Imagine a financial institution comprised not of brick and mortar, but primarily of algorithms. That’s what one futurist entrepreneur and former presidential advisor predicts banking will look like by the 2050s. Is he correct? Time will tell, though our increased reliance on technology is a certainty.
As we explore upcoming finance industry changes that could reshape the financial landscape, we’ll also look at technologies already present in the financial sector but not yet fully harnessed. Implementation of these innovations will help financial institutions remain competitive and viable.
Evolving Finance Industry Trends and Technology
Digitization and Automation
Like many industries, finance is moving toward fully digital transactions. However, this transition is much farther behind than you might expect. Most surveyed chief financial officers (CFOs) report that while they’ve invested in digitization and automation, nearly 75% of their processes haven’t yet been upgraded due to resource constraints, capability gaps, or competing demands. As organizations overcome these obstacles, digitization and automation will become standard.
Digital Currency
Digital currency can refer to electronic representations of traditional currencies, like dollars or euros, or cryptocurrency like Bitcoin. All transactions with these currencies are performed electronically.
Cashless businesses are on the rise, and a remarkable 84% of payments made in the U.S. in 2024 were cashless. Still, finance industry executives don’t believe we’ll be 100% cashless worldwide anytime soon, as not all countries and economic classes are prepared to make the transition. Further, as cashless transactions become the norm, the need for increased cybersecurity measures will grow, since digital currency systems can be hacked and sensitive information exposed.
Generative AI
Only about 20% of surveyed CFOs report using generative (gen) AI, and half of those individuals state they’re still in the early stages of gen AI use. However, adoption is expected to grow, as companies using gen AI have seen considerable productivity gains. Gen AI frees employees from many manual tasks, allowing them to focus on value-adding activities and improve decision-making through vital data analysis.
Blockchain
Blockchain, primarily used in the finance industry and government, employs a shared, decentralized digital ledger. Every transaction is referred to as a “block” added to the chain, visible to all users. Due to its unprecedented security and transparency in tracking financial transactions, shipments, and other commercial activities, blockchain is expected to become a standard tool.
Open Banking APIs
Application programming interfaces (APIs) connect financial applications with financial institutions, significantly impacting transaction security, speed, and cost. Technology-driven financial institutions, or fintechs, and traditional banks alike rely on these software applications, often in partnership. These collaborations are driving the global expansion of open banking APIs.
Quantum Computing
Quantum computers, which encode data on qubits made of electrons or photons, are exponentially faster than traditional computers and can solve problems that even supercomputers can’t. While currently in limited use and not sold commercially, industry sources project quantum computers will be widely available within a decade or two.
Diversify Your Finance Industry Options With a Degree
The University of Texas Permian Basin offers a choice of three AACSB-accredited online finance degrees to prepare you for a variety of rewarding careers in today’s (and tomorrow’s) finance industry. Each program is guided by renowned PhD-level educators with finance industry experience.
Online Master of Business Administration in Finance
An MBA is widely regarded for its prestige in the business world. Develop comprehensive business expertise with an emphasis on finance by completing 33 to 42 credits. Finish in as little as four semesters.
Online Master of Science in Finance
Prefer a graduate degree focused on finance? Consider this 30-credit program: one of the few in Texas with STEM certification. Finish in as little as four semesters.
Online Bachelor of Business Administration in Finance
Looking for a bachelor’s degree? Gain essential financial management skills applicable across many career paths with a BBA in finance: a stepping-stone to earning prestigious Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) designations. Available online exclusively at this UT System institution.
Invest in Your Future on Your Own Terms
A finance degree is an investment in your career that requires your valuable time and financial resources. UTPB’s asynchronous online program format enables you to earn your degree on your schedule, from virtually anywhere. We’re also one of the most affordable accredited universities nationwide, as these accolades demonstrate:
- #2 Most Affordable Online MBA for 2025 (Fortune)
- Best Value Schools (U.S. News & World Report)
Prepare for a successful future in the finance industry. Apply to an online UTPB finance degree program today!
Sources:
https://www2.deloitte.com/us/en/pages/finance-transformation/articles/finance-digital-transformation-for-cfos.html
https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/toward-the-long-term-cfo-perspectives-on-the-future-of-finance
https://www.pwc.com/us/en/services/consulting/business-transformation/library/future-of-finance.html
https://www.mckinsey.com/capabilities/operations/our-insights/finance-2030-four-imperatives-for-the-next-decade
https://www.paypal.com/us/brc/article/cashless-business-pros-and-cons
https://thequantuminsider.com/2023/06/06/types-of-quantum-computers/
As of 2023, the United States was home to over 33 million small businesses. Together, they employ more than 61 million people: an impressive contribution to the economy and job seekers around the country.
However, despite their positive impact, these independent businesses face significant challenges compared to their larger counterparts. According to Forbes, 20% of small businesses fail within the first year, while 50% close their doors by their fifth year.
That’s where Small Business Saturday comes in: a dedicated day each year aimed at boosting revenue for local businesses. In this article, we’ll explore the significance of Small Business Saturday and how you can support the entrepreneurs in your community.
What Is Small Business Saturday?
To spotlight independent businesses, American Express launched Small Business Saturday (SBS) in 2010. Now sponsored by the U.S. Small Business Administration, SBS has grown significantly in popularity. In 2023 alone, Americans spent an estimated $17 billion on this dedicated shopping day.
