Globalization And Its Impact On Developing Countries

Globalization can be defined as an intensive form of worldwide interconnectedness that facilitates the flow of capital, humans, commodities, technology, information, symbols and values due to the advancement worldwide systems of transport and communication. Globalization has created new opportunities for developing countries such as, technology, greater opportunities to access markets, increase in growth and improved living standards. Despite the fact that it has been beneficial for the world economy, it has led to the rise of certain issues in both developed and developing countries. These include environmental degradations, labour exploitations and increase inequity around the world. The labour market is one of the principle channels through which globalization can influence developing countries. Rapid increases in foreign investments due to globalization have increased employment opportunities in developing countries. The setting up of factories and production plants abroad has helped many workers get employed and move out of poverty. However it also created issues regarding labour employment, income distribution and labour standards. Globalization has a negative impact on workers and causes exploitation due to profit maximization and competition. Globalization has caused the world s multinational corporations to search for the lowest-paid workers across the globe. Overdependence on cheap laborers exists due to the inseparable linkage between our daily consumption andShow MoreRelatedImpact Of Globalization On Developing Countries2029 Words   |  9 PagesGlobalization has played a key role in our world and continues to be an integral and inescapable part of the lives of every single individual today. In this paper, I argue that globalization has had a negative impact on developing countries, specifically increasing poverty as well as negatively affecting employment, safety of women, gender inequality and wage-gaps. First we must define important terms such as globalization and developing countries. Globalization refers to the interaction among internationalRead MoreThe Impact Of Globalization On Developing Countries2425 Words   |  10 PagesGlobalization is a difficult word to define, simply because it means many different things to many different people. In general, however, globalization refers to the fact that world economies and cultures have become increasingly integrated over the past two or three decades. More specifically, the world has seen a significant increase in the flow of goods through international trade, access to foreign financial capital, movement of human capital across borders, and the transfer of technology, informationRead MoreImpact Of Globalization On Developing Countries1752 Words   |  8 PagesWhat are the strengths, weaknesses, opportunities and threats presented to a developing country by globalisation? Over the past two decades people all over the world have become closer than before. Goods and services that appear in a country will be immediately promoted in the others. This phenomenon is called globalisation. Globalisation at its simplest can be seen as the increase of international trade and services, the greater movement of labour and capital flows, the improvement in communicationRead MoreThe Impacts of Globalization on Developing Countries Essays1365 Words   |  6 PagesGlobalization, love it or hate it, but you can’t escape it. Globalization may be regarded as beneficial from an economic and business point of view, but however cannot be perceived the ditto when examined from the social sciences and humanities side of it. Globalization can be argued as a tool for economic growth, advancement and prosperity through co-operation between the developed and developing countries. The pro-globalization critics argue that the benefits that globalization brings to developingRead MoreGlobalization And Its Impact On Country1578 Words   |  7 PagesGlobalization is the process in which people, companies and governments from different nations gl obalize their trade or business at international level. Globalization is not a new process, In past years people used to imports and exports of things at a long distance from their hometown to another place but nowadays globalization is very powerful and have a new face and it has been spread all over the world. Globalization is a good way to connect countries, people and do trade on a large scale andRead MoreImpact Of Globalization On Politics And Public Policy810 Words   |  4 PagesGlobalization greatly expands in 1990s when it is the period of business establishments nationwide (Naime, 2009). This phenomenon allows economic and politics of one country penetrate others (Mittelman, 1997). In addition, the factors of globalization includes the spatial reorganization of production, the industrialization across borders, the expansion of financial markets, the diffusion of identical consumer goods to distant countries, massive transfers of population and emerging worldwide preferen ceRead MoreAnalysis Of The Article Spiritual Perspectives On Globalization 906 Words   |  4 Pagesâ€Å"Spiritual Perspectives on Globalization† written by Ira Rifkin and published by Skylight Paths Publishers in 2003, Rifkin defines globalization as a fusion of economic level, which encircles all the multinational companies that made possible the capital flows, cultural level, which encompass the homogenization of culture by the countries that undermine others and individual level, which features the consumerism and boost of consumer values (Rifkin). Still, globalization may reduce or increase inequalityRead MoreGlobalization And Its Effect On Society1240 Words   |  5 PagesGlobalization and the use of new technologies and how it strengthens or weakens global inequalities Globalization is a very important force in the new world and it continues to impact the lives of individuals as well as groups world over. The role and affect of globalization has broadened over time. It has resulted in the lessening of trade barriers, integration of the economy of the world, increase in opportunities for groups and individuals alike and an increase in the economic well being andRead MoreHow Globalisation has affected developing countries in the Asia - pacific region1609 Words   |  7 Pagesthe process of globalization. Globalization is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalization has affected many different nations in different ways, depending on their degree of development and extent to which they are open to the flows of the world economy. China, which is one of the developing countrie s, is said to be theRead MoreGlobalization : The World And Created Unity Out Of Great Diversity Essay1542 Words   |  7 PagesFor centuries, globalization has increasingly knitted 　　together the world and created unity out of great diversity. Coca Cola, Disney and McDonald’s symbolize the process, along with Sony, Shell Oil and IBM. They are products known and consumed from Ulan Bator to Little Rock - and also powerful companies that drive globalization forward, creating new laws, new business practices, new ways to eat and drink, new hopes and dreams. Optimists look forward to a global village, linked together by the Internet

Wearing on Her Nerves Exploring the Interrelation Between...

