Corporate Strategy Of The Business Diversification

Business Diversification The corporate strategy of the business diversification is to create a synergy to achieve more performance under a single umbrella rather than diverse business units (SNU, 2016). A business diversification is to build the company shareholder value when the independent business units can perform under a single corporation as an umbrella organization instead of independent parents or a corporation. A diversified organization has many business units and each business units have its own business level strategy irrespective of whether they are related or not. A successful business diversification not only spreads the business risk across the diverse units but also adds a long term economic value to the company. The strategy for starting a new business is based on industry attractiveness test, the cost of entry and the better off test (Thompson, Peteraf, Gamble, and Strickland, 2016). A company with a business diversification consistently grew its profit by developing a diversified expansion plan beyond its core boundary compares to a new initiative. Repeatability allows a company to learn the mistakes made and support the systematic growth of the business a complex process. (Zook and Allen, 2003) Target Corporation diversification strategy - related businesses Target Corporation is one of the largest retail companies in the U.S that employs many diverse products and technique as part of its operations. Target Corporation s overall diversificationShow MoreRelatedEssay about Business-Level and Corporate-Level Strategy1104 Words   |  5 PagesIntroduction Knowing your business-level and corporate-level strategy can maximize the life of your organization. The business-level strategy focus on creating a value offering that is appealing to consumers while also being cost-effective. The business-level strategies determine who they will serve, what product or service will meet the needs of their targeted customers, and how they will keep their customers satisfied (Harvard, 2012). Corporate-level strategies help drive an organization andRead MoreFrom Competitive Advantage to Corporate Strategy.1303 Words   |  6 Pagesadvantage to Corporate strategy. A diversified company has 2 levels of strategy: 1. Business unit (competitive): how to create competitive advantage in each business? 2. Corporate (companywide): concerns two different questions: what businesses the corporation should be in and how the corporate office should manage the array of business units? Most corporate strategies have dissipated instead of created shareholder value. Now we have to rethink to corporate strategy according toRead MoreHow And Who Makes Strategy At The Corporate Level1631 Words   |  7 PagesQuestions on Chapter 9 1. How and who makes strategy at the corporate level? 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If diversification takes place at business level, then the business is likely to expand to a totally new industryRead MoreCorporate Strategy1565 Words   |  7 PagesCHAPTER 6 STRATEGY FORMULATION: CORPORATE STRATEGY Corporate Strategy Corporate strategy deals with three key issues facing the corporation as a whole: 1. Directional strategy- the firm’s overall orientation toward growth, stability, or retrenchment 2. Portfolio strategy- the industries or markets in which the firm competes through its products and business units 3. Parenting strategy- the manner in which management coordinates activities, transfer resources, and cultivatesRead MoreCase Study : Corporate Level Strategy1234 Words   |  5 Pages99836 Chapter 9 1) Corporate level strategy is afraid with the strategic decisions a business makes that affect the entire organization. Financial performance, unions and achievements, human resource management and the distribution of resources are considered part of corporate level strategy. Usually senior manager makes strategy decision at corporate level. Units are identified as cost centers, profit centers or investment centers. Essentially, this suggests that corporate objectives can be brokenRead MoreWhy Diversification Has A Relationship With Csp997 Words   |  4 PagesIn addition, Clarkson (1995) argues that some of corporate responsibilities to stakeholders are also related to social concern from society’s perspective. Furthermore, Brammer et al. (2006) state CSP has become principal component of business organization performance since a firm undertaking intense pressure from stakeholders, such as customers, employees, and socially responsible investors, to show their commitment a nd contribution to society in social and environmental issue. Hence, we may argueRead MoreCorporate Level Strategy1199 Words   |  5 PagesAPPLE COMPUTER INC.: - CORPORATE-LEVEL STRATEGY REVIEW - A review on the strategy adopted by Apple Inc. at corporate level to ensure that the company remains at the forefront of the electronic media industry either in terms of innovation and range of products . EXECUTIVE SUMMARY An analysis was done on Corporate-Level Strategies adopted by Apple Computer Inc. (â€Å"Apple Computer†) that has brought tremendous success to the firm since it started. Apple Computer started off in 1976 by Steve JobsRead MoreThe Walt Disney Company: the Entertainment King Essay1589 Words   |  7 Pages I. Why has Disney been successful for so long? Disney’s long-run success is mainly due to creating value through diversification. Their corporate strategies (primarily under CEO Eisner) include three dimensions: horizontal and geographic expansion as well as vertical integration. Disney is a prime example of how to achieve long-run success through the choices of business, the choice of how many activities to undertake, the choice of how many businesses to be in, the choice of how to manageRead MoreCase Study : Corporate Level Strategy1234 Words   |  5 Pages99836 Chapter 9 1) Corporate level strategy is afraid with the strategic decisions a business makes that affect the entire organization. Financial performance, unions and achievements, human resource management and the distribution of resources are considered part of corporate level strategy. Usually senior manager makes strategy decision at corporate level. Units are identified as cost centers, profit centers or investment centers. Essentially, this suggests that corporate objectives can be broken

Same Sex Marriage Should Be Legal - 993 Words

Same sex marriage has been a huge topic for many years. Some states have ruled it unconstitutional, and some have disagreed, and even passed a law to allow same sex couple to legally get married. Should we punish people for wanting to show and express their love for one another? Me personally, I feel that these people should be allowed to show their love for one another the same as a man marring a woman. The only difference in their love is sexual preference and I don’t think that should be a huge deal. Here in the United States we voted on giving everyone equal rights, and that gives people the right of privacy, â€Å"freedom of speech†, and freedom and religion. Whenever there is talk about giving same sex couples the right to get married, I always hear different bible versus being thrown into the matter. We all sin in different ways, but we judge those with different sins than ours. Is this the right thing to do? The bible has no place when it comes to our laws and rights as human beings. Opposing gay marriage, in my personal opinion is another form of bias, and racism. This argument is not any different from when African Americans (â€Å"colored†) couldn’t drink from the same water fountain or even ride on a bus next to Caucasians. We as humans act as if we deny them the right to get married like a â€Å"traditional couple† they would all of a sudden change the way that they live, and stop loving the people they love. Are we that naà ¯ve? Is this even fair to those individuals. JustShow MoreRelatedSame Sex Marriage Should Be Legal1288 Words   |  6 Pages Marriage is not precisely the same as it used to be interpreted. For example, women used to be their husband’s property. Sometimes the women were forced to marry whoever their parents wanted them to marry and most of the time they couldn’t leave the marriage. Nowadays women have more freedom. They can vote, they can run their own business, and they can marry whichever man they want to. The laws change as the people’s mind change. As they get more comfortable with the idea, they become more openRead MoreSame Sex Marriage Should Be Legal Essay1475 Words   |  6 PagesSame sex relationships relate to when a man or woman are attracted to someone of the same gender of themselves. It is being rejected as same gender marriage denies the obvious purpose between a man and a women which is procreation (Richardson-Self, 2012). Denying same sex couples the legal right to get married, could mean that they are being denied their basic human rights to enjoy human benefits (Richardson-Self, 2012). However, the opposing view is that if gay marriage was granted the legal rightsRead MoreSame Sex Marriage Should Be Legal1403 Words   |  6 PagesSame-Sex Marriage â€Å"I now pronounce you†¦Ã¢â‚¬  At some point in a person’s life, they have heard or will hear those words. What follows, however, has changed somewhat over the years; although, the commitment has remained the same. Those words historically indicate that until the death of a spouse, that couple shall remain together. Who should be able to determine whom that spouse is for that person? Some people judge others for their sexuality and how it is affecting them, but they never stop andRead MoreSame Sex Marriage Should Be Legal1144 Words   |  5 PagesGay Marriage There are many issues the revolve around same-sex marriage. Many issues like: Whether same-sex should be legalized and should there be an amendment on same-sex marriage? There are multiple side to view this, but gay marriage but in my opinion gay marriage is socially accepted. it should be legal and it does affect American teens in a broad spectrum of ways. There have been a lot of issues on whether or not same-sex marriage should be legal or not. According to Burns, â€Å" The unionRead MoreSame Sex Marriage Should Be Legal998 Words   |  4 PagesSame sex marriage ought to be legalized on the grounds that it is uncivilized and unmerited. Marriage is a commitment between two people that cherish one another. In almost every country and culture, marriage is a commitment of loyalty and love. Marriage is an authority contract gathering two individuals together, furnishing them with profits of holy matrimony such as tax cuts and clinical privileges. The debate throughout most countries today is whether or not the rights of these profits and commitmentsRead MoreSame Sex Marriage Should Be Legal1659 Words   |  7 Pages Same-sex couples can hardly remember a time where they were not fighting for their right to marriage in the United States. After several court cases, California Proposition Six, and their struggle against the Defens e of Marriage Act (DOMA), same-sex couples found their way into U.S. society. Many misguided studies appealed to those opposing same-sex marriage, but after several years of integrating in society, same-sex couples found the support they were looking for. Before the Supreme CourtRead MoreSame Sex Marriage Should Be Legal899 Words   |  4 Pages In the United States, same sex marriage became legal nationwide on June 26, 2015, when the United States Supreme Court overruled the court in favor of same sex freedom and marriage. The victory of same sex marriage came to be recognized from the Obergefell v. Hodges case which was submitted when an American Ohio man was denied and regretted to get his name on his late husband’s death certificate. Same sex marriage has been a controversial social issue in the United States for several decades. SinceRead MoreSame Sex Marriage Should Be Legal1491 Words   |  6 PagesSame sex marriage is one of the most debatable issues in the modern world. Marriage has been accepted as the social union between a man and a woman for the past thousand years. Homosexuality was viewed with scorn, and marriages among same sex couples were prohibited in most cultures across the globe. However, gay relationships are slowly obtaining acceptance, as homosexuals have come to be expressive in fighting their rights to marry in the early 90’s. As homosexuality grows in acceptance in theRead MoreSame Sex Marriage Should Be Legal892 Words   |  4 PagesLove Same sex marriage is now allowed in all states across the country. But it took years and years for this â€Å"issue† to be finally laid to rest. The first state to legalize same-sex marriage was Massachusetts in 2004. There was not a last state to legalize gay marriage. The supreme court realized how many states were now legalizing it, so they just had all of the states left legalize it as well. ProCon.org supplies information that â€Å"Twenty-six states were forced to legalize gay marriage becauseRead MoreSame Sex Marriage Should Be Legal2253 Words   |  10 Pages1776). The recognition of same-sex marriage is an issue influenced by numerous factors, and debates continue to arise over whether people in same-sex relationships have the right to marriage. Marriage provides many benefits, legally, financially, and personally. Same-sex marriage can open up those in same-sex relationships to tax benefits and financial demands comparable to those afforded to and required of peo ple in opposite-sex marriages. Same-sex marriage also gives them legal protections, such as

