Beta Alpha Psi - The year that was in accounting, finance and information systems

My year as President of Beta Alpha Psi has been one of the most unique and fulfilling experiences I've had whist studying at the University of Sydney Business School. There have undoubtedly been the odd challenges and sleepless nights trying to juggle my Presidency alongside study, work and social commitments, but now as I reflect on the year that’s past, I am proud of everything the executive team has achieved. 2013 has been an exciting year for Beta Alpha Psi at the University of Sydney Business School, and we have accomplished a great deal.

The Sydney University (Lambda Omega) Chapter is one of only two in Australia, and this year I am thrilled to have witnessed a significant increase in our membership base, with only more rapid growth to come in the future. Although fraternity-style societies do not play a big role in the traditional Australian university culture, having been a part of Beta Alpha Psi has not only given me access to a global community of high-achieving students and professionals, but has also provided me with opportunities I never would have thought possible.

In addition to managing the strategic direction of the Chapter and overseeing budgeting and reporting processes, over the course of this year, my team and I worked directly with firms such as Ernst and Young, Bloomberg and the Commonwealth Bank to organise networking events for our members, held numerous technical workshops on campus (including SAP, negotiation skills and client interviewing workshops), and jointly hosted community service days with The Salvation Army. We also held our annual induction ceremony for members at the University of Sydney Business School MBA Campus in the CBD.

It was our privilege to host the Oceania Regional Conference in April. This was a three-day conference that brought together Beta Alpha Psi members and faculty advisers from the University of Sydney, UTS, the University of Auckland, Victoria University of Wellington and the University of Waikato. The Regional Conference gave members the opportunity to develop networks with neighbouring Chapters, share best practices and growth strategies and gain valuable insight into topical issues in accounting and finance through various sessions and workshops run by guest speakers.

In August, I represented the University of Sydney and our Beta Alpha Psi Chapter at the Annual Conference held at the Hyatt Regency, Orange County in Anaheim, California, along with three members of the executive team. The 2013 Annual Conference brought together over 1000 Beta Alpha Psi executives from all over the world for three days. Building on from the successes of the 2012 conference held in Baltimore, Maryland – which I also had the privilege of attending – this year’s theme was “Dreams of Tomorrow Becoming Reality Today”. My team and I attended concurrent sessions on varied topics from social enterprise to forensic accounting, participated in professional development and community service events hosted by major corporate sponsor KPMG, and listened to inspirational presentations from keynote speakers including Ralph De La Vega, CEO and President of AT&T Mobility and Clark Jones, Vice President of Finance at Walt Disney Parks and Resorts. We also had the privilege of presenting a session entitled “Surviving as a Small Chapter”, where we shared our unique successes as a chapter Down Under to an enthusiastic audience of our American colleagues. It was an amazing experience to be, once again, surrounded by so many other like-minded students as well as to witness first-hand the strength and prestige Beta Alpha Psi has in the accounting and finance industries on a global scale. One of our executives was also able to participate in the renowned Project Run With It competition. The opportunity to engage in a real-world consulting project in a team with students from other countries was unlike anything she had previously experienced.

On another note, I am excited to announce that this year we established a University of Sydney BAP Facebook page and that our new website is going to be launched early 2014. It’s amazing to see the response we have already received and how the Facebook page has improved our communication with existing and potential members, by providing them with a resource to deliver the most current event schedules and information on relevant topics on a regular basis. I look forward to further extending our online presence and engaging with more members, as this will play an important role in our quest for Gold Chapter Status, which is the highest status any Chapter can achieve.

This year has been one of the most rewarding and satisfying years of my academic career, and I am finding it hard to believe that my year as President is winding down to a close. As much as I find it difficult to leave the idyllic University lifestyle and such a fabulous organisation that has helped me to transition from student to professional in every way possible, I know that the Beta Alpha Psi Alumni community will keep me connected and involved for life. Through attending Beta Alpha Psi international conferences and regional events I've made so many lifelong connections and friendships, and the Beta Alpha Psi Connect online alumni portal will allow me to keep in touch with fellow members and alumni from around the world. It also provides access to webcasts, leadership information, information on local chapters’ activities and discussion forums. There is also a BAP Newsletter which is distributed quarterly and ensures members and alumni are aware of upcoming opportunities and the latest news.