NATIONAL CENTER FOR CASE STUDY TEACHING IN SC CE Wearing on Her Nerves: Exploring the Interrelation between the Nervous and Muscular Systems by Kathleen G. Brown, Nursing Department Sharon S. Ellerton, Biological Sciences and Geology Queensborough Community College, City University of New York Part I – Rise and Shine? Kathy, a 20-year-old woman, awakens one morning to a tingling, numb sensation covering both of her feet. This has happened to her a number of times throughout the year. In the past, when experiencing this sensation, within a couple of days to a week the numbness would subside, and so she is not too concerned. About a week later, she notices that the numbness and tingling not only persists, but has also spread†¦show more content†¦How is contraction ended? Ach is released and binds to receptors on the motor end plate, then an action potential is produced which releases Ca+. The Ca+ binds to troponin, then myosin binds to actin to form crossbridges. The myosin pulls the actin then releases from actin and ADP is bound to the myosin. 6. Are Kathy’s medical problems related to her sensory neurons, motor neurons, or both? What in Kathy’s medical history supports your answer? Kathys medical problems are related to both her sensory neurons and her motor neurons. Her sensory neurons because when she scrapes her knee she does not feel the pain, and her motor neurons because she cannot stand up. Part II – Diagnosis and Treatment Kathy realizes that she cannot wait until her appointment to receive medical care; she quickly goes to the emergency room. After a mountain of questions about Kathy’s symptoms and medical history, the doctors decide to admit her for further testing. She is transferred to the neurology unit and the doctors request she undergo a series of laboratory tests, including an MRI and a spinal tap. In the meantime, the doctors prescribe high dosages of steroids to help alleviate the symptoms. Upon reviewing Kathy’s medical history and the results of the various laboratory tests, the neurologists diagnose her with Multiple Sclerosis (MS). They explain to Kathy that MS is an autoimmune disease and that her own immune system has been attacking

Music Videos Free Essays

Most songs have a videos produced as a sort of advertisement back up for the song to sell. Videos narrate the song, while actions take place in the background. An example of a video having a narration would be the Oasis song ‘Stand by me’. We will write a custom essay sample on Music Videos or any similar topic only for you Order Now The movie shows part of what is happening, then repeats the scene, however so you can see what is actually happening in the second clip. The first scene shows a baby getting snatched, a shop being robbed, also a motorist trying to run over a person. This is the gut feeling of what you think is happening. In actual fact what happens is; a motorist loses control of his bike, a man grabs the baby out of the way, the motorist drives past a person, then through a shop window. People help move the objects from the window, helping the injured motorist, where this is thought to be the shop getting robbed. We would expect to find music videos on TV, where certain channels show music videos, being named music channels. An example of a popular music channel being The hits. It is very important for record companies to produce videos for their songs as many people are influenced by songs which have good videos, with decent tunes. Many people mostly watch, or listen to music on their TV’s, whether they are getting ready, or just chilling watching the movies. If a record company did not have a video, or their song was not advertised on TV, then you could expect it not to sell well on the net, or by singles in shops. The reason behind this is when songs are advertised on TV, or played on TV; a person would remember it better than a quick listen to it on the radio. I took certain parts of research for designing my music video, one thing surprising me is that not most people like pop music than I thought, tending to have a mixed variety. Depending on the type of genre the song is, would decide which TV channels your music video is to be played or advertised. My planning source for my music turned out to be quite difficult, however I done the difficult parts first, to make it not as sophisticated to do there on. One of the most difficult things was to watch all of Alan Shearers 206 goals, deciding the featured top five, and crediting on another magnificent six. First of all I thought of doing the song Local Hero, produced by Dire Straits. This decision is because I am a Newcastle United fan, knowing it would be good to produce something about the club I support. So the idea developed from there, as Alan Shearer being as what all ‘Toon’ fans class as the ‘Local Hero’ I thought I could do nothing other. The name of the song is a sort of narration for Alan Shearer’s incredible 10 year career at Newcastle. Shearer being the man to demolish Sir Jackie’s 200 goal record plus gaining the heart of all the Geordie faithful is a fanatical achievement to establish as a player. I think the planning for my music video was very successful, having completed almost all the work without errors. I think my movie would work as a music video, as it has a purpose, which is to remind Newcastle United fans of the exceptional talent Shearer has. Also the song is a great song, matching a great player. If I had to produce another music video I would produce a video, with a pop genre. How to cite Music Videos, Papers

Unocal Case free essay sample

