Lifestyle

With several schools to choose from, it can be difficult to know which will be the best fit. Having a good understanding of different programs can make the decision easier. But with so many options, where do you begin?  Looking at some of Canada’s top schools and programs may be a good place to start. These three schools are considered some of the best that the country has to offer business students.  Rotman School of Management – University of Toronto  Undergraduate Rotman offers a four-year Bachelor of Commerce (BComm) program. The program starts in the second year of study. First-year students who meet the grade requirements in specific courses are guaranteed admission. In the second year, students choose one of three specializations: management, accounting or finance and economics. Upper year students have options to study abroad or gain work experience through Rotman’s career services.  Admission requirements vary depending on whether applicants are Canadian students, international students or mature students. For Canadian high school students, Rotman requires a minimum average in the mid-to-high 80s for consideration. Particular attention is given to English and calculus grades, both of which are prerequisites for the program. Applicants are also required to submit a supplementary application comprising short written and video responses. Postgraduate  Rotman offers a wide range of postgraduate programs, one of these being the full-time Masters of Business Administration (MBA) program. The program consists of 16 months of study and a four-month paid internship. Students can specialize in certain areas of study such as brand management or consulting.   To be considered, Rotman requires at least a 3.0 GPA in the applicant’s final year of their bachelor’s degree. They are required to take the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE). Two years of full-time work are required (though the average applicant has five years). Two professional recommendations, a short essay and two interviews are also part of the application process.  Ivey Business School – University of Western Ontario  Undergraduate Ivey’s four- to five-year Honours Business Administration (HBA) program begins in the third year of study. Students may study in any other faculty during their first two years. Students may take a fifth year to complete a Chartered Professional Accountant accreditation, study abroad or earn a combined degree. That  consists of the HBA degree and the completion of the degree from their first two years of study.  High school students may apply for Ivey’s Advanced Entry Opportunity (AEO), which offers conditional, pre-admission status to the HBA program. To become an AEO student, a 93 per cent overall average is considered competitive. Students must also have completed a mathematics course for university bound students and demonstrated leadership through extracurricular activities.  Students typically apply to the HBA program at the end of their second year. They must have maintained a full course load. They must also have maintained at least a 70 per cent average over those two years. Though, 80 per cent or more is considered competitive. They must have also taken the Business 2257 course at Western or an equivalent course at another school.   Postgraduate Among their many postgraduate programs, Ivey offers a one-year MBA program. This program focuses on case-based learning instead of traditional lectures, using real-life examples and practice scenarios as teaching tools. Ivey MBA students have the opportunity to partake in an international study trip or a four-month exchange program.  The admission requirements include GMAT/GRE completion, a minimum of two years of work experience and two professional references. Plus, two written essays, two video questions and an interview for select candidates.  Sauder School of Business – University of British Columbia  Undergraduate Sauder’s four-year BCom program allows students to choose one of ten disciplines. These include accounting or entrepreneurship, to focus their studies in their third year. The program also offers different opportunities abroad, including an exchange program.  General admission requires a high school diploma and 70 per cent or higher in Grades 11 or 12 English. The BComm also requires the completion of an advanced functions course and a video interview. Students may also choose to transfer from another school into year two or three of the program. Postgraduate  Among its other postgraduate options, Sauder offers a 16-month MBA program. Students choose one of four career tracks: technology and analytics leadership, finance, product and service management or innovation and entrepreneurship. Students may also choose to create a custom track to experience different areas of study. The program also offers various global study or work opportunities. Admission requirements include completion of a bachelor’s degree with at least a B+ average.  As well as, GMAT/GRE completion, a minimum of two years of work experience (though three to five years is considered competitive), two professional references, a written essay and an interview.  With so many options, some of the selection comes down to personal fit. If possible, visit the campuses or take virtual tours, and always do research before applying. Proper preparation can help to ensure a student thrives in their future endeavours, no matter which school they attend.

