Ensure The Success Of Your Business Commerce Essay

Ensure The Success Of Your Business Commerce Essay In order to remain in business, business owners and organisations need to take proactive steps all the time to ensure that their businesses remain at a competitive edge, hence the need to strategically manage the human resources of the organisation to ensure overall success of the business. Human resource management (HRM) is a strategic, integrated and coherent approach to the employment, development and well-being of the people working in organisations (Armstrong, 2009). However, Strategic Human Resource Management (SHRM) is a proactive management of the employees of a company or organisation. Strategic human resource management includes typical human resource components such as hiring, discipline, and payroll, and also involves working with employees in a collaborative manner to boost retention, improve the quality of the work experience, and maximize the mutual benefit of employment for both the employee and the employer. (BusinessDictionary.com) This article will look at different models of strategic HRM, the importance of strategic HRM, an analysis of an HRM framework, the HRM process and the development of strategies as well as an assessment of the roles in strategic HRM. Models of strategic HRM Although there is some acceptance of the idea that strategic HRM should support the strategic direction of the business, there is no agreement on the best way of doing this. Two normative models epitomise the relationship between labour management and organisational strategy. The first is explored in the best practice or universal school. The second approach, where integration between strategic HRM and organisational strategy is an essential feature, is explored in the contingency and configurational schools (Porter, Bingham and Simmonds 2008). Comparison of Universalistic and Contingency models of HRM Universalistic model Contingency model There is an existence of best human resource management practices and all organisations should adopt these best practices. There are not best practices but for effectiveness, an organisations HR policies must be consistent with other aspects of the organisation. A universal relationship exists between individual best practices and the organisations performance. The main contingency factor is the organisations strategy, or the internal and external environment which is described as vertical fit. One single practice leads to a greater organisational performance. They do not consider either synergetic interdependence relationships or integration mechanisms. Many contingent works focus on a single practice i.e. a single practice is dependable on the other to achieve the goal of the organisation. REASONS FOR THE IMPORTANCE OF HRM IN ORGANISATIONS The human resources remains the most important asset of any organisation and the overall importance of human resource management is to ensure that the organisation is able to achieve success through its entire workforce in order to ensure a successful business. In the area of strategy, the HR department improves the organisations bottom line with its knowledge of how human capital affects the success of the organisational as a whole. Leaders with expertise in HR strategic management participate in corporate decision-making that underlies current staffing assessments and projections for future workforce needs based on business demand. It enables the organisation to strategically deal with HR issues which in-turn enables employees to work effectively in order to achieve the organisations goals and objectives. Human resource managements allow organisations to prioritize their organisational and business strategies hence attracting and retaining and the development of competent employees. Another reason of HRM in organisation also lies in its importance as a Legal requirement. The HR department of organisations ensures compliance with employment laws. They complete paperwork necessary for documenting that employees are eligible to work in the U.K. The employment laws also states that employers have an obligation to provide safe working conditions for their entire workforce. Hence, workplace safety and risk management specialists from the HR area manage compliance with U.K. Health and Safety at Work Act 1974 by maintaining accurate work logs and records, and developing programs that reduce the number of workplace injuries and fatalities. Workplace safety specialists also engage employees in promoting awareness and safe handling of dangerous equipment and hazardous chemicals. HRM FRAMEWORK The purpose of the HRM framework is to ensure the adoption and implementation of a fair and transparent process which in-turn will retain the valuable skills and experiences of employees within the organisation. It ensures that effective consultation takes place with employees and their representatives on how these processes will be applied, ensuring effective outcomes for employees, customers and all stakeholders. Harvard framework of HRM Harvard framework is a strategic map to guide all managers in their relations with employees and concentrates on the human or soft aspect of HRM. It was developed by Beer et al in 1984. This framework is based on the belief that the problems of historical personnel management can only be solved when general managers develop a viewpoint of how they wish to see employees involved in and developed by the enterprise, and of what HRM policies and practices may achieve those goals. Without either a central philosophy or a strategic vision which can be provided only by general managers HRM is likely to remain a set of independent activities, each guided by its own practice tradition. (Armstrong, 2009) The Harvard model outlines four HR policy areas as follows: Human resource flows recruitment, selection, placement, promotion, appraisal and assessment, promotion, termination Reward systems pay systems, motivation Employee influence delegated levels of authority, responsibility, power Work systems work design and alignment of people. Which in turn lead to the four Cs or HR policies that have to be achieved: Commitment Congruence Competence Cost effectiveness HRM PROCESS AND STRATEGY DEVELOPMENT HR processes are the basis for the management of customers satisfaction with Human Resources. Customers feel comfortable and their level of satisfaction increases when there is an understanding of the HR processes, how they are connected and how they interact. In order to achieve continuous