... * Talent management – how the organization intends to develop its people and using them at their best. * Continuous improvement – providing for focused and continuous innovation rhymed with development of an individual * Knowledge management – creating, acquiring, capturing, sharing and using knowledge to enhance the learning curve of all employees. * Resourcing – attracting and retaining high-quality people in the organization. * Learning and developing – providing an environment in which employees are encouraged to learn and develop individually. * Reward – defining what the organization wants to do in the longer term to develop and implement reward policies, practices and processes that will further the achievement of its business goals and meet the needs of its stakeholders in alignment with employees satisfaction. * Employee relations – defining the intentions of the organization about what needs to be done in terms of employee engagement and what needs to be changed in the ways in which the organization manages its relationships with employees and their trade unions. Employee development Developing the Most Professional Employees: - The quality of an organisation depends on the quality of its people and their professionalism. One of the best practices of winning organisations is developing the most professional employees through...
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...FINANCIA MANAGEMENT NOTES TOPIC 1 SCOPE OF FINANCE FUNCTIONS The functions of Financial Manager can broadly be divided into two: The Routine functions and the Managerial Functions. Managerial Finance Functions Require skilful planning, control and execution of financial activities. There are four important managerial finance functions. These are: a) Investment of Long-term asset-mix decisions These decisions (also referred to as capital budgeting decisions) relates to the allocation of funds among investment projects. They refer to the firm’s decision to commit current funds to the purchase of fixed assets in expectation of future cash inflows from these projects. Investment proposals are evaluated in terms of both risk and expected return. Investment decisions also relates to recommitting funds when an old asset becomes less productive. This is referred to as replacement decision. b) Financing decisions Financing decision refers to the decision on the sources of funds to finance investment projects. The finance manager must decide the proportion of equity and debt. The mix of debt and equity affects the firm’s cost of financing as well as the financial risk. This will further be discussed under the risk return trade-off. c) Division of earnings decision The finance manager must decide whether the firm should distribute all profits to the shareholders, retain them, or distribute a portion and retain a portion. The earnings must also be distributed...
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...Performance Measurement Promotes Effective Management Effective management is based on a foundation of effective measurement, and almost everything else is based on that. Bain & Company director emeritus and customer loyalty expert Frederick Reichheld unequivocally put it this way: "Measurement systems create the basis for effective management."[7] As Figure 1-1 illustrates, measurement determines what management does, and it works—through management—to touch every part of the organization, including compensation and rewards. Figure 1-1: MEASUREMENT: THE MOST FUNDAMENTAL MANAGEMENT SYSTEM. Organizations are conglomerations of many systems. Measurement is actually the most fundamental system of all. When the "measurement system" works well, management tends to manage (and reward) the right things—and the desired results will occur. The measurement system—for good or ill—triggers virtually everything that happens in an organization, both strategic and tactical. This is because all the other organizational systems are ultimately based on what the measurement system is telling the other systems to do. Unfortunately, as we will see, most organizations do not have one integrated measurement system, but rather many measurement systems located in functional "silos" and not well interconnected. I am continually amazed how many leaders pursue the wrong things— and it almost always comes down to what is being measured. The wrong measures tend to trigger the wrong activities—because...
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...1.0 INTRODUCTION What is Strategic Human Resource Management (SHRM)? According to the Chartered Institute of Personnel and Development (2015), strategic human resource management (strategic HRM, or SHRM) is an approach to managing human resources that supports long-term business goals and outcomes with a strategic framework. The approach emphases on longer-term people issues, matching resources to future needs as well as macro-concerns about structure, quality, culture, values and commitment. It is necessarily dependent on the evolving nature of work itself. As mentioned by Stone (2013), because human resource management (HRM) seeks to strategically integrate the interests of an organisation and its employees, it is much more than a set of activities relating to the coordination of an organisation’s human resources. HRM is a major contributor to the success of an enterprise because it is in a key position ‘to affect customers, business results and ultimately shareholder value’. Stated by Gratton (2000), ‘The new sources of sustainable competitive advantage available to organisations have people at the centre – their creativity and talent, their inspirations and hopes, their dreams and excitement. The companies that flourish in this decade will do so because they are able to provide meaning and purpose, a context and frame that encourages individual potential to flourish and grow’. Stone (2013) mentioned that HRM is either part of the problem or part of the solution in...
