A federal judge on Tuesday struck down two Trump administration rules designed to drastically curtail the number of visas issued each year to skilled foreign workers.
The changes applying to the H-1B visa program announced in October include imposing salary requirements on companies employing skilled overseas workers and limits on specialty occupations. Department of Homeland Security officials deemed it a priority because of coronavirus-related job losses and estimated as many as one-third of those who have applied for H-1Bs in recent years would be denied under the new rules.
The move had direct implications for B-schools, with the U.S. Department of Homeland Security proposing elimination of a longstanding policy allowing students and scholars to remain in the U.S. for the duration of their studies, also known as “duration of status,” and limit the period of stay to four years — and for some students, only two years. The move could have affected international B-school students studying in the U.S. who hail from nearly 60 countries across Asia, Africa, and the Middle East.
From Ross, What You Need To Know As The B-School Wraps Up Round 1
The admissions team at the Ross School of Business at the University of Michigan has been poring over Round 1 applications “to give each and every one thoughtful and careful consideration, and we’re just about at the finish line.,” according to a blog post by the B-school admissions department.
The school began calling applicants on Wednesday, Dec. 2, for U.S.-based admits, and Thursday, Dec. 3, for admits outside the U.S. “Aside from this distinction, there is no other pattern to our calls,” the post reads.
“If we don’t catch you by phone, we will leave a voicemail. During the call, we will let you know if you’ve been awarded a scholarship. Bear in mind that the Admissions team is still working from home, and not all our numbers start with a ‘734’ (like we usually say to look out for). To be safe, we recommend you pick up all your calls on Wednesday or Thursday.
“If you don’t receive a call from us, it means you’re waitlisted. We will be in touch with waitlisted candidates in mid- to late-December to provide a timeline and guidance on what to do while on the waitlist.”
Wake Forest taps B-school dean to head new School of Professional Studies
Wake Forest University’s Board of Trustees has approved plans to establish a School of Professional Studies in Charlotte, North Carolina. Pending completion of a full market analysis and business plan, the proposed school will house innovative degree and non-degree programs, including certificates and other credentials, for working professionals. Wake Forest University President Nathan O. Hatch has tapped Charles Iacovou, dean of the School of Business, to establish the new school, Wake Forest’s first since establishing the School of Divinity, which began offering classes in 1999.
Iacovou will transition from dean of the School of Business and begin serving as dean of the School of Professional Studies and vice provost for Charlotte Programs on Jan. 4, 2021.
“Charles has a demonstrated talent for developing new, vibrant academic initiatives and for working across schools and disciplines to advance University priorities,” Hatch said. “He has brought a deep knowledge of business and professional education, a commitment to preparing students to become excellent and ethical leaders, and a lively spirit of creativity and innovation to his extraordinary tenure as the Dean of the School of Business. He is uniquely qualified to lead these efforts.”
Iacovou will focus on developing accessible and market-relevant programs that build upon the University’s current areas of strength and deliver future professional-development education that is essential to the growing economy of Charlotte. Iacovou hopes to launch the new programs in late 2021 or early 2022. He will also coordinate other Wake Forest programs in Charlotte.
Executive MBA Council 2020 survey results reveal compensation increases & expanded responsibilities among graduates
The Executive MBA Council shared results of the 2020 EMBAC Student Exit Survey which revealed that Executive MBA (EMBA) graduates received a 14.1% increase in compensation – combined, both salary and bonuses – after program completion. The average salary and bonus package at program start for students in the 2020 survey was $169,269 and by program end had rose to $193,200. Additionally, the results show that 53% of students who completed the survey received new responsibilities, continuing to show the value of investment in an EMBA program.
“Despite a year of unprecedented challenges that have impacted the global economy and workforce, the investment in an Executive MBA continues to be valuable to both students and companies,” said Michael Desiderio, executive director of EMBAC. “EMBA programs enrich students with new ways of solving business problems and provide them with tools to adapt in the face of adversity. Companies recognize how important these skills are now more than ever and the increases in compensation and responsibilities given to professionals in these programs attest to that.”
How wrong was Milton Friedman? Harvard team quantifies the ways
George Serafeim wants to revolutionize the way businesses calculate their success.
Profit and loss aren’t enough, says the Harvard Business School professor. Serafeim aims to do what no one has done before: Put a dollar value on the impact of products and operations on people and the planet, then add or subtract it from companies’ bottom lines.
Intel Corp. provides an example of both. Serafeim and his five-person team credited $6.9 billion to the chipmaker in 2018 for paying its employees well and for boosting local economies where it has offices. But they deducted $3.1 billion for what they said was a shortage of women employees, the difficulty of career advancement and not enough attention paid to workers’ health.
“Without monetizing impacts, we’re left with the illusion that businesses have no impact,” Serafeim said. Companies that show big profits can have enormous negative effects on society, he said. “They’re just cheating because they’re operating in a context that doesn’t price all those impacts.”
Serafeim’s research throws out the playbook of measuring business performance primarily by shareholder value, which was popularized last century by Nobel Prize-winning economist Milton Friedman. Besides providing an antidote to “good washing” — corporate happy talk without follow-up — his work comes as companies increasingly search for ways to help boost a society that, despite its wealth, suffers from woes that include racism, a widening chasm between rich and poor, and deepening damage to nature. The coronavirus pandemic has made that quest more urgent.
How a Wharton MBA student’s “Pizza Drops” raised $15,000 for local charities
A passion for pizza-making, a little ingenuity, and a desire to give back led Ben Berman, WG’21 to create Good Pizza PHL — a pizza shop that donates all profits to local charities.
Good Pizza doesn’t have a storefront or fixed hours. Ben runs the entire operation from his Center City apartment where he bakes about 20 pies on any given night. In order to snag one of the limited number of pies, “customers” must sign up for an email newsletter and place orders online. The finished pies are safely lowered out of the second-floor window via a cardboard box and rope pulley system.
Good Pizza was humming along making “pizza drops” but on November 20, a positive “One Bite Pizza Review” from Dave Portnoy of Barstool Sports sent them to new heights. In the first 24 hours, Good Pizza’s Instagram account attracted more than 10,000 new followers and donations from around the world flooded in.
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