IU Kelley School of Business at IUPUI Seeks Companies to Partner with Student Teams

I-Core students present their semester-long project to Kelley professors and company representatives.

The following is a release from the Indiana University Kelley School of Business in Indianapolis:

When digital recording provider Word Systems, Inc. sought to find new ways to use a certain type of software, they enlisted undergraduate students from the Kelley School of Business at IUPUI.

“We wanted to explore other applications for our iRecord software, which is currently used by law enforcement agencies when they conduct interviews during investigations,” explained Christy Walchle, vice president at Word Systems, which distributes and markets the iRecord software. “We’ve never explored other applications for the product before, and we realized these student teams could give us insight we may not have considered.”

Junior-level students enrolled in Kelley’s Integrative Core (I-Core) Program helped the company identify innovative uses for its product and how it could expand to different markets.

“The students brought in a lot of great ideas that we’d never thought of before,” said Walchle. “This experience allowed us to think outside the box. You come to a point in business when you think you know everything about a certain product or application. When the Kelley students and professors ask you questions you may not have asked yourself, you realize what you don’t know. It puts us back in the classroom, as well.”

It was a similar experience for IMMI, a Westfield-based company that designs, tests and manufactures advanced safety systems like seatbelts for school buses.

“As a global company based here in central Indiana, IMMI is thrilled to partner with the Kelley School at IUPUI to grow and develop the region’s next generation of business leaders,” said Julie Cooley, director of corporate marketing and communications at IMMI.

IMMI worked with student teams during the fall 2016 semester, and company representatives have already signed up to participate in I-Core again this fall.

“When we give the students real-world scenarios to work through, not only do we help them, but they also help us,” said Cooley. “I-Core is a tremendous program because it’s mutually beneficial. The Kelley students at IUPUI are extremely engaged and are delightful to work alongside.”

Guiding future business leaders: Sign up today

The Kelley School of Business at IUPUI is again looking for central Indiana businesses to partner with undergraduate student teams for its renowned I-Core Program.

I-Core is a distinguishing component of the Kelley bachelor’s degree program. Junior-level students take a set of four integrated classes—marketing, finance, supply chain management and team dynamics and leadership—during a single semester.

Kelley students say I-Core is one of the most meaningful experiences of their Kelley careers—a rite of passage toward understanding the business world and the value of teamwork.

Company representatives say the program provides insights into future opportunities, and it allows them to think about products and services in ways they may not have before.

Students may consider new goods or services, providing a feasibility study of the new product and market. They will determine if return on investment justifies risk and capital investment.

“I recommend this to any company looking to expand its current market or explore new ways of growing business,” added Walchle. “It was rewarding to give back to these business students and guide them through this process.”

“I was impressed with the level of engagement I had with students,” said Mike Patterson, vice president of strategy at Rook Security. “Throughout the semester, they communicated with me regularly as they considered new ways to market two of our newest products.”

“Students give you a new and modern perspective,” explained Daniel Reyzman, BS’10, MBA’15, senior manager, tax product at First Advantage Tax Consulting Services, LLC. “Participating in this program allowed us to build rapport with future business leaders. I believe if you can contribute to students’ growth and learning, you’re contributing to our future as a business—and the future of our economy here in central Indiana, as well.”

How to get involved

Please request and complete an application if you’d like your business to be involved.

Any for-profit organization can apply. The ideal company for I-Core is an S Corporation, C Corporation or LLC that has been operating for three to five years and has shown an operating profit for at least one year.

Several teams of undergraduate students (directed by a Kelley professor) will meet with company representatives to establish projects that work to benefit the company. Students conduct research, analyze findings and provide a recommendation at the end of the semester. This provides companies with a diversity of ideas and perspectives.

Company representatives are asked to participate in an on-campus meeting to talk about the company’s current business and provide background information to help student analysis.

If you would like more information on this program, or to request an application, contact Teresa Bennett at tkbennet@iupui.edu or at (317) 278-9173.

College Pays Off Despite Recession

Those who graduated from college in 2008 often say it wasn’t the best time to be entering the working world. As graduates were searching for those first jobs, the economy was shedding them and the world was plunging into recession. If those prospects weren’t dire enough, many of those graduates were also carrying debt from student loans.