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...BANGLADESH LABOUR LAW 2006-(RMG SECTOR) Table of Contents Page No. PART 1: WORKING CONDITIONS ..........................................................................................1 1.1 WAGES...............................................................................................................................4 1.1.1 Definition ................................................................................................................. 4 1.1.2 Persons responsible for the payment of wages ........................................................ 5 1.1.3 Fixation of wage periods and time of payment of wages ......................................... 5 1.1.4 Deductions from the wages ...................................................................................... 6 1.1.5 Grievance procedure in case of illegal deductions or delay in payment ................. 6 1.2 WORKING HOURS AND LEAVES ...............................................................................8 1.2.1 Daily hours............................................................................................................... 8 1.2.2 Interval for rest and meal* ...................................................................................... 8 1.2.3 Weekly hours** ........................................................................................................ 8 1.2.4 Weekly Holiday*** ...............................................................................................
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...that is too easy abused? The FMLA entitles eligible employees to take up to 12 weeks of unpaid, job-protected leave each year for specified family and medical reasons. The FMLA applies to all government workers and private sector employers that employ 50 or more employees within a 75-mile radius (Barth, S. & Hayes, D. K. 2009). Having this particular benefit, allows for employees to take time off in order to care for loved ones. This also guarantees the employee will not lose their job. Besides sick time, having additional benefits such as FMLA can help the employee deal with any family emergency. To be eligible for these benefits, an employee must have worked for an employer for a total of 12 months (not necessarily consecutively) and must have worked for the organization at least 1,250 hours in the past 12 months. These employees are generally guaranteed their current job, or one equal to it, on their return. If, however, an organization can show that it will suffer significant economic damage by having a “key” employee out on FMLA leave, the organization may deny the leave (DeCenzo, D. A. & Robbins, S. P. 2007). There are some guidelines to taking FMLA, and for good reasons. In order to take the FMLA benefit, the...
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...| BENEFITS AND RATES FOR HERITAGE HEALTH FUND MEDICAL AID FUND Effective 1 August 2013 | All Benefits are per Beneficiary | PLATINUM | GOLD | SILVER | BRONZE | BRONZE Lite | ZINC | Global LimitInpatient limitOutpatient limit | 75,000.0052,500.0022,500.00 | 50,000.0035,000.0015,000.00 | 30,000.0021,000.009,000.00 | 15,000.0010,500.004,500.00 | 10,000.007,000.003,000.00 | 8,000.005 600.002 400.00 | Hospital Access | All Pvt HospitalsPres. Suite | All Pvt Hospitals Pvt. ward | All Pvt HospitalsTwo Bed. Ward | All Pvt HospitalsGeneral Ward | Group B,C,D Hospitals Only General Ward | Government & Mission Hospitals, and municipal clinics | Hospitalisation incl. Maternity, Radiology & Pathology | Covered up to limit | Covered up to limit | Covered up to limit | Covered up to limit | Covered up to limit | Covered up to limit | Chronic Drugs incl. ARVs | 1,500.00 | 1000.00 | 800.00 | 500.00 | 300.00 | 200.00 | Acute Drugs | 600.00 | 500.00 | 400.00 | 300.00 | 200.00 | 150.00 | Chronic Nursing | 3,000.00 | 2,000.00 | 1,200.00 | 1,000.00 | 800.00 | 500.00 | Dental incl. dentures | 2,000.00 | 1,500.00 | 1,000.00 | 800.00 | 450.00 | 300.00 | Orthodontic | 1,500.00 | 800.00 | 500.00 | 300.00 | 200.00 | 150.00 | Optical (once in two years) | 700.00 | 550.00 | 400.00 | 250.00 | 200.00 | 15000 | Prosthesis | 4,500.00 | 3,500.00 | 2,000.00 | 1,500.00 | 800.00 | 400.00...