Factor Affecting Job Satisfaction in Banks Free Essays

A Banker on whom a cheque is drawn should pay the cheque when it is presented for payment. * This cheque paying function is a distinguished one of a banker. * This obligation has been imposed on him by sec. We will write a custom essay sample on Factor Affecting Job Satisfaction in Banks or any similar topic only for you Order Now 31 of the N. I Act, 1881. * A banker is bound to honour his customer’s cheque, to the extent of the funds available and the existence of no legal bar to payment. Again, for making payment the cheque must be in order and it must be duly presented for payment at the branch where the account is kept. * The paying banker should use reasonable care and diligence in paying a cheque, so as to abstain from any action likely to damage his customer’s credit. * If the paying banker wrongfully dishonours a cheque, he will be asked to pay heavy damages. * At the same time, if he makes payment in a hurry, even when there is sufficient balance, the banker will not be allowed to debit the customer’s account. If he does so, it will amount to sanctioning of overdraft without prior arrangement, and later on, the customer can claim it as precedent and compel the banker to pay cheque in the absence of sufficient balance. His position is very precarious and is in between the devil and the deep sea. PRECAUTIONS BEFORE HONORING A CHEQUE In order to safeguard his position, the paying banker has to observe the following precautions before honouring a cheque. Presentation of The Cheque (a) Type of the cheque: Before honouring a cheque, he must find out the type to which it belongs. Cheques may generally be of two types- open or crossed. If it is an open one, the payment may be made at the counter. If it is crossed, the payment must be made only to fellow banker. If it is specially crossed, the payment must be specifically made to that banker in whose favour it has been crossed. If there are ‘A/C Payee’ and ‘Not Negotiable’ crossings the paying banker need not worry, as they are the directions only to the collecting banker. If the paying banker pays a cheque contrary to the crossing, he is liable to the drawer. Therefore, he must pay special attention to the type of a cheque. b) Branch: The Paying banker should see whether the cheque is drawn on the branch where the account is kept. If it is drawn on another branch, without any prior arrangement, the banker can safely return the cheque. (c) Account: Even in the same branch, a customer might have opened two or more accounts. Hence, the paying banker should see that the cheque of one acco unt is not used for withdrawing money from another account. (d) Banking hours: The paying banker should also note whether the cheque is presented during the banking hours on a business day. Payment outside the banking hours does not amount to payment in due course. e) Mutilation: If a cheque is torn into pieces or cancelled or mutilated, then, the paying banker should not honour it. He should return the cheque for the drawer’s confirmation. In a case cheque is torn accidentally, the drawer must confirm it by writing such words as ‘Accidentally torn by me’ and affixing his full signature. A cheque torn into two or more pieces is generally returned with a remark ‘Mutilated’. Form of cheque: Printed form: The cheque must be in proper form. It must satisfy all the requirements of law. The customers should draw cheques only on the printed leaves supplied by the bankers. Unconditional order: The cheque should not contain any condition. If it is a conditional one, the paying banker’s position will become critical and he may not honour it. Date: Before honouring a cheque, the bank must see whether there is a date on the instrument. If it is undated, it cannot be regarded as a valid instrument. If a cheque is ante- dated, it may be paid if it has not become stale by that time. A cheque, which is presented after six months, from the date of its issue, is a stale one. If a cheque is post- dated, he should honour it only on its due date. Amount: The next important precaution is that the banker should see whether the amount stated in the cheque, both in words and figures, agree with each other. If the amount is stated only in figures, the banker should return it with a remark ’Amount required to be stated in words’. However if the amount stated only in words, the banker may honour it. Supposing , there is a difference in the amount stated in words and figures, then the banker can take any one of the following courses available to him: i) He can dishonour the cheque with a memorandum ‘words and figures differ’ or i)He can honour the amount stated in words According to Sec. 18 of the N. I. Act, if the amount undertaken or ordered to be paid is stated differently in figures and words, the amount stated in words shall be the amount undertaken or ordered to be paid. ’ However in practice, if the difference is insignificant, payment is sometimes made. But usually the paying banker returns t he cheque under such circumstances, since there is an audit objection to the practice of honouring such cheques. III. Sufficient balance: There must be sufficient balance to meet the cheque. If the funds available are not sufficient to honour a cheque, the paying banker is justified in returning it. So, before honouring a cheque, he must check up the present state of his customers account. IV. Signature of the drawer: The next important duty of a paying banker is to compare the signature of his customer found on the cheque with that of his specimen signature. If he fails to do so and if he pays a cheque , which contains a forged signature of the drawer, then, the payment will not amount to payment in due course. Hence, he can not claim protection under Sec. 85 of the N. I. Act. If the signature has been too skillfully forged for the banker to find it out, even then the banker is liable. However, if the customer facilitates the forgery of his signature by his conduct, then, the banker will be relieved from his liability. Legal bar: The existence of legal bar like Garnishee Order limits the duty of the banker to pay a cheque. Garnishee order refers to the order issued by a court attaching the funds of the judgment debtor (i. e. , the customer) in the hands of a third party (i. e. , the banker). The term ‘Garnishee’ refers to the person who has been served with the order. This Garnishee proceedings comprise of two steps. As a first step ‘Garnishee Order Nisi’ will be issued. ‘Nisi’ means ‘unless’. In other words, this order gives an opportunity to the banker to prove that this order could not be enforced. If the banker does not make any counterclaim, this order becomes absolute one. This ‘garnishee Order absolute’ actually attaches the account of the customer. If it attaches the whole amount of a customer’s account, then, the banker must dishonour the cheque drawn by that customer. He can honour his cheques to the extent of the amount that is not garnished. Endorsement: Before honouring a cheque, the banker must verify the regularity of endorsement, if any, that appears on the instrument. It is more so in the case of an order cheque, which requires an endorsement before its delivery. For instance, if there is per pro endorsement, the banker must find out the existence of authority. Failure to do so constitutes negligence on the part of the paying banker. Per pro endorsement is an endorsement made by an authorized agent. Prior information about the delegation of authority to the agent must have been given to the banker. Otherwise, a banker is not legally bound to accept this type of endorsement. CIRCUMSTANCES UNDER WHICH A CHEQUE CAN BE DISHONORED Countermanding: Countermanding is the instruction given by the customer of a bank requesting the bank not to honour a particular cheque issued by him. When such an order is received, the banker must refuse to pay the cheque. If a customer informs by telephone or telegram regarding the stopping payment of a cheque, the banker should diplomatically delay the payment, till written instructions are received. If the situation is very critical, he can return the cheque by giving a suitable answer like ’payment countermanded by telephone and postponed pending confirmation. Therefore, countermanding instructions, once received, must be kept as a constant record. A ‘stopped payment’ register may be maintained for ready reference. Upon the receipt of notice of death of a customer: When a banker receives written information from an authoritative source, (preferably from the nearest relatives) regarding the death of a parti cular customer, he should not honour any cheque drawn by that deceased customer. If the banker is unaware of the death of a customer, he may honour the cheque drawn by him. Death puts an automatic end to the contractual relationship between a banker and his customer. Upon the receipt of notice of insolvency: Once a banker has knowledge of the insolvency of a customer, he must refuse to pay cheques drawn by him. Upon the receipt of notice of insanity: Where a banker receives notice of a customer’s insanity, he is justified in refusing payment of the cheque drawn by him. The banker should make a careful note, when the lunacy order is received. It is advisable that the banker should act upon a definite proof of the customer’s insanity like a doctor’s certificate, a court order etc. Upon the receipt of notice of assignment: The bank balance of a customer constitutes an asset and it can be assigned to any person by giving a letter of assignment to the banker. Once an assignment has been made, the assignor has no legal rights over the bank balance and therefore, if any cheque is drawn by him, the banker should refuse to honour it. When a breach of trust is intended: In the case of a trust account, mere knowledge of the customer’s intention to use the trust funds for his personal use, is a sufficient reason to dishonour his cheque. Defective title: If a person who brings a cheque for payment has no title or his title is defective, the banker should refuse to honour the cheque presented by him. For instance, a person who brings a cheque, which has been countermanded or which has been forged, has no title to it. Statutory Protection to a Paying Banker: Supposing, a paying banker pays a cheque, which bears a forged signature of the payee or endorsee, he is liable to the true owner of the cheque. But, it is quite unjustifiable to make the banker responsible for such errors. It is so because; he is not expected to know the signature of the payee or the endorsee. Therefore, law relieves the paying banker from his liability to the true owner in such cases. This relief is known as ‘statutory protection. ’ To claim protection under Sec. 85 of the N. I. Act, 1881, the banker should have fulfilled the following conditions: * He should have paid an order cheque. * Such a cheque should have been endorsed by the payee or his order. * It should have been paid in due course. PAYMENT IN DUE COURSE The cheque should have been paid in due course as per Sec. 0 of the N. I. Act. This concept of payment in due course has three essential features: (I) Apparent tenor of the instrument: To avail of the statutory protection, the payment should have been made according to the apparent tenor of the instrument. The apparent tenor refers to the intention of the parties, as it is evident from the face of the instrument. Example: If a drawer draws a cheque with a post –date, his intention is to make payment only after a certain date. If it is paid before the due date, this payment does not amount to payment in due course. So also, the payment of a countermanded cheque does not amount to payment in due course. (ii) Payment in good faith and without negligence: Good faith forms the basis of all banking transactions. As regards negligence, the banker may sometimes be careless in his duties, which constitutes an act of negligence. If negligence is proved, the banker will loss the statutory protection given under Sec. 85. Example: * Payment of a crossed cheque over the counter. * Payment of a post-dated cheque before maturity. * Failure to verify the regularity of an endorsement. iii)Payment to a person who is entitled to receive payment: The banker must see that the person, who presents the cheque, is in possession of the instrument and he is entitled to receive the amount of the cheque. Protection to a bearer cheque: Now this protection has been extended to bearer cheques also under sec. 85(2). If a bearer cheque is paid in due course, the banker is entitled to get protection. Statutory Protection in the case of a Materially Altered Cheque: A paying banker cannot normally claim any statutory protection for a materially altered cheque. However; Sec. 89of the Negotiable instrument Act. Gives protection in the case of a materially altered cheque provided, (1) He is liable to pay, (2)Such an alteration is not apparent and, (3) The banker has made the payment in due course. Recovery of Money Paid by Mistake: Under the following circumstances, money wrongly paid can be recovered:- (i)Money received mala fide is recoverable: When a person receives money by mistake in bad faith, knowing that he is not entitled to receive that money, then, the banker is entitled to recover the same. (ii) Money paid under a mistake of fact is recoverable: For instance, a banker pays money to X, thinking that he is Y. This is a mistake of fact regarding the identity of the parties. Y is under a legal duty to pay the money back to the banker. COLLECTING BANKER A collecting banker is one who undertakes to collect the amount of a cheque for his customer from the paying banker. In collecting a cheque, the banker can act in two capacities namely (1) as a holder for value, and (2) as an agent for collection. The banker would be as a holder for value: (a) If he allows his customers to withdraw money before cheques paid in for collection are actually collected and credited. b) If any open cheque is accepted and the value is paid before collection, and (c) If there is a reduction in the overdraft account of the customer before the cheque is collected and credited in the respective account. In all these cases, the banker acquires a personal interest. A Banker as an agent: In practice, no banker credits a customer account even before a cheque is collected. He collects a cheque on behalf of a customer. So, he cannot acquire any of the rights of a holder for value. He has to act only as an agent of the customer. Duties of A Collecting Banker: i) Exercise reasonable care and diligence in his collection work: When a banker collects a cheque for his customer, he acts only as an agent of the customer. He should exercise reasonable care, diligence and skill in collection work. (ii) Present the cheque for collection without any delay: The banker must present the cheque for payment without any delay. If there is delay in presentment, the customer may suffer losses due to the insolvency of the drawer or insufficiency of funds in the account of the drawer or insolvency of the banker himself. In all such cases, the banker should bear the loss. iii) Notice to customer in the case of dishonour of a cheque: The N. I. Act has prescribed a reasonable time for giving the notice of dishonour. If he fails to do so, and consequently, any loss arises to the customer, the banker has to bear the loss. (iv) Pr esent the bill for acceptance at an early date: As per sec. 61 of the N. I. Act, a bill of exchange must be accepted. If a banker undertakes to collect bills, it is his duty to present them for acceptance at an early date. (v) Present the bill for payment: The banker should present the bills for payment in proper time and at proper place. If he fails to do so and if any loss occurs to the customer, then, the banker will be liable. According to Sec. 66 of N. I. Act a bill must be presented for payment on maturity. (vi) Protest and note a foreign bill for non-acceptance: In case of dishonour of a bill by non-acceptance or non-payment, it is the duty of the collecting banker to inform the customer immediately. Generally he returns the bill to the customer. In the absence of specific instructions, collecting bankers do not get the inland bills noted and protested for dishonour. If the bill in question happens to be a foreign bill, the banker should have it protested and noted by a notary public and then forwarded it to the customer. Statutory Protection to the collecting Banker: According to sec. 131 of the N. I. Act, statutory protection is available to the collecting Banker in the following cases: (i)Crossed cheques only: a collecting banker only for crossed cheques can claim statutory protection. It is so because, in the case of an open cheque, it is not absolutely necessary for a person to seek the service of a bank. ii) Collections on behalf of customers as an agent: a banker only can claim the above protection for those cheques collected by him as agent of his customers. iii) In good faith and without negligence: In order to get the protection under this section, a collecting banker must act in good faith and without negligence. Matter of negligence is of great importance. Basis of negligence: When a collecting banker wants to claim protection under S ec. 131, he has the burden of proving that he has acted without negligence. Gross negligence: If a banker is completely careless in collecting a cheque, then, he will be held liable under the ground of ‘gross negligence. ’ Examples: Collecting a cheque crossed ‘A/C payee’ for other than the payee’s account: Account payee crossing is a direction to the collecting banker. If he collects a cheque crossed ’A/C payee’ for any person other than the payee, then, this fact will be proved as an evidence of gross negligence. FAILURE TO VERIFY THE CORRECTNESS OF ENDORSEMENT If a banker omits to verify the correctness of endorsements on cheques payable to order, he will be deprived of the statutory protection. i)Failure to verify the existence of authority in the case of per pro signatures: If a collecting banker fails to verify the existence of authority in the case of per pro signatures, if any, will be proved as an evidence of gross negligence. (ii) Negligence connected with the immediate collection: If, on the face of a cheque, there is a warning that there is misappropriation of money, the collecting banker should make some reasonable enquiry and only after getting some satisfactory explanations, he can proceed to collect cheques. Examples: * Collecting a cheque drawn against the principal’s A/c, to the private A/c of the agent without enquiry. * Collecting a cheque payable to the firm to the private A/c of a partner without enquiry. * Collecting a cheque payable to the company to the private account of a director or any other officer without enquiry. * Collecting a cheque payable to the employer to the private account of the employee would constitute negligence under sec. 131 of the N. I. Act. * Collecting a cheque payable to the trustee, to the private account of the person operating the trust account is another instance of negligence of a banker. iii) Negligence under Remote Grounds: Normally, we cannot expect a banker to be liable under certain circumstances. But, the bankers have been held negligent under those situations, which are branded as ‘remote grounds. ’ Examples: * Omission to obtain a letter of introduction from a new customer causes negligence. * Failure to enquire into the source of supply of large funds into an account, which has been kept in a poor condition for a long time, constitutes negligence. How to cite Factor Affecting Job Satisfaction in Banks, Essay examples