Abstract In the world of business, maintaining a profit on the edge of ethics is always a difficult issue. Union Oil Company of California (Unocal) has invested in an international project outside of America. This project requires the construction of a pipeline to transport natural gas to Thailand. Though the corporation mentioned the benefits the local people would get, this project would violate numerous human rights abuses indirectly affecting Unocal’s reputation. Lets further analyze the situation and evaluate whether Unocal was right, or what suggested a course of suitable actions for all parties in this case. Introduction Unocal Oil Company of California or Unocal was established in 1890. Its main business was to develop oil fields around Los Angeles and other parts of California. After 100 years of operations and development, Unocal had expanded into different aspects of the oil industry (Velasquez, 2006, p. 119). This was not only a challenge but also an opportunity for Unocal as most of the oil fields in the United States nearing depletion. We will write a custom essay sample on Unocal Case or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Hence, the corporation had looked outside America for opportunities. â€Å"Yamada Field† was their answer. It was an attractive natural gas field that belonged to Burma. To perform this project, it required Unocal to cooperate with one of the world’s most repressive military regimes, Burma’s State Law and Order Restoration Council (SLORC). Strongest condemnations by the US Congress, US State Department and other international organizations had been issued for SLORC (Velasquez, 2006, p. 120). Hence, the question was whether Unocal made the right decision in signing the contract with the Myanmar Oil and Gas Enterprise or not. Analysis Unocal had violated not only human rights but also property rights of local people living across the route of building pipeline to Thailand. Especially, the Karen people were the most affected most. They are a hostile minority group inhabited in the South of Burma where the last 40 miles of the 256 mile pipeline to Thailand would cross through. However, to clear land with a cheap labor force the Burmese army continually forced them to relocate to different places, work in harsh conditions and cruelly repressed them if they had any intention against this project (Velasquez, 2006, p. 20). The Karen had to work like slaves. They were brutalized and forced to build roads, housing camps, and other infrastructures. For Unocal, trying to neglect and ignore what happened in Burma was not a very responsible action. In 1995 in a meeting with activists Unocal president John Imle said, If you threaten the pipeline, theres going to be more military. If forced labor goes hand in glove with militar y, yes, there will be more forced labor. For every threat to the pipeline there will be a reaction. Therefore, there was a huge conflict between the local people and Unocal. This brought to an inevitable lawsuit that the corporation had to face. According to the article, Burmese villagers face Unocal in US court, Bangkok Post, published on 28/09/2002, we could see that: The defendant, Unocal, is based in the US, while the events in question took place in Burma. Because of US legal doctrine, it has been very difficult to bring cases from other countries to US courts, even when US defendants are central to the case. The Doe vs Unocal decision has overcome this obstacle (Kenny John, 2002, p. xx). In summary, if the plaintiffs eleven anonymous Burmese villagers won this case, this would create a legal action brought under a law allowing foreigners to sue US companies for abuses overseas. On the contrary, if Unocal won this case, it would create a prototype for different American corporations in directing the operation and development process. Solutions Whether Unocal knew the brutal actions of their partner or not, they still had to be responsible for the ill-treated behaviors towards the Karen in Burma. What should Unocal do to force the human and property rights in Burma without sacrificing its benefits? The Burmese Government had its own way of governing; hence, interfering in the political institution was not a good strategy. The responsibility of Unocal was making a profit associated with social benefits. Hence, at first, Unocal should negotiate with the Myanmar Oil and Gas Enterprise (MOGE) to find the peaceful ways of protecting the pipelines. Instead of using the army they should be able to hire the minority groups themselves to secure the pipeline. Unocal and their partners should pay fair wages directly to the villagers. They should offer them an amount of compensation to help them relocate as well. All of those activities would save the reputation and image of the company. In addition, Unocal itself could offer free medical services, education or agriculture assistance. This will help the local villagers stand behind Unocal, supporting them in future, and especially avoiding the lawsuits of human abuse. What ethical theories or principles can you cite to help support what you say? Nevertheless they had known what the military did with the minority people; they kept neglecting how Burmese Government treated the local people. Sadly, they had no action on this issue. In a landmark decision that reversed the trial courts decision that plaintiffs had to show that Unocal also wanted the military to commit those abuses, a federal appeals court ruled in 2002 that plaintiffs needed only to demonstrate that Unocal knowingly assisted the military in perpetrating the abuses, and that plaintiffs had presented enough evidence to that effect so the case should go to trial. (Lobe, 2004) As a result, in December, the Supreme Court had used this ATCA to against Unocal Company. Unocal agreed to pay the villagers a sum in the tens of millions† (Kurlantzick, 2005). What we could learn from this lesson? According to utilitarian, this compensation was not