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...Segmentation For marketing purposes, the product V8 V-fusion®+ Energy can be divided into many segments based on the possible customers who would benefit. These segments can be defined using geodemographic and psychographic segmentation methods. Each of the three most relevant segments are described in the following text. The first segment involves women between the ages of 25-30. These women are single, very active and looking to settle down. They are very health-conscious and tend to spend a great deal of time working on their image. The women of this segment typically have a household income of $45,000 to $65,000 and cherish the value of a good bargain whenever they see one. They prefer to purchase items that will benefit their female identity but will spend a great deal of time looking for the most cost-efficient products. Being that these women maintain such busy lifestyles, this product would be great for them as they are “on the go”. The homes of these women also possess many features that are modern and convenient such as Keurig machines, so this product would fit in quite well with their other kitchen products. The women of this particular segment work in an atmosphere that constantly keeps them active. Their benefit from this drink not only includes a simple packaging but the drink itself contains ingredients for a boost in energy, which may appeal to the market substantially. These women value the latest trends in healthy meal choices, especially those that...
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...Is the Difference in Accounting Treatment of Post-Retirement Benefits under IFRS Beneficial or Detrimental to the Financial Position of a Company Currently Reporting Under US GAAP? Megan N. Cook, CPA, CFE Accountancy 521 Professor Lawrence March 9, 2009 The first pension plan offered by an American employer was that of American Express in the year 1875. Amex’s plan did not resemble the plans that we see in today’s time; the first “modern” defined benefit plan was created in 1940 by the automotive behemoth General Motors. These plans of the past still do not resemble plans that we are familiar with today. In the past, employers could exercise a “pension put” option and, in essence, close the plan down at the current level of funding and turn the assets over to the retirees. This is not an optimal situation, as many plans at the time were severely under funded and retirees would be left with pennies on the dollar of what they were counting on for retirement. (Fortune, 2005) Post-retirement benefits are volatile on a couple of different fronts; up until the reforms in 1974 which created ERISA and the PBGC, employees had to put blind faith in their employers to secure their futures after their working years were over. (Fortune, 2005) On another front, these benefits pose a significant accounting problem – how should a company account for the costs and liabilities associated with these benefits they had to give their employees at a later and relatively indeterminable...
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...After watching the tutorials at the end of our lecture, I have found that there are more types of power then I thought of previously. Some of these seem to be effective, while others seem to be less effective. The ones that I find to be the most effective are Referent and Expert powers, I think it is much benefit in a hardworking approach to power, such as with the referent form of power. You can ensure that things get done in an easy and fair manner. Also with the expert form of power, you ensure that you are also on top of the situation, regardless of the surrounding factors, such as people or other stresses. I would like to believe that I have these types of power, but more commonly in my job, I use legitimate power. In most of the time at work I have to be the one to tell all my fellow employees what to do and how to meet our boss demands, therefore meeting our deadline of work is the most important part. Overall I am seen as the authoritative type of management but my boss is more uses of the coercive form of power, which I think is probably the least effective type. It almost makes me want to perform at a lower level when being treated in that way. When he does use this form of power, there are times where I do use some expert power by not responding in a negative way to his coercive attitude. Being aware of these types of power can able to help me identify which types of method I should use when I am the regarding situations, and it also helps me with my leadership skills...
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...ratio. Compensation Methods “Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.” (HR Guide to the Internet) In this type of economy, many businesses will start to freeze wages and stop giving their employees any type of compensation. However, this may hurt the employee morale. By giving out a reward for an excellent job performance at times, a company could see a bigger profit in this rough economy. There are a few different types of compensation methods. These methods include but are not limited to the following: • Commission • Overtime • Bonus • Expense Allowances Commission can be given to employees if they sell a certain number of items or a certain amount of profit that an employee brings in. Overtime is different at all companies and can be a very big benefit to those who are not on salary pay. Bonuses can be awarded if a certain goal has been met by a particular employee. Finally, expense allowances can be given to those who may have to...