Managing Across Global Cultures

Question: Write an essay on international business analysis. Answer: Introduction China is a developed economy with a string economic growth witnessed in the last decade. The economic growth has accelerated its GDP growth and he overall economic growth of the country. China has witnessed a 1.1 % increase in the GDP growth rate in the first quarter of 2016, which has surpassed the forecasts and estimation made for the Chinese economy. The annual growth rate in China in the last year was 7.3 % with the highest being 9% in the last decade (Ang and Van Dyne 2015). The strong economic growth has attracted foreign companies across the globe. The foreign investment in China generally tends to lend important benefits to the company. The increasing foreign markets in China and the ever increasing economic growth of China attract foreign companies in China. However, this was not the case with McDonalds in their business endeavors in China (Erickson 2016). The research paper focuses its study on the business endeavors of McDonalds in China and the outlines the causes for the failure of it in China. The research paper critically analyses the business model of the company and shed critical light into the cultural differences between the two countries. The underlying issue of cross cultural management issue is critically handled and addressed and necessary recommendations are also provided. Discussion The case study of McDonalds business endeavors in China is taken and the research paper gives an overview of the case study. McDonalds is worlds largest chain of fast food restaurants serving 68 million of people and operating in 119 countries. The growing business scale of McDonalds made it enter the Chinese market and decided to expand its market in China (Erickson 2016). However, an 8.3 % slump in the profitability and growth of McDonalds in Chinese markets made the company to shutter 220 stores in China. The company has been planning to shut down the stores in China due to low profitability of the company in the country and the lack of demand from the customers in China. The latest 8.3 slump in the growth and profitability of the company has led the company into shutting down stores in China and facing huge loss liability in the country (Moore 2015). It has been noticed that the cultural gap and cross cultural management issues were a contributing factor to the loss faced by the company in China. The two contributing factors of the companys failure in the country has been the controversy relating to the supply of meat to the company, which involved the mixing of meat of chicken and beef that were beyond the expiring date. This created a stir in the public and the episode created a major blot on the image of the country. The public however, took the incident seriously and maintained a hesitant attitude towards procurements and purchase from the restaurant. McDonalds failed to address and meet the daily requirements of the customers in China and the changing demands and requirements culminated into the decline of the operations and profitability of the company in China. Also, the changing lifestyles and habits of the public were a major cause for the changing demand to the products of the company (Spencer Oatey and Franklin 2014 ).The case study of McDonalds failure in China needs to be analyzed and studied from a cultural point of view. The case study stresses on the cultural differences between the two countries for the cause of the decline of the companys business in China. The cultural gulf between the eastern and western countries has been a major cause for the decline of the company in China. The inability of the company to bridge the gulf between cultural perspectives of the countries is another reason and cause for the failure of McDonaldss China. The evaluation and the assessment of business model of the company highlights the areas where the company fails in meeting the requirements and demands of the consumers (Spencer Oatey and Franklin 2014). The scandal relating to the supply of meat by a supplier in McDonalds was one of the biggest causes of its downfall. The meat, which was a mixture of chicken and beef were way past the expiry date. This caused a great alarm among the Chinese customers. The concerns regarding health and safety issues turned out to be the biggest cause of concern and downfall for the company. It is inferred that the Chinese customers are very susceptible to scandals and controversies and the impact of such scandals and controversies have a lasting impression on their mind. In such scenario, McDonalds suffered a major setback in terms of this controversy. More and more consumers started protesting against meat laced with antibiotics. The questions over the quality and assurance about quality of substance were highly raised and the controversy dragged the company to the court regarding the fact that the move had jeopardized the health of the people and the company had compromised the health and safety of the consumers for profit motive (Chaney and Martin 2013). The notion of Chinese customers against fast food is that quality is not the primary motive. Despite the fact that McDonalds ensures quality of the food, the conceived notion of the people is that it only gives back reasonable return on the price of the food that is provided since McDonalds items are cheap as a part of their expansion policy. The people of China would raise similar concern and worry about the consistency of quality and conformity to health and safety issues regarding food in fast food chain of restaurants. It is a part of their cultural views. The globalization strategy of McDonalds could not compete or understand the localization factor in terms of food among the Chinese people. This inability of McDonalds turned out to be the undoing of the company in China (Ang and Van Dyne 2015). The taste and preference of the customers is an element of the culture and views of a people. It affects the demand pattern and is one of the major causes that affect the demand and the purchasing trend of the people. It was seen that urbanization had affected the lifestyle and the income spending ability of the people. This had paved the way for the scope of growth and rich prospect for foreign markets. This was however not the case with McDonalds. Brand loyalty and brand awareness is a part of a cultural view of people. The Chinese were conscious and did tend to show loyalty to Chinese brands and they preferred local food and the Chinese cuisine over the fast food restaurant McDonalds. The taste and preferences of the Chinese did not match with the cuisine of McDonalds. The company was unable to fulfill the daily requirements and the major needs of the people. The people were of the view that the cuisine of McDonalds did not suit their palate and the preferred choice was Chinese cu isine and brands. The traditional culture of the Chinese in terms of food was revolving around color, flavor, fragrance and variety. Thus, McDonalds was unable to expand in the Chinese market and develop significant customer due to taste and preferences if the people. The company failed to establish a brand loyalty and brand awareness among the people since the local people did tend to shift mainly towards the local brands and the local food (Hashmi et al. 2014). One of the reasons that the company could achieve much success in its business endeavors in China was mainly because of the failure of the company to recognize the habit of the thrift and saving among the people. It was inferred that the Chinese people preferred local brand local cuisines because they would expect greater bargain with a local brands as they could get products at a cheaper rate and would also be assured of the quality. The recent scandal circulating McDonalds would backfire against the company (Erickson 2016). Another r response from a Chinese customer was that dealing with a Chinese brand would ensure fair quality and price and would also ensure better services since there would no cultural gaps between local brands. the significance and importance of relationships between the company and the customers is a very important aspect and cultural gaps can be one of the biggest cause of the companys stagnant growth and failure in a business endeavors (Hashmi et al. 2014). Language is a major part of a culture of a country. Language barrier could one of the biggest hindrances in a business undertaking. Inability to communicate is one of the major snags in a business strategy. Language is a manifestation of culture. Chinese is the mother tongue of China and is spoken by more than three times than the English speaking population. However, English is the official language of the world. The official language is an important tool in terms of business endeavors involving different cultures. The silent language, which is the mother tongue of the Chinese people is a powerful language and the inability to adjust or induce this language in the business strategy might lead to adverse conditions and consequences for the business due to lack of communication, which is a critical factor in business (Rothlauf 2015). McDonalds tried to incorporate the same business strategy throughout China. They failed to realize that China comprises of sub-cultures with difference in style in in-land and coastal regions. The industrial revolution has changed lifestyles of people but it led to indifferent development of style and culture in different parts of China, which culminated into sub-cultures in different parts of China. The incapability of the company to adjust to different sub-cultures within China led to the downfall of the company (Ang and Van Dyne 2015). The application of the Hofstedes four dimension towards culture helps in further understanding the cultural gap between these countries. The four dimensions that are used in the study are masculinity vs femininity, Individualism vs collectivism, uncertainty avoidance and power distance. These cultural gaps depict the distinction in the culture between eastern and western countries. American and western countries are strongly dominated by individualism concept where individuals are strong dominated by individual concept. They are mainly concerned about themselves and the people that are close to them. In such a case they are not majorly influenced with what the different individuals in a society feel. On the other hand, the Chinese people are strongly dominated by collectivism concept, where they are strongly affected by how people react to changes and the elements in the external environment. The fact can be traced from the scandal that embodied McDonalds (Moore 2015). Both the countries are dominated by masculine quotient. The countries are equal in this regard. The people are prefer material goods and do not favor leisure over work. The uncertainty avoidance indicates the tolerance level of a culture toward uncertainty. The Chinese culture show level of tolerance towards uncertainty but observe rules and universal truths. The laws are amendable and flexible according to the requirement of the situations in the Chinese culture. The Chinese culture favor ambiguity as the Chinese culture comprises ambiguous elements just like the Chinese language. The Americans are completely reversed in this regard (Chaney and Martin 2013). The power distance of China is measured with a higher rating than America in this regard. The Chinese people have a strong power to question and challenge authorities and class division is assumed to be logical and fair (Rothlauf 2015). The difference in culture between eastern and western countries is also a contributing factor towards the decline of McDonalds in China. The Eastern people live in a complex and interdependent society with complex social practices. They value relationships and the contexts associated with it. The Western people tend to live in a more independent and individualistic social setting with uncomplicated social practice. They tend to value material objects than relationships and contexts (Chaney and Martin 2013). Conclusion On concluding the essay, one can see the importance and the value of culture in a social setting and in business endeavors. Culture is a driving force among people in their social practice and social behavior. McDonalds could not efficiently employ and use the business models due to cultural reasons. The scandal surrounding McDonalds turned out to be the major cause and the downfall of the company in China. The definite and unique Chinese culture had different taste and preference, which McDonalds could not achieve and the tendency of the Chinese people to favor local cuisine and Chinese food culminated into the factors, which led to McDonalds closing around 220 shops in China. Reference List Ang, S. and Van Dyne, L., 2015.Handbook of cultural intelligence. Routledge. Caganova, D., Cambal, M. and Weidlichova Luptakova, S., 2015. Intercultural managementtrend of contemporary globalized world.Elektronika ir Elektrotechnika,102(6), pp.51-54. Chaney, L. and Martin, J., 2013.Intercultural business communication. Pearson Higher Ed. Eisenberg, J., Hrtel, C.E. and Stahl, G.K., 2013. From the Guest Editors: Cross-Cultural Management Learning and EducationExploring Multiple Aims, Approaches, and Impacts.Academy of Management Learning Education,12(3), pp.323-329. Erickson, N., 2016. 3rd Party Monitors Spur Action in McDonalds Chinese Food Safety Protocols. Hashmi, A.R., Xiao, P. and Shen, Q., 2014. Entry-and Sunk-Cost Spillovers from the Rival: Evidence from Entry and Expansion of KFC and Mcdonald's in Chinese Cities.Available at SSRN 2410700. Ki, E.J., Kim, J.N. and Ledingham, J.A. eds., 2015.Public relations as relationship management: A relational approach to the study and practice of public relations. Routledge. Kinloch, P. and Metge, J., 2014.Talking past each other: problems of cross cultural communication. Victoria University Press. Moore, F., 2015. An unsuitable job for a woman: a native categoryapproach to gender, diversity and cross-cultural management.The International Journal of Human Resource Management,26(2), pp.216-230. Mor, S., Morris, M.W. and Joh, J., 2013. Identifying and training adaptive cross-cultural management skills: The crucial role of cultural metacognition.Academy of Management Learning Education,12(3), pp.453-475. Moran, R.T., Abramson, N.R. and Moran, S.V., 2014.Managing cultural differences. Routledge. Rothlauf, J., 2015.A global view on intercultural management: challenges in a globalized world. Walter de Gruyter GmbH Co KG. Samovar, L., Porter, R., McDaniel, E. and Roy, C., 2014.Intercultural communication: A reader. Cengage Learning. Spencer Oatey, H. and Franklin, P., 2014.Intercultural interaction. John Wiley Sons, Inc.. Thomas, D.C. and Peterson, M.F., 2014.Cross-cultural management: Essential concepts. Sage Publications. Ting-Toomey, S. and Chung, L.C., 2012.Understanding intercultural communication. New York, NY: Oxford University Press.