According to the Oxford dictionary, negotiating means trying “to reach an agreement.” While seemingly straightforward, it is no easy feat for beginners or seasoned professionals. However, language and negotiating skills may help. Here are some of the most popular international business languages, negotiation styles and techniques. They’re based on top spoken languages in regions and industries experiencing economic growth and studies on negotiating techniques. International business languages English  With two billion speakers, English is the most popular international business language, widely spoken in academia and online. As per American Express, English dominates in countries considered “economic powerhouses” and is the official language of many. English is Microsoft and Nokia’s official corporate language and is useful in education, healthcare, marketing, tourism, technology and web development.  Mandarin Mandarin has approximately 1.1 billion speakers, according to Babbel It is the second most popular language online. It’s an official language in Singapore and Taiwan, with many speakers in Indonesia, Malaysia, Thailand and Vietnam.  China has the biggest economy worldwide, increasing its manufacturing capacity by 2025. Learning Mandarin is respectful as Chinese business is based on courtesy customs. According to American Express, Mandarin is useful in the education, communications, government, marketing, manufacturing and tourism industries. German German has approximately 130 million speakers and is the fourth most spoken language. It’s one of the European Union’s procedural languages and Europe’s international business language. Many European countries recognize German as an official language, including Austria and Belgium. Many German speakers live in Holland, Denmark and Luxembourg.  Learning German is useful in academia and politics.  Spanish There are more than 442 million Spanish speakers. It’s one of the five most common languages. Spanish is North, South and Central America’s international business language. Its North American dominance will likely “double in the next decade,” according to Quartz. Spanish is an official language in Argentina, Chile and Peru, among other countries. Speaking Spanish is helpful in the education, hospitality, law and healthcare industries. Arabic There are 460 million native Arabic speakers. Arabic is the official language in parts of the Middle East and in Africa, Libya and Egypt, among other countries.  Arabic was named one of the five “languages of the future” by the British Council. Middle Eastern Arabic-speaking countries include Bahrain, the United Arab Emirates, Qatar and Saudi Arabia.  Arabic is useful in the banking, oil, telecommunications, education, finance, government, marketing and translation industries.  Similar to learning languages, learning negotiating styles is crucial. There are five main negotiation styles, according to decades of negotiation literature and behavioural observations.  Negotiation styles Competing These negotiators are assertive and focused on results. They may pursue their own concerns and become aggressive.  Avoiding These negotiators avoid tension and responsibility and don’t pursue their interests immediately.  Accommodating These negotiators smooth over tensions and strive to satisfy other people’s needs. Compromising These negotiators often find middle-ground solutions, usually settling for moderate satisfaction. Collaborating These negotiators are communicative and focused on finding creative solutions, brainstorming ideas and maintaining relationships.  Negotiation techniques According to Harvard Business School’s Alison Wood Brooks, pre-performance nerves should be reframed as excitement. According to Tufts University professor Jeswald Salacuse, opening negotiations with draft agreements can “increase your influence over the negotiation” and save money and time. Additionally, silence is crucial according to Harvard Law and Business Schools. As is final-offer arbitration (FOA), according to professor Max H. Bazerman. FOA means each side submits its “final offer to an arbitrator” who selects one. As for closing business deals, Richard Harroch has tips. Listen  Try to understand the other’s limitations and avoid monopolizing the conversation.  Be prepared Review the other party’s business before the negotiation. Do Google and LinkedIn searches when reviewing their background and similar deals they’ve completed. Establish a positive relationship with them. Understand the dynamics Determine who wants the deal most and time constraints. Frame the deal’s structure and your preferred terms. Don’t be unrealistic. Maintain a poker face and be ready to walk away  If the deal’s terms aren’t meeting your expectations. Know your target prices. Don’t rush through negotiations or concessions  Consider setting issues aside temporarily and never accept the first offer. Ask questions  Ask about the pricing, benefits and so forth. Advisor or lawyer Write a term sheet on the deal’s key terms. For complex deals, consider speaking with an advisor or lawyer.  Problem-solving View negotiating as problem solving, determine what your partner wants. Decision time If you think you’ve made a reasonable offer, give your partner a deadline to walk away or accept it. Overall, all negotiation styles have their risks and advantages.  Your ideal business language(s) and negotiating techniques depend on your business concerns, industry and regional factors.  But it can be helpful to recognize your counterpart’s style and tendencies and adjust yours accordingly.

