How the organization should select, recruit, train Essay

SUMMARY The following report consists of a guide on how the organization should select, recruit, train and make the most out of the new HR mangers. In addition, it is composed of an introductory program welcoming the graduating managers, takes into account the training needs and methods and the monitoring of employee performance to judge whether or not employees are satisfied and know the goals of the organisation. Furthermore, the career development allows for the opportunity for managers to revaluate their self-confidence, as well as career paths for an improved future for employees. Finally, we will talk about strategic management and the methods of consistency for employee development and the techniques managers need to know. By utilizing these procedures the company will facilitate the training of the new managers. INTRODUCTION In a growing number of organisations human resources are now viewed as a source of competitive advantage. Even the public sector has gradually moved from rules and regulations based HRM approach to a more values-based approach, which understandably has resulted in increased focus on accountability. There is greater recognition that distinctive competencies are obtained through highly developed employee skills, distinctive organisational cultures, management processes and systems. This is in contrast to the traditional emphasis on transferable resources such as equipment. Human Resource Management (HRM) is concerned with the acquisition, development, utilisation and accommodation of human resources by organisations. Increasingly it is being recognised that competitive advantage can be obtained with a high quality workforce that enables organisations to compete on the basis of market responsiveness, product and service quality, differentiated products and technological innovation. The new HR managerial positions aim to complete these needs and achieve high consistency of the HR practices that are vital for the organization. 1. HRM-AN IMPORTANT ASPECT Firstly, it has to be buried in mind that HRM is a very important function within the organization. An effective implementation of HR procedures means a good investment in both the employees and the managers, line and senior ones. Human Resources is a key element for the organization and through the effective implementation of the procedures that will be carried out through a certain strategy, the organization actually achieves its objectives and becomes more devoted to quality and improvement. By following these procedures the organization can gain more loyalty, dedication and flexibility, and in the same time employees, due to this commitment, can broaden their learning horizons and feel more need for improvement. HRM is the key to the future, when effective and continuously improving people will have been considered as an organization’s main competitive advantage. It is the group of procedures and activities that bring the right person in the right place. The new HR managers have to be selected and trained in the best way possible. Their decisions and actions in the future will play a big role in the company’s future development. 2. SELECTION- RECRUITMENT TECHNIQUES Making the new managers more HR consistent implies that the managers have the proper skills for this job and can achieve the organization’s objectives. A whole new selection technique should be carried away and adjusted to the HR needs of the company. This means that the factors affecting which of the candidates will be selected and recruited, will consist of the vital HR procedures and activities The new candidates should be aware of all the skills that are required, but also should know every detail of what the job of the HR manager involves. 2.1 Job profile Through an effective job analysis the organization could avoid extra costs for re- advertising the positions, re-training costs and could reduce labor turnover. The job description should include all the skills, the abilities and the knowledge that are required for the managerial positions. It has to be made clear that the new vacancies that the company offers include clearly HR procedures and the knowledge of HRM theory and extended aspects of HRM is crucial. The new vacancies aim to give solutions to problems related to the staff of the company. This implies that the skills involved in the new vacancies include team working and development. To obtain a reliable job description, the company could ask some HR experts, which are members of the organization, to create a job analysis that will include all the above elements. The job description should include the title HRM manager and as said before, it should also include the main HR tasks. 2.2 Person specifications Labor turnover could be reduced in low levels with a clear person specification. The job advertisement should consist of demanding HRM skills and more specifically skills that are related to team working, socialization, influence over others; intellectual capacity and smart way of talking. It should also include information about the company, its environment, its culture and some compare with competitors. The vacancy should be advertised through means such as newspapers and agents, but more importantly the organization should approach universities and colleges and advertise the vacancy there. The new managers should have a high level of education and be specialized in HRM. Obtaining references for the new managers could be limited to university sources. The course plan that the graduates have followed should be parallel to the job demands. The application form is an element that should be carefully designed for the specific demands of the new HRM vacancies. It is the first step in identifying who your most suitable candidates are and what skills each one holds. It should contain fields about education qualifications, with specific reference to modules that the graduates have attended. Some questions about physical condition in comparison to some tests for drugs and health condition will be desirable. 2.3 Interview plan When the selection process has been completed and it is clear which of the candidates qualify the basic demands, the next important step is the interview. The whole process should be designed very carefully and in a way that will make it more reliable. The interview is the organization’s first approach to the candidate. This interpersonal exchange of information allows not only the candidate become more familiar with the organization and its objectives, but also the organization itself with the candidate. The flow of information from both sides has as a result a precise evaluation of both parties. The steps that follow comprise the essential structure of the interview. Step 1 Get prepared for the interview. Find the right place and make sure it is comfortable and friendly, so that the interviewed will be feeling relaxed and outgoing. Distinguish who the interviewees will be and provide them with information regarding the interview plan and a description of how the process should be completed. A panel interview is suggested as the most reliable one. The interviewing team can consist of up to 10 people, but the process should be approached carefully or else the candidate may feel uncomfortably when being bombarded by questions from 10 people one after another. There may be also a clerk to take notes and an equal opportunities adviser to ensure that all procedures are followed. The interview team can be separated and complete 2 interviews per candidate, to ensure that there is absolute agreement between the interviewers. Before the interview begins all the relevant documents, especially the application form of the candidate should be read carefully and some bullet points can be made for each candidate. This way when the candidate will be interviewed the interviewee can bring in mind some skills of the first and can make additional questions. The nature of the measurement of the candidate should be agreed before the interview. This can be carried out by a points system based on how closely the candidate meets the skills that were stated in the job description. Step 2 After the preparation the interview can be opened. Opening is a very important part. It sets the tone of the interview process. Before the interviewee starts with the questions, a short introduction of the staff and the company should be made for the ice to brake and the candidate to feel more comfortable. A very important element of the interview is listening. Apart from