Television addiction Essay Example For Students

Television addiction Essay Addicted to TelevisionThe temptations that can disrupt human life are often caused by pure indulgences. That which we most desire may ultimately harm and destroy us. For example, no one has to drink alcohol. Realizing when a diversion has gotten out of control, such as alcohol, is one of the greatest challenges of life. These excessive cravings do not necessarily involve physical substances. Gambling can be compulsive, leading to great financial distress; sex can become obsessive, often altering a persons mentality and behavior. However, one activity is repeatedly over-looked. Most people admit to having a love-hate relationship with it. It is Americas most popular leisure past-time, the television. It is undeniably the medium that attracts the most American attention. Numerous studies have been conducted on the marvelous hold that the television has on its viewers. Percy Tannenbaum of the University of California at Berkeley has written: Among lifes more embarrassing moments have be en countless occasions when I am engaged in conversation in a room while a TV set is on, and I cannot for the life of me stop from periodically glancing over to the screen. This occurs not only in dull conversations but during reasonably interesting ones just as well. Is the television a means of innocent entertainment, or is it a medium that will lead to the unavoidable addiction and dependency?What is it about television that has such a hold on us? Scientists have been studying the effects of television for decades, usually focusing on whether or not there was a direct correlation between viewing violence and acting violent in real life. Less attention has been paid to the basic allure of the small screen, the actual medium instead of what can be viewed on its screen. Scientists who have studied television addiction have come to the conclusion that it is real and affects many Americans without there knowledge. Substance dependence can be characterized by criteria that include: spe nding a lot of time using the substance; using it more often than one intends; thinking about reducing use or making repeated efforts to reduce use; giving up important activities to use it; and exhibiting withdrawal symptoms after stopping use. It does not necessarily mean that those who watch television are immediately categorized as dependants; it is only for those that notice that they should not be watching, yet find themselves unable to reduce their viewing. What causes our profound interest in the television? The amount of time that people spend watching television is astonishing. The average individual will devote three hours a day to watch television. At this rate, a person who lives to be 75 would spend a total of nine years in front of the television. Based on polls taken in 1992 and 1999, two out of five adults and seven out of ten teenagers said they spend too much time in front of the television; roughly 10 percent of the adults called themselves television addicts. To study the physical and mental reactions to television, scientists have conducted experiments monitoring brain waves, skin resistance and the heart rate of people watching television. After analyzing the data, scientists discovered that people viewing television reported feeling relaxed and passive. More relaxed than while reading a book. Studies have also shown that the relaxation caused from watching ended once the television was turned-off, but the feelings of passivity and lowered alertness continued. Viewers reported having difficulty concentrating after viewing than before. After playing sports or engaging in hobbies, people repot improvements in mood. After watching television, people report that their moods are about the same or worse. One of the reasons that we are so attracted to the television is our orienting response. First described by Ivan Pavlov in 1927, the orienting response is our instinctive visual or auditory reaction to any sudden or novel stimulus. It is part of our evolutionary heritage, a built in sensitivity to movement and potential threats (Kubey 77). In 1986, Byron Reeves and his colleagues began their study on whether simple features of television cuts, edits, zooms, pans, sudden noised activate the orienting response, causing attention to be focused on the screen. 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Criticisms

and not reality. In this sense, Kant sees the Ontological argument as an exercise in verbal analysis, the means where anyone can anaylse the meaning of a word or concept, and draw a logical explanation from it. Therefore, Anselms’ word... Criticisms Free Essays on The Existence Of God - Approaches/Criticisms The existence of God - Approaches/Criticisms There are three major arguments that attempt to explain the existence of God. Firstly, it is important to establish a definition of God. According to philosophers God is an infinitely perfect being that upholds a divine unity of ultimate goodness and of ultimate power. God is referred to as Omniscient, Omnipotent and Eternal. God has unlimited knowledge and intelligence, so basically God is the ultimate model of perfectionism. Though all Philosophers agree with this definition of God, it does not state whether or not this ideal concept of God exists. The Ontological, Cosmological and Teleological have been developed throughout time to attempt to prove God existence. There have also been many criticisms into these arguments, which attempt to disprove each argument. The Ontological argument was developed by Anselm; a theist who argued for the existence of God. In his argument he refers to God as a perfect being, therefore ‘that than which nothing greater can be conceived’. He began his argument by saying that even a ‘fool’ (atheist) can grasp or understand the concept of a being than of ‘which nothing greater can be conceived’ as they already have an understanding or idea of what it means in their mind. Though this idea exists in their mind, it does not mean God doesn’t exist in reality. Anselm refers to God as a perfect being, and because he is so perfect he must have infinite perfectionism, therefore Anselm is arguing that if God lacked existence he would not be perfect, as he is perfect he must exist. There are many criticisms to why Anselm’s Ontological argument fails. Kant saw Anselm’s argument as merely a word game, playing on words and not reality. In this sense, Kant sees the Ontological argument as an exercise in verbal analysis, the means where anyone can anaylse the meaning of a word or concept, and draw a logical explanation from it. Therefore, Anselms’ word...

Procurement Methods Assignment Example | Topics and Well Written Essays - 2250 words

Procurement Methods - Assignment Example In this project, the construction procurement techniques that will be talked about are the novated design and build methods, accelerated traditional methods and the construction management approach. Construction administration is as procurement course in which the works are built by various different foremen. These builders are contracted to the customer yet overseen by a development supervisor. The construction supervisor goes about as a specialist for the customer, controlling and facilitating the working contracts. The development administrator is by and large selected ahead of schedule in the outline change so their experience can be utilized to enhance the fabricate capacity and bundling of suggestions as they build. This can empower some exchange foremen to be delegated sooner than others, possibly shortening the time taken to finish the responsibility assigned. Then again, there will be the value instability until the configuration is finished and all agreement has been let. Accelerated traditional method is a system where a builder is selected prior in the arrangement of design on the premise of fractional data, either by transaction or in competition. Arrangement, from the premise of the starting, incomplete data, happens once the last outline data gets to be accessible. Development begins when the outline is created to the last stage (Bennett, 1990). Whilst this permits an early begin on location, it additionally involves less conviction about expense. In Accelerated traditional method, some outline covers development. It is accomplished by letting a different, advance works contract. For instance, by permitting foundations (site leeway, heaping and establishments) to continue to construct once arranging consent has been gotten keeping in mind the design for whatever remains of the building is finished, and by tendering over the ground development independently. This lessens the aggregate

Literacy narative Essay Example | Topics and Well Written Essays - 500 words

Literacy narative - Essay Example WhÐ µn I was a littlÐ µ girl, my parÐ µnts would always rÐ µad to mÐ µ, and I lovÐ µd books. I was vÐ µry involvÐ µd in thÐ µ storiÐ µs, and I would rÐ µad along with my mothÐ µr and fathÐ µr, and also link all of thÐ µ picturÐ µs with thÐ µ tÐ µxt. It was a comforting fÐ µÃ µling. As I got oldÐ µr and thÐ µrÐ µ bÐ µcamÐ µ morÐ µ rulÐ µs, I slowly driftÐ µd from rÐ µading and writing, and bÐ µcamÐ µ morÐ µ intÐ µrÐ µstÐ µd in subjÐ µcts such as sciÐ µncÐ µ, math, and history. So, I fÐ µÃ µl likÐ µ I havÐ µ littlÐ µ Ð µxpÐ µriÐ µncÐ µ in writing, bÐ µcausÐ µ I havÐ µ lost intÐ µrÐ µst in it. All through high school, I had a prÐ µtty good idÐ µa of what I wantÐ µd to do in my futurÐ µ; which consists of many math and sciÐ µncÐ µ coursÐ µs. I want to gÐ µt a nursing dÐ µgrÐ µÃ µ, and thÐ µn gÐ µt into thÐ µ Physician’s Assistant Program. So, along my acadÐ µmic path, that is what I havÐ µ focusÐ µd on and Ð µxcà  µllÐ µd at, rathÐ µr than writing. BÐ µing a frÐ µshmÐ µn studÐ µnt at thÐ µ UnivÐ µrsity of Utah, I havÐ µ rÐ µalizÐ µd that writing is going to bÐ µ an immÐ µnsÐ µ part of collÐ µgÐ µ, and that communicating through writing will hÐ µlp mÐ µ to accomplish my goals. Writing skills will bÐ µ rÐ µquirÐ µd in probably two-thirds of thÐ µ classÐ µs I Ð µnroll in. To bÐ µ honÐ µst, I don't dÐ µspisÐ µ writing, and I think that I could lÐ µarn to lovÐ µ it, if I could bÐ µcomÐ µ a good writÐ µr.

