Marketing during Economic Depression

Marketing Under the Situation of Economic Depression The financial crisis originated in Wall Street of United States has spread all over the world rapidly. Because of the firmer and closer economic connections between countries, almost every country is beginning to experience somewhat economic depression. Considering the issue of marketing under the situation of economic depression is becoming necessary for many companies in any area of the world. Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. A company wanting to have a successful marketing strategy should first understand the marketing environment around it. A company's marketing environment consists of the actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers. And the economic depression situation should be considered as part of the marketing environment study area. The ever changing microenvironment and macroenvironment offer both opportunities and threats to companies. If a company wants to be successful in any condition, it should know the vital importance of watching and adapting to the changing environment, so it can avoid the unfavorable conditions and grasp any opportunities. Economic environment is one of macro factors that influence a company’s marketing concerns. Theoretically, it consists of factors that affect consumer purchasing power and spending patterns. Under the situation of economic depression, both consumer purchasing power and spending patterns have, to some extent, changed. Therefore, a company must have a clear picture of what those changes are. As for the consumer buying power, depressed economic situation is always related with reduced consumer buying power. For example, during the 1997’s Asian economic crisis, country after country saw their currency depreciate as the crisis unfolded. The consumers of those Asian ‘tiger' economies became more financially cautious and they spent much less at that time. Considering the spending patterns, as Engle suggested, when family income rises, the percentage spent on food declines, the percentage spent on housing remains constant and both the percentage spent on other categories and that devoted to savings increase. The reduced income in the economic depression has a large impact on what a certain person buys, for instance, he may spend less on entertainment or clothes, and the percentage of income spending on food may increase. Therefore, we can see that the depressed economy is going to influence consumer buying behavior. For all the four cultural, social, personal, and psychological factors, they affect the consumer purchase strongly. Under depression, there are a few phenomena that are notable for companies. First, consumers prefer more relatively cheap goods and fewer luxuries. There is a statistic number for the 1997 Asian economic crisis, in Thailand, 58% people didn’t buy any designed clothes any more and 45% people didn’t drink whisky. While recent economic crisis in Vietnam made the sales of automobile plummet. According to a report of VAMA, 16 members of this automobile manufacturing association only sold 11500 cars in May 2008, 2000 fewer those sales of April. Also, consumers may turn to the brands whose brand image are associated with mass market and people buy less imported goods. Second, towards companies’ promotion and advertisement, consumers may react differently than before. Since the economic depression brings a lot of psychological pressure to people, they are not as interested as in the sales ads any more. They may buy goods that are in promotion, but most of them will buy less or buy smaller size packages. Third, as for the shopping place, people prefer the discounted stores that the expensive department store. During the 1973 oil crisis in America, the frequency of 79. % consumers shopping in the discounted stores or buying directly from wholesales increased a lot. Apart from the changes above, there is another point; that is, the consumption of necessities varies a little, since they have relatively inelastic demands. So what should a company do in face of the changing marketing environment? There are several responses as for the environment change. Companies react differently because some view the change is uncontrollable thus passively adap t, while others may try to influence the change and take a proactive approach. The depressed economy is generally viewed as an uncontrollable element, so companies should try to find methods to adapt in the existing situation. To begin with, companies must focus on their core competitive advantage and reduce the extended brands marketing that are not so competitive. In the depressed economy, it is not only the consumers that are influenced; companies also have fewer resources to use. Companies should withdraw from those less competitive markets and use its own limited resources (human resources, capital and marketing channels, etc. used to consolidate and strengthen the markets of products of core competitiveness. Then is the promotion and advertising strategy for the company. As noted before, consumers are not that easily to be influenced by those things. So companies should target the audience of ads accurately, and avoid the way to waste money on the advertising to those who rarely buy the goods. It is suggested that companies use less mass adverting methods , such as ads on newspaper and leaflets. Instead, companies should try to ensure that people who read the ads have a high probability to buy the goods. For example, a Targeting Mobilephone Magazine sends the sales information messages to 200,000 high-end subscribers. That method is of low cost, but it is far more effective than traditional ways. Furthermore is the price issue. People are more sensitive to the price and they want cheaper goods than before since their purchasing power is often reduced during the depression. People decrease their consumption on luxuries and other high quality high price goods. The more for less, the same for less and less for much less value proposition strategy are more likely to succeed in this situation. In addition, since customers are likely to turn to the local discounted stores, companies may change their distribution channels a bit. They can put more goods in the discounted stores and warehouse-style supermarkets. If the economic recession is just in the range of home country, companies can also increase the export. However, not all companies have to take a conservative approach in the economic downturn. For some of them, especially the big and strong companies, it is a good chance for them to expand their market share. Since depressed economy just makes some small competitors bankrupt, the strong companies can get the consumers of those companies, thus having a larger market share. If a company can establish an image that is reliable and indestructible at the time when customers have some psychological pressure, it is more likely to win the favor of customers even after the depression is over. There is a saying, the more serious the depression, the more opportunities in the market. And the CEO of Alibaba. om, Ma Yun, also said â€Å"the economic crisis will create new business civilization. † There are many reasons to believe that the depressed economy brings us both opportunities and challenges. In conclusion, if a company can understand the environment around it well, study the consumer buying behavior carefully, and develop a appropriate marketing strategy for itself, it can certainly have chance to avoid the unfavorable factors and maintain its competitiveness, thus winning under the sit uation of economic depression and any other conditions of the economy.

Adult Development

The results of the interview with my three participants of varying levels of adulthood have indeed demonstrated that their changes are linked to normative age-graded influences (Bjorklund & Bee, 2006). With respect to cognitive changes, Mrs. Sarai Knowles, a 47 year-old mother of three, has within the past three or four years noticed an increase in the amount of time it takes for her to remember the names of everyday objects.She admitted that this phenomenon was preceded by increased difficulty remembering less concrete words, such as adjectives she may have used to help her articulate when having conversations. The onset of memory changes during middle adulthood was corroborated by the other two participants. Though older, Mr. Sean Blankett (72) and Mrs. Evelyn Richardson (88) do recall having such minor, yet progressive memory lapses at approximately 45 years of age.All three participants say that the change has frustrated them during conversation and two of them (Blankett and Rich ardson) say they have had to develop strategies for giving themselves time to think of words during conversations. Mrs. Knowles indicates that she is not sure whether the condition really is one that should be considered a problem. She considers herself to be doing as well as other adults her age. Here she makes reference to her functional age (2006).What activities do you know of that might help you maintain your cognitive abilities over time?To maintain memory health, two of the three participants referred to cardiovascular and neural fitness (Bjorklund & Bee, 2006, p. 126). Mrs. Richardson and Mr. Blankett have mentioned trying to eat more rich colored vegetables.They both also attempt to perform exercises, which they feel have the power to increase blood flow to their tissues (physical activity), including their brains and thereby keep them more alert (2006, p. 126). Mrs. Richardson also regularly does puzzles (Sudoku) in an attempt to keep her mind alert, and Mr. Richardson rea ds a lot.These are examples of intellectual activity (2006, p. 125). Mrs. Knowles admits she is too busy to do anything to improve her memory. She has an idea of the existence of particular vegetables that do improve memory, but she is not sure specifically which ones they are and has not had the time to find out.How did/do these roles (marriage, parenting, and grandparenting) affect their satisfaction in life?When asked about the roles they have filled and the effect that these have had on their lives, Mrs. Knowles and Mrs. Richardson found the role of parenting to be very fulfilling. They enjoyed taking care of their children and even the challenges that attended the years of child rearing. In comparison with grand-parenting, Mrs. Richardson found parenting to be easier but gained a similar amount of satisfaction from grand-parenting.She considered grand-parenting to have the added satisfaction of watching her own children fulfilling the responsibility and gaining the pleasure of being parents. Mrs. Knowles admitted she had limited knowledge of the grand-parenting stage, considering it to be as distant as retiring.On the other hand, Mr. Blankett cited the milestone of marriage as the one that really changed his life because it ushered him into the role of being the provider—first for his wife and then for the family they reared.Mrs. Richardson mentioned the idea of bereavement as being a part of marriage, as one spouse must die before the other. She admitted to feeling death anxiety before her husband died. He was chronically ill for thirteen years.Because of this, she was able to speak of the several ways in which the process death was a loss for her husband (Bjorklund & Bee, 2006, p. 325). He lost functionality gradually, and in a way she said this was like him losing his body before he died. He did lose his relationships too because he became unable to spend time with his friends in the way he used to before his illness.He was also unable to visit his children and grandchildren in the way he would have if he had been healthy. In a way, for Mrs. Richardson’s husband, his final death was only the end stage of a long process of death.All three participants speak of their impending death with some measure of apprehension, but for Mrs. Richardson it appears to be less scary as she indicates she is ready to go and be where her husband is. She apparently believes in an afterlife (2006, p. 325).She will, however, miss her children and grandchildren. Mrs. Knowles does not want to think of death as she still has children who are not yet fully grown (teenagers) and her husband needs her.[For the purposes of confidentiality, fictional names have been used.] ReferenceBjorklund, B. R. & H. L. Bee. (2006). The Journey of Adulthood. 6th Ed. Upper Saddle River: Â   Prentice Hall.

