Wealthy backgrounds lead to higher graduate earnings

May 3, 2021

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first_imgOn the issue of why those from wealthier backgrounds might do better than their peers in competition for the very highest earning jobs, the study offers suggestions but no firm answer. According to one postgraduate with experience in business and hiring processes however, “it remains an unfortunate reality that wealthy, influential families have connections that can give certain graduates an unfair advantage in hiring processes for highly-paid roles.” Jonathan Black, director of the Oxford Careers Service, highlighted the initiatives run by the university that aim to address any disadvantages brought about by household income or gender. He told Cherwell, “the Careers Service provides connections with alumni (to address any social capital deficits) for students, and training programmes are being introduced (eg, Springboard for women students) to address any confidence issues.“The Moritz-Heyman scholarships programme, which particularly targets students from low-income and disadvantaged backgrounds, includes as part of its support for on-course students funded internship opportunities that allow students to pursue valuable work experience while having their costs covered.”­­­ A recent study on graduate income has revealed that students from wealthy backgrounds go on to earn more than those from less well-off families. The findings of the report also indicate a disparity in the earnings of men and women, as well as differences based upon the course studied and institution attended by the graduate.The study was a collaboration between the Institute for Fiscal Studies, Institute of Education, University of Cambridge and Harvard University, with funding from the Nuffield Foundation. The Institute for Fiscal Studies’ (IFS) press release states ‘the average student from a higher-income background earned about 10% more than the average student from other backgrounds.’ Zoe Fannon, currently reading for an MPhil in Economics, told Cherwell, “the question in both cases is why individuals from less-wealthy families and female graduates seem to not end up in the high-paid jobs.” The disparity grew at the very top of the earnings spectrum. ‘The 10% highest-earning male graduates from richer backgrounds earned about 20% more than the 10% highest earners from relatively poorer backgrounds even after taking account of subject and the characteristics of the university attended. The equivalent premium for the 10% highest-earning female graduates from richer backgrounds was 14%.’ She was eager to address the information the study was based on and said “they only have data on the graduates who took out loans from the Student Loan Company.” As a result of how income thresholds are calculated, “the graduates from wealthy families are mostly people whose parents are professionals rather than people whose parents own companies or run hedge funds (because they would likely pay fees straight up rather than taking out a loan).” Oxford was no exception in the study. While ‘more than 10% of male graduates from LSE, Oxford and Cambridge were earning in excess of £100,000 a year ten years after graduation in 2012/13’ only LSE had over 10% of its female graduates earning above the same figure.last_img read more


How can the work from home trend become an opportunity for credit unions?