Toward a Moral Economy Essay Example | Topics and Well Written Essays - 750 words

Toward a Moral Economy - Essay Example Moral norms as used here refer to the general statements or rules, such as always being truthful, while moral values are expressed as statements that describe features or objects as having worth (Velasquez, 2013). The focus of a moral economy, therefore, deals with achieving understanding of these practices and institutions, as well as on desirable and feasible possibilities for change. Judgments concerning the justice in society have their basis on moral principles that come up with fair ways for the distribution of economic burdens and benefits among all members of a specific society (Velasquez, 2013). In the same society, judgments concerning the violations of rights of its members revolve around moral principles that identify the aspects on which the individuals’ wellbeing and rights to freedom and liberty are respected by the authorities. The moral, economic society should also be guided by the utilitarian morality standard, which is a moral principle contending that various acts are right only to the extent that they increase the economic benefits to society, while also decreasing the economic costs to society. In addition, this moral economy must also possess an ethic of virtue, which refers to the ethic that places emphasis of ensuring the concrete wellbeing of other individuals in society, rather than only oneself (Velasquez, 2013). To evaluate the moral character of individuals in this moral economy, the ethic of virtue is used. Capitalist justice is based on the contribution of individuals in society and acts as a possible starting point for a moral economy. In this case, the benefits are distributed according to the individual’s contribution to society, raising the question about how distributive justice’s contributive principle can allow for the measurement of each individual’s contribution on the basis of work effort (Velasquez,