so worthy compared to the benefit they had earned from this project. The benefit they earned could contribute a lot for American society in general and the government in particular. However, they violated the rights and justice of the Burmese. Instead of preventing the abuses in Burma, they passed over, putting all the responsibility onto the Burmese Government. This cannot be considered an ethical action. If Unocal took care of the local villagers, built schools for them, provided free medical services, and treated the local people fairly, the cost that Unocal had to compensate would be lesser than 10 million dollars. Unocal also would not need to spend more time to take care of those victims, nor more money to pay for the lawyers. Their reputation and their brand name would not need to be rebuilt. Automatically, everyone would recognize Unocal as a trustworthy brand name on market. It would be a good way of PR in this competitive environment. Conclusion Despite the risk and ethical problems relating to the project in Burma, Unocal kept investing in Burma and neglecting the human rights abuses of Burmese Government (Manuel, 2006, p. 120). Though Unocal has compensated 10 million dollars for the plaintiffs, they still need to spend more efforts to get back their reputation in the oil industry. Hence, after this case, Unocal should focus more on different social activities, fixing what they have missed in Burma and raise a fund to assist other abused people such as children or women laborers in the third world. This would help them gradually achieve the trust of customers in America and in the world.

Advantages and Disadvantages of Performance

Introduction A performance-related pay system is a remuneration method in which pay progression is based on individual performance (Schuler Jackson 2008, p. 5). In this system, pay increments and bonuses are normally awarded to employees who are able to meet or exceed pre-agreed objectives or targets.Advertising We will write a custom case study sample on Advantages and Disadvantages of Performance-Related Pay Systems specifically for you for only $16.05 $11/page Learn More Thus, it depends on appraisal systems, which help the management to measure employees’ performance. Some of the common performance-related pay schemes include piecework, payment by results, merit pay, and commissions among others. The idea behind performance-related pay systems is that increased pay can encourage high performance in situations whereby employees can vary their output according to effort (Armstrong 2008, p. 21). Performance-related pay systems were widely used i n the 1980s because they were viewed as the best way to motivate employees and to increase performance. However, the popularity of these systems has significantly reduced in the last decade due to their inability to facilitate high performance and motivation. It is against this backdrop that this paper discusses the premise that the disadvantages of performance-related pay system exceed its advantages. Advantages and Disadvantages of Performance-Related Pay Systems There is little variation in the advantages and disadvantages associated with the various forms or types of performance-related pay systems. Consequently, the merits and demerits of this pay system can be discussed in a general manner. Advantages First, performance-related pay systems enable employees to identify a direct link between remuneration and effort (Mathis Jackson 2011, p. 47). This encourages them to put more effort in their work in order to achieve defined objectives.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Piekkola (2005, pp. 619-635), employees are likely to increase their productivity if they believe that their pay will be proportional to the amount of effort that they devote to their work. In most cases, employees will require advanced skills in order to improve their productivity. Employees who are interested in improving their productivity are likely to be more willing to state their weaknesses in order to benefit from training and development programs. This enables human resource managers to design training programs that address the specific needs of the employees. Skill acquisition can increase staff costs if the company has to pay for the training and development programs that aim at improving employees’ skills. In situations whereby employees have to pay for their training and development programs, performance-related pay systems tend to benefit the hi gh-income earners. This is because low-income earners might not afford the training programs that would enable them to improve their skills. In this regard, the low-income earners will not be able to increase their productivity in order to improve their incomes. The resulting increase in pay disparity can be a source of low morale and productivity. Nonetheless, proponents of performance-related pay systems believe that they encourage skill acquisition (Piekkola 2005, pp. 619-635). This improves the competitiveness of the organization in terms of high efficiency, innovation, and productivity. Second, performance-related pay systems can lead to cost reduction. According to Mathis and Jackson (2011, p. 98), highly motivated employees do not need close supervision in order to increase their productivity. Motivated employees tend to be proactive and willing to seek assistance from their colleagues. This negates the need for close supervision, and the costs associated with it. Performance -related pay systems that depend on profits can also lead to a reduction in staff costs.Advertising We will write a custom case study sample on Advantages and Disadvantages of Performance-Related Pay Systems specifically for you for only $16.05 $11/page Learn More In particular, when profits decline, the