Change within Human Resources - Free Essay Example

Sample details Pages: 4 Words: 1141 Downloads: 6 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? Changing HR Appendix Introductionà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..2 Who is HRà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.3-4 Changeà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..5 Conclusionà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.5 Introduction HR has been the rock of businesses all over the world because they are what make a company. For many years now, times are changing and so is the way HR is being ran. Many would say that HR is changing for the better but it just depends on the era which one comes from. HR goal is to choose the best talent for the company so that it can excel to a higher status and the best way to start is through the em ployees. Before this can happen HR has to be known as the credible source themselves, being the brain of the operation and knowing what the company needs to be successful. They make sure the laws are being enforced as well as the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s regulations. Who is HR? Human resources hold significant meaning to an organization the mother board of the device, the engine to a vehicle, without it things wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t run. r. The HR professionals must be able to demonstrate their understanding of how the organization can generate revenue, who their target customers are and vendors who will give the best deals to save money, what their business cycles are, and what helps to distinguish their products and services from their competitors. They have many duties such as Duties and Responsibilities: à ¢Ã¢â€š ¬Ã‚ ¢ working closely with departments, increasingly in a consultancy role, assisting line managers to understand and implement policies and procedures; à ¢Ã¢ ‚ ¬Ã‚ ¢ promoting equality and diversity as part of the culture of the organization; à ¢Ã¢â€š ¬Ã‚ ¢ liaising with a wide range of organizations involved in areas such as race relations, disability, gender, age, religion and health and safety; à ¢Ã¢â€š ¬Ã‚ ¢ recruiting staff: this includes developing job descriptions, preparing advertisements, checking application forms, short listing, interviewing and selecting candidates; à ¢Ã¢â€š ¬Ã‚ ¢ developing policies on issues such as working conditions, performance management, equal opportunities, disciplinary procedures and absence management; à ¢Ã¢â€š ¬Ã‚ ¢ advising on pay and other remuneration issues, including promotion and benefits; à ¢Ã¢â€š ¬Ã‚ ¢ undertaking regular salary reviews; à ¢Ã¢â€š ¬Ã‚ ¢ negotiating with staff and their representatives on issues relating to pay and conditions; à ¢Ã¢â€š ¬Ã‚ ¢ administering payroll and maintaining records relating to staff; à ¢Ã¢â€š ¬Ã‚ ¢ interpreting and advising on employment legisl ation; à ¢Ã¢â€š ¬Ã‚ ¢ listening to grievances and implementing disciplinary procedures; à ¢Ã¢â€š ¬Ã‚ ¢ developing, with line managers, HR planning strategies, which consider immediate and long-term staff requirements in terms of numbers and skill levels; à ¢Ã¢â€š ¬Ã‚ ¢ planning and sometimes delivering training, including inductions for new staff; à ¢Ã¢â€š ¬Ã‚ ¢ analyzing training needs in conjunction with departmental managers.This may seem like a lot to handlebut with education and the right training things arenà ¢Ã¢â€š ¬Ã¢â€ž ¢t so difficult. Technology is the first key as to the change in human resources, computers and the internet makes for convenience in the workplace. Before the internet became huge companies had to hang a sign in the window for hire in hopes that someone would come in to apply. So HR had to scramble thorough piles of paper application looking for talent and who had what it takes to best fit the company. Of course this was very time consuming but they made it work. Today paper applications are almost extinct everything is done on smart device rather ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a computer, laptop, smart phone, or tablet. With almost everyone in the world with at least one of these devices many have access to applying for these jobs so the search could be overwhelming. Companies have come up with using questionnaires to determine who is best fit for the company and move them to the next step. The goal of the questionnaires is to find out if you are a good fit for both the job and the company, as well as to ask questions that might not be asked during the interview. Personality tests are also becoming more popular. According to Allison Doyle, Personality tests are used to determine your type of personality, your values, interests and your skills. They can be used to simply assess what type of person you are or, more specifically, to determine your aptitude for a certain type of occupation or career. Personality tests range from the five- minute Color Quiz which is supposed to determine your personality type by the colors you select, to the Myers-Briggs Type Indicator which is one of the top-rated personality tests that helps assess your personality type and helps to explore career options. HR uses such these methods because it makes their job a little easier. Social media is yet another means of reaching out to the world for talent companies post positions of sites such as facebook, twitter, and instagram. Sites like these are well known to many and used