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Terms & Conditions May Apply Movie Critique Review

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Developmental Stage Theories Essay Example for Free

Developmental Stage Theories Essay Developmental psychology is the scientific study of changes that occur in human beings over the course of their life span. Originally concerned with infantsand children, the field has expanded to include adolescence, adult development, aging, and the entire life span. This field examines change across a broad range of topics including motor skills and other psycho-physiological processes; cognitive development involving areas such as problem solving, moral understanding, and conceptual understanding; language acquisition; social, personality, and emotional development; and self-concept and identity formation. Developmental psychology includes issues such as the extent to which development occurs through the gradual accumulation of knowledge versus stage-like development, or the extent to which children are born with innate mental structures, versus learning through experience. Many researchers are interested in the interaction between personal characteristics, the individuals behavior, and environmental factors including social context, and their impact on development; others take a more narrowly-focused approach. Developmental psychology informs several applied fields, including: educational psychology, child psychopathology, and forensic developmental psychology. Developmental psychology complements several other basic research fields in psychology including social psychology, cognitive psychology, ecological psychology, and comparative psychology. Theories Attachment theory Attachment theory, theoretical frame work originally developed by John Bowlby, focuses on open, intimate, emotionally meaningful relationships. Attachment is described as a biological system or powerful survival impulse that evolved to ensure the survival of the infant. A child who is threatened or stressed will move toward caregivers who create a sense of physical, emotional and psychological safety for the individual. Attachment feeds on body contact and familiarity. Later Mary Ainsworth developed the Strange Situation protocol and the concept of the secure base. There are three types of attachment styles: secure, anxious-avoidant, and anxious-resistant. Secure attachment is a healthy attachment between the infant and the caregiver. It is characterized by trust. Anxious-avoidant is an insecure attachment between an infant and a caregiver. This is characterized by the infants indifference toward the caregiver. Anxious-resistant is an insecure attachment between the infant and the caregiver characterized by distress from the infant when separated and anger when reunited. [1] A child can be hindered in its natural tendency to form attachments. Some babies are raised without the stimulation and attention of a regular caregiver, or locked away under conditions of abuse or extreme neglect. The possible short-term effects of this deprivation are anger, despair, detachment, and temporary delay in intellectual development. Long-term effects include increased aggression, clinging behavior, detachment, psychosomatic disorders, and an increased risk of depression as an adult. [2][3] Constructivism Constructivism is a paradigm in psychology that characterizes learning as a process of actively constructing knowledge. Individuals create meaning for themselves or make sense of new information by selecting, organizing, and integrating information with other knowledge, often in the content of social interactions. There are two ways in which constructivism can occur: individual and social. Individual constructivism is when a person constructs knowledge through cognitive processes of their own experiences rather than by memorizing facts provided by others. Social constructivism is when individuals construct knowledge through an interaction between the knowledge they bring to a situation and social or cultural exchanges within that content. [4] Ecological systems theory The Ecological systems theory, originally formulated by Urie Bronfenbrenner specifies four types of nested environmental systems, with bi-directional influences within and between the systems. The four systems are microsystem, mesosystem, exosystem, and macrosystem. Each system contains roles, norms and rules that can powerfully shape development. The microsystem is the immediate environment surrounding and influencing the individual (example: school or the home setting). The mesosystem is the combination of two microsystems and how they influence each other (example: sibling relationships at home vs. peer relationships at school). The exosystem is the interaction among two or more settings that are indirectly linked (example: a fathers job requiring more overtime ends up influencing his aughters performance in school because he can no longer help with her homework). The macrosystem is broader taking into account social economic status, culture, beliefs, customs and morals (example: a child from a wealthier family sees a peer from a less wealthy family as inferior for that reason). Lastly, the chronosystem refers to the chronological nature of life events and how they interact and change the individual and their circumstances through transition (example: a mother losing her own mother to illness and no longer having that support in her life). Since its publication in 1979, Bronfenbrenners major statement of this theory, The Ecology of Human Development[5] has had widespread influence on the way psychologists and others approach the study of human beings and their environments. As a result of this conceptualization of development, these environments—from the family to economic and political structures—have come to be viewed as part of the life course from childhood through adulthood. [6] Psychosexual development Sigmund Freud believed that we all had a conscious, preconscious, and unconscious level. In the conscious we are aware of our mental process. The preconscious involves information that though we are not currently thinking about can be brought into consciousness. Lastly, the unconscious includes those mental processes which we are unaware of. He believed that the conscious and unconscious had tension because the conscious would try and hold back what the unconscious was trying to express. To explain this he developed three structures of personality; the id, ego, and superego. The id, being the most primitive of the three functioned according to the pleasure principle. The pleasure principle states that the id’s motivation is to seek pleasure and avoid pain. Based on this he proposed five universal stages of development. The first is the oral stage which occurs from birth to 12 months of age, second is the anal stage which occurs from one to three years of age, third is the phallic stage which occurs from three to five years of age (most of a person’s personality is formed by this age), the fourth is called latency which occurs from age five until puberty, and lastly stage five is the genital stage which takes place from puberty until adulthood. 7] Stages of moral development Theories of morality that stem from Jean Piaget’s cognitive-developmental viewpoint emphasize shifts in the type of reasoning that individuals use in making moral decisions. Changes in the content of the decision they reach or the actions they take as a result does not occur. [dubious – discuss] Lawrence Kohlberg expanded on this issue specifically during adolescence. He suggested three levels of moral reasoning; preconventional moral reasoning, conventional moral reasoning, and postconventional moral reasoning. Preconventional moral reasoning is typical of children and is characterized by reasoning that is based on rewards and punishments associated with different courses of action. Conventional moral reason occurs during late childhood and early adolescence and is characterized by reasoning that is based on the rules and conventions of society. Lastly, postconventional moral reasoning is the stage during which society’s rules and conventions are seen as relative and subjective rather than as authoritative. [1] Stages of psychosocial development Erik Erikson became a child psychoanalyst like his mentor Anna Freud, Sigmond Freud’s daughter. He went on to reinterpret Freud’s psychosexual stages by incorporating the social aspects of it. He came up with eight stages, each of which has two crisis (a positive and a negative). Stage one is trust versus mistrust, which occurs during infancy. Stage two is autonomy versus shame and doubt which occurs during early childhood. Stage three is initiative versus guilt which occurs during play age. Stage four is industry versus inferiority which occurs during school age. Stage five is identity versus identity diffusion which occurs during adolescence. Stage six is intimacy versus isolation which occurs during young adulthood. Stage seven is generativity versus self-absorption which occurs during adulthood. Lastly, stage eight is integrity versus despair which occurs during old age. In each of these stages either one or the other crisis is developed. The ideal thing would be to have the positive crisis more developed than the negative crisis. [7] Theories of cognitive development Jean Piaget was a Swiss theorist who posited that children learn by actively constructing knowledge through hands-on experience. [8] He suggested that the adults role in helping the child learn was to provide appropriate materials or the child to interact and construct. He would use Socratic questioning to get the children to reflect on what they were doing. He would try to get them to see contradictions in their explanations. He also developed stages of development. His approach can be seen in how the curriculum is sequenced in schools, and in the pedagogy of preschool centers across the United States. Piaget believed that intellectual development took place through a series of stages which caused him to come up with his Theory on Cognitive Development. Each stage consisted of steps which the child had to master before moving on to the next step. He believe that these stages where not separate from one another but rather each stage built on the previous one, hence learning was continuous. His theory consisted of four stages; sensorimotor, pre-operational, concrete operational, and formal operational. Though he did not believe these stages occurred at any given age, many studies have determine when these cognitive abilities should take place. [4] Zone of proximal development Lev Vygotsky was a Russian theorist from the Soviet era, who posited that children learn through hands-on experience and social interactions with members of his/her culture. 9] Unlike Piaget, he claimed that timely and sensitive intervention by adults when a child is on the edge of learning a new task (called the zone of proximal development) could help children learn new tasks. Martin Hill stated that The world of reality does not apply to the mind of a child. This technique is called scaffolding, because it builds upon knowledge children already have with new knowledge that adults can help the child learn. [10] Vygotsky was strongly focused on the role of culture in determining the childs pattern of development, arguing that development moves from the social level to the individual level. 10] In other words, Vygotsky claimed that psychology should focus on the progress of human consciousness through the relationship of an individual and their environment. [11]He felt that if scholars continued to disregard this connection, then this disregard would inhibit the full comprehension of the human consciousness Nature/nurture A significant issue in developmental psychology is the relationship between innateness and environmental influence in regard to any particular aspect of development. This is often referred to as nature versus nurture or nativism versus empiricism. A nativist account of development would argue that the processes in question are innate, that is, they are specified by the organisms genes. An empiricist perspective would argue that those processes are acquired in interaction with the environment. Today developmental psychologists rarely take such polarised positions with regard to most aspects of development; rather they investigate, among many other things, the relationship between innate and environmental influences. One of the ways in which this relationship has been explored in recent years is through the emerging field of evolutionary developmental psychology. One area where this innateness debate has been prominently portrayed is in research on language acquisition. A major question in this area is whether or not certain properties of human language are specified genetically or can be acquired through learning. The empiricist position on the issue of language acquisition suggests that the language input provides the necessary information required for learning the structure of language and that infants acquire language through a process of statistical learning. From this perspective, language can be acquired via general learning methods that also apply to other aspects of development, such as perceptual learning. The nativist position argues that the input from language is too impoverished for infants and children to acquire the structure of language. Linguist Noam Chomsky asserts that, evidenced by the lack of sufficient information in the language input, there is a universal grammar that applies to all human languages and is pre-specified. This has led to the idea that there is a special cognitivemodule suited for learning language, often called the language acquisition device. Chomskys critique of the behaviorist model of language acquisition is regarded by many as a key turning point in the decline in the prominence of the theory of behaviorism generally. [12] But Skinners conception of Verbal Behavior has not died, perhaps in part because it has generated successful practical applications. [12] Mechanisms of development Developmental psychology is concerned not only with describing the characteristics of psychological change over time, but also seeks to explain the principles and internal workings underlying these changes. Psychologists have attempted to better understand these factors by using models. Developmental models are sometimes computational, but they do not need to be. A model must simply account for the means by which a process takes place. This is sometimes done in reference to changes in the brain that may correspond to changes in behavior over the course of the development. Computational accounts of development often use either symbolic, connectionist (neural network), or dynamical systems models to explain the mechanisms of development. Research areas Cognitive development Cognitive development is primarily concerned with the ways in which infants and children acquire, develop, and use internal mental capabilities such as problem solving, memory, and language. Major topics in cognitive development are the study of language acquisition and the development of perceptual and motor skills. Piaget was one of the influential early psychologists to study the development of cognitive abilities. His theory suggests that development proceeds through a set of stages from infancy to adulthood and that there is an end point or goal. Other accounts, such as that of Lev Vygotsky, have suggested that development does not progress through stages, but rather that the developmental process that begins at birth and continues until death is too complex for such structure and finality. Rather, from this viewpoint, developmental processes proceed more continuously, thus development should be analyzed, instead of treated as a product to be obtained. K. Warner Schaie has expanded the study of cognitive development into adulthood. Rather than being stable from adolescence, Schaie sees adults as progressing in the application of their cognitive abilities. 13] Modern cognitive development has integrated the considerations of cognitive psychology and the psychology of individual differences into the interpretation and modeling of development. [14]Specifically, the neo-Piagetian theories of cognitive development showed that the successive levels or stages of cognitive development are associated with increasing processing efficiency andworking memory capacity. In addition, children in higher-levels of cognitive development have been observed to have greater mathematical fluency in basic addition and subtraction problems. 15] These increases explain differences between stages, progression to higher stages, and individual differences of children who are the same-age and of the same grade-level. However, other theories have moved away from Piagetian stage theories, and are influenced by accounts of domain-specific information processing, which posit that development is guided by innate evolutionarily-specified and content-specific information processing mechanisms. Social and emotional development Developmental psychologists who are interested in social development examine how individuals develop social and emotional competencies. For example, they study how children form friendships, how they understand and deal with emotions, and how identity develops. Research in this area may involve study of the relationship between cognition or cognitive development and social behavior. Erik Erikson believed we undergo several stages to achieve social and emotional development. These stages were called the Erik Eriksons Stages of Psychosocial Development. The stages were trust vs. mistrust, attachment, parenting style, ego identity, role diffusion, generativity versus stagnation, midlife crisis, and ego integrity versus despair. Emotional regulation or ER refers to an individuals ability to modulate emotional responses across a variety of contexts. In young children, this modulation is in part controlled externally, by parents and other authority figures. As children develop, they take on more and more responsibility for their internal state. Studies have shown that the development of ER is affected by the emotional regulation children observe in parents and caretakers, the emotional climate in the home, and the reaction of parents and caretakers to the childs emotions. [16] Physical development Physical development concerns the physical maturation of an individuals body until it reaches the adult stature. Although physical growth is a highly regular process, all children differ tremendously in the timing of their growth spurts. [17] Studies are being done to analyze how the differences in these timings affect and are related to other variables of developmental psychology such as information processing speed. Traditional measures of physical maturity using x-rays are less in practice nowadays, compared to simple measurements of body parts such as height, weight, head circumference, and arm span. 17] A few other studies and practices with physical developmental psychology are the phonological abilities of mature 5- to 11-year-olds, and the controversial hypotheses of left-handers being maturationally delayed compared to right-handers. A study by Eaton, Chipperfield, Ritchot, and Kostiuk in 1996 found in three different samples that there was no difference between right- and left-handers. [17] Memory development Researchers interested in memory development look at the way our memory develops from childhood and onward. According to Fuzzy-trace theory, we have two separate memory processes: verbatim and gist. These two traces begin to develop at different times as well as at a different pace. Children as young as 4 years-old have verbatim memory, memory for surface information, which increases up to early adulthood, at which point it begins to decline. On the other hand, our capacity for gist memory, memory for semantic information, increases up to early adulthood, at which point it consistent through old age. Furthermore, our reliance on gist memory traces in reasoning increases as we age.