customer satisfaction these processes needs to be measured and regularly monitored to identify any gaps in the processes and improve on it for the benefit of the all stakeholders. HRM processes The HRM processes consist of the following basic areas: Planning (strategic HR planning, job design) Attracting (recruitment and selection) Attracting applicants from which to begin the selection process. This can either be from internal or external sources. Recruitment is about finding and engaging the people the organisation needs to make up its workforce. Team meetings, notice boards, intranet are methods of sourcing for people internally, and radio/TV adverts, local newspaper adverts, posters, job centre plus recruitment agencies are methods of external recruitment. Selection is assessing the suitability of potential employees and predicting which applicant will be able to carry out a job role successfully. It is characterised by the competence, experience, qualifications, education and training of the applicant. Developing (induction, orientation, training of the work-force, career development, talent management, leadership development, performance appraisal) Training the employee in order to acquire the needed skills for the job. Talent management is the process of identifying, developing, recruiting, retaining and deploying talented people with special gifts, abilities which enable them to perform effectively Retaining (compensation, benefits) HR Controlling HR strategy development HR strategies set out what the organisation intends to do about its human resource management policies and practices and how they should be integrated with the business strategy and each other (Armstrong, 2009). Strategy development is about choosing the most appropriate course of action for the realisation of organisational goals and objectives, in order to achieve the organisational vision. The process of developing HR strategies involves the following steps: Conduct a SWOT analysis of your organization. Determine the Strengths, Weaknesses, Opportunities and Threats/risks that affect the business and organization, focusing on the strengths and weaknesses of the workforce. The current skills of the workforce should also be taken into consideration in order to identify where skills and/or education levels may be improved. After the SWOT analysis, take a look at the organisations overall performance against target(s) for the previous year(s) in order to find out what how well the organisation has done or what problems, issues and/or challenges were faced. Afterwards identify factors that could be responsible for any change that has taken place. Set quantitative targets by drawing up SMART objectives for the future. SMART objectives are specific, measurable, attainable, realistic and timely. Develop an action plan for implementing the HR strategy. Create a timeline for the successful completion of key objectives. As long as the strategy is detailed and also depending on how big the organisation is, options may be made available for heads of departments to choose how best to deal with issues at a departmental level. Introduce and communicate the action plan to your organisation as the overall success of the strategy lies in proper implementation. Organise meetings, discussion and training sessions for senior management to raise awareness and reinforce the importance of their acceptance of the HR strategy plan letting them know how they will benefit from the plan on a personal level. ASSESSMENT OF ROLES IN STRATEGIC HRM The role of human resource managers in strategic HRM is kind of bi-dimensional as they are responsible for the development of strategic solutions that promote departmental and organisational success, and also manage the functional aspects of human resources. Workplace Safety Creating a work environment free from unnecessary hazards is a strategic role of every human resources manager. Strategic development for workplace safety entails risk management and mitigating potential losses from on-the-job injuries and fatalities. Workers compensation insurance is an area in which a strategic plan helps lower company expense for insurance coverage. Reducing accidents through training employees on the proper use of complex machinery and equipment is one of the functional tasks associated with creating a safe work environment. Compensation and Benefits The compensation and benefits structure partly determines the companys business reputation and image. Decisions made by human resources managers pay scales and employee benefits can impact employee satisfaction, as well as the organisations ability to recruit talented workers. Job evaluation, labour market conditions, workforce shortages and budget constraints are factors that HR managers consider in a strategic plan for pay and benefits. Employee Training Human resources managers strategic role with respect to employee training and development prepares the workforce for future positions within the company. Succession planning, promotion-from-within policies and performance evaluation factor into the human resources managers role. Training and development motivate employees, and in some cases, improve employee retention. Recruitment and Selection Employee recruitment and selection is also a part of employee relations though it is a separate discipline itself. Therefore, a human resources managers strategic role is to combine elements of employee relations into the employers recruitment and selection strategy. Employee Relations The sustainance of an employee relations program is an important element of human resource strategy. It includes salaries, benefits, health and safety, training and employee development. The strategic role of a human resources manager in this regard is to determine how to identify and resolve workplace issues that may jeopardize productivity, performance and working relationships. They develop tools such as employee opinion surveys and action plans, monitor compliance with labour and employment laws, address employee concerns, and provide training and guidance to supervisors and managers. In conclusion, the development of effective human resource strategies is vital to the prolonged existence and success of a business. In time past, personnel management was concerned only with the processing of applications, payrolls and staff benefits but human resources strategy today involves executive leadership teams consulting with human resources experts to develop complementary goals for human resources and the overall business.