Falling between Black Friday and Cyber Monday, Small Business Saturday arrives when shoppers are eager to check off items from their holiday lists. While larger retailers attract crowds with deep discounts and buy-one-get-one-free deals, SBS shines a light on the essential role local businesses play in their communities: creating jobs, fostering local economies, and offering unique products and personalized services.
When Is Small Business Saturday?
Small Business Saturday takes place on the Saturday following Thanksgiving each year. In 2024, it falls on November 30.
Participating in Small Business Saturday as a Business Owner
If you own an independent business, there are several ways to maximize Small Business Saturday to boost sales and expand your customer base:
- Start marketing in advance.
Promote your participation in SBS weeks in advance. Use the platforms your audience engages with most, whether it’s social media, email marketing, print advertisements, or local events.
- Create special promotions.
Big businesses aren’t the only ones who know the way to a customer’s heart. Choose promotions that will draw potential buyers to your storefront, like product bundles, juicy discounts, and limited-time offers.
- Dress up your storefront.
From festive window displays to eye-catching signage, decorate your shop so people know you’re part of SBS. Elevate the experience by greeting customers with a smile, offering personalized recommendations, and perhaps even a special incentive like free samples or a gift with purchase.
- Collaborate with other small businesses.
Cross-promote with other independent shops to support the local economy. Create a shared shopping guide for your website, social media, or even in-store flyers to showcase nearby businesses participating in SBS.
How To Do Your Part as a Consumer
One of the easiest ways to contribute to Small Business Saturday is by purchasing products and services from businesses that resonate with you. Other ways to support the local economy include:
- Spreading the word
Use your social media accounts to showcase small businesses you love that are participating in SMS.
- Attending local events
Small Business Saturday may officially only be one day a year, but you can support small businesses all year long. Look up pop-up markets and other events that cater to local companies and bring along friends and family to browse the unique finds from a variety of local businesses.
- Being a loyal customer
Up to 55% of consumers learn about products through word of mouth. That means your reviews and recommendations are a key part of a business’s organic marketing strategy. So, if you loved something from your favorite shop, leave a review to let others know how special it—and the business—truly is.
Benefits of Taking Part in Small Business Saturday
If you’ve never participated in Small Business Saturday, there are plenty of perks to consider, whether you’re a business owner or a loyal customer of local shops:
For Business Owners
Business owners can gain increased visibility and community support. Sure, SBS is only one day a year, but that one day can quickly generate regular customers who come back all year long.
For Consumers
From handmade crafts to homemade treats, shopping local often means access to unique, high-quality products. Plus, by supporting small businesses, you’re contributing to the local economy and helping sustain the companies that have produced nearly 64% of the jobs created since 1995.
Level Up Your Business Know-How at UTPB
Small Business Saturday is a wonderful way for consumers to show their love and support for their favorite local entrepreneurs. It’s also a prime opportunity to discover hidden gems they didn’t know were nearby. But those with a knack for business can take small businesses beyond a single day of success.
With an MBA from The University of Texas Permian Basin, you can earn your master’s degree in as little as one year and develop the advanced skills needed to scale businesses of any size, in areas like finance, marketing, and entrepreneurship.
Learn more about how our online Master of Business Administration degree can benefit you, and discover the steps to advance your career in the dynamic world of business.
Sources:
https://advocacy.sba.gov/2023/03/07/frequently-asked-questions-about-small-business-2023
https://www.forbes.com/advisor/business/small-business-statistics
https://www.investopedia.com/small-business-saturday-5085723
https://blog.hubspot.com/agency/how-online-word-of-mouth-marketing-is-changing
The stock market crash of 1929 ushered in an era of economic uncertainty that saw many businesses shutter, banks fail, and life savings evaporate. This economic cataclysm triggered the development of new accounting standards that are still in use today. Here we’ll examine the world’s two primary sets of accounting standards and some related organizations, events, and laws.
Financial Disaster Catalyzes Government Action
The federal government deemed questionable practices of publicly traded companies as one culprit behind the 1929 crash. To stabilize the economy, reestablish trust in financial institutions, and prevent similar fiascos in the future, legislators turned to regulation.
President Franklin D. Roosevelt signed the Securities Act of 1933 into law—the first federal legislation regulating the stock market. The act established a uniform, centralized set of rules to safeguard investors from fraud. The law was overseen by the Securities and Exchange Commission (SEC), established the following year. With this, the most consequential set of accounting standards was just starting to take shape.
GAAP Grabs the Reins
A 1936 report by the American Institute of Accountants (AIA) first mentions the term “generally accepted accounting principles,” later typically referred to as GAAP. These rules help ensure that financial reports are consistent, accurate, and transparent. Public companies are required to follow GAAP, and it’s also commonly used in government accounting.
Early Organizations and Efforts
Established in 1939 by the AIA, the Committee on Accounting Procedure (CAP) addressed accounting concerns through Accounting Research Bulletins. Two decades later, CAP was replaced by the Accounting Principles Board (APB), which was designed to offer more extensive guidance. However, this board was deemed slow to respond to developing accounting concerns and criticized for being too beholden to the accounting profession.