What Is Succession Planning Commerce Essay

What Is Succession Planning Commerce Essay In Lawrence S. Kleimans writings about the post-hiring phase, he suggests several elements that include training and development, compensation, productivity improvements and both financial and non-financial rewards (p.8). However, another crucial element that todays employees seriously consider when accepting a job opportunity is the succession planning framework of the organisation in question. Succession planning basically involves the establishing of the right people in the right positions at the right time to enable the division and ultimately the organisation to progress towards its goals. Atwood (2007) reiterates this when he explains that succession planning is the on-going process of identifying future leaders in an organisation and developing these leaders to enable them to helm the organisation effectively (p. 1). Atwood also goes on to explain that the succession planning process involves the reviewing of the organisations strategic plans, analysing the existing workforce, forecasting potential trends and developing employees through a structured plan to take over from current leaders who retire or decide to leave the organisation for whatever reasons (p. 1). In Rothwells (2010) writings, succession planning is defined as a means by which to identify and develop internal talent to meet current and future talent needs of the organisation (p. 7). The author further emphasises that succession planning is a deliberate and systematic effort of an organisation to ensure leadership continuity within the organisation. It is also a means to develop intellectual and knowledge capital for the future, and to spur individual advancement (p. 7). Singer and Griffith (2010) suggest that succession planning is more than just replacement planning or merely filling vacancies within the organisation as they occur. The author also states that comprehensive succession management integrates talent management with the organisations strategic planning (p. 1). Succession planning is a proactive initiative which does not wait for the talent or those in key positions to leave the organisation before the process kick-starts. Succession planning is an initiative that is ahead of the curve, anticipating, developing, and ensuring that key tasks are accomplished and knowledge is shared as well as transferred healthily (p.7). Another explanation of succession planning to mull over is Olstein, Marden, Voeller and Jennings (2005), whereby the authors suggest that succession planning is a utility that encompasses a well-developed plan to prepare for the future generational change (p.15). Succession planning is further reiterated as a methodical process that involves analysing the existing workforce, identifying the needs of the workforce in the future and determining the gap between the current and future. It also includes implementing solutions so that the organisation is able to achieve its corporate aspirations (p. 16). Hastings (2005) explains succession planning in four phases as illustrated below in diagram 1.1: Diagram 1.1: Four Phases of Succession Planning (Source: Hastings, 2005, p. 2) The diagram above talks about 4 phases in succession planning that are crucial for the process to be effective. Hastings also reiterates the earlier statements that succession planning is an on-going process and not just a one-time effort. The organisation has to keep the cycle of succession planning going in order for it to be able to effectively position its leadership candidates in the right places. 1.1 Who Needs Succession Planning? Succession planning should be undertaken by organisations who wish to continue their successes in the future or who plan to expand their success in the future. Shipman (2007) states that competitive organisations know that investing in their employees with career development and a good succession planning framework is an investment that will reap multiple rewards (p. 24). Shipman also states that due to the ageing workforce, succession planning is a priority that must be looked into in todays organisations (p. 25). It is an initiative that should involve employees with good performance and who show great potential for leadership roles within the organisation. Succession planning can involve employees from all levels of jobs. Hastings (2005) states that succession planning is needed for staff, with input from staff as well, as staff need to be aligned to the organisations succession planning framework in order for it to work effectively (3). In Rothwells (2005) writings he states that organisational leaders must realise that their companys long-term viability is at stake if they do not seriously structure succession planning. It will affect the retention of qualified talents within the organisation which will lead to serious effects on the organisations strategic objectives (p. 27). An effective succession plan will enhance the smooth transfer of business and allow the organisation to maintain good relationships with employees and business partners by way of (excerpt from the Canada Business Network): Protecting the business legacy Building value for the organisations and its business Providing financial security for stakeholders Dealing with unexpected leadership absences such as death, resignations or termination. Preparing for the future of the business Therefore it can be concluded that succession planning is not only need for the organisations workforce but also for the organisation itself to maintain its competitiveness and to achieve its corporate objectives and goals. 1.2 The Importance of Succession Planning According to Rothwell (2005), succession planning is important for 4 main reasons (p. 41): The continued success and survival of the organisation which depends on the right people being at the right positions at the right time. The lack of good leadership in the market at large to take on the helm of an organisation To encourage diversity and multiculturalism within the organisation To establish the basis for career path planning, development and training plans In the Houston Chronicle (http://smallbusiness.chron.com/importance-succession-planning-5129.html ), Louise Balle suggests that succession planning is an approach whereby an organisation or business owner transfers knowledge or even the administration of the business to another capable or well-equipped individual upon retirement, disability or even death. Balle further reiterates that a succession plan is important because it offers the organisations management or the business owner an alternative for when the need arises. In Elizabeth Harrins (2010) article in The Glasshammer website, it is stated that the number of managers available to step into leadership roles will drop dramatically in the coming years according to a study by EgonZehnder International. The study states that the average company will be left with just one half of its talents by 2015, due to the fact that there are just not sufficient people with the right skills and experience to take the reigns for the future (except from http://www.theglasshammer.com/news/2010/04/27/developing-future-leaders/ ). Therefore, succession planning is a crucial element to ensure leadership continuity within an organisation, without which the organisation will have no capable leaders at the helm for the future. The HR Council for the Non-Profit Sector (excerpt from http://hrcouncil.ca/hr-toolkit/planning-succession.cfm#_secA3 )states that succession planning is important because it can offer the following benefits: The assurance that the organisation is prepared for leadership crises and can maintain leadership continuity. The continued supply of qualified and motivated people who are capable and prepared to take on the current senior positions within the organisation. Assures alignment of the organisations vision and human resources that reflect a good understanding for strategic human capital planning. Shows the organisations strong commitment towards developing its peoples career paths as well as enabling the organisation to facilitate effective recruitment and retention of high-performing employees. A strong reputation as an employer who invests in its people and provides opportunities for advancement. Strengthen employee engagement conveying the message that the organisation values its employees. In an article in The StarBiz (2 July 2007), it is stated that Malaysian companies are generally aware of the importance of succession planning, particularly larger corporations. The article quotes SMR Technologies Bhd Chairman and Chief Executive Officer, Dr R. Palan as saying that common sense dictates that an organisation should have a succession plan in place despite their size and status. Palan also states that in Malaysian government-linked companies, much effort has been made to develop the next level of leadership in a conscious and planned manner. He said that there is a common trend worldwide for large companies to focus on developing stars and A players the top 5 per cent of a companys manpower. He reiterates that smooth successions were a result of well-thought plans to ensure business continuity (excerpt from http://biz.thestar.com.my/news/story.asp?file=/2007/7/2/business/18179462sec=business ). Dr Palan offers an example in The General Electric Company (GE), whereby he states GE is arguably one of the most successful companies in the world with a good track record of returns to shareholders. Dr Palan explains that this is attributed to GEs CEO Jack Walsh, having a pool of three successors, before he retired, to take on the administration of the company. One succeeded Jack Walsh whilst the other two went on to contribute successfully in other corporations. Dr Palan stresses that companies should have a succession plan as it is the only way to stay relevant in a changing world (excerpt from http://biz.thestar.com.my/news/story.asp?file=/2007/7/2/business/18179462sec=business ). Another statement by a Malaysian business stalwart in The StarBiz (2 July 2010) Dr Michael Yeoh states that Malaysian corporations were now increasingly aware of the importance of succession planning in order to establish business continuity in the interests of stakeholders. He quotes that some listed companies on Bursa Malaysia now have three or four possible candidates that could replace the CEO if and when necessary (http://biz.thestar.com.my/news/story.asp?file=/2007/7/2/business/18179462sec=business). 