December 17, 2020

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first_imgAs businesses large and small assess whether to move more permanently to “Work from Home” policies and practices, many credit union leaders are wondering how this business trend might be turned into an opportunity as opposed to a possible productivity threat.By now, we’re all aware that most of the world is more familiar with zoom, teams and webex meetings than they are with how to find their way around the old office. And experimenting with fun virtual backgrounds has gone from a novelty to an accepted practice and back to the realization that maybe we should just create a clean, well-lit real background for these meetings.As leaders, we may actually feel more connected than ever to our team members because of the ease of using video calls for individual and group meetings with ease and efficiency. And the COVID crisis has served to require and justify the almost universal move to remote work, communication, sales and service support. The longer-term question is, what will we do after the COVID crisis is contained. What will we have learned and where will we head with office and remote work dynamics?While most credit unions have at least partially reopened their branches and service centers, virtually all credit union leaders are assessing whether, and when to allow or require employees to come back to both service centers and administrative offices. In the case of those who have made a recent investment in either branch networks or administrative offices, there may be a tendency to lean toward business as usual. For those who have not done so, it may be easier to assess the societal trend toward and expectation for remote work opportunities. And with this comes the necessary long-term facility and company culture planning exercises.For smaller credit unions with one office or even a few branches, there will be a tendency to lean toward the status quo also, and most mid-size and larger credit unions will be somewhere between where Big-Tech companies like Twitter and Facebook are going with permanent work from home practices versus small retail businesses who feel compelled to keep their physical storefronts as their main service differentiator.Among larger companies, including those in financial services, this is what we’re hearing:Mondelez’ CEO has said, “we can work in different ways,” and as a result, the company does not need all its global offices.Nationwide announced a permanent transition to a hybrid model with working-from-office in four main corporate campuses and working-from-home in most other locations.Barclays CEO said that offices with thousands of people may be a thing of the past.Both customers and employees are poised to accept and embrace the new normal of service-from-home and work-from-home. The question for credit union leaders is, what will work best for their members and employees? And attracting, managing and retaining a talented workforce in this environment will be among the most challenging strategies to address.While these trends will certainly lead to harder times for the commercial real estate industry, they create huge opportunities for cost savings and more productive and satisfied employees.In a March 18, 2020, Harvard Business Review article, three professors of management and human resources suggested a guide to managing newly remote workers. Professors Larson, Vroman and Makarius laid out the major challenges and possible solutions for managing a remote workforce.Maintaining engagement and productivity requires an understanding that the common challenges include, the lack of face-to-face supervision, lack of access to information, the effects of social isolation, and distractions at home that affect productivity.The authors suggest that some simple remedies might include, structured daily check-ins, enabling several communication technology options, establishing “rules of engagement”, providing opportunities for remote social interaction, and offering encouragement and emotional support.CU Solutions Group and the Michigan Credit Union League uses biweekly one-hour zoom calls for our 130 staff. We also use biweekly calls for our leadership team. Each division holds at least monthly zoom calls and all supervisors are encouraged to do daily “check-ins” whether by video call or email. We recently asked our employees how we were doing on meeting frequency and effectiveness and while we have many areas needing improvement, many staff were appreciative of the biweekly zoom calls that made them feel more connected and a part of the team, much more so than before we worked remotely.While we have all moved quickly to enable and support remote work. All of us should be re-visiting the need for improved policies and practices for the long-term.Larson, Vroman and Makarius suggest a wide spectrum of employee reactions to the lack of face-to-face supervisor and team interaction. Some staff need little support and others feel out of touch, unsupported, and under-appreciated. Like with all facets of management, leaders need to use a contingency approach and modify their supervision style based on each unique situation.Reliance on primarily email exchanges vs face-to-face interaction can lead to misinterpreted messages that can create conflict. Workers need to be encouraged to use video calls as a preferred option so that facial expressions in communication can help avoid these misunderstandings.Managers and co-workers should not underestimate the prevalence of loneliness and feelings of isolation. Extroverts may suffer more in the short-run, but over time, isolation can cause any employee to feel less “belonging” or connected. This can affect job satisfaction, even leading to possible departure from the company.Distractions at home can be affected by family situations, workspace inadequacies, and in today’s world, whether kids are allowed back to school in the Fall. Credit unions should work quickly to adopt properly tolerant and understanding policies that are uniquely suited to the crisis environment. Longer-term, good policies that encourage the removal of and management of distractions will be critical.Software like Microsoft Teams, Zoom and Webex are critical for daily check-ins and group collaboration. Calls should be regular and predictable and meeting agendas should be properly managed so that all feel a sense of accomplishment. This is obviously a challenge for any meeting, whether virtual or face-to-face.Maximizing the use of cloud-based file sharing, email and video conferencing are basic necessities. However, care needs to be given to encouraging and enabling proper standards for reliable internet connections, good lighting for video calls, expertise in managing group chats and screen sharing and other such skills that need more universal attention. And for all of these technologies, appropriate data security is a crucial factor. All staff should be required to be properly equipped for productive work, whether tools are provided by the company or not.Establishing the “rules of engagement” entails senior management agreeing to the frequency, means and ideal timing of communication for teams. For instance, videoconferencing is best for daily check-ins and other group meetings. Instant messaging is better for urgent communications. Do all staff have access to shared mobile numbers for this? File sharing protocols should also be established and understood by all. And in a remote work world, supervisors need to be clear about when and how they can be available for collaboration and support.Providing opportunities for remote social interaction is also often overlooked. Structuring virtual social calls and even optional, small in-person gatherings with proper social distancing can go a long way toward addressing the need for social time. In these settings, even greater care should be given to focusing on non-work topics.  An option to consider is to schedule group meetings with an extra time allotment and allow for strictly non-work items on the front of the call. Another consideration is to send “care packages” in advance that could even be opened simultaneously at the beginning of the meeting.Finally, offering encouragement and emotional support is something that leaders can and should do whether in-office or remotely. For some of us, this doesn’t necessarily come easy and it requires self-awareness, compassion, and structured thinking to accomplish it. A good way to achieve this is with short, one-on-one calls of even 10-15 minutes. Simple questions like, “How is this remote work situation working out for you so far?” and “Are we having the right frequency and format for meetings in the company?,” will invite input and opportunities for listening and learning.As credit unions look beyond the current focus on crisis response focused on service and employee care, a longer-term and more strategic view should be considered for how the new normal of “Work-from-Home” can become an opportunity for improving the work culture, productivity and cost-effectiveness of the credit union. To do this will require the sharing of best practices, some experimentation and a lot of thoughtful collaboration as leaders.One thing is for sure. We all recognize that talent acquisition and retention will require us all to watch these trends and plan for the policies and practices that will make credit unions and credit union organizations not just the preferred choice for members and customers, but also a great place to work for our talented employees. 77SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dave Adams Dave Adams is  President / Chief Executive Officer of CU Solutions Group. The  CUSG office is located in Livonia, Michigan.Mr. Adams joined the Michigan Credit Union League in August of … Web: www.CUSolutionsGroup.com Detailslast_img read more


