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(WILMINGTON, Del. – June 22, 2023) For a fourth year in a row, Modern Healthcare has recognized ChristianaCare President and CEO Janice E. Nevin, M.D., MPH, as one of the nation’s 50 Most Influential Clinical Executives. The publication praised her and ChristianaCare for the innovative work being done to extend the reach of the health system via new offerings, including Hospital Care at Home, ChristianaCare Business Health Solutions and Virtual Primary Care. “Dr. Nevin has a bold, courageous and clear-eyed vision for the future of health care regionally and nationally,” said Nicholas Marsini, chair of the Board of Directors of ChristianaCare. “In service of our system’s vision of creating health together so that every person can flourish, she has committed ChristianaCare to transforming care delivery by aspiring to keep people healthy at home, radically simplify access and much more.” Dr. Nevin has led ChristianaCare since 2014. Under her leadership the health system has experienced substantial growth and maintained a high level of quality and safe care. In addition to numerous other accolades, Healthgrades has continually recognized ChristianaCare as one of America’s Top 50 Hospitals, and Forbes has repeatedly called ChristianaCare one of the country’s best health systems to work for. Modern Healthcare’s annual list of the most influential clinical executives honors currently or previously licensed clinicians in executive roles who are deemed by their peers and the senior editors of Modern Healthcare to be paving the way to better health through their executive responsibility, leadership qualities, innovation, community service and achievements inside and outside of their respective organizations. “These executives are broadening access to care through expansion and embracing digital tools to make their operations more efficient and their patients more connected,” said Mary Ellen Podmolik, editor-in-chief of Modern Healthcare. “They also are tackling workforce challenges by developing strategies to attract newcomers to the field. The complete list is included Modern Healthcare’s June 19 issue with awardee profiles available at www.modernhealthcare.com/50mostinfluential. About ChristianaCare Headquartered in Wilmington, Delaware, ChristianaCare is one of the country’s most dynamic health care organizations, centered on improving health outcomes, making high-quality care more accessible and lowering health care costs. ChristianaCare includes an extensive network of primary care and outpatient services, home health care, urgent care centers, three hospitals (1,299 beds), a freestanding emergency department, a Level I trauma center and a Level III neonatal intensive care unit, a comprehensive stroke center and regional centers of excellence in heart and vascular care, cancer care and women’s health. It also includes the pioneering Gene Editing Institute. ChristianaCare is nationally recognized as a great place to work, rated by Forbes as the 5th best health system to work for in the United States and by IDG Computerworld as one of the nation’s Best Places to Work in IT. ChristianaCare is rated by HealthGrades as one of America’s 50 Best Hospitals and continually ranked among the nation’s best by U.S. News & World Report, Newsweek and other national quality ratings. ChristianaCare is a nonprofit teaching health system with more than 260 residents and fellows. With its groundbreaking Center for Virtual Health and a focus on population health and value-based care, ChristianaCare is shaping the future of health care. About Modern Healthcare Modern Healthcare is the most trusted business news and information brand in the healthcare industry. Modern Healthcare empowers healthcare leaders and influencers to make timely and informed business decisions. To learn more or subscribe, go to www.modernhealthcare.com/subscriptions.
