Performance Measurement Essay Example for Free

Performance Measurement EssayNowadays, businesses range in an uncertain environment and the managers can never know what will happen in the future (Arnold, 2005). Meanwhile, the economic crisis has turned that world upside down it is a change for ever. The international economy was changed during the preceding(a) two decades because of globalization, the firms ar not only trade or induce in the confederacys domicile, but also trade or invest in other countries. Then management will face a lot of business risk in global economy. There are umpteen different way to define risk simply, risks are opportunities to be seized. Risk management identifies risks with new opportunities to increase the probability of positive outcomes and maximize returns.The aim of this act is identify the global challenges and risks and analyze the techniques available to financial managers to deal with risk when trading or investing in countries outside of the companys domicile. In the structure, firstly evaluate the current global economic situation and what is the challenge in this global economic situation. Secondly, identify the risks do companies face operation in uncertain global economy. Finally, it will consider and analyze the techniques available to financial managers to deal with risk when trading or investing in countries outside of the companys domicile. Outline of this essay,It is no doubt that today it is a globalization, however, due to the global economic crisis in 2008, the global economy is uncertainly and unstable. According to Arnold (2005) businesses operate in an uncertain environment and the managers can never know what will happen in the future. The global economy is divided into several situations.The one is low-income countries which CNI per capita of less(prenominal) than $936 and these countries have such serous social, political problems and economic that they represent limited opportunities for operations and investment.The next one is dismant le-middle-income countries which with a CNI per capita between $938 and $3705, such as Indonesia, Thailand and China. The consumer markets countries are increasing rapidly. Then is the upper-middle-income countries which with CNI per capita between $3706 and $11455, Such as Chile, Malaysia, Venezuela. In these countries, they have strong education systems and high literacy rates, although wages are still significantly lower than in the advanced countries, it is rising rapidly. The last one is high-income countries which with CNI per capital higher or equal $11456. Such as Japan, Sweden, United States, Germany. (Keegan, Creen. 2011)However, the most representatives of current global economy situation are UE, USA, China

Culture and Politics in Fascist Italy Essay Example for Free

nicety and Politics in Fascist Italy EssayIn The Patron State Culture and Politics in Fascist Italy, Maria Susan oppose discusses the cultural policy-making under Mussolinis regime in Italy from 1922 to 1943. Specifically, she has provided a detailed study of two of the most popular showpieces of public culture during the fascist regime the reconstituted Venice Biennale and the 1932 Exhibition of the Fascist Revolution. Stone asserts that the cultural politics that happened during the fascist regime in Italy was developed in three arranges.The first stage (from 1925-30) was when the Fascists worked with the accomplished institutions of high culture. It was during this stage that the regime discovered that it could not officially sanction any one style or movement. Stone as well described this stage as the time when the Fascists dealt with the social elites. The second stage (from 1931-36) was the period when they used patronage and experimentation in an effort to shape cul tural institutions according to their specifications.This is also the period when the Fascists increasingly gained support from the mass. They achieved this by moving away from supporting traditional events aimed for social elites and supporting events aimed at the masses instead. And finally, the third stage (from 1937-43), was when they adopted a more coercive set of methods. Through flexible policy of taste and patronage, the Fascists were able to win the consent of artists and draw supporters from the higher class to the masses.The mathematical function and use of mass culture during the Fascist regime have always fascinated historians for the past thirty years. Stone had added to the vast researches by other bad historians such as Walter Adamson, Philip Cannistraro, and Umberto Silva on the same topic but on a new perspective.Work CitedStone, Maria Susan. The Patron State Culture and Politics in Fascist Italy. Princeton, New Jersey Princeton University Press, 1998

The Pressing Problem In The Prison System Criminology Essay

The Pressing Problem In The prison System Criminology EssayThere are three custodial establishments for young battalion, they are younker offender institutions, Secure training centres and Secure squirtrens homes. The stand up Committee for Y tabuh evaluator (2010) nonifyed that during the period of 1989 to 2009, the child custody population in England and Wales increase by 795%. There is no obvious evidence showing that the youth offensive activity become more(prenominal) serious recently, but more young people was sent to prisons. These large amounts of young pris one and only(a)rs take on already brought a big pressure to the prison dust, and it has become an alarming issue in England and Wales.The prison lives are much more badly than we imagined. They are neglected from the society, some of you may say they are put in the prison beca use they commit crime, it is fair enough. imprisonment of offenders may have deterrence effect as they allow for not further commi t crime in the future, but the truth is the reoffending rate salve stays high. For this, I always doubt Do we need to incarcerate all on a lower floor-age offenders? and Do prisons work for all offenders?. Prison may cause more personal and social problems that we never expect. Also, children who sentenced to prisons have their own problems or difficulties before they placeting sent to prison, it may include poor family backgrounds or drugs abuse, etc. These take away the prison system more difficult to handle these children, and thus causing the problem of resources and management.Many concerning parties are doing different reforms as they want to reduce the number. Prison Reform consecrate is one of the charities who promote alternatives to custody. It has launched a new campaign Out of Trouble especially helps those children and young people who are imprisoned in the UK. Also, the United Nations Convention on the Rights of the Child Article 36(d) stated that custody be used as a last resort. However, Prison Reform Trust criticized the juvenile court doesnt follow it strictly. eitherone understands that the statuses of children and adult are different, it is assumed that child should have more chance than adult. Children are important capital to our future society, so the prison system has abundanter responsibilities to help those youth offenders a better future. Under this perspective, people always argue about the purpose of imprisoning a child should be different from the adult one too. Society always place greater hope on these groups of vulnerable children. No matter the society, professionals or the government, they will put greater emphasis on rehabilitation rather than punishment, but the problem is how to make a balance between punishment and rehabilitation?The primary thing to concern about is resources, thats the money-cost. Many