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Saturday, August 31, 2019
Placement report Essay
N.V. Elmar (Naamloze Vennootschap Electriciteit-Maatschappij Aruba) is in charge of providing electricity in Aruba. Formerly, the company’s name is N.V. ELECTRA founded by Mr. John G. Eman in 1950. After his death, his wife Mrs. F. van der Biest-Eman took over his place and continued the company’s operation. In November 9, 1950, N.V. ELECTRA discusses with Parliament the dealings of providing electricity in Aruba at the public’s interest. Under this discourse, the company had experienced several issues. ELECTRA then becomes a government property after the approving the proposal. Within the proposal, the company specifies itself to be under the control of OGEM N.V. located at the city of Rotterdam, Holland. Its first operation in November 15, 1950, N.V. Elmar has the capacity of 3000 KW with three diesel engines and eventually increased in 1958 buying a power station with a capacity of 15,000 KW. However, in 1982, OGEM experienced bankruptcy and decided to sell its shares of N.V. Elmar to Utilities Aruba N.V. owned by the government. Now, the company proudly states of its financial stability and management under the limits of concession (elmar.aw, 2004). Now, Elmar has a number of 163 employees and approximately 33,000 consumers on the island of Aruba. Island of Aruba            Serviced by the N.V. Elmar, Aruba is a Carribean island 24 km west coast of Venezuela. Of the three Dutch Islands, Aruba is the smallest having an area of 194 km2 with eight regions, namely, Noord / Tanki Leendert, Oranjestad (West), Oranjestad (East), Paradera, Santa Cruz, Savaneta, Sint Nicolas (North) and Sint Nicolas (South). The official language used is Dutch, particularly in education, mass media and civil service. Another language, is Papiamento, second to English as the main language in the island. The population also speaks of Spanish, a prevalent language in upper grades of primary schools (Elmar, 2006). Role in the Company            Because I hold a position in the Human Resources Department, most of my concerns are on employee benefits, recruitment and other employee related issue. Six months in N.V. Elmar has undoubtedly reached my capacity as an employee in the Human Resources Department. Two of their projects for employees, health and wellness program and monetary rewards will be discussed as the main concept of this report. Methodology Research Design            Elmar, like any other company, has major concerns on their employees. To address, this, the company initiated a corporate Health and Wellness program. In this program, the awareness of employees on health related issues and quality of life are substantially relayed. The company has outlined the procedures by giving employees education and promotion on health programs, and orientation and coordination of health assistance. Primarily, it is important to know what the general health status in the island is. Some of the researches made convey of obesity as the primary contributor to life-limiting illnesses in Aruba. The reasons for a high rate in the island are the decreased deprivation of food and a sedentary lifestyle. Aruba is a developed country and in most studies, countries in this state have high incidences of obesity especially on families with lower household income. Often, the quality of food is overlooked wherein buying foods high in calorie and fat is rampant. In a survey conducted in 1991-1992, 67% of the Aruba population is overweight. Moreover, this finding affects both sexes. Next study was conducted in 1995 to 1996 showing the nutritional state of first up to fifth grade overweight. Approximately, 13.4 to 14% of the first graders are overweight and 26.1 to 29.4% of the fifth graders experience obesity. A more recent study in 2004 by Dr. Richard Visser stated that of the 367 children studied, 133 were obese, the number of underweight children is 18, and the remaining 216 were healthy. Significantly, Visser found out that one factor of the growing population concerning obesity in oner population is the unawareness and disregard as a public concern. Hence, attention such treatment and proper education about being obese is insufficient.            Monetary and Non-Monetary rewards are essential for performance improvement of employees. Though we may see that vision, mission, and goals would be enough motivating entities in employee performance, still, these direct costs will provide a meaningful and prosperous stay in the company. In the monetary rewards, as the name implies, more of salary additions are being worked upon while the non-monetary rewards focus on recognizing the employee capability on work and other areas. Elmar Company has an incentives and rewards system, wherein it compensates, reinforces, and encourage enhancement of employee duties. In these types, providing incentives and rewards may focus on team or individual distribution. Moreover, the essentiality of these programs for employee performance, will direct work efforts in advantage to the mission, vision and goals of the company. Incentives and rewards are given to teams, organizations, or individuals in the company that exceed the company’s expectations. Procedures            Elmar company has outlined its goals and objectives in preparing the health and wellness programs. In this way, the company will properly monitor how the program is advancing towards the organization’s benefits. The company’s concern for its employees marks the unity of the two in a system of social relations. Upon noting the principles held by the company in this program, the statement now implies that there is the importance for maintenance, prevention, and promotion of health status of employees.            The vision of the company in pursuing this project is to develop an advanced and efficient program for the health and wellness of the company. Conceptual perceptions about this vision are: Corporate health and wellness means work with the employees of Elmar. Corporate health and wellness underlines the positive dimensions of health. Corporate health and wellness has to involve different groups, organizations and institutions.            Subsequently, the company has marked the strategic and operational objectives for this program. Strategic objectives cover the expected results upon reinforcement of the program while the operational objective sees how the actual procedure must perform on the employees. The following are the strategic objectives: To reduce medical costs and disability costs: many companies have found that they can significantly reduce the cost of employee health care benefits by proactively promoting health, safety and wellness. To reduce absenteeism: numerous studies have found that employee wellness programs can significantly reduce employee absenteeism. To enhance productivity: many studies have linked health risks with reduced employee productivity and have found that healthier workers are more productive. To improve general health and well being. (Corporate Health and Wellness Program, 2006: 12) While these are the operational objectives: Structure and develop corporate health and wellness programs and activities according to priorities established. These programs c.q. activities are directed to the individual employee, Elmar as an organization and the community of Aruba. Establish and reinforce collaborative relations with organizations in the community, government, and NGO’s, related to the development of specific projects in corporate health and wellness. Generate an employee data bank related to the risk factors in health and wellness that can be used to generate assistance, prevention and education programs. Develop educational activities for the employees that can reinforce the actions of promotion in corporate health and wellness. (Corporate Health and Wellness Program, 2006: 12).            To start the program, first, the company must identify which are the employee needs prior to implementing operational objectives. In order to have an appropriate amount of data, the company will have to conduct as survey amongst its employees, invite an organization that will manage the physical examination among employees and facilitate education about eating healthy.            The monetary and non-monetary programs will take effect on employee’s performance level. Generally, it enhances the performance to satisfy or exceed the objectives. Examples of Monetary incentives are: Performance awards – monetary incentives that reward employees upon performance that exceeds the expectation of the company. Observation of giving this award is through formal performance ratings of record on the appraisal period. Special act or service awards – one-time awards like lump sum for employees that had done a specific task from performance. Judgment in this kind of award comes from the first line supervisors. Quality Step increases – gives employees faster than normal progression by facilitating stepped rates and a permanent increase in basic pay. Time Off awards – granting employees leave without charging their annual leave. Gain Sharing – a system, wherein both the company and the employee gain improved productivity. In this system, the company measures the productivity of employees, which in turn gives additional income to the company, then, the employees and involved organization will benefit through associated earnings of the company.            Non-monetary incentives may be tangible or incentives that have more bases on rewards like trophies, medals, certificates, and plaques. Moreover, this kind of incentive may take an intangible position, for example, if an employee has exceeded the expectation of the company, the organization may include training opportunities and assignment of employees to a more meaningful, challenging, and prestigious kind of work. Even though these incentives may not have much value directly on budget, some studies have shown that this becomes more important as motivating factors for employee performance. The Report SWOT Analysis            SWOT (which stands for strengths, weaknesses, opportunities, and threats) is a type of management observation on the overall performance of an organization. This method is often used on businesses because results can be easily transformed in other business philosophy like Porter’s five forces. Generally, the SWOT analysis has effect on overall evaluation when one factor has a cited defect or disadvantage. The strengths and weaknesses are the internal factors while the external factors are the opportunities and threats (marketingteacher.com, 2007). Strengths The strengths of the health and wellness program are in aspects of giving educational awareness to employees considering health problems, disease prevention, and health status. Hence, employee performance may increase. Moreover, productivity may increase because of reduced absenteeism, medical insurance policies, and cost effective strategies. The strengths of monetary and non-monetary incentives take effect on employee and company relationship. Employees regard much of their work because of these rewards, which in turn will not only increase productivity but also enhance the quality of products and services as well. In addition, if properly examined, is the preservation and maintenance of employees with exceptional skills and abilities. Weaknesses Apparently, the weaknesses of health and wellness programs are the appropriate participation of employees particularly in health awareness programs. The individual may listen to these lectures but do not apply them in real life. One weakness of incentives is on the monetary rewards. Generally, monetary rewards have the â€Å"amounts†in order to make employee performance more successful and productive. However, some employees may look at incentive as the central mark of their performance rather than cling on the vision and mission of the organization. In addition, not all employees may non-monetary rewards as a moral perspective, because some employees may develop envy among their co-workers if abundantly present in most of the incentive policies. Opportunities A big opportunity for health and wellness program is to widen the controlled areas in health provisions such as insurance policies and discounts on medical services. The company may also