I would highly recommend eligible students to get involved and take advantage of all the organisation has to offer.  In the coming months (March 2014) we will be holding elections for the new executive team and nominations will be distributed to existing members shortly. If you’re interested in joining Beta Alpha Psi please visit our Facebook page or our website or the Beta Alpha Psi University of Sydney Chapter website for instructions on eligibility and how to apply.

On behalf of the Beta Alpha Psi Lambda Omega Chapter, I would like to sincerely thank the University of Sydney Business School, our faculty advisor Pearl Rozenberg (Sub-Dean), and the Global Board of Directors for their ongoing support. I would also like to personally thank my executive team and our current members for their considerable commitment, enthusiasm and involvement in Beta Alpha Psi this year.

I hope that all of our valued members will continue to be involved in our organisation as it grows from strength to strength and we look forward to welcoming new members in the year going forward.

By Sumita Theagesan - President, Beta Alpha Psi, Lambda Omega Chapter, the University of Sydney Business School.

Generational warfare: debating the symptoms of the problem, rather than the cause

The generational argument is a tenuous one. The formulaic, cyclical rhetoric seems unavoidable: older generations churn out, almost verbatim, the same critiques that were used against them in previous years by their elders and betters. People vehemently defend their emotionally charged stand-points; and as everyone has an inescapably personal stake in the discourse, everyone’s proverbial two-cents on the matter must be heard.

A similar bone of contention, albeit with a novel dash of fervour, seems to be taking form in populist media, public opinion, and even academic research in the latest generational stand-off. That between the so-dubbed Baby-Boomers, and Generation-Y. Inflammatory and controversial articles such as Joel Stein’s piece in Time Magazine, that attributed adjectives like “Lazy”, “Coddled”, and “Delusional” to younger generations sparked fierce debate. Unsurprisingly, particularly resourceful, and responsive members of the accused generation responded with equal disdain and exceeding irony, in a medium that speaks to their alleged flaws of being banal and vacuous: with internet memes.

Media theatrics and sensationalist journalism notwithstanding, there is some so-called tangible evidence to suggest that Generation Y does in fact adhere to their accused stereotypes. Huge consultancy firms produce expansive and empirically motivated reports charting the economic behaviour and emotional disposition of members of Generation Y, and generate statistics that claim to prove the professionally fickle, and self-entitled nature of the youth.

To borrow a proverb: Lies, damned lies, and statistics! The generational concept seems to be slippery, and at times dangerously misused; without thought or consideration to social or historical factors that may shape the traits of a generational cohort. The arguments are formed with little mention of gender, ethnicity, religion or race. Indeed, statistics that may oppose those aforementioned indicate that the new generation of workers has probably developed such dispositions and economic tendencies in response to increasing economic hardship and job insecurity. All of a sudden, the allegedly flighty nature of Generation Y seems somewhat more justified.

More importantly though, embedded deep within the current generational debate, and the under-handed snipes at younger generations, is a loaded message – and one that has knock-on effects that may not be widely appreciated. The message seems to be that; younger generations should gladly take any work that comes their way, no matter how insecure, given their flighty and non-committal attitudes.  The message is ubiquitous and pervasive, albeit carefully concealed – for the most part. This attitude is epitomised in a controversial article that was published in the Globe and Mail, by Gen-Y consultant Dan Schawbel, titled: “If Millennials want to lead, they need to stop jumping ship”. In such claims, the onus of responsibility is taken off systemic concerns, and placed on to the people facing them. In plain terms; nothing is “wrong with the system”, rather, it is the younger generations that are at fault.  I believe that this message, and the generational feud itself, could have implications of a somewhat dangerous nature.

