Monday, December 30, 2019

Essay on The Impact of Technology Upon Education - 1099 Words

The Impact of Technology Upon Education As the years go on, technology has become such a necessity to everyday life in the average person’s life. Whether you live here, there, or anywhere, technology is apparent and has become such an integral part of everyday life to the point that we cannot imagine life without it. Technology is used in both the private and the public life of every person. In private lives we have our computers, our microwaves, our palm pilots, ovens, TVs, cell phones, VCRs, DVD players and much, much more. In our public lives we have checkout scanners, security cameras, security alarms, car alarms, and so much more. What many of us do not realize is that another benefit of technology is helpful with the†¦show more content†¦To tell you how phenomenal this program is, the data suggests that most speakers can easily achieve 90% or better accuracy or better in an hour or less! As you can imagine, this program draws into a lot of a computer’s resources. You must have a high-end desktop and communicator, and it is not a good idea to have other programs running simultaneously. The goal of this program is to â€Å"create a profile that will allow a program to efficiently convert the speaker’s continuous natural speech into text.† Other techniques and programs have been developed for other kinds of disabilities. Examples of other programs and machines that have been developed are Braille keyboards, monitors that talk, and printers that emboss for people who are blind or suffer from severe vision impairments in the workplace [2]. Braille keyboards are becoming a common place in many businesses. These keyboards have the characteristical raised bumps on the keys so the typist can identify which letter he or she is using. A very interesting part of the office combination for a blind person is a talking monitor. This monitor has a dark screen and the user uses a arrows to navigate though a list of programs and the monitor reads each option aloud so the user can know what program or option he or she is selecting. The embossing printer is basically what it sounds like. Instead on a printer just spraying ink onto a page, it embosses it andShow MoreRelatedTeaching And Learning During The 21st Century1733 Word s   |  7 PagesTeaching and learning in the 21st century has changed dramatically from a traditional education. There has been a major paradigm shift to effectively support and prepare students for current and future work, social and school expectations. 19th century traditional education was designed to develop industry based workers that required basic skills and performed menial tasks. However, students need new skills and capabilities to ensure their success in the global market. Teachers roles have also beenRead MoreThe Impact Of Technology On Education And Revealed Reactions1666 Words   |  7 Pagesdetect the impact of technology on education and revealed reactions for both students and teachers of using technology in classroom. These researches has given us three results: 1) Some research has shown a dramatic difference between the schools in the past and now. 2) What Is Successful Technology Integration? 3) However, some of researches indicate to several difficulties and disadvantages that associated with using technology. What Is Successful Technology Integration? The education in theRead MoreTechnology And Technology842 Words   |  4 PagesThe internet and technology usage in classrooms has both a positive and a negative influence upon students. Students have a better opportunity for learning due to the wide variety of apps and the usage of the search engine to help students find more information and learn more. The negative effect that technology has upon students is reflected in their school work and education, also causing students to get addicted and finding the constant need to be texting. In classrooms, students could go on otherRead MoreU.S. Education Today Tomorrow1325 Words   |  6 PagesU.S. Education Today Tomorrow This paper reviews four important trends in our educational system today across America and discusses the impact of these trends on our future educational system. We live in an ever evolving world with constant changes that are affecting every aspect of our lives daily. Our educational system has not been immune to these changes and shouldn’t be since these changes and our ability to adapt to these changes will determine our future academic success and our place inRead MoreCritical Thinking And Problem Solving Skills1648 Words   |  7 PagesCritical thinking and problem solving skills have epitomised education throughout history. As time has passed; the education system has become increasingly complex with the integration of learning theories, pedagogies, transformative learning spaces, behavioural management and most importantly; the evolution and role of technology. Learners within the 21st Century are experiencing an education where they are taught to collaboratively comm unicate and construct new understandings, while acquiring higherRead More BUSINESS METHODS Essay1583 Words   |  7 Pagesfollowing simple framework: Political FactorsPolitical factors can have a direct impact on the way business operates. Decisions made by government affect the operations of units within the university to a varying degree. Political refers to the big and small ‘p’ political forces and influences that may affect the performance of, or the options open to the unit concerned. The political arena has a huge influence upon the regulation of public and private sector businesses, and the spending power ofRead MoreThe Impact Of Technology On Education And Revealed Reactions1668 Words   |  7 Pagesdetect the impact of technology on education and revealed reactions for both students and teachers of using technology in classroom. These researches has given us three results: 1) Some research has shown a dramatic difference between the schools in the past and now. 2) What Is Successful Technology Integration? 