LSB Strategic Plan 2009-2014 Becoming a Leader in Transformative Business Education Approved by the Faculty of The Martha and Spencer Love School of Business, Elon University, October 2009
Preface On December 6, 1985, the Martha and Spencer Love Foundation made a $1 million gift to Elon College to endow its business program. The Board of Trustees of Elon voted to name the program The Martha and Spencer Love School of Business in memory of the Foundation s benefactors. At the time, the gift was the largest in the 97-year history of the college. In 2011, the Love School (LSB) will celebrate its 25 th Anniversary. This document describes the strategic plan developed to position the LSB as a leader in transformative business education. In the fall of 2008, the faculty, staff, and the School s Board of Advisors (BOA) embarked on an extensive strategic planning process. This effort followed from preliminary discussions about the internal and external factors affecting the future direction of the School as well as work by an ad hoc task force of the BOA that had met the previous year. Most importantly, the mission, vision, and values adopted in early fall 2008 served as the backdrop for the development of the strategic plan. The LSB Strategic Planning Task Force guided the planning process and involved faculty, staff, and student representatives in its activities. Input from the LSB Student Advisory Board along with alumni and employer input also provided important information. The faculty spent a large portion of the 2008 Fall LSB Faculty Retreat beginning to craft the strategic plan and the 2009 Fall LSB Retreat afforded another opportunity for faculty input to the plan. In the interim months between these retreats, every member of the LSB participated in subcommittee work related to development of the strategic plan goals and objectives. A description of the components of the strategic plan follows. Also included in this document is information about how the goals and objectives will be achieved and where the funding will come from for this plan. The three overarching themes, the specific goals and objectives, and the identified action items for this plan align closely with the Elon Commitment, the Elon University strategic plan for the next 10 years. LSB Strategic Plan Page 2
Action Items, Anticipated Outcomes, and Funding Each year the LSB faculty, in conjunction with the dean, department chairs, and program coordinators/directors, will decide which action items have priority for that year. Baseline metrics will enable the LSB to determine if the action items are leading to the achievement of the desired goals and objectives. This strategic plan is dynamic, not static. As new opportunities present themselves, as university expectations and goals evolve, as funding becomes available, and as new faculty join the LSB, action items may change but the overall goals and objectives will not. Much of the funding to achieve these goals and objectives will come from donations by friends and alumni of the LSB. Other funds will come from the university through operating dollars allocated to the LSB budget and funds provided for LSB initiatives that are congruent with the university s strategic plan. LSB Strategic Plan Page 3
The Martha and Spencer Love School of Business Vision: To be a leader in transformative business education Mission: To provide exceptional learning experiences that facilitate the transformation of students into knowledgeable, responsible business professionals and leaders who make a difference in their professions, their organizations, and the global economy. Values: As a collaborative, inclusive community of students, faculty, and staff, we value: Engaged learning Scholarship Responsible behavior Diversity Courageous leadership Global awareness Innovative partnerships LSB Strategic Plan Page 4
Providing a Transformative LSB Academic Experience Elon University is nationally known for providing a learning environment in which all students are active participants in the learning process. As faculty members of Elon s Love School of Business, we recognize the importance of engaging in continuous review and renewal of what is taught and how it is taught. We are committed to involving students in action learning, service learning, research, case competitions, leadership experiences, and related activities that challenge them and us. These experiences provide the framework and opportunity for students to integrate concepts and develop critical thinking, problem solving, and decision making skills required for success in complex business initiatives. Our individual and collective effort results in a learning environment that is engaging, experiential, and transformative for all our student groups--undergraduates, graduate, and executive. Further, as faculty members, we understand that we can best provide such a learning environment when we are involved in scholarship and professional activities that allow us to maintain currency in our disciplines and that challenge us to continuously learn and grow as teacher-scholars-mentors. Goal 1: Deliver an exceptional learning experience that prepares participants for success in a complex business environment Objective 1: Design degree and non-degree programs that are relevant, innovative, transformative, engaged, and experiential a. Revise the undergraduate core curriculum, ensuring it addresses identified core competencies needed across majors b. Develop majors in marketing, entrepreneurship, international business, finance, and management c. Develop sales and entrepreneurship minors d. Conduct Summer Business Institute for non-business majors e. Revise