Badgers’ strategy, chemistry still grow in defeat against Wolverines

September 16, 2020

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first_imgThe Wisconsin men’s soccer team had gone more than 240 minutes of play without a goal coming into Saturday night’s game against Michigan, and the trend continued for much of the game.Finally in the 80th minute, senior forward Jacob Brindle provided a spark off the bench and scored to put Wisconsin up 1-0, ending the drought that had spanned the better part of four games.However, even with Brindle’s seemingly late-game heroics, Wisconsin ended up losing the match 2-1 in overtime after the Wolverines responded with two goals in the next 18 minutes.Despite the loss, UW was encouraged to put an end to their two-game goal drought and finally put a ball into the back of the net.Brindle’s goal came as part of a formation the Badgers have not used much this season. The formation consisted of Brindle and freshman forward Tom Barlow playing up top while starting freshman forward Mark Segbers dropped into the midfield. The formation makes for a more dynamic offensive attack, and head coach John Trask said he likes how the formation produced.“It’s a fine balance. With that formation, we don’t feel we defend as well because Mark [Segbers] and Chris [Mueller] are a bit younger and still learning how to defend in those wide spots,” Trask said. “There is no question that we are much more dynamic going forward with this lineup. Jacob is truly a box finisher, so we like to have him up there.”Brindle, who scored eight goals for the Badgers last season, had only found the back of the net once this season prior to Saturday night. A big reason for this is because of the inconsistency of Brindle’s minutes for the team thus far.Nevertheless, Brindle was able to take advantage of his limited minutes — he played just 36 Saturday night — and found a ball to strike past Michigan’s goalkeeper, breaking the team’s goal drought, as well as a goal drought of his own.“The goals just haven’t been falling for me the last few games,” Brindle said. “On my goal I thought [Chris] Mueller was actually going to finish it, but it just bounced off him and I was just there in the right place and able to put it home. It was really good for my confidence.”While Brindle may not be playing as much as he would like to, his mindset has never wavered.“I’m just always trying to do the most I can when I get in the game,” Brindle said. “The minutes are the coach’s decision, not mine. So, when I do get my minutes, my priority is to help my team to the best of my ability.”Part of the reason for Brindle’s limited minutes is Trask has found him to be a much stronger player in the second half of games. With Barlow and Segbers carrying much of the offensive load throughout the game, adding a fresh Brindle to the mix in the second half creates a powerful dynamic for the Badgers.“Jacob seems to have a way bigger impact later in the game. It may be because Tom [Barlow] and Mark [Segbers] really challenge the other team physically and wear them down,” Trask said. “Jacob, in the second half, has been a much better performer than when we have had him in the beginning of the game in a starting role or even coming off of the bench in the first half. He’s accepted that and he has been able to find a different gear later in the game when the opposition is a little more tired.”Adding Brindle to the already strong duo of Barlow and Segbers, who have combined for six goals this season already, forces Trask to move some pieces around. With the addition of Brindle to the lineup, the biggest piece Trask is forced to move is Segbers, the team’s leading scorer.Because Brindle is a strong threat in the box, Trask drops Segbers to an attacking midfielder role. While it isn’t Segbers’ usual position, he doesn’t feel he has to make a big change to his game.“It’s not that much of an adjustment,” Segbers said. “I’m still trying to get forward and create attacking chances. But I also have more of a responsibility to get back and mark up on the guy out wide. I can’t take breaks, so it really keeps me a lot sharper during the game.”With Saturday’s goal coming from this formation, Trask plans to utilize this formation more often.Trask sees progress in the young team’s growing chemistry, which will need to improve to see winning results, but still sees a lot of room for growth.“I know the combinations between our players are going to start coming together the more these guys are getting to know each other,” Trask said. “It’s the same in basketball. It’s the same with a wide receiver and a quarterback in football. It’s all about timing and chemistry for our guys at this point.”last_img read more