1.3 The Current Issues in Succession Planning The current issues affecting succession planning can take on many facets. According to Rothwell (2001), these issues can include (article 78); An aging workforce and retirement of Baby Boomers. Changes in the work environment with varying processes, technologies and mechanisms. Changes in the workforce with regard to diversity, with the increasing number of immigrant workers in all sectors. Globalisation which includes rules and regulations, government polices and processes as well as evolving methods of business transactions. Military conflicts, affecting countries with civil instability. Technology accelerators, that enable business to be done in a myriad of methods which are different from past business transactions in the 1990s and before that. Tight labour market Unethical and unprofessional behaviour of organisation leadership, that includes prejudice, unequal opportunities and unprofessionalism, amongst others. According to Mathis and Jackson (2010), issues surrounding succession planning are prevalent worldwide. The authors state that the percentage of the aging population in the workforce in Japan, Germany, Italy and England, are even higher than in the USA. Their analysis says that with the growth of the immigrants, employers are facing both legal and workforce diversity issues. The authors also state that in countries with growing native workforces, such as China and India, succession planning is crucial (p. 290). Mandi (2008) explains that issues relating to succession planning can stem from various aspects. Effective succession planning involves the identification and selection of future key leaders, however, if there are no suitable candidates for leadership within the organisation, that poses another problem (p. 88). Organisations must have a formal and structured succession planning framework to ensure the success of this process. Without a formal and structured framework, organisations are sure to meet failure. Many organisations today, especially the smaller establishments, may not see the succession planning as mission critical until a leadership crises hits them. However, succession planning does not always guarantee success for the organisation, however, it can set the organisation on the right path to success. Achieving that success is altogether another aspect to consider and analyse. 1.4 How To Effectively Conduct Succession Planning According to an article in The Star (30 October 2012), change can be traumatic. Large organisations, small businesses, families and even governments are at their most vulnerable during a leadership transition. In many cases, the moment a new CEO takes up the reins, there will be issues, regardless of how competent or experienced the new leaders is on paper. The article suggests 6 critical steps to kick-start succession planning within the organisation: Align the board and top management with the organisations business strategy and map out short-term, mid-term and long-term wins. It defeats the purpose of identifying new leadership candidates to lead the organisation into the future if the future itself is not clear. Build leadership profiles. Identify the attributes needed to help the company achieve its corporate goals. Identify the ideal skills needed and analyse the boards or top managements vision of the ideal CEO in the next five to ten years. Identify high potential talent. Find people within the organisation and externally, who have leadership potential and match them to the ideal vision of the corporate leadership. Develop talent. Have clear cut developmental plans for high-potential leadership candidates, so as to groom these candidates to take on the intended leadership roles within the organisation. Identify their areas of weakness or inexperience and device structured plans to address these areas and provide them with opportunities for more exposure within the organisation. This might mean giving them the opportunity for hands-on experience in management positions that they have never dealt with previously, sending them on overseas assignments, improving their technical skills and business acumen and even shadowing a member of senior management to learn the ropes. Coach high potential candidates. Management succession candidates should receive one-on-one sessions with high level executives to learn more about top management functions and how to manage problems. Internal mentoring is a powerful tool and is incredibly valuable. External executive coaching is also an excellent way to learn new and innovative techniques from other successful leaders. Transfer knowledge. It is crucial for succession planning to establish mechanisms that maintain succession planning despite board or management turnover. The succession planning momentum must be maintained regardless of the changes happening within the organisation. Only then can succession planning be effectively administered within the organisation. Close monitoring of candidates progress. Succession candidates must be closely monitored with regard to their progress and development. A candidate chosen today may not be suitable anymore after a one-year period. Candidates must be evaluated periodically on their current suitability for potential leadership positions in the future. According to Durai (2010), prerequisites for successful succession planning include the following (p. 246); Complete support and patronage from top management. The organisation must periodically review the list of critical positions within the organisation and bring them under the succession planning programme. Whilst determining HR strategies for training and development, the succession planning requirements must be taken into account. The knowledge, skills and capabilities of employees must be developed on a sustained basis. A proper mechanism must be established to provide constant feedback to the potential successors about their performance and progress. The organisation needs to adopt a strategic and holistic approach to succession planning as well as the development of its leadership. 1.5 Conclusion Many organisations realise the importance of succession planning and have great plans to support this idea. However well these plans may have been crafted, there may be hitches in them that need to be addressed. According to Durai (2010), these impediments may include the following (p. 246): Lack of criteria for the identification of the successor Organisations must set clear-cut criteria for the selection of potential succession candidates. This will outline an unbiased framework for the selection of eligible and capable candidates. Existence of traditional succession planning systems Many traditional succession planning systems entail the selection of succession candidates to replace specific individuals instead of the position. This kind of system can often end-up with the identification of a few subordinates by the senior managers for inclusion in the succession planning programme. The organisation should instead identify key positions to be included in the succession planning programme. Only then it should develop a pool of high-potential candidates for inclusion in the succession planning process. Inaccurate diagnosis of development requirements There are many cases where organisations make a wrong assessment of skills requirements of potential candidates. When skills requirements are misjudged, it can lead to the inaccurate selection of training and development approaches as well as performance evaluation methods. Therefore it is crucial for organisations to engage proven methods to identify skills and knowledge requirements for its succession planning candidates. Insufficient emphasis on interpersonal skills requirements Leaders should have good interpersonal and team-building skills that can help them engage employees. Therefore, succession planning candidates for leadership positions must be evaluated on their ability to engage people within the organisation. Often this is not properly evaluated leaving gaps on communication, motivation and socialisation skills for potential candidates. Lack of sufficient and timely sharing of feedback The lack of feedback and guidance towards a succession candidate can drive the successor out of the organisation due to frustration and a lack of purpose. Therefore it is importance for potential candidates to know that they are in the succession planning line for leadership positions in order for them to be well-aligned with HRs plans. Lack of follow-up actions In many organisations, succession planning often remains in the background without clear-cut follow-up plans and actions. In these organisations, management fails at taking succession planning to its logical end, resulting in the chosen candidates for succession being left in limbo. This speaks about bad planning and implementation for succession planning within the organisation. Absence of managerial initiative and support Management initiative and support are crucial to the success of succession planning. Therefore it is important for HR to educate management on the benefits of succession planning so that management can support this concept on a sustained basis. Psychological effects and insecurity of superiors It is quite common for managers to feel threatened when succession planning is done for their positions as they see it to be an end of their own career. In cases like this, an insecure superior may display disinterest and even apathy in sharing his skills and knowledge with potential candidates. To address this, top management must enlighten managers about the purpose surrounding the succession planning framework and dispel apprehensions about the programme. QUESTION 2: COMPETENCY-BASED PAY 2.1 What is Competency-based Pay? Lawrence Kleinmans article on Human Resource Management (HRM) offers a broad perspective of human resource management. The article suggests that human resource has gone beyond just hiring and paying employees. Instead, he states that HRM encompasses a whole paradigm of human capital management with many facets, one of which includes the strategic intent