Those millennials, however unlucky, fared better than their non-college-educated counterparts, though.

A new longitudinal study from the National Center for Education Statistics – the primary collector of student data on the federal level – found these results by taking a sample of students who were high school sophomores in the 2001-02 academic year and tracking them through 2012. The nationally representative sample was measured for a variety of factors – co-habiting, marriage, unemployment, underemployment, student debt carried – but the economic breakdown in those categories between those who attained a postsecondary degree and those who didn’t is especially telling.

Even though the timing of graduating might not have been ideal, attaining a four-year degree was still a good economic move for these millennials, on average, according to the report, which attempted to control for outside factors in its economic modeling. Put simply, even in the face of a recession, going to college still paid off.

“Individuals with less education had higher unemployment rates, while those with more education had higher employment rates and were more likely to be working full-time,” the report stated.

By 2012, 78% of those who had earned a bachelor’s degree were working more than 35 hours a week. Eleven percent were working fewer than 35 hours, 5% were unemployed and 6% were out of the labor force.

Of the members of the cohort who only had high school degrees, 64% were employed 35 hours or more a week, with 12% working fewer than 35 hours – similar to the number of those with a bachelor’s degree – and 14% and 10% were unemployed and out of the labor force, respectively.

In addition to employment, earning power was also differentiated along educational lines. Those surveyed who had a bachelor’s degree earned, on average, $17 an hour. Those surveyed with a high school diploma earned, on average, $13.

The study notes that it’s still early to be drawing overly expansive conclusions from its data.

“It is important to note that this section only addresses cohort members’ early career and labor market outcomes,” it reads. “At age 25-26, many individuals are just starting their careers; some are still enrolled in undergraduate or graduate studies; and others will return to school for additional training later in their careers.”

Still, as the study notes, early labor data is often correlated with later outcomes.

Report: Competency Focus Mostly on Adults

Three states considered bills that would have enacted competency-based education policies in 2016 and five considered such bills in 2017, according to a new report from the Education Commission of the States.

A number of states (including New Hampshire) and districts (including Chicago) are using or contemplating competency-based learning in K-12 schools. A group of prestigious private high schools recently began pushing for colleges to accept competency-based high school transcripts, which highlight students’ skills and accomplishments instead of more-traditional grades.

But the state legislatures seem to mostly be contemplating how to use competency-based education to serve adults. Lexi Anderson, the report’s author, notes that states’ competency-based education bills mostly target the growing population of people over 25 who are enrolled in postsecondary education.

“[C]ompetency-based education serves to award credit/degrees to students for meeting specific skill competencies agreed upon by faculty, industry leaders, and workforce representatives,” she writes. “This innovative delivery model could create greater access to postsecondary education for returning adults, low-income students, and working adults needing additional skills.”

Chamber Unveils Podcast: EchoChamber is Now Live!

EchoChamber is a new informal discussion with Indiana leaders in business, education, technology, politics and much more. We’ll begin with the following three outstanding guests in as many weeks before reverting to a biweekly format:

  • Jamie Merisotis, president and CEO of the Lumina Foundation and one of the foremost minds in the world on education and workforce policy and initiatives
  • Lee Hamilton, an 17-term U.S. representative who remains a thoughtful voice on state, national and global issues
  • Graham Richard, the innovative one-time Fort Wayne mayor who is now guiding efforts at a national organization called Advanced Energy Economy

Subscribe at iTunes, GooglePlay or wherever you get your podcasts to be notified about the latest interview.

Government Book Getting August Update

Here Is Your Indiana Government: 2017-18 Edition is the most comprehensive guide to governance in the Hoosier state. Since its development in 1942, this book has been used by communities and hundreds of thousands of students (from sixth grade to college level) to learn about Indiana and how Hoosiers govern themselves. A variety of local government and agency updates will be included in the new edition.

Topics include:

  • Interesting facts about Indiana (demographics, state song, motto, origin of county names, notable natives, etc.)
  • Historical highlights of Indiana government development
  • State government (explanation of its departments/agencies and their functions, updated budget information, contact information including phone numbers and web addresses)
  • County government (origins of the counties, the elective county administrative officials and their function, council function, powers of the counties, services)
  • Cities and towns (creation, city classifications, incorporated towns, municipal government, public works)
  • Township government (divisions, schools, boards)

Here Is Your Indiana Government is sponsored by Questa Education Foundation and will ship in August.