EXTREME NORTH LAUNCH BRAND NEW SHORE 2 SUMMIT ADVENTURE CHALLENGE

December 27, 2019

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first_imgThe hills, trails and lakes of Inishowen will be a hive of activity next week when Extreme North Launch their brand new Shore 2 Summit Adventure on Saturday 25th April.The new course has a choice of events to suit all fitness levels from the curious beginner to the experienced adventure challenger.Choose from the new 21k Mini Adventure race, the tough 41k Sprint course or the really challenging 62k Extreme course, all of which involve running, cycling, mountain hike and kayak. A major added attraction this year is event are based at the new Sliabh Sneact Centre beside “North Pole bar” in Drumfries, allowing participants to concentrate on the event without worries about transport etc as all races conveniently start and finish at the venue.The perfect landscapes with the captivating hills, lakes and mountain trails between Drumfries, Clonmany & Buncrana create a real Adventure Heaven and make it all the sweeter for finishers who manage to conquer this amazing Shore2 Summit course.The 3 race choices include;62K Extreme Course has a tough 12.5k run followed by a 2k kayak, 22k challenging cycle, hike to the summit and back and finishes with an 18.5k cycle back to the centre 41K Sprint course, also an enduring challenge for moderate to experienced adventurer involves a 6.5k run, 1.5k kayak then a tough 14.5k on/off road cycle before completing a 2/3 hike up Sliabh Sneacht and finishing off with a 13.5k cycle back to the finish.21K Mini Adventure, a brand new course for the novice / curious Adventurer involves a 3k run, 5k hike of Sliabh Sneacht, then onto the bike for a 7k on/off road cycle, 1k lake kayak and finishing with an 8k cycle to the finish.Kayaks and life jackets are provided by Extreme North and Bicycles can also be hired in advance. Marshals and medical support will ensure you are safe, don’t get lost and looked after properly.As with all Extreme North events, the rugged landscape and liberating beauty help your journey to the finish line, and a true Donegal hospitality, superb medals, fantastic T Shirts, hot food, camaraderie and craic seal this truly memorable, enduring and tremendously enjoyable challenge.For any queries / details contact [email protected] Mob 862374644 Register now at www.extremenorthevents.comEXTREME NORTH LAUNCH BRAND NEW SHORE 2 SUMMIT ADVENTURE CHALLENGE was last modified: April 15th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Extreme NorthnewsNoticesSportlast_img read more