news reports complained that youth custody spent too much but with an unpleasant outcome in return. Every year m any millions of pounds are wasted for locking up children for committing both violent and non-violent offences, it is extremely costly but fails to reduce the amount of crime. According to the report Punishing costs How locking up children is devising Britain less safe(2010), Aleksi Knuutila stated that holding a child in prison costs about 100,000 a year in England and Wales. Prison Trust Reform always argues that some very minor offences will result in custodial sentences, and they state that non-violent crime offenders should not be sentenced to prison as it is a waste of resources.However, the Independent Commission on Youth Crime and Antisocial Behavior (2010) showed a baffle result of reconviction rate, three quarters of all young people leaving custody re-offend within a year which means almost three out of four young offenders reoffend within a year after they release. We have already paid many millions for these youths, but we just did very little to shift their behavior and protect the society.Except the money cost, we potentiometer see that the present system has limit ability to help these vulnerable child back to the reclaim tracks. At first, people believe harsher punishment underside help to deter them from doing further criminal behavior. But the truth is that the lives in prison make youngsters get closer to crime, or even breeding them into professional criminals. This is one of the struggle points for the prison system to manage and allocate those youngsters in the right places.The prison system also needs to try their best to ensure that children in prison still have their proper lives, which include giving them educational upkeep and mentally support. As children are valuable capitals to our future society, although they did something wrong, they still have the chance to learn. Education is important to youngsters at any places, this can help youngsters to build up different kinds of skills and abilities, thus integrate back to norm al life easier when they release. Most of the public support that youth institutions should give education and training to the children in prisons, this places great pressure on the prison system yet they have already put a lot of resources in providing children different education and training within the prisons.Moreover, there is still statistics showed that the prison system is not doing enough for the children. According to the report Training planning for children and young people (2010), it stated that prisons are weakness to adequately prepare young people for release. One of the problems is that there is lack of accredited offending behavior programmes for the young prisoners. Even those young prisoners set up some targets for their training plans, they may not find suitable programme to achieve them through the imprisonment period. Also, it is reported that many children release from prisons till have difficulties in their learning. This showed that the prison system does nt spend well, and they cannot learn what they should learn in the prisons.Special attention should also be put on childs psychological needs. at bottom the prison, juvenile will be allocated into different cells. It is not easy to adapt the prison lives, and it may cause them different psychological problems, such as depression. The Standing committee for youth justice report (2010) stated that Boys in custody are 18 times more likely to suicide than children in the community. We can see that it is a serious problem inside the prisons. However, it is not possible for all prison officers to have specific training to handle these problems. If the problem is ignore for a certain period of time, it may cause them suffer from some more serious mental problems. Handling the psychological needs of offenders has become one of the responsibilities of the prison system, but resources are limited for them. Again, it places greater pressure on prisons work.Evidences of reconviction rate have also showed that the present prison system is failing to desexualize and rehabilitate children in their prison lives. The prison system should ensure the children learn from their mistakes and the moral values through their sentences. It is important for youngsters to understand what is right and wrong, and why they are punished, it can reduce the possibilities of reoffending. However, it may bring some negative effects to the child and society, and even cannot facilitate them in reintegration and rehabilitation. Organizations of protecting children always advocate the use of community sentences, for this, children can learn from community and learn in community. Community support is important to youth offenders, if they build up good relationship with the community, they can be integrate back into the community more easily. However, the prison system does not do much in this area and still has rooms for improvement.As mentioned above, youth prison is required to do differently. N ot only punishing them for their wrongdoings, but to fix their brain. It is important to do more about rehabilitation, reformation and reintegration. Children are vulnerable and relatively inexperienced with the world, they are easily affected by the external factors. If child only arrange to do some routine works in prison, it is impossible for us to change their behavior. The system need to develop a different approach for them as it has greater responsibilities to restore and reform them. However, it is not a simple task.Setting up and working with a system which is different from the adult system, it has already made child in custody under 18 the most pressing issue in the prison system. Prison officers have many challenging works like providing children proper educational support in prison, taking care of child psychological needs, working with communities, doing work of rehabilitation, etc. All these work has given the prison system many challenges and making the child in cus tody under 18 becomes the most pressing issue in the prison system.Words 1541ReferencesStanding Committee for Youth Justice (2010), Raising the custody threshold. visible(prenominal) from, The Howard League for Penal Reform Web site http//www.scyj.org.uk/files/Raising_the_custody_threshold_SummaryAug10_FINAL.pdf Accessed November 2, 2010Youth Justice Board (2010), Youth justice system shackles figures . easy from, Youth Justice Board Web site http//www.yjb.gov.uk/NR/rdonlyres/643A66F6-0DFC-4621-90C0-8EA27AD9FA99/0/SecureMonthlyReportAugust2010.xls Accessed November 2, 2010.Office of the United Nations High Commissioner for Human Rights (1990), United Nations Convention on the Rights. operable from, Office of the United Nations High Commissioner for Human Rights Web site http//www2.ohchr.org/english/law/crc.htm Accessed November 2, 2010.Aleksi Knuutila (2010), Punishing costs How locking up children is making Britain less safe. Available from, The New Economics Foundation Web s ite http//www.outoftrouble.org.uk/sites/default/files/nef_Punishing_Costs_0.pdf Accessed November 5, 2010The Independent Commission On Youth Crime and Antisocial Behavior (2010), Time for a fresh start. Available from, the Independent Commission on Youth Crime and Antisocial Behavior Web site http//www.youthcrimecommission.org.uk/attachments/076_FreshStart.pdf Accessed November 5, 2010.Inspectorate of Prisons (2010), Training planning for children and young people. Available from, Youth Justice Board Web site http//www.justice.gov.uk/inspectorates/hmi-prisons/docs/Training_Planning_Thematic_rps.pdf Accessed November 5, 2010.