behind an employees pay scale. Traditionally, wages have always been determined by the assigned job of an employee. However, in todays human resource management, many organisations are adopting the approach of competency-based pay. According to Caruth and Handlogten (2001), competency-based pay is a salary structure whereby workers are paid not simply for the job they may be doing presently , but on the basis of the total number of jobs they are able to perform or on the basis of the depth of knowledge they have acquired (p. 146). Another explanation of competency-based pay by Baldwin (2003) states that employees value depends on what they can do, based on their respective competencies. The more an employee is able to do, the more the organisation can expect and the greater the individuals value (p. 101). The author states that competency-based pay stresses importance on the competency of an employee (p. 101). According to Robbins, Odendaal and Roodt (2003), competency-based pay is another alternative to job-based pay. Instead of having an individuals job title define his or her pay, competency-based pay sets pay levels on the basis of how much an employee can do and how many skills the employee has (p. 161). The United Kingdoms Local Government Employers (excerpt from www.lge.gov.uk ) define competency-based pay as a system that rewards individuals who positively contribute to the overall values and objectives of the organisation basically meaning, rewarding the way people work and not just acknowledging their delivery capabilities. Another definition to consider is one by Jackson, Schuler and Werner (), who explain that a competency-based pay structure is associated with the skills of individuals, whereby pay rates are reflect the value assigned to the demonstrated skills of employees and not the value affixed to their job or task (p. 383). In article by Sriyan De Silva (1998) for the International Labour Office, competency-based pay or skill-based pay refers to a pay system which is linked to the depth of skills an employee acquires and applies. De Silvafurther adds that competency-based pay is a person-based pay system and not a job-based pay system. It rewards an employee for what the employee is worth it rewards a broad range of skills which encourages the employee to be multi-skilled and flexible (excerpt from http://www.ilo.org ). 2.2 Why Adopt A Competency-based Pay Scheme? Caruth and Handlogten (2001) suggest that the competency-based pay schemes are a result of organisational downsizing and restructuring. As organisations become leaner and more cost conscious, it is crucial for employees to be able to perform multiple tasks. (p. 146). Kusluvan (2003) states that competency-based pay systems motivate employees to develop and apply their agility and initiative when performing their duties or servicing customers (p. 795). This is a kind of incentive to draw more hidden talents out of employees and harness their hidden potential. In todays materialistic world, as much as it may sound decadent, money is the highest motivating factor for workers. Employees who were once redundant and unproductive can be actually change to be more innovative, contribute more productively and achieve performance excellence by way of monetary incentives. This, of course, may not work for certain groups of people who are not motivated by money however, the majority seems to jum p with the sight of monetary-based incentives. Robbins, Odendaal and Roodt (2003) suggest that competency-based pay offers flexibility from a management perspective (p. 161). Filling vacancies is easier when employee skills are interchangeable this is especially true in todays context whereby organisations are downsizing and cutting the size of their workforces. The authors state that downsized organisations require more generalists as compared to specialists (p. 161). With competency-based pay schemes employers are less likely to encounter self-centeredness amongst employees and the attitude of Its not my job. Another aspect that Robbins, Odendaal and Roodt (2003) raise is that competency-based pay schemes help meet the needs of ambitious employees who confront minimal advancement opportunities (p. 161). These employees are able to increase their earning capacity and knowledge without a promotion in job title or role. Competency-based pay is also able drive performance excellence and improvements. Robbins, Odendaal and Roodt q uote survey of Fortune 1000 companies which found that 60 per cent of those on a competency-based pay scheme indicated higher success rates in increasing organisational performance, whilst only 6 per cent considered this approach unsuccessful (p. 161). In todays business environment, where productivity is number one, competency-based pay systems offer employers an edge to garner more productivity from their employees, resulting in better business performance and more improvements. 2.3 The Advantages and Disadvantages of Competency-based Pay Advantages Disadvantages According to Messmer (2007), competency-based pay schemes create incentives for sustained improved performance (p. 174). This approach appeals to high performers who prefer to be paid on the basis of what they contribute and not on seniority (p. 174). According to Messmer (2007), competencies must be outlined carefully to avoid potential discrimination charges. Messmer also suggests that it may be incompatible with labour contracts associated with unionised workers (p. 174). Competency-based pay schemes helps employees grow in place and provides them the guidance for closing knowledge gaps required for lateral moves within the organisation (Arthur, 2001, p. 67). Competency-based pay schemes can lead to employees being topped-out, which means they can learn all the skills the programme calls for them to learn, which in turn will frustrate employees after they have become challenged by an environment of learning, growth and continual pay raises (Robbins, 2003, p. 179). It reduces the need for promotion in order to earn higher wages and offers employees the opportunity earn higher wages through skills enhancement (DeSilva, 1998, www.ilo.org ). Competency-based pay schemes do not address the level of performance, instead it only deals with whether an employee can perform the skill (Robbins, 2003, p. 179). The broadening of skills results in employees developing a better perspective of operations in its entirety (DeSilva, 1998, www.ilo.org ). Associating competency to pay requires substantial investments in training and development facilities as well as competence assessment systems, in order to provide all employees the opportunity to increase competency and pay levels (White, Druker, 2000, p. 88). Competency-based pay schemes break down narrow job classifications and enlarges job roles (DeSilva, 1998, www.ilo.org ). Can be tedious and challenging to manage as pay has to be constantly calculated based on the set formula and criteria. 2.4 How To Conduct An Effective Competency-based Pay Scheme For Middle Managers in the Marketing Department It is crucial for an organisation to constantly evaluate and review their total pay structure in order to remain relevant in the ever-evolving business environment and to retain critical talents. In order to drive performance and maximise value, it is crucial to remunerate employees based on their competence levels, skills sets, capabilities, contributions and result-based performance. Competency-based Pay for Campaps Middle Management This study will analyse competency-based pay scheme to be implementedforCheeWah Corporation Berhad a stationary solutions provider in Malaysia operating with the brand name Campap (excerpt from www.campap.com). The company has outlets located in major cities in Malaysia and has a marketing department comprising of 55 employees. The marketing department comprises the following organisational structure: Diagram 2.1: CheeWah Corporations Marketing Department Organisation Chart In the case of CheeWah, the competency-based pay scheme will be introduced first to middle managers in the marketing department, which are the Senior Marketing Managers. The competency-based pay scheme will need to take into account the companys vision which is We aspire to be the LEADING supplier that commits to meet and exceed our customers expectations (excerpt from www.campap.com ). Their human resource management is aligned around the theme Developing our people to drive corporate growth. Before this study delves into CheeWahs competency-based pay model, other pay models will be discussed for comparison. Competency-based Pay Models Kusluvan (2003) describes a competency-based pay model whereby it is a process identical to a selection strategy where traits most valued by the organisation are identified and ways to embed these traits into the employees competencies and performance goals are derived (p. 795). Heneman (2002) describes a competency-based pay model whereby compensation is adjusted when an employee demonstrates with knowledge and performance tests that he or she has the required skills to reach the next level (p. 160). Wright (2004) describes a competency-based pay model that takes into account innovation, quality enhancement and cost reduction aside from the employees skills and competencies (p. 4). In the case of CheeWah, the competency-based pay model for middle managers will take the following approach: CheeWah Corporations Competency-based Pay Model for the Marketing Department Organisational Vision, Business Strategy and Human Resource Mandate Required Employee Behaviour HR and Reward Policies Industry Leadership Proactive and constantly seeking to expand their areas of coverage. Regular association and engagement with industry leaders and leadership platforms. Pay raise based on annual achievements of industry engagement opportunities. Financial remuneration for each leadership platform penetrated on an annual basis. Corporate Growth The ability to establish new business opportunities and penetrate new markets. A 2 percent commission on each new business gained and 10% increment per annum for the total number of new business gained per annum. The opportunity for an all-paid overseas trip for the achievement of industry awards for performance excellence. Cost Reduction/ Minimisation The strategic ability t

