Issue No. 3
Welcome to the third edition of the Insider Media Seasonal Newsletter, and the first of the Winter 2024 semester! In this issue, we discuss some exciting events being offered by our fellow Schulich Clubs! From there, we discuss some prevailing issues and trends in the business world. Finally, we discuss some tips you can utilize during 2024 to make your New Years resolutions and goals stick!
Written by Sarah Di Iorio and Vincent Ngo
ON THE HORIZON:
Upcoming Schulich Events
Schulich clubs have been gearing up to deliver many exciting events in the upcoming weeks! No matter your interests, we guarantee there is something for you. Explore below some events being hosted in the coming weeks:
Empower Case Competition - Women in Leadership
Event Details:
Date: Friday February 9th 2024 and Saturday February 10th, 2024
Location: Virtual on Zoom (Day 1) and Vaughan Metropolitan Centre (Day 2)
This event, hosted by Schulich’s Women in Leadership, allows you to compete in a case competition with a chance to win prize money, participate in insightful workshops, and network with industry professionals. Be sure to check out their Instagram for more information!
Think Tank Case Competition - SEC
Event Details:
Date: Friday February 23rd 2024 9:00 AM - 6:00 PM
Location: Next Canada, Downtown Office
If you are an aspiring innovator and entrepreneur, this case competition is for you! Hosted by the Schulich Entrepreneurship Club, this event allows you to participate in a high-pressure, full day, shark-tank themed conference. Check out the club's Instagram for more information!
This highly anticipated event hosted by the Schulich Black Students Association allows you to listen to inspiring keynote speakers and engage in networking opportunities with industry professionals. It is the perfect way to kickstart your personal and professional growth.
While case competition registration is now closed, it is not too late to register as a delegate! Be sure to check out the club’s instagram page for more information about this exciting event.
THE BUSINESS LANDSCAPE:
Current Trends and New Developments
The business world is ever changing and often difficult to keep up with. But highlighted below are three pivotal developments that will reshape the business landscape in 2024. These key insights delve into transformative trends and strategic shifts that are shaping the future of commerce.
Hybrid Working Model is in Full Swing
The concept of balancing working from home and in-office seemed foreign almost a decade ago and yet it has proven to be not only popular, but wildly successful. Downtown office vacancy is at an all-time high, reaching 19.4% greater than peak COVID numbers (LeBel 2024).
This office space boom can be attributed to a shift in working culture to a hybrid model. Employees appreciate being freed from the chains of commuting as it can save them up to $12,000 in transportation, clothing, and recreational expenses (Tsipursky 2023). Beyond financial benefits, long commute times dramatically decrease job satisfaction and contribute to negative mental health. The ability to work from home has improved job satisfaction and has in turn made employees more productive in the workplace. According to studies by University of Warwick and Oxford University, happy workers were 12-13% more productive. As of 2023, 28.2% of employees work a hybrid working model and this number continues to grow. It is clear that hybrid work models are the future.
Bracing for a Wave of Canadian Bankruptcies
Canadian small businesses are at risk of bankruptcy as the government ended pandemic-era support last month. This issue is exacerbated by the economy slowing down as a result of high interest rates. The firms that will be most affected are those with <100 workers, an incredibly important subset of the economy. These companies employ nearly 2/3rds of Canada's 12 million private workers. Small businesses were confronted with a deadline to repay interest-free loans of $60,000 paid to them during the pandemic. One fifth of 1.2 million small businesses have yet to repay these loans contributing to slightly over a third of the GDP (Mukherjee, 2024). With interest rates so high and recessionary economic conditions, the future of these small businesses are in jeopardy. The severity of this damage will soon unfold in first quarter corporate profits for 2024.
A Better You:
How to Make the Most out of your New Years Resolutions
While the first month of 2024 is already behind us, it’s never too late to better yourself! Read on for some tips and tricks on setting achievable and fulfilling New Years Resolutions.
Step 1: Reflect
Look back at 2023! What goals did you reach? Where did you fall short? What aspect of your life do you want to improve? These are all questions you should be asking yourself whilst reflecting. This will provide valuable insights on areas of your life you want to put attention to and help you brainstorm possible resolutions.
