Improved Candidates, Working in Puerto Rico, and More – Chicago News

improved candidates

Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.

Take 5: Tips for Widen­ing — and Improv­ing — Your Can­di­date PoolKellogg Insight

Northwestern Kellogg Associate Professor of Management and Organizations Lau­ren Rivera and Professor of Finance Pao­la Sapien­za recently published new research that offers discrete advice on how to “widen the tal­ent pool, whether by uncov­er­ing your own hiring biases or by turning your sights to often-over­looked candidates.”

1. Be Aware of Biases

According to the article, “Even when we set out to hire on the basis of mer­it, hid­den bias­es can get in the way. Being aware of those can help us not only act more fair­ly, but also make the best busi­ness decisions.” For instance, “Hir­ing man­agers also tend to look for a sense of per­son­al con­nec­tion with an appli­cant — with upper-class inter­view­ers gen­er­al­ly pre­fer­ring can­di­dates with sim­i­lar pedi­grees, whether they real­ize it or not.”

2. Think Small Specialist

According to the article, the late professor of management and organizations Kei­th Murnighan “found evi­dence of a bias towards gen­er­al­ists over spe­cial­ists because hir­ing man­agers tend to look for one employ­ee at a time — rather than hire an entire team all at once — it’s hard for them to see exact­ly which spe­cial­ists they need.”

Murnighan wrote, “Look at the inter­ac­tions from a dis­tance and say, ​‘What is it that I need to change? What do I know that I’m too close to the process to real­ly see?’”

3. Look to Local Talent

Professors Rivera and Sapienza encourage companies to focus on hiring local talent so “reps are able to build sol­id rela­tion­ships with their accounts.” In other words, “firms whose suc­cess depends on estab­lish­ing them­selves as a ​“local” brand should con­sid­er the impor­tance of think­ing — and hir­ing — locally.”

4. Val­ue Veterans

Many companies overlook veterans as viable candidates, which is a shame because the military “fos­ters col­lab­o­ra­tion, adapt­abil­i­ty, lead­er­ship, self­less­ness, and many oth­er qual­i­ties that make vet­er­ans invalu­able in the busi­ness world. The article cites research from Kel­logg finance pro­fes­sors Efraim Ben­m­elech and Car­o­la Fry­d­man who found that “firms run by CEOs with mil­i­tary expe­ri­ence per­formed bet­ter under pres­sure than those run by oth­er CEOs.” They also found that “CEOs with a mil­i­tary back­ground were up to 70 per­cent less like­ly to engage in cor­po­rate fraud com­pared to their civil­ian-only peers.”

5. Con­sid­er the Ex-Offender

Another population that job searches tend to neglect is ex-offenders. According to the article, “Many employ­ers are reluc­tant to hire peo­ple with crim­i­nal records, assum­ing that they pos­sess few­er skills, are more like­ly to behave uneth­i­cal­ly in the work­place, or both.”

“Not only can doing so save mon­ey on turnover costs, but from a soci­etal lev­el, it also can help keep ex-offend­ers from going to jail again.

Research from professor of managerial economics and decision sciences Nico­la Per­si­co, finds that “ex-offend­ers who do get hired are no more like­ly to be fired than non-offend­ers — and are about 13 per­cent less like­ly to quit, result­ing in low­er turnover costs for the com­pa­nies that hire them.”

You can read the rest of the article here.

Testing the Waters: How a Team of MBA Students Put Their Business Skills to Work in Puerto Rico Mendoza Ideas & News

Notre Dame MBA candidate Corey Waldrep ’19 samples the result of a low-cost water filtration kit in Puerto Rico. On the right is dirty, debris-filled water and on the left is filtered water. (Photo by Matt Cashore/University of Notre Dame)

Last month, Notre Dame Mendoza College of Business MBA students and former military veterans Tyler Shields, Luke Wilson, Dan Weathers, Corey Waldrep, and Robert (R.J.) Dulin, as well as advisor Andrew Wendelborn, traveled to Puerto Rico as part of nonprofit Waves for Water’s initiative to provide global access to clean water in the aftermath of Hurricane Maria, whose 175 mph winds “destroyed more than 80 percent of the island’s power lines and left 3.4 million Americans in the dark” last September.

According to the article, the objectives of project were for “students to gather and utilize important demographic data; gain first-hand experience in working with an NGO partner to provide crisis support; learn a model for creating self-sustaining practices for local populations; and become immersed in best practices for working with indigent populations with dignity, equality and compassion.”

Shields writes, “A lot of what we did over there in Puerto Rico was so-called guerrilla humanitarianism. You don’t necessarily know where the need is or what the need is. You just know that there is a need.”

You can read more from the article here.

As Uber, Lyft Eye Public Offerings, Gies Professor Says Clock Could Work to Smaller Rival’s AdvantageGies College of Business News

University of Illinois Gies College of Business Clinical Assistant Professor of Finance Rob Metzger took to the blog to offer his expertise drawn from 20 years in investment banking on whether Lyft or Uber should go public first.

According to the article, Uber’s $120 billion IPO is more likely to go public first in late 2019. But Lyft’s roughly $15 billion IPO could beat them to the punch in spring of 2019.

Metzger writes, “I think the Lyft team feels that, even though they’re significantly smaller, they believe that their financial metrics are better, their operating metrics are better, and they haven’t had some of the negative press that Uber has had.

“So [Lyft] may want to be out on the forefront to tell that story, as opposed to being in Uber’s shadow.”

Check out more from the full article here.


About the Author

Jonathan Pfeffer

Jonathan Pfeffer joined the Clear Admit and MetroMBA teams in 2015 after spending several years as an arts/culture writer, editor, and radio producer. In addition to his role as contributing writer at MetroMBA and contributing editor at Clear Admit, he is co-founder and lead producer of the Clear Admit MBA Admissions Podcast. He holds a BA in Film/Video, Ethnomusicology, and Media Studies from Oberlin College.

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