Maine :: essays research papers

MAINE Maine is a state in northern New England in the United States. It is bounded by the Canadian provinces of Quà ©bec on the northwest and New Brunswick on the northeast. To the southwest lies New Hampshire, and to the southeast, the Atlantic Ocean. Maine entered the Union on March 15, 1820, when it was separated from Massachusetts to form the 23rd state. Augusta is Maine’s capital. Portland is the largest city. Its nickname is â€Å"The Pine Tree State.† Maine’s motto is Dario (I lead). The state song is entitled â€Å"State of Maine Song.†   Ã‚  Ã‚  Ã‚  Ã‚  Maine ranks 39th in size among the states, with an area of 33,741 sq mi. The area includes 2,263 sq mi) of inland water and 613 sq mi of coastal water over which it has jurisdiction. It is by far the largest state in New England and has an area nearly equal to that of all the other New England states combined. The state’s greatest east-west distance is 202 mi; the greatest north-south distance is 311 mi. The mean elevation is about 600 ft. All of Maine was once covered by glaciers, the last of which receded about 10,000 years ago. Because of the glaciers, much of Maine is covered with stones, boulders, and clays. Many of the hills and mountains have been rounded, lakes have been formed, and river courses have been changed. Although glaciers covered all of Maine, there are nevertheless substantial physiographic differences in the regions of the state. Maine can be divided into three major natural regions: the White Mountain section, the New England Upland, and the Seaboard Lowland. These three regions are part of the New England province, which in turn forms part of the Appalachian Region. Maine has a humid continental climate with a moderate summer and a long winter. The climate is generally milder along the coast, particularly in the winter. The average January temperatures in Maine range from about 10 ° F in the northern part of the state to about 24 ° F along the coast. Average July temperatures range from 62 ° to 70 ° F with the southern interior being the warmest and the east coast and north the coolest. However, daytime summer temperatures may reach the lower 90 °s F, and temperatures in winter have fallen as low as -48 ° F in the interior. The population of Maine in 2000 was 1,274,923, according to the national census, ranking it 40th among the states.