Competitive Advantage And Corporate Social Responsibility Management Essay

Competitive Advantage And Corporate Social Responsibility Management screenThe idea of stakeholder approach to strategic vigilance suggests that managers must formulate and implement processes which satisfy all and only those groups who select a stake in the occupancy. The of import task in the process is to manage and integrate the relationships and interests of shareholders, employees, customers, suppliers, communities and other groups in a way that ensures the long-term success of the firm.Stakeholder approach suggests that we repaint our picture of the firm. For unassailable or ill, there are myriad groups who have a stake in the success of the firm. Many traditional views of strategy have ignored few stakeholders, marginalized others and consistently traded-off the interests of others against favoured stakeholder groups. Such an approach may well be appropriate in relatively stable environments. However, changing world the limitations of traditional approaches to strategi c management become increasingly apparent. The interests of key stakeholders must be integrated into the very purpose of the firm, and stakeholder relationships must be managed in a coherent and strategic mode1.2. gatekeeper, M. E., Kramer, M. R., (2006). Strategy and society The link between competitive advantage and somatic social responsibility. (2006, December) (Harvard Business Review), 84(12), p. 76-92.Although businesses have become increasingly aware of stakeholder pressure to make do a commitment to their bodily social responsibilities (CSR), this does non necessarily mean the adoption of an integrated and strategic approach to CSR. Rather, as Michael doorman (Harvard Business School, Boston) and secern Kramer (John F Kennedy School of Government, Massachusetts) have recently struggled in the Harvard Business Review (December 2006), current approaches to CSR are fragmented and disconnected from business goals. This has resulted in disparate and thermolabile init iatives designed to mollify vocal stakeholders or deflect circumspection from questionable business practices, and these have justifiably been criticised as feel good marketing campaigns which have failed to generate bottom line benefits.Porter and Kramer suggest a new approach to CSR which both (i) acknowledges the interdependence of companies and the broader community, and (ii) enables companies to develop a tailored, rather than generic, CSR strategy. In this way, companies entrust make the most significant social impact and reap the greatest business benefits. This note provides a summary of Porter and Kramers article, giving particular attention to the practical issues of creating a tailored corporate social agenda.2.1 BackgroundCompanies which have responded to their CSR have usually done so for one, or a combination, of the following four reasons/principles moral obligation, sustainability, compliance or reputation. Moral obligation refers to the compulsion for companies to be good citizens and do the right thing. The sustainability argument emphasises the need for companies to have regard to the native environment from which resources are drawn. The compliance or licence to operate argument reflects a pragmatic response to agendas set by Government regulators, and the reputation purport is all about creating a positive impression on consumers, staff and shareholders.Porter and Kramer identify the individual deficiencies of each of these principles as a sufficient justification for CSR (e.g. they argue that the sustainability school of thought raises questions about balancing long term objectives against short term costs, but offers no framework for resolution). Fundamentally however, Porter and Kramer argue that there is an inherent weakness in all four school of thought, namely they focus on the tension between business and society, rather than their interdependence. gain ground each strategy creates a generic rationale that is not tied to the strategy and operations of any specific company or the places in which it operates.Porter and Kramer argue that the deficiencies in approach to CSR have resulted in unco-ordinated and non-strategic activities that neither make any meaningful social impact nor strengthen the firms long-term competitiveness. Having set the scene, Porter and Kramer suggest a new approach to CSR to achieve these outcomes.2.2 A new approachPorter and Kramers new approach has two key elements. Firstly, they suggest that a CSR strategy should be predicated on an acceptance of the interdependence of business and society, i.e. successful corporations need a healthy society and a healthy society of necessity successful companies. Porter and Kramer suggest that the points of intersection between companies and society are both inside-out linkages (i.e. internal activities which affect the external environment such as hiring practices, emissions and waste control) and outside-in linkages (i.e. social conditions which affect a companys capacity to conduct business, e.g. rules and regulations, local education and health supports). This platform of understanding implies that both business decisions and social insurance have shared values, and lifts CSR from a nice to do (which is reminiscent of the moral obligation argument or philanthropic approach to CSR) to the have to do (which, although not acknowledged by Porter and Kramer, is an extension of the sustainability argument).Secondly, and this is the real benefit of Porter and Kramers thesis, they argue that each company should create a tailored (rather than a generic) corporate social agenda, and provide a practical tool to chart that agenda i.e. to identify those areas of social context with the greatest strategic