Could it be that when bickering over the superficial differences between generations, with little social or historical consideration as to why these differences exist, our focus is distracted from the deeper, more structural issues at play?

Consider this: the empirical evidence of steadily increasing income inequality, wage stagnation and job polarisation in numerous countries, developed and developing. Within the context of the polarisation of the labour-market, and the increase in low-wage careers, a drive towards forced wage concessions and various other forms of wage cutting; including outsourcing, downsizing and subcontracting. This, along with the disempowerment of the worker in the progressive de-unionisation of workforces worldwide, increased job insecurity, and economic hardship makes for some worrying results. Indeed, the unemployment rate for Generation Y, on an aggregate scale, is double the general rate. Due to these factors, forces of globalisation and financial inter-connectedness, younger workers now face a fiercely competitive, hugely dynamic, highly de-regulated, and fast-paced work force.

One thing is sure. The generational war is like any other: it will claim casualties.

In engaging in the debate regarding the professional ‘shortcomings’ of younger generations, without possessing sensibilities as to the reasons for why such qualities may have formed, we are closing our eyes to the significant structural challenges that our current economies face. And in doing so, we are in turn closing our eyes to those who are most affected by the increasing income inequities, wage stagnation, and job insecurity. We are forgetting the most forgotten; those in the margins of these economies, those who are the most vulnerable, the most under-represented, and the most disenfranchised.  Granted, it is a lot easier to pass the figurative buck, and to debate the symptoms of a problem, rather than the cause. But perhaps instead of engaging in largely unconstructive and superficial rhetoric, along with games in generational one-upmanship, more attention should be focused on systemic issues that engender generational differences, and most importantly; on those most negatively affected by them. 

Sophie Ritchie: Current student at the University of Sydney Business School.

The National Broadband Strategy and other technological innovations allow a seamless integration of work, leisure and home-life through telework

Did you know that National Telework Week occurred on the 18-22 of November to raise awareness of the benefits of telework will take place? Sadly, most of you reading this may not even know what telework is, even if you are teleworkers yourself. Teleworking is the name given to working from home, simple as that! The benefits of telework are astounding­ - from reduced stress resulting from not having to sit in horrible Sydney traffic to commute to the office, to a better work/life balance and, in some cases, more time with your family. Like the sound of these benefits? You should give teleworking a try! 

Teleworking is already on the rise but with the implementation of the new National Broadband Network (NBN) it will only increase in popularity. Technological innovation, such as the NBN, only makes teleworking easier as it increases quick and seamless communication with the office when teleworking from home. Stephen Conroy, former Minister of Broadband and Communications, stated that, “the delivery of reliable high speed broadband to every Australian premise will potentially revolutionise how we will work”. But could this ease also come at a cost to the employee? 

According to a University of Melbourne study, employees may be more productive when teleworking but may overcompensate by working approximately three hours more than the traditional worker. So is a person choosing telework to reduce travel time, only to increase work hours? As the teleworking website suggests, there is also the worry of isolation, both social and professional. Support and continuous communication from management, workers and family are essential to overcome social isolation. However, will the company forget about including the teleworker, will you miss your promotion, or lose your networking connections? These all need to be considered. 

Companies are giving mixed opinions on this seamless integration between work, leisure and home-life. Yahoo and Google, who are at the forefront of technology assisting with telework, ironically disagree with employees working away from the office. As Google’s CFO Patrick Pichette minimises teleworkers in the company stating that the “magical moments” of eating, employee chatter and time with coworkers are lost. Opposing this view is Cisco Australia with approximately 90 percent of their global employee’s teleworking one or more days a week. “Our workers who work outside the office are consistently more engaged, more productive happier [and] have a higher sense of well being than traditional bricks and mortar workers”, says Tim Fawcett, Cisco’s general manager of government affairs and policy. Who wouldn’t want that? 