Aston University wins £1.8m to boost West Midlands low carbon markets
• Aston University and local industry to develop technology to convert organic material into commercially valuable products • Sawdust, diseased trees and dried chicken litter among what can be transformed into sustainable bioproducts • West Midlands companies are invited to join a cluster to develop new low carbon products for growing markets. Aston University is to receive £1.8 million to transform the West Midlands into a powerhouse of low-carbon product development and commercialisation. The University will be building on its existing research facilities to lead the region’s Biochar CleanTech Accelerator as part of the West Midlands Innovation Accelerator. The project was set up with the aim to secure export contracts for low carbon products worth over £200 million, to be made by a regional industrial cluster. It is hoped that the development of a low-carbon business cluster in the West Midlands will open up new domestic and export markets to help rebuild the region’s engineering and manufacturing status. Biochar, a sustainable form of charcoal, can be used as a soil and plant growth enhancer. It stores carbon in the ground, so there are fewer greenhouse gases in the atmosphere. Other products such as oils can be used as low carbon fuels for boilers and engines and the liquid by-product can be used for low carbon weedkiller, fungicide and plant growth. Aston University’s innovative technology is installed at its urban biochar demonstrator in south Birmingham. The project is based on the strengths of the University’s Energy and Bioproducts Research Institute (EBRI) and its Centre for the Circular Economy and Advanced Sustainability (CEAS). Tim Miller, director of engagement at EBRI, said: “This new development has the potential to rebuild product development, engineering and manufacturing in our region. “The project aims to commercialise knowledge, facilities and the results of long-term university research for the benefit of the environment and our regional economy. “Using the University’s existing expertise and facilities we have the potential to launch new technology-based opportunities as they emerge and mature, The Biochar CleanTech Accelerator is part of the West Midlands Innovation Accelerator which was first announced in the government’s 2022 Levelling up White Paper and started this spring. It is funded through a share of a £100m from Innovate UK, to be divided by three regional innovation accelerators over the next two years. Launched by the West Midlands Combined Authority (WMCA) in March 2023, it will target investment on projects enabling new solutions around Medical and Clean Technologies, to further reinforce the region’s position at the frontier of the UK innovation revolution. The University will also play a key role in two other projects in the West Midlands Innovation Accelerator. Companies interested in joining the cluster can get further information at https://www.aston.ac.uk/biochar-cleantech-accelerator or emailing biochar@aston.ac.uk
Aston University to host one-day workshop around healthy workplaces
Experts will present their recent research focused on healthy work and workplaces The event is being hosted by the Healthy Work Research Unit at Aston University It will take place on Friday 30 June in Conference Aston in Birmingham. The Healthy Work Research Unit at Aston University is hosting a one-day workshop focusing on healthy work and workplaces on Friday 30 June at Conference Aston in Birmingham. The event will bring together four experts who will present their research and insights in the field of promoting wellbeing in various professional settings. Attendees will be able to gain knowledge about areas impacting wellbeing and potential strategies to support healthy work practices. The programme will include sessions on problematic substance use in healthcare, police working practices and improving NHS staff wellbeing in paediatric critical care. Dr Simon McCabe, a senior lecturer in work and organisation at Aston Business School and head of the Healthy Work Research Unit, said: “This event is a unique opportunity for professionals and enthusiasts alike to gather and delve into the realm of promoting well-being in diverse professional settings and understanding some of the problems we are currently facing. “We have assembled a panel of four distinguished experts from our university and beyond who will be presenting their groundbreaking research and invaluable insights. “Their contributions will provide attendees with a scintillating discussion of some of the issues we face in this area, and touch on practical strategies to foster healthy work practices and cultivate work environments that are conducive to personal and professional growth.” Participants attending in person will have limited availability, with only 30 seats available. However, an additional 100 places are open for online participation via MS Teams. To sign up for a place, click here.