Recruitment And Selection From The Exchange Perspective

Recruitment And Selection From The Exchange Perspective Subsequent to the recruitment of a pool of applicants, organisations need to decide on which applicants to employ. Many organisations are realising the important contribution, effective selection practice can make, and in light of this, are utilising an assortment of methods to improve the successfulness of the entire recruitment and selection process. Validity and reliability are two important aspects that are considered fundamental when assessing the robustness of selection tools, particularly when viewed from the traditional psychometric perspective (Searle, 2003). All selection methods and tools are developed to measure and assess candidates appropriateness for the specified job role. The performance results of the candidate, are frequently used to make the decision, therefore it is imperative that these results are reliable and accurate. Validity concerns the appropriateness of what is being measured, whilst reliability focuses on its accuracy (Searle, 2003). Validity is generally identified in four ways including face, content, construct and criterion related validity. The form of the selection test is what concerns face validity. For example, a test of verbal comprehension that contains only mathematical equations would measure what it sets out to (Searle, 2003). However, there is disagreement as to how far this can be considered a type of validity. Vernon and Parry (1949) found in their well-known research of US army cook selection, that even though the high face validity of the test used which included recipes and method information, what was actually being measured was reading abilities and not cooking skills (Searle, 2003). For test-takers, face validity is imperative as they have made an effort in applying and trying to get the job role, therefore want to believe they have been assessed for something appropriate for the job they have applied for. A potential dilemma with this method lies with the fact that some test-takers may, bas ed on the appearance of the test, perceive their own idea of what is actually being assessed, and may in response distort themselves consequently. Content validity relates to the adequacy of coverage of a conceptual domain (Searle, 2003). It is frequently found in ability tests whereby a test-taker is asked to demonstrate their ability in a specific subject. Other than face validity, it is the only form of validity based on logical rather than statistical information (Searle, 2003). The fundamental concern is the sufficient coverage of the domain. As a result, this form of assessment is often constructed by a panel of experts to ensure sufficient breadth of coverage (Searle, 2003), which can result in two potential problems including content under-representation and construct-irrelevant variance. Cronbach and Meehl (1955) first established the concept of construct validity, when they suggested that underlying each test is a construct that is being assessed (Searle, 2003). Construct validation assumes that anything can be defined and measured. We cannot read someones intelligence metre, therefore a hypothetical construct defining what intelligence is has first to be created in order to measure it (Searle, 2003). There has been criticism of this as a basis for measurement within the human sciences. Stevens (1946) argued that the null hypothesis is hardly ever taken into account; kilne (1998) also critiques this measurement issue. A key concern of test-developers is to show the relationships between their instrument and other established tests which are assessing a similar domain. Criterion-related validity is the final form and is associated with what is being measured to an external criterion (Searle, 2003). It focuses on external measures, such as job success, establishing the relationship between the predictors (results from the selection methods used) and the criterion (performance on the job). The significant issue concerned with this form of validity is the adequacy of the identification and assessment of the external standard (Searle, 2003). Frequently the external measure is chosen for its convenience instead of its relation to the dimension to be assessed (Murphy, 2000) resulting in a possible difficulty. Criterion validity can be assessed in two distinct ways: Predictively or concurrently. The pure method (Bach, 2005) of establishing this relationship is to measure applicants during selection and based of methods used, predict future performance; predictive validity. Applicants are NOT CHOSEN on this basis, but either all or a cross-section (both good and bad predicted applicants) of applicants are taken on. After period on the job, performance is measured and correlation established between the selection method prediction and the job performance criterion measure. The AIM here is to avoid false negatives and positives (Bach, 2005). Practical difficulties with this process of validating selection methods arise, such as need to get results from fairly large number of individuals. A more obvious problem however, is the reluctance of decision makers to agree to employ individuals who are predicted to be poor performers. The CONCURRENT METHOD of validation is sometimes used to avoid this difficulty. The assumption is that existing employees demonstrate variable job performance. If a new selection method can discriminate between good or poor performers, then should be able to in same way between applicants. PROBLEMS motivation of current employees different to candidates, this may affect scores. Candidates likely to try harder. Current employees a restricted sample as have previously been selected by some method, so may on average be better than average candidate. Does not prove that the differences in team skills, as measured by the group exercise, were evident prior to employment. (might be that they werent learnt by employees as by-product of their work). When establishing the value of a test, the development of validity is central as it provides an indication of the strength of the relationship connecting the tool and a criterion (Searle, 2003). New statistical processes such as meta-analysis, (validity generalisation) pioneered by Schmidt and Hunter (1996, 1998, 1999), have revolutionised selection testing. They argued that although validity does differ by way of context and role, it is nonetheless moderately stable. Centred around this claim, selection tools could be moved across a variety of circumstances and roles and still maintain their extrapolative validity. The possibility of these tools being used rather than developing expensive bespoke instruments brought about the potential for huge savings for organisations. However, validity generalisation theory is not without its critics, and there are many underlying problems of this approach (Searle, 2003). Meta analysis is based on the collection and re-analysis of comparable stud ies of tools, such as the situational interview. The current application of meta-analysis studies, remove the possibilities for us to understand why situational differences emerge. They prevent us from identifying what makes a situation unique. Organisations currently operate in turbulent global environments, and evidence suggests that there are important relationships amongst task type, technology and the external environment that meta-analysis studies do not assist us in exploring. As a result of the meta-analysis dominance, selection designs cannot be improved to help organisations in these contexts. A test might produce a measure that is valid for one person, but the results may not be reproducible for another. This brings into question the issue of reliability. Reliability concerns the accuracy and consistency of a method (Bach, 2005). Increasingly, reliability is an issue which is becoming a legal requirement for selection tests yet, according to Bach, (2005) very few organisations systematically assess the reliability and validity of the selection methods they use. When psychometric tests are used, for example, there is a tendency to rely on the evidence presented in the test manual on reliability and validity based on meta-analysis research (Bach, 2005). Establishing the reliability of a selection tool involves three main elements: stability, consistency and equivalence of the results (Searle, 2003). Hermelin and Robertson, (2001) divided different selection methods into three categories (high, medium, low validity). High methods included structured interviews and cognitive ability tests. Medium included biographical data and unstructured interviews and integrity tests. Low included personality scales measuring the big five. Unfortunately evidence suggests that those methods with highest validity are not always the most popular. Rather most orgs rely on classic trio of short-listing, interviewing and references (Cook, 2003; Millmore 2003). Selection Methods Research into these initial selection stages is unbalanced, with far more work looking at the organisation-led application process, (in particular the role of biographical data) rather than the impact of applicants CV. (ALL SEARLE, 2003). The selection process typically begins with the candidate formally demonstrating their interest in the open job role. This is normally made by putting forward their CV or by completing an application form (Searle, 2003). This is commonly the first initial contact between potential employer and candidate, and as most applicants are selected out of the process at this stage, this implies that the CV, or resume, is a primary tool for the applicant in the selection process. Resumes also play an imperative role in the two-way selection process. For candidates, they represent an imperative chance to market themselves positively, and make an impression on the reader with their skills, knowledge and abilities (Searle, 2003). For the employer, they are the foundation on which short-listing decisions are made. The use of competency statements however, can potentially make a false impression. Bright and Hutton (2000) highlight that such statements are problematic to verify in a similar way that qualifications can be. Given its apparent significance however, the research regarding the validity and reliability of resumes to the selection process is modest. To congregate information in a standardised way, organisations may prefer applicants to complete a specific application form. Shackleton and Newell (1991) in their study, found that 93 percent of organisations in the UK used application forms. Now that technology has significantly advanced, many organisations in the UK, in particular those dealing with high volumes of applicants will use online application forms. In addition to gathering personal information they also make available information about candidates experiences. Within this area of selection practice is ahead of research, so although claims are made about the increased access to jobs, the new internet medium may-be overrated (Searle, 2003). However it does enable a more cost-effective short-listing process, (Polyhart et al 2003) but how far this is free from discrimination remains to be seen. Interviews Interviews are one of the oldest, yet most popular tools used in selection. Virtually all employers use interviews for all categories of staff (Bach, 2005). Interviews enable several important assessments to be made, and evidence by Robertson and Smith (2001) indicates that they have high predictive validity regarding future job and training performance. They offer an opportunity for a direct experience of a candidates behaviour coupled with the potential to ask more probing questions regarding underlying cognitive, motivational and emotional issues. Employers are however more aware of their limitations and being more careful by using variety of complementary selection techniques for some groups including graduates. There are two central theoretical perspectives that are taken regarding an interview: the objectivist psychometric perspective and the subjectivist social-interactionist perspective. The objective psychometric perspective places the interview at one extreme. It considers the interview an objective and accurate means of assessing an applicants suitability for a job. From this perspective, the process places the interviewee as a passive participant who provides relevant information about their experiences and capabilities. Thus this perspective reduces the interview to a verbally administered psychometric test which concerns of structure, reliability and validity predominating. First the interviewer is regarded as a rational decision-maker, who is capable of collecting in an impartial manner information on a number of relevant selection criteria. Implicit in such a process is the interviewers ability to obtain relevant data accurately. Second, it is assumed that they have the skills to be able to accurately interpret the information, relate it impartially to the criteria and assess the candidates suitability based on the sample of behaviour provided. This perspective tends to dominate in the field. Much of the research has examined how the validity and reliability of the process can be maintained. Inevitably the focus rests on the interviewer as a potential corrupter of an otherwise objective tool. The interviewers role in producing and perpetuating bias has been the main area of interest, and there has been limited effort until recently into questioning the candidates motivation to present the correct information, or in contaminating the interview. The alternative perspective, places the interview at the other extreme. It considers the process to be a social interaction in which a subjective, socially balanced negotiation occurs. In this perspective, a far more evenly balanced dynamic emerges between each party, both having the same power in the situation. The parties are considered to become participant observers in the process. The interview thus emerges as a complex and unique event. In the selection context, those involved are engaged in creating a variable psychological contract regarding their mutual expectations of future working relationships. The importance of the psychological contract at the onset and its maintenance throughout the employment relationship cannot be overstated (Rousseau, 2001). Herriot (1987) argued that this interactive and social perspective is important because it places the applicant as a far more active player in the negotiation process. This concept is particularly valid in a job market in which the applicants skills and experience are in short supply, or important to the organisation. Under these conditions, the applicant plays a key role in dictating the terms and conditions under which they will be employed. From this perspective, each interview is potentially unique because of the players involved, with the parties creating a particular process that emerges from their current context. The key research issues of this perspective are concerned with the type of psychological contract reached, bias and fairness. Like the objectivist perspective, this approach is also concerned with the future, but not regarding job performance, instead a focus might explore what happens if the contract being negotiated is violated. Structure The single issue that has received most attention in research on the interview is the amount of structure in an interview, ranging from unstructured to structured. Traditionally interviews classed as unstructured, generally consisted of a discussion between the applicant and recruiter with no pre-set topics. An early study by Kelly and Fiske, (1951) highlighted negative evidence suggesting there is little consistency or reliability in unstructured interviews. According to Bach, (2005) UNSTRUCTURED INTERVIEWS are bad predictors because the information which is extracted is different for each individual and differs between