the introduction and the questions, the candidate is doing most of the talking. The interviewees should let the candidate talk as much as possible so that they can draw a better picture of them. It is crucial that the candidates are asked for HRM skills. Moreover some key questions relating to HRM theory could be a good aspect of evaluation. An example of question would be how the candidate perceives the concept of HRM. Another one would be on how they believe that staff can be improved and leaded effectively. There are some key points that should be carefully treated during the interview. First, the interview should be structured and it has to be made clear what it is trying to elicit. The organization needs 10 new graduates for managerial positions in HR functions. This has to be buried in the mind of the interviewees and should make them evaluate the candidates according to their HR skills. The questions should be agreed before the opening of the interview and they should be prompted and followed-up through a controlled procedure. Finally, it has to be examined that all the measures of the Equal Opportunities Act have been addressed. It is crucial for the organization not to neglect the law. Equal opportunities should be given to all candidates irrelevant to ethnic group, sex or religion. The new managers can be trained only by people who respect laws and do not make discriminations. Both the Race relations Act of 1976 and the Sex Discrimination Act of 1975 should be taken into account. Step 3 The final stage of the interview plan involves the summation of the data and the closing of the whole process. The organization should give the opportunity to the candidate to ask some questions. This way it can be made clear if the candidate is really interested for the vacancy and in combination with the recorded data a clear and precise evaluation can be made. A lot of attention should be given in the recording of the data. The important issues discussed should be taken down into paper and some notes about the behavior of the candidate during the interview, can be complementarily made. Above it is mentioned that there will be 2 different groups of interviewees that will question the candidate. The first group will be the one to ask the candidates about their skills and questions related to the application form. The second group will test the candidate in a workplace simulation. During this procedure the candidates will have a brief group meeting, where they will be tested in a case study situation. The candidates will be assessed The organization should follow these steps in selecting the appropriate candidates. As mentioned again right people in the right place is the key function of HRM. Introduction is a crucial point in the selection and recruitment process. If this process is effective and the evaluation is 100% reliable there will be no need for staff turnovers and moreover the organization will have found the most suitable people for the new managerial positions. 3. INDUCTION PROGRAMME After the selection procedure is finished and the new managers have been selected, a series of training and development techniques should be implemented so that the organization will meet the demands of HR which are characterized by lack of consistency. The induction programme is a key aspect of the Human Resource Department. Primarily, it is the first time the new manager and the organisation come in contact after the relationship of employer and employee is established. Before the actual training program, the induction process should ease the arrival of the new manager by being supportive of their needs, well structure and last but not least co-ordinated. The aim of the induction process is to familiarise the inexperienced manager with the organisation and its surroundings. Therefore, their anxiety of entering the new organisation is dispelled as fast as possible. Likewise, this process assists in inducing the organisation culture. This principal operation is not only critical for managers working for the first time but also for employees with prior experience. In addition, after this process has been successfully completed, it will help the managers in associating them with their colleagues and superiors. All personnel want to feel acceptance by the colleagues. Additionally our induction programme will be consequential in bringing about sufficient teamwork. Consequently, a system of communication exists in the environment. In order for the company to obtain less disruption amongst its new managers and the existing employees, they should be fully and functionally integrated in the company and their own department. It also makes the manager comfortable at another level. By touring the premises, the prospecting managers are facilitated by knowing about various departments and their location. It will state to them the do’s and don’ts of the organisation. It will show them where the canteen is and where the cloak is. It is at this stage of the welcoming process that training specialists come in hand. Their responsibility is to plan, organise, and direct a wide range of training activities. Trainers conduct orientation sessions and arrange on-the-job training for new employees. Planning and program development is an important part of the training specialist’s job. In order to identify and assess training needs within the firm, trainers may confer with managers and supervisors or conduct surveys. They also periodically evaluate training effectiveness. A brief outline of the company’s history should be included as a supplementary guide in directing them to the set of values and mission statement of the company. They inform them about the range of products and their functions (including a demonstration) as well as a brief summary of the organisation’s main suppliers and target customers. By introducing the new managers to the firm’s handbook, they will learn about the benefits, plans concerning holidays and sickness and the company’s rules, disciplinary procedures and the payment of wages. During the course of the induction programme, emphasis should be placed on both individual and group training. Each new manager should be aware of how of how to handle circumstances that require problem solving. They should be proficient in either acting alone or as part of a group. Another component of the induction programme should be that the aspiring managers are well equipped with a computer program, which the organisation will provide immediate feedback to any problems that may arise, so as to generate communication for managers both with their employees and superior managers. They should possess both simple skills (the application of spreadsheets) and complex skills (functioning of pilot simulations). In conclusion, they should also occupy the skills for electronic learning. This may involve interactive Internet-based training, multimedia programs, distance learning, satellite training, videos and other computer-aided instructional technologies, simulators, conferences, and workshops. 4. TRAINING Having successfully accomplished the induction programme the determined managers should head to the training program. Training is fundamental to the selection process in judging whether or not your managers are capable in their positions. Training and development managers as well as specialists should conduct and supervise training and development programs for all its incoming employees. Increasingly, our management should recognise that training offers a way of developing skills, enhancing productivity and quality of work, and building loyalty to the firm. Training is widely accepted as a method of improving employee morale, but this is only one of the reasons for its growing importance. Other factors include the complexity of the work environment, the rapid pace of organisational and technological change, and the growing number of jobs in fields that constantly generate new knowledge. In addition, advances in learning theory have provided insights into how adults learn, and how training can be organised most effectively for them. Each and every one of the ten managerial graduates should appreciate the fact that training helps rank-and-file workers, by discovering which individual is most specialised for each job and division. Furthermore, training simplifies this process by placing all trainees in every single job to analyse which individual is most suited for each job. What is more, it maintains and improves their job skills (they may set up individualised training plans to strengthen an