The “10 Commandments” of U.S. Accounting
The Financial Accounting Standards Board (FASB), established in 1973, manages GAAP and regularly revises and publishes rules centered around ten principles:
- Regularity
- Consistency
- Sincerity
- Permanence of Methods
- Non-Compensation
- Prudence
- Continuity
- Periodicity
- Materiality
- Utmost Good Faith
IFRS: Accounting Standards on the International Stage
While GAAP has been the main set of guiding principles inside the U.S., most of the outside world adheres to the International Financial Reporting Standards. Established in 2001, the IFRS applies to other countries, including those in the EU, and is administered by the International Accounting Standards Board (IASB).
IFRS and GAAP share the common aim of keeping publicly traded companies honest in their financial reporting, though IFRS has a broader definition of revenue and is more lenient in expense reporting than GAAP. Further, IFRS is built around standards, while GAAP is a rules-based accounting approach.
A Single Set of Rules for the World?
In a global economy, it’s logical to wonder if there ever might be a single set of accounting principles worldwide. An alignment of GAAP and IFRS has been underway since 2002: a slow, incremental process that’s seen the SEC allow foreign companies registered in the U.S. to use IFRS exclusively and most S&P 500 companies now using some IFRS measures in financial statements.
Still, the SEC remains reluctant to fully switch to IFRS, so, like a U.S. conversion to the metric system, it may not come to fruition. While this means that international accounting practices may never be truly seamless, the allowances in recent years suggest a potentially smoother path for global business ahead.
Corporate Scandals Remind Us Why We Have GAAP
Just as the 1929 stock market crash stoked government action on accounting practices, fraudulent financial reporting by corporate entities such as Enron, WorldCom, and Tyco prompted renewed government action. The Sarbanes-Oxley Act of 2002 created new rules for accountants and anyone connected to public company finances and included criminal penalties for some violations.
Insist on the Highest Standards for Your Accounting Education
Explore multiple facets of accounting and business from the traditional to the leading edge in one of The University of Texas Permian Basin’s online accounting degree programs. We have options for where you are in your educational journey now and where you want to go in your career tomorrow—accessible online from virtually anywhere in the world.
Online Bachelor of Business Administration in Accounting
A bachelor’s degree is usually required to enter the accounting profession. Our AACSB-accredited BBA in accounting—available online exclusively at this UT System institution—is designed to equip you with the essential skills and knowledge needed for accounting and related roles in government, public, private, and non-profit organizations.
Explore career options and potential salaries with this degree.
Online Master of Business Administration With Accounting Track
If you’ve already earned your bachelor’s degree and are ready for a graduate degree, expand your business acumen and enhance your expertise in accounting principles, strategic analysis, and decision-making through our AACSB-accredited online MBA program with an accounting track.
- Choose our optional CPA track if you plan to seek CPA certification.
- Alternatively, pursue broader accounting studies in our non-CPA track.
- Complete your degree in as little as four semesters.
Explore career options and potential salaries with this degree.
Online Master of Professional Accountancy
Hone your skills in both historical and contemporary accounting methodologies while enhancing your decision-making and strategic-thinking abilities—all with the goal of becoming a CPA—in our online Master of Professional Accountancy program.
- Prepare for the Texas CPA exam (see Texas state board requirements).
- Complete your degree in 2 to 4 years.
Explore career options and potential salaries with this degree.
Ready to get started? Apply now!
Sources:
https://www.investopedia.com/ask/answers/021315/when-and-why-were-gaap-first-established.asp
https://tax.thomsonreuters.com/blog/understanding-gaap-rules/#what-are-the-main-principles-of-the-gaap-framework
https://www.forbes.com/advisor/business/generally-accepted-accounting-principles-gaap-guide/
https://www.ifrs.org/issued-standards/list-of-standards/ifrs-1-first-time-adoption-of-ifrs/
You’re interested in a healthcare career, but you envision yourself in a management or leadership role rather than a hands-on position. While patient health remains your top priority, you know that leading a team or managing an office, department, or even an entire facility is just as vital to the overall healthcare mission. Many of these crucial roles fall under the title “health services manager.”
A Day in the Life of a Health Services Manager
Nearly a third of U.S. health services managers work in hospitals, with many others in physicians’ offices. Their duties include:
- Hiring, training, and overseeing staff.
- Setting goals and objectives to enhance the efficiency and quality of healthcare services.
- Preparing and overseeing budgets, managing financial operations, and supervising patient fees and billing.
- Developing and coordinating work schedules.
- Representing the facility or department at investor meetings or on governing boards.
- Ensuring the facility adheres to all applicable laws and regulations.
- Maintaining and organizing records of facility services.
Health services managers can have a variety of titles, such as nursing home administrator, clinical manager, or health information manager. They regularly interact with doctors, nurses, medical technicians, patients, and insurance representatives.
Earning and Employment Potential
The job market for aspiring health services managers is booming! According to the U.S. Bureau of Labor Statistics, the projected growth outlook through 2032 is an astonishing 28%—much faster than the average for all occupations. Median annual pay for these positions is $110,680.
Degree Requirements
Most health services management positions usually require an undergraduate degree, though a graduate degree or licensure may be required for some roles. A bachelor’s degree provides an excellent foundation for your career as a health services manager, and we have an ideal program for you at The University of Texas Permian Basin.