3) However, some of researches indicate to several difficulties and disadvantages that associated with using technology. What Is Successful Technology Integration? The education in theRead MoreThe Benefits Of Early Childhood Education1015 Words   |  5 PagesAn early childhood education student planing on becoming a teacher needs to know certain things about children before stepping into a classroom. They must look at their own personality and how they handle stress. An upcoming teacher must have a mindful awareness, focused attention, and self authority. Mindful awareness skills in stress can be mixed in with your relationships with your peers and social skills. If a teacher is not well balance when it comes to stressful situations they wouldn’t beRead MoreHow Technology Has Impacted The Way We Live From Investing?851 Words   |  4 Pages Technology has impacted the way we live from investing to communicating. With access to the internet we can communicate across the world in second and create an environment with greater efficiency and productivity. Yet, American education has only recently begun to embrace the power of technology t o provide education in a low cost and sustainable manner. The current higher education system has haunted Americans with outstanding student loan debt eclipsing $1.3 billion. On top of insurmountable studentRead MoreTechnology Has A Negative Influence On The Social Life Of Individuals1213 Words   |  5 PagesWithin our society, technology plays a critical role in our everyday lives. Its prevalence within our environment has ultimately resulted in the change of pedagogical practice. This new age of teaching has demonstrated that technology is in many ways, beneficial within the classroom environment. This paper will consider how technology can support the needs of children with special needs, making learning more relatable and effective. Furthermore, technology also has an influence upon the social and emotional

Saturday, December 21, 2019

Sutter Health A Non Profit Public Based- Healthcare System

Sutter Health Approach Teresa Brasaemle ACC 281 Instructor Mark Metzger February 11, 2016 Sutter Health Approach After reading the following, â€Å"From bottom to top: How one provider retooled its collections† (Souza McCarty, 2007). The article sheds light on the fact that Sutter Health is a non-profit public based- healthcare system. Not to mention it is based in Sacramento, in the northern part of California. This type of healthcare systems services patients and families where the system providers have joined force and share their expertise that have helped progress and advance the quality of healthcare. According to Souza McCarty, they reference the fact that the non-profit network has initiated the interface having the intentions of developing revenue collection for healthcare facilities that can collect from self-paying patients. (2007, p.68). However, with a traditional payment system it does have its disadvantages meaning there are delays in the payment process of the effective revenue system in healthcare facilities. Mainly, is the limitations of the proc essing because of the result of not having the accessibility of precise information on accounts. Souza McCarty further discuss that fact that Patient Financial Services staff are not in a position to have the real-time information that aids in processing the financial and operational indicators of the healthcare facility. (2007, p. 70). There were also unproductive and incompetent performance measures in theShow MoreRelatedSutter Case Analysis2724 Words   |  11 PagesAn increasing issue within the health care field is the inability to collect debt from the growing population of uninsured or underinsured patients. Healthcare organizations may be struggling to meet operational margins because the industry has never treated its customers like other retail-oriented sectors of the economy. A McKinsy and Company report states that hospitals incur sixty billion dollars in bad debt annually because they typically collect only ten to twenty percent of a total uninsuredRead MoreHealthcare Field From Medicine Practice2246 Words   |  9 PagesTruong Binh Nguyen MinhThu Phan Thu Tran Pei-Ying Kelly Hsin Healthcare Industry- Team Project Healthcare started from medicine practice. The medicine studied by many cultures and people passed through many trials and errors to save the knowledge to the next generation. In 19th century, by using chemical, biological and technological advances to discover anesthetics, syringes, antiseptics, x-rays, and penicillin. In 20th century, healthcare began to grow fast. Prepaid arrangements, the medical insuranceRead MoreEmanuel Medical Center Situational Decision Analysis47698 Words   |  191 Pagesrevenue enhancing procedures. EMC’s competitors, on the other hand, have large sources of revenue due to their mergers with large healthcare networks such as Catholic Healthcare West. Another competitor, Kaiser Permanente Modesto Medical Center, has extremely large financial resources due to the fact it is part of the Kaiser Permanente HMO network, one of the most lucrative health networks in the entire country. EMC is at a strategic financial disadvantage in terms of the capabilit ies to improve the structureRead MorePharmaceutical Price Controls in the Oecd Countries47662 Words   |  191 Pagespromoting international trade, opening foreign markets, ensuring compliance with trade laws and agreements, and supporting U.S. commercial interests at home and abroad. To learn more about the ITA, write to: International Trade Administration, Office of Public Affairs, U.S. Department of Commerce, Washington, DC 20230, or visit the ITA’s Internet site at www.ita.doc.gov. Pharmaceutical Price Controls in OECD Countries Implications for U.S. Consumers, Pricing, Research and Development, and Innovation Read MorePunchtab Inc10225 Words   |  41 PagesPark, California-based startup PunchTab, Inc., smiled as he recalled the recent online New York Post article â€Å"$150,000 A Dream.† The article illustrated the entrepreneur-friendly nature of the current financing environment and the creativity investors were using to gain access to early-stage companies. (See Exhibit 1 for article.) Kumaran felt fortunate to be starting a company in this environment. He recently left his first startup YouSendIt to start PunchTab, an Internet-based turnkey customerRead MoreProject Managment Case Studies214937 Words   |  860 Pageson acid-free paper. @ Copyright O 2006 by John Wiley Sons, Inc. All rights reserved. Published by John Wiley Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission

Friday, December 13, 2019

Functions Responsibilities of Hr Admin Department of Rcl Free Essays

Chapter: 1 Introduction 1. Background of the report After completion of MBA program students have to do internship in an organization for the fulfillment of the Degree. Internship program gives an opportunity of learning the real working dynamics and applied knowledge of Business Administration. We will write a custom essay sample on Functions Responsibilities of Hr Admin Department of Rcl or any similar topic only for you Order Now I complete my M. B. A program from department of Management Studies, University of Chittagong. To complete the academic requirement I did my internship at HR department of Royal Capital Limited. My internship topic was â€Å"functions responsibilities of HR and Admin department of Royal Capital Limited. This report is prepared to focus on the functions and responsibilities of HR and Admin department of Royal Capital Limited. 1. 2Rationale of the report Internship program is the part of MBA program which gives a scope to MBA students to prepare a study report focusing solution to problematic issues of management of the organization. It is an opportunity to gather practical knowledge and reduce the gap between theoretical and practical knowledge. It also gives opportunity to the future managers to deal with practical problems and give solution in real business life. I did my internship in Royal Capital Limited which is a leading equity brokerage house in the country. My internship report is based on the practical experience through working at the HR department of the company. 1. 3Objectives of the report The main objective of this report is to fulfill the academic requirement as well as the following objectives: †¢ To understand the Human Resource Management practices. †¢ To have a clear picture of the basic HR functions. To identify the clear picture of HR practices in RCL. †¢ To analyze the performance of the HR Admin department of RCL. 1. 4Methodology and Data collection The report is prepared on the basis of experience and data collection through direct supervision at the work place. The methodology followed for the purpose of the study has been desk research as well as field survey. The desk research meth od has been followed to review the existing literature on the subject. Both primary and secondary data were collected to prepare the report. The main sources of the primary data to prepare the company profile and its performance had been collected from organization’s web site and the concerned with HR Manager of Royal Capital Limited and secondary data collected from the web site and books for the purpose of preparing the literature part. 1. 5Scope of the report The report is prepared on the basis of direct supervision and collection and analysis of primary and secondary data. It provides information of a successful broker house, its practice and prospect of HR and Admin department. It will guide and give complete idea to a learner and clients about broker house and its activities. This report also provides gridlines to a learner about practice of HR and functions and responsibilities of HR and admin department. 1. 6Limitations of the report The study has been conducted subject to certain limitation. The rate of success of my study may be limited as I might have failed to collect proper information due to lack of my experience, some data could not be supplied for their confidentiality and official secrecy. The secondary sources of data were not available and well organized. In addition to the above, RCL is a private limited company, which does not does not provide with all the necessary information as required due to their sensitivity and competitiveness in regard to its competitors. In spite of these limitations, I have tried my best to pinpoint various findings of this company. I, therefore, hope that the study will be evaluated subject to the recognition of the above limitation. 1. 7MY WORKING AREA As I complete MBA program major in HRM from department of Management Studies, University of Chittagong my interest was to know the HR practice in real life in the organizations. I got the opportunity to work in the HR department of Royal Capital Limited under HOD-HR manager. My internship topic was â€Å"functions responsibilities of HR Admin department of Royal Capital Limited†. My organization supervisor helps me to closely work with the functions and responsibilities perform by them to successful continuation of a company in the competitive business environment. Chapter: 2 Company Overview 2. 1Royal Capital limited Royal Capital Limited is a leading equity brokerage house in the country. It has diverse clientele of institutions, high net worth individuals, foreign funds and retail investors which help to success in the market. Royal Capital Limited was established in 1995 and over time become one of the largest stock broking companies in the country. Side by side it has also dealership licences. It’s a member of Dhaka and Chittagong Stock Exchange. Its authorized capital is TK 150 million; paid-up capital is TK 65 million. There are 12 offices and branches of Royal Capital Limited situated in Dhaka, Chittagong, Feni, Jessore, Bogra and Khulna. Its corporate head office is located in Chittagong. Its number of employees is 110. The number of Beneficiary Owner Account holders is 37,112. Its daily average turnover is US $ 1. 