interviewers and so comparisons between candidates cannot be made reliably. With different questions being asked of each candidate is almost inevitable that subjective biases makes the interview both unreliable and invalid. However, this form of interviewing provides, at its best, a surrogate measurement of the candidates social skills (Searle, 2003). The term struct ured interview can cover a wide range of processes. According to the objectivist perspective, the structured interview process focuses on the interviewer asking a pre-set sequence of questions aimed at eliciting information relating to pre-determined criteria. The purpose of the structure is to close the process to any extraneous influences, so that even when different interviewers are involved, the same data are being gathered, thereby providing a means of comparing the candidates. As a result, the process of delivering the questions is standardised. Research has shown, that increasing the structure of the interview significantly increases predictive validity and that organisations are responding by using more structured interview approaches (Taylor et al 2002). The subjectivist perspective however, instead regards the interview as a two-way process in which the actions of each party inform and shape the actions of the other. From this perspective, attention shifts towards understa nding the very process of the interview, which emerges as an ongoing exchange, informed and transformed by those involved. Typically the interview is the first time the interviewer meets with the applicant. The recruiters are presenting an image of the organisation in terms of its standards, values, expectations, ambitions and goals. The interview is therefore a public information exercise providing candidates with valuable data that will assist them in deciding whether to accept the job or not if offered it. While structured interviews can certainly be beneficial their usefulness will depend on the specific context. Where jobs are highly prescribed and knowledge about how work needs to be carried out, clarity about what constitutes good performance then structured interviews are better because prediction is possible and they are better predictors. HOWEVER when an organisation is competing in a turbulent environment and there is uncertainty about what is required of individuals a less structured approach may be more appropriate. OVERSTRUCTURING can be a problem, for EXAMPLE in an unstructured interview, the interviewer can provide more realistic information about the job, with the candidate able to ask questions which relate to his or her personal needs, values, interests, goals and abilities. Through this process, applicant and interviewer can negotiate a mutually agreeable psychological contract (CIPD, 2009). ALSO the unstructured interview can operate as preliminary socialisation tacti c with the applicant learning about the culture and values of the organisation (Dipboye 1997). Psychometric testing At the heart of psychometrics lies the assumption that people differ from one another, for instance in terms of friendliness, determination and ability to use mathematical concepts, and that these differences can be measured. It is assumed when measuring these different aspects, they relate to actual behaviour that is, they relate to an external event (a behaviour) to an internal cause (a trait). Psychometrics tests aim to qualify three key aspects of individual differences; ability, personality and related work, and suggest a relationship between these two and motivation. Essentially two types can be distinguished: COGNITIVE/ABILITY TESTS or PERSONALITY TESTS. COGNITIVE: assessment of individuals intellectual abilities either in terms of general intelligence or specific abilities. PERSONALITY: assessment of an individuals general disposition to behave in a certain way in certain situations (Bach, 2005). Cognitive tests The seminal piece of work on the use of cognitive tests in selection was undertaken by Hunter and Schmidt (1990) using meta-analysis, the researchers were able to demonstrate that although the many studies on the predictive validity of test appeared to be inconsistent, when adjustments were made for various factors, results were in fact consistent and proved that cognitive tests were valid predictors in a wide range of job situations. Such tests are simple to administer and score, albeit the person using such test needs to be properly trained. For most jobs the range of intelligence of those applying for the job is likely to be very restricted (rare to have a person with IQ 140 applying for caretaker job). The consequence of this is that a measure of cognitive ability may not differentiate much between the various candidates. Secondly, cognitive tests can be biased against certain groups. Eg it is well documented that black Americans tend to score lower than whites on tests of cognit ive ability, and women tend to score higher than men on verbal ability. This raises SOCIAL AND ETHICAL issues which need to be considered when selecting particular tests. Personality measures In most UK selection situations personality measures are of self report type. There is considerably more controversy over use of personality measures than cognitive tests. Some argue they are totally useless (Blinkhorn and Johnson 1990). Research has shown that personality measurement can be useful but only when specific personality constructs are linked to specific job competencies (tett et al, 1991; Robertson and Kinder 1993). Much of this work based on BIG FIVE Extroversion Neuroticism Conscientiousness Agreeableness Openness One problem with research on personality measurement has been that very different systems of personality description have been used, making it difficult to compare results. Now there is growing consensus around five-factor model of broad traits (Goldberg, 1993) and use of Costa and McCraes 1992 personality inventory which measures these five factors. Researchers have also explored the reasons for the links between personality traits and job performance. eg openness to experience appears to be related to training success (Cooper and Robertson, 1995). However, it is unlikely personality tests alone will be good predictors of future job behaviour BECAUSE job situations often present strong situational pressures which mean that differences between individuals behaviour are minimized. ALSO because it is highly unlikely that the same job can be done in very different but equally successful, ways by individuals with different personalities. This doesnt mean that personality measures have no place in selection process, but raises question of how such measures are best used within this context. Defining a personality profile and dismissing candidates who do not fit this profile is not good practice. HOWEVER obtaining measures of personality and using these as the basis of discussion during an interview can be helpful. Occupational testing occupational tests are measurement tools in world of work. The involve looking at a standard sample of behaviour that can be expressed as either a numerical scale or a category system (Cronbach, 1984). Test items are chosen specifically for their relevance to the domain of interest; for example percentage computation or word recognition. There is also an effort to standardise the delivery of the tools, ensuring that candidates have the same test experience so the only variable is their mental process. Tests used in an occupational context can be divided into two distinct groups: typical and maximal. These are based on the type of behaviour they are designed to measure. Typical behaviour tests the purpose of typical behaviour tests is to identify the direction of a persons interests and suggest types of jobs associated with these areas. Personality and interest-assessment tests used in career guidance are examples of typical behaviour instruments. However, it should be noted that they do not measure the level of skill that might be associated with this vocational choice. Maximal performance these tests are designed to assess maximal behaviour. They aim to find out what is the best the test-taker can do (Kline, 1998). Nonetheless, it has been argued that it is naive to make such a simplistic distinction between maximal and typical performance, as it artificially separates the measurement of affect and intellect and their combined relationship to performance (Goff and Ackerman, 1992). Measures concerned with maximal performance can be subdivided into three distinct types: attainment, aptitude and general intelligence. Psychological tests play an important role in selection practice. They offer organisations a means of discriminating between large numbers of applicants in a rapid and often cost effective manner. Moreover, their power in predicting successful subsequent job performance is amongst the highest of any selection tool (Robertson and Smith, 2001). Through the growth of instruments such as organisational-fit questionnaires, different attitudinal and trait assessment measures and novel ability tools, the range of psychometric tools available to organisations in increasing. Although there is an increasing use of psychometric tools in HR selection and recruitment decision making, the method is contentious. Ethnic group differences in intelligence test results reflect the ethnic divide that exists in the distribution of rewards and sanctions in our wider society (Gordon, 1997). Some argue that high intelligence quotient (IQ) scores are not important; rather, what is significant is the identification and means of assessing specific cognitive skills that are linked to job performance (Hunt, 1999). This latter group of more focused cognitive assessment tools can have a significant impact in organisations, revealing how close an applicant is to the requisite skills level estimating how much training an applicant needs to reach an acceptable standard. Psychometric tests will always be open to abuse as they offer a potential means of legitimising discrimination by those in power and authority. Underlying issues of test production and assumptions that underpin psychometrics reveal how social values and prejudice can have an impact on the development, application, analysis and interpretation of results. Whilst some may feel comfortable to reduce the value of human beings to an empirical value, there are others who see humans in terms of their potential, regardless of the social context they find themselves in. A critical issue underlying any test is the definition of the domain. Often tests are devised on an atheoretical basis, or they use the same term to mean different things. It is important that test-users require adequate conceptual rationale for a test. Concept validity is key here; nevertheless, it is often weakly developed or ignored. Without attention to this core issue, psychometrics will fail to offer any meaningful assessment and instead intelligence will be what intelligence tests measure, not what intelligence actually is. Assessment centres (Bach, 2005). Not a single selection method nor a place. Refers to utilisation of a number of different selection methods over a specified period in order for multiple assessors to assess many candidates on a range of identified competencies or behavioural dimensions. Core element is the simulation of actual work tasks in order to observe job-related behaviours (Cooper and Robertson 1995). Managerial jobs: in-tray exercises group decision making exercises = common. Intray: provides candidate with a range of correspondence (memos, letter, reports) and he/she required to make decisions in order to prioritise/deal with various problems in the material under tight schedule. Used to assess individuals planning/problem solving abilities. Group decision making exercise: small groups discuss particular problem, come to consensus/solve problem. Problem solving abilities may be assessed, but also interpersonal and leadership skills. Increasing evidence of their limitations. Jones et al (1991) concluded despite the validity of different components of an AC, overall AC validity was surprisingly low. KEY PROBLEM appears to be that managers, acting as assessors, are not able to accurately assess cross-situational abilities from the different exercises. So while managers are required to rate candidates on diff. Competencies for each exercise, these ratings appear to be defined by overall task performance of the candidate on the particular exercise, rather than specific behaviours demonstrated in activity (Iles, 1992). No. Of studies have demonstrated low correlation between the overall assessment ratings and the variety of the criterion measures of on-the-job performance (Payne et al 1992). Despite negative evidence, two important points to be made: Designing and developing an AC has potential to improve the validty of selection, but simply putting together series of exercises and running them over two days using group of untrained assessors does not guarantee that decisions will be improved. EXAMPLE: gaugler et al 1987 validity of ACs improved when larger no. Of exercises used, and psychologists instead of managers acted as assessors. When peer evaluation included as part of assessment process and when group of assessors cantained larger proportion of women. Many probs identified with ACs need to be looked at from broader perspective than simply criterion-related validity. KEY BENEFIT of using AC is it gives potential to recruit an extended opportunity to find out more about the org. In particular many of the activities are simulations of the kind of work involved. MUTUALLY BENEFICIAL negotiation can take place if both parties know more about each other. THIS REQUIRES adoption of EXCHANGE rather than psychometric view of recruitment and selection process. Recruitment and selection: Limitations of the psychometric approach As noted earlier, adopting a more systematic approach to recruitment and selection to reduce bias and errors is useful. Yet ironically, it could be argued that globalisation and organisational requirements of flexibility, innovation and commitment make the best practices somewhat problematic and suggest a need for an entirely new perspective on RS. FIRST considering degree of change, orgs now require generalists rather than specialists to take on variety of different roles which require range of skills/competencies. Even when individual recruited for specific position, highly likely job role will change. Therefore, best practice prescription of doing a thorough job analysis to identify the task and the person requirements of the particular job may be difficult or inappropriate. There is not a fixed jigsaw hole to fill. SECONDLY alongside flexibility is need for innovation. Identifying opportunities for change and designing creative solutions is crucial for the survival of many orgs. It is about encouraging people to think differently. Following best practice guidelines leads to selection on basis of whether candidates can do particular jobs efficiently and whether they fit org culture. Rather than encourage innovation, traditional selection approaches may stifle creativity. THIRDLY, orgs operating on global rather than national level. Considering array of cross-national differences it is unlikely that orgs will be effective if they simply try to replicate their home-base operation abroad (Bartlett and Ghoshal 1989). To manage this diversity requires RS of people from different backgrounds with different experiences at all org levels. HOWEVER job analysis is backward looking. EXAMPLE if current job holders are all of same race/nationality, this may mean individuals from different backgrounds will be excluded because they do not fit the existing profile of a competent employee. ALSO during selection, different background candidates may respond differently so that they are at a disadvantage, again reducing their chances of being selected (SHack