by companies all over to promote sales. Technology overall can allow companies to progress fast as long as the right people help set the tone. Change Change isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t always easy to introduce so first HR should use the eight step process outlined by Dr. Kotter. Organizations can avoid seeing their company fail or avoid the difficulty of change, by improving their ability to change; they can increase their chances of success in the future. These st eps include create sense of urgency, form coalition, develop change, communicate, remove obstacle, generate short term wins, build on change, and incorporate change into culture. Kotterà ¢Ã¢â€š ¬Ã¢â€ž ¢s Process is known to be successful for over 70% of change in organizations. Thorough research is always needed so that all the information needs to be accurate and from a credible source. Once all the information is confirmed HR should begin reaching out to management informing them of the changes that will soon be taken place so that they can prepare to introduce it to the employees. If more organizations took these measures into making the companies better than they could see a huge change in how employees view their jobs. I feel if the company did their part in making employees feel more involved then workers will take more pride in to what they do and not just look at it as job the needs to be done. My company is huge and I understand that they canà ¢Ã¢â€š ¬Ã¢â€ž ¢t praise each and every person but to be told good job or show some type of recognition would be greatly appreciated even if ità ¢Ã¢â€š ¬Ã¢â€ž ¢s just from the managers. Only time we are acknowledged is when we are being reprimanded for something negative and things shouldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t be like that. Companies take the risk of failing because they donà ¢Ã¢â€š ¬Ã¢â€ž ¢t take the time out to get the necessary information to implement change within the company. Kotters process is a known source and if more companies took the time out to take a risk finding new ways to operate then more success could be seen in the future. Work Cited Unknown, (n.d) https://www.kotterinternational.com/aboutus, retrieved 2/12/14 2009, www.cengagebrain.com, retrieved 2/13/14 Doyle, A,(n.d) https://jobsearch.about.com/cs/personalitytests/a/personalitytest.htm, Retreived 2/12/14 Don’t waste time! Our writers will create an original "Change within Human Resources" essay for you Create order

The Great Awakening By Jonathan Edwards And George...

Jonathan Edwards and George Whitefield had an indirect impact on the American Revolution due the Great Awakening. The Great Awakening was a revival of a person’s personal spirituality sparked by Whitefield and Edwards; which de-emphasized the church. The revolution preached similar messages regarding criticism and tensions of authority. Without these two men, the American Revolution would not have happened as early as it did, if it all. George Whitefield and Jonathan Edwards were both two extreme zealous preachers and very different from each other but had a similar message. George Whitefield was an English Minster, evangelist, and preacher. Whitefield’s purpose was to encourage people to repent their sins and transmute their sinful ways and become preserved to Christ. As for Jonathan Edwards he was a Puritan, preacher and philosopher. Edwards’ concept was to fixate on the experience in religion; he wanted people to understand the distinction between what Edward called a merely notional understanding of something and being in some way inclined with reverence. He wanted people to understand the nature and experience of religion. Both Whitefield and Edwards were important figures in Christianity; they could also be seen as entertainers of that time. Called the â€Å"Son of Thunder†, George Whitefield’s released his powerful voice to spread his message. He constructed messages which revolved around the concept that humankind could never know or reach God because of originalShow MoreRelatedThe Great Awakening By Jonathan Edwards And George Whitefield2041 Words   |  9 Pages12/07/2014 Research Paper for history class: The Great Awakening The Great Awakening was a revival of religion in North America in the 1740s, led by Jonathan Edwards and George Whitefield. During that time, people started thinking more about free will. In their sermons, religious leaders emphasized everyone can be healed by God, including people who the Christian church had previously denounced as not faithful, such as the Baptists and Quakers. The Great Awakening also caused democratization in the northRead MoreAnalysis of the Great Awakening and Revolutionary Thought1655 Words   |  7 PagesAnalysis of the Great Awakening and Revolutionary Thought In the 1730s and the 1740s, religious revival swept through the New England and Middle Colonies. Through these revivals, the colonists came to view religion as a discrete and personal experience between God and man which, â€Å"undermined legally established churches and their tax supported ministers.† (Henretta, P. 112) Joseph Tracey was the first person to describe this period of revivalism as, ‘the Great Awakening.’ In 1841, Joseph TracyRead MoreAnalysis Of The First Great Awakening1219 Words   |  5 Pagesfrom late 17th century to early 18th century, the First Great Awakening was a period of religious growth throughout the British American colonies from approximately 1720 to the 1740s. This awakening was led by many religious figures such as John Wesley - a founder of Methodism in the Church of England, George Whitefield - an Anglican who preached throughout the colonies from 1739 to 1740, and Jonathan Edwards - an Apologist of the Great Awakening who le d the revival in Northampton, Massachusetts. AlthoughRead More The People, Words and Effects of the Great Awakening Essay2789 Words   |  12 PagesThe Great Awakening was an event that occurred in the early 18th century characterized by fervent and enthusiastic worship in a series of revivals that spread throughout the American colonies. This event was noted for the growth of the Christian church and the promotion of traditional Puritan views on the issues of election and salvation. The success of the Great Awakening rests in the pluralistic, ecumenical, and sociological efforts of men from various theological backgrounds, yet espousing aRead MoreFirst Great Awakening2076 Words   |  9 Pagesan interesting topic and one that can be explored at great depths. Revivals of the past, if looked at through the right lens, can awaken hope and desire for God to move again, even in the darkest times. Revivals show us that God is still very much active and interested in His people. The Father desires that we would know Him as a real Person and who loves to make Himself known through His Son Jesus. I wrote my paper on the First Great Awakening mainly because I am from New England and I have a passionRead MoreThe Great Awakening Of The 1730s1630 Words   |  7 Pages The Great Awakening of the 1730s significantly altered the social structure of early Americal colonial society. The laity’s internal subjectivity and passional experiences were validated in regards to religious sentiments. This novel type of engagement of the laity is significant, as previously voiceless social and racial classes were given the authority to proclaim and propagate their interpretations of biblical scripture. The New Lights’ emphasis on the transformative power of the Holy SpiritRead MoreThe Enlightenment and the Great Awakening.1534 Words   |  7 PagesThe Great Awakening and the Enlightenment were two historical events that shaped the thoughts of people and religion in America. 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This significant event in history is known as The Great Awakening, as theRead MoreEssay about Great Awaken ing912 Words   |  4 PagesThe Great Awakening was when religion was sweeping throughout New England with more conversions and church membership. This spiritual awakening took place from 1735 up until 1745. (Brief Outline Notes on the Great Awakening, 1735-45 ) Most of this had taken place within the American Colonies, especially New England.(McCormick, pars. 9) . The Great Awakening had many causes, however the consequences benefitted many. Many people were moving farther and farther away from religion, the GreatRead MoreGreat Awakening Essay1441 Words   |  6 Pagescomfortable and assertive, and had forgotten its original intentions of religious prosperity. The result was a revitalization of religious piety that swept through the American colonies between the 1730s and the 1770s, a movement known as The Great Awakening. This revival was part of an evangelical upsurge occurring simultaneously in England, Scotland, Germany, and other inhabitants on the other side of the Atlantic. In all these Protestant cultures, a new Age of Faith had arisen contrasting the

Experiencing a New Country France free essay sample

In this short essay, I chose a country I traveled to that opened my eyes to different cultures. France is a country full of diversity and a place I would feel honored to return to, in hopes of learning more from the culture they have to offer. Traveling to France I expected to be entranced by the grand architecture and art that had contributed to history, I was mistaken. I found the heart and soul of the nation in the people. I realized, after much travel, that it is the people and their culture continually that amaze me. After exploring France, I discovered the invigoration of hearing a dissimilar language and learning how to adapt to the new environment. While some travelers carried the pride of their nation, I found it invigorating to assimilate into my new surroundings. In order to accomplish this, I decided to learn French in hopes that continual study of common practices would allow me to live the life of a Frenchmen. We will write a custom essay sample on Experiencing a New Country: France or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Upon arrival I found it easy to adopt the concept of public transportation, and each metro ride became more satisfying as I met varying people of varying nations. I then adjusted my eating schedules and found a taste for French cuisine. With this, I commenced greeting my fellow Frenchmen with, â€Å"Bonjour monsieur! † I was determined to not leave as a stereotypical tourist. I made it my goal to experience the nooks and crannies far from tourist France that is so often portrayed. That is when I found myself sitting in a local brasserie sipping â€Å"une lemonade† and thinking this is one adventure of a lifetime. Now being back in Texas, I hope to embark in my next adventure, to be apart of Colgate Univesity, an institution rich with culture and diversity that produces diplomats of the world.