ChristianaCare Earns IABC Gold Quill Award for Innovation in Media Relations
ExpertFile-powered “Our Experts” site wins top international industry award for program that helps journalists reach health experts – fast ChristianaCare, with its collaborative partner ExpertFile, has been recognized with a 2023 Gold Quill Award from the International Association of Business Communicators (IABC) for its “Our Experts” media database. Designed to easily and quickly connect journalists to subject-matter experts, this online resource has been recognized with the top prize — “Award of Excellence” in the Communications Management, Media Relations category. “Good communication is foundational to our mission of serving as expert, caring partners in the health of our neighbors,” said Karen Browne, vice president of marketing and communications at ChristianaCare. “Through the development of our online database as a resource for journalists, we are making our experts more accessible to provide timely, accurate health information to the diverse communities we serve.” The IABC Gold Quill Awards showcase business communication excellence and are among the most prestigious awards programs in the communications industry. Each entry is scored independently by evaluators who judge the award submission on criteria that include stakeholder analysis, strategic and tactical planning, quality of execution and measurable results. “It’s impressive to see how ChristianaCare has reimagined how it can more proactively serve the community by being more approachable to journalists,” said Peter Evans, co-founder and CEO of ExpertFile. “We’re excited to share this prestigious industry award with them.” ChristianaCare’s innovation was driven out of a desire to improve the reach, impact and efficiency of its media relations efforts — amid rapidly increasing demand — without the need to add more resources. In just two years, ChristianaCare’s “Our Experts” media database has received more than 20,000 online visits and helped to generate more than 200 news stories. The IABC Gold Quill Awards showcase business communication excellence and are among the most prestigious awards programs in the communications industry. Each entry is scored independently by evaluators who judge the award submission on criteria that include stakeholder analysis, strategic and tactical planning, quality of execution and measurable results. “It’s impressive to see how ChristianaCare has reimagined how it can more proactively serve the community by being more approachable to journalists,” said Peter Evans, co-founder and CEO of ExpertFile. “We’re excited to share this prestigious industry award with them.” ChristianaCare’s innovation was driven out of a desire to improve the reach, impact and efficiency of its media relations efforts — amid rapidly increasing demand — without the need to add more resources. In just two years, ChristianaCare’s “Our Experts” media database has received more than 20,000 online visits and helped to generate more than 200 news stories. Powered by the ExpertFile software platform, the ChristianaCare “Our Experts” site provides a digital media toolkit with advanced search and digital content features to help journalists discover experts and access resources that make it easier for them to complete stories and meet their deadlines. Nearly 140 ChristianaCare experts are featured in the database today, and that figure continues to grow. On the heels of the success of “Our Experts,” ChristianaCare is planning to launch later this year a new Speakers Bureau that will leverage the ExpertFile technology to strengthen and support local community engagement. “As a nonprofit health care organization, ChristianaCare makes it a priority to ensure we’re using our resources wisely and effectively,” said Shane Hoffman, communications director. “By using technology to streamline processes and make it easier to connect our experts to the media and community organizations who need their expertise, we’re working smarter — not harder — in service of our mission.”
CEO Compensation: What's the Limit of 'A Lot'?
Should corporate executives be paid a lot? Yes, says management expert David Souder, a professor in the UConn School of Business Boucher Management & Entrepreneurship Department. But, he says, "What's the limit of 'a lot'?" “It’s proven very hard to determine where it stops being the appropriate amount of ‘a lot,'" says Souder in an interview with Hearst Connecticut Media. The highest-paid CEO in this year’s Equilar 100 was Peloton Interactive’s Barry McCarthy, whose awarded compensation totaled about $168 million. At No. 2 was Apple’s Tim Cook, whose awarded remuneration amounted to about $99 million. Equilar’s survey also highlighted the huge gap between CEO compensation and the income of rank-and-file workers. Last year, there was a median ratio of 288 between CEO compensation and median worker pay; the ratio was 254 in 2021. The compensation awarded last year to Cigna’s Cordani equated to about 277 times his company’s median worker pay of $75,627, according to Equilar. Including several thousand employees based in Connecticut, Cigna operates globally with more than 70,000 employees. At many companies, shareholders weigh in on executive compensation through “say on pay” proposals that let them cast advisory votes. Shareholders typically endorse remuneration, as seen in the results of Cigna’s 2023 shareholders meeting that was held on April 26. About 221 million votes were cast in support of the company's executive compensation, compared with nearly 30 million votes against, about 18 million “broker non votes” and nearly 612,000 abstentions. Some progressive elected officials such as Sen. Bernie Sanders, I-Vermont, and Sen. Elizabeth Warren, D-Massachusetts, are unhappy with CEO compensation levels at large companies because they believe their pay constitutes corporate greed that hurts rank-and-file workers. Among their proposals, they have sought to pass legislation that would increase taxes on companies that pay their CEOs more than 50 times the median level. “The pay disparities raise questions that are very hard to answer,” Souder said. “If you want an experienced chief executive, and they’ve been paid at these (exceptionally high) levels, then you have to also pay at these levels. And nobody wants a below-average CEO. So you end up with these subtle underlying pressures that cause CEO pay to rise.” David Souder specializes in strategic management and is available to speak with the media. Click his icon to arrange an interview today.