Your Fast Track to a Healthcare Leadership Career
While we always welcome students to our Odessa, Texas, campus, we understand that other obligations and geography can sometimes stand in the way of campus-based learning. That’s not an issue with these online UTPB College of Business programs:
Online Bachelor of Business Administration in Healthcare Management
Apply core business principles from the BBA program to a healthcare setting, covering topics like financial management in healthcare organizations, patient service strategies, and legal and regulatory frameworks. Here are some top employers where UTPB alumni with this degree are now working.
Online Bachelor of Applied Arts and Sciences in Healthcare Leadership
Enhance your ability to meet the needs of both employees and patients while honing your skills in financial management and quantitative decision-making. This 60-credit program is designed for students with an AAS degree in nursing, emergency medical services, radiology, or other healthcare-related fields.
UTPB Accolades and Advantages
Whichever healthcare business program best matches your professional ambitions, you’ll enjoy the same benefits:
- AACSB accreditation: a distinction awarded to only 5% of business programs worldwide.
- A 100% online, asynchronous format that enables you to earn your degree around your current work and personal commitments.
- Up-to-date curriculum that prepares you for the modern workplace.
- Renowned faculty with extensive research experience and publication history.
Begin your path to a career as a health services manager here. Choose your program and apply today!
Sources:
https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
“Culture is simply a shared way of doing something with a passion.” —Brian Chesky, co-founder and CEO of Airbnb
Psychologist Ed Schein first coined the phrase “company culture,” defining the concept as a set of common beliefs and habits developed by a group to solve problems and fit in. So how can we build such a culture?
Ingredients to a Happy Workplace
We spend a third of our lives at work, so it’s beneficial to ensure the workplace we spend these hours within is a positive one. Since the core of every successful company is in its operations, let’s look at some core elements of a successful and happy workplace.
Defined Core Values
The three Cs of company culture are communication, collaboration, and coordination. At the foundation of any strong company lies the ability to communicate a clear set of core values and a well-defined mission. These values should reflect what the company stands for and guide all business decisions (coordination). Involving employees in the process of defining those values (collaboration) ensures that they resonate with everyone in the organization.
Strong Leadership
Likewise, a positive workplace begins at the top. A survey by 100 Best Companies found that workers valued a manager’s honesty and ethics, as well as their willingness to engage with employees. Additionally, a study by MIT Sloan Management Review found that respect is one of the top deciding factors in a happy workplace. Managers with integrity can positively affect an employee’s overall motivation, workplace satisfaction, and retention. For example, the company Adobe minimizes micromanagement to build trust among workers.
Communication
Open communication fosters transparency and collaboration through regular check-ins, meetings, and feedback sessions. A 2023 workplace survey found that 92% of workers felt valued by management who considered their emotional and psychological well-being.
Investments in Employee Development
According to GoRemotely, 72% of workers leave jobs seeking career advancement, and unrecognized employees are twice as likely to quit. High-stress fields like hospitality and nursing have the highest turnover rates.
Some of the ways management can invest in employee development include:
- recognizing and rewarding employees’ efforts.
- providing opportunities for growth and development.
- allowing employees to own stocks or part of the company to promote loyalty and motivation.
Job Security
When professionals feel safe at work, they become more productive and efficient. This improves mental health and focus, encouraging innovation and risk-taking without the fear of getting fired.
As a result, employee turnover decreases, enhancing the company’s reputation among clients and partners. Additionally, it’s cost-effective: It takes about two years for a new employee to efficiently take over a previously held position.
Work-Life Balance
A healthy work-life balance is essential for employee well-being and productivity, and this professional value has seen renewed emphasis since the Great Resignation. Encouraging employees to take breaks, use their vacation days, and maintain boundaries between work and personal life helps prevent burnout.
Benefits
Reasonable benefits and perks help attract and retain top talent, allowing your company to set itself apart. Prospective talent will usually consider at least health insurance and paid time off when considering a new position. In fact, healthcare one of the main factors preventing unhappy employees from resigning.
Foster Team Spirit
Building community through team activities, social events or volunteering fosters innovation and strong relationships.
Why Does Company Culture Matter?
A good company culture:
- shapes a company’s identity.
- drives innovation, growth, and productivity.
- helps attract and retain talent.
- turns employees into powerful advocates.
- improves customer relations and satisfaction.
- strengthens brand reputation.
Professional Outlook
While flexible and remote work have become commonplace since the COVID-19 pandemic, future businesses will see an increase in integrating AI software like Chat GPT, promoting diversity and mental wellness, and encouraging employee autonomy.
As climate change becomes a growing concern, environmental sustainability is becoming a central focus across all industries. Companies are also shifting towards purpose-driven goals and values, ensuring that everyone can find meaning and impact in their work.
These trends reflect a transition towards more human-centric and socially responsible workplaces.
Become a Leader with an Online BBA in Management
Are you passionate about developing the leadership skills needed to build a thriving business with a strong company culture? If you’re planning on studying management, consider the online Bachelor of Business Administration (BBA) in Management from The University of Texas Permian Basin. Our BBA in management offers a comprehensive curriculum that covers essential management principles, leadership strategies, and organizational behavior. This flexible, fully online program allows you to balance your education with work and personal commitments, ensuring you can gain the skills you need without sacrificing your current responsibilities.
Graduates of this program are poised to pursue dynamic careers such as:
- Human Resources Manager
- Logistician
- Organizational Development Consultant
- Operations Manager
Apply today and start your journey towards becoming a leader dedicated to making a positive impact in the corporate world.
