Punish failure, better economics teaching

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Hello from London. Rewarding bad behavior at work is demoralizing and it’s time to put an end to it. We look forward to hearing your ideas on how to proceed. Also, take a look at schools that have been rated highly for teaching economics.

Thanks for reading our Business School Briefing — Wai Kwen Chan and Andrew Jack.

Last Call: Survey of Directors of Learning

If you or your clients are overseeing training, please complete our in-company course survey: ft.com/closurvey by tomorrow. Here are the results of last year’s survey showing the skills employers are looking for.

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FT MBA 2022 ranking: best teaching in economics

  1. University of Chicago: Booth, USA

  2. Indian Institute of Management Ahmedabad, India

  3. SDA Bocconi School of Management, Italy

  4. University of Rochester: Simon Business School, USA

  5. Melbourne Business School, Australia

  6. Peking University: Guanghua, China

  7. Indian Institute of Management Calcutta, India

  8. Rotterdam School of Management, Erasmus University, Netherlands

  9. University of Washington: Olin, USA

  10. Imperial College Business School, UK

The Best Schools for Teaching Economics as Rated by Alumni Who Responded to a Survey for the FT MBA Ranking 2022.

Andrew Hill’s Management Challenge

The rewards for failure are poisonous, whether they’re bonuses for underperforming CEOs or honors for unimpressive politicians. As I wrote this week, they demoralize staff and discourage healthy competition for real prizes.

My management challenge this week is to suggest other ways to adjust incentives so that failure is not rewarded and, perhaps, is appropriately punished. I’ve suggested a few options in my column, but send your ideas to [email protected].

I received a deluge of emails about my column criticizing organizations for not meeting the needs of older clients. Alison Chappell answered the challenge last week after discussing it with her 88-year-old mother-in-law. Paraphrasing his suggestions for businesses, they are:

  1. “accept that language conventions are different” – check your spelling, grammar and tone;

  2. “keep in mind sight and accessibility issues”;

  3. “remember that being old is the one thing all old people have in common”;

  4. ‘naturally include older people in your advertising and marketing’, instead of creating ‘special, condescending campaigns that scream ‘for older people!’ “.

To go further, there are many choices that relate directly to the war in Ukraine, this trial for Aeon by Sudhir Chella Rajan seemed relevant. It analyzes subsidies (as opposed to petty) corruption. “Societal degeneracy – that is, corruption – is linked to small cliques that earn windfall incomes and maintain networks of mutual favors and obligations that circumvent rules of equal treatment and other forms of equity Grand corruption can then be viewed as a multiplicity of societal syndromes involving the power of an elite network leading to the debasement of the moral order,” he writes.

2022 GMAC Report: The Value of Graduate Management Education

Is it worth going to business school? The last GMAC study involving 3,600 graduates shows that many MBA or Master of Commerce graduates have reported strong career progression and financial gains.

More men than women pursued a business degree for entrepreneurial skills or business ownership. In the United States, underrepresented minorities are more motivated to study business to enhance their impact on communities.

Diversity in business schools

While diversity in business schools is improving, gender parity and ethnic diversity still lag behind, says a Cambridge Judge Business School white paper. It examines diversity at the top 22 UK and US schools and highlights recommendations on how to respond.

Participate in a hybrid fireside chat and networking event on diversity in business on International Women’s Day, March 8 from 6pm UK time: please register here.

Data line: Which MBA subjects are taught well?

General management, business strategy, entrepreneurship, organizational behavior and finance are important for MBA graduates, write Sam Stephens and Leo Cremonezi. These subjects are well taught by schools ranked in the 2022 Global MBA rankings, say graduates who graduated in 2018. However, teaching of statistics and quantitative methods needed improvement.

A more in-depth analysis of the FT MBA Rankings 2022 is available here.

Overview of work and careers

Senior women bring experience and resilience to business leadership
Many other companies support and promote professional women in their 40s and 50s.

Boomerang Employees: Returning with New Skills and Experiences
Returning to a former employer offers many benefits, but there are risks.

Caroline Gaffney, Vice President of Product and Chief of Staff to the Managing Director of LinkedIn, outside her home in Hillsborough, California

Caroline Gaffney, VP of Product and Chief of Staff to the Managing Director of LinkedIn, would encourage people ‘in this time of great reshuffle to think about the companies you’ve worked for in the past’ © Jason Henry/FT

How do I transition my career from financial services to green energy? Jonathan Black, Director of Careers at Oxford University, offers his thoughts to one of our readers.

Top reads in business schools

Russia mobilizes to attack Kiev as its troops storm Ukraine Explosions heard in the capital as Zelensky claims ‘saboteurs’ entered the city to assassinate him.

News of the February 24 invasion of Ukraine: Russian forces storm Ukraine, civilians flee Kyiv, west unveils new sanctions.

Zelensky urges Ukrainians to resist as Russian forces fight for Kyiv Explosions and air raids sirens in the capital as Putin’s troops move towards Ukraine’s two biggest cities.

How up-to-date is your knowledge of the news?
Test yourself with these 10 questions.

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Thanks for the reading. Please send your recommendations and comments to [email protected].

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