employee’s existing skills or even teach new ones) and possibly prepares them for jobs requiring greater skills. Training methods include on-the-job training (such as the program for the current training method). Schools, in which shop, conditions are duplicated for trainees prior to putting them on the shop floor, hence providing for them enhanced situations. Taking that into consideration, the managers will also recognise that superior quality, swift productivity and the minimisation of labour costs due to the fact that the specialised person for any job will produce output at a faster rate and therefore more will have been produced at a lower cost. Some companies have set up leadership or executive development programs among employees in lower level positions. These programs are designed to develop potential and current executives to replace those retiring. Trainers also lead programs to assist employees with transitions due to mergers and acquisitions, as well as technological changes. Managers should be taught how to be more open-minded and should be social and friendlier towards their employees. So that in turn, the employees will feel closer towards the company and especially their managers. This way, employees will be able to express their problems in a clear manner to their managers. In addition, managers should offer their help and advice to employees so that they will equally feel more satisfied and more importantly feel equal to their managers and all other staff. By helping one another the employees will feel as though they play a fundamental role in achieving the company’s objectives. Moreover, they will feel more content and thus more focused on performing their best. Therefore, maximum output by each employee will be achieved. The training process that should be carried out for your new managers is that upon selecting them they should be placed in a room to watch a specified videotape presenting them with the Human Resource basics. Moving along, they should attend lectures and take an active part in seminars. Both of these steps will need an inspired speaker in order to keep them concentrated and focused on their roles. An improved technique in communicating with the managers in these lectures and seminars are visual aids such as videotapes and slides. However, for the process to be complete and moreover essential, the company should encourage their inexperienced managers to ask questions so that they can fully comprehend the information represented to them and feel adjusted in the company. Then they should be taken inside the corporation and to put their recently acquired to practice by observing real working procedures and more significantly take part in talking to the employees themselves and sharing the wealth of experience and knowledge they have. On a final note, they can also help them with obstacles they may have in their duties. From this whole experience, they will learn that the aspects of Human Resource Management are to work effectively as a team and to treat employees fairly. A recommended form of training is role-play where individuals act out a role with others in the group. This process is especially beneficial to the instruction of the managers as they can recognise most of what they have done. More relevantly, it will be highly practical in the course of the training. Another aspect of role-playing is that managers may further develop their inter-personal skills and will associate more with their colleagues and feel more open towards each other. 5. PERFORMANCE MANAGEMENT Performance Management is a systematic and data-oriented approach to managing people at work that relies on positive reinforcement as the major way to maximise performance. Performance management is necessary for the success of any type of corporation due to the fact that it takes into account the talent, knowledge and skills of its managers-and then helps them improve their qualities. It is intended for anyone who manages the performance of others. Whether you are a first-time work leader or an experienced supervisor, manager, program director or department chair, performance management will provide your company with useful information with respect to the managers’ conditions. For performance managers, this changing environment offers many new challenges and opportunities. Performance managers and their employees are increasingly being asked to become generalists who step outside of traditional narrowly defined job descriptions in support of team objectives and goals. These changes are resulting in the development of new approaches to human resource management. The performance management process provides an opportunity for the employee and performance manager to discuss development goals and jointly create a plan for achieving those goals. There are a couple of steps that managers must learn to keep staff orientated and what is more, to stay thriving, be profitable and have linkages to customer engagement. In the first place, you must identify the employee’s individual strengths. You must position that individual to perform a role that capitalises on these strengths. When we refer to â€Å"strengths† we are referring to a person’s ability to provide consistent, near-perfect performance in a given activity. We believe that, when selecting employees, companies have spent far too much time and money focusing on the skills and knowledge of employees and not nearly enough on their talents, which are the basis of strength and success. You must find a way to engage these talented employees. Again, there are many ways to do this for instance by paying them more, provide more generous benefits, but these are low-character solutions. The only way to engage talented employees successfully is to select and develop remarkable managers. Grand managers can select the best people, set accurate expectations for them, motivate them, and develop them. Companies that are unable to create this kind of environment will loose not only in terms unsatisfied employees but equally, sales and their customer base. They will loose more talented people than they keep. They will miscast, over-promote, undervalue, and otherwise misuse those talented employees who do stay. Lacking talented people in the right roles, these companies will have to revert to less robust routes to performance. Pressed by high character competition, these routes will serve these companies poorly. In the end, lacking great managers to keep it on the right path, these companies will loose. So, in order to avoid becoming one of these companies the organisation must rely on managerial excellence in finding talent and the human resource department in selecting the right managers for this part. Apart from those benefits, it also allows for discussion about job performance (the new managers should conduct an annual performance evaluation) with the employee and provides feedback on strengths and improvements needed. Development plans should contribute to organisational goals and the professional growth of the employee. The performance management process begins with analysis and description of the job. The performance manager identifies essential functions in the job description and the strategic mission and goals of the department or organisational unit. Standards of minimum acceptable performance are developed for the position with the employee. Additionally, standards for performance, which exceeds expectations, may be set to encourage the employee to strive for even better results. Performance should be evaluated based on changes over a period of time. The new organisational theory emphasises a focus on decision-making and accountability at the level where the work is done, the graduates should be qualified in making sound decisions and be liable for their own actions. Similarly, the organisation should develop a service culture that rewards team performance, and the integration of its operations should exist so that communication between departments is accelerated. A proposed performance management system helps in monitoring and documenting employee performance and provides opportunities to develop or enhance employee performance. We would like to state that in order to adhere to the firm’s mission statement and its objectives, the new managers should be instructed upon the use of disciple amongst employees. Managers should be aware of the fact that appraisals should be objective, quantitative and outcome-oriented assessments, which will, in sequence, assist the employee to develop and provide mentoring, coaching, and