The memorandum of understanding (MoU) will strengthen existing partnership and form basis for future collaborations Official signing took place during an official visit by delegation from NEFU and AEMG on 22 May Delegation met senior staff from College of Engineering and Physical Sciences as well as NEFU students studying at Aston University. Aston University in Birmingham, UK and Northeast Forestry University (NEFU) in Harbin City in Heilongjiang Province, China have signed a memorandum of Understanding (MoU) to develop their strategic partnership. The MoU will see the universities renew and strengthen their existing partnership and explore future collaborations in the areas of both teaching and research. The partnership is facilitated by AEMG Education, who have over 20 years of experience in brokering strategic relationships with Chinese universities. The official signing by Professor Aleks Subic, Vice-Chancellor and Chief Executive of Aston University, Professor Li Shunlong, Vice President of Northeast Forestry University and Mr Stephen Connelly, Vice President of AEMG Education, took place on 22 May during a visit to Aston University by a senior delegation from NEFU and AEMG Education. The delegation from NEFU also included Professor Liu Zhiming, Dean of Aulin College, Mr Sun Zhiping, Director of the International Cooperation Office and Professor Li Hongfen, Associate Professor of the College of Civil Engineering. AEMG Education was represented by Mr Stephen Connelly, Vice President of Business Development and Engagement, Dr Jacko Feng, Director of Research and Partnerships and Ms Sarah Armstrong, Director of Business Development, UK & Europe. During the visit, the delegation met with senior staff from the Department of Civil Engineering and the College of Engineering and Physical Sciences, including Executive Dean, Professor Stephen Garrett. They also had the opportunity to meet with the NEFU students studying at Aston University who have just completed their final year examinations. The Aston University/NEFU partnership was established around the development of a joint programme in BSc Construction Project Management which was approved by the Chinese Ministry of Education (MoE) in January 2018, under which students from NEFU are able to transfer into the final year of the programme at Aston University. In 2021/22, the first cohort of 21 students successfully finished their studies,10 of whom achieved first class degrees. Professor Aleks Subic, Vice-Chancellor and Chief Executive of Aston University, commented: “I am delighted to welcome visitors from NEFU and AEMG to Aston University and to sign the Memorandum of Understanding with NEFU. “This represents an important milestone in taking forward our collaboration. We are committed to continuing to strengthen our strategic relationship with NEFU and look forward to welcoming more students in the future.”
Experts from the Centre for Personal Financial Wellbeing will examine the daily financial struggles of low to moderate income UK households The Real Accounts project will capture day-to-day financial fluctuations, understanding household money management strategies It is hoped the results will help inform policy and market innovation and debate. New research by the Centre for Personal Financial Wellbeing at Aston University will shine a light on the real day-to-day experience of financial uncertainty among UK households and help inform policy and market innovation and debate. The Real Accounts project will build an in-depth understanding of the lived experience of financial uncertainty among low to moderate income households across the country. Believed to be the first of its kind in the UK and in contrast with the snapshot data achieved by annual surveys, this long-term study will provide a fully joined-up view of household finances, capturing the day-to-day, week-to-week ups and downs, working with households to understand the situations they face and the strategies they use to manage their money. The project will be a collaboration with Nest Insight and the Yunus Centre for Social Business and Health at Glasgow Caledonian University. Experts will use a research data collection app that has been custom designed by Moneyhub to capture real-time income and expenditure transaction data over six months for a sample of around 50 low to moderate income households, combined with monthly interviewing. Professor Andy Lymer, director of the Centre for Personal Financial Wellbeing at Aston University, said: “We are really pleased to be part of this innovative project, directly focusing on real experiences of managing financial volatility and the impact that has on broader aspects of wellbeing. Too little is currently known about the scope and scale of income and expense volatility experienced by UK households. This research is really timely given people are currently facing the very significant impact of the cost-of-living crisis and often enormous uncertainty about both their incomes and their expenditures. The outcomes of this work will generate deeper understanding of what it means to experience financial challenges in reality and over sustained periods of time. It will contribute to finding better ways to help people in their everyday lives and is a perfect fit for the focus of our Centre that seeks to deepen our understanding of what matters in creating personal financial wellbeing.” Sope Otulana, head of research at Nest Insight, said: “As the rising cost of living continues to impact households across the country, and levels of household debt climb, this research is more crucial than ever. The project aims to shine a light on exactly what it is like for households today managing volatile income and expenditure, sharing their first-hand stories. While large income and expenditure datasets track individuals and their behaviour out in the world, this research puts individuals back into the contexts where their financial