobacco industry) or organization (e.g., innocent employee of Enron),” Danielle E. Warren explains in a paper titled “Corporate Scandals and Spoiled Identities.”
Warren, who studies business ethics and management at Rutgers Business School, also says the stigma’s longevity hinges on the extent to which an individual is perceived as being “in control.” In the case of the college students worried about the flag ban, she says, “I would think that the extent or length of the stigma associated with being a student at a university with an unpopular rule would depend upon how much the public views the students as being in control or a part of the university's rule-making process.”
The move to No. 48 represents a significant – and historic – bump, advancing the Rutgers Full-Time MBA program into the Top 50 tier for the first time.
Rutgers remains the No. 1 public MBA program in the New York metropolitan area based on the latest information compiled by U.S. News & World Report and released March 10. Overall, Rutgers placed as the No. 24 public business school in the U.S. in the latest rankings.
The U.S. News & World Report ranking highlighted some of the strong points of the Rutgers MBA program, including a nearly 94 percent rate of post-graduate employment and a 12.5 percent increase over last year in average starting salaries for graduates of the MBA program.
“We are very proud of the new ranking that propels Rutgers Business School into the Top 50 MBA programs in the US,” RBS Dean Lei Lei said. “The ranking adds to a growing momentum that is taking Rutgers Business School to new levels of success.”
Rutgers Business School-Newark and New Brunswick moved into the ranks of the Top 50 MBA programs in the nation, according to U.S. News and World Report's latest review of best graduate programs.
The move to No. 48 represents a significant and historic bump, advancing the Rutgers Full-Time MBA program into the Top 50 tier for the first time.
Rutgers remains the No. 1 public MBA program in the New York metropolitan area based on the latest information compiled by U.S. News and World Report and released March 10. Overall, Rutgers placed as the No. 24 public business school in the U.S. in the latest rankings.
The U.S. News and World Report ranking highlighted some of the strong points of the Rutgers MBA program, including a nearly 94 percent rate of post-graduate employment and a 12.5 percent increase over last year in average starting salaries for graduates of the MBA program.
"We are very proud of the new ranking that propels Rutgers Business School into the Top 50 MBA programs in the U.S.,'' RBS Dean Lei Lei said. "The ranking adds to a growing momentum that is taking Rutgers Business School to new levels of success."
The future chief executives of the United States see Russia as a "high-risk, high-reward" place to make money, at least according to a group of MBA students visiting Moscow last week from top U.S. university Rutgers.
Graduating from law school in a bad economy has a relatively small impact on lifetime earnings relative to graduating with a bachelor’s degree, according to a preliminary draft research paper by the researchers, Rutgers University economics and business professor Frank McIntyre and Seton Hall University law professor Michael Simkovic, a visiting research scholar at Fordham University’s law school.
Though unemployment levels at graduation affect pay for the first four years, particularly in boom times, the impact fades as law graduates gain experience, according to the new paper (available here) by McIntyre and Simkovic. (The researchers’ previous paper on the value of a law degree is here.)
Michael Santoro: Business and Human Rights
Michael Santoro, a world renowned business ethics teacher, scholar and consultant gives a talk. He is a Professor of Management and Global Business at Rutgers Business School and holds a Ph.D. in public policy from Harvard University, a J.D. from New York University, and an A.B. from Oberlin College. Part of the Spotlight on the Humanities: Justice, Ethics and Public Life series. Community Room
“Not only have supply chains become a focus but in many companies they have become a department with senior level management,” said Eugene Spiegle, vice chair of the supply chain management department at Rutgers Business School.
The MBA, which costs $21,329 in tuition per semester, has three courses in the supply chain track – management strategies, procurement management and global sourcing.
To Members of the United States Congress:
We, the undersigned, are economics and legal scholars who study innovation, intellectual property law, and policy. We write to respond to lobbyists and others who claim there is little empirical evidence available to assess the performance of the American patent system. In fact, a large and increasing body of evidence indicates that the net effect of patent litigation is to raise the cost of innovation and inhibit technological progress, subverting the very purpose of the patent system. As members of Congress debate reforms to improve the patent system we hope they appreciate the failings of the current system, and implement salutary reforms.
Perhaps the only thing that changes more rapidly than technology in today's amped-up digital environment is the terminology used to describe that technology and its impact on consumers--and marketers. One recent example is the advent of the term "omnichannel" marketing, which many struggle to differentiate from another relatively recent term--"multichannel" marketing.
It's the challenge of omnichannel marketing, and it looks more similar to a spiderweb than a racetrack. "The difference between multichannel and omnichannel really comes down to a company's approach to digital channels," says Stacy Schwartz, a digital marketing expert, consultant, and adjunct professor at Rutgers Business School. "Companies that focus on maximizing the performance of each channel-physical, phone, web, mobile-have a multichannel strategy. They likely structure their organization into ‘swim lanes' focused on each channel, each with their own reporting structure and revenue goals." The result, she says, is competition-which sometimes "serves the greater good and other times generates friction and misaligned incentives."