Large quantity discount pricing is available as follows:

  • 1 to 9 copies: $21.50 each
  • 10 to 25 copies: $14.50 each
  • 26 to 50 copies: $12.00 each
  • 51 to 75 copies: $10.50 each
  • 76 to 100 copies: $9.50 each
  • 101 or more: $9.00 each

Call (800) 824-6885 with questions or if you’re interested in purchasing the book as an ePub (online edition).

Ball State Renames Accounting Department for Beloved Professor

Paul Parkison (left) prepares for the celebration when Ball State honored the former professor. Joining Parkison in the Miller College of Business were Anthony W. Smith, ’68 (center), and Terry King (right), then interim president of the university. (Photo by Don Rogers)

Ball State University has renamed its accounting department as the Paul W. Parkison Department of Accounting within its Miller College of Business. The name change honors the former chair and professor who championed student-centered education and built relationships with accountants around the nation. The naming is part of a $3 million legacy campaign. Ball State Magazine reports:

Alumni, friends, former faculty and professional colleagues have always been loyal and compassionate when it comes to Parkison, said Jennifer Bott, the Bryan Dean of the Miller College of Business.

“One of the goals of this campaign was to create a legacy fund that would honor a professor who has touched the lives of thousands of people,” she said. “Whenever I would talk to someone about honoring Dr. Parkison, they would immediately smile and simply ask what they could do. We had more than 300 people give because of their gratitude and love for this man who transformed the department of accounting and Ball State.”

Mentor to several generations
From 1966 to 2001, Parkison, ’58 MA ’61, taught accounting to students who went on to become business and community leaders, entrepreneurs and certified public accountants.

“They put my name on the wall out there, but I had a lot of help over the years,” Parkison said during the dedication ceremony in Whitinger Business Building. “We have developed an excellent program, and it has been growing for years. I think our efforts will help it continue to grow, providing alumni with a lot of pride.”

Paul and Nancy Parkison were the honored guests in early May when alumni, friends, former faculty and professional colleagues gathered to celebrate the dedication of the Paul W. Parkison Department of Accounting.

During his tenure, the number of accounting faculty tripled, Ball State became the first public university in Indiana to achieve separate AACSB (Association to Advance Collegiate Schools of Business) accreditation for its accounting program and the department was ranked in the top 12 percent in the nation.

Employer Survey: Skilled Workers Scarce; Few Take Advantage of Tuition Reimbursement

A new employer survey from the Indiana Chamber shows concerning trends in workforce shortages, tuition reimbursement and response to prescription opiate abuse.

“Too often employers can’t find the workers they need, and those currently employed aren’t taking advantage of tuition reimbursement that would put them in better positions,” says Indiana Chamber President and CEO Kevin Brinegar.

More than 1,100 businesses from throughout the state took part in the Indiana Chamber Foundation’s 10th annual employer survey, sponsored by WGU Indiana and conducted in partnership with Indiana-based Walker.

Specifically, research shows that nearly half (47%) of employers left jobs unfilled in the past year due to under-qualified applicants. That extended a trend from the previous three years in which the answers to that same question were 39%, 43% and 45%, respectively.

Additionally, almost 80% (79%) percent cited filling their workforce as among their biggest challenges. That number is also on the rise from 72%, 74% and 76% in the previous three years.

Once again, more than half of employers (53%) expect to increase the size of their workforce in the next one to two years. But their challenges are even larger with 54% saying the supply of qualified applicants does not meet demand and 85% placing the filling of talent needs as among their critical challenges.

“In many cases, it’s not a lack of a four-year degree or higher educational achievement. Two-thirds require less than a bachelor’s degree for their unfilled jobs,” Brinegar explains. “This puts additional emphasis on the certificates, credentials and associate degrees in which Indiana, unfortunately, trails the majority of states.”

But it’s not always a lack of education or training that leads to the unfilled positions. In the view of employers, 45% of applicants are unwilling to accept the pay/compensation offered and 28% are not attracted to the community where the job is located.

In the training world, there appear to be some missed opportunities for employers and their workers. Only 40% of the respondents indicate that they partner with an educational institution to help meet their training needs.