business administration minor f. Explore feasibility of new majors, minors, and degree programs (e.g., 3/2, 4/1 combination UG/graduate degrees; new MBA) that are market driven and/or cross-disciplinary g. Explore feasibility of offering executive education certificate programs and launch programs identified as appropriate h. Identify, strengthen, or develop signature programs within each LSB program (e.g., Doherty Center, Chandler Family Center, UG Research in Economics, CFA, CAPM, CPA, MBA, Executive Development) i. Conduct review of new curriculum and new programs (target date for evaluation 2013-2014) Examples of Possible Outcomes: Proposed new majors approved and in place New majors and minors that innovatively address relevant business needs identified and adopted Development of 3/2 and 4/2 curriculums in economics and/or other programs that allow students to complete an undergraduate degree and masters within five or six years New cross-disciplinary programs (e.g., science and business, music and business) in place Accelerated MBA program or niche MBA program started LSB Strategic Plan Page 5
Summer Business Institute program started Objective 2: Develop expectations and standards for classroom performance focused on academic rigor, quality teaching, and assessment of learning a. Define engaged and experiential learning as relevant for the LSB within the Elon context b. Create an LSB Teaching Committee charged with supporting faculty development related to pedagogy c. Develop a series of professional development workshops in conjunction with CATL focused on using engaged and experiential learning as tools for teaching core competencies such as critical thinking, use of analytics, etc., in a business context aimed at increasing rigor in the classroom d. Provide funding for faculty to participate in professional development activities related to pedagogy, including presenting papers and attending workshops at academic meetings e. Provide an orientation for all new faculty (full-time and adjuncts) to equip them to use engaged and experiential learning in the context of a business classroom f. Develop and implement incentives to recognize faculty who develop innovative, engaged and experiential learning pedagogies g. Include reporting of innovative, engaged, experiential learning activities in Unit Is h. Evaluate success of initiatives and refine as appropriate Examples of Possible Outcomes: Increased employer satisfaction with LSB graduates as reported on surveys and in feedback sessions Increased student satisfaction with learning environment in LSB as measured on EBI Increased faculty satisfaction with their teaching experience measured with a faculty survey LSB faculty rank in the top quartile for teaching evaluation scores and at or below the Elon midpoint for grades Higher scores on assessments of student learning Assessment of learning process that is a benchmark for other schools within and outside Elon Objective 3: Provide co-curricular opportunities that involve faculty, students, alumni, and business and community leaders in collaborative activity that enhances the classroom experience a. Create the position of Director (or Coordinator) for Undergraduate Programs tasked with identifying and coordinating co-curricular programs for undergraduates b. Develop and publish a list of existing co-curricular opportunities that are specific to the LSB c. Develop and publish a list of co-curricular opportunities, such as case competitions and leadership programs at other institutions, in which LSB students can participate d. Enhance co-curricular opportunities that involve non-lsb students interested in business (e.g., Doherty Center, Chandler Family Center) e. Continue to build the LSB Career Services capabilities to strengthen internship and placement opportunities for students LSB Strategic Plan Page 6
f. Strengthen the Business Fellows program, empowering students to take on a leadership role within the LSB and campus community as well as enhancing their ability to excel in future careers g. Revise Elon in NYC program as an Elon experience for students interning in NYC rather than as an internship program; develop similar programs in other cities in conjunction with the alumni office h. Develop a faculty advisory board for the internship program to review and provide ongoing guidance and assistance with the program i. Involve each department in identifying ways to bring students internship experiences into the classroom j. Involve students from each major in co-curricular activities related to their major k. Create opportunities for faculty to present or publish pedagogical research focused on successful co-curricular activities l. Conduct extensive review of LSB Career Services Examples of Possible Outcomes: Increased number of LSB undergraduates involved in LSB co-curricular activities on campus (e.g., student business organizations) Increased number of LSB undergraduates involved in activities at other business schools (e.g., case competitions) Higher level and earlier placement of Business Fellows students in internships and jobs postgraduation Increased number of non-business students involved with Doherty Center, Chandler Family Center, etc. Growth of Elon in NYC and other similar program for student interning in the summer Increased number and quality of internships for LSB students Recognition of the LSB as a leader in integrating curricular and co-curricular activities for students Goal 2: Enhance the culture of intellectual curiosity, focusing on creating and extending knowledge and improving management practice and organizational performance Objective 1: Provide opportunities for undergraduate and graduate students to be involved in research activities, service learning, and action learning projects that develop critical thinking, analytical reasoning, and problem solving skills a. Create a LSB Undergraduate Research Committee to assist students with identifying and applying for opportunities such as the Lumen Prize, etc. b. Identify and incorporate service and action learning projects into undergraduate and graduate courses c. Create or strengthen an annual research or case competition experience in each program, including MBA, with appropriate funding for student participation in related competitions and conferences d. Develop methods courses to strengthen the research and analytical skills of undergraduate and graduate students LSB Strategic Plan Page 7