constructive feedback. Most managers like to think that if they are effective, they will not have to discipline employees. Unfortunately, the need to do so does crop up. The primary reason for knowing how to discipline employees is to enable the manager to quickly stop undesirable employee behaviour and guide employee work patterns back within acceptable norms. Discipline is also important for several secondary reasons. One secondary reason for disciplining is that discipline problems do not correct themselves. When discipline problems are ignored they tend to get worse rather than better. Another secondary reason for terminating behaviour problems is that they invariably lead to other problems which are potentially more dangerous to the manager. These other problems include morale problems, performance problems, control problems, and even other discipline problems. On the other hand, an effective manager who solves discipline problems starts a different cycle. The benefits to the manager are in the form of good morale, performance and control, and thus recognition from higher levels for a job well done. This manager will get the next available promotion. In closing, an annual or periodic HRM audit check will allow a firm to proactively identify and correct employment-related problems before they reach a critical stage of paralyzing the firm’s business operations. 6. CAREER DEVELOPMENT When people lose sight of their career goals, they often lose confidence in their own ability and commitment to their manager. In turn, the newly acquired graduates should be competent in dealing with their employees and knowing how to evolve their career prospects and how to comfort them and reassure them that they can actualise their careers according to their individual talents and dreams. It is due to these principles that career development is another mandatory aspect of our departments to teach the new managers. There have been a number of significant changes in the field of management development over the last decade. Organisational structures have become flatter and management development needs have consequently changed. Career development is currently focused on being highly responsive to the changing needs of the organisation, as well as those of the individual. Similarly, the needs of managers in small businesses will be different to those in more mature, hierarchical organisations. The arriving managers should keep in mind that there is less emphasis on formal, structured training programmes and a shift towards more informal and flexible development options. There is now a much greater emphasis on self-development and continuous learning. The professional managers should take advantage of the fact that international assignments are becoming more and more typical parts of a managerial career owing to the ever-increasing pace of globalisation in the world today. As an outcome, cross-cultural leadership competencies are required within international companies, meaning that managers must have concise communication with their employees and be distinguished in preparing reports for their superiors. The culture of an organisation can be positive and supportive, or threatening and destructive. Our career development culture should help address the momentous issues of productivity, competitiveness, affirmative action, and succession planning. It will additionally support people in redefining their talents and realising the full potential of their jobs. Managers should play a key role in creating a career development culture. Managers seldom do performance appraisals properly because they are afraid of their workers and the workers are virtually paranoid about the slightest negative note on their files. In order for our company to have the cutting edge, our new managers must be honest with the employees. A better way is to organise a system of mentor ship, in which, managers ease any tensions that may exist between the employees and the employer. A managed career development culture can pay great rewards to an organisation and the people working in it. Employee development is important to the success of the individual as well as to the company as a whole. Through our performance-feedback process, employees are able to create an Individual Development Plan to help them focus their efforts on areas that need the most development so they can improve and enhance their performance. The plan includes goal statements describing what skill, knowledge or experience will be developed, the rationale for why it’s important to develop these areas and a list of activities that will be done to achieve these goals. Managers should moreover create an Employee Handbook, describing to them their position and value to the corporation. This will be a ‘living’ document that will be updated and added to as needed and as you grow your company. Coach the new graduates in dealing with performance issues or work habit problems and in parallel demonstrating the ability to conduct employee counselling. Last but not least, it should assist in complying with requirements for governmental reporting. An Employee Handbook will be a ‘living’ document that will be updated and added to as needed and as you grow your company. While completing and implementing a Career Development Plan can never guarantee success or promotion, increased skills and expertise will improve marketability, both inside and outside of the corporation. The performance feedback process provides the structure and resources for assessing current skills, understanding the company’s skill needs, establishing individual goals, and developing an action plan to meet goals and improve abilities. A postal survey of managers in career service organisations showed that, while technical infrastructures for knowledge management are present, managers do not fully recognise the capabilities of the infrastructures that they have. This may be due to poor career development managers. Knowledge management infrastructures are examined in the context of prevailing organisational cultures. In conclusion, one can say that career management’s central focus is on guiding its new managers to performing more clearly when they have to aid their employees on problems such as: Where is my career going? What are my contributions to the company? It is increasingly about the need to face and manage change successfully. About securing the future well being of the business and recognising that this may require fundamental change. Management development is also, then, the key to organisational renewal and certainly, it has been used as a lever for change in sectors such as finance, telecommunications and healthcare. 7. HUMAN RESOURCE MANAGEMENT’S FUNCTIONS As we are in the dawn of the 21st Century, our campus requires a dramatically different approach to the personnel function, to support the strategic plan’s implementation, and to help our employees effectively manage the consequences of unprecedented change. As a result, the transition from past practices to new ones will require a very different vision for the personnel function. The Human Resources function must serve as an active, strategic partner in the University community by providing services and a competitive compensation/benefits program to help attract, retain, and motivate a highly-talented, committed, and diverse workforce. The HR staff must exhibit sensitivity, judgement, and appropriate flexibility, as well as promote fair and equitable treatment of all employees. Furthermore, amongst other functions of human resource management should incorporate promoting a campus culture that respects and values all employees. Additional functions include: * Communicating honestly and clearly with the campus and its employees. * Focus on people, eliminating bureaucratic â€Å"red-tape† going on for decades now. * Utilising the full potential of the human resources to the firm’s advantage. * Maximise resources by utilising technology to its fullest extent to improve efficiency, effectiveness, transaction processing and overall service. * Offer competitive, market-based compensation and a comprehensive benefits package to our employees. * Recognise and reward performance and accomplishments utilising the Performance Review and Development (PRD) process. * Promote a learning environment with professional development, training, mentoring, and continuing education. * Embrace and promote the principles of continuous quality improvement (CQI). * Collaborate across cross-functional lines (compensation, employment, benefits, and employee relations & training). 