Brock University’s Goodman School of Business has received the Business School Impact System (BSIS) label in recognition of the significant contribution the School makes both locally and globally.
The BSIS external review quantifies the extent and nature of a business school’s impact on its environment. What it found was Goodman’s contribution to the Niagara economy adds up.
The School’s activities contribute to an economic impact totalling $380 million annually through direct, indirect and induced contributions.
Goodman is just the third North American business school to receive this label.
“We were confident our school was providing value to the community, yet we were short on compelling qualitative and quantitative metrics to offer a comprehensive assessment of the impact our presence was making,” Goodman Dean Andrew Gaudes said.
The BSIS process is well established in French higher education and is now offered through a joint venture between the French National Foundation for Management Education and the European Foundation for Management Development.
As part of the process, Goodman submitted a pre-visit report and hosted the BSIS review team, including BSIS Director Michel Kalika, virtually for three days in December.
“Based on our experience of more than 50 schools across 17 countries that have received the BSIS label, I can say that I was very impressed by the relationship between the Goodman School of Business and the Niagara region,” Kalika said. “We have discovered that the business school is strongly embedded in its ecosystem. The relationships with the private sector, public actors and other educational institutions are highly intensive and fruitful.”
Other highlights of the report include:
- Goodman’s $49-million direct economic impact, $59-million indirect impact and $271-million induced impact annually on the Niagara economy.
- The School’s 950 co-op students contribute $11.7 million annually which is the equivalent of 275 full-time equivalent positions.
- Experiential class projects where students work as consultants contribute $29.6 million in value to non-profit and business partners which is the equivalent of 665 full-time equivalent positions.
- Goodman faculty members contribute more than 8,500 service hours to the community each year through pro-bono consulting and service on boards or committees.
- Diversity of the student population is a clear strength of the School. In 2020, Goodman was ranked No. 1 in Canada for student and faculty diversity in QS Global Ranking.
For Brock President Gervan Fearon, the results illustrate the importance of partnerships between universities and the communities around them.
“Importantly, the report highlights that the impact of the Goodman School of Business goes far beyond its direct economic contribution to Niagara,” said Fearon. “Brock University is committed to enhancing the life and vitality of our local region and fostering a culture of diversity and the BSIS report highlights how Goodman is exemplifying both of these core University objectives. Brock’s Goodman School of Business will certainly serve as an important part of the future economic strengthen of the Niagara region.”
As part of the assessment, Goodman has committed to creating a formal three-year development plan that will act on recommendations from the report.
“The report identifies areas for us to apply our resources to further enhance our local and global impact,” Gaudes said. “Following through on the recommendations is an important part of attaining the BSIS label and we are excited to move forward on implementing them.”
The summary report of the BSIS findings is available here.