e. Establish a national undergraduate business research competition/symposium hosted by the LSB each year f. Investigate the feasibility of creating an undergraduate business research journal g. Review and enhance undergraduate and graduate research programs Examples of Possible Outcomes: Increased number of LSB students involved in undergraduate research Increased number of service learning projects in business classes Increased number of action learning projects in business classes LSB recognition as a leader in undergraduate business research LSB recognition as a leader in service learning Increased success of LSB students in competitions Objective 2: Enhance the quality and visibility of faculty scholarship in all forms: pedagogical, practitioner-focused, and basic scholarship, whether presented at conferences or published in peerreviewed journals a. Develop clearer explanations for what constitutes quality research following from AACSB guidance b. Require all departments to review and revise their criteria for scholarship to define and emphasize what constitutes quality research and to emphasize that quality research includes that which is practitioner oriented, pedagogical, or traditional academic research c. Provide incentives for faculty to present their work at professional meetings in their discipline in appropriate venues defined by their departments d. Investigate the feasibility of a faculty workload option plan that allows faculty to select into a greater research focus with clear expectations of performance e. Develop a statement on professional service that supports faculty holding leadership roles in their professional associations (e.g, academic organizations for AQ faculty and practitioner organizations for PQ faculty) and serving as journal referees and editorial review board members f. Develop larger funding resources for faculty scholarship, including summer research to enhance recruiting of new faculty and to provide a support for current faculty g. Establish research seminars within each department to invite visiting scholars to campus to discuss their work h. Include evidence of the impact of scholarship in Unit Is and in dossiers for tenure and promotion,, using measures such as journal impact factors, citation counts, etc. i. Invite visiting scholars to serve as professors in residence for short periods of time to work with faculty on their scholarship j. Cultivate a pool of research assistants and teaching assistants to assist faculty in their activities Examples of Possible Outcomes: Increased number of faculty presenting papers at academic conferences Increased number of faculty publishing in peer-reviewed journals Increased number of faculty on editorial review boards LSB Strategic Plan Page 8
Increased number of faculty in leadership roles in professional organizations Increased number of faculty conducting workshops at professional meetings (e.g., practitionerfocused organizations) and/or for corporations Increase number of faculty invited to guest lecture at other universities LSB Strategic Plan Page 9
Creating Local and Global Citizens We are fully committed to preparing students to be professionals and leaders who make a difference in their local community and their larger world community. To achieve this goal, we must operate from a solid grounding in theoretical and practical considerations related to diversity, ethics, sustainability, and socially responsible behavior. We acknowledge that we cannot achieve this goal in isolation from the community beyond Elon s perimeter. Therefore, as faculty, we are committed to our own involvement in the local and world communities. We will seek to identify for ourselves and our students opportunities to expand our knowledge and experiences as local and global citizens. Further, we will seek ways to bring the local and global community into the Elon perimeter through expanding exchanges with a diversity of individuals that may include virtual, short-term, and longer-term involvement. Our end goal is to ensure that our students enter their future professions prepared to make courageous, ethical, and morally reasoned decisions that reflect their LSB and Elon heritage. Goal 3: Strengthen the culture of diversity and ethical, moral, sustainable, and socially responsible decision making Objective 1: Strengthen the climate of inclusiveness within the LSB, championing the value of diversity as part of a collaborative learning community a. Create a diversity committee charged with developing strategies to ensure that all voices are heard in the LSB b. Continue to appoint a diversity advocate on all faculty and staff recruitment committees to ensure that appropriate avenues are used for recruiting faculty (e.g., Ph.D. Project) and that underrepresented groups are given full consideration in the recruiting process c. Involve members of underrepresented groups