7 million. The market share of Royal Capital Limited is 1. 20%. Royal Capital Limited is a depository participant of Central Depository Bangladesh Limited. Mr. A. Q. I Chowdhury, OBE is the chairman of the company, a prominent business personality of the country. He has a good track record of running the manufacturing and service oriented multinational company like James Finlay Plc for the last 20 years. He was awarded by Her Excellency Queen Elizabeth II the â€Å"Order of British Empire† (OBE) for his contribution to the society and ethical business. Under his leadership a young dedicated, skilled professional team has been develop to render the service as required by customers. 2. 1. 1Mission The mission of Royal Capital Limited is to develop the company into an ideal and antique financial institution by providing excellent financial service to its customers. 2. 1. 2Objectives of Royal Capital Limited Success of an investor depends on good understanding of market, reliable information, sound fund management and risk planning. Royal Capital Limited is the right place to get all those services. It has already gained confidence of Investors of all class for its sincere efforts to assist client in every possible way. Objectives of Royal Capital Limited are as follows: ? To help client understand investment choices. ? To provide timely account and transaction information that accurately reflects the investment positions of the client. ? To Build and justify clients trust. ? Provide clients with frank, timely feedback on how we are doing and how we can improve our service to clients. 2. 1. 3Management Royal Capital Limited has a policymaking body which consists of 7 members of whom 2 are elected. The board comprises of one Chairman, one Managing Director, three directors and 2 members. It has provision for 23,000 clients. The executive power of RCL is vested with the Department Manager. 2. 1. 4Sister concerns The followings are the concern business of Royal Capital Limited: ? Royal Trade International ? Royal Cuisine ? Royal Garden. 2. 2Major businesses and product divisions As a broker house Royal Capital Limited perform following activities: ? Brokerage Activities: Royal Capital limited provides trade execution activities for clients in Dhaka and Chittagong Stock Exchange under Securities Exchange Commissions Law. ? Dealer Account: The SEC Act defines a dealer as someone who is engaged in the business of buying and selling securities for his own account that would require their registration as a dealer under SEC Act. Also Royal Capital limited has a dealer Account, Name: ROYAL CAPITAL LTD. B. O ID: 1201590000001005. ? Stock Broking Account: The process of investing in the share market, either individually or through a broker is known as stock broking. Stock broker is also an individual who makes stock trades on behalf of his or her clients. ? Margin Loan: Margin loans are taken to finance the purchase of securities, usually the purchase of stock (also known as equity). Margin loans normally are extended by the same financial services firm (stock brokerage firm or securities firm) that the customer uses to trade in the security in question. The maximum value of a margin loan relative to the value of the underlying securities is set by the SEC. Each firm is free to implement more stringent lending policies than prescribed by the SEC. Margin Loan Activities Agreement of RCL: In this segment Royal provide two kinds of A/C: Cash: This type of account asks to client deposit cash and then client can use that cash to buy stocks, bonds, mutual funds or other investments. But sometimes client can take loan for buying securities, it’s providing for short time. It’s also called unauthorized loan. Margin: With a margin account t he broker lends a portion of the funds at the time of purchase and the security acts as collateral. The loan in the account is collateralized by the securities and cash. If the value of the stock drops sufficiently, the account holder will be required to deposit more cash or sell a portion of the stock. ? Margin Call: A broker demands an investor using margin to deposit additional money or securities so that the margin account brought up to the minimum maintenance margin. Margin calls occur when an account value depresses to a value calculated by the broker’s particular formula. This is sometimes called a â€Å"fed call† or â€Å"maintenance call†. ? Margin facilities of Royal Capital Limited: A financial institution must have some written guidelines on the credit approval process and the approval authorities of individuals or committees as well as the basis of those decisions. Royal Capital Limited provides credit facilities to the customer as per Margin Rules, 1999. ? Margin Risk Management Process: Margin risk management process should cover the entire margin cycle starting from the origination of the margin in a financial institution’s books to the point the margin is extinguished from the books. ? Internet Trading Service (ITS): This is a border less trading system. Investor who have access to internet take part in share market from any part of the world, and can do his own buy-sale at own pace. Investor interested to may be able to log on to www. bangladeshtockmarket. com to get all the relevant information on the Internet trading and also for trading. ? Real time trading facility in both Dhaka Chittagong Stock Exchanges: A client can trade any bourse simultaneously from any of our branches. ? Xpress Settlement On selling shares through ‘Xpress settlement’ cheque is issued on the same day not on the exchange payout date. This money can then be withdrawn immediately. ? Any Branch Trading Facility RCL is giving any branch trading facility to its