generate proper motivation of these programs when medical specialists are very much involved with the program. There should always be continuity with this kind of program because health is a very essential to an individual. In monetary incentives and non-monetary incentives, monitoring units for choosing which of the employees will gain the award should have a regard. In this way, proper evaluation of the programs will provide trust to employees that the awardees deserve. Hence, envy will not have its place in the organization. Threats The health and wellness program should look unto costs prevalently diverse in most health programs like medicines, fees of professionals and other related issues on economic changes in effect to medical facilities. One threat in monetary programs is that there may be possibilities of lost on the best employees if monitoring is not properly achieved. Hence, the probability of giving good services and products may have hindrances. Reflection            As part of this project, I have noticed the essentiality of the company and employee relationship. Seeing how Elmar valued this social interaction, the severity to serve the company is overwhelming yet incomparable to what I have seen on other organizations. Both the company and its employees are very much interested on the productivity and quality of service. Furthermore, I have seen the social impact of the health and wellness project, as it projects how the society has evolved from a simple unit to a larger unit of the company because it affects the employee performance. Monetary and non-monetary incentives are appropriate sources of motivating employees on the vision and mission of the company but proper attention on the monitoring and evaluation of awardees should be considered, as this could affect trust amongst employees. I think these are apparent objectives after the actual placement: Enhance productivity due to reduced absenteeism and proper well-being. Reduced medical costs because of subsequent education of employees on health related issues. Educational activities for employees in areas like Roll in â€Å"Wit Gele Kruis†for yearly check ups and mini health fair. Monetary Rewards has succeeded in increasing productivity. Non-monetary rewards have increased company commitment among employees. Conclusion            Questionnaire results were positive, looking at the overall performance of corporate health and wellness programs. This survey will generally help the family to be aware in eating the right food and proper diet to reduce the medical costs. The mini survey has given positive results and future benefits to most employees. On the other hand, monetary and non-monetary incentives will help in motivating employees of their performance level and commitment to the company. There is also a great probability of preserving and acquiring employees with exceptional talents and skills. Bibliography N.V. Elmar. â€Å"About Us.†2004 29 January 2008 SWOT Analysis. 29 January 2008
Friday, August 30, 2019
Resilience
Resilience No matter how old, or young you are there Is no doubt that life has had a tough and rigorous grip on you. It could have been so rough that you think that there Is no way to recover. But you seem to always recover In time. This Is the meaning of human resilience. It Is the ablllty to be knocked down by life but picked back up and become stronger by yourself. The way you become stronger Is not only based off of yourself (internal sources) but by your environment (external sources). With these sources you can become resilient to life and always become stronger!To be resilient means, â€Å"the power or ability to return to the original form, position, etc. , after being bent, compressed, or stretched; elasticity. †(The Free Dictionary). This definition would be for the non-living. Just like a tree being blown in the wind it will bend all it can but as soon as the wind stops it will regain Its normal posture. This is what we humans do too! We all take pressure from life , whether it's good or bad, we will become stressed or hurt (bent like the tree). As soon as that pressure goes away we can recover to our normal being.The oak fought the wind and was broken, the willow bent when It must and survived. †(Robert Jordan, The Fires of Heaven). Just Ilke this willow tree, we must bend when life takes Its toll on us. Humans have the ablllty to recover, so we must use it often to survive life's rough times. Overall the meaning of human resilience is the ability to recover quickly when we are being bent from life's everyday pressures. Human resilience comes from internal and external sources. The external source is the environment that you are in. I say it is the environment because environments ive you more options to be able to be resilient.Here is an example. If you live in a small rundown town In Virginia, which has basically no companies or industries thriving In the area, compared to New York City. New York City is a place full of opportunities to become resilient because there Is so many companies and Industries that are growing, so you will have a much greater chance to recover from something if you would live in New York City just like Jeannette Walls. The main idea is that if you are becoming resilient it would be easier in the right environment, with he right opportunities just like in the Glass Castle.The most important source is the internal source, which is our mind and soul. Without our mind and soul we would have no self-motivation, and without self- motivation we cannot be resilient. â€Å"No matter how much falls on us, we keep plowing ahead. That's the only way to keep the roads clear. †(Greg Kincacid) This quote is perfect because it shows self-motivation! Without it you cannot keep plowing ahead. Everyone who Is resilient has self-motivation, Just Ilke Jeannette Walls when she was otivated to leave Vlrglnla and to move to New York.
Thursday, August 29, 2019
Organizational culture and preparing the new employee Research Paper - 1
Organizational culture and preparing the new employee - Research Paper Example Two major federal laws related to the organizational culture and employee nondiscrimination are discussed and explained. The report is concluded by providing suitable recommendations to the organizations facing this issue. The recommendations are given about how these organizations can minimize the challenges related to the preparation of new hires in the organization and how they can develop suitable human resource practices and organization culture to support the preparing and development of the new employees. The current business scenario has seen many major changes in the organizational and human resource practices in different businesses across the world. Globalization and workforce diversity have been emerging aspects which have created the importance of maintaining a suitable organizational culture and integrating the organizational culture within the workforce of an organization. Maintaining a perfectly balanced organizational culture is not an easy task. Human resource practitioners and managers are facing various challenges in the current globally integrated business scenario evolving from trends such as shifts in the political and legal environments across the world, advances in information technology, workforce diversity, increasing practices of outsourcing and offshore business activities and globalization. These changes create pressure on human resource professionals to recruit, develop and retain talented and skilled employees within the business. These challenges are great in magnitude and cannot be ignored by the organizations and HR practitioners across the globe. The human resource management systems are necessarily built and modified to become almost totally equipped to meet the challenges brought about by globalization and the integration of cross cultural diversity in the workforce of the
Wednesday, August 28, 2019
Occupy Norfolk. Poorly Conception and Implementation Limits the Research Paper
Occupy Norfolk. Poorly Conception and Implementation Limits the Success of the Movement - Research Paper Example The aims of the group can be difficult to ascertain, but include raising awareness of the problems of society, a system for more equal distribution of finances, the creation of better jobs and a reform in the way that banks and the government interact . Discussion is ever present as to how realistic these goals are. How much can the current situation be changed before the poor are actually hurt in the process. Certainly, not all big business works against consumers and those that need help. Many actively support people on low incomes, either through the creation of jobs, donating to charities or other factors. It cannot be denied that corporations are still taxed. The question remains though, is the taxation of businesses, especially large ones, high enough when their earnings are considered. Many Wall Street protesters argue that they are not . Protests have spread across the nation as well as worldwide from this initial seed. Places that have seen occupation by protestors include: the United States, Europe, Germany, Malaysia, South Korea and New Zealand . While these sister movements are widespread and strong in numbers, the question remains, how well do they understand the original movement, and how effective are they? Occupy Norfolk is one such sister movement. It is based in Harbor Park, which is owned by the city. The movement has been active for more than a month, and around 30 protesters occupy the site 24/7. Support for the movement is not limited to the physical presence, with more than 4,000 supporter on Facebook and many detailed online discussions . For the Occupy Norfolk protestors, many questions remain. What to the protestors hope to accomplish and how do they plan on doing this? The answer simply appears to be, they don’t know. The basic aim of the movement in Norfolk appears to be to support, in a non-confrontational manner, the Occupy Wall Street protest in New York. While the group participated in ideas and discussion, they made it cl ear that their opinions did not necessarily represent that of the wider group. What then was the point? Protestors agreed that their presence should facilitate discussion, yet they appear ill-informed of the opinions and facts that initially sparked the Wall Street Protests. In terms of solutions, many protestors believed that they should neither offer nor create any solutions, their role was simply to spark discussion . By this paradoxical logic, the protestors hope to facilitate discussion, although they are not clear on many points of this, but consider that it should not lead to any resolutions or changes. Rather, it is the process of discussion itself that the Norfolk group appears to be interested in. Indeed, many of the protestors criticize movements such as Tea Parties, for providing solutions. For the protestors at Norfolk, one of the overriding opinions is that corporations are corrupt non-human entities that promote greed and wealth to only a small sector, representing th e 1% in many slogans. The ironies are clear when watching the protestors. Although they are angry at the current system, they have thought little about what benefits it offers to the 99%, how it has helped society and helped to reduce human need. Anger against corporations was also ill represented by the behavior of the protesters themselves. Many wore branded clothing, drove expensive
Tuesday, August 27, 2019
NEXT Plc Analysis Case Study Example | Topics and Well Written Essays - 2750 words