as speakers, board members, and mentors in the LSB d. Work with admissions to develop specific strategies for recruiting underrepresented groups e. Solicit scholarships for underrepresented students interested in studying business at the undergraduate and graduate level f. Provide programs for LSB faculty and staff to increase awareness of the value of diversity and their ability to engage students in the classroom in conversations about that value g. Explore the feasibility of alliances with the National Black MBA Association, National Hispanic MBA Association, and other organizations that target underrepresented populations h. Establish affinity groups for students, alumni, and faculty to support diversity of thought and idea as well as to enhance career success i. Identify additional funding sources for faculty research on topics related to inclusion and diversity j. Conduct a diversity audit to explore the effectiveness of strategies to increase diversity in the LSB Examples of Possible Outcomes: Increased percentage of members of underrepresented students and faculty in the LSB Increased presence of underrepresented groups in LSB activities Increased satisfaction among underrepresented groups involved with the LSB Increased scholarship focused on inclusion and diversity LSB Strategic Plan Page 10
Objective 2: Design and implement PRME strategies to place the LSB solidly as a leader in responsible undergraduate, graduate, and executive management education a. Create a PRME steering committee comprised of faculty representing each discipline area within the LSB to develop and implement a plan to infuse PRME activities throughout the curriculum b. Facilitate and support dialogues and engagement among relevant stakeholders on critical issues related to global social responsibility and sustainability on an ongoing basis c. Solicit funding to establish a Center for Ethics and Corporate Social Responsibility to include a focus on sustainability issues d. Develop interdisciplinary opportunities for faculty and students that increase co-curricular and programmatic joint ventures with the Center for Environmental Studies e. Develop an Elon chapter of Net Impact to provide students with opportunities for involvement in socially responsible business activities f. Identify and implement opportunities to engage LSB students in campus sustainability initiatives g. Provide support for faculty to engage in conceptual and empirical research that advances our understanding of the role, dynamics, and impact of corporations in the creation of sustainable social, environmental, and economic value h. Host a sustainability and business conference for North Carolina universities i. Participate in the Beyond Grey Pinstripes rankings Examples of Possible Outcomes: Compliance with PRME requirements for business school partners Increased percentage of LSB and CES faculty and students involved in co-curricular and programmatic joint ventures Increased percentage of faculty involved in frequent and meaningful dialogue with business leaders (e.g., faculty internships, research projects, consulting engagements, executive education programs, participation in business-oriented civic activities) Increased percentage of students involved in activities related to social responsibility Increased research focused on social and environmental responsibility LSB recognized as a leader in the PRME initiative Objective 3: Provide classroom and co-curricular opportunities for members of the LSB community that build an ethical, moral, and socially responsible framework for decision making now and in future professional and leadership roles a. Review business school governance, advisory, and committee structures to ensure they formally incorporate ethical considerations, and that key stakeholder groups have a voice with respect to programs, issues, and decisions that may have an ethical dimension b. Foster an atmosphere within the LSB that emphasizes honesty, integrity, respect, and fairness by articulating the expectations for ethical, moral, and responsible behavior LSB Strategic Plan Page 11
c. Develop a process for observing and measuring ethical decision making and related behaviors amongst LSB students as part of the assurance of learning process d. Adopt ethical frameworks to be included in course activities and designed to create effective learning experiences that embrace corporate citizenship and ethical decision-making e. Develop and implement a strategy to communicate LSB principles on ethical, moral, sustainable, and responsible behavior to relevant stakeholder groups within and outside the LSB f. Seek funding for a speaker series on responsible behavior g. Conduct an audit to determine how well action items are achieving desired goals Decrease in honor code violations Greater ability of LSB graduates to make decisions that are ethical, moral, and socially responsible as evidenced by higher scores on appropriate assessments and feedback from alumni and employers Objective 4: Provide students with experiences to practice making bold but reasoned decisions, taking ownership of the results, and caring about the consequences a. Incorporate case studies on courageous leadership into classroom activities across the curriculum b. Initiate a courageous leadership speaker series a. Develop resources for teaching courageous leadership to share with faculty outside the LSB b. Identify opportunities to offer executive development programs on courageous leadership c. Explore the feasibility of presenting a courageous leadership award to a student who exemplifies the characteristics of a courageous leader Increase in assessment scores indicating