lives play out, focussing on the overall household – partners, parents, siblings, friends and other social connections. It will look beyond the balance sheet to also analyse social, environmental, and health factors, as well as other dynamics that can come into play and affect household finances. The research will identify trends but also capture the variation within households, recognising that there is no ‘average’ household circumstance or experience.” Alex Christopoulos, Aviva Foundation lead and senior strategic adviser and consultant, said: “Millions in the UK are struggling and worried about money. The Real Accounts research provides us with an opportunity to understand how these households are managing to get by day-to-day; the choices they make, the strategies they take and the knock-on effects this has on other areas of their life. In uncertain times, we need to better understand how people deal with fluctuations in their incomings and outgoings – and what kinds of financial support and services might enable them to build a buffer, and a plan, to deal with today’s pressures, as well as what tomorrow may bring. The Aviva Foundation is proud to be supporting Nest Insight and its partners to deliver to the Real Accounts research.” Samantha Seaton, CEO of Moneyhub, said: “It is only when we have in-depth and holistic data on a person's or household’s finances that we can truly know and begin to understand the impact of the rising cost of living. This can only be successfully achieved by bringing all of an individual's or household’s financial data together in one place, from every-day spending to long-term projects such as buying a property and saving for retirement. At Moneyhub, we’re absolutely delighted to be providing our cutting-edge technology to enable Nest Insight and its partners to collect and analyse this crucial data. We know from our own users the pressure that the current economic situation is placing on them, with many unable to save resorting to borrowing to get by each month. Having thorough data and insight will enable any solution to be highly personalised in its approach and have a much more positive impact on those that require it most. Ultimately the more real-time financial data points, the more informed the decisions can be. It has always been our purpose at Moneyhub to improve financial wellness, and this project is just one example of how we’re using Open Finance to do exactly that.” You can find out more about the project here.
The management Knowledge Transfer Partnership (mKTP) with Beever and Struthers will help drive the firm’s digital transformation The 30-month programme will specifically aim to develop, embed and exploit smart data driven technologies It will enable the business to increase quality, productivity and capacity. Aston University has begun a management Knowledge Transfer Partnership (mKTP) with nationwide accountants and business advisors Beever and Struthers to help drive the firm’s digital transformation. A management Knowledge Transfer Partnership is built around identifying strategic management-based initiatives to increase business effectiveness and improve management practices. As part of the mKTP, led by Aston University in collaboration with Professor Brian Nicholson and Dr Sung Hwan Chai (Alliance Manchester Business School), Dr George Moyenda Salijeni (Aston Business School) and the team will conduct a comprehensive evaluation of Beever and Struthers' existing data systems. Following the assessment, specific methodologies will be proposed to ensure alignment between the mKTP and the firm's ongoing data systems. The 30-month programme will aim to develop, embed and exploit smart data driven technologies within the audit function, enabling the business to increase the quality, productivity and capacity to deliver additional insight and value to clients. Dr George Salijeni, a lecturer in accounting at Aston Business School and an expert in data analytics tools used in external audits and knowledge base supervisor in the mKTP, said: “This mKTP offers an opportunity to share and utilise knowledge and technical exposure which academics at Aston University and Alliance Manchester Business School have gained and generated over the years through undertaking multi-disciplinary research and engagements with practitioners and audit regulators on data driven technologies which include artificial intelligence. Potentially, this project generates insights, workflows which could impact and transform the way audits are performed by leveraging data driven analytics tools and models.” Michael Tourville, partner at Beever and Struthers, said: “Given that the business has been around for up to 125 years it is quite traditional in its approach, but we are now keen to embrace the opportunities that a truly digital transformation could offer. Although we are a firm with a long history, we are also an entrepreneurial business and are keen to grasp opportunities when we see them. This mKTP is all about giving our clients more insight and helping us navigate data far better too. The main improvements for us will come from increased efficiency and insight, but we will also be able to further improve the quality of the service we offer.” Professor Andy Lymer, head of the Accounting Department at Aston University, said: “Digital approaches to accounting are increasingly at the heart of how the accounting industry works – and therefore increasingly at the heart of what we teach and research related to this industry and its practices. This extremely innovative project will enable us to work with the partners in this programme to go in depth into an organisation exploring how the use of the latest developments in the use of digital tools such as advanced data analytics can further enhance the processes of audit. The experience and knowledge gained in this work will be brought back into the classroom for our students to benefit from also.”