NEXT Plc Analysis - Case Study Example s result of these figures it is obvious tht the British fshion industry is highly dependent on other countries' textile. lrge number of British consumers hve becme more price sensitive under the slogn 'look good-py less' however some consumers re willing to buy higher priced nd exclusive clothing. The number of millionires in the UK incresed by more thn 80% between 2001(230000) nd 2004(425000) (Finch, 2007). This leds to luxury nd strong brnd wreness. lthough the forml wer is more nd more substituted by csul wer, the UK is still the country with highest mrket shre of forml wer. The UK retiling mrket is currently highly competitive. Due to high competition the prices of outerwer went down in the mid 90's. The mjor groups in UK clothing retiling re the mixed nd deprtmentl stores, designers clothing, discount stores nd mrket stlls (Lnds' End, Inc., nnul Pper Jnury 2006). The UK economy hs been mong the strongest in Europe. Consumer confidence hs been high s result of low interest rtes, low level of unemployment nd strong increses in house prices. Growth in household expenditure ws driving force behind the UK's GDP growth. These positive economic dt for the British explin to lrge extent the fct tht UK consumers' most fvourite leisure time ctivity is shopping (Lnds' End, Inc., nnul Pper Jnury 2006). The min fctor in buying decision of British consumers is disposble income which is continuously incresed in recent yers. Clthes retilers fll int tw brd ctegries: firstly, thse selling wn-brnd clthing nd, secndly, thse selling third-prty wer. Mjr retilers such s Mrks & Spencer nd the rcdi Grup re gd exmples f the first grup, s re chin pertins such s NEXT nd Gp. The secnd grup includes the mjr deprtment stres nd the mjrity f independent retilers in the UK. Clthing retiling is highly diverse industry. The retil sectr rnges frm lw-cst nd discunts retilers thrugh t independents, sprtswer, frml wer nd highly exclusive designer butiques. Hwever, s in mst cnsumer gds mrkets, it is t the middle level where the mjr plyers re t be fund nd mney cn be erned. Porter's Five forces nlysis ny compny must seek to understnd the nture of its competitive environment if it is to be successful in chieving its objectives nd in estblishing pproprite strtegies. Porter's five forces nlysis dels with fctors outside n industry tht influence the nture of competition within it1. The originl competitive forces model proposed by Porter identified five forces which would impct on n orgniztion's behviour in competitive mrket. The bjective f such n nlysis is t investigte hw the rgnistin needs t frm its strtegy in rder t develp pprtunities in its envirnment nd prtect itself ginst cmpetitin nd ther threts (Lynch, R 1997). The pper will use the Prter Mdel t give n ide wht kind f influences exists nd hw cmpny cn del with it, s described in the grph below: Fig. 1 Prter's Five Frces Mdel Brgining pwer f custmers S fr s the custmer is cncerned he hs prbbly the mst pwer becuse it is he wh buys the prduct nd spends his mney. The impct f
Monday, August 26, 2019
Sexual Harassment Paper Research Example | Topics and Well Written Essays - 1750 words
Sexual Harassment - Research Paper Example It commonly takes a pattern of behavior, but it can also take the form of a single incidence to direct towards a group of persons or an individual. It is noteworthy that all employees; whether supervisors, peers, or subordinates should treat one another with respect, tolerance, sensitivity, and impartiality. They should avoid any behavior that may create a hostile environment or intimidation at the work place. However, this is not the case in most of the workplaces as observed. Many types of behaviors fall under the same umbrella of sexual harassment. There are effective ways as outlined in the law to deal with sexual harassment. People consider sexual harassment as a â€Å"natural†practice based on pure sexual attraction (Petrocelli, and Barbara Kate, 3). A common say goes, â€Å"Boys will be boys†. They will always be attracted to women at all costs or any circumstance. Sexual harassment may result from the victim’s provocative dressing behavior, people statin g, â€Å"she was asking for it†(Resnik 660). That statement is what most of the culprits say. They also believe that sexual harassment is justified because women are working in jobs traditionally held by men i.e. â€Å"it is men’s work; women should not be there.†The tradition that women should not have power still operates for some persons. In that, they believe that women should primarily be homemakers.In most cases, what follows is that there are no consequences for the harasser, no incentives to report sexual harassment (Baillien, Inge, and Hans 5). The victim receives blame while, in other cases, it is said that a work environment is permissive of sexual harassment. Sexual harassment is also about economic motivations. Men have used it in maintaining their competitiveness in the workplace. Their aim in doing this is to preserve their most rewarding jobs as they brand women in such positions as incompetent and unsuitable for such positions.Sexual harassmen t is a dignity insult in the workplace. Some theories characterize sexual harassment as a violation of dignity. They aim at prohibiting harassing behavior towards all workers regardless of gender (Heather, Vanessa, and Deborah 4). In fact, some Western European countries address such issues as â€Å"moral harassment,†, â€Å"workplace bullying†or â€Å"mobbing†thus; they focus less on the issue as a gender dynamic and more on the question of rights for all workers. Sexual harassment refers to any interaction be it verbal, or physical, that causes displeasure. This interaction could be verbal abuse, jokes, or conversations about sex or sexual suggestions or explicit language about sex that offends another person. Pressure for sex e.g. one could be flirting, asking for sex, staring or brushing up against a person’s body, is an offensive behavior. It includes any physical contact that a person does not want like patting, pinching, hugging kissing or any un needed touching (Baker 23). Showing any sexually explicit or degrading materials like posters, calendars, graffiti, or clothing with an offensive message is another conduct considered sexual harassment (Barickman, Barickman, and Paludi 133). Short message services (SMS) in mobile phones and emails or other communication tools that display offensive language is sexual harassment. A work-related event that is sexually oriented is a serious offence considered harassment. In some cases, an employer or fellow
Sunday, August 25, 2019
Efficient Market Hypothesis Essay Example | Topics and Well Written Essays - 1500 words
Efficient Market Hypothesis - Essay Example The efficient market theory assumes that there are no transaction costs, money market is not segmented and it is easy to enter the money markets. Efficient market hypothesis is explained in three ways. First, there is weak form efficiency. Weak form efficiency stipulates that all past information that is available in public domain is a reflection of stock prices. The prices are considered unbiased and best estimation of security value. It presumes that it is impossible to predict future prices using past information through technical analysis (Pompian, 2006). Therefore, an investor cannot use technical analysis to predict future prices that are likely to give excess profits (returns). Secondly, there is Semi-strong form efficiency. This form of efficiency stipulates that all publicly available information reflects prices of stock. It further states that prices adjust instantly as new information is made available. Fundamental analysis cannot be relied upon to generate excess returns to the investor. Thirdly, there is strong form efficiency. According to this form of efficiency, prices are reflected by both private (insider) and public information. This means that all investors irrespective of whether they have insider information or not, make equal profits on their investments. It further assumes that insider trading laws are usually enforced. This means that uninformed investors who purchase a diversified portfolio are likely to make same profits as those made by industry experts. Efficient market hypothesis is associated with ‘random walk’. Therefore, if information flow is not hampered and travels immediately in any investment especially stock pricing, the current price reflects current news (Boatright, 2010). Therefore, current prices depend on current news and not yesterday’s news. However, news is usually unpredictable and thus price changes of investments are also likely to be unpredictable and random. According to the efficient marke t hypothesis, news spread quickly and new information is quickly incorporated into the prices of investment in stocks without delay. This shows that there is no need for technical analysis from past price movements to predict movement of prices. Lee (2009) explained that efficient market hypothesis presumes that large number of profit maximizing investors exists. It also provides that new information must enter the market randomly and independently over time. Efficient market hypothesis has been challenged by economists who believe that there are psychological and behavioral factors that predict returns on investment. According to Malkiel (2003), the new breed of financial economists believes that prices are wholly or partially predictable based on behavioral patterns of individual investors and fundamental valuation metrics. They also argued that predictability of future stock prices enable investors to earn excess profits on their investments. A number of economists, statisticians and other experts have stated that Efficient Market Hypothesis (EMH) is to blame for the global financial crisis that occurred in 2007-2010. This is because of a number of reasons advanced by number of people. First, according to Jeremy Grantham, people had a lot of faith in efficient market hypothesis. This made them to throw caution in the air and underestimate the risk of assets bubbles because they believed that asset market was able to adjust itself accordingly (Nocera, 2009). The investors,
Saturday, August 24, 2019
Stock Market for the Win Research Paper Example | Topics and Well Written Essays - 1500 words
Stock Market for the Win - Research Paper Example It is time for the investment world to reap the benefits that we have seen transform and improve the rest of our world. (Kimmel and Hirsch, 2009, p. xiv). The time has come for those individuals who have yet to plunge into the welcoming waters of the stock market to do so. This paper will outline four principle benefits: financial return, the security of diversification, and the sense of control over one's financial future. The principal reason for investing in stocks flows from the likelihood of financial returns that are higher than one might earn through some other investment strategy. Investing in the stock market offers one the opportunity to take the money that they've earned and allow that money to work for them beyond the point of its acquisition. The stock market constitutes the most enduring system for assessing and contributing to the larger financial system, and provides one of the principle ways for informed consumers to earn a higher rate of return than would be possibl e through other investment or savings strategies. With an average return on one's investment of over 9% over 25 years (Observations 2009), the stock market makes even high fund money market accounts seem the choice of cowards or simpletons. Consider this particular case. A decade ago, a struggling computer manufacturer stood on the brink of bankruptcy, its stock price falling to historical lows. So real was the chance that the company would fold that its arch rival injected capital to keep them afloat, so worried was this rival about suits alleging monopoly control of the industry. The rescued company's stock price hit bottom at under fifteen dollars (Yahoo Finance 2001). Investors fled, but not all of them. Some committed themselves. Some bought in. These investors thought different. Today, that company, Apple, Inc., boasts a stock price of 570 dollars (Wall Street Journal 2012), the largest market capitalization of any company in history, and the more capital reserves than the U.S . federal government. For the investors that stuck with Apple, or who recognized opportunity in the collapse of their stock price and purchased new stock, the rewards have been substantial. Of course, one could lose money instead of making it. As with any investment, the possibility exists that the return will be negative and that the best laid investment plans will be more those of mice than of men, and that one's money will vanish on the next margin call. It would be a disservice to pretend as if this chance did not exist, precisely because it is the chance of failure that makes the reward for success so substantial. Indeed, some might describe the stock market as a â€Å"gamble†with your money, a sort of DOW and NASDAQ checkered roulette wheel. Dismissing stocks as a gamble would also be a disservice, for it misconstrues the structure of the stock market in order to stretch a metaphor to uncomfortable lengths. In a casino, for example, one gambles on games of chance, stru ctured such that the house always wins. But here the house, if one is to follow the dictates of the metaphor, are the composite of the companies themselves, and if investment dollars flow in, then the eventual likelihood of dividends flowing out increases in the aggregate. In addition, unlike games of chance, with stocks one can make an informed and researched opinion. The odds are not in the house's favor,