client. ? Depository Service A depository is an organization formed to provide electronic depository facilities to share holder under prevailing law in the electronic form through the medium of depository participants (DPS). The Central depository Bangladesh Ltd (CDBL) is the only depository in Bangladesh, which is setup and governed by the Securities and Exchange Commission of Bangladesh (SEC). RCL is among the few Depository Participant (DP) in the country and the first DP who started related service right from introduction of this in the country. ? Beneficiary Owner (BO) Account A BO account is mandatory for applying IPO shares and also for trading of CDBL shares in secondary market. By opening a BO account with RCL you can enjoy both facilities. ? Demat Securities Dematerialization is the process of converting physical securities in electronic form. RCL is trusted name in providing that service for its client. ? Pledge Depository service with RCL allows you to pledge demated securities with any bank or financial institution to avail loan. ? Research Activities: This is one of the issues that the Royal Capital Limited management was very much serious about and accordingly put due emphasis according to the need of the capital market. Stock business is information based. Right information at the right time in the right place is the core of the game. So RCL publish some very informative and analytical publications intended to help explore the financial performance of the listed organization so that the client can take wise investment decision. . 3Board of directors Chairman – Mr. A Q I Chowdhury, OBE CEO MD- Mr. Munir Ahmed Director- Ms Jesmin Islam Chowdhury Director- Mr. Sami Chowdhury Director- Mr. Saadi Chowdhury SWOT Analysis of Royal Capital Limited |Positive |Negative | | |Strength(s) |Weakness(w) | |Internal |Goodwill. |Inadequate IT system. | |Factors |Credibility. |Lack of trained er sonnel. | | |Strong financial condition; ample financial resource. |Absence of risk management assessment. | | | |Insufficient research and development. | | |Efficient and experience management team. |Lack of strategic planning. | | |Prompt service. | | | |Transparency. | | | |Never a default to client and to DSE, CSE and CDBL. | | |Opportunity(O) |Threats(T) | |External |Immense scope to increase trade. |Entry of new competitor. | |Factor | |Increased competition. | | | |Share market crisis. | 2. 4Organogram of RCL: Royal capital Limited at A Glance Name of the company: Royal Capital Limited. Type of company: Private limited. Date of incorporation : 1st April 1995. Member Registered No: Dhaka Stock Exchange Ltd. Registration No. 3. 1/Dse-21/2006 Chittagong Stock Exchange Ltd. Registration No: 3. 21/CSE-121053 Authorized capital: BDT 150 million. Paid up capital: BDT 65 million. No. of Offices Branches: 12 No. of employees: 110 Number of BO holders: 37,112 Daily average turnover: US$ 1. 7million Market share: 1. 20% Chairman of the company: Mr. A Q I Chowdhury, OBE CEO MD: Mr. Munir Ahmed Administration : 07 members Board of Directors Organization Address: Corporate Office: Finlay House (Ground Floor), Agrabad C/A, Chittagong, Bangladesh. Chapter: 3 Literature Review 3. 1Human Resource Management HRM involves all kind of decisions related with human resource. HRM can be define as a specific combination of HR practices, work structures and process that maximizes employees knowledge, skill, commitment and flexibility. Storey (1995) defines HRM as a distinctive approach to employment management which seeks to obtain competitive advantage developed showing how HRM practices leads to overall corporate performance. According to Khatri (1999), people are one of the most important factors providing flexibility and adaptability to organizations. Rundle (1997) argues that one needs to bear in mind that people (managers), not the firm, are the adaptive mechanism in determining how the firm will respond to the competitive environment. Several scholars have noted that managing people is more difficult than managing technology or capital (Barney, 1991; Lado and Wilson, 1994). 3. 1. 1Human Resource Management: Nature Human Resource Management is a process of bringing people and organizations together so that the goals of each are met. HRM practices refer to organizational activities directed at managing the pool of human resources and ensuring that the resources are employed towards the fulfillment of organizational goals (Schuler Jackson, 1987; Schuler MacMillan, 1984; Wright Snell, 1991). Redman and Matthews (1998) identify an ‘HRM bundle’ of key practices which support service organizations quality strategies, these being: ? Careful recruitment and selection, for example, ‘total quality recruitment’, ‘zero defects recruitment’, ‘right first time recruitment’. ? Extensive remuneration systems, for example, bonuses available for staff willing to be multi-skilled. Team working and flexible job design, for example, encouraging a sense of cohesiveness and designing empowered jobs. ? Training and learning, for example, front line staff having enhanced interpersonal and social skills. ? Employee involvement, for example, keeping employees informed of key changes i n the organization. ? Performance appraisals with links to contingent reward systems, for example, gathering customer feedback to recognize the work by employees over and above their expected duties, which in turn is likely to lead to a bonus for staff. 3. 1. 