All societies and cultures place a great emphasis on the differences between males and females

All societies and cultures place a great emphasis on the differences between males and females. When a child is born we categorise its gender as being either male or female, or of either being a girl or a boy, and depending on which of these categories you fall in to will have a huge bearing on how your life will evolve. Some basic facts can serve as starting points. The unique reproductive capacities of females normally mark their lives by menstruation, pregnancy, parturition, lactation, and menopause. Males are, on average, larger and have greater physical strength than females in the same population. The burden of evidence also indicates that males are more aggressive, although this is not as well established as the facts of physical morphology and reproductive capacity (Nadelson, pg 3, 1991) However, as Nadelson states none of these capacities or apparent predispositions are uniformly translated into adaptive outcomes across human populations because of variations in technology, socioeconomic organisation, and cultural values. Female reproduction can be halted by celibacy or infertility or delayed by the use of contraception, and lactation can be avoided by using infant formula. The strength of males can diminish as machinery becomes available to do the heavy work. The aggressiveness of young males, though valuable for defence can become socially disruptive if there is no need for local troops. Behavioural differences between boys and girls can be reduced in later childhood when they are raised together and boys perform tasks defined as feminine. Thus the existence of gender specific capacities does not predict how or to what extent they will be used for purposes of adaptation. (Nadelson, pg 4, 1991) Field work carried out by anthropologists within non Western societies provide support for this point, in the East African highlands, where ploughs and animals are absent, the heavy work of cultivation is done largely by women. The same women carry 50-pound loads on their heads over considerable distances, in addition to bearing and raising children and managing their homes. Anthropologists use the term socialisation as a concept to mean the teaching that prepares the young to be competent members of their society. Training children to fit gender roles and to internalise the benefits and values appropriate to performing their roles in all situations and social instructions is a primary job of socialisers the world over. (Herdt, pg 68, 1987) Throughout history many people have long since argued to what extent culture can shape gender and what influences gender identity. The physical appearance of someone, the way they dress and how they act are all supposed to be characteristics of being either male or female. All cultures have acceptable roles based on the sex of the individual and these roles are determined by a person's position within their family and society. Many argue that gender roles are culturally rather than biologically produced and whiles a person's sex refers to biological differences between male and females, it is through gender socialisation that a person acquires his or her gender. It is through this process that a person learns what is masculine and feminine, and how to act accordingly, dependant on the surroundings he or she is in. (www. sociology. org. uk/tecelth. htm) Giddens states that when speaking of sexual differences we are distinguishing between males and females, when speaking of gender it is between masculine and feminine. The content of the male / female distinction is genetically determined and largely universal, whereas the content of the masculine / feminine distinction is culturally determined and highly variable. Giddens, pg 148, 1987) Depending on the society in which we live depends on the activities and characteristics donated to males and females, and while these may be deemed as natural within their own unique culture this may not be so throughout all of society. An example of this being the rituals carried out within the Sambia, an initiation takes place were the main purpose is to make boys big and strong and to make them aggressive warriors. They have to be removed from their mothers and other females as this will also remove their feminine traits, such as shyness and crying. The initiation process involves ridding them of these feminine traits and unlearning all of their so far learnt behaviour. They have to learn how to be masculine. However, this is also a slight two fold initiation in that the Sambia believe that as the male body is incapable of producing semen it has to be externally acquired, as the presence of semen in the body is a sign of masculinity. The semen is digested orally, provided by older members of the men's secret society. The boys will never be allowed back to theirs mothers again and will remain with the other male members of the tribe throughout their childhood, teenage years and early manhood. The female is seen as weaker and the boys can not be allowed to be weakened by her. (Herdt, pg 68, 1987) As has already been identified different societies define gender roles in a variety of different ways, however what is evident is that regardless of culture or society, males tend to always have more power and more authority than women. Giddens, pg 149, 1987) Anthropologists such as George Peter Murdoch argue that biological differences such as the greater physical strength of men and the fact that women bear children lead to a sexual division of labour in society. Murdoch surveyed 224 societies and found that tasks such as hunting, lumbering and mining are usually part of the male role, while cooking and child care were usually assigned to the women. Murdoch states that women were handicapped by the physiological burdens of pregnancy and nursing. (Haralambos, pg 267, 1986) The rise of