THE NEW BUZZ WORD
So how do schools react to the trend beyond setting more realistic expectations and producing well-rounded and thoughtful graduates? Social responsibility. The term “social impact” is starting to get thrown around by business schools as often as “tax credit” in the Oval Office. But for a reason. This generation craves it.
“Google human resources has disrupted everything in terms of work-style and work-life balance,” says Lynn Wooten, associate dean of undergraduate studies at the University of Michigan Ross School of Business. “The previous generation was fine with having work and then life separate. The millennial generation wants to have a better balance. They want to create. They want to do their own thing.”
If any school is leading the business school exodus towards social impact, it is Ross.
“One of our goals is getting students to see the role of business and society together,” says Wooten.
Peck says Wisconsin and doing good towards others is nearly synonymous. Their program attempts to instill a mindset of giving back. And Peck says they have seen an influx of students wanting to pursue jobs in sustainability and nonprofit sectors. The same trend is being seen across schools.
“Our students have a passion to be involved with something bigger than themselves,” Murray says. “They want to learn more about having a purpose-driven pursuit.”
LIFE, LIBERTY AND THE PURSUIT OF SELF-DISCOVERY
The most important aspect to turning these trends around across majors is treating undergraduate study as a time of self-discovery. Students at the Ross School of Business take personality tests and are questioned about their purpose and passion. The curriculum focuses on self-authorship.
“We have faculty members serving as mentors and MBA students who serve as peer and career service coaches,” Wooten says. “They help our students think about what they really want to do and get from life and they create a plan.”
Wooten says the plan is all about how students can live impactful lives as a whole. The key is understanding the plan is a process and sometimes students will have to take jobs for a small amount of time to get to other jobs more akin to their passions.
“We want our students to understand themselves and passions and seek jobs that play to their strengths,” says Wooten. “We try to instill that they don’t have to follow the corporate finance herd mentality. They can take a short-term job, gain skills, continue to learn about themselves and continue with the plan to purpose and impact.”
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