The House on Mango Street Essay example -- The House on Mango Street E

As a young girl, Esperanza is a young girl who looks at life from experience of living in poverty, where many do not question their experience. She is a shy, but very bright girl. She dreams of the perfect home, with beautiful flowers and a room for everyone. When she moves to the house of Mango Street, reality is so different than the dream. In this story, hope (Esperanza) sustains tragedy. The house she dreamed of was another on. It was one of her own. One where she did not have to share a bedroom with everyone. That included her mother, father and two siblings. The run down tiny house has "bricks crumbling in places". The one she dreamed of had a great big yard, trees and 'grass growing without a fence'. She did not want to abandon where she came from, but she knew she wanted to be free of everything that life on Mango Street brought. "They will not know I have gone away to come back. For the ones I have left behind". She is committed to her roots on Mango Street. We witness Esperanza blossoming from a innocent, shy girl to one who witnesses much, but all of this makes her strong and clear about her desires for her life. What she sees is the male domination (machismo), violence and rape. The violence in the home was ordinary to those that lived there and Esperanza knew this. It didn't make Sally stronger. Sally is abused by her father "He never hit me hard", as her mom tends to her wounds. Sally eventually leaves home and gets married at a young age. She ends being ...

Research resources Essay

There are many resources that a student of accounting can refer to enrich his accounting knowledge and arm him/her with useful and practical experience in the accounting field. These materials are available both online and offline both subscribed and unsubscribed. These are online and offline libraries. Questia, an online library of books and journal available at http://www. questia. com/index. jsp, is a site that provides an opportunity to access books, journal and materials for all subjects and topics ranging from arts to science, and from arts to law. These materials are available to an individual upon subscription. They are accessed through the keying of the title or the required article or any phrase in that text. Athens and Amazon. com are other resources that contains rich informative and educative materials. The amazon. com, the site that allows access to useful textbooks and journals is available online at http://www. amazon. com/books-used-books-textbook/b? ie=UTF88node=283155. It is an online company that sells books. Athens is also available online at http://www. athens. ac. uk. Accounting information will be accessed by keying in the relevant topics. The Google scholar too will provide easy access to accounting materials on any trouble-some topic. There are also many textbooks and journals available in the library. New Vistas in Accounting – Vol 1, 2003, a book authored by D. G Prasuna is a textbook that provides a general outline on the major concepts in accounting and their usefulness on understanding the accounting practices and activities. Accountants handbook, volume 1, financial accounting and general topics, 11th edition, edited by D. R. Carmidiael (2007) among other scholars is a conglomeration of witty and remarkable tips on the basics of accounting, the standards an regulations as well the basics of reporting statement. Specific Sources In this research discussion Scofield Barbara (1994) in his article published by the national public accountant, titled:Full Disclosure of Interest Capitalization Decisions, he provides useful insights on the GAAPS standards on interest capitalization, shedding the light on the confusions arising from the requirements in the standards, their appropriateness and their shortcoming. This information is available online at http://www. allbusiness. com/accounting/436577-1html. The IASC foundation education website available at http://www. lasb. org/NR/rdon/yres/189CA297-4D7Epdf has a summary of the IAS regulations. In this case they were specifically touching on borrowing costs then definition and what they generally encompass. www. arthurconsulting. com/financialspecial6. htm, website by the Arthur consulting, Inc on financial analysis, gives useful tips on accounting for the impairment of long lived assets. It gives circumstance and events that are indicators that an asset has impairment as well as the criterion for impairment recognition. An international accounting journal by authors; Street D. L, Nicholas N. B, Gray S. J, titled: Assessing the Acceptability of International Accounting Standards in the U. S. An Empirical Study of the Materiality of U. S GAAP Reconciliations by Non-US companies complying with IASC standards (2000), from this page 22-63 gives a summary of GAAP standards in comparison with other international standards on accounting. It provides information that can help understand accounting standards and practices better. Domestic Accounting Standards,Iinternational Accounting Standards and the Predictability of Earnings (2001), an accounting research journal by Ashbough, Hollis, Pinces and Morton (2001) examines the variations of the various international standards and the accuracy associated with reporting using each standard. Ann Tarca (2004), in the Journal of International Financial Management and Accounting, article titled: International Convergence of Accounting Practices, Choosing between IAS and US GAAP. She samples different reporting by accountants using the different standards: GAPP and IAS and how specific firms prefer one standard over another. William Dorms (2003) in his book Finance and Accounting for Non Financial Managers. He provides all the basics you need to know. He provides an insightful outline of the basics in accounting in the different topics of intermediate accounting focusing especially on financial management and financial statement analysis. Essentials of Managerial Finance: Principle and Practice (1981). It is a large book of 807 pages authored by Steven E. Bolten and Robert Lawrence conn. It gives useful knowledge on the most troublesome on accounting. All the above source although not enough will arm a student with almost all information that he or she requires to gain basic knowledge on principles and practices of accounting. Recommendations A fresh student of intermediate accounting would need to take a glance at reading materials that provide information on the basics of accounting. This will arm him/her with information that will aid in understanding the basic concepts and accounting practices. These books and journals are available on the internet and in our library. Students will need to take detailed notes on these topics they find relevant to their studies. Having a look at the sample and published financial statements by the various firms and multinationals will give a practical hint on the application of this theoretical knowledge and affirm the need for accuracy and consistency in accounting. On specific cases for discussion, a student should ensure that they have conducted enough research for the specific topics. Keying in the title of these topics on the authoritative websites such as Google scholar and Questia will provide vital linkages to a wealth of sources and information. Many students at the introductory stage of accounting have come to me for assistance. I have assisted them by giving them the above information as well as demonstrating to them physically on how to search for information from our library as well as from the electronic journals and libraries. References Scofield Bartara, April 1st 1994. Full disclosure of interest capitalization decisions. The national public accountant. Pg. 1. Accessed on 21/08/07. Available online at http://www/allbusiness. com/accounting/436577. 1html IAS Borrowing Costs. Technical Summary. IASC foundation education. Accessed on 21/08/07. Available online at http://www. iasb. org. NR/rdonlyres/189CA297-4d7E-4826-80bc-3876874AS44/0/1as23pdf Financial analysis, 2002. Accounting for the impairment of long-lived assets. Arthur consulting group, Inc. Accessed on 21/08/07. Available online at http://www. arthurconsulting. com/financialspecial6. htm Ash Baugh, Hollis, Pincees, Morton, Dec. 2001. Domestic accounting standards, international accounting standards, and the predictability of earnings. Journals of accounting research. Blackwell publishing. Financial accounting standards board. Accessed on 21/08/07. Available online at http://www. fash. org.