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...1. Define the three different types of Piece Rates. Answer: 1) Straight Piece rate 2) Piece rates with guaranteed time rates and 3) Differential Piece rates Straight Piece rate In this method payment is made on the basis of affixed amount per fixed units produced without regard to the time taken Earnings = Number of units x rate per unit. Piece rates with guaranteed time rates In this system the payment is at the time rates but adjusted to the cost of living. Merit awards for personal qualities, skill, ability, punctuality etc. are also considered. The employer compensates the high labor cost by increasing the price of the products. Differential Piece rates A wage plan based on a standard task time whereby the worker receives increased or decreased piece rates as his or her production varies from that expected for the standard time. Also known as accelerating incentive. 2. Define Sales Commission, and explain the conditions that should exist/be met within a position for this pay-for-performance methodology to be successful. Answer: The amount of money that an individual receives based on the level of sales he or she has obtained. The sales person is provided a certain amount of money in addition to his/her standard salary based on the amount of sales obtained. Conditions that should exist: 1. Organizations must tailor pay for performance systems to their mission and environment 2. A pay for performance system can only be effective if employees...
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...Week Three Team Reflection HRM 531 Week Three Team Reflection Employee benefits and compensation are essential to a successful business. A company’s ability to thrive is often due in large part to the workers it employs. Because of this, it is important that the compensation and benefits the employer offers to the employees are competitive and comprehensive. Week three objectives include explaining how to create these benefit packages, determining the appropriate components of the employee compensation and benefits, and using organizational and market data to conduct human capital management functions. The learning team will explain the topics of struggle for the team, the topics of comfort for the team, and explain how these objectives relate to his or her area of work. Topics of Struggle One common area of challenge for members of the team during week three involves the objective relating to human capital management functions and how to use organizational and market research. Several team members indicate that this topic, which includes the two main fields of human capital management, is more difficult to comprehend. However, the team recognizes decisions on composing a benefits and salary package involves the two fields. The determination of benefits and compensation weigh heavy on this function and making sure that an organization is competitive within the market industry that they are in. If the company is using internal or organizational data, the company...
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...Answer Key for Budget Matrix, Due in Week Six Budget items Functional budget to determine personnel costs per member enrolled Line-item budget to determine total non-salary costs Total program budget Executive director salary x x Training supervisor salary x x Trainers salary x x Employee benefits x x Equipment x x Supplies x x Facility rent x x Travel x x Utilities x x Depreciation of equipment x x Transportation x x Outside consultants x x Indirect costs x Answer Key for Creating a Budget, Due in Week Six 1. A line-item budget table showing all associated costs implementing the training programs. Local government workforce agency—Line-item budget Revenue $1,600,000 Expenses Personnel Executive director $100,000 Training supervisor $80,000 Trainers $500,000 Administrative coordinator $45,000 Administrative staff $75,000 Total salaries and wages $800,000 Employee-related benefit expenses @ 25% $200,000 Operating expenses Rent $125,000 Overhead costs $100,000 Utilities $100,000 Office supplies $25,000 Equipment/lease $50,000 Transportation and travel $100,000 Outside consultants $100,000 Total operating expenses $600,000 Total agency budget $1,600,000 2. Develop a functional budget to calculate personnel costs per patient visit. Local government workforce agency—functional and program budget ...
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...Describe the importance of employee benefits as a strategic component of fulfilling the goals of HRM. Though many benefits are not legally required, it is vital for companies to keep up with competition and retain employees. HRM, must act as the driving force behind in building willingness in employees, employee retention and by attracting potential candidates. Using benefits as a strategic component helps enhance the effectiveness, morale, productivity and achievement of goals. The internet helps enable employees to research companies before taking a job. Companies can lose employees to competition as a result of not providing desired benefits and may not look good for business in the long run. In addition to reducing turnover rate companies need to set a best industry safety record. HRM needs to understand what motivates the market of targeted employees. Most are not motivated by just a paycheck, but the perquisites like tuition reimbursement, child care and sponsored family events. (Wiley) Using benefits as a strategic component not only builds motivation, but also helps build stronger relationships between management and employees and the clients. Eventually clients will somehow pick up on these relationships in an event they would have a tour of the company, through word-of mouth and eventually, blogs on the internet. http://www2.enap.gov.br/mesa_redonda/downloads/daley_vasu.mpsa02_PPM.pdf 2. Explain how Genentech and Zappos are using employee benefits as a motivating...
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