Sources:
https://www.linkedin.com/pulse/why-company-culture-starts-top-andrew-kelly
https://www.linkedin.com/pulse/5-benefits-positive-company-culture-carowinds
The headlines are alarming:
“America’s power grid at risk of buckling this winter”
“The U.S. power grid isn’t ready for climate change”
“Nation at risk of winter blackouts as power grid remains under strain”
While there is legitimate reason for concern about the viability of our national power grid, there are some glimmers of hope as the grid managed to withstand a summer of record high temperatures. And there are some promising ways to preserve our energy resources through storage methods and the strategic use of renewable energy sources.
The key to not burning out our already overburdened power grid and making smarter use of intermittent renewable energy sources is building up energy reserves. But how do you store energy? We’re glad you asked! We’ll discuss a few of the primary energy storage methods below.
The Grid
We use batteries to operate any number of devices in our homes every day, but both the batteries and the devices tend to be small. Grid-scale batteries, however, can be as large as the houses they help supply power to. Yes, batteries—the most common energy storage method—are helping ease the strain on our power grid, and broader, more prudent use and distribution of them may enable us to avert future power crises.
- Batteries can store power for later use during spikes in demand, e.g., during heatwaves and cold spells, reducing the likelihood of brownouts and blackouts.
- Batteries enable the integration of intermittent renewable energy sources into our energy mix by providing a backup power source when solar and wind resources are unavailable.
Pumped storage hydropower, another means of generating and storing electrical power, involves pumping water back and forth between two reservoirs. The water passes through turbines, creating power, which is then stored and used on demand.
The Green
Most of us are already using a form of thermal energy in our own homes: the water heater, which is essentially a water tank. However, plans are underway to use giant subterranean water tanks to supply energy to entire districts.
The molten salt energy storage method involves temporarily placing hot salt into storage tanks which are also kept hot. The resulting thermal energy is then converted into electricity by using steam turbines.
We Put the Power in Your Hands
Situated in the heart of America’s energy industry, The University of Texas Permian Basin has the distinct advantage of being able to draw on local expertise to create first-in-class energy programs. Our AACSB-accredited online graduate degrees and certificates will help you develop skills and techniques based on the latest advances, prepare you to thrive in leadership roles, and set you apart from competing job candidates:
Online Master of Business Administration with Certificate in Energy Business
- Provides a firm grounding in the fundamental business principles of an MBA
- Enables you to append “MBA” to your name
- Includes a second credential, the energy business certificate, built from specialized courses in the field
- Attainable in as little as four semesters (36-45 credits)
- Can increase your earnings by 16%
Online Master of Science in Energy Business
- Focuses on the energy business, with special emphasis given to financial principles
- Is one of very few online programs of its kind offered in the U.S.
- Attainable in as little as four semesters (30 credits)
- Can increase your earnings by 16%
Online Graduate Certificate in Energy Business
- Allows you to quickly acquire new energy business skills and credentials
- Gives you a master’s program preview without committing to a degree
- Attainable in as little as two semesters (12 credits)
Save Fuel
Whether you drive a gas-powered vehicle or an electric one, online learning will enable you to save energy by eliminating the commute from your graduate experience. All courses and related activities for these programs are conducted online, and no campus visits are required. That means you’ll save on the commute costs, too.
Harness new energy expertise and credentials for a stronger career and future. Apply to one of our online energy business programs today!
Sources:
https://www.irena.org/Energy-Transition/Technology/Energy-Storage
https://www.nrdc.org/bio/natalie-mcintire/batteries-can-be-game-changer-power-grid-if-we-let-them
https://www.energy.gov/eere/water/pumped-storage-hydropower
https://www.iea.org/energy-system/electricity/grid-scale-storage
https://www.sciencedirect.com/topics/engineering/energy-storage-technology
https://ease-storage.eu/energy-storage/technologies/
Federal government shutdowns. The words are meant to stoke fear in the average American. They represent a concerning but largely avoidable annual tradition of political brinksmanship between the two major U.S. political parties. Threatening a government shutdown is often used as a negotiation tactic to push the political priorities of a single party, who are quick to blame the opposition for their lack of cooperation if any shutdown should occur.
What Is a Government Shutdown?
The federal government is funded to operate in annual increments, and each year Congress must agree on a budget and pass 12 appropriations bills to keep it running. Any “nonessential” government functions stop unless Congress enacts those bills by September 30—the end of the fiscal year. If they aren’t enacted, nonessential government offices, national parks, and monuments may close; federal workers may be furloughed; and some corresponding services may be suspended.
Even if some of the 12 appropriations bills are passed, however, partial shutdowns are still possible. Essential government employees must continue to work without pay during partial or total shutdowns. This is obviously problematic for them, because like anyone else, they need to continue to pay for their mortgages, childcare, utilities, groceries, and other common expenses.
Has It Ever Happened?
Four federal government shutdowns of different lengths have occurred under three different presidential administrations since the mid-1990s. No significant disasters have resulted from these shutdowns, but some problems and inconveniences certainly did. During the shutdown spanning late 2018 and early 2019, security lines at airports swelled as unpaid TSA agents called out sick in record numbers. Terminals at some major airports even closed.
When government shutdowns happen (or even simply loom), politics is often at the center. Fortunately, outside of the political realm, responsible management of budgets and finances can be far less contentious, and financial management can even become the focus of a rewarding career.