The Family Nurse

â€Å"It was the best of times; it was the worst of times . . . † Charles Dickens penned this famous opening statement in one of his popular books which spoke about the changing times during his day. Much has not changed either, if people interpret these same words into today’s context. Families however, are encountering the constant and ever increasing bombardment of myriad pressures or more commonly now known as stressors. Spouses assume a variety of roles never before imagined during Dickens’ days. In most first world countries women live alone with children to support which made single parenting commonplace. In other words, every person’s choice has significant effects upon his own world and that of the rest of his immediate reach of influence. Another example is when women who used to stay at home prior to the industrial age started to assume multiple roles: homemaking plus other jobs aside from tending to children and husband. This has complicated the family set-up or when the husband is left at home with no work, most conflicts arise. Husbands rarely accept willingly the tasks that wives used to do such as cleaning, laundry and baby-sitting. Husbands start to become hostile and relationships take the downturn in scenarios such as when a husband perceives that the wife makes him feel she has become superior in the arrangement. The nursing profession has made great strides primarily towards the intervention aspects when nurses work as part of a team of health providers (as he/she takes on different roles) who address homelessness, facilities geared to aid the ageing; assess, care and administer prescribed therapeutic remedies to the mentally disturbed, spouses and families in crises and especially those physically undergoing the effects of various kinds of emotional, physical (including chemical), mental and sexual abuse (Alexander et al., 2000). Specifically, the family nurse can respond in many ways. Basically his/her role is in counseling. Knowledge not only in therapeutic techniques, medical or chemical drug application is not the only side to it. Counseling may come in the form of eliciting information on the issues or concerns of the family but it also has to do with the skills involved in both verbal and non-verbal communications such as active listening. The family nurse must be able to build rapport and establish credibility for the helping relationship to be effective. However, the family nurse must be knowledgeable as well on ethics that are expected to guide that relationship (Alexander et al., 2000). Reference: 1. Alexander, Margaret et al. THE FAMILY HEALTH NURSE CONTEXT, CONCEPTUAL FRAMEWORK AND CURRICULUM: World Health Organization (WHO). http://www.see-educoop.net/education_in/pdf/family_health_nurse-oth-enl-t06.pdf   

Bribery and Corruption Police Corruption

The word corrupt when used as an adjective literally means â€Å"utterly broken†. The word was first used by Aristoteles and later by Cicero who added the terms bribe and abandonment of good habits. According to Morris, corruption is described as the illegitimate use of public power to benefit a private interest. Senior, however, defines corruption as an action to (a) secretly provide (b) a good or a service to a third party (c) so that he or she can influence certain actions which (d) benefit the corrupt, a third party, or both (e) in which the corrupt agent has authority. Scales of corruptionCorruption can occur on different scales. There is corruption that occurs as small favours between a small number of people (petty corruption), corruption that affects the government on a large scale (grand corruption), and corruption that is so prevalent that it is part of the every day structure of society, including corruption as one of the symptoms of organized crime (systemic corrup tion). Petty corruption occurs at a smaller scale and within established social frameworks and governing norms. Examples include the exchange of small improper gifts or use of personal connections to obtain favors.This form of corruption is particularly common in developing countries and where public servants are significantly underpaid. Grand corruption is defined as corruption occurring at the highest levels of government in a way that requires significant subversion of the political, legal and economic systems. Such corruption is commonly found in countries with authoritarian or dictatorial governments but also in those without adequate policing of corruption.The government system in many countries is divided into the legislative, executive and judiciary branches in an attempt to provide independent services that are less prone to corruption due to their independence. Systemic corruption (or endemic corruption)[5] is corruption which is primarily due to the weaknesses of an organ ization or process. It can be contrasted with individual officials or agents who act corruptly within the system. Factors which encourage systemic corruption include conflicting incentives, discretionary powers; monopolistic powers; lack of transparency; low pay; and a culture of impunity.Specific acts  of corruption include â€Å"bribery, extortion, and embezzlement† in a system where â€Å"corruption becomes the rule rather than the exception.† Scholars distinguish between centralized and decentralized systemic corruption, depending on which level of state or government corruption takes place; in countries such as the Post-Soviet states both types occur.Corruption in different sectorsCorruption can occur in different sectors, whether they be public or private industry or even NGOs.Government/Public SectorPublic sector corruption is one of the more insidious forms of corruption; a corrupt governing body can lead to widespread effects in the rest of society. Recent r esearch by the World Bank suggests that who makes policy decisions (elected officials or bureaucrats) can be critical in determining the level of corruption because of the incentives different policy-makers faceLegislative System (Political)Main article: Political corruptionA political cartoon from Harper's Weekly, January 26, 1878, depicting U.S. Secretary of the Interior Carl Schurz investigating the Indian Bureau at the U.S. Department of the Interior. The original caption for the cartoon is: â€Å"THE SECRETARY OF THE INTERIOR INVESTIGATING THE INDIAN BUREAU. GIVE HIM HIS DUE, AND GIVE THEM THEIR DUES.† Political corruption is the abuse of public power, office, or resources by elected government officials for personal gain, e.g. by extortion, soliciting or offering bribes[10] It can also take the form of office holders maintaining themselves in office by purchasing votes by enacting laws which use taxpayers' money.Executive System (Police)Main article: Police corruptionPo lice corruption is a specific form of police misconduct designed to obtain financial benefits, other personal gain, and/or career advancement for a police officer or officers in exchange for not pursuing, or selectively pursuing, an investigation or arrest. One common form of police corruption is soliciting and/or accepting bribes in exchange for not reporting  organized drug or prostitution rings or other illegal activities.Another example is police officers flouting the police code of conduct in order to secure convictions of suspects — for example, through the use of falsified evidence. More rarely, police officers may deliberately and systematically participate in organized crime themselves. In most major cities, there are internal affairs sections to investigate suspected police corruption or misconduct. Similar entities include the British Independent Police Complaints Commission.Judiciary SystemJudicial Corruption refers to corruption related misconduct of judges, th rough receiving or giving bribes, improper sentencing of convicted criminals, bias in the hearing and judgement of arguments and other such misconduct. Governmental corruption of judiciary is broadly known in many transitional and developing countries because the budget is almost completely controlled by the executive. The latter undermines the separation of powers, as it creates a critical financial dependence of the judiciary. The proper national wealth distribution including the government spending on the judiciary is subject of the constitutional economics. It is important to distinguish between the two methods of corruption of the judiciary: the government (through budget planning and various privileges), and the private.CorporateMain article: Corporate crimeAs corporations and business entities grow larger, sometimes with a monetary turnover many times that of small countries, the threat of corruption in the business world, within the organization, in dealings with other organ isations and in dealings with the government is a looming and growing threat.UnionsLabor racketeering is the domination, manipulation, and control of a labor movement in order to affect related businesses and industries. It can lead to the denial of workers’ rights and inflicts an economic loss on the workers, business, industry, insurer, or consumer. The historical involvement of La Cosa Nostra in labor racketeering has been thoroughly documented: More than one-third of the 58 members arrested in 1957 at the  Apalachin conference in New York listed their employment as â€Å"labor† or â€Å"labor-management relations.†Three major U.S. Senate investigations have documented La Cosa Nostra’s involvement in labor racketeering. One of these, the McClellan Committee, in the late-1950s, found systemic racketeering in both the International Brotherhood of Teamsters and the Hotel Employees and Restaurant Employees International Union. In 1986, the President†™s Council on Organized Crime reported that five major unions—including the Teamsters and the Laborers International Union of North America—were dominated by organized crime. In the early 1980s, former Gambino Family Boss Paul Castellano was overheard saying, â€Å"Our job is to run the unions.†Labor unions provide a rich source for organized criminal groups to exploit: their pension, welfare, and health funds. There are approximately 75,000 union locals in the U.S., and many of them maintain their own benefit funds. In the mid-1980s, the Teamsters controlled more than 1,000 funds with total assets of more than $9 billion. The FBI currently has several investigative techniques to root out labor law violations: electronic surveillance, undercover operations, confidential sources, and victim interviews.They also have numerous criminal and civil statutes to use at their disposal, primarily through the Racketeer Influenced and Corrupt Organization (RICO) Statute. Citation needed The Teamsters are the best example of how efficiently the civil RICO process can be used. For decades, the Teamsters has been substantially controlled by La Cosa Nostra. In recent years, four of eight Teamster presidents were indicted, yet the union continued to be controlled by organized crime elements. The government has been fairly successful at removing the extensive criminal influence from this 1.4 million-member union by using the civil process.