value.2.3 The practice of developing a new CSR strategyPorter and Kramers practical tool to developing a new CSR strategy encompasses the following stepsChoosing which social issues to address. The essential test that should p ass away CSR is not whether the cause is worthy, but whether it presents an opportunity to create shared value that is, a meaningful benefit for society that is also meaningful to the business. Porter and Kramer argue that companies should sort social issues into three categories (i) generic social issues which affect all companies (ii) value chain social impacts which have a direct affect on the companys ordinary course of business and (iii) social dimensions of competitive context which significantly affect the underlying drivers of a companys competitiveness in a specific location. in one case the social issues have been categorised they should be ranked, i.e. prioritised, for actionCreating a corporate social agenda. The selected social issues should be identified in an explicit and positive corporate social agenda. This agenda will reflect an approach to CSR which is bothresponsiveto stakeholder concerns and anticipated risks, andstrategic(i.e. integrates inside-out and outs ide-in linkages)Organising for CSR. The corporate social agenda should be integrated into affirmative business practices, i.e. to ensure that operating management is engaged in processes that identify and prioritise social issues based on their salience to business operations and their importance to the companys competitive context. Further, Porter and Kramer suggest that measurement of outcomes is critical to the agenda, and that value chain and competitive context investments in CSR need to be incorporated into the performance managers with PL responsibility. In particular Porter and Kramer argue for the measurement of the CSR initiatives in term of social impact (although omit to discuss what those measures might be).ConclusionPorter and Kramer offer a new approach to CSR which focuses on identifying the shared values between a particular company and its social context, and developing a tailored and strategic response. victimization Porter and Kramers tool to map social opportu nities, and practical steps to identify, develop and organise for CSR, companies now have a new CSR framework to enhance business and social outcomes. If companies are able to successfully use this model (and Porter and Kramers article provides numerous case studies to that effect) then the benefits will be reaped in terms of both a competitive advantage and social enhancement.3.An Empirical Analysis of the Strategic Use of Corporate Social Responsibility by Donald S. Siegel and Donald F. VitalianoIn a recent insightful survey of CSR, The Economist (2005, 8) identified four varieties of CSR based on whether this activity raised or lowered profits and raised or lowered social welfare. This paper constitutes the first empirical test of recent theories of strategic CSR. Specifically, we focus on the importance of the type of product or run sold by a firm as a determinant of managements decision to invest in CSR. This decision could represent a signaling pull regarding the quality of the firms output. Consistent with these theories of strategic CSR, we find that firms selling durable experience goods or credence services are much more than likely than equal firms to be socially responsible. Ceteris paribus, our results imply that a firmselling financial services (a credence service) is more likely to opt for CSR by about 23 percentage points (compared to firms selling search goods). Similarly, a firm producing durable experience goods, such as automobiles or software, is more likely (than a firm selling search goods) to be socially responsible by about 15 percentage points. Firms selling experience services or nondurable experience goods, by contrast, are no more likely to adopt CSR than a firm whose product is a search good. While additional research is needed to pin down the diverse reasons wherefore firms adopt a CSR stance, the evidence presented here supports a view that it is consistent with strategic theories of CSR and rational, profit-seeking manage ment decision making. Others may view the same evidence as proof that CSR is a fraud or smokescreen to disguise the same behavior, which they abhor. Regardless of interpretation, we hope that this exploratory paper stimulates additional empirical research on the strategic use of CSR.Several caveats should be mentioned. The first is that our empirical analysis is based on a single cross section of data. It would be usable to test theories of strategic CSR using panel data, which would enable us to better control for unobserved firm heterogeneity and changes in CSR behavior and its determinants over time. A second concern is the possibility that our econometric analysis is subject to omitted variables bias in contrast to ordinary least squares estimation, the estimated Co-efficients in a probit model would be inconsistent even if the omitted variables are uncorrelated with the included regressors (see Greene, 2000, p. 828). It is impossible to assess the importance of this effect on our estimates of the impact of good type on the lust of firms to engage in CSR.It is also difficult to classify a company cleanly into selling search, experience, or credence goods and service. Although we eliminated conglomerate firms from our sample and relied on the firms primal products or services for our industry classification, we recognize that many firms are diversified, which introduces a certain amount of measurement error in our empirical analysis. In an archetype world, the division or perhaps, the plant or establishment would serve as the unit of analysis, rather than the firm.