organization’s labor costs will also decline, thereby eliminating the need to lay-off some workers in order to reduce operating costs. In this regard, the organization will avoid costs such as terminal benefits and the legal costs that might arise due to labor lawsuits. In economies with high unemployment rates, employees are likely to accept a reduction of the portion of their variable pay rather than losing their jobs. However, pay reductions often lead to dissatisfaction among employees, especially, if the reduction in profits is attributed to factors beyond their control. Marsden (2002, pp. 305-316) asserts that linking remuneration to profit s enables employees to identify with the success of the company. Generally, the employees will strive to increase the company’s profits in order to improve their earnings. This strategy requires employees to be familiar with the financial performance of the company. Thus, it is likely to succeed in listed companies in which financial information is readily available to all employees. However, in private companies employees are often not able to access financial information. In this regard, the management might fail to increase employees’ salaries even if the profits increase. Similarly, it can be very difficult to convince the employees to accept pay cuts due to a reduction in profits if they are not familiar with the company’s financial performance. Third, performance-related pay systems can help organizations to reduce staff turnover and absenteeism. This perspective is based on the premise that a remuneration system that links rewards to employees’ eff ort is likely to improve staff morale or motivation. According to Dorantes and Mach (2003, pp. 673-698), high motivation is one of the factors that help organizations to reduce staff turnover.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A low staff turnover is beneficial to companies in several ways. To begin with, it reduces the costs associated with replacing employees who leave the company, thereby improving the company’s financial performance. Companies with low staff turnover rates are able to retain their best employees. In this regard, retaining the best talent is a means of enhancing competitiveness, especially, if the labor market lacks highly skilled personnel. Finally, low staff turnover enables organizations to avoid low productivity. In particular, a reduction in productivity can be avoided by minimizing staff turnover. In order to realize these benefits, the remuneration must be high enough to motivate the employees to continue working for the company. In most cases, the variable part of employees’ salaries tends to be a small percentage of their basic pay. Similarly, some employees find it difficult to achieve the targets that would enable them to earn high income. Under these circumsta nces, motivating employees through a performance-related pay system can be very difficult. Consequently, the turnover rate will still be a problem. Armstrong (2008, p. 78) asserts that performance-related pay systems help in reducing staff turnover in organizations in which growth opportunities are limited. Most organizations cannot reward their employees through promotions due to the limited number of high-level positions. In this regard, a payment that corresponds to employees’ effort enables organizations to retain their workers. Fourth, a performance-related pay system is one of the best ways of introducing change within a company. Concisely, linking financial rewards to performance encourages employees to adopt business cultures that enable them to improve their productivity. For instance, teamwork is likely to improve in organizations in which performance is measured at both group and individual level. The team members are likely to improve their commitment, cooperation , and productivity if they are aware that their contributions in the team will determine their earnings. Similarly, customer satisfaction is likely to improve if the employees receive financial rewards for offering excellent services. In this regard, a performance-related pay system is a means of fostering a culture of high productivity by rewarding the best performers (Shelley 1999, pp. 439-454). The poor performers are expected to emulate the high performers by increasing their productivity. Hence, a performance-related pay system is a means of dealing with underperformance. In the last two decades, teamwork has emerged as one of the best ways of promoting high productivity. Consequently, most organizations are trying to develop the best team-based remuneration system. The difficulty in developing team-based remuneration is that the system must recognize the success of the team as a whole, as well as, the contributions of its members. In this regard, some organizations are opting for performance-related pay systems to reward teamwork. This is because the system provides employees with opportunities of higher earnings in a manner that is equitable and consistent with their effort within a team. Finally, performance-related pay can be an effective system for encouraging workers to pursue the mission and vision of the company. Mission and vision statements are often conceptualized in terms of broad and specific business objectives. Line managers often use these objectives as guidelines for setting individual targets for their juniors. According to Armstrong (2008, p. 122) aligning employees’ job targets to the objectives of the organization facilitates achievement of the company’s vision. However, this strategy often fails because mangers do not provide incentives that motivate the employees to achieve the set targets. In this regard, a performance-related pay system facilitates achievement of targets by motivating employees to work