The Corporate Governance Policies Samples †MyAssignmenthelp.com

Question: Discuss about the Corporate Governance Policies. Answer: Introduction The corporate governance policies implemented by a company ensure that the corporation is fulfilling interest of each stakeholder. The directors are responsible for ascertaining the importance of each stakeholder, and they have to formulate regulations that are focused on the satisfaction of their interest. Traditionally, the theorists provides that maximisation of shareholders interest in the primary goal of an enterprise. Shareholder theory asserts that the shareholder faces the primary risk in a firm by investing their capital, therefore, it is the moral duty of directors to maximise their return. The stakeholder theory ensures that the directors do not violate the moral rights of different stakeholders in a firm and equal balance should be maintained between the interest of shareholders and stakeholders. A company can benefit a large section of society by implementing a broader approach. This report will analyse various article on shareholder and stakeholder approach to determine their role in the development of company and community. The benefit of stakeholder approach over the society will be discussed in the report as well. Further, the report will evaluate theories of justice to analyse the moral duties of directors towards the stakeholders and provide a few suggestions for better implementation of stakeholder approach. Purpose The main purpose of this report is to review the articles on shareholder and stakeholder approach to analyse their impact on a company. Mainly the report will focus on theories given by R. Edward Freeman and Milton Friedman to understand the social responsibility of an organisation towards different stakeholders. Further, the report will examine the influence of adopting a stakeholder approach by an enterprise over the welfare of society. Many theories of justice will be discussed in the report to understand the moral and ethical duties of the company towards its stakeholders. The secondary purpose of this report is to analyse various theories of corporate social responsibilities and provide recommendations to directors for better implementation of stakeholder theory. Scope Mainly, the report will focus on studies of R. Edward Freeman and Milton Friedman regarding shareholder and stakeholder approach and its impact on corporations performance. Various other theories of corporate governance will be included in the report to understand the responsibility of directors towards stakeholders. The thematically approach is adopted in the report to review various studies of the theorist. Literature Review According to Ferrell Fraedrich (2015), a company is an artificial person created by the association of peoples to carrying on a commercial activity, the capital of the corporation is divided into small parts called shares, and people who invest their money into companies business is called shareholders. Previously, it was considered that a firm is liable towards its shareholders because they face the primary risk in an enterprise. Therefore, the directors should prioritise the interest of shareholders and formulate strategies to maximise the value of shareholders stock; this theory is called shareholders primacy. As per Shah Bhaskar (2007), due to the advancement of technology, regulations, and policies, modern companies did not prefer to implement a shareholder primacy model. For decades, maximising shareholders return was the primary focus of companies, this goal has been an inextricable factor of legislation in modern communities. In recent years, the growing popularity of stake holder approach has challenged the perception of shareholder primacy model. The companies adopt stakeholder approach rather them shareholder primacy model because it assists firm in fulfilling their social responsibilities. According to Smith (2003), the fundamental distinction provides that company should always focus on fulfilling the interest of stakeholder even if it reduces the corporations profitability. Friedman (2007) argued in his paper that the theory of stakeholder interest is against the growth of an enterprise, it is disadvantageous for the future progress of a firm. A company is an artificial person, therefore, it has artificial responsibilities, only human beings are socially responsible towards the society. Friedman (2007) stated in his article that the policy of stakeholder approach is started by trade unions and socialist groups to justify the activities of a company which is against its core values. A company is formed to satisfy the requirement of shareholders since they face the primary risk in a firm. Friedman (2007) provided that executives are the agent of shareholders and their primary responsibility is towards them. Boatright (2006) gives a similar theory in his article by providing that managers are not liable towards stakeholders, the directors failed to appreciate the benefit of shareholder primacy and how it benefits the interest of other stakeholders. Boatrig ht (2006) argued that it is not the responsibility of directors to formulate stakeholder-based policies in the firm, the shareholder primacy model automatically benefit the interest of multiple