Friday, August 23, 2019
Business Entity Regulations Paper Essay Example | Topics and Well Written Essays - 500 words
Business Entity Regulations Paper - Essay Example Next comes the most important part. If it is in the form of sole proprietorship or general partnership, the entity might not require registrations but if it in the form of Corporations, LLCs or LLPs or limited partnerships, it requires business filings with the Kansas Secretary of State. Also, if the business is in the form of partnership (limited or limited liability), non-profit, limited liability company or an corporation, the entity has to be registered with the State of Kansas. The business entity is granted an Employer Identification Number (EIN) which is a federal tax identification number. It is essential for the employers to have EIN before they hire any person. Apart from these mandatory factors, the entity also has to be registered for the state taxes and try and obtain businesses licenses and permits from the state as well as the local governments to function legally. Last but not the least, for the start-ups, guidance are provided to hire the employees at the first place. The annual filling report can be obtained electronically or online. At the outset, the name of the business entity and the identification number of business identification as per Secretary of State’s record has to be entered. The business entity (Lario Oil and Natural Gas in this case) should have delinquent and active status to file online. Also the business entity must possess credit card facility and checking account. As the Lario Oil and Gas Company is a profit entity, it has to pay a flat fee of USD 50. The due date for the annual report can be found by conducting a business entity search or contacting the office of the Secretary of State. The other important aspect of the procedure is that the online option is applicable only to the companies having addresses at the United States and Canada. If the company has address in any of the other nations, it has to mail the annual report in paper document to the
Physics Problems Lab Report Example | Topics and Well Written Essays - 1000 words
Physics Problems - Lab Report Example When resistors are connected in parallel, their terminals are connected across the voltage source, and the voltage drop across each terminal is the same. But, if the value of resistors is different, the current through the resistor will be different, and accordingly the power dissipated by the resistor will be different. Step-Up Transformer: Such a transformer, steps up the voltage at the secondary windings. In such a transformer, the number of turns in secondary windings is more than that in primary windings. The proportion in which voltage will be stepped up depends upon the proportion in which the numbers of windings are more in the secondary windings. Step-Down Transformer: As the name suggests, step down transformer is used to lower the voltage. In such a transformer, the numbers of turns in secondary winding are less than the number of turns in primary. If the numbers of turns in the secondary are half than the primary, then the voltage in the secondary will be half of the primary voltage. Therefore, transformer is a useful device used in AC circuits for dividing or multiplying the voltage levels. This rule is also applicable to electrically charged particles. Two like charges repel each other while two opposite charges attract each other. The force between the charged particles is defined by the Coulomb's law. .. In such a transformer, the number of turns in secondary windings is more than that in primary windings. The proportion in which voltage will be stepped up depends upon the proportion in which the numbers of windings are more in the secondary windings. Voltage transformation ratio = (Number of turns in secondary-N1) / (Number of turns in primary-N2) For example, If the number of turns in secondary windings are double than primary winding than the voltage will be doubled. Step-Down Transformer: As the name suggests, step down transformer is used to lower the voltage. In such a transformer, the numbers of turns in secondary winding are less than the number of turns in primary. If the numbers of turns in the secondary are half than the primary, then the voltage in the secondary will be half of the primary voltage. Therefore, transformer is a useful device used in AC circuits for dividing or multiplying the voltage levels. Q. Explain how the rule for the interaction between magnetic poles compares to the rule for interaction between electrically charged particles. Ans. The rule for interaction between magnetic poles states, "Opposite magnetic poles attract each other while similar poles repel each other". This rule is also applicable to electrically charged particles. Two like charges repel each other while two opposite charges attract each other. The force between the charged particles is defined by the Coulomb's
Thursday, August 22, 2019
Reaction Paper Essay Example for Free
Reaction Paper Essay The untold history Rizals reflections during the Spanish occupation had led him to predict and reveal the potential conditions that will come into existence in the Philippines after a century. Which in fact happened in the country. No one knows what was in his mind during that time but one can easily assume that he wrote a narrative description of the past events that accounts the unenlightened state of the Filipino people. These circumstances directly imply that the country is the ultimate victim of a disease diffused by Spain. This was the other side of the story that was not presented to numerous spectators of European discoveries. In line with this analysis, let me refer to the elementary teachings about the goal of European colonizers in establishing settlements in the country, the 3 Gs God, Gold, Glory. To be able to apply this in a consistent manner, the Spaniards tried to implement rules and policies to its colony to sustain its glory which was the source of the reduced number of Philippine inhabitants. In this case, this was a successful move made by Spaniards to maintain its supremacy. Furthermore, they continued to saturate them with their foreign beliefs. This then was the beginning of their God goal, they infused to the natives the Christian faith which exposed them to their so called higher faith which communicates that they are better and more intelligent than the natives. With this newly introduced faith, natives were attracted to a different lifestyle and culture. A culture filled with repeated prayers, songs, images of white-skinned saints and any other religious rites taught and performed by friars. Constantly practicing this, the natives became ashamed of what they originally have, their indigenous knowledge and activities were then condemned. Most of the Filipino people took them three centuries to realize that their culture and practices had undergone evolution. However, this does not suggests that Filipino people lack intellectual acuity to be fully aware of their impoverished condition. Because they are also humans conditioned to learn from their physical environment and with this they have the capacity to discover things that are happening around them. They found out that they can not anymore tolerate the new culture they are engaged to because it brought tension and stress to them. This was then a message to the Spaniards that they can no longer fool the natives whom they thought, in their first encounter with them, as ignorant and uneducated. Maybe what drove the Spaniards to describe the nature of the natives is their inferior feelings towards them. Their rich resources and environment wherein they easily adapted and their capacity to create implements and tools out of it. Of course there are several reasons why any colonizer would feel inferior to the Filipino people, not to mention Rizal who embodied the country through his achievements. Having realized all their misfortunes during the Spanish period, the Filipino people failed to use their culture as a form of resistance. This was the most brilliant and successful idea so far carried by the colonizers because they penetrated through the core of their civilization which eventually dismantled their diversed cultures. Which is also the reason that caused them to be indolent and moribund. They are so fond of peace that kept harmonious relations with the colonizers which also brought them to the extent of adhering to the established customs and doctrines. Rizal mentioned that improvement and growth of the country can be hindered due to the continuous brutalization of the Filipinos. The Filipino people during the Spanish colonization were divided in terms of ways how to overthrow the colonizers, as mentioned in class, the revolution from above and the revolution from below sets the division. Brutalization can either set a revolution in light of freedom or stagnation which causes primitiveness to remain among the people. As long as the Spaniards maintain their superiority to the natives, they are depriving them of its ability for self-determination which then their progress remains to be under control. Rizal wanted change by using reason and not through military engagement that is the reason he wrote several essays including this one to make the people be aware of its present condition. The Spaniards coerced the natives to indulge to the benefits of the newly found faith, however, we can not assumed that every move done by the Spaniards brought undesirable qualities to the native culture. Because in any particular situation, their contributions somehow caused the people to unite with other groups of the island. But going back to the three goals God, gold and glory, we can argue that God was taken advantaged by the friars to exploit the natural resources of the country. Taking for example the practice of giving tithes and offerings, ten percent is only asked for the tithes and offering is an act of contributing unconditionally to the church as an extension the Lords kingdom. And as long as Christianity is concerned, giving by coercion can not bring salvation to a certain person. The previous observations about the Spanish domination exposed the issue of monopolizing the knowledge and intelligence of the Filipino people. No one knows the exact reasons for such activity since they were pampered by the natives in such a way that the colonizers presumed that they are the superior race who have the power to dominate the lower ones. Even though colonizing the Philippines is not the real plan since it seems like a serendipitous one, they declared to the whole world that the new soil is another comparative value of which they are not for a reason that the treatment given to them by the original inhabitants of the island entails their superiority. This does not suggests that the blame is on the early natives who made contact with the dying visitors, instead it proposes the idea that the Europeans were only depending on their hypothesis about the unknown world found on the other side of the planet. It doesnt mean that the first people to develop navigational technologies and to set out to exotic places are those who can manipulate the entire world. With Rizals observations concerning the establishment of the Spanish colony and its creation of intitutions in the country. He laid the future conditions of the Philippines in great and careful detail. It is very astounding to find that he has a great mind in comprehending the conditions in the next hundred years! However, to avoid misinterpreting his abilities again, he is not a prophet who speaks predictions, he is just a mere writer interpreting and examining the general state of the country with the hope of bringing it to its own independent state.