2Human Resource Management: Objectives Human Resource Management (HRM) ‘is about matching employment practices to an organization’s strategy’, according to Hendry (1999, p. 3). In Torrington, Hall and Taylor’s (2008) opinion, its objectives are to ensure that organizations are well staffed and that those employees are well treated, motivated and committed to their work to provide best performance. ? To help the organization reach its goals. ? To ensure effective utilization and maximum development of human resources. ? To ensure respect for human beings. To identify and satisfy the needs of individuals. To ensure reconciliation of individual goals with those of the organization. ? To achieve and maintain high morale among employees. ? To provide the organization with well-trained and well-motivated employees. ? To increase to the fullest the employee’s job satisfaction and self-actualization. ? To develop and maintain a quality of work life. ? To be ethically and socially responsive to th e needs of society. ? To develop overall personality of each employee in its multidimensional aspect. ? To enhance employee’s capabilities to perform the present job. To equip the employees with precision and clarity in transaction of business. ? To inculcate the sense of team spirit, team work and inter-team collaboration. 3. 1. 3The HRM Department is responsible for: ? Understanding and relating to employees as individuals, thus identifying individual needs and career goals. ? Developing positive interactions between workers, to ensure collated and constructive enterprise productivity and development of a uniform organizational culture. ? Identify areas that suffer lack of knowledge and insufficient training, and accordingly provide remedial measures in the form of workshops and seminars. Innovate new operating practices to minimize risk and generate an overall sense of belonging and accountability. ? Recruiting the required workforce and making provisions for expressed and promised payroll and benefits. ? Implementing resource strategies to subsequently create and sustain competitive advantage. ? Empowerment of the organization, to successfully meet strategic goals by managing staff effectively. ? The human resource department also maintains an open demeanor to employee grievances. Employees are free to approach the human resource team for any conceived query or any form of on-the-job stress that is bothering them. ? Performance of employees is also actively evaluated on a regular basis. Promotions are conducted and are predominantly based on the overall performance of the individual, accompanied by the span or tenure he has served the organization. The Human resource department also looks at the possibilities of the employee migrating from one job to another, maintaining the hierarchy in the company and considering the stability of post and the salary obtained over a period of time. 3. 2Functions of HRM: The Human Resources Management (HRM) function includes a variety of activities, and key among them is deciding the staffing needs of an organization and whether to use independent contractors or hire employees to fill these needs, recruiting and training the best employees, ensuring they are high performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Human resource department of an organization consist of all human resource management functions. Job Analysis: Job analysis is one of the most important task that performed by the HR staff. Through job analysis the vacant position is find out and the job description and job specification is prepared. Job description: Job description is an organized and factual statement of the duties and responsibilities for a particular job. Job Specification: It is a statement of minimum acceptance of human qualities necessary to perform a job properly. The company selects employees according to job specification. 1. Recruitment: Recruitment involves searching for and obtaining qualified job candidates in such numbers that the organization can select the most appropriate person to fill its job needs. In addition to filling job needs, the recruitment activity should be concerned with satisfying the needs of the job candidates. [pic] Methods of recruitment: Job posting: The organization announces position openings through bulletin boards, company publications, and internet/intranet. Skills inventories: Manual or computerized systematic records listing employees’ education, career and development interests, languages, special skills, and so on to be used in forecasting inside candidates for promotion. 2. Succession Planning Succession planning refers to the plans a company makes to fill its most important executive positions. It involves analysis of the demand for managers and professionals by company level, function, and skill and planning of individual career paths based on objective estimates of future needs and drawing on reliable performance appraisals and assessments of potential. 3. Selection: The selection criteria for a position are a list of the essential and desirable skills, attributes, experience, and education which an organization decides is necessary for a position. Step-1 Job analysis: Job analysis means developing job-related information. It’s the starting point in the selection plan and, for that matter, in the entire recruitment and selection process: †¢ Conducting a job analysis: Start by generally describing the purpose of the job. Define the major work processes the employee does. These are the duty statements. †¢ Decide which duties are essential: Essential dutie s are either critical to the job or they take up a large percentage of time. †¢ Identify the KSBs: needed to do the major duties and responsibilities. Minimum qualifications (MQs) describe the knowledge, skills, and behaviors (KSBs) needed to perform the major duties of a job upon entry to the job †¢ Developing minimum qualifications: Using the job analysis, identify the KSBs that are necessary on the first day of the job. ? Step-2 Identifying selection procedures Following job analysis, the second stage in developing a selection plan is deciding how you will evaluate applicants and select the best person for the job. †¢ Training and experience evaluations – This method, often called TE, looks at an applicant’s training and experience as they relate to the job. Supplemental Questions – Supplemental questions give applicants specific guidelines to describe the competencies they gained