8. STRATEGIC HRM & CONSISTENCY IN HRM PRACTICES Strategic human resource management has been defined as ‘ the linking of human resources with strategic goals and objectives in order to improve business performance and develop organisational culture that foster innovation and flexibility ‘. Strategic Human Resources means accepting the human resource function as a strategic partner in the formulation of the company’s strategies as well as in the implementation of those strategies through human resource activities such as recruiting, selecting, training and rewarding personnel. Whereas strategic human resource recognises human resource’s partnership role in the strategizing process, the term HR Strategies refers to specific human resource courses of action the company plans to pursue to achieve its aims. By design the perspective demands that human resource managers become strategic partners in business operations playing prospective roles rather than being passive administrators reacting to the requirements of other business functions. Strategic human resource managers need a change in their perspective from seeing themselves as relationship managers to resource managers knowing how to utilise the full potential of their human resources. It has to be taken into account that the lack of consistency in human resource practices and procedures which has resulted in complaints, is due to, the inadequacy of a current, well-written employee handbook. Therefore, employees are unclear about substantial policies and practices. Employees question their decision to join your firm, they are unsure of basic company information (organisation, history, culture, etc) and they are unclear of their role within the organisation. What we must do in order to ensure that they execute a continuous flow of HRM procedures is realise that they require more supervisory and human resource time to answer questions and concerns. Other methods could insist on the correct conducting of effective and consistent performance appraisals are by the application of standardised performance appraisal forms. A form ensures consistency and completeness of the appraisal. The purpose of a performance appraisal is not merely to comment on past behaviour. Rather, it should be designed and conducted to influence or change on future performance and behaviour and to guarantee that the incoming managers, on a continuous level, regulate the degree of consistency in HRM practices. 9. CONCLUSION The above manual comprises a strategic approach to the organization’s HR functions. The suggested steps that are outlined in this report aim to make the organization familiar with how an effective and consistent HR department can work. An effective implementation of the suggested strategy could help the organizations meet its key objectives easier. The new HR managers are expected to bring improvement and quality culture to the organization. The new culture will establish new standards and more commitment from all the members of the company. Learning is a vital factor and its procedures should never stop being updated. The future of the organization depends on the development of its members. Therefore the selection of capable and skilful employees is vital and should never be neglected.    REFERNCE/BIBLIOGRAPHY * Armstrong, M and Baron, A (1998). â€Å"Performance Management- the new realities†. * John Stredwick, (2000). â€Å"Human Resource Management†, Reed Educational and Professional Publishing Ltd. * Foot, M. and Hook, C. (1999). â€Å"Introducing Human Resource Management.† Longman. * Munro-Fraser, J. (1954). â€Å"A handbook of employment Interviewing†. Mcdonald and Evans. * Taylor, S. (1998). â€Å"Employee Resourcing†. * Mullen, J. (1997). Starring Roles. â€Å"People Management† 29 May, pp.28-30 * Holbech, L. (1998) â€Å"Motivating People in Learn Organizations† Butterworth-Heinemann INTERNET SITES * http://www.smartbiz.com/sbs/cats/perf.htm * http://www.amtekhr.com/services.html * http://www.otis.com/hr/subcatg/1,2244,CLI1_HRC4_RES1_SCM33,00.html * http://www.bls.gov/oco/ocos021.htm * http://humanresources.about.com/

Polaroid Corporations Essay

In late March 1996, Ralph Norwood was faced with the task of restructuring Polaroid’s capital structure. In the past, Polaroid had a monopoly in the instant-photography segment. However, with upcoming threats in the emerging digital photography industry and Polaroid experiencing recent losses in their market share due to Kodak’s competition, Gary T. DiCamillo, recently appointed CEO of Polaroid, headed a restructuring plan to stimulate the firm’s performance. The firm’s new plan has goals such as to aggressively exploit the existing Polaroid brand, introduce product extensions, and enter new emerging markets such as Russia in order to secure Polaroid’s future. In addition to the plan, DiCamillo has included certain core objectives that Norwood would need to consider in his recommendation. These values include goals of value creation, financing flexibility, and staying with the â€Å"investment-grade† rating for bonds. His plan would have to afford Polaroid low costs and continued access to capital under alternative debt policies. Norwood would need to access the right optimal strategy with these restrictions; that is to say that even if the most optimal capital structure was to force Polaroid’s bond rating under BBB-rated, Norwood would need to settle for some middle ground. Financing Requirements: Polaroid faces several business risks in March of 1996 that will affect its financial policy. The company must consider foreign risk exposure, demand variability, and the ability to develop new products in time and compete in a developing, innovative market. Polaroid is still essentially a one-product line company, deriving 90% of its revenues from photographic products. Polaroid must also consider the threat that digital imaging technologies pose towards the company’s future. With the start up development of these new technologies, it is clear that Polaroid will not have a monopoly in these markets. In addition, Polaroid experiences business risk with their increasing revenues coming from developing countries. Approximately 9% of Polaroid’s sales in 1995 came from Russia. Exhibit 2 (Information on International Revenues) shows the percent of total international sales is on the rise, while U. S sales are on the decline. Even though, Polaroid does have international lines of credit and probably other strategies to reduce currency risk, their business in these developing international markets does pose increasing market risk. The business risk from competitors and international markets does signify that Polaroid will need additional funding to keep up. The company must maintain a strong and flexible balance sheet to accommodate for future financing needs. Another area of concern is Polaroid’s earnings coverage ratios. While Polaroid has a relatively low debt ratios that are comfortably in the AA-BBB range, the company is struggling to maintain safe earnings coverage multiples on its interest payments. The issue is magnified in the future as market equity grows thus increasing WACC. Without better earnings, Polaroid will not be able make interest payments on the additional debt required to balance the company’s optimal capital structure. The use of debt and the resulting additional financial risk is a decision that Norwood must ultimately make. Norwood is also concerned with developing a long term financial strategy for Polaroid that will enable the company to grow according to DiCamillo’s plan. Virtually all of Polaroid’s debt is maturing within the next six years. The major components are listed below. – $150 million in notes at 7. 25%. which mature on January 15, 1997 – $200 million in notes at 8%, which mature on March 15, 1997. Employee Stock Option Plan Loan with scheduled semiannual principal payments through 1997. Interest rate has varied over time, but is very low due to tax benefits to ESOP lenders. – $140 million in convertible subordinated debentures at 8%, which mature in 2001. They are convertible to common stock at $32. 50 per share. They are not redeemable until September 30, 1998 unless the stock price exceeds $48. 