The need for reward management and systems

The need for reward counsel and systemsReward focusing is not expert about coin. As shown in the above plat, it is concerned with intrinsic as well as extrinsic rewards and with non-financial as well as financial rewards. inalienable rewards arise from the nature the personal line of credit itself. Decenzo and Robbins ( 2005, p.274) stated that intrinsic rewards be self initiated rewards like pride in ones work, a sense of accomplishment or organism part of the air. Intrinsic rewards related to responsibility and proceeding they are inherent in idiosyncratics and not imposed from outside. On the other hand, extrinsic rewards arise from the factors associated with the job context such as financial rewards, publicity and benefits. They are external to the job and come from outside source.All reward systems are based on the assumptions of aloneureing, retaining and motivating people. Rewards are of two type Financial and non-financial rewards. M any(prenominal) people vie w money as the sole motivator but umpteen studies stool found that among employees surveyed, other non financial reward likewise instigate them and influence the level of instruction execution. A recent study of reward practice by CIPDs shows that lavishlyer(prenominal) proportion of employers do adopted a entire reward approach, in which they try to align the financial and non-financial elements.Non financial rewards indirectly increase workers financial position. It differs from workers to workers. For manikin an employee may value office furniture and other may find it lend oneselfless(prenominal) whereas financial rewards puke be wages, bonuses, or indirectly paid claxon leaves and paid vacation. They are mainly of three types such as profit sharing, job evaluation and merit rating. However, Decenzo and Robbins (2005) classified financial rewards as shown in the diagram above as exercise based, implied membership based and explicit membership based. They mentione d that cognitive process based use commissions, piecework collapse plans, incentive system, group bonuses, merit or other node of comprisement for implementation whereas membership based rewards include cost of living increases, benefits and salary increases attributable to the ride market conditions, seniority, qualifications, and specialised skill. Membership-based rewards may attract many employees on the whole when the extent of the reward increases with seniority. Though, in that respect are drawbacks They discourage poor performers from leaving and people from leaving the organization, they indirectly stir up job surgical process. However, Seniority-based rewards lessen turnover because the cost of leaving raise with the employers duration of service.2.3 REWARD MANAGEMENT LINKED TO THEORIES OF MOTIVATIONEmployees pauperization depends on the perception of achieving the reward, i.e. their expectations. motif system describes why people at work act in the way they do , and what makeups canister do to persuade people to apply their confinements and abilities in ship canal that will help to achieve the organisations goals as well as satisfying their own needs. Everyone has their own needs and a divers(prenominal) set of goals. Employees can motivate themselves in different ways that will guide them to expect that their goals will be achieved whereas management can motivate people through rules like pay, promotion and praise.Motivation is most-valuable because there is reward. hatful work because they get revenue to spend on their individual, family and society needs. Some needs are the basics of life, what individual needs to survive physiologically. Maslow defined the hierarchy of needs with essential physiological needs at the base and going up through safety, social needs and ends in the need for self-fulfillment. However, some critics say that there is little empirical evidence to support this model. Herzberg differentiated between fir stly hygiene extrinsic factors such as pay and organisation dodging and measures that will cause dissatisfaction in the workplace if absent or insufficient. Secondly, motivators which are intrinsic factors such as the outlay of the work, attainment, appreciation, responsibility and potential for growth which will positively motivate people. Maslows Hierarchy of Needs and Herzbergs Two Factor Theory are a content theory of motive. They both suggest that needs should be satisfied for the employee to be motivated but, Herzberg argue that only the higher levels of the Maslow Hierarchy (e.g. self-actualisation, esteem needs) act as a motivator. The remaining needs can only cause dissatisfaction if not explained clearly. Thus he stated that satisfaction and dissatisfaction were not necessary related.Taylor developed his theory of scientific management where he made three assumptions in his observation Man is concerned with maximising money, People are considered as individuals and the y can be handle like machines. Taylor had analyzed what motivated people at work which was money. He though workers should be paid for what they worked and pay should be associated to the totality produced Workers who work less would be paid less and Workers who did much than usual would be paid more. The main limitation in Taylors approach is that it overlook that each individual is alone(predicate) Secondly, money is not an important motivation for everyone. Taylor ignored the fact that people work for reasons other than financial reward.Other theories of motivation have been developed as well which are believed to focus on cognitive or process theories that are how people consider their reward. Expectancy theory distinguishes two factors of value and probability. People value reward tally to the level it satisfies their needs of security, community esteem, achievement and autonomy. Armstrong also agrees with the fact that Expectancy is the likelihood that reward depends on e ffort where there is more effort, the higher the reward but Marchington and Wilkinson (2006, p.325) argue that this is not a fixed and there may be other sets of expectation at different times. For that effort to be useful to the organisation, individuals need to have the correct ability and the right perception of their role. The theory implies that low motivation will be crossing of jobs where there is little worker control. (Marchington and Wilkinson 2006, p.326)Two other theories of motivation are significant to reflect on. Latham and Locke developed goal theory which describes that both consummation and motivation are amend if people have challenging and monitored goals but accepted when there is feedback on performance. On the other hand, Equity Theory which advocates that people are more motivated when they are treated equitably and demotivated if they are treated inequitable era they deserved more than that.2.4 STRATEGIC REWARDSReward st directgy is a declaration of inte nt that defines what the organization wants to do in the longer term to develop and implement reward policies, practices and processes that will further the achievement of its business goals and congruous the needs of its stakeholders. (Armstrong 2006, p.643) Reward is more than earnings and benefits. Thus, a reward stpacegy must consider many aspects of the workplace in order to both attract and keep high value employees doing the correct things in the correct way so that they the organisation is successful.Reward policies provide guidelines for the implementation of reward strategies and the design and management of reward process. Basically, every employer must obey four major policies (White Druker 2000) internal alignment, external competitiveness, employee portions, management of the pay system. Many research and studies on reward strategy has revealed that people are difficult and motivation is a complex process. What is obvious is that while financial reward is essential , for many people other factors are also, and can be more, important. Rewards are designed to promote behaviour that will contribute directly to the achievement of the organisations objective.Reward systems should be in line with the followingHR systemBusiness StrategyOrganization CultureThe elements of reward management and their interrelationship can be shown in the figure 1.2Figure 2.2 Rewards management elements and interrelationshipsSource Michael Armstrong, 2006, A Handbook of Human Resources Management Practice, p.630The elements of a rewards management system