hard. The resu lting increase in productivity, leads to the achievement of the organization’s mission and vision. This strategy is likely to succeed if the managers are able to align job targets of their employees to the stated vision of the company. Disadvantages Even though performance-related pay systems are likely to improve employees’ motivation and performance, they also have several disadvantages. Some of the disadvantages of the system include the following. First, the difficulties associated with the measurement of performance limits the application of performance-related pay systems (Randle 1997, pp. 187-200). The system can only be fair if a reliable appraisal procedure is used to assess employees’ performance. Measuring performance is often a problem in most organizations due to the weaknesses of the available appraisal systems. Most managers find it difficult to measure work in most occupations, especially, if a given task has to be completed by several people. In this case, it is difficult to determine the employee who is supposed to receive financial rewards. Identifying the right metrics for measuring performance is one of the major challenges that hinder the application of performance-related pay systems. Appraisal systems often fail because they do not measure the actual effort or performance of the employees. Additionally, some employees fail to understand the criteria for measuring performance. The challenges associated with measuring performance often lead to conflicts between managers and employees concerning the amount of bonus or salary increments that should be paid. In particular, conflicts are likely to arise if employees’ efforts are equal, but their financial rewards are different. This leads to low motivation and high dissatisfaction among employees. Similarly, productivity will reduce if employees believe that their contributions to the company cannot be recognized through a fair appraisal system. Linking remuneratio n to appraisal can limit the benefits of assessing employees’ performance. Concisely, employees who are underperforming are likely to consider appraisals as a means of punishing them because it leads to a reduction of their salaries. In this regard, employees may become defensive during the appraisals rather than accepting targets that are more challenging. Additionally, underperforming employees are likely to cover up their weaknesses when their salaries are at stake. Consequently, it will be difficult to identify their training and development needs. As a result, the underperformers will continue to record poor results, thereby reducing the competitiveness of the organization. Second, the effect of performance-related pay systems on motivation is unclear (Randle 1997, pp. 187-200). While proponents of the system believe that it has positive effects on motivation, its opponents opine that it has little or no contributions to employee motivation. Financial rewards such as bon uses and commissions are often a small percentage of employees’ pay. Similarly, salary increments are often awarded in small percentages in order to avoid high labor costs. In this regard, performance-related pay systems fail to motivate employees since the financial reward is not likely to be a true reflection of their effort. Marsden (2002, pp. 305-316) asserts that performance-related pay systems can only facilitate short-term motivational effect. This is because most organizations find it difficult to sustain salary increments and bonus payment due to profit reductions in their industries. Payment schemes that depend on profits hardly facilitate motivation. This is because financial performance of the company depends on several factors, which employees might not be able to control. In this regard, reducing employees’ salaries in response to a reduction in profits will lead to low motivation since the poor performance cannot be attributed to their performance. Perfo rmance-related pay systems often fail to improve employees’ commitment due to their â€Å"focus on financial rewards rather than developmental needs† (Marsden 2002, pp. 305-316). This is because non-financial rewards such as promotions are also important in the process of improving employees’ commitment to the organization. In this regard, a performance-related pay can only be effective if it is used to strengthen a motivational system that has non-monetary rewards such as training. Third, performance-related pay systems often worsen the problem of pay inequality. Since it is not easy to measure individual performance objectively, some employees will always earn more than they deserve while others will receive less. In socialist communities, an unequal pay system can lead to serious legal battles. Labor suits are not only expensive, but are also likely to tarnish the reputation of the company in the labor market. Performance-related pay systems often weaken trad e unions and limit the success of collective bargaining processes (Heery 1997, pp. 430-442). This is because remuneration decisions are related to individuals rather than groups of employees. For instance, in a piecework pay system employees’ salaries depend on the amount of output that they are able to produce in a given period. The amount of â€Å"salary or wage that employees receive for each unit of output depends on the value of the product† (Armstrong 2008, p. 142). In this regard, trade unions cannot easily negotiate for better pay, especially, if there are little or no improvements in the value of products. Fourth, performance-related pay systems often fail due to the unavailability of the right mix of rewards. The most common forms of financial rewards include commission, bonus, and salary increment. Some organizations might not be able to use any of these rewards