through training and experience. †¢ Written tests – Written tests can be good selection tools, but they aren’t always practical. Written exams cost a lot of time and money to develop. †¢ Performance tests – Performance tests involve having an applicant perform small samples of an actual duty. Examples include: †¢ Physical tests – Physical tests often include endurance or strength measurements, which could adversely impact on women, older workers, and others. References – If not done well, reference checks can result in the same problems as informal, unstructured interviews. †¢ Work Sample – A work sample is some tangible thing an applicant has produced. It should represent the applicant’s level of competence in a specific area. †¢ Interview – The oral interview remains the most popular selection procedure, but they also need to be valid and consistent. †¢ Medical examination- Medical tests are conducted to ensure physical fitness of the potential employee. It w ill decrease chances of employee absenteeism. Appointment Letter- A reference check is made about the candidate selected and then finally he is appointed by giving a formal appointment letter. 4. Human Resource development: Human Resources Development (HRD) is a framework for the expansion of human capital within an organization through the development of both the organization and the individual to achieve performance improvement. HRD includes the areas of training and development, career development, and organization development: [pic] Training and development means acquiring knowledge, developing competencies and skills, adopting behaviors that improve performance in current jobs. Organization development is the diagnosis and design of systems to assist an organization with planning change. Career development is the activities and processes for mutual career planning and management between employees and organizations. 5. ORIENTATION TRAINING After recruiting selecting next step is to orientation train the employees. To ensure better performance, employees must know what to do how to do, to know this they have to go through orientation. Training Need Assessment A needs assessment is the process of identifying the â€Å"gap† between performance required and current performance. The purpose of a training needs assessment is to identify performance requirements and the knowledge, skills, and abilities needed by an organization’s workforce to achieve the requirements. The assessment should address resources needed to fulfill organizational mission, improve productivity, and provide quality products and services. 6. Performance Management And Appraisal: Performance management is a process that consolidates goal setting, performance appraisal and development into a single common system, the aim of which is to ensure that the employee’s performance is supporting the company’s strategic aims. . Compensation and benefits: Compensation is the financial remunerations given by the organization to its employees in exchange for their work. Employee compensation refers to all forms of pay or rewards going to employees and arising from their employment. There are two main components of employee compensation: ? Direct financial payments: wages, salarie s, incentives, commissions, bonuses. ? Indirect payments: employer paid insurance and vacations. Types of benefits are as follows: †¢ Pay for time not worked It is also called â€Å"Supplement Pay Benefits†. It is generally an employer’s most costly benefits because of the large amount of time off that many employees receive. Common time off pay periods include Holidays, Vacations, Maternity leave, Sick leave, Personal days, Unemployment insurance payments for laid-off or terminated employees. †¢ Insurance benefits: workers’ compensation, health disability insurance, mental health benefits and life insurance. †¢ Retirement benefits: pension plans, retirement benefits and survivor’s or death benefits. †¢ Services: personal services credit union and counseling services. Chapter: 4 Findings 4. HUMAN RESOURCE DEPARTMENT of RCL Human Resource Management has come to be recognized as an inherent part of management, which is concerned with the human resources of an organization. Besides all other departments Royal Capital Limited also has a HR department. HR Manager is responsible person the planning the Human Resource Policy in the organization. The basic Or ganogram of the Human Resource Department of RCL is as follows |Manager (HR) | |Deputy Manager | |Assistant Manager | Senior Executive | |Executive | |Jr. Executive | The role of Human Resource department of RCL is as follows: ? Human resource planning, recruitment and selection. ? Making Human Resource Policy. ? Under taking training programs for skill development. ? Ethical issues and codes of conduct ? Maintain liaison with the administrative manager. ? Grievances handling of the employees. ? Keep proper security of the company assets. ? To arrange promotions for staffs. Maintain personal files records of employees. ? Conducting motivational programs. ? Taking care of in-house cleanliness, health and safety. 