75 for 20 of 30 consecutive trading days. Norwood wants to restructure Polaroid’s debt and equity to maximize the company’s future potential. During this restructuring, Norwood wants to keep the cost of capital low, create value, and preserve Polaroid’s investment grade in order to allow for future borrowing at investment grade status. Polaroid’s Current Position The current capital structure is not appropriate for Polaroid, and it will inhibit the company’s ability to meet future financial demands. After analyzing Polaroid’s current debt maturity structure, the group concluded an eventual downgrade of the company’s BBB bond rating by the end of 1996 according to the coverage ratios. The cost of debt drastically increases when a company enters the non-investment-grade status, while the switch amongst investment-grade ratings is relatively marginal. Exhibit 1 shows the maximum amount of debt Polaroid could have for each credit rating. Polaroid’s current investment-grade rating must be maintained to keep costs low and protect the Polaroid brand name. To maintain this rating, Polaroid needs to stop repurchasing stock and have an issuance of equity in 1996 to avoid a downgrade to junk status. Polaroid needs to make these changes to its capital structure to have flexibility and preserve its bond rating. Any persisting needs can be funded through debt financing. Our Recommendation We recommend issuing $200 million in equity initially to pay off the $150M and $37. 7M debts. This will not only allow the firm access to much needed capital, but will also decrease the leverage ratio and minimize financing risk. Also, the ESOP program will be temporarily suspended to reduce leverage. Currently, Polaroid’s D/E is far too high at . 4. This additional equity brings it to a more manageable . 22. By analyzing the coverage ratios, we predicted that if equity was not issued by 1996, the company would lose its BBB rating. Our recommendation first and foremost considers the preservation of Polaroid’s BBB status. The advantage to a new equity issuance is that it will provide needed capital without damaging the company’s financial statements. This will provide flexibili ty for further borrowing in the future and make it easier for Polaroid to maintain its debt rating. Furthermore, when capital is needed in 1998, we will issue $425M in 5-year bonds. This gives Polaroid the lowest WACC and maximum leverage while maintaining BBB status. At this point the ESOP program will resume with the company re-levering. With a somewhat flat yield curve, longer term bonds are not significantly cheaper to outweigh the flexibility that 5-year bonds offer. If earnings improve in 5 years, a capital structure with more leverage may be preferable. Having 5-year bonds gives Polaroid this flexibility. Exhibits 2 and 3 show that a capital structure with a D/E between . 22 and . 26 is optimal. Given the consistent growth in market equity capital, additional borrowing and possible share repurchases will be necessary in the future to stay in this range. This strategy would open the door for Polaroid to find the optimal capital structure while still adhering to the values of the new CEO. The objective would be to choose the option with the lowest weighted average cost of capital, thus creating the most value, maintaining a minimum of a BBB rating, and also allowing flexibility.

How did Tolstoy have such a fascinating insight to every level of society?

Leo Tolstoy, -a Russian novelist, a social and moral philosopher and one of the greatest writers of all time- lived during the period of realism. Most of his works present the reader to Russian life in the early 19th century and some of them deal with Russia's past history or social system. How did Tolstoy have such a fascinating insight to every level of society? How did history or the people around him influence his writing? In what ways did he, himself influence people through his writing? Why do people, today read his works all over the world? Leo Tolstoy was born on September 9, 1828, at Yasnaya Polyana, his parents' estate close to Moscow. His mother died when he was two years old. His father was a landowning nobleman, and he died when his son turned nine. Orphaned at an early age, Tolstoy was raised by his aunt, a deeply religious woman. The young Tolstoy received his first education from German and French tutors who taught him at home. Having a good education seemed really important in his eyes, so he attended a university where he studied law and languages. After having lost interest and disagreeing with some of the teachers, he left without a degree and went back to his family's old estate to continue the family tradition. (McGraw-Hill, p. 481) There he set out to reform the imperfect Russian society. During his college years Tolstoy came across some famous works of Jean Jacques Rousseau. The words of the French political thinker, who lived during the years of Enlightment, made a huge impact on the young Tolstoy. Rousseau had great trust in the common people, those who were mostly looked down by higher society. He argued in favor of equality and called for the abolition of all titles of rank and nobility. Tolstoy liked these views and agreed with most of them. He, too, had had faith in the lower classes and clearly saw the faults of nobility. â€Å"Man is born free, and everywhere is in chains,† was his favorite quote from Rousseau. (World History, p. 435) But never would he have imagined what kind of a conflict he got himself into by expressing his views on society. Tolstoy saw the dissipation and extravagance of high society, and also the injustices and poverty of serfs. Serfs were the people forced to work on the land in Russia's feudal system. The feudal system in Russia meant that poor families received land, food and housing from a nobleman, and they worked and served him in return. These people were treated very badly, they lived among horrible conditions and they had no hope of ever improving their condition of life because they never received any education. Tolstoy clearly saw the injustices of this situation and he was saddened to see generations of people sentenced to working for someone else with no way out. He was determined to become a model farmer and a â€Å"father† to his serfs. (McGraw-Hill, p. 481) He traveled to France and Germany and visited several dozen elementary schools across Europe. Finally, Tolstoy set up a school for peasant children, giving them a way to escape their destiny. Because of these actions Tolstoy became in conflict with higher society, which was not happy about the increasing awareness of serfs. His family also limited his generosity; his wife was especially annoyed because of her husband's charity towards the poor. Tolstoy married his wife when he was 34 and Sofya Andreyevna Bers was 16 years younger then her husband. She was a very intelligent, strong-willed woman who gave Tolstoy great happiness and 13 children. Tolstoy continued to work with his serfs and convinced his friends and other people around him to try and better the life of the work force. To everyone's astonishment his estate thrived under the new system where serfs were paid and given education and they lived among better conditions. By making these changes in his estate's economic life and managing it successfully, he convinced many other landowners to improve, too. After the birth of his children, Tolstoy had his own family to think about. Although he never had financial problems, he had to provide a living for his quickly growing family. In the next 15 years he raised a large family and as an escape from everyday problems into the past he wrote his two greatest novels: War and Peace and Anna Karenina. War and Peace represents a high point in Tolstoy's life. It is the story of 1812 when Napoleon, a French general attacked Russia. The story contains 559 characters; important military battles and portrays of historically famous people. The main theme, however is the changing lives of four Russian aristocratic families. Its general message is love of life in all circumstances which was inspired by Tolstoy's personal happiness. The shorter novel of Anna Karenina also deals with high Russian society, but it is more of a psychological work than any of his other pieces. This novel gives the reader the idea that Tolstoy greatly disapproves of intellectuality and urban sophistication and is tormented by the mission of humans in this world (http://www. geocities. com/Athens/Acropolis/6681/tolstoyb. tm). War and Peace and Anna Karenina realistically portrays Russian society in the early 19th century and probably that is the reason why every generations of people all over the world enjoy Tolstoy's works. The next 15 years were spent with seeking the ultimate meaning of life. Tolstoy went through a serious, long-lasting spiritual crisis that gave birth to two of his lesser- known