Responsible Financial Management Begins With an MBA
If keeping a close eye on financials is a critical part of your chosen career, The University of Texas Permian Basin’s online MBA program is a good place to hone your expertise. In courses including Financial Management, Corporate Finance & Strategy, and International Finance, you’ll discover how business organizations operate from a prudent financial perspective.
Why UTPB’s online MBA program makes good financial sense for you:
- We have some of the most affordable tuition rates among accredited universities of our stature.
- U.S. News & World Report ranks us among its Best Value Schools for 2024.
- Master’s degree holders aged 25 or older have median earnings about 16% higher—more than $12,000 annually—than those who hold a bachelor’s degree alone.
- Online learning enables students to save on commuting costs while earning a degree on a flexible schedule from anywhere in the world.
UTPB’s accolades speak to the quality of our education:
- Our MBA program is AACSB-accredited, an honor shared by only 5% of business programs worldwide.
- We’re a proud part of the renowned UT System, a distinction that can stand out on a resume.
U.S. News & World Report has named us among the:
- Best Regional Universities West (2024)
- Top Public Schools (2024)
- Top Performers on Social Mobility (2024)
Want to know more? See the major corporations where our MBA graduates are working now and explore your post-graduate earning potential.
Ready to get started? Apply today.
Sources:
https://www.brookings.edu/articles/what-is-a-government-shutdown-and-why-are-we-likely-to-have-another-one/
https://money.com/tsa-employees-government-shutdown/
https://ourpublicservice.org/blog/a-government-shutdown-would-threaten-air-travel-and-safety/
Apple’s logo—an apple with a bite taken from the right side—is synonymous with innovation and imagination. But why?
How can simple images like the Apple logo, McDonald’s golden arches, or Nike’s swoosh evoke such powerful emotions?
The answer lies in the meticulous work companies put into developing, refining, and protecting their brand identities. So, let’s explore the essential elements that make a brand identity unforgettable. By the end, you’ll have a solid foundation for establishing your own distinctive brand.
What Is Brand Identity?
A brand identity is the essence of your brand, encompassing numerous elements that come together to create a compelling image that resonates with your audience, or customers, whenever they interact with your brand.
While an eye-catching logo is important, it’s only one piece of the puzzle. Amazon founder Jeff Bezos notes: “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.”
A brand identity is composed of these key components:
- Brand name: What a brand stands for.
- Purpose: How a brand creates an emotional connection with its audience.
- Positioning: How a brand differentiates itself from its competitors.
- Voice: How a brand communicates with its audience.
- Visual identity: The “face” of a brand.
Google, Amazon, and Disney are globally recognized brands not for their excellence in any one specific area but because they align every aspect of their brand with a unified vision.
Why Is Brand Identity Important?
“People don’t buy what you do; they buy why you do it.” This quote comes from Simon Sinek, and if you want to make it in marketing, you’ll want to remember it. It highlights that customers are motivated by a company’s purpose, cause, or beliefs.
Imagine you own a watch company. You and your competitors both sell high-quality watches. So, how will customers decide which company to give their business to? They’ll choose the company with a brand identity that speaks to them on a deeper level. Fingers crossed, your “why” will be powerful enough for them to choose you.
How to Create a Memorable Brand Identity
Creating a memorable brand identity requires careful consideration and planning. Before launching your brand, you need to ask yourself some important questions.
Who Are We (and Who Are Our Competitors)?
Start by defining what your brand stands for. Discover the “why” that drives you and your company. And don’t forget to take your audience and competition into account.
When researching your audience, consider creating buyer personas: fictional representations of your audience segments. This will help you think of your target audience as real people, rather than data points.
Knowing your competition is essential for positioning your brand in your industry. Analyze how they reach their audience and what they’re saying. Learn from their successes and mistakes. Remember, your brand doesn’t need to be better than their brand; it just has to resonate more deeply with your audience.
Now that you know what your brand stands for, you’ll be able to position your brand effectively and develop a meaningful brand name and purpose.
What Do We Sound Like?
Find your voice. Determine the tone and style of your brand’s communications. Is it serious but not pretentious, or is it confident and welcoming? Many brands model their voice after a celebrity or fictional character. For example, if you want your brand to come across as funny and relatable, you could take inspiration from Ryan Reynolds, who is coincidentally a marketing genius.
Alternatively, you can select a brand archetype: common personality types ascribed to companies. If your brand aligns with the Innocent archetype, for example, you’d want your messaging to be optimistic, charming, and honest.
What Do We Look Like?
Now you’re ready to work on your brand’s visuals, which will consist of your logo, typography, and color palette, as well as any other visuals associated with your brand. You don’t have to be a graphic designer to get started. Tools like Canva and website builders like Wix can help you create professional-looking designs.
Consistency is crucial in all your marketing efforts. Whether your messaging appears in ads, emails, or social media posts, it must all seem like it’s coming from a singular entity.
We’ve Only Scratched the Surface
With these questions answered, you should have a clear understanding of your brand’s “why.” Still, you have much work ahead of you to ensure your brand stands above the competition. To fully grasp the power of branding, you’ll need to take a deeper dive into the marketing world.
BBA in Marketing
The University of Texas Permian Basin offers an online Bachelor of Business Administration in Marketing perfect for aspiring business owners who want to effectively market their goods and services. This program is entirely online, allowing you to study anytime, anywhere.