Step 2: Critically Analyze
Ask Yourself This:
Do you really want to achieve these goals?
What will they do for you?
How are you going to achieve this goal?
Apply these guidelines to each goal you’ve come up with. If you are unable to answer the question, get back to the drawing board. You want to make sure these goals are meaningful, realistic, but most importantly personalized to you. People fall into traps of generic New Years Resolutions. One of the most common failed resolutions is going to the gym. You’ve seen the memes of gym goers on January 1st, but have you ever wondered why they fail? Everyone acknowledges that going to the gym is a great addition to your routine, however do you really care about these benefits? Does good health or a high PR on bench press really help you reach your life goals? Chances are probably not, hence the high number of people that shortly quit days after starting.
Step 3: Prioritize
Not all goals are created equal. Now that you have a list of goals that are relevant to you and that you are motivated to fulfill, sort these resolutions from what you NEED to complete and resolutions you WANT to fulfill. You need this 4.0 GPA because it’ll open up a window of opportunities for you academically and professionally. You WANT to learn the guitar because it allows you to express yourself creatively. Obviously this is just an example, however the purpose of this is to narrow down your goals even further. The ultimate goal by the end of the year is to complete all NEEDS and some of the WANTS.
Step 4: Create a Timeline
A common mistake that people make is that they will set these goals and just completely forget about them. This lowers the chance of them being completed to just about zero percent. You should constantly remind yourself of your resolution to stay motivated. Furthermore, break it up into smaller goals that will keep you focused, pushes you in the right direction, and is satisfying. Let’s say your goal is to write a 12-chapter book. You would probably want all your brainstorming, character mapping and settings finished in the first month. Then you would want chapter 1-4 completed ⅓ into the year, 5-8 ⅔ into the year, and 9-12 by the end of November. December will be left for editing and publishing. Just like that we’ve taken 1 enormous goal and chopped it up into 5 medium-sized goals. Regardless of if you want to write a book or not, break up your goals into something measurable to stay accountable and have a clear outline for success. Most importantly, make sure to celebrate your milestones - year round projects are hard work and you should be proud of yourself for staying on it!
Step 5: Follow Through!
While your working to achieve your goals for 2024, keep in mind these 3 general tips:
Stay Flexible: Life can be unpredictable and may mean that you won’t be able to work as much towards your goals in certain months. Adjust your goals if needed to help you stay on track despite challenges.
Prepare for Setbacks: Setbacks are a natural and unavoidable part of any goal. However, make sure you are embracing them with the right perspective. View them as learning opportunities, don’t get discouraged, and keep pushing on!
Seek Support: Despite it being YOUR New Year's Resolutions, sharing it with friends or family makes you more accountable, can be encouraging, and can keep you committed. Additionally, during difficult times when you feel like you cannot progres your goal - you can rely on them for help or ideas.
CONCLUDING THOUGHTS:
We hope you enjoyed reading the third edition of our seasonal newsletter. On behalf of the IMG Team, we wish you the best of luck on this upcoming winter semester!
Sources:
Tsipursky, Dr. G. (2023, February 17). A new study shows how to maximize hybrid work productivity. Forbes. https://www.forbes.com/sites/glebtsipursky/2023/02/16/a-new-study-shows-how-to-maximize-hybrid-work-productivity/?sh=3d8b67296ad6
Mitchell, Dr. J. W. (2024, January 25). Author post: The State of Hybrid Workplaces in 2024. Forbes. https://www.forbes.com/sites/forbesbooksauthors/2024/01/24/the-state-of-hybrid-workplaces-in-2024/?sh=2e57c990a408
Mukherjee, P. (2024, February 1). Canada braces for possible wave of business bankruptcies. https://www.reuters.com/world/americas/canada-braces-possible-wave-business-bankruptcies-2024-02-01/
LeBel, J. (2024, January 10). Why Canada’s Downtown Office vacancy rate hit a record high to end 2023. Global News. https://globalnews.ca/news/10216439/why-canada-downtown-office-vacancy-record-high-2023/#:~:text=Canada’s%20national%20downtown%20office%20vacancy,10%20and%2012%20per%20cent.