Macbeth: Corruption :: Macbeth essays

Macbeth: Corruption When people come into a postion of power where the definition of control becomes a new definition according to their point of view, they unleash a feeling in their minds that what ever decision they make that directly conflicts the lives of other people, they don't feel responsible. That's when npower corrupts the minds of people. People in power feel that they can do anything when their in power for a long period of time. Corruption is something that is motivated by greed and deception. It's a very sinister personality that controls and destroys people's live and makes them the kind of person other people don't want to associate with. When a person is in power, some situations occur when they can acquire anything, lying, bribing, coning, or stealing. With these in mind anybody in power could become a powerful foe. The reason why corruption has become a problem is because it's fair to become greedy for more. And soon it gets out of control and now you have a corrupted person who in order to change would have to step out of power and become a person who doesn't control. Nothing can really be done to sustain it or avoid it, if you take a corrupt person in power and replace a fair and just person. Sooner or later they also become corrupt. You just have to assume and hope the replacement will be a fair person. In the tradgity "Macbeth" there are many examples of corruption. When Macbeth became Thane of Cowdor his wife, Lady Macbeth, was very delighted to hear of such news. And when hearing that Duncan, the king ,would be coming to dinner at their castle, gave her an idea that maybe they need a new king, Macbeth! This is a perfect example of corruption, as soon as she became more powerful, she was lusting for more. As play carries on the corruption becomes greater with the killing of Banquo. Banquo who was a friend of Macbeth is betrayed when Macbeth, the new king, orders him to be killed only because Banquo has a son named Fleance that Macbeth stupidly believes will take the throne away from him,"To make them kings, the seeds of Banquo kings!" This of course get the people suspicious, but now it's to late, Macbeth had gone crazy as well as Lady Macbeth. Of course then when your in power sometimes you think nothing will happen that will hurt you in any way, that your safe in the confinment of your office or room. Of course this never works and theres always some terrible thing bound to