Wednesday, August 21, 2019
Influence On World Cultures Cultural Studies Essay
Influence On World Cultures Cultural Studies Essay In this essay I will determine the extent of globalization regarding its influence on world cultures. I will analyse cultural homogenization, cultural polarization and cultural hybridization theories. This will enable me to determine the impact and influence that globalization is having on cultures and whether a homogenising or a polarizing effect or both are occurring. To understand the theories of cultural evolution I will look at examples where cultural polarization, homogenisation and hybridisation are occurring and I will define whether processes are actually happening and what their influence is on cultures. In order to understand the actual process of Globalization I will give various definitions of the concept that will enable me to interpret globalization within a cultural sphere. It is important to note that cultures have interacted from the beginning of time, this has created mixes, clashes and new cultures. Cultures are therefore in constant evolution and often contain both conservative and liberal values within them and the way that they are interpreted by people. The rising interest on globalization recently has brought up the topic of cultural homogenization and polarization. These processes have gained importance in recent times as there has been an increased level of interconnectedness between states and cultures. Because the world is more interconnected now than ever before, there is a growing importance on the processes brought on by globalization and in this paper I am going to determine what these processes are and how they shape and influence cultures. Globalization Globalization is a very complex term. It is used very broadly by economists, sociologists and politicians to explain the mechanisms that are leading to a more and more interconnected world. Globalization refers to all those processes by which the peoples of the world are incorporated into a single world society, global society.(Albrow, 1990: 9). My own definition of globalization is the process of liberalisation of the markets, values and ideas, powered by the increased interconnectedness of the whole globe culturally, economically and politically. Ritzer, in the book Modern Sociological Theory describes globalization as a Spread of worldwide practices, relations, consciousness and organization of social life arguing that almost everyone worldwide has been affected by the impacts of globalization. The importance of globalization is highlighted by the increased power and popularity (either negative or positive) that international global organisations such as the international monetary fund (IMF) and the world trade organisation (WTO) have gained. Also private multinational organizations have hugely benefited from global expansion and globalization process as they have become more flexible and manageable to reach almost every part of the world. Attributed outcomes of globalization are either homogeneity with the spread and diffusion of similar behaviours and practices and hybridisation where cultural mixes occur, giving rise to new varieties of cultures. It is believed that a process which is against globalization is occurring, this is described as polarization and it describes a cultural split between states which embrace globalization and those who resist it. In order to further define globalization I will describe the more specific term suitable to my analysis : Cultural Globalization Cultural Globalization is the increasingly occurring process of global conformity in peoples behaviours and needs. Cultural Imperialism is a theory which describes the dominance and influence that a culture has on other cultures. Examples such as the European states colonization of Americas continent can be used to show how European cultural values have been spread to dominate other cultures. Contemporary cultural globalization focused its attention on the influence and dominance of cultural values and identities from Americanized/Westernized culture to other cultures. Homogenization This is a theory which looks at the impact of globalization worldwide, it is linked to the influence of a major culture which spreads to other cultures by promoting values, behaviours and commodities which come from a main dominating culture. Westernization is a process of homogenization which originates from north America, also called McDonalization, or Americanization. It is a process where mechanisms are closely interconnected with the diffusion of the globalized market economy and multinational organizations which promote particular cultural values and behaviours to other cultures, influencing them. Worldwide, consumer capitalism has been constructed by a uniform, standardised brand image. This involves the use of mass advertisement to create an image of a superior, high quality culture. This broadcasting of cultural values, norms and behaviours has attracted the attention and popularity of other cultures individuals. This promotion of a main culture is causing the homogenization of cultures. This is to say that many traditionally Western values and behaviours are in the contemporary world more and more imitated by non Western people. When one is looking at the homogenization of culture globally, there are many positive aspects, such as the breaking down of barriers between societies and an increase in freedom. But the peculiarity of current global cultural homogenization is that it is impartially influenced by one area, North America, therefore more than a cultural homogenization, we can describe homogenization as an increase in the extent of one culture over others, this is the Western society influencing the rest. Therefore homogenization is not a neutral phenomenon. The mechanisms under which globalization runs have a built in character of inequality which is created between wealthy and poor countries. A form of resistance to this process of Western homogenization is created, minorities such as terrorist groups like Al Quaeda fight back against the globalized world in an attempt to save conservative tradition and cultural values. The terrorist attacks of 9/11 have shown how problems can arise when a culture is dominating and influencing other cultures. This highlights the issue and bring into question the process of homogenization which is impartially sided on the Western world side to influence and convert the rest of the world by imposing a fascination for western society, with its norms, behaviours, values and ultimately culture. There is as a result of homogenization a loss of regional pride and a loss of traditional cultures. It is argued by many that homogenization as it exists today is superficial. This means that instead of a complete form of cultural homogenization, only certain aspects are being spread. There are limitations to this cultural spread and influence on other cultures, apart from media and materialistic goods, not much else seems to travel through the barriers that cultures impose. . It leaves largely untouched the freedom and agency of the subjects in creating and changing culture, both as individuals and as groups. Cultural homogenization is happening everywhere. For example, Mexicos culture is being strongly influenced by the consumerist western capitalist culture. This has created a devaluation of Mexican products compared to U.S products. The explosion if foreign investment led to the expansion of North American brands such as McDonalds, Blockbusters, Subway etcà ¢Ã¢â€š ¬Ã‚ ¦ While Western cultural values grow in Mexico, they inhibit and weaken local Mexican tradition. A clear example of this is that most Mexicans discriminate against Native indigenous people. Western ideals have created a rejection of their historical Mexican traditional culture in exchange for a more Westernised view. Mexicans have become influenced by media, brands and ideas spread from western society to such an extent that they look up to this culture and want to be a part of it. This example shows that a major culture can influencing another culture and radically transforming it into a new culture that rejects its traditional past and seeks to embrace an idealised, constructed image of a culture. The main factors which promote these cultural shift are foreign investment, the promotion of global media and rationalism. Rather than a uniform democratic world homogenisation, what we are experiencing is a Westernisation whose influences have become global and impartially distributed. This does not mean that consequences are negative or positive, this depends on ones point of view and to the importance given to past and culture. The interesting influence that cultural homogenization has created also shapes political and traditional values. In Egypt for example western influences are making women marry at a later age, many are choosing to marry different men rather than those decided by the womans family as Egyptian traditional culture dictates. Therefore cultural homogenization serves as a means for liberalising politics and reduce traditionalism and conservatism. A positive view is given by Beck, he sees hope in the diminishing sovereignty of nation states and the emergence of trans national organizations and possibly a translational state as a result of the globalization and homogenization processes. We are already experiencing this shift of sovereignty, WTO and the IMF are gaining more and more power onto the individual state. Ultimately Ritzer argues about the globalization of nothing, this is a similar concept that describes how homogenization is influencing society by spreading values and ideals of one cultural origin. This process supports the idea of globalization as the imperialistic wants and needs of international actors such as corporations, states and organizations to expand their global reach in order to maximise their profits. By nothing Ritzer means the spread and divulgence of media and values that are practically empty in context and cultural values. This is a way of homogenization that is more compatible with other cultures, as the empty forms of continent are exported throughout the world, it is much easier for a foreign culture to assimilate empty or little content rather than forms of information and media which are rich in content. An example of this is the creation of shopping malls around the world, these unlike Westernised brands such as McDonalds are much more empty in content. An empty shopping mall can for example be filled with local shops and although promoting the homogenization of society, it also contributed to the Glocalization of society, this new concept means the co existence of the global and the local resulting in the Glocal. Another example of homogenization under the process of globalization of nothing is the worldwide reach and accessibility to credit cards, services provided by ATMs re believed to be non services as the costumer does all the work needed to obtain the service The next Theory is an opposing one, the polarization theory acknowledges the influences of cultural globalisation and cultural homogenization, recognising the cultural spread of western ideals. It differs from the homogenization theory by highlighting areas of cultural clashes and describing how cultures will have more conflicts than convergences in the future. Polarization Polarization is a term which is linked to Cultural diversity and opposition. It explains that there are definite cultural differences that are not affected by globalisation. Cultures are different in their basic values and cultural clashes rather than cultural mixes are expected. An example used by many sociologists to back up this cultural diversity gap is the contrasting difference between the Islam world and the Western world. The Islamic attacks of 9/11 and the following Western retaliation in Afghanistan and Iraq are historic facts that highlight this crack and incompatibility between the West and Islam. Samuel Huntington in his book Clash of Civilizations (1996) described the existence of various major world civilisations: Sinic (Chinese), Japan, Hindu, Islamic, Orthodox, Western Europe, North America and Africa. Huntington believes that there are large differences between these cultures in the base of their philosophical assumptions. Huntington believes that cultures will clash in imposing their different religions and cultural values in a war described as McDonald vs. Jihad, this interesting view puts the consumerist western culture against the fundamentalist Islamic one. Burke in his book the 9/11 wars concludes that al-Qaedas future is more likely to be that of a strong cult rather than a mass social movement. Initial popularity of groups such as al Qaeda has diminished