Aston University student and graduate business startup support programme marks 10th year
BSEEN is a collaboration of four Birmingham universities, led by Aston University It has helped over 800 new businesses to launch through intensive startup bootcamps and a network of business mentors An awards dinner was held on 4 May to celebrate a decade in operation. An Aston University student and graduate business startup support programme has celebrated its 10th year in operation. BSEEN, a collaboration of four Birmingham universities led by Aston University, marked a decade of supporting student and graduate entrepreneurs with an awards dinner on 4 May 2023. Mike Bander, an Aston University alumnus and recipient of an honorary doctorate, was guest speaker and gave a keynote speech. The programme has helped over 800 new businesses to launch through 31 intensive startup bootcamps and a network of 85 business mentors. The awards night at Fazeley Studios in Birmingham showcased the student and graduate entrepreneurs supported by BSEEN and the mentors and professional services organisations who have worked to help startups through surgeries, drop-ins and round table discussions. Mike Bandar, international business trainer and speaker and founding partner of Turn Partners, said: “The power of the collective community has changed “I” into “us”. Personal ambition is essential, but the true spirit of entrepreneurship is to unite, collaborate and transform. Diversity gives us strength by not seeing competitors as rivals, but partners.” Professor Zoe Radnor, pro-vice chancellor and executive dean of the College of Business and Social Sciences at Aston University, said: “I have heard so much about BSEEN that was amazing and I am looking forward to supporting young people to achieve their goals despite European funding for the scheme coming to an end.” Paula Whitehouse, deputy dean for enterprise and engagement at Aston University, said: “The programme has delivered a big social and economic impact with businesses ranging from hand-crafted paper goods to medical devices.” Carolyn Keenan, BSEEN project manager, said: “It has been a privilege to be involved with the programme from the beginning.” The eight awards presented during the event went to the following: BSEEN Rising Star Winner: Ruth Mestel and Charis McRoberts, Calathea Arts Highly Commended: Denise Amory-Reid, Amory R Management BSEEN Champion Award Winner: Ben Brophy, Ad Valorem Accountants Highly Commended: Richard Freeman and Jamie Partington, Higgs LLP Award for Technology Winner: Alliyah and Amirah Khan, Our Tied Camel Highly Commended: Safe Queen Team Award for Creative Industries Winner: Morgan Grice, Odd Orange Highly Commended: Andrea Craciun, Sweetest Mango Illustration Award for Innovation Winner: David Akraka, Akreon Technology Highly Commended: Hardeep Randhawa, ProLimbs Award for Social Impact Winner: Cleo Morris, Mission Diverse Highly Commended: Jamaal O’Driscoll, O’D Collective BSEEN Community Award Winner: Shovon Wiggan, Inspire-a-Doll Highly Commended: Janani Prasad, Supabite.com Award for Small Business Growth Winner: Bobby Bradstock, Serenity Psychotherapy Highly Commended: Joseph Housley and Connor Watt, Narce Media and Ben Curtis, Hobby Store Group. To find out more about the BSEEN programme, click here.