Not interested in a BBA? We also offer an online undergraduate certificate in digital marketing that can be completed in tandem with any of our undergraduate bachelor’s degree programs.
MBA with Emphasis in Marketing
Then there’s our online Master of Business Administration with emphasis in marketing. This program takes a deep dive into subjects like marketing analytics, strategy, and management, providing the knowledge needed to oversee all aspects of a business, particularly its marketing efforts.
At UT Permian Basin, you can pursue a prestigious degree while networking with other like-minded professionals. Ready to take the next step? Learn more about earning an online undergraduate or graduate marketing degree from our University.
Sources:
https://blog.hubspot.com/agency/develop-brand-identity#brand-identity
https://blog.hubspot.com/blog/tabid/6307/bid/31739/7-components-that-comprise-a-comprehensive-brand-strategy.aspx
https://sproutsocial.com/insights/how-to-build-brand/
Picture this: The year is 2022. The number of COVID-19 cases is tapering off. Many work-from-home employees are being called back to the office, and intercontinental vacations are on the rise again. It seems like life is finally returning to its pre-pandemic normal.
Except, you notice that an alarming number of establishments have one not-so-typical thing in common: They all have signs on their front doors that say, “Now Hiring” in big, bold letters. From the signage at your favorite local coffee shop to the printed poster at the bank’s teller window, everyone needs new employees—but why?
Enter the Great Resignation, a period that began in 2021, during which approximately 47 million employees in the United States quit their jobs. While many Americans didn’t immediately notice resignation rates rising, within a year, it was clear that people were leaving their positions en masse in favor of better work opportunities and an improved work-life balance.
Today, we’re discussing the causes of the Great Resignation and how it’s impacted the United States economy in the months and years since.
What Caused the Great Resignation?
There’s no one particular catalyst for the Great Resignation. Rather, people left their jobs for myriad reasons, including:
- Pandemic-related factors
In 2021, the health concerns surrounding COVID-19 were still considerable. So, when companies began asking their employees to return to work, many didn’t feel safe enough to work in such close proximity to others. In addition, many people enjoyed working from home and the work-life balance that it often provided. Some employees who wanted to continue working from home chose to resign from their jobs in search of other remote positions.
- Job dissatisfaction
Another cause of the Great Resignation is that of low wages and a lack of benefits. According to a survey by Microsoft Corporation in 2022, 43% of workers said they were somewhat or extremely likely to consider changing employers that year. Many employees did so because they found similar positions that paid a higher salary or offered more substantial benefits.
- Shifts in workforce demographics
The Great Resignation saw an increase in retiring baby boomers, with many opting for early retirement rather than returning to work after COVID-19. However, it wasn’t the baby boomers leading the charge in the alarming rate of resignations. Instead, millennials and Gen Z were at the forefront. The number of people aged 30 to 45 (millennials) who have quit their jobs has increased by 20% since 2020. In addition, job transitions by people under age 30 (Gen Z) have increased by 80% since the start of the pandemic.
- Childcare responsibilities
Amidst virtual schooling and daycare closures, many parents had to exit the workforce to prioritize caring for their families. This was especially prevalent for mothers and single parents.
Short and Long-Term Impacts of the Great Resignation on the Economy
Since the start of the Great Resignation, there have been numerous short- and long-term implications for the U.S. economy, including:
- Labor shortages
Integral industries like healthcare, education, retail, and manufacturing were hit particularly hard by the pandemic. This resulted in a shortage of employees and companies that were desperate to fill empty positions.
- Wage inflation
With labor shortages increasing, many businesses began introducing more competitive benefits packages, such as higher starting salaries, signing bonuses, and impressive health and vacation plans. However, to offset these added costs, many businesses increased the prices of their products and services, contributing to the average inflation rate of 8% in 2022.
- Supply chain disruptions
As industries such as transportation and manufacturing saw a decrease in employees, delays and shortages in goods became more prevalent.
- Shifts in types of employment
Gone are the days of the mainstream salaried worker. In their place have risen freelance workers who have either resigned from their full-time positions or added freelance work to their busy to-do lists. A recent study from the Upwork Research Institute showed that 64 million people in the U.S. took part in freelance work in 2023: a stark increase from 4 million the year prior.
Your Career in Finance Begins at UTPB
Whether you’re interested in helping individuals with their personal finances or you’d rather work with businesses on a corporate level, The University of Texas Permian Basin offers several programs tailored to working professionals. Each program is 100% online, so you can complete the courses in a time frame that aligns with your schedule.
Depending on what stage of your career you’re in, we have three online programs to choose from, including:
- Bachelor of Business Administration in Finance
Our online BBA in finance is an excellent choice for those just starting their careers in the financial sector. The core courses will help you develop a well-rounded financial management skill set, and a wide selection of electives gives you the ability to customize the program toward your professional goals.
- Master of Business Administration in Finance
If you want to focus on the business and financial aspects of your growing career, our online MBA in finance provides strategic thinking and management skills that you can apply to real-world scenarios in several industries.
- Master of Science in Finance
This 30-credit online master’s degree focuses heavily on financial management, building on the executive decision-making skills needed to thrive in the corporate world and finance industry.
Once you’ve chosen a program that aligns with your interests and aspirations, apply today to begin paving the path to your future.