as a result of the mistargeted violence which often hurt the local supporters as well, making al Qaeda an unfriendly strong cult rather than a mass movement As they lost popularity, the terrorists relied more on coercion and in so doing made themselves even less popular. We have two main opposing ideologies, one, the western McWorld culture with its liberal market capitalism which connects us through cultural commodities, and on the other hand the conservative Islamic world which has in its values the liberation from capitalism and its inherited characteristics of greed and mass consumption. In my opinion there are more connections than clashes in contemporary world relations between the West and the Islamic world. Extremism is only a part of largely moderate Islamic countries. Huntington does not recognise the extent of the connections between West and East and seems to put Central Europe and North America in the same side, even if there are also major differences between these two continents. As David Myers puts it, Globalization is a complicated process that does not always lead to cultural homogenization, but can also produce hybrid or even polarized local cultures. Myers explained that although the world is more interlinked and globalized. Phenomenons such as the homogenisation of movies, music, news, language and symbols are attributed to the strong influence and connectivity worldwide of Western society, particularly North America and Europe. This type of polarisation that we can observe is therefore not a uniform split, on one hand we have the process of globalisation that works in conjunction with homogenisation, therefore if there is a polarisation which goes against a term as global as globalisation, this polarisation is between all those globalised and those who resist it. The Hybridization Thesis When looking at how globalisation influences cultures not always we see a cultural homogenisation or a cultural polarisation, but more so we notice a transformation and evolutions in cultures as they clash, join and diversify. on the intercultural exchange and the incorporation of cultural elements from a variety of sources within particular cultural practices. This mixing of cultures can give rise to hybrid cultures which are new and differ from their original cultural values in an attempt to reshape and remodel culture to contemporary world. The hybridization theory has the concept of Glocalization at its core, it can be defined as the interpenetration of the global and the local resulting in unique outcomes in different geographic areas.(Ronald Robertson (2001) We find that Glocalization unlike Globalization describes how the local influences the global and reshapes the global influences on the local rendering the local globalised and at the same time unique in its local values. Glocalization reflects the growth of pluralism around the world, it gives importance to the local and individual actors in shaping the influences of the Globalization process to a local level. Hybridization is at odds with Globalization as it argues that there is an increased pluralism and diversity around the world. Globalization theory associates uniformity rather than plurality. An example of Hybridization could be a Chinese couple in Dublin, watching a French TV show in a Arab owned pub. This shows how cultural identities are mixing in a more and more interconnected world. Mass migration along with the increased communication between countries have speeded up the process of hybridization making glocalization a possible, perhaps more romantic scenario than globalization Conclusion It is important to note that when cultures clash, one does not remain and one disappears, but rather cultures clash, interact, fracture, breed and ultimately form new cultures distinct from the ingredients from which they were formed. This describes a process of constant transformation of cultures as they are influenced by other cultures. This theory seems to reveal that eventually as all cultures interact, a single globalised culture could rise, being influenced and shaped by all cultures in the world. If this was the case it is difficult to determine what type of culture this is, but it will have similar values present in neoliberalism, free markets, low levels of state sovereignty with the increased role of international actors and multinational organisations. Cultural values are subject to constant change and revision throughout the eras, but recently with the increased interdependence driven by science, technology and economics(Angell 1911) called the forces of modernity or globalisation there is a plausible view that a cultural homogenization may occur in a new unique single global culture or create an even sharper distinction between existing cultures to lead to a polarization of cultures in a globalised world. When looking at the three main theories we see how cultural homogenization is perhaps a form of cultural repression that involves one main cultures spreading of values, norms and behaviours to influence other cultures. This is not a pluralistic view as the influences between cultures are impartially sided on the Modern developed Western world. The main criticism of the Homogenization theory is perhaps its failure to see local influence as well as global ones. The hybridization theory is more flexible in this matter as it acknowledges the strong influence of the global, but it does not dismiss the importance of the local in interpreting and reshaping the global to create the Glocal. The Polarization theory also offers a scenario where because of the repressive nature of globalization on cultures, resistance is formed and a polarizing effect will create a split between cultures. This theory is hard to imagine as most of the world is already being influenced by globalization and the examples given by the polarization theory as opposing cultures to globalization are minorities which are often made up of extremist groups such as Al Quaeda. Huntington in Clash of civilization perhaps does not realise that there are less differences between the Western world and the Eastern Islamic one, an increasingly moderate Islam in which only a small part participates to extremist globalization resisting wars. The Hybridization theory offers a solution to the depressing reality shown by globalization and homogenization. Instead under the hybridization process, cultures expand and influence the local to give rise to the Glocal, this term acknowledges the cultural values inherited by the local and argues that it is the mix of the local and the global which will give rise to new sub-cultures. Perhaps the more flexible theory is the Hybridization theory, it is more flexible in its definitions and takes into account both the homogenization and the polarization theories. The future will see the rise of globalization which will give rise to many unique brands of cultures which are much more global in their value and identities.
Tuesday, August 20, 2019
Customer Satisfaction: Hotel Industry
Customer Satisfaction: Hotel Industry The Hotel Industry had a great pickup in early 1980s, at that time hotel businesses all over the globe tried their best to grew up to international level, different mergers and new continental hotels group came into existence in late 1980s. As research figures indicate tourism and hotel industries have turned into one of the most profitable sources of income throughout the world especially in last two decades. In 1990s Electronic businesses had approach hotel industry very quickly where that became a milestone for the said industry that was beginning of this realistic approach to be followed up by hotel industry. Capital expands from rich countries to least developed countries and than the life standard of the people improved on the global very quickly, more wellbeing requisites introduced to satisfy human needs in the shape of technology, more comfort necessities became familiarized and if we could try to portray the current picture of the world we could see hotel industry affected directly in this regard, hotel industry is responsible for the fulfillment of the human desire up to maximum level. It is an instinct of human nature to be creative all the time, measuring once level of satisfaction in hotel industry is quite difficult but there are obvious rules which can be followed to find the level of customers satisfaction attainment in the hotel industry, Express by Holiday Inn GSTS system has great responsibility to judge all customers issues and tell true pictures of the services levels of the hotel. Abstract The study mainly reviews and discusses the topic of customer satisfaction and its application to the Hospitality industries. Defines the concept and analyzes its importance to services and its importance to serves in general and to hospitality / tourism services in particular. Following a discussion on the dimensions and attributes of satisfaction, lists the main methods of measuring satisfaction and concludes with a review of global and cross-cultural issues that affect satisfaction in hotel industry. consequently this research aims to investigate the customer satisfaction level in Express by Holiday Inn hotel, London City (Firoka Group of companies UK Ltd), to apply a tool of SERVQUAL model in Express by holiday Inn hotel, London City. Study has also enlisted descriptive survey, feedbacks, trends, approaches research collection questionnaire; the research questionnaire data contain 25 questions. We discussed approaches toward integration and comprehensive model of satisfaction and loyalty, The quality of the Relation Customer Orientation The competitive Advantage We will focus on rational questions Why should we measure customer satisfaction and who should be involved? What will be the process involve? Where Do I Start? How Do I measure Satisfaction? How can I get insight from the result? How do I communicate and action the results and then what? The analyzed obtained data revealed that guests perceptions of the offered services were below than expected average level of an index indicating, which gives us an idea that service level not at optimal level. The overall services quality standards needs to be calculated in terms of satisfaction to encounter the differential gap of optimization. List of Tables List of Figures Declaration Chapter 1 1.0 Introduction: Living in competitive world today wasnt being challenged ever before, Economic, Socio Cultural environmental effects are deciding future of the world businesses today, this era is more complex due to its immense finance requirements, More competitive tools have been evolved to satisfy human needs, Presently Service industry prevailing great deal of challenges where! Every customer has high demands on lowest prices, Life standards are increased with the passage of time so as expectations! and it is very important for one business to calculate its expectation level towards its customers and judge where it is standing in the markets, In the Hotel industry the trust of the customer is very much fragile, It is almost necessary for all hotel businesses to keep themselves well updated about customers needs and market demands, To count prompt responses of the hotel customers there are many systems are being utilizing by the hotel industry, Express by holiday Inn is a franchise hotel of InterContinental hotel group, IHG Group has centralized reservation department which looking after all customers issues, They also responsible to prepare performance report of an individual affiliated franchise hotel world wide on monthly basis, the report GSTS encounter all areas which need to be focus in terms of customers satisfaction, later we will discusses in details all main areas of that report. Customer satisfaction is the leading decisive factor for determining the quality and standard which is actually delivered to the customer through the product, service or by the accompanying servicing. (Vavra, 1997); Its simply stated, Customer satisfaction is essential for corporate survival Several studies have found that it costs about five times as much in time, money and resources to attract a new customer as it does to retain an existing customer (Neumann, 1995). This creates the challenge of maintaining high levels of service, awareness of customer expectations and improvement in services and product. Hayes states that; Knowledge of customer expectations and requirements is essential for two reasons it provides understanding of how the customer defines quality of services and products, and facilitates the development of a customer satisfaction questionnaire (Hayes, 1997, p7). Furthermore, customer satisfaction is recognized as of great importance to all commercial firms because of its influence on repeat purchases and word of mouth recommendations (Berkman and Gilson, 1986). The researcher interest is to carryout a study of customer satisfaction at Express by Holiday Inn, London. 