works: Confession and Critique of Dogmatic The ology. In these writings he bravely attacked social inequality and the ultimate powers of government and church. His life was more and more dominated by the desire to achieve social justice and an acceptable system of moral principles. At this time he became involved with public matters and participated in many social events. During this period Tolstoy's relationship with his family became estranged. He planned on giving away all his wealth, but his wife would not hear of it. She would not share the thought of her husband that by doing good things to others might help you achieve understanding of the meaning of life. Finally, they reached a compromise and Sofya received the copyright to all his works before 1881. McGraw-Hill, p. 483) Tolstoy's last years were filled with his worldwide celebration, but they bought him great unhappiness. During these years he lived far from the world, and led a quiet life. Rejecting the foundations of Russian society and religion he established his own religion in which he explained that God lives in all people. The Eastern Orthodox Church for his view of God excommunicated Tolstoy. At the age of 82, in 1910, increasingly tormented by his personal beliefs, religious persecution, his personal wealth and by the hopeless quarrels with his wife, he decided to leave his family. He set out on his last pilgrimage in search of justification and truth. Three days later he fell ill and died on November 20, in the home of a station manager. He was later buried at his dear Yasnaya Polyana, where he spent most of his happiest years. Tolstoy benefitted from many things he received in his childhood. When foreign teachers tutored him he learned their languages completely. Therefore he knew Russian, his native language, and he spoke French and German perfectly, too. He later applied this knowledge in his books, writing in all three languages. The concept of God and the purpose and meaning of religion troubled Tolstoy throughout his life. He had always been in search of the concept of right or wrong, but never could achieve an understanding of the matter. Tolstoy' on ideas on religion and on nonresistance to evil influenced Mohandas Gandhi and Martin Luther King Jr. Both of these men fought nonviolently for rights and the well being of their people: Gandhi in India against the British and Luther King for equality for blacks. Other famous Russian authors of this period were Fyodor Dostoevsky and Ivan Turgenev. McGraw-Hill, p. 484) Tolstoy's life seems a little bit of struggle at some points, but he really gave a lot to this world. He made a huge difference by getting rid of his convictions and doing what he thought was best for society. He even had the courage to express his views that were not welcomed by most of the people around him. Tolstoy is known for his books, however, that bought him worldwide acclaim in his living, but he is still celebrated today as one of the world's greatest author of all times.

Thomas Hardy’s View on Time

In hardy's poems time is not constant or limited by a forward direction of time passing nor the vertical view of time. time is a landscape or location upon which we view the different vantage points and aspects of it, and consequently he has given locations the characteristics of time. The journey through locations is constant and forward moving but as in time you can access memories but revisiting them in your mind, or in hardy's sense, by revisiting the location. ou are not locked in time as you are in reality, hardy rewinds time as he chooses and sees what he saw at any period in his life but only when at the location. This comes through in â€Å"after a journey† when hardy revisits a cave and the echo from his previous visit their still remained, as if no time had passed, â€Å"and the cave just under, with a voice still so hollow that it seems to call out to me from forty years ago† Hardy's subconscious is so active that by revisiting a place, any memories from the re reawaken and occupy the scene.In the first stanza of ‘where the picnic was' we are in hardy's memory at the early stages of assumedly Emma and hardy's marriage, when the ‘fire' was still young and strong in their relationship. Hardy is describing a place they went in the summer time. towards the end of the stanza we are indicated that there has been a change and time is allowed to show what is in front of him then juxtaposition is introduced and we are rapidly in this new, dull and derelict scene but the location has not changed.The time jump shows where hardy really is in his life journey. Reminding him that can although he can see all these different vantage points of a landscape there is always on true outcome the present giving time a personality and the ability to ridicule. This relates to â€Å"after a journey† where   Time is personified â€Å"despite Time's derision† time is given a character that in a way as if to taunt Hardy for wanting so mu ch to access old layers of time . Emphasising that time has the ultimate power and control and can not be completely defied

A Project Report On Alcon Mercedes Benz Marketing Essay

A Project Report On Alcon Mercedes Benz Marketing Essay Alcon Mercedes Benz dealership was started in Goa by Aakash Khaunte, MD of Alcon Enterporises in association with Mercedes- Benz India on May 10, 2009. With this dealership launch, Mercedes-Benz India became the first luxury car maker in India to open a dealership, in Goa.Strategically located in Porvorim,the new facility has a total area of 11,100 sq. ft and features a valet service, plush customer lounge & full-fledged workshop with an independent service facility for spares and service advantageously located in Taleigaon having a spread across of over 7500 sq. ft. of space. With an initial investment of INR 2.5 Crores, Alcon’s state-of-the-art dealership represents all the brand attributes of Mercedes-Benz: a magnificent showroom, drive-in valet service, a luxurious customer lounge and well trained staff to complete the Mercedes-Benz experience. Also inaugurated was the service center, equipped with five mechanical bays with very well trained service personnel geared to en sure quick, efficient service delivery. With establishment of the facility at Goa, Mercedes-Benz now enjoys a network spread across 26 cities with over 55 touch-points in India and retains the distinction of being the luxury player with the widest and most intensive network of sales and after-sales services in India. Goa is an important market for us, with an established base of over 125 Mercedes customers already in this region.   Ours is the first and the only luxury auto dealership in Goa- a fact that reinforces our seriousness and commitment about this market. Enter our big world of luxury and convenience. Enter the Alcon Mercedes-Benz showroom and you’ll understand what size really means. The 3-S showroom is executed on a large scale, with a magnificent facia built such that it can be spotted from far away with 200 sq mts. of display area. This glittering space houses spanking new Mercedes-Benzes which show themselves off and additionally there is a huge, plush custome r lounge, where you can relax while your paperwork is done. The whole showroom basks in an exclusive lighting arrangement that gives you the feeling that you’ve entered another world. The Research Research objective: To measure customer satisfaction on sales service provided by Alcon Mercedes Benz. Research methodology: Research Tool: Questionnaire Sampling Technique: Random sampling Sample size: 100. Sample frame: The respondents of this survey are the consumers of Alcon Mercedes Benz. Sample location: Consumers from the property of Alcon Mercedes Benz. Data collection method: Primary data The primary data for this survey was collected from the consumers from the property of Alcon Mercedes Benz through the distribution of questionnaire. Secondary data research Secondary data was generated from internet, magazines and by discussion with the manager. Graphical representation Tools for analysis: Tools such as cross tabulations, percentages, pie charts, column charts are used fo r analysing the data and arriving at the conclusion. Following are the graphical representations and tabulations of the same. Greetings/ welcome at showroom No. of response Highly satisfied Satisfied 40 Not satisfied not dissatisfied 7 Dissatisfied 2 Highly dissatisfied 0    Can you please mention your initial needs of a car No. of respondents Car design 10 Luxury 25 Performance in terms of mileage, power.