That's where an omnichannel approach comes in. "An omnichannel approach puts the customer, not corporate silos, at the center of its strategy," Schwartz says. "It acknowledges that mobile and social have enabled customers to not only quickly switch between channels, but actually use channels simultaneously. For example, checking out product reviews on their mobile phone while evaluating a product on a physical retail store shelf."
In light of Black History Month, WalletHub identified the most ethnically and linguistically diverse landscapes among 350 of the most populated U.S. cities. In order to do so, we examined each city across three key metrics, including racial and ethnic diversity, language diversity and region of birth diversity. The results, as well as expert commentary and a detailed methodology, can be found at the following link.
Ethnic diversity of a city has both advantages and disadvantages. For more insight, we asked a panel of experts, including Nancy DiTomaso, professor of Management and Global Business, Rutgers Business School, and author of The American Non-Dilemma, to weigh in on those highs and lows and to provide sage advice to residents, business owners and local administrators navigating such an environment.
New Mexico can’t balance its checkbook.
Cash in the state’s bank account is at least $100 million short of what’s recorded in the finance department’s ledger, pushing officials to adjust reserves by that amount, to about $650 million. The blame, the current administration says, lies with the introduction of a new accounting system in 2006.
The state is working on its report for fiscal 2014, which ended June 30, Clifford said.
“Unless you know what you’ve spent, it’s very hard to budget for the future,” Bora said. “It’s hard to believe during these times we would have something like this.”
The IEL, based within the Rutgers Business School, will offer a two-day ethical leadership certificate program in March, hold its sixth annual Ethical Leadership Conference on April 30, and provide Customized Ethical Leadership training throughout the year.
The IEL programs target NJ/NY executives from business, nonprofits and government, though IEL’s programs have been recognized for their quality and its annual conference typically draws prominent speakers from throughout the country.
For the spring, IEL will now offer customized training programs. The programs give participants an opportunity to learn and apply ethical leadership principles through case studies related to their business and industry. The IEL staff and consultants will work closely with division managers and executives to customize programs that focus on risk assessment and real-life ethical challenges facing their employees.
“We see evidence in the news every day that ethical leadership is needed more than ever,” commented Judy Young, the executive director of the Rutgers Institute for Ethical Leadership. “Our diverse programs provide several options to instill in leaders a deeper understanding of the correlation between ethical decisions and their organization’s success.”
Rutgers Business School Executive Education (RBSEE) is tailoring some of its newest certificate programs to assist veterans who are transitioning into the workforce.
Programs such as the NEW Mini-MBA: Business Management for Military and Veterans, and the Mini-MBA: Engineering and Technology Management offer service men and women an opportunity to supplement their military skills and experience with business knowledge that enhances their marketability to large and small companies.
The Veterans Administration has approved the Mini-MBA: Engineering and Technology Management program, meaning veterans can use money provided through the GI Bill to pay for the course fees.
The Rutgers Mini-MBA in Engineering and Technology Management was developed in collaboration with IEEE, the world's largest professional association. This course was created to enhance business acumen at the managerial level. The program digs deep into learning business strategy, financial analysis, and change management.
Scott Creighton, global vice president, marketing excellence group at J&J, said the Rutgers Corporate Program delivered material that was not only relevant and engaging but was also thought provoking.
Creighton had this to say about his company's experience with Rutgers:
"As I look back on the programs we have done and executed, there are two things that really stick in my mind. The first one is that Rutgers, regardless of the level of the program – from the introductory to the senior level – has taught our participants how to think better about how to approach digital."Secondly, like ourselves Rutgers has a passion for improving these courses. We have increased the effectiveness of these courses, and I'm really pleased with the results that are happening in the marketplace."
Joe Schaffer, associate dean of Rutgers Business School Executive Education, said RBSEE has collaborated with J&J from the curriculum design and faculty selection through to the program evaluation phase.
"It's been a privilege to partner with J&J on the development and deployment of this global program," he said. "The result is a program that both organizations are extremely proud of."
The concept behind the massive solar project sounded simple enough: borrow $88 million to install panels on public buildings in Morris, Somerset and Sussex counties and then sell excess electricity, using the revenues to pay off the debt.
The concept was called the "Morris model," held up nationally as an example of how to produce renewable energy through public-private partnerships. It was the second project of its kind and the previous one was hailed as a success.
But now, nearly four years later, taxpayers could be on the hook for tens of millions of dollars the counties owe bondholders, after work ground to a halt amidst cost overruns and lawsuits.