1.1 Aims Objectives of the Study The main objective is to conduct the customer satisfaction and its measurement in the hotel industry with special reference to Express by Holiday Inn Hotel, London. Subsidiary Objectives Analyses of costs demonstrating that customer retention is substantially less expensive than customer acquisition. Customer behaviorists in the area of lodging, restaurant, food services and tourism. Customer satisfaction is a psychological concept. Customer purchase goods and service with pre purchase expectations about anticipated performance. Assessment of satisfaction is made during the service delivery process. Satisfaction is not a universal phenomenon and everyone is not getting the same satisfaction out of the same hospitality experience. Reliability, Responsiveness, Assurance, Empathy and Tangibles. Research Problem Customer satisfaction research is not an end into itself. The purpose, of course, in measuring customer satisfaction is to see where a company stands in this regard in the eyes of its customers, thereby enabling service and product improvements which will lead to higher satisfaction level. Satisfaction is not a universal phenomenon and not everyone gets the same satisfaction out of the same hospitality experience. The reason is that customers have different needs, objectives and past experiences that influence their expectation. The results of a customer satisfaction survey need to be evaluated to determine what needs to be improved. Goals should be as specific as possible. Hotels are often challenged on how to best increase guest satisfaction, and how to optimize both price and occupancy. Employee satisfaction, guestroom cleanliness, amenities, appearance, food and services all contribute to customer satisfaction, and increase customer satisfaction is a proven driver of guest retent ion and higher occupancy rates. Understanding customer experience through research is widely recognized as a key factor in improving long-term business performance. Express by Holiday Inn Hotel had a requirement to obtain daily feedback at an individual level by rooms/reception questionnaire in general for its GSTS (Guest satisfaction tracking system). It has to introduce web based questionnaire survey to create an opportunity to built feedback interface for general public to get provided a cost-effective and practical methodology so hotel future guest see the reviews in term of past feedbacks. In the customer arena, we believe that regular, quantitative measurement of customer satisfaction provides a much better lead indicator of future organizational health than profitability of market share change (Tom Peters, Management guru) Significance of Study Customer Satisfaction measurement (CSM) consists of on two major roles Providing Information Enabling Communication with Customers The initial or primary reason for taking the time to measure customer satisfaction is based on to collect the information. It means that what customers say that need to be done differently or on the other hand to assess how well an organization is currently meeting its customer needs or requirements. But the secondary is not less important function of CSM in hospitality industry that by surveying customers. An organization is emphasis its interest in communicating with its customers. In hotel industry, its always finding out customers needs, pleasures, displeasures and overall well being. Though it is impossible to measure the satisfaction of every single customer needs. The customer satisfaction may different from organization to organization or hotel to hotel. Here we would like to quote Neumann (1995) five objectives suggestions as follows: To get close to the customer Measure continuous improvement To achieve customer driven improvement To measure competitive strengths and weaknesses To link Customer Satisfaction Measurement (CSM) data to internal systems hypothesis Customer Satisfaction is a psychological concept. Customer purchase goods and services with pre purchase expectations. Assessment of satisfaction is made during the service delivery process. Satisfaction is not Universal phenomenon. Recognition of the employees who contribute to the Customers satisfaction Customer based improvement goals Plans for improving operational variables Incorporation of customer satisfaction skills into employees training program Measurement and plan for improvement of employee satisfaction Importance of my Study To satisfy each and every customer or to meet his / her expectation every time is not an easy task especially in hotel industry. This work is to investigate and examine the psychology of the customer, their expectations and behaviour. Tools of data Collection The data collection would include the use of questionnaire, scheduled interviews, guest feedback, and management feedback, guest services track system (GSTS), guest survey, and personal experience along with personal observation. In the questionnaire design, I will use the respondent completes short closed ended questions and long open ended questions. In the interview design, I would like to use personal forms, sharing their experience and work directly with the respondent. In the guest feedback, I would like to get the guest feedback while they are checking out from the hotel, compare their past and current experience. In the management feedback, I would like to get the information from management regarding the standard and complaint level of the guest activities in the hotel. 1.2 Objectives 1.3 Rationale 1.4 Background of the Organisation 1.5 Structure of the Dissertation 1.5.1 Introduction 1.5.2 Literature Review 1.5.3 Methodology 1.5.4 Analysis Results 1.5.5 Discussions 1.5.6 Conclusion Recommendations Chapter 2 2.0 Literature Review 2.1Customer Satisfaction Customer satisfaction is an important topic for both researchers and managers, because a high level of customer satisfaction leads to an increase in repeat patronage among current customers and aids customer recruitment by enhancing an organizations marker reputation. Being able to successfully judge customers satisfaction levels and to apply that knowledge are critical starting points to establishing and maintaining long term customer retention and long term competitiveness (Yuksel Yuksel, 2002). Customer satisfaction brings many benefits. Satisfaction increases customer retention and customer retention is dependent on the substance of the relationship between parties which is also affected by the service delivered. Satisfaction is an overall customer attitude towards a service provider, or an emotional reaction to the difference between what customers anticipate and what they receive (Zineldin, 2000), regarding the fulfillment of some need, goal or desire. For most products or services, aspects of performance can be objectively assessed. Although these attributes can be objectively measured, customers assessments may not objectively reflect measured performance. Some clients may be taken to several homes that fit their criteria but are unsuitable to the clients personal taste which leads to the clients assessment of the service as being unpleasant because they did not see listings that they liked. Kano, Bentler and Li-tze (1984) developed a model to categorize the attributes of a product or service based on how well they are able to satisfy customer needs. Considering Kanos model, one sees how it may not be enough to merely satisfy customers by meeting only their basic and performance needs. In a highly competitive marketplace, organizations need to adopt strategies and to create product attributes targeted specifically at exciting customers and over-satisfying them (Tan Pawitra, 2001). In real estate to excite or over satisfy customers, an agent would need to have a thorough and vast knowledge of all listings in the local area. In essence, it is the experience and attitudes of the individuals in closest contact with customers that are most likely to affect whether or not customers are satisfied and willing to return to the company. It is also the people in direct contact with customers who determine who the retained and satisfied customers are, and their experience determines how they treat the customers (Hansemark Albinsson, 2004) thus impacting on the service quality delivered. 2-4-1-Customer satisfaction and measuring system: To realize customer satisfaction, everyone within the organization should consider continuous improvement as something normal. As part of this strategy it is important to define the product or service and the customers needs, making an inventory of customers data and complaints, and selecting processes which cause most of these complaints. The central questions in this case are: which products or services do we provide? Who are our customers? What do they want, what are their requirements? Is it measurable? Which critical processes need improvement? By answering these questions continuously, the customer will be better understood, and the product or service will be better in and to create product attributes targeted specifically at exciting customers and over-satisfying them (Tan Pawitra, 2001). In real estate to excite or over satisfy customers, an agent would need to have a thorough and vast knowledge of all listings in the local area. In essence, it is the experience and attitudes of the individuals in closest contact with customers that are most likely to affect whether or not customers are satisfied and willing to return to the company. It is also the people in direct contact with customers who determine who the retaine and satisfied customers are, and their experience determines how they treat the customers (Hansemark Albinsson, 2004) thus impacting on the service quality delivered. To realize customer satisfaction, everyone within the organization should consider continuous improvement as something normal. As part of this strategy it is important to define the product or service and the customers needs, making an inventory of customers data and complaints, and selecting processes which cause most of these complaints. The central questions in this case are: which products or services do we provide? Who are our customers? What do they want, what are their requirements? Is it measurable? Which critical processes need improvement? By answering these questions continuously, the customer will be better understood, and the product or service will be better in tune with the market demand. Which Products/ Services do we provide? First of all, define the most important product or services as concretely as possible. This Definition must indicate what you are really doing as a supplier. The more specific the definition, the better the customers need can be met. Who are our customers? It is important to understand the entire chain of customers. This means that you should know all of your customers. The needs of each customer must be examined separately. Not only the external, but also the internal customers should be considered. In fact, if the company does not satisfy the needs of the internal customers, how will it be able to comply with the needs of the external customer? All employees determine the degree of customer satisfaction. Employees from within different departments must be considered customers of each other. By bringing individual employees together as customers and suppliers, the traditional barriers between departments will be broken. Each employee delivers something to a colleague, whereby one unction as the internal supplier and the other as the internal customer. What do they want, what are their requirements? As a supplier, you should try to figure out what the customer needs and wants. Communication is hereby very important. Talk to your customers and ask them what they think of your product or service. Try to figure out how they use it and what they really want. Listen especially to what they have to say and indicate which customer-supplier relationship needs improvements. The central questions hereby are: -Which needs and expectations do your customers have? -Which needs and expectations do you know? -To what extent do you comply with the needs and expectations of your customers? -If you do not satisfy their needs, what is the reason according to your customers? Making an inventory of customers data, customers complaints and benchmarking are important opportunities to improve the customer orientation of the organization. Information about the opinion of the customer regarding a product or service is of essential importance, and can be obtained in several ways, such as customer surveys, phone interviews, and customer panel