Sources:
https://fortune.com/2022/12/29/baby-boomers-great-resignation-quit-rates/
https://www.investopedia.com/the-great-resignation-5199074
https://www.worktango.com/resources/articles/10-industries-great-resignation
https://www.forbes.com/sites/edwardsegal/2024/05/14/how-and-why-the-freelance-workforce-continues-to-grow-and-change/
Efficient use of the planet’s resources is a way that individuals and industry can contribute to a sustainable future. By focusing our efforts on energy efficiency, we can reduce pollution, preserve our finite natural resources, and save money. Myriad technologies and practices are fueling more responsible energy use for businesses and consumers alike. Let’s review some of these modern energy-saving innovations and introduce career-enhancing programs that can help students hone their energy business expertise.
Modern Advancements in Energy Efficiency
Smart Thermostats
Many modern thermostat systems can be programmed to deliver warmer or cooler air during peak usage times. Units equipped with an “eco” mode automatically adjust the thermostat during hours when homes or businesses are unoccupied, and smart thermostat apps allow control from anywhere in the world.
LED Lighting
From streetlights to household lamps, LED lighting is becoming the norm. Though not without controversy, LED lightbulbs are far more energy efficient than incandescent bulbs and have been in wide use since before the U.S. banned the latter. Light from LED streetlamps often has a telltale bluish or purplish hue.
Motors
Cutting-edge electric motors consume less energy yet deliver the same output in industrial settings thanks to technologies like permanent magnets and variable frequency drives.
Energy-Efficient Windows
Windows featuring a low-emissivity coating do a better job of maintaining the indoor temperature—regardless of the outside temperature—than older models.
Insulation
Traditionally made of fiberglass or other materials, insulation today is available in a more thermal resistant aerogel that is sprayed onto the inside of the structure’s outer surface. Some buildings have smart insulation that uses sensors to automatically adjust efficiency with fluctuations in the weather.
Climate Control
Some HVAC systems have a variable refrigerant flow function that provides different levels of refrigerant to discrete areas of a building, allowing energy savings where less cooling or heating is needed.
Solar Panels
Solar photovoltaic (PV) panels efficiently convert sunlight to electricity, reducing the need for electricity from outside sources, though homes and businesses that generate 100% of their own electricity from solar power are still few.
Energy Star Appliances
Appliances that adhere to the stringent energy efficiency requirements of the Environmental Protection Agency are common today and prominently feature the Energy Star sticker.
Smart Grids
Meters used in smart grids offer instantaneous data on energy use, enabling better management of energy resources.
Energy Storage
Long-lasting, high-capacity lithium-ion batteries store renewable energy during low generation periods, balancing supply and demand.
Electric Vehicles (EVs)
Electric-powered cars convert a higher proportion of energy to propulsion in comparison to vehicles running on traditional fuel sources.
Stoves
Induction cooking surfaces use electromagnetic fields to heat cookware directly, providing higher energy efficiency than gas or electric stoves.
Conventional Energy-Saving Methods
Modern innovations aside, these are timeless energy-saving practices that benefit us all:
- Turning off lights and appliances when not in use
- Closing doors to maintain the indoor temperature
- Opening drapes or curtains to use natural light instead of electric light sources
- Closing curtains during the day to cool off the inside of the home or business
- Opening windows to allow cool air in
- Using ceiling fans instead of an HVAC system to cool off
Invest Your Energy Into Respected Credentials
Located in the heart of America’s energy industry, The University of Texas Permian Basin leverages local expertise and partnerships to offer top-tier energy programs online. Our AACSB-accredited online graduate degrees and certificates are designed to help you master the latest skills and techniques, distinguishing you from other job candidates and preparing you for leadership roles.
Online Master of Business Administration with Certificate in Energy Business
- Build a broad, strong foundation in the major business disciplines.
- Become an “MBA.”
- Earn an energy business certificate simultaneously, without adding extra time to your degree.
- Finish in as little as four semesters.
- Elevate your earning potential by 16%.
See careers and salaries associated with this degree.
Online Master of Science in Energy Business
- Study energy business with a special emphasis on financial principles.
- Experience an online program like few others available in the U.S.
- Finish in as little as four semesters.
- Elevate your earning potential by 16%.
See careers and salaries associated with this degree.
Online Graduate Certificate in Energy Business
- Gain highly applicable energy business expertise quickly.
- Get a preview of our master’s-level energy curriculum before applying to a degree program.
- Finish in as little as two semesters.
See careers and salaries associated with this certificate.
Make Learning More Efficient
When you earn a UTPB credential online, there’s no commute, no tolls, no parking fees, and no gas needed: a significant savings of energy and money. Our online graduate programs enable you to better manage your time and arrange coursework on your own schedule, around your personal and professional commitments. View lectures and complete assignments on your lunch hour or at night, after the house gets quiet. Our online programs put the power in your hands.
Apply to the UTPB online energy business program of your choice!
Sources:
https://www.usaid.gov/energy/efficiency/basics/technologies
https://www.energystar.gov/about/how-energy-star-protects-environment/energy-efficiency
https://www.weforum.org/agenda/2023/01/energy-efficiency-projects-innovations/
https://www.energy.gov/eere/iedo/energy-efficiency-technologies
https://www.architecturaldigest.com/story/incandescent-light-bulb-ban-what-you-need-to-know
https://www.utilitydive.com/news/doe-finalizes-new-light-bulb-efficiency-standard/713149/