areJob EvaluationJob evaluation is an organized method for defining the sex act value or size of jobs within an organisation in order to institute internal relativities. It provides the basis for designing a fair grade and pay structure, grading jobs in the structure, managing job and pay relativities and guiding the success of equal pay for work of equal expenditure. However, there has been many criticism of job eva luation by some HR practitioners, in the late 1980s and early 1990s A numbers of major charges were made against it in many organisation. Critics argued that it was not only bureaucratic and rigid, but also time-consuming and unsuitable in todays organisations.2.4.2 Grade and Pay StructurePay grade is a system indicating rate and shows the rate at which an employee receives basic pay. It is also a means to compare ranks, which may have different names in the different services. Pay grades despatch the employment method by providing a flat range of salary whereas Pay structure refers to the various levels of pay for jobs or groups of jobs by referring to their point as determined by job evaluation as compare to market rate surveys. it provides scope for pay increment in accordance with competence or contribution.Market Rate AnalysisMarket rate tell us the actual salary of some jobs. It is determined by the forces of demand and supply of the labour market. If an organisation pays bel ow the market rate then it will probably have trouble in recruiting and retaining suitable staff. To know the market rate an organisation has to do pay surveys. It helps to obtain and keep high quality staff and response to market pressures.There are some(prenominal) ways in which a company can obtain data on market rates such as Local employment agencies, Job centres, Job adverts in theme newspapers2.4.4 Contingent PayContingent pay measures what do we value and what we are ready to pay for? It refers pay for individual that is related to performance, competence, contribution or service.Employee BenefitsBenefits can be defined as all the indirect financial payments an employee receives for continuing his or her employment with the company. Benefits are generally available to all firms employees and includes such things as time off with pay, health and life insurance, and child care facilities. (Dessler 1997, p503)Today many organisations regard benefits to be an important approach in reward management in order to achieve a competitive advantage in labour markets. Both financial and non-financial benefits play an important function when it comes to attract, keep and motivate employees. As an addition to base pay financial benefits may improve an organisations ability to attract and retain employees, and non-financial benefits allows organisations to meet the specific needs of the employees.AllowancesAllowances may be regarded as additional to base pay. Example of it may be meal allowances where some employees in any organsation are given a sum of money for a meal. deed ManagementPerformance Management refers to a process, which frequently measures work as it occurs. It is a way of obtaining better results by managing performance according to set of planned goals and competency achievements. It motivates people to do the right things by specifying their goal.Non-Financial RewardsIt refers to rewards that are not related to pay but instead satisfaction arising from the job itself like recognition, success, responsibility, autonomy, and leadership skill.Total RemunerationTotal recompense refers to all the monetary reward and benefits than an employee received for working in the organisation.Total RewardsA total reward refers to all the rewards that exist like financial aspects of reward of basic pay, any bonuses and additional financial benefits with the non-financial benefits at the personal and organisational level. WorldatWork (2006) introduced a total rewards framework that proposed to advance the concept and help practitioners think and implement in new ways. Today, professionals primarily use the terms total rewards, total compensation or compensation and benefits to describe the joint strategies. There are five elements of total rewards, each of which includes programs, practices, elements and dimensions that together define an organizations strategy to attract, motivate and keep employees. These elements areCompensationBenefitsW ork-LifePerformance and RecognitionDevelopment and Career Opportunities2.5 INDIVIDUAL REWARD SYSTEMMany sectors of employment use remuneration systems that contain direct relations to individual performance and results. On an individual basis this may be payment by results (PBR) for example bonus, piecework, commission, work-measured schemes and pre-determined motion time systems, measured day work (MDW), appraisal/performance related pay, market-based pay and competency and skills based pay.2.5.1 Performance Related PayPerformance-related pay (PRP) is a method of remuneration that links pay progression to an sound judgment of individual performance. Performance pay may be defined as any remuneration practice in which part or all of remuneration is based directly and explicitly on employees assessed work behaviour and/or measured results (Shields 2007, p.348). Performance related pay is generally used where employee performance cannot be appropriately measured in terms of output pr oduced or sales achieved. Like piece-rates and commission, performance related pay is a form of incentive pay. one-on-one performance is reviewed frequently ( ordinarily once per year) against agreed objectives is known as performance appraisal. Then employees are classified into performance groups which determine what the reward will be. The method of reward involves a cash bonus and/or increase in wage rate or salary.However performance related pay is not very understandable in the mind of researchers. Thorpe and Homan (2000) accounts both for research stating that one of the main advantages of performance related pay is that it attract and retain good employee while other research indicates that performance-related pay fails to motivate and that the employees generally regard the performance-related pay system as unfair in practice.Some drawbacks may be honour employees individually does very little to encourage teamwork and, such schemes also usually carried out only once a y ear assessment and payout, which may burst any incentive effect. If a worker rated less than satisfactory receives no increase at all under an appraisal pay scheme their motivation and morale may be badly changeed. Thus, it is important to focus appraisals on the assessment of performance, the identification of training needs and the climb of objectives, not on any dependent pay.2.5.2 Individual Payment by Results (PBR)The aim of any PBR scheme is to provide a direct relationship between pay and productivity the more hard-hittingly the employee works, the higher their pay. This direct link means that incentives are stronger than in other schemes. However, in recent years traditional bonus, piecework and work-measured schemes have decreased, as many employers have moved to 360-degree feedback, also known as multi-rater feedback that is employee development feedback that comes from all around the employee. Nevertheless, payment by result fails because material shortages or delays can affect production and Individual skills are not rewarded and indeed the most skilled may be put onto more complicated and potentially less recognize work.2.5.3 Piecework, Bonus Schemes and CommissionPiecework is the easiest method of PBR workers are paid at a particular rate for each piece of output. This means the system is simple to cultivate and understand, although open to the shortcoming that it is often at the expense of quality. Pieceworkers must be paid at least the national minimum wage.Incentive bonus schemes is where for pillow slip an extra payment is paid when production exceeds the established threshold, or where there is a raise in sales which surpasses given targets. Variable bonuses can also be paid in relation to performances achieved against pre-determined well-worns so that the higher the performance achieved, the greater the level of bonus produced. However, Armstrong (2006, p.635) mentioned that bonus payment are related to achievement of profit and or to other financial targets.Time rates are used when employees are paid for the quantity of time they spend at work. The honey oil form of time rate