discussions. Customer surveys are a powerful tool to get information about what the customer thinks and expects. In general, questionnaires are used with different questions, which may vary from organization to organization. Is it measurable? To comply with the needs of the customer, it is necessary to translate these into product specifications. Quality function deployment is a practical technique to do this. Usually, it is necessary to negotiate with the customer, which results in feasible and agreed on customers requirements, which are measurable and understood by all parties. All statements of the customer about qualitative aspects must be translated into quantitative specifications for the supplier. Define clearly and explicitly what they are talking about. Customer Satisfaction Measuring System: A customer satisfaction measuring system is shown in Table (2-1), to illustrate the activities needed to improve your customer satisfaction. Mark a possibility in this checklist with a cross at each question, and discuss the results of these measurements, and check why this customer Many of these recommendations also apply to your relationships with external suppliers. Treat your suppliers as though they are an integral part of your organization. Listen to their ideas on how you can work closely and productively together, create joint improvement teams with them, invite suggestions from them, assist them in improving their own processes, build mutual trust and respect, reward them if they achieve improvements, let them participate in the celebration of success, involve them in the development of new products and processes, and become a better customer yourself. Expanding your culture of continuous improvement to all your suppliers will ensure that the quality of your inputs is sufficient to meet your own improvement objectives. If possible, minimize the number of suppliers; go with the few best and improvement oriented suppliers with a demonstrated continuous improvement culture and effective leadership by top-management, based on a long term partnership contract. Table (2-1) Customer satisfaction measurement: I customers 1. Do you know who your customers are and how many customers you have? 2. Do you listen effectively to all your customers? 3. Do you regularly make up an inventory of all the needs and expectations of your customers? 4. Did you segment your customers based on their needs? 5. Do you routinely conduct surveys among your customers about your products and services? 6. Are all your employees informed about the results of these surveys? 7. Are more than 75 percent of your customers satisfied? 8. Do you anticipate customer needs? 9. Do you treat each customer as unique? 10. Are complaints replied to whit in two days and solved within one week? 11. Do you stimulate customers to register their complaints? 12. Do you use e-business tools to communicate with customers? 13. Do you have a customers helpdesk or a call center? 14. Do you know which percentage of the customers who terminated their relationship with your organization did this out of dissatisfaction? 15. Are complaints systematically registered and analyzed in your organization? 16. Did you establish complaints handling procedures and are these routinely used in your organization? 17. Do you measure the degree of customer loyalty? 18. Do you make recommendations to customers about the products or services that best suit their needs? 19. Do you know what the costs are when you lose a customer? 20. Do you know what the costs are to gain a new customer? 21. Do you know how much sales you lose due to unsatisfied customers? 22. Do you regularly visit your customers? 23. Do you regularly organize meetings with customers groups to learn about their needs, wants, ideas, and complaints? II. Leadership 24. As a manager, do you know how many complaints are received yearly? 25. is there commitment at top-management for customer orientation? 26. Did you integrate customer satisfaction into the norms and values of the organization? 27. Are these norms and values clearly communicated to all your customers? 28. Does management recognize visible trends and do they anticipate these in a timely manner? 29. Is management convinced of the importance of satisfied customers and do they act accordingly? 30. Does management try to express the importance of satisfied customers to the organization at every occasion? 31. Does management set a good example with regard to customer friendly behavior? 32. Is management open to suggestions and ideas of customers? 33. Does management personally reward those employees who deliver a valuable contribution to increased customers satisfaction? 34. Are relationships with customers reasonably supported and stimulated by management? 35. Is management at all times available to the customer? 36. Does customer satisfaction also belong to the evaluation criteria of management? 37. Are the customers wishes continuously taken into consideration when taking decisions? 38. Does top management also personally handle complaints of customers? 39. Do all members of management in the company have personal contact with external customers at least once a week? III- Policy 40. Is customer satisfaction part of your organizations vision? 41. Did you formulate concrete goals regarding the degree of customer satisfaction? 42. Have you developed e-business strategies for the next two years to increase customer satisfaction? 43. Is the customer satisfaction policy continuously communicated to all employees? 44. Do you have a partnership relation with all your customers based on mutual respect and trust? 45. Do you involve your customers in the development of promotional activities? 46. Do you guarantee your customers a minimal service level and/or complete satisfaction? 47. is there continuous benchmarking with regard to customer satisfaction? 48. Do you involve your customers with the execution of improvement processes in your company? 49. Are more than 50 percent of your employees involved with the improvement of customer orientation? 50. Do you have guidelines with regard to optimally satisfying the customer? 51. Are all employees following these guidelines? 52. Do you have an up-to-date databank in which all characteristics of your customers are registered? IV- Products / services and process 53. Are products delivered within the period expected by the customer? 54. Have you fully integrated the telephone, fax, internet, and any other technology that the customer wants to use to do business? 55. is the phone in you organization answered within three rings in more that 90 percent of the cases? 56. Is every function and each process in your organization arranged to optimally comply with the expectations of your customers? 57. Do these expectations form the basis of internal performance indicators? 58. Are these indicators continuously measured and analyzed? 59. Do you use measured customer satisfaction as an indicator for process improvement? 60. Did you appoint process owners for controlling processes? 61. Do you involve your customers in the development of new products and processes? 62. Do you measure the satisfaction of your internal customers? 63. Do supporting departments within your organization guarantee quality of the work they deliver? V. Human resource management 64. Does customer orientation belong to the profile of the desired employee? 65. Do you have an introduction program in which new employees are also educated concerning the importance of satisfied customers? 66. Are your employees who continuously perform in a customer-oriented manner rewarded? 67. Is training mandatory for each employee in your organization? 68. Are customer orientation and continuous work towards improvement criteria for promotion? 69. Do you regularly organize excursions for your employees and your important customers? 70. Do your marketing employees receive a training of at least two weeks each year in customer orientation? 71. Are your marketing employees free in taking decisions to satisfy customers? 72. Are your marketing employees free to spend what is necessary to correct a mistake made with a customer? 73. Do you involve your employees in improvement projects about increasing customer satisfaction? 74. Do you stimulate your employees to generate ideas about increasing customer satisfactions? 75. Are the employees interest and the interest of the customer related? 2-5. Service quality The concept of service quality as a whole construct is large and varied. The theory has been elaborated on by many researchers. Berry, Parasuraman and Zeithaml (1985) write service quality as perceived by consumers stems from a comparison of what they feel service firms should offer (i.e. from their expectations) with their perception of the performance of the firm providing the services. Perceived service quality is therefore viewed as the degree and direction of discrepancy between consumers perceptions and expectations. For example in real estate, this would be what the client is expecting from the agent in comparison to which is actually delivered by that agent. In real estate, that interaction occurs from the moment the client and agent s peak either verbally or electronically. It is evident that research on goods quality is inadequate in the service field, which has three inherent characteristics: intangibility, heterogeneity and inseparability between production and consumption (Berry, Parasuraman and Zeithmal, 1985). 2-5-1. The Customers Perspective of Service Quality Service quality is usually expressed as a function of customers expectations of the service to be provided (based upon their previous experience, the organizations image, the price of the service for example) compared with their perceptions of the actual service experience (Gronroos, 1984; Berry et al, 1985; Johnston and Heineke, 1998). Perceptions are defined as the consumers judgment of the service organizations performance. However, Parasuraman et al (1988) delve deeper and define the service performance gap as the discrepancy between the specifications of service and the delivery (Chenet, Tynan Money, 2000).
Monday, August 19, 2019
Frank Gehry Essay -- Biography Biographical Essays
Frank Gehry Quote â€Å"When everybody else is ready for the ending, I’m just ready to begin,†Frank Gehry once wrote. â€Å"It’s been the story of my life†(qtd. in Templer, 1999, pp.1) Laying the Foundation Born on 28 February 1929 in Toronto, Canada, Frank O. Goldberg entered a household with a strong Polish and Jewish heritage. Twenty years earlier, Thelma Caplanski left Poland with her parents, a couple with deep religious morals. Once they settled in Toronto, the two decided to change their last name to Caplan. The owner of a hardware store, her father was also the president of a synagogue. His wife, Frank’s grandmother, was said to have good visual abilities. Thelma would continue working with the Jewish community through a Yiddish theater and the Jewish Women’s Organization as she raised Frank. Like several of Howard Gardner’s figures, Frank was close with his mother and grandmother. Frank’s father, Irving Goldberg was born to Polish immigrants in Brooklyn, New York. He lived a hard life and had to work as a kid after his father died when he was 11. Since Irving liked to fight on the streets for money, Frank would learn these skills at a later age. Frank would later be a boxer and participated in full contact karate. When Irving moved to Canada as he moved from job to job, he met Thelma and they ultimately got married. A good student, Frank went to a Hebrew school and his best subject was math; he even spoke Yiddish (Hines, 1986). In later years, his French schooling would give him an advantage while he worked in Europe (Hines, 1986; Templer, 1999). For seven years, he worked in his grandfather’s hardware store where he began to notice the variety of supplies th... ...tions, Inc. Kandela, P. (2001). The buildings of Frank Gehry. The Lancet, 358, 677-678. Levene, R. C., et al. Frank Gehry 1991-1995. El Croquis, 74/75, 5. Temko, Allan. (1993). No Way to Build a Ballpark: and Other Irreverent Essays on Architecture. San Francisco: Chronicle Books. Templer, K. (1999, October 5). Frank Gehry. People. http://www.salon.com/people/bc/1999/10/05/gehry/print.html (2001 November 14). Frank Gehry: Architect. Guggenheim Museum. http://www.guggenheim.org/exhibitions/gehry/biography.html (2001 November 14). Frank Gehry:Pritzker Architecture Prize Laureate 1989. Complete List of Pritzker Architecture Prize Laureates 1979 – 2001 http://www.pritzkerprize.com/gehry.htm Picture Web Links: http://www.pritzkerprize.com/gehry/gehrypg.htm http://www.guggenheim.org/exhibitions/gehry/ http://www.frank-gehry.com/projects.htm
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