due to poor financial performance (Marsden 2002, pp. 305-316). In some cases, choosing the right financial reward tends to be difficult. Bonus and commissions are relatively cheaper than salary increments. However, determining the percentage of the bonus or the commission to be paid is often very difficulty. This difficulty is attributed to the complications associated with measuring work. Employees’ morale is likely to improve significantly if the commission or bonus is high. However, paying commissions or bonuses at a high percentage might not be sustainable due to the competing needs of the organization. Paying commissions at low rate, on the other hand, might not have any effects on employees’ motivation and performance. Hence, it will not have any impact in the organization. Fifth, recent research findings indicate that performance-related pay systems can discourage teamwork rather than promoting it (Marsden 2002, pp. 305-316). The system can be divisive as employees try to achieve their performance targets. In particular, employees are likely to pay little a ttention to team activities if they are aware of the fact that free rides will benefit from their efforts. In some cases, employees tend to devote much of their effort to pursuing personal targets at the expense of their teams. In this regard, employees often avoid tasks that require teamwork. This leads to poor performance and low product quality. Competition among employees can also lead to poor teamwork. Poor performers can opt for unorthodox means such as sabotage in order to reduce the income disparity between them and the high performers within a team. For instance, poor performers can be reluctant to share vital information with excellent performers. Consequently, the productivity and the earnings of the high performers will decline, thereby reducing the salary disparity in the team. Divisions can also emerge if the overall objectives of the team limit the ability of its members to improve their achievements. In this context, team members might not be able to agree on the obj ectives that should adopt. Finally, implementing performance-related pay systems is often very expensive. The system can only succeed if the company is able to use an effective approach to appraisal. In this regard, the company might have to replace its appraisal system in order to implement a performance-related pay scheme. Research indicates that introducing a new appraisal system is often expensive and time-consuming (Marsden 2002, pp. 305-316). For instance, the company might incur high costs by conducting research on the best appraisal system to adopt. In some cases, the organization will have to hire external consultants to design a new appraisal system. Independent or external consultants are often expensive and might fail to understand the appraisal needs of the organization. After adopting the new appraisal system, managers and supervisors must receive adequate training on how to use it. Similarly, the management must create awareness among employees on how the system works . These trainings increase the cost of implementing the performance-related pay system. Finally, the company must have adequate funds that will enable it to offer financial rewards to its employees. Some pay schemes such as sales commissions can significantly reduce profit margins. Furthermore, providing financial rewards can be unsustainable during periods of low sales and profitability. It is apparent that a performance-related pay system will fail if the company is not able to keep its promise of rewarding employees through financial compensations. Conclusion Performance-related pay is a remuneration system in which employees are paid according to their performance. In this system, financial incentives such as bonuses, commissions, and salary increments are used to reward employees. The main forms of performance-related pay systems include piecework pay, merit pay, and profit-related pay among others (Schuler Jackson 2008, p. 13). Proponents of performance-related pay systems be lieve that they are a means of providing incentives to employees. These incentives improve employees’ motivation and commitment, thereby encouraging high performance. Additionally, the system is an important control mechanism that enables organizations to influence the behaviors and performance of their employees. Despite these benefits, the application of performance-related pay system is limited due to the following reasons. First, measuring performance objectively is often a serious challenge in most organizations. Second, it can discourage teamwork as employees focus on their targets. Third, the ability of the system to enhance motivation is uncertain. Finally, implementing the system is normally expensive. Organizations that intend to use performance-related pay systems should be ready to address these weaknesses. References Armstrong, M 2008, Strategic Human resource Management, McGraw-Hill, New York. Dorantes, C Mach, T 2003, ‘Performance Pay and Fringe Benefits : Work Incentives or Compensating Wage Differentials?’ International Journal of Manpower, vol. 24 no. 6, pp. 673-698. Heery, E 1997, ‘Performance-Related Pay and Trade Union Membership’, Employee Relations, vol. 19 no. 5, pp. 430-442. Marsden, D 2002, ‘The Paradox of Performance-related Pay Systems’, Applied Economics, vol. 34 no. 3, pp. 305-316. Mathis, R Jackson, J 2011, Human Resource Management, McGraw-Hill, New York. Piekkola, H 2005, ‘Performance-Related Pay and Firm Performance in Finland’, International Journal of Manpower, vol. 26 no. 8, pp. 619-635. Randle, K 1997, ‘Rewarding Failure: Operating a Performance-Related Pay System in Pharmaceutical Research’, Personnel Review, vol. 26 no. 3, pp. 187-200. Schuler, R Jackson, S 2008, Strategic Human Resource Management, John Wiley and Sons, New York. Shelley, S 1999, ‘Diversity of Appraisal and Performance-related Pay Practices in Higher Education’, Person nel Review, vol. 28 no. 6, pp. 439-454. This case study on Advantages and Disadvantages of Performance-Related Pay Systems was written and submitted by user Cayden Nolan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Calculate Cross-Price Elasticity of Demand (Calculus)