is the weekly wage or monthly wage. Generally the time rate is fixed in relation to a standard working week (e.g. 40 hours per week). Time worked above this standard is known as overtime. Overtime is generally paid more than the standard time-rate. It reflects the extra contribution of the employee. The main advantages of time-rate pay are that they are appropriate for organisations that desire to employ workers to present general roles (e.g. financial management, administration, and maintenance) where employee performance is not easy to evaluate.Commission is a payment made to employees based on the value of sales achieved. For example, in sales jobs, the seller may be paid a percentage of the merchandising price or a flat amount of each unit sold (Werther Davis 1997 p.411). The rate of commission depends on the selling price and the amount of effort required in making the sale. Armstrong (2006, p.638) stated that commission provide a direct financial incentives and attract high performing sales staff.2.5.4 Measured twenty-four hour period WorkMeasured day work (MDW) has been developed from both individual PBR and basic wage rate scheme. Salary is constant and does not vary in the short time provided that that the targeted performance is maintained. MDW systems need performance standards to be placed through some framework and undergo modifications as required. It involves estimable commitment of management, workers and change unions. The pay structure is regularly formulated by job evaluation and with full employee agreement. MDW is now somewhat unusual. It suits organisations where a high, secure, expected level of performance is required, rather than highest potential individual performance.2.5.5 Market-Based PayMarket-based pay refers to the salary level available in the market for the same type of work. Factors that help to consider the market rate are the skills that are necessary are widely accessible, the unemployment level in general versus the employment rate and the jobs requirement for specialised skills. It is usually used in conjunction with other rewarding scheme like performance appraisal, but may be element of a reward strategy integrating several performance elements.2.5.6 Competency and skills-based payCompetency and skills-based pay schemes are more common nowadays. There a direct relationship between the attainment, development and effective use of skills and competencies and the individuals pay. Competency and skills-based schemes measure what the employee is inputting to the job. Competency based systems have become more popular because many organisations use competencies in staffing and in performance appraisal for non-pay reason, such as training. There is an increasing trend for pay to be associated to the abilities of the individual. Competency based pay is u sed together with an existing individual performance related pay scheme and will reward them not on the basis of their performance but competencies. Leadership skill or team-working may be examples of competencies. Reward is given for the skills already gained and for the acquirement of new skills that would be helpful in other jobs in the same job band. This can promote multi-skilling and improved flexibility.2.6 GROUP AND ORGANISATIONAL REWARD SYSTEMSGroup pay schemes include those based on the performance of the team, plant or company. Team-based pay gained its importance with the increased interest in teamworking. It reflects the performance of the team. It is not easy to define the team, the goals, and the right reward. Peer group pressure can also be useful in increasing the performance of the whole team. Company based performance pay schemes are based on the whole organisation performance. The most common forms of this system tend to be based on overall profits (profit sharin g), gainsharing systems. They are effective where communications and employment relations are good Share incentive plans involve the planning of shares to employees. In the journal of knowledge management, Milkovich and Wigdor, (1991) said Team-based rewards may potentially result in a loss of motivation because of feelings of inequity due to a sensed free-riding of other team members and the use of an equality principle when allocating rewards rather than an equity-based principle. (Milne 2007, p.33)2.6.1 GainsharingGainsharing is a pay scheme that links workers pay to the success of organisational goals by rewarding performance above a pre-determined target. This is always led by measures of productivity, performance and quality. Gainsharing aims to develop these indicators by improving communications, staff involvement and promoting teamwork. It should be element of a full long-term strategy to maintain an effective system through involvement and sharing. It may thus be used as a substitute for bonus/piecework schemes, where quality is at times lost to quantity. The whole employees and management who have any association in the product of the organisation should be integrated in any gainshare plan. Marchington and Wilkinson (2006, p. 336) pointed out that such scheme have the merit that employees perceive their contribution to the total effort of the organisation and they do not consider themselves as individual units. They further mentioned that gainsharing plan will affect the role of trade union as their collective bargaining will become less important in determining wages or union will think employees will be more committed to the organiastion.2.6.2 Profit shareProfit Sharing means rewarding employees a percentage of the companys profits. Singh (2006, p 385) defines profit sharing usually involves the determination of organizations profits at the end of the fiscal year and the dispersion of a percentage of the profits to workers qualified to share i n the earnings. Profit sharing helps employees to form part of oganisation success. However, Beardwell and Holden (1997, p.574) argued that there is little evidence that such schemes have any great consequence on the performance, motivation or attitudes of employees.2.6.3 Share Ownership SchemesBusinesses whose shares are traded on a stock exchange can allow for shares to its promising employees. This compensation method can motivate employees to be committed to the business in the long run.There are different schemes available which companies can use to offer shares such as2.6.3.1 Share Incentive SchemesUnder this scheme employer gives employees shares directly or ask them to buy. This motivates staff to be involved in the performance of the company. The Share Incentive Plan, previously known as the employee share ownership plan. For example, In the UK, a company using an ESOP can give employees shares worth up to 3,000 each year.2.6.3.2 Savings Related Share Option Schemes (SAYE) All employees and directors benefit from this scheme All scheme members get the right to buy a number of shares (normally at a lower price than their current price) after three, five or seven years. In this period of time, employee members save an expected amount to pay for the shares. If the shares increase in price, employees have a profit when they buy the shares. No income tax is paid on any gains made on these shares.2.7 INFLUENCES ON PAY DETERMINATIONAccording to Beardwell and Holden (1997 p.555) the pay system is affected by the following2.7.1 Beliefs about the Importance of the JobIf a job is considered to be of high value, the salary scale of the job will be higher as compared to other jobs.2.7.2 Personal CharacteristicsIndividual characteristics like age, experience, education, skill affect the salary of a person.2.7.3 Labour MarketThe demand and supply of labour affect pay determination. A business will have to match its pay with that of its competitors before setting its own pay structure.2.7.4 The Strategies and Policies of the CompanyEach company has it own remuneration policy and strategy that determine the salary of its employees.2.7.5 Government Rules and RegulationThe government usually intervene for the welfare of employees like we have the equal opportunity Act, employment right Act 2008, and the employment relation Act 2008. Organisations have to consider all these Act before setting a fair compensation program.2.7.6 Power of Bargaining GroupTrade union action may affect the pay level. They can bargain for an increase in salary.2.7.7 Cost of LivingDue to high inflation rate, the cost of living tends to increase. Thus, this may affect the salary of employee.