stakeholders. Freeman, Harrison, Wicks (2007) argued that the directors are not just answerable to shareholders, it is their duty to consider the interest of each individual or group to which affected by the operations of an organisation. The role of corporations is not just doing business anymore; the process of manufacturing has changed by the advancement of technology such as assembly line, which requires specialisation and hard work on employees to work correctly. According to Post (2003), while operating business in domestic or international markets, company has to follow new regulations provided by the government. The ownership of companies has become more dispersed because the corporations have the option to raise capital from different sources such as banks, financial institutes, and shareholders. Freeman, Harrison, Wicks (2007) stated that it is necessary that directors satisfy their employees, unions, government, investors, and shareholders to become successful, therefore, effective st akeholdermanagement policies are required in a company. The managing of stakeholders means creating as much value as possible for multiple stakeholders, without resorting to compromises. The directors manage the corporate governance of a company, therefore, it is their duty to formulate policies for the satisfaction of multiple stakeholders interest. Jensen (2002) argued that stakeholder theory should not be considered as valid because it does not focus on the satisfaction of fundamental corporate principles of a company. There is clarity in having a single objective model, such as shareholder primacy theory because stakeholder approach creates confusion, dispute, unproductivity and competitive failure of the company in the market. Another concept of Director Primacy Model is provided by the Bainbridge (2005), this model provides that directors are responsible for establishing corporate governance objectives, therefore, they should have the power to ensure relevancy of each stakeholder. The shareholders should not review the director's decision and the directors should focus on maximising shareholder stock value. This model has multiple flaws such as lack of review mechanism, no preference to creditors interest and no method to measure good faith of directors. According to Coelho, McClure Spry (2003), the modern corporations are not just profit machines; they have a social responsibility towards different sections of society and directors should formulate policies for the satisfaction of stakeholders interest. The growth of an enterprise is directly linked to the satisfaction of stakeholders interest; the directors should fulfill their ethical duties by satisfying the benefit of stakeholders. Benefit of Society by Stakeholder Approach The stakeholders in a corporation can be defined as individual or group who influenced or get affected by the achievement and failure of a firm. According to McVea Freeman (2005), a stakeholder invests money into firms operations and gets directly or indirectly affected by the actions of the enterprise. Stakeholders are divided into three categories: primary, secondary and excluded. The primary stakeholders have economic relationships with the firm, and they directly affected by the practices of a corporation. The primary stakeholder includes shareholders, employees, creditors, consumers and many others. The secondary stakeholders did not have any financial interest, but they get affected by actions of a firm. The example of secondary stakeholders is society, media, public and many others. The excluded stakeholders neither have a financial interest, nor they get affected by companys actions, but their opinion has significant influence over enterprises operations. The excluded stakeh olders include government, socialist groups, environment and many others. The primary and secondary stakeholders include a large part of society, and they assist company into attracting a large number of shareholders. It is necessary that directors satisfy the stakeholders interest to benefit various sections of society. As per the research of Martin (2010), a company cannot satisfy consumer and shareholder at once because it is impossible to meet two variables. The directors preferred shareholders approach but the satisfaction of stakeholders interest attracts a large number of a shareholder in a company. Zhang, Dawes Sarkis (2005) provided that the return of shareholders is determined after reduction of statutory payments such as taxes, wages and interest on debts; therefore, shareholders focus on future profits rather than present value. The directors can attract shareholders by enhancing future profits of a company which can only be achieved by fulfillment of stakeholders interest. The stakeholders approach equally distributes the capital between a so ciety which assists in the development of communities and corporation, and it is the responsibility of the firm to satisfy the interest of stakeholders. Theories of Justice Regarding Stakeholder Approach As per Ekvall, Tillman Molander (2005), the normative ethics examine the beliefs of a person; they are part of theoretical ethics. The normative ethics inspect the rightness or wrongness of an opinion, for example, if a person believes that stealing is incorrect than normative ethics analyse is it