Life is a balancing act. The main avenues of life, such as family, school, self-care and work, require time and attention. Unfortunately, trying to devote time to each aspect can be difficult, especially when one demands more time than the rest.  The National Library of Medicine conducted a study in 2020. They found an excess of research explaining the need for work-family balance rather than work-life balance. This is largely due to the significant number of women that entered the workforce decades ago.  However, work-life balance and work-family balance as interchangeable terms doesn’t cut it anymore. Now that women are free to make their own decisions, many are choosing not to have children. In addition, there’s been an increase in elderly workers needing time devoted to recovery from illness, disease and chronic pain.  Nonetheless, those workers deserve work-life balance as well because self-care and health are just as important. The National Library of Medicine conducted a study. They found that health and family are rated as 25 per cent more important than other nonwork aspects.  An all-encompassing definition of work-life balance is when a worker has the opportunity to prioritize nonwork and work aspects equally.  In 2021, the Mental Health Foundation defined the requirements of a healthy work-life balance. They said it involves meeting deadlines at work while still having relationships with peers and getting enough sleep. It also means having the resources and time for a good diet and not worrying about work at home.  Prioritization can change based on what is more important at the time. For example, a worker may be facing significant mental health challenges. A work-life balance would include prioritizing mental health to function better on the job and in their daily life.  Advances in Social Science, Education and Humanities Research conducted a study. It confirmed there is a significant link between personal well-being and work-life balance. When one starts to plummet, the other does too. Juggling many roles at work and home can cause anxiety, fatigue and extreme stress. It can also cause damage to physical health when prevalent for long periods of time, causing idleness at home. But if a worker is content with their job, they are more likely to be happy and energetic at home.  The study also notes that an imbalanced work-life dynamic disturbs productivity levels. That is due to the fact that general well-being becomes damaged from overload and pressure. Workers are aware of this, with 53 per cent saying they believe their work is negatively affected by poor mental health.  Managers play a significant role in curbing an imbalanced work-life dynamic. It is encouraged to create an environment where employees feel free to voice their concerns. Leadership should be trained to notice stress in themselves. Staff should also allow employees to attend therapy during work hours as they would with doctor appointments.  Fortunately, a healthy work-life balance is not fully dependent on leadership decisions. Employees can also do a few things to help themselves. The Mental Health Foundation has a few suggestions. They include prioritizing productive tasks, assigning a selected time for tasks and researching workers’ rights in your province. The latter allows a better understanding of the appropriate amount of work hours, policy and sick pay.  For those working in Ontario, refer to Ontario’s Employment Standards Act.  Harvard Business Review explains that achieving a work-life balance requires constant reflection. This reflection should include how a worker feels in their work environment and at home. This also includes reflecting on how one feels during their job. And asking questions about what aspects are tolerable or intolerable to form healthy boundaries at work.  An important component of Harvard’s five-step process includes implementing changes where necessary. Harvard says that making public changes like switching to a less demanding position is effective in changing your tasks as well as expectations from colleagues. In contrast, private changes look like adjusting personal work patterns, such as how much time to assign to a task.  At the end of the day, health is a key priority for everyone. Although a work-life balance requires continuous effort, it is worth maintaining a stable personal well-being.

Burnout is a global epidemic officiated as an occupational phenomenon by the World Health Organization in 2019. It’s characterized as chronic feelings of exhaustion, increased cynicism or apathy for one’s job and reduced professional efficacy.  Since then, organizational structures and workplace leaders are now accountable for employee burnout. There is an additional focus on advancements in workplace mental health and well-being research. Workplace burnout soared in numbers this past year. GlobeNewsWire shared Ceridian’s 2022 Pulse of Talent Report that surveyed over 1,300 Canadian employees. It revealed 84 per cent had experienced burnout, with as much as 34 per cent reporting ‘high to extreme levels.’ Twenty-one per cent were actively seeking a new job.  Meanwhile, 39 per cent considered leaving if there was “the right opportunity.” In the 1970s, social psychology research pioneers Freudenberger and Christina Maslach coined the now infamous term “burnout.” They did so to study the effects transactions in the workplace have on emotional regulation. They found burnout was more commonplace than based upon individual feelings. Further research by Maslach concluded that individual-based interventions were ineffective in reducing burnout without organizational reform. Rather, Maslach suggested that companies should concentrate on situation-based areas of conflict to prevent burnout. Workplaces have recognised burnout in the past. Yet, the general assumption was that each person was responsible for using the available resources to take preventative action alone. Examples include referrals to support groups and workplace counselling services. It’s true that this support could provide stronger coping skills within the individual employee. However, Maslach observed that, in the long run, these techniques continue to pressure individuals into an excessive standard. It obstructs the overall issue—the job conditions and the workplace itself. Understanding the risks of situation-centred burnout The main goal for addressing situation-centred burnout is enhancing the job experience, with a focus on “preventing a mismatch between the job and the person and the work and the worker.” Maslach and colleagues have found six critical areas of person-situation relationships. Organizations should keep these in mind when addressing burnout in job and workplace structures. Workload When an employee’s workload has high demands and limited resources, keeping up with a time limit is challenging. The most chronic source of burnout concerns this area, which can lead to significant losses in productivity, relationships and efficacy. Lack of individual control A vital part of an employee’s satisfaction is knowing they are capable of thinking and solving problems on their own. A mismatch may occur if the employee is constantly confined to strict monitoring. Or to perceptions of rigid policies that leave no room for self-growth or improvement. Community support A supportive community with healthy relationships increases the likelihood that employees feel safe disclosing work problems, praise and comfort. Maslach’s research supports that isolation and impersonal workplace relationships can create a hostile environment with no possibility for social progress. Insufficient reward A perception of unsuitable rewards, often meaning salary and benefits, can be interpreted as disrespect for the work and worker. However, Maslach stresses the importance of perceived inner rewards, such as pride or recognition of a valued employee. If both external and internal rewards are not balanced, this can lead to dangerous pitfalls towards burnout.  Absence of fairness Fairness is essential for a functional community. Employees don’t feel valued if equal rights to issues like compensation, workload or promotions aren’t discussed during company-employee negotiations. Only in a setting where everyone’s voice is heard equally can there be mutual respect. Value conflict  When there is a mismatch of work, ethics and personal principles, people may feel uncomfortable continuing with their jobs. A common instance mentioned in Maslach’s report is when workers felt compelled to be deceptive or violate moral values. They acted as such to support the organization’s profit. This often resulted in discomfort within the workplace. Bottom-up, not top-down The order of the topics suggested in Maslach’s study varies for each organization. It’s crucial to remember that whenever interventions or changes are implemented, employees should have access to discussions and decision-making processes. Without employee input, some companies take on their own wellness measures. Which often makes the situation worse because it can be interpreted as distrust of the workers. Building a balanced workforce to prevent burnout starts with understanding the risk factors of organizational structures and policies. Then, the next best action is ensuring employees a secure and fair environment in which to express their thoughts. A valued employee leads to valued, respected work.