Essay example --

Margaret Thatcher is an iconic political figure that goes down in score as the longest serving, and only woman, British Prime Minister in the history of politics in the United Kingdom. Famous for her stern political stance and policies on international policies and relations, Thatcher was nick-named the Iron Lady, a name that well stuck with her considering her ordinary approach to policies and outlook into international politics. Having served Britain for 20 years, Thatcher stands as an important political figure that brought with her great political changes in the United Kingdom. Not only is she noted for her efforts to revolutionize the British economy from Statism to Liberalism, but also her unending efforts to lower inflation and greatly reduce the high unemployment levels that were present in the country when she took office. Thatcher not only involved herself with her home politics, but also those of other countries bringing Britain politics to the international map. She be came a commonly familiar figure with Ronald Reagan, the then chairwoman of the United States of America, and even most surprisingly gained praise and popularity with the then Soviet Union leader, Gorbachev. During her long and eventful stay in office, Thatcher attracted praise and criticism in equal measure. Nevertheless, she remains a political enigma in relation to British and International politics.Margaret Thatcher was born in 1925, in the town of Grantham, to a local businessman who doubled as a grocer and Mayor of Grantham town. She was sent to a local grammar school where her oratory skills sprout roots at a offer age. It has been widely argued that her father served as an influential figure in her life and the towering figure behind her in... ...Britains economy behind. Thatcher also introduced a unfermented strategy on government spending in addition to introducing the concept of home ownership to tenants (The Economist). Thatcher is highly remembered for her involvemen t in keeping the value of the beat in high, a move that has shielded Britain over the recent financial crisis being experienced in Europe. She also restored Britains sovereignty as a spring to reckon with in international politics and the defeat of Argentina over the Falkland Islands(James).Margaret Thatcher remains one of the most famous politicians of all time. Having adopted controversial policies to restrain her own country from the economic mess that it was in, Thatcher became more popular to the rest of the world than in her own country. Nevertheless, she will remain in the books of history as one of the most iconic political enigmas of all time.

My First Time on a Plane - Personal Narrative Essay -- Papers

My First Time on a Plane - Personal register When I was seven years old I went on my real first holiday abroad, to America. I fag end remember waking up at Five oclock in the morning to catch an early flight from Heathrow airport. I was so excited I forgot about the daunting effort of getting up so early. My Mum, Dad, Brother, grandparents and I set off on the long journey to the airport, then Orlando Florida. I remember the white taxi van used to enjoy us to the airport with its incredibly tiny seats, which made getting any sleep impossible. Sitting next to my brother, who was in a very irritable and bothersome mood, made this slightly harder. There had been a major accident on the motorway that held me in suspense not knowing whether we would get there in time to catch the flight. When we finally arrived at the airport my brother was ordered to go and find a luggage trolley, which I remember he was very unenthusiastic about doing. The only par t of checking in I can remember is when my Gran couldnt understand a word the Pakistani steward verbalise only made worse by my Grans hearing impediment. The eleven-hour flight over to America was one of the most exciting parts of the holiday for me. Trying to field out how to put the seat belt into the little lock contraption puzzled me for a while. Even though it was so long ago the musical theme of playing games on the plane with the onboard games console still excites me today. After about five hours of exploring the onboard entertainment, it all got a little boring. So I turned to look out the window and asking my granddad what was below us for entertainment. I remember asking my gran... ...hird day my mum insisted that we visit sea world that you can see backbone in the U.K. but we went anyway and saw a huge whale in a really small tank. But we were cognizant he loves it here. I was not convinced. The rest of the holiday we spent in Miami. Wh en we arrived in Miami the first place we went to was Palm Beach, which was slightly better than the littered beaches at home. The gumption was bright yellow and the water was really blue. Miami, despite its much-hyped reputation is a very strange place. Before I knew it, the holiday was over and we were travelling back to Britain. The eleven-hour journey flew past. When we arrived back in Britain, I didnt know what day it was. So we all slept continuously for three days. The holiday was the best holiday abroad I have ever had and would really like to go back again.