correct to hold such beliefs. Rawls (2009) describe justice as fairness of the acts; he further provided two concepts of justice. The first principle provides that equal freedom should be given to each individual and second provision retrain discrimination between parties unless it is the necessary to the benefit of minorities. The company should consider the interest of each stakeholder as equal, and directors should avoid discrimination to ensure proper implementation of justice theories. In shareholders primacy model, a company uses the peoples (other than shareholders) as a means to achieve the value maximisation of shareholders, the stakeholders of corporations are a means to an end t hat is increasing shareholders value. According to Jones, Felps Bigley (2007), Immanuel Kant provided that it is morally wrong of a company to use stakeholders merely as a means to an end, the peoples should always be treated as an end. As per Kantian view theory, each stakeholder has an equal position in a company and directors should not discriminate in their interest, in order to achieve the benefit of one section, the interest of other parts should not be violated. The Utilitarian theory is opposite of Kantian view model; it provides that it is not the duty of directors to consider the interest of stakeholders. The directors have agent principle duty towards shareholders, and they should perform every such action which is necessary for maximising their value, by following the law. The stakeholders interest will automatically fulfill by maximisation of shareholder value. Many theorists believe that this theory has no practical use in modern corporations since satisfaction of stakeholders assist in shareholders value maximisation. Rawls (2009) emphasis on equal wealth distribution between peoples because it assists in the overall development of the society. The directors have a duty of care and loyalty towards different stakeholders, the duty of care is analysing the interest of each stakeholder while formulating corporate governance policies. The duty of loyalty provides that directors should take appropriate actions to avoid the conflict of interest of various stakeholders. These duties force directors to fulfill the moral responsibilities of the company and ensuring that the firm adopts stakeholder approach. Other Stakeholder Theories Several theories apply stakeholder approach in a company and assist in the fulfillment of moral duties of a corporation. In recent times, corporate social responsibility approach is significantly popular among modern enterprises. According to Matten Moon (2004), the corporate social responsibilities implement various environmental and social measures into the framework of a firm which ensures that interest of different stakeholder being fulfilled by the company. The CSR policies focus on fulfilment of statutory principles along with the improvement of the society. There are numerous benefits of implementing CSR policy such as brand recognition, positive image, higher sales, ease in attracting investment and better retention of qualified employees. Another theory is Creating shared value model; it focuses on connecting competitive advantage with the CSR principles because it establishes health competition in the market. Porter Kramer (2011) stated that the director could apply Creating shared value theory by implementing a specific mechanism, such as reorganisation of objectives, redefining of products, and better serving in markets. The director can also apply a circular economy approach which can be beneficial for the corporation and society. According to Lieder Rashid (2016), the circular economy implements a regenerative system improve the impact of the company on community and environment. Various methods can be executed by the company, such as recycling, reusing, manufacturing better products, repairing and maintenance, which assists in the reduction of wastage, saving energy and better utilisation of resources. In case of modern corporations, the stakeholder approach is more beneficial since it helps in sustaining the future development of the firm. Conclusion and Recommendations In conclusion, adopting a stakeholder approach is beneficial for modern corporations because of its multiple benefits; it also assists companies in fulfilling their duties towards society. The enterprises have numerous responsibilities towards society, therefore, they cannot adopt a shareholder primacy approach since it is discriminating against other stakeholders. Various sections of society are benefited due to the implementation of stakeholder approach by a firm. As per the theories of justice, the directors have a duty of care and loyalty towards stakeholders, and they should ensure that equal benefits are provided to stakeholders. The directors can implement various approaches, such as circular economy, CSV, and CSR, to ensure that company fulfills the interest of its stakeholders. As per my recommendations, the company should change the focus from shareholders primacy approach by altering the terms such as maximising shareholders value to maximising companys values. The proper examination of companys operations should be performed by the directors to evaluate the number of stakeholders and their requirement. The directors should ensure that an adequate stakeholder approach is implemented by the company to fulfill its moral responsibilities towards the society. The director must analyse any external or internal factor which affects the interest of stakeholder, and proper regulation should be made regarding such elements. The directors should also continuously monitor the corporate social responsibility principles and update them as per the requirements. References Bainbridge, S. M. (2002). Director primacy: The means and ends of corporate governance.Nw. UL Rev.,97, 547. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=300860 Boatright, J. R. (2006). Whats wrongand whats rightwith stakeholder management.Journal of Private Enterprise,21(2), 106-130. Coelho, P. R., McClure, J. E., Spry, J. A. (2003). The social responsibility of management: A reprise.American Journal of Business,18(2), 51-56. Ekvall, T., Tillman, A. M., Molander, S. (2005). Normative ethics and methodology for life cycle assessment.Journal of Cleaner Production,13(13), 1225-1234. Ferrell, O. C., Fraedrich, J. (2015).Business ethics: Ethical decision making cases. Nelson Education. Freeman, R. E., Harrison, J. S., Wicks, A. C. (2007).Managing for stakeholders: Survival, reputation, and success. Yale University Press. Friedman, M. (2007). The social responsibility of business is to increase its profits.Corporate ethics and corporate governance, 173-178. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function.Business ethics quarterly, 235-256. Jones, T. M., Felps, W., Bigley, G. A. (2007). Ethical theory and stakeholder-related decisions: The role of stakeholder culture.Academy of Management Review,32(1), 137-155. Lieder, M., Rashid, A. (2016). Towards circular economy implementation: a comprehensive review in context of manufacturing industry.Journal of Cleaner Production,115, 36-51. Martin, R. (2010). The age of customer capitalism.Harvard business review,88(1). Retrieved from https://hbr.org/2010/01/the-age-of-customer-capitalism Matten, D., Moon, J. (2004). Corporate social responsibility.Journal of business Ethics,54(4), 323-337. McVea, J. F., Freeman, R. E. (2005). A names-and-faces approach to stakeholder management: How focusing on stakeholders as individuals can bring ethics and entrepreneurial strategy together.Journal ofmanagement inquiry,14(1), 57-69. Porter, M. E., Kramer, M. R. (2011). The big idea: Creating shared value.Harvard Business Review,89(1), 2. Post, F. R. (2003). The social responsibility of management: A critique of the shareholder paradigm and defense of stakeholder primacy.American Journal of Business,18(2), 57-61. Rawls, J. (2009).A theory of justice. Harvard university press. Shah, S., Bhaskar, A. S. (2007). Shareholder View vs Stakeholder View of a Firm: A Review.Paradigm,11(2), 67-76. Smith, H. J. (2003). The shareholders vs. stakeholders debate.MIT Sloan Management Review,44(4), 85-91. Retrieved from https://sloanreview.mit.edu/article/the-shareholders-vs-stakeholders-debate/ Zhang, J., Dawes, S. S., Sarkis, J. (2005). Exploring stakeholders' expectations of the benefits and barriers of e-government knowledge sharing.Journal of Enterprise Information Management,18(5), 548-567.

Meno by Plato Philosophical Ideas

Macro-economics Essays - Macroeconomics, Economy, Economics

Macro-economics Essays - Macroeconomics, Economy, Economics Macro-economics Macro-economics GDP measure Expenditure approach Weakness of using GDP to measure wellbeing CPI Measure and its problem Unemployment Definition friction, structural and cyclical unemployment Inflation In the long run, the increase in MS leads to inflation Cost: Shoe leather cost, menu cost and tax distortion AD-AS Shape of AD and AS curves Monetary policy Open market operation Contractionary and expansionary monetary policy Draw graph to explain how monetary policy helps with inflation recession Fiscal policy Definition Instruments graphing Multiplier effect and crowding-out effect For graphing question, please draw graph clearly and label properly, and give brief explanation Graphing, labeling and explanations all carry marks. Graphing to illustrate monetary policy (expansionary and contractionary) Chinas central banktightened monetary policy by raising the interest rates it charges in open-market operations and on funds lent via its Standing Lending Facility. What type of monetary policy did Chinas central bank implement (expansionary or contractionary monetary policy)? What will be the impact on the economy, all else being equal? Use graph to illustrate. https://www.bloomberg.com/news/articles/2017-02-03/china-s-pboc-increases-interest-rates-in-open-market-operations MS2 Money supply, MS A D2 Y1 Y2 P2 Money demand at price level P AD1 Quantity of money 0 Interest rate r2 r1 (a) The money market (b) The aggregate-demand curve Quantity of output 0 Price level 3. ... which decreases the quantity of goods and services demanded at a given price level. 2. ... the equilibrium interest rate Increases... 1. When the RBA Decrease the money supply ... P1style.