Calculate Cross-Price Elasticity of Demand (Calculus) Suppose youre given the following question: Demand is Q 3000 - 4P 5ln(P), where P is the price for good Q, and P is the price of the competitors good. What is the cross-price elasticity of demand when our price is $5 and our competitor is charging $10? We saw that we can calculate any elasticity by the formula: Elasticity of Z with respect to Y (dZ / dY)*(Y/Z) In the case of cross-price elasticity of demand, we are interested in the elasticity of quantity demand with respect to the other firms price P. Thus we can use the following equation: Cross-price elasticity of demand (dQ / dP)*(P/Q) In order to use this equation, we must have quantity alone on the left-hand side, and the right-hand side be some function of the other firms price. That is the case in our demand equation of Q 3000 - 4P 5ln(P). Thus we differentiate with respect to P and get: dQ/dP 5/P So we substitute dQ/dP 5/P and Q 3000 - 4P 5ln(P) into our cross-price elasticity of demand equation: Cross-price elasticity of demand (dQ / dP)*(P/Q)Cross-price elasticity of demand (5/P)*(P/(3000 -4P 5ln(P))) Were interested in finding what the cross-price elasticity of demand is at P 5 and P 10, so we substitute these into our cross-price elasticity of demand equation: Cross-price elasticity of demand (5/P)*(P/(3000 -4P 5ln(P)))Cross-price elasticity of demand (5/10)*(5/(3000 - 20 5ln(10)))Cross-price elasticity of demand 0.5 * (5 / 3000 - 20 11.51)Cross-price elasticity of demand: 0.5 * (5 / 2991.51)Cross-price elasticity of demand: 0.5 * 0.00167Cross-price elasticity of demand: 0.5 * 0.000835 Thus our cross-price elasticity of demand is 0.000835. Since it is greater than 0, we say that goods are substitutes. Other Price Elasticity Equations Using Calculus To Calculate Price Elasticity of DemandUsing Calculus To Calculate Income Elasticity of DemandUsing Calculus To Calculate Price Elasticity of Supply

Taylorist Job Designs and Hard Human Resource Essay

Taylorist Job Designs and Hard Human Resource - Essay Example In this sense therefore individuals should not be coerced into presence and participation in work activities (Larsson, Vinberg & Wiklund, 2007, p. 1147). The soft model of HRM causes a positive attitude among employees towards their work activities and as a result preventing absenteeism. On the other hand, the strict rules that are set within the hard management model causes stress and negative attitudes among employees and as a result leading to high rates of absenteeism at the workplace. The soft model in HRM ensures that individuals are self motivated to come to come every day and engage in their work roles and responsibilities even when there is little or no supervision. On the other hand, the application of the hard model and its characteristic punishment on employees makes them to lack motivation and as a result causes absenteeism. When individuals are compelled regulations, policies, standards and rules in their work activities as demonstrated by the application of the hard mo del, they are more likely to be less productive (Truss, et al, 2007, p. 57). The reduced productivity is related to the absenteeism which is related to the application of the hard model of human resource management. On the other hand, when duties and responsibilities are delegated to individuals in a less strict and supervisory environment of the soft model of HRM, these employees will be less absent at the workplace leading to more productivity. It is argued that the absence that individuals demonstrate at work is as a result of the natural instinct of human beings to avoid responsibilities. It is because of this that the soft model in HRM is encouraged in organizations as compared to the hard HRM model.... This paper stresses that Taylorist job designs provide that the execution of job activities is separated from the planning process. In additional, Taylorism as described in scientific management provided for procedural and timed work activities. Since services are less procedural and unrealistic to time, it is argued that the Taylorist job designs cannot be applicable in the service industry with the required effectiveness. This report makes a conclusion that in light of the above analysis, discussion and illustrations, it is evident that Taylorist job designs and hard human resource management model are suitable for application within the manufacturing industry such as food processing and manufacturing companies. Taylorist job designs are procedural, timed, segmented and focused at minimized training needs and cost which makes them suitable for application in the manufacturing industry. The hard human resource management model is also appropriate within the manufacturing industry where cheap labor, minimal communication, more machinery and little delegations are exhibited. On the other hand, Taylorist job designs are not suitable within the service industry such as a call center because of the difficulty in segmenting job activities and the need for collective training for broader skills and knowledge within the service industry. The hard human resource management model is also not suitable within the service industry because of the delegating characteristic of this industry and the increased need for motivation and compensation for effective service delivery.