ability to recognize and respond to situations requiring courageous leadership Proposal for funding speaker series prepared and submitted to potential sponsor Development and dissemination of at least two resources Study completed and action plan developed for fall 2011 leading to increased enrollment in executive education programs Feasibilty study completed and recommendations put in place Students assessment scores indicate ability to recognize and respond in situations requiring courageous leadership Increased enrollment in executive development programs Materials on courageous leadership sought by other business programs Goal 4: Broaden and deepen global awareness, emphasizing the responsibilities of individuals and corporations in their roles as world citizens Objective 1: Enhance the variety, quantity, and depth of opportunities for members of the LSB community to participate in global experiences LSB Strategic Plan Page 12
a. Work with the Isabella Cannon Center to develop a list of approved study abroad locations for LSB students b. Review and strengthen the International Business concentration as it transitions to be a major or certificate program c. Explore the feasibility of an international economics major d. Initiate a global business speaker series e. Explore, develop, and teach new business-oriented Winter Term courses that include travel abroad f. Review and revise sequencing of courses to accommodate semester abroad programs g. Appoint faculty champions for LSB oriented study exchange programs to encourage student participation in programs h. Develop and/or identify global internship opportunities and assist students in applying for the opportunities i. Engage LSB students in global service learning programs such as social entrepreneurship, social business, and Project Pericles j. Provide resources for LSB students to participate in international business competitions k. Design and deliver courses that share a virtual component with classes in international programs l. Add LSB only WT travel courses including at 300 level m. Increase the number of faculty applying for and participating in Fulbright Awards and similar teaching abroad opportunities n. Develop a funding pool for faculty for international research opportunities o. Increase the number of LSB students completing a minor in a foreign language p. Solicit additional study abroad scholarships for LSB students including scholarships for internships Example of Outcomes: Increased number of LSB faculty involved in global experiences each year Increased number of LSB students involved in global experiences each year Greater awareness of LSB abroad (evidenced by requests for collaboration) Increased number of students enrolled in IB major Higher scores on global issues measured in the assessment process Increased participation of LSB students in longer-term study abroad experiences New courses prepared and approved Objective 2: Provide greater opportunities on campus for interaction with and among international students, faculty, and executives a. Work with admissions to develop recruiting materials for international students interested in studying business b. Explore development of student exchange programs with selected university partners abroad c. Develop faculty exchange programs with selected university partners aboard d. Join the Consortium of University International Business Education (CUIBE) e. Conduct a feasibility study for dual degree programs for LSB students with selected international programs and begin to implement programs LSB Strategic Plan Page 13
f. Explore the feasibility of establishing a rotating schedule of visiting international faculty amongst the LSB departments g. Identify and adopt a sister university business program in one or more countries h. Explore the viability of creating and offering scholarships for international business students Greater multicultural diversity in LSB classes Greater cultural awareness of LSB students (measured in assessment process) Recognition as a school focused on global issues Increased opportunities for our students to student abroad and/or gain global work experience Objective 3: Create programs for the business community that focus on global business issues a. Explore feasibility of offering executive education programs focused on global business issues b. Design an annual symposium series for the Piedmont Triad region on global business issues with a different focus each year c. Offer first in series of Piedmont Triad global business symposia d. Translate faculty research on global issues into accessible formats for the business community e. Develop global experience opportunities for executives Conduct a survey of local business needs Inaugural symposium developed to be held in 2010-2011 Successful symposium held with 100 attendees Research notes series started and disseminated First experience conducted LSB Strategic Plan Page 14