Case Analysis Report Essay Example | Topics and Well Written Essays - 2500 words

Case Analysis Report - Essay Example The introduction looks into the history, base and growth of Virgin Group, as well as gives a brief of the subsidiaries of the group that operates in the world. The founder, Richard Branson plays an overseer role in the running of the company having started by simply founding a student’s newspaper. The inspiration that was generated here and hence forth is unimaginable as it has created a multi-billion empire of companies. A SWOT analysis is done based on the company’s operations and the environment with which it runs its business. The competitive nature of the environment drives the company to not only deliver innovations to the consumers but as well offer reduced prices for its services such as air transport hence gaining a competitive advantage over other big market players. The brand name not only gives the company the reputation associated with quality but also places the company at a position to give high standards of service delivery. This report also discusses th e competitive model as put forward by Michael Porter in tackling competition in the business world. The strategies used to implement strategic change in the assumption of effective management. Managers need to strategize market moves that are essential in the management of market dynamics as well as evaluate the direction taken by a company such as Virgin Group as this is an important tool in the forecast of the future position of the company. Finally, the report highlights the key areas that need improvement and the recommendations to ensure the necessary loop holes are sealed for successful penetration of major markets that enhance revenue collection. Introduction Virgin group is a London; Britain based multinational private company that deals in business sectors such as trains, finance, trading, media, music, telecommunication, traveling, entertainment, cars, retailing, publishing, clothing and cosmetics with a lot of subsidiaries in UK, USA, Australia, South Africa, Europe, and Asia. Its CEO, Sir Richard Branson started the business in 1970 and now his empire has more than 250 companies and is organized into layers of holding companies, employing over 25,000 people with its main marketing activities dealing with producing, marketing, providing services and retailing around the world in over 200 companies. The CEO was born in England and as young as 17 his career had already started off as he founded a student magazine ‘Voice of Youth’ and his career culminated when he founded Virgin in 1970 as a mail order record company. What followed later was a success story of the wealthy Sir. Richard Branson as 1984 / 85 Virgin Atlantic, Games, Vision, Cargo and Holidays were launched, 1987 / 88 Virgin Records, Balloon and Broadcasting were launched, 1989 Virgin Vision sold to MCEG, 1992 Virgin Music Group was sold to EMI 1995, Virgin Direct and Cola were launched, 1996 Virgin Express, Trains and Virgin Net were founded, 1997 Virgin Rail Group Limited was established, 1999 Virgin Active and Virgin Mobile were launched, 2000 Virgin Blue was launched and 2002 Virgin Mobile was launched. This endless list shows the trail of success that the Virgin group has been able to achieve over the years and the net worth is built in diverse businesses all under the Virgin brand as the CEO does not to immerse himself in a new venture until he understands the ins and outs of the business. Virgin employs the type of structure

How does Raising Arizona (movie) use symbolism to help explore its Essay

How does Raising Arizona (movie) use symbolism to help explore its theme - Essay Example The film derives much of its language from the disparity between the level of speech expected from the characters and the level of language that is actually spoken. This disparity is there not just for comic effect, but also to contribute fully to the movie’s theme about American self-improvement through upward mobility. H.I. and Ed’s pursuit of a child is symptom of the pursuit of the larger aspect of the American Dream and another aspect is the desire to rise from one strata to the next. The film satirizes the effect of lofty language utilized by those living within a higher class by revealing the truth that that the more sophisticated speech becomes, the more likely it is to become confusing. H.I.’s entire narration is populated by haughtily descriptive phrasing to describe simple concepts: â€Å"Edwinas insides were a rocky place where my seed could find no purchase.† One doubts that the average petty criminal with little education would describe the i nability of a woman to get pregnant in such a way, but it works both for comedic effect and to further the theme of language can barring communication. In addition to H.I.’s narration, the dialogue also works to reveal how terminology works as a symbolic obstruction to simple communication. One of the most hilarious yet satirically incisive scenes in the film reveals the manner in which professional jargon almost seems to be intentionally utilized to create a firewall of misunderstanding. When H.I. appears before parole board language becomes a direct symbol of the way in which law is exploited to support social distinction between the haves and have-nots. The entire conversation about recidivism leads to the actually quite profound joke about the misunderstanding about H.I. â€Å"not just telling us what we want to hear.† The language game taking place in this scene is painfully