Ask an Expert: Can a Recession Boost Employee Job Satisfaction?
Will the United States tip into recession in 2023? The jury for many remains out, though there are enough clouds forming on the horizon to cause consternation for firms eyeing the next financial quarter. But while recessions invariably spell belt-tightening, are they always plain bad for business? Could there be some kind of silver lining to hard times? New research led by Goizueta Business School’s Emily Bianchi suggests there is in fact an upside to economic downturns: higher employee job satisfaction. Bianchi and colleagues from Oglethorpe and Hong Kong Polytechnic Universities have found that in times of increased financial uncertainty, people tend to think less about other opportunities or openings, and focus more on the jobs they actually have. This in turn makes us see our jobs and workplace more favorably, says Bianchi. “It might feel counter-intuitive because there’s reason to think that tumultuous times make the workplace and workplace relations more tense or challenging. But we wanted to explore whether the security of having a job in an economic slump might positively impact the way people think about their roles and employers,” Bianchi says. Our hunch was that fewer available jobs outside the organization may translate into greater satisfaction with the jobs we have in hand when there’s a recession. To test this possibility, Bianchi and co-authors ran three studies. The first looked at almost 50 years of data from the U.S. General Social Survey, a cross-sectional barometer of people’s attitudes and opinions, including their assessment of the economy and satisfaction with the work they do. Through analyses of respondents’ answers between 1974 and 2016, Bianchi et al. found compelling evidence to support their hypothesis: at both the national and state level, job satisfaction rose during recessions and fell off again when the economy did better. A second study analyzed data from the U.K. where recessions tend to hit at the same time as the United States, but can be more or less severe. Two surveys conducted by the University of Essex followed the same respondents between 1991 and 2013, allowing Bianchi et al. to measure how individual job satisfaction fluctuated with macro-economic changes. Limiting their analysis to those people who remained employed over the time period and controlling for things like age, gender and income, the researchers were able to isolate the impact of recession based on the way that a group of just over 8,500,000 employees felt about their jobs. They found the same pattern. “By looking at the same individuals over time, we’re able to eliminate any impact coming from changes in the composition of the workforce across economic cycles,” says Bianchi. The same pattern emerged: during bad economic times, people reported greater job satisfaction even within the same group. Unlocking the Upside of Downturns To dig deeper into the psychological mechanisms undergirding these patterns, Bianchi et al. ran an experiment. One group was shown “bad news” about the economy, while the other read a report on economic growth and “plentiful jobs.” Both groups were then asked to self-report on job satisfaction. Those who had read the news article on recession and unemployment reported greater contentment with their current jobs. Moreover, when reminded of recessions, they reported that alternative jobs became less salient, which in turn led to greater job satisfaction. In other words, their own jobs were “more satisfying.” One implication of these findings is that they challenge the notion that job satisfaction is exclusively dictated by what happens inside the organization. We tend to think of businesses as bubbles that are somehow impervious to the outside world. But these studies show broader societal events can affect us in surprising ways. A Silver Lining for Employers Recessions are rarely welcome news. And for employers, they can engender feelings of hopelessness, says Bianchi. The insights shared in her paper should provide some reassurance, nonetheless, that even when the chips are down, they might have one less thing to worry about. But there’s a caveat. Our findings suggest that there might actually be a bright side to recessions for employers; that greater job satisfaction during these difficult times might help people psychologically weather an otherwise challenging situation. “Of course, this does not mean that employers should take advantage of this surprising goodwill by asking more of their employees. Rather, while employers likely believe that there is little they can do to bolster job satisfaction during tough times, our research suggests that satisfaction-boosting efforts may be even more effective. Moreover, our findings suggest that employers should be more attuned to bolstering satisfaction when times are good and employees are particularly apt to be looking at other opportunities.” Interested in learning more about how a recession may impact the workplace? Then let us help with your coverage and questions. Goizueta Business School’s Emily Bianchi is available to speak regarding this important topic - simply click on her icon now to arrange an interview today.