Entering the business field can be challenging. It raises the question of whether a degree or business degree is required. Experience and skills Frédéric Bigras is FBIC Ingénérie’s owner and electric engineer and Quicker.Cloud’s owner. He is Le Centre de congrès de Thetford et La cache du Domaine’s co-owner. He has a Collège Montmorency diploma in electrical engineering and an École de technologie supérieure bachelor’s degree in electrical engineering.  He worked five years at Hewitt before launching FBIC. Bigras said everything he learned in school was useful, using his knowledge of electronic equipment daily and having gained “work ethic.” Brian Goldenberg is Angelwalk Theatre’s artistic and executive director. He’s York University’s Vanier College Productions’ artistic director, producer, music director and arranger. He’s also a composer and gives private music lessons. Goldenberg has a York bachelor’s of fine arts in music. He also has a master’s in business administration from Schulich with a specialization in arts and media management.  “I started producing to create work for myself as a music director,” he said. “I fell in love with the producing side of the business.” He started developing business management skills in high school and continued to do so throughout university.  “I was running my own business, doing all these cocktail panel corporate functions where often I would have to hire other musicians to play with me,” Goldenberg said.  Goldenberg has played piano for corporate functions and weddings and attributed his success to skill in client services. He pursued an MBA to get formal business training. He used independent study projects to interview people in the industry and get involved in art organizations’ sponsorship deals. He said the program gave him “the confidence to pursue producing” professionally and taught him to prioritize. Goldenberg’s business courses were useful, even if he barely uses technical accounting. “Your relationships and the knowledge that allows you to connect with your customers, to your colleagues, to your stakeholders are crucial,” Goldenberg said.  While theory is helpful, he added, “You can’t learn to produce theatre from a textbook. You have to be in the room.” Looking back at his MBA, Goldenberg would suggest “leaning more into the connections of the networking” and “work experiences.” Reflections and resources Bigras might consider studying business, he is presently watching videos and reading books to develop business skills.  However, he said, “When you start your business, it would be interesting to pursue business training,” otherwise, simply studying business may be more theoretical. He’s also considering psychology courses as businesses rely on human relations.  He started working in real estate early in his career, which also helped him, as did his accounting courses. However, he’s struggled to meet entrepreneurs like him and said, as an entrepreneur, “you’re a bit alone in the world.” Goldenberg said the MBA gave him the knowledge he needed to work, though he’s still learning and pursuing training when possible. “New York actually has this one called the Broadway Teaching Group, and they run a conference every summer. So, I’ve gone to that a few times,” he said. “I’ve gone to a lot of performing arts conferences throughout Ontario. And then, just a lot of the industry specific workshops and master classes and training.” As the arts and business industries are always changing, Goldenberg adapts his skills to stay competitive. He also leans on his wide network for guidance. Advice for youth  Out of school, Bigras recommended working in different workplaces to build knowledge and network. He added the importance of aiming long term, as successful businesses develop over the years.  “At a certain point, it’s great to want to [launch] it one day, but you have to take the leap,” Bigras said. Goldenberg encouraged youth to seek mentors, namely “informational interviews” with people in your field, which is how he was able to land one of his previous jobs. He also said to take advantage of being a student and ask for advice while still in school. After graduating, you’re considered competition.  A degree is not needed for all business jobs. However, it gives you extended knowledge on a particular field, which may be helpful in the workforce. Regardless, work experience in your field is a crucial stepping stone when starting out your career.