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibilitystyle.visibility Graphing to illustrate fiscal policy The above-mentioned moves underscore the leaderships determination to push up funding costs of short-term tenors to rein in leverage andswitchto the combination of less monetary stimulus and more fiscal support, after earlier easing fueled bubbles in bonds and the property market. What types of fiscal support can the government give? Use graph to illustrate its impact. https://www.bloomberg.com/news/articles/2017-02-03/china-s-pboc-increases-interest-rates-in-open-market-operations Quantity of output Price level 0 Aggregate demand, AD1 Increase government purchase or reduce tax rate AD2 7style.visibilitystyle.visibilitystyle.visibility Short answer question examples Explain shoe leather cost. It refers to the cost of converting between cash and other assets during high inflation. Explain interest rate effect that is used to explain the downward sloping curve of AD A lower price level reduces the interest rate, which encourages greater spending on investment goods. This increase in investment spending means a larger quantity of goods and services demanded. Explain sticky wage theory Nominal wages are slow to adjust, or are sticky in the short run. Wages do not adjust immediately to a fall in the price level. A lower price level makes employment and production less profitable. This induces firms to reduce the quantity of goods and services supplied. Is unemployment rate a perfect measure for unemployment? Justify your answer. It is not perfect measure because at least two groups of people cannot be accurately classified. Some people may claim to be unemployed in order to receive financial assistance, even though they arent truly looking for jobs. They are mistakenly classified as unemployed. Discouraged workers, people who would like to work but have given up looking for jobs after unsuccessful search, dont show up in unemployment statistics.

How Has the Proliferation of Privately Funded Prisons Changed the Research Paper

How Has the Proliferation of Privately Funded Prisons Changed the Criminal Justice System in America - Research Paper Example The proliferation of privately funded prisons in America began in the 1980s when privately owned companies such as the CCA (Corrections Corporation of America) and Wackenhut Corrections were listed as legitimate companies and went public in the stock market (Shichor, 1995). The privatization of prisons, which began nearly three decades ago, due to the burgeoning population of inmates in the publicly funded prisons, and its direct impact on the budget and rising costs, is a phenomenon which can be best described as the takeover of the publicly funded prisons by a group of private operators and signifies the emergence of a whole new era, that has significantly impacted the criminal justice system in the country. The contemporary private prisons business which took off after a privately funded for-profit company, the Corrections Corporation of America, offered to lease a government facility, leading to a historical contract, that any government had ever entered into with a private opera tor. The aggressive policies towards curbing drug abuse, and the resultant strengthening of the laws, further gave an impetus to the private correctional facilities as more and more inmates were seen being transferred by the federal government to such private prisons. According to Cheung (2002) the federal involvement in privatization of prisons, due to the major overcrowding of the federal prisons is one of the fundamental reasons for the proliferation of private prisons in the country. Figure: Rise in number of inmates between the period 1980-2007 Source: U.S. Department of Justice, Bureau of Justice Statistics Proponents of the privatization of prisons have argued that increased in privatization of prisons, help in cost savings thus garnering continued public as well as political support. Such a claim is backed by research conducted over the years to substantiate the hypothesis. It was observed that the private companies have significantly contributed in cost-savings by reducing cost-per-inmate and offering affordable services as compared to the public prisons (Steiner & Wooldredge 2009). However, this claim was further rejected by another study, which stated that there is hardly any difference with regard to cost-savings, since privatization has only contributed to approximately 1% savings (James & Garry, 2001). The underlying purpose of privatization of any government undertaking is to ensure better quality and effective service provision in the sector and afford cost-savings without compromising on the quality of the service delivered. Privately funded prisons have claimed that they offer better quality services as compared to public prisons, a claim which was substantiated with empirical evidence by researchers. In order to receive accreditation, prisons are required to fulfill various criteria, such as providing improved quality of services such as food, education, health etc., to the inmates; effective implementation of rehabilitative programs; and re ducing the aggressive episodes between the staff and inmates, along with various other factors such as providing a safe and healthy living environment for both the staff as well as inmates (Logan, 1991; Lanza-Kaduce & Parker, 1998; Thomas, 1997; Archambeault, 1996). In recent study conducted by Segal (2005) it was observed that merely ten percent of the public prisons were able to fulfill the criteria to receive accred