Securing the Future of Elon s Love School of Business We recognize the importance of being good stewards of what we have and what we will receive. We recognize that our future success depends on creating an awareness of the quality of our transformative programs. As we develop our LSB brand over the next five years, we will seek counsel from our stakeholders to ensure that we are communicating well our goals and the value proposition of an education in Elon s Love School of Business. We will seek new funding sources so that we can ensure the future of the programs we are developing. And, we will provide an infrastructure that supports our efforts and lays a foundation for the next strategic plan. Collectively, these efforts will result in stronger programs for our students and an attractive work environment for our current and future faculty and staff. Goal 5: Develop the LSB brand as a leader in transformative education focused on creating local and global business professionals and leaders Objective 1: Invest in selected strategic programs that have the potential to brand the LSB as a leader in transformative education focused on creating local and global business professionals and leaders a. Begin development of a focused marketing strategy in conjunction with admissions, university relations, and other appropriate entities to prepare and deliver a consistent message about the LSB utilizing LSB Board of Advisor and other advisory board resources b. Continue to seek additional funding for the Doherty Center, Reed Finance Center, and Chandler Family Center c. Continue to seek funding for additional endowed professorships d. Begin publication of an annual report for LSB alumni and friends e. Identify and seek funding for additional signature programs within the LSB (e.g., ethics and social responsibility, economics research, innovation) f. Revamp web site to better reflect LSB vision and programs g. Identify and capitalize on opportunities for faculty, staff, and students to interact with other AACSB deans and schools h. Solicit perceptions of the LSB by various stakeholder groups and adjust messages as appropriate Increased recognition for the Doherty Center for Entrepreneurial Leadership National recognition for the Chandler Family Center for Professional Sales Economics UG Research recognized as a top program Continued recognition of the MBA program Greater ability to recruit faculty Gain top 50 ranking in BusinessWeek undergraduate business school rankings LSB Strategic Plan Page 15
Objective 2: Develop strategic alliances with business schools, corporations, and other stakeholders that result in mutually-beneficial opportunities for all parties a. Work with career services to develop a targeted strategy to build stronger alliances with current employers and new employers b. Create alliance of like-minded business schools to meet annually and share best practices c. Create an alumni database for faculty and students to facilitate alliances/partnerships and to increase alumni involvement d. Identify and develop relationships with corporate partners that have the potential to add value to the LSB (e.g., hiring students, sharing best practices, providing mentors and speakers, making donations to support programs, or utilizing executive development services) Increased internship and placement opportunities for students Increased awareness for LSB faculty and staff of best practices at other universities Stronger relationships between LSB and alumni Increased number and quality of relationships with companies Increased executive development opportunities Increased donations to the LSB and/or Elon Enhancement of the LSB reputation as evidenced by other schools benchmarking LSB activities and by rankings Goal 6: Build a sustainable resource base and infrastructure for LSB programs and activities Objective 1: Build a sustainable financial base to include gifts, endowments, sponsored research, and executive education revenue a. Develop a focused marketing effort for the LSB b. Continue to support and develop opportunities for executive development including identifying opportunities for sponsored events c. Work with advancement to develop a long-range planning strategy for giving to the LSB d. Develop a stewardship model that involves faculty, staff, and students e. Provide information and assistance for faculty interested in applying for sponsored research f. Expand the involvement of business professionals on LSB boards g. Create opportunities to involve students, faculty, and staff with corporations and organizations that have the potential to benefit and be benefited by the LSB Increased awareness of Elon s LSB by multiple constituents Increased attendance in programs with resulting increased revenue for LSB LSB Strategic Plan Page 16
Plan developed and implementation started; increased funding for LSB programs from new and current donors Model developed and put into practice Collect and share information Continue to identify and add new board members as slots become available Develop a process for identifying and disseminating information on action learned and service learning projects Objective 2: Recruit, maintain, and retain faculty with strong teaching and scholarship records who value transformative business education a. Continue to benchmark salaries and new faculty support packages at peer and aspirant schools to maintain and grow ability to recruit quality faculty b. Creatively and aggressively recruit for open lines Higher number and quality of applications for open positions Higher acceptance rate from top candidates Objective 3: Review and revise LSB policies and structure to ensure they are AACSB and Elon compliant, support the mission and strategic plan of the LSB, and provide clear direction for LSB decisions a. Appoint an AACSB Steering Committee tasked with monitoring the progress of the LSB toward maintenance of accreditation and to advise the dean about LSB direction b. Appoint an ad hoc task force to review and revise LSB policies and procedures c. Assess staffing needs of the LSB to ensure that staff have the resources they need to support the work of the LSB Greater awareness of AACSB maintenance of accreditation process and better preparedness for next five year review Clarify of faculty and staff of LSB policies and procedures Increased productivity and satisfaction of LSB staff LSB Strategic Plan Page 17