We believe that teleworking attitudes have been ingrained into our generation since we started school. In order to achieve what we wanted we had to be willing to work from home. In high school and primary school we had homework… Now, at university if we want desirable grades, a lot of time and effort need to be put in at home outside of the classroom. Prominent universities such as the University of Sydney, Charles Sturt University and Macquarie University, to name a few, offer and support telework in their institutions through online education; a person can complete their whole degree without setting foot in a classroom. With these attitudes and values entrenched in our everyday lives, it wouldn't be surprising if Generation Y would expect the opportunity to telework when they hit the workforce. 

This poses the question: is teleworking best suited to specific sectors or workplaces? Is teleworking suited to you? The best way to find out is to find our more by visiting telework.gov.au and gather your own opinions.

Hannah Anderson and Briana Tabone: Current students at the University of Sydney Business School.

Boundaryless careers that operate outside organisational boundaries

The rise of a ‘boundaryless’ career is a farcical dream, conjured by the whimsical exuberance of youth or by those that have not yet accepted their place in the hamster wheel of life. The realisation that the traditional nine to five for life is a thing of the past has been cultivated by doom-sayers touting global economic instability, the demise of trade unionism, employer preference for short term arrangements, and the imminent arrival of a humanoid named Siri, here to relieve you of your job whilst doubling as your personal organiser.

The traditional ideal held by many older generations that loyalty and commitment will result in job stability and career progression are no longer viable as employers find themselves needing to cut the fat in order to survive. Generation Y undoubtedly have an almighty task ahead of them – first to break the shackles of disapproval from employers who have long forgotten their misdemeanour's of the 70’s, and then to fight their way through the increasingly competitive queues for a job interview, let alone a full-time contract. The premise of job hopping your way to prosperity is an idea that has received considerable attention in recent years, yet the figures that show that on average, an executive only stays in an organisation for 3.3 years may in fact be more a consequence of the environment over the individual preference. Of course, numbers don’t tell the back-story of an emaciated economic environment in the aftermath of one the most seismic financial collapses in living memory. For those who experienced that involuntary change of career direction in the aftermath of the GFC, the refuge of a boundaryless career and it’s promised autonomy was found to be much less comforting than it was made out to be. Whilst we’re led to believe that the traditional organisational vocation will soon be a thing of the past, there is conflicting evidence that says otherwise, with job tenure remaining stable and employee predisposition to stable organisational employment rising in an increasingly volatile economic environment.

A recent by Oxford researchers indicated that up to 45 percent of American jobs are at risk of being taken by computers in the next 20 years. The rise of artificial intelligence and automated services are likely to effect workers in transport, production, and admin hardest, closely followed by sales, service industries and construction. Further development of intelligent computers could displace workers in management, science and engineering roles. The stark reality facing the labour force of the future – Gen Y, is a labour environment characterised by hyper-competition, technological encroachment, and a Centrelink line bursting with redundant professionals, begging the mechanised desk clerk for the monthly welfare cheque. This is of course all speculation. The fear of being domestic servants to robotic overlords is nothing new. In the early 1800’s, Karl Marx and David Ricardo both proposed that machines would replace human labour, and from 1811 to 1817, the Luddites sabotaged the textile machines that were perceived to be taking their jobs.

The ideal of the boundaryless career is expressed as increased mobility between companies, allowing for both physical and psychological flexibility. This proposition sits well with the generation that has been described as the no collar workers – who want to have their cake and eat it too. Gen Y without a doubt work to live, placing higher value on work/life balance and happily sacrificing pay in return for increased flexibility. The problem for this generation of the future, is that job security is likely to become more and more unpredictable, and the flexibility and mobility between jobs may be a thing of the past, replaced by the pertinent need for stable employment. The Oxford researchers clarified that the time frame for robotic replacements is highly dependant on regulatory approvals for such technologies. With a generation of hopeful job applicants pinning their hopes and dreams on a successful career of choice, we can only hope an Arnold Schwarzenegger like humanoid is sent back from the future to stop this all from happening.

Lachlan Renshaw - Current student at the University of Sydney Business School.