the Women's Liberation Movement have contributed to the criticism that gender roles are shaped by biology, and more are now arguing that the roles of men and women are determined by culture and are therefore learned as part of the socialisation process, and ultimately there is nothing natural about the roles that women play. It is all learnt behaviour, and as Marjorie Garber states in Vested Interest (1991) the reason that that female to male transgendered people are not generally seen as that remarkable as their male to female equivalents is because it is quite normal in our male dominated culture for a woman to want to become a man, as it is still recognised that social power is most often attached to being male. Even Sigmund Freud's theory on gender was based on the idea that the ownership of a penis reflects masculinity and power, and being female means simply being absent of a penis. Girls, he states suffer from â€Å"penis envy† and due to this they under value their mother's position in the family because she lacks a penis. The father is therefore generally in power and makes all females within the family adopt a submissive attitude. This is referred to by Freud as the Electra Complex. Freud's theory comes in for a lot of criticism by many, as most of his analysis is based solely on biological differences, namely the ownership of a penis. However, as Mark Johnson discovered whilst carrying out fieldwork in the Southern Philippines the ownership of a penis is not always a sign of masculinity and it is rather what is done with it. The ‘bantut' he discovered was thought of by almost all of the community as a man who was either sexually impotent in some way, or who had a small penis, or who was unable to have or sustain an erection (Johnson, pg 94, 1997) It could not be conceived that the ‘bantut' chose this way of life and the desire to be elegant and sensual, to take care over their appearance, to appreciate beauty, to be vulnerable and protected, to be tender and caring, to be coy and flirtatious. As in many cultures there are two types of gender, male and female, masculine or feminine. Transgender is a term that has over recent years entered the vocabulary as a term to designate to anyone not covered by the term, man or woman (www. glbthistory. org/about/ourstory/tg-at-hs. lasso) However, it should be noted that transgender people, along with homosexuals, women and any number of racial and ethnic groups have joined the ranks of being publicly recognised minorities. www. badsubjects. com/issueno7/1993/annaleenewitz) In Cross-Dressing and Re-Dressing: Transvestism as Metaphor, Gilbert and Gubar remark that both Violet Trefusis and Vita Sackville-West wrote about their experiences of there being more than one possibility of opposite genders: In 1920, when Vita Sackville West looked back on her exuberant impersonation of the wounded soldier, ‘Julian' during the height of her post war love affair with Violet Trefusis, she was bemused. She had experienced herself, she remembered, as inhabited by several sexes: â€Å"I hold the conviction that as centuries go on the sexes will become more nearly merged on account of their increasing resemblances† (Gilbert & Gumar, pg 324, 1989) Clearly, this has not happened, eighty six years on and although, although it is not illegal for a man to wear women's clothing, we would certainly not appear to be moving towards a gender free, multi-gender or even gender-balanced society, despite living in an age were hairstyles and clothing have such a huge impact on how we perceive a person and their individuality. Why in the twenty first century is it still more acceptable for a man to carry a knife than to wear women's clothes, and why is it still so clear that they are women's clothes. (Suthrell, pg 9, 2004) The area of gender is a very confusing and at times very cloudy one. It appears that studies throughout history have shown that there are explicit differences between sex and gender and that it is society which transforms biological males and females into sociological men and women. Children it appears discover their gender identity from their parents and parents construct their identity by ensuring that they pursue interests and adopt mannerisms that are stereotypical of a male or female within their society. This means that from a very early age the child knows which gender category he or she falls into. In Western society it could be argued that the media plays a huge role in depicting how males and females should behave, with women usually portrayed in the traditional role of mother and wife, or damsel in distress. Indeed, many fairytales, which have a huge influence on children still tend to portray men as the heroic male, who along with saving the planet will ultimately also have to save the female too. Even in non Western societies were the media have very little or no influence gender roles are still very apparent, Ian Hogbin's account of childbirth and the role of men in a New Guinea villages gives an account of men supposedly being too clumsy and unskilled to minister to a tiny infant, and therefore, the father does not touch his young offspring. After about two weeks the women may give it to him for a few minutes, but six months elapse before he holds it for any length of time. (Hogbin, pg 58, 1963) From birth this child will know his or her place within the village and thus history continues to repeat itself. Nobody within the village will question why things are done this way and social pressure will ensure that this is how things continue. It could therefore be assumed that it is in fact social pressure which ensures that most within society conform to the gender role bequeathed to them, a role which they are led to believe is â€Å"normal† and this is why those who elect their own gender, whether that be male, female or something entirely different are usually pushed out of society and not accepted.