"These bonds were issued by the county. They have to pay," said Irfan Bora, a professor of Governmental Accounting at the Rutgers Business School. "The bondholders want to get paid -- and they will get paid."
"This was really considered to be a unique model," said Bora. "Apparently, things didn't work out.
"The question is, what happens now?" the Rutgers professor added. "The counties are still on the hook for that $88 million."
The New Jersey Transportation Trust Fund is in dire financial shape and its future solvency prospects are bleak. There are two main reasons why the fund has reached this nadir: New Jersey has one of the lowest gas taxes in the country and as vehicles' fuel economy continues to improve, it lessens their need at the pump, resulting in correspondingly less gas tax paid. As a result of anemic resources, the states' bruised and battered bridges and roadways are in a woeful state of disrepair.
What are New Jersey's options? In theory, raising the gasoline tax seems the most obvious: as a quid-pro-quo for riding on our state's roads, there should be a corresponding price tag. Yet, for our Governor, who has his feet in Trenton but both eyes on the White House, the notion of raising the gasoline tax (or, for that matter, any tax) is a political nonstarter.
But there is another option to raise revenue with a proven track record that New Jersey state lawmakers should seriously explore. Consider that there are currently millions of New Jersey tax dollars that remain uncollected - enough to plug the New Jersey Transportation Fund's budget gap and then some. To collect a large portion of these unpaid taxes, New Jersey should suspend the drivers' licenses of those who shirk their civic obligations to pay taxes.
Ann Buchholtz is a professor of leadership and ethics at Rutgers Business School. Her Thought Leadership article “The Case for Hiring Ex-Convicts” appeared in the previous issue of Ethisphere Magazine.
The size of the United States prison population is well established, as is the fact that it is the largest in the world. What is less certain is what these 2.8 million people (1 in 35 adults) can do after they have paid their debt to society. Employers have commonly included a box on employment applications for applicants to check if they have any previous arrests or convictions.
Many companies have had a blanket exclusion policy—any applicant who checks the prior arrest/conviction box is automatically rejected, and the firm makes no further effort to determine the reason the box is checked. With blanket exclusions, no one with any criminal history can get a foot in the door for a job. This raises two issues: 1) The societal cost of recidivism and 2) The racial discrimination from disparate impact.
The Rutgers Institute for Ethical Leadership (IEL), announced this week its lineup of spring offerings, aimed at strengthening leadership among executives in all fields. The IEL, based within Rutgers Business School, will offer a two-day ethical leadership certificate program in March, hold its sixth annual Ethical Leadership Conference on April 30 and provide Customized Ethical Leadership training throughout the year.
At Newark City Hall, the phone rings every minute or two at the Department of Economic and Housing Development.
Callers asking about Newark’s Valentine’s Day special this Saturday at City Hall from 9 a.m. to noon: for $1,000, anyone — singles and couples — can buy a city-owned vacant lot. Only 100 are up for sale. You can find them all online.
Newark wants to grow its tax base and wants buyers to build not just houses, but better and bigger neighborhoods.
"It’s about how you can change communities from the inside out,” said Dr. Jeffrey Robinson, the academic director at the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School.
"In the city of Newark, the home ownership rate is something on the order of 22 percent. You compare that to the state of New Jersey where it’s 67 percent, you can see that Newark has a long way to go. So, why not? Why not try to attract more homeowners?” Robinson asked.
The dollar value of New Jersey's exports was flat in 2014, offering little help to the state's struggling economy, even as the state saw a 6 percent increase in the value of goods that came into its ports, just released trade figures show.
The state's flat export figure in 2014 follows two years of export declines. The last time the state's exports increased was in 2011. The state's 2014 import figure was the largest since 2008, and came after a slight decline in 2013.
"What we have had is a double whammy," he said. The dollar has strengthened, which makes U.S. goods more expensive to foreigners, who as a consequence often buy less, he said. And the economic weakness of many other countries, especially in Europe, means they can't afford to buy much from New Jersey, he said.
"Our economy seems to be the only one on this planet that is on an upward path," he said.
Rutgers Business School's Master of Governmental Accounting program achieved high marks in U.S. News & World Report's 2015 ranking of non-MBA online graduate business programs landing at No. 13 in the nation.
The publication researched 118 non-MBA online graduate business programs including master's degrees in accounting, finance, insurance, marketing and management.
The Master of Accountancy in Governmental Accounting program (GOVMACCY) has been educating students in this niche area of accounting since 2007 – 100 percent online from the beginning.
"It is truly gratifying to see this unique program, which is the only one of its kind in the nation, being recognized by U.S. News & World Report for its excellence among the best online accounting graduate programs in the country," said Irfan Bora, assistant professor of professional practice in the Department of Accounting & Information Systems and director of the Master of Governmental Accounting program. "It will allow Rutgers Business School to attract and train the highest caliber of public financial managers and accountants," Bora said.