For the employees, nearly half (48%) have access to tuition reimbursement programs but very few take advantage of those opportunities. From the employer perspective, 60% said employees have no desire or motivation to participate and 35% believe workers see no personal benefit in advancing their education.

“Part of the problem is employees not having the funds to cover the tuition payments upfront that will be reimbursed at some point by their employer. And that’s a common arrangement for these programs,” Brinegar offers.

“But we also know if employers pay for the tuition directly to the school – which is obviously easier for larger companies – more workers are likely to take part. We heard from one of our members who saw participation jump from about 50 employees to more than 400 when that change was made. So that is something the Indiana Chamber will be looking at this summer in our business-higher education committee to see what public policy recommendations may make sense.”

When it comes to prescription opiate misuse, less than half (47%) of the respondents said they drug tested employees for it in safety-sensitive positions. On a broader scale, 56% of employers said they tested any employee if they suspected misuse or abuse of prescription opiates. However, more than a third (34%) of employers indicated they did not know how to detect such misuse or abuse.

The survey results are available at www.indianachamber.com/education.

The annual employer survey complements the work the Indiana Chamber is doing with the Outstanding Talent driver in the Indiana Vision 2025 long-term economic development plan for the state.

Indiana Vision 2025 measures Indiana’s progress compared to other states on 36 goals in the four driver areas of Outstanding Talent, Attractive Business Climate, Superior Infrastructure, and Dynamic and Creative Culture. The latest Report Card showing how Indiana ranks was released earlier this month and is available at www.indianachamber.com/2025.

Brain Drain/Gain Workshop Yields Comprehensive Report

In late April, Purdue University partnered with the Indiana Chamber, Indiana INTERNnet and others to present a brain drain/gain workshop as part of the Chamber’s 53rd Annual Human Resources Conference. Panel discussions, presentations and more on the talent/skills gap were compiled into a comprehensive report. Read the full report.

It documents the workshop, including key takeaways and actions and is provided to those with an interest in these topics. Our aim is for the information in the report to be a resource for those working to make progress within their organization and forming collaborations with other stakeholders to move Indiana forward.

Breaking Down the Research Efforts

Research corridors are not new. In our neighbor to the north, the University Research Corridor has been a strong performer over a number of years.

The State Science & Technology Institute has this brief recap of a recent analysis:

Michigan’s University Research Corridor, an alliance of Michigan State University, the University of Michigan and Wayne State University, conducted $1.2 billion in academic R&D in the life, medical and health sciences, and served as a stabilizing force to the state’s economy as one of the only sectors that grew during the 2000s. Those are among the findings of the 2017 URC sector report, which was prepared by Public Sector Consultants.

The report, Leading Discovery: URC Contributions to the Life, Medical and Health Sciences, notes that employment in the life, medical and health sciences sector, which accounts for one in eight jobs in Michigan, is up 18.9 percent since 2000, compared to overall Michigan employment, which is down 9.3 percent.

The URC also was successful in moving discoveries out of the lab and into the marketplace. From 2012 to 2016, the following results relating to the life, medical and health sciences sector were found:

• 1,348 inventions reported by researchers
• 380 U.S. patents issued
• 433 new license agreements
• 32 new startup companies
• $142 million in royalties earned

Gov. Holcomb Statement on the Indiana Chamber’s Indiana Vision 2025 Report Card

Gov. Holcomb offered the following statement on the Indiana Chamber’s Indiana Vision 2025 Report Card and 10th annual workforce survey released Tuesday:

This report card makes clear our state’s strengths and challenges: Indiana is a top state for doing business, but to meet the demands of our growing economy we must double-down on efforts to attract and prepare a ready workforce.

There is no single solution for improvement. The only way we’ll take our state to the next level is with a comprehensive strategy, and Indiana has the right roadmap.

From improving roads and bridges to attacking the drug epidemic, from prekindergarten to adult career training, from more direct flights to enhanced regional development—all of these efforts combined will help build healthier, more vibrant communities that are magnets for jobs and growth.

Now is the time for our state’s leaders to come together and put in the hard work that will improve the lives of Hoosiers.

We appreciate the governor’s support and attentiveness to our efforts.