Principles of Banking and Finance

Principles of Banking and Finance: Single Cashflow 1. Present Value (PV) * the value on a given date of a payment or series of payments made at other times (past or future) * Discounting from the future * Value at t=0 on a given time line (â€Å"t† is the period, ranging from 0 to n where â€Å"n† being the last period). * Net Present Value (NPV): PV after deducting all the costs 2. Future Value (FV) * The amount to which a specific sum and /or series of payments will grow on a given date in the future * Compounding (interests upon interests) Value at t>0 on a given time line Single Cashflow: Formulas FV = PV(1 + i)t PV = FV / (1+i)t i = (FV / PV)1/t – 1 Effective Interest Rate * Effective (Annual) Interest Rate (EIR) * The interest rate expressed as if it were compounded once a year. * Used to compare two alternative investments with different compounding periods * Does not include any fees incurred as part of the loan package * Nominal or Quoted Annual Interest Rate (NIR) * (periodic rate) x (number of periods per year) The rate normally quoted in the loan agreement * All-in Rate * NIR that includes all the fees incurred as part of the loan package Formulas: Uneven Cashflow Even Cashflow * Annuity – series of equal payments (â€Å"PMT†) that occur at regular intervals for a period of time (â€Å"t†). * Payment is normally made at the end of the period. For payment occurs at the beginning of the period, it is Annuity Due. Perpetuity – infinite series of equal payments Formula: Annuities Formula: Perpetuities When n > ? , PV (Perpetuity) = PMT/i

What Is Apartheid - 619 Words

What is apartheid? The word apartheid means †to keep apart† in Afrikaan, which is the language, that most of the white people in South Africa speaks. Apartheid is a racist ideology, and the goal is to separate the different races, and to give the white people all the power in the society. The apartheid ideology was developed in South Africa for hundreds of years ago, but it wasn’t a part of politics before 1948. In apartheid, you split the population into four groups. The black The colored The white The Asian. And it is your appearance that decides which group you belong to. Where did it exist? Apartheid existed in South Africa from 1948-1994. And in that period, the white people had better conditions than the black, the†¦show more content†¦In prison, he began to negotiate with the apartheid regime. And it was also the negotiations that got him released from prison in 1990, and in 1991 he was elected as the president of ANC. The election in 1994 was the first election ever, where Mandela and the rest of the black population in South Africa voted. And ANC got 60 % of the votes. And Nelson Mandela was the new president of South Africa until 1999, where he chose to retire. As retired he has been trying hard to solve South Africa’s AIDS problem. 25 % of the population got HIV or AIDS, and the number is increasing. Influence in South Africa (and the rest of the world) Nelson Mandela was the most important person in the fight against apartheid in South Africa. It is hard to say, how South Africa would be today, if it wasn’t for Nelson Mandela. Maybe there would still be apartheid? Nelson Mandela is known all over the world, and he’s a symbol of struggle for freedom and justice. The Nobel Peace Prize: I 1993 Nelson Mandela and the white president of South Africa Frederic de Klerk received the Nobel Peace Prize. 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