1. Human Resource Planning Human resource planning is a process that identifies current and future human resources needs for an organization to achieve its goals. Manpower planning is the process by which an organization can engage the right number of people for the right jo b at the right time. The manpower needs of RCL reviewed twice in a year. The responsibility of HR Planning is on HOD-HR. RCL follow the following steps for effective human resource planning: Step 1 Analysis of existing positions An analysis of all post done with respect to the requirement of those posts for the current and future functioning of the organization. They use trend analysis and ratio analysis for forecasting personnel needs. Step 2 Estimation of job vacancies The number of job vacancies which will occur in the coming year estimated considering the following matters: ? Promotions ? Demotions ? Separation due to Retirement, Resignation and/or Dismissal Creation of new position due to increased work load, i. e. Workload P = No. Of people Step 3 Taking stocks of the existing manpower skills Then a list is prepared of each employee which contains his/her name, educational qualification, experience in each trade/position, area of specialization, special award received, outstanding achievements etc. Step 4 Arriving at the net manpower requirements initiating further activities The gross manpower requirements, assessed as per Step 2 compared with the availability of existing skills arrived at Step 3. The comparison leads to one of the following situations: All vacancies may be filled up by the redeployment of existing manpower. The redeployment can be done based on the skills identified in the Performance and Potential appraisals of every employee. The options before management are Promotions, Transfer, Retraining, Reallocation of work and Job Rotation. This will occur when it is found that there is surplus manpower in certain departments/sections/branches and deficit of similar skills in other departments/sections/branches. The decisions taken by the HOD-HR and the concerned HOD and the final approval of the MD. Deficit manpower skills: If in spite of redeployment of personnel, deficit of skills remain in the organization the action is recruitment. In case of surplus manpower, retrenchment action will be resorted to after approval from the MD. Based on the above steps the HOD-HR prepares a detailed Manpower Plan for the coming year. A copy of the Manpower Plan forwarded to all the competent authority. It is the responsibility of HOD to get approval from MD. After getting the approval it is the Manpower Plan for the coming year. Then it is the responsibility of the HOD-HR to institute necessary subsequent actions based on the Manpower Plan i. e. Promotions, Transfers, Retraining, Job Rotation, Recruitment etc. fter carrying out the above Manpower Planning exercise if new positions need to be added, it need to get approval from the Board. 2. Recruitment and selection of employee Recruitment involves searching for and obtaining qualified job candidates in such numbers that the organization can select the most appropriate person to fill its job needs. In addition to filling job needs, the recruitment activity should be concerned wi th satisfying the needs of the job candidates. 1. Recruitment RCL have a standard recruitment procedure described as follows: [pic] Personnel requisition form contains detail the Job specification, Job responsibility and necessary qualification, experience, and skills required for the specific post. The HOD-HR sends the PRFs to the departmental heads as the number of the positions to be filled in that department. The departmental heads return the PRFs to the HOD-HR after filled up the forms. Based on the specifications in the PRF, the HR department will start the recruitment process. The recruitment process done through the following medium: †¢ Open Recruitment This involves recruitment through advertisements. The advertisement for required post will appear in major national and regional newspapers, business magazines or in different websites of job circulation. †¢ Deputation Some vacancies filled y recruiting employees on deputation. †¢ Receipt of resume The last date for receipt of resumes/applications will specified in the advertisements. Once the applications are received, they can screen out by the HOD-HR. then suitable candidates are sent interview letters by the HR department. The call for test/ interview sent only short listed candidates well in advance. The letter will inform the candidates’ date of test/ interview, venue of the test/ interview. HR department is responsible for making the test/ interview arrangement at the appointed date, time and place. This consist of an appropriate test and interview room, a waiting room, lunch and tea for candidates and selection committee members, arrangements for the reimbursement of the fare to candidates and to interview panel experts. 2. Selection RCL follow the standard selection procedure for selection of personnel: All the above steps are detailed below. Selection procedure for support staff such as Drivers, Office Assistants, etc. , For selection of support staff the following procedure shall be adopted: ? The Drivers and Office Assistants may be selected from known and reliable sources after verifying the reliability of the applicant. ? The applicant must possess basic knowledge of office environment. ? The person selected shall be appointed on probation for a period of 12 months, which shall be reviewed and if needed can be further extended up to 12 months. ? The support staff shall be selected by Managing Director (MD) on the recommendation of board of directors. [pic] The persons who will constitute the selection committee depend upon the position for which the interview will be conducted. ? For MD : A subcommittee of the Board of Directors. ? For GM DGM : MD and some other members of the Board of Directors. ? For HODs : The selection committee consists of the ED, GM, DGM, HOD-HR, and some experts may also be called from outside the organization to assess the candidate. The members of the Governing body can also be part of the selection committee. ? For other posts: The selection committee consists of the concerned HOD, and HOD-HR. The MD involves in recruitment of all employees. Final approval of all candidates lies with the MD. The MD and HOD-HR meet to form the selection committee. The HOD-HR informs the respective HOD of their role on the committee. An appropriate date for the interview/test is fixed with the consent of all and the selection committee informed of the same. HOD-HR is responsible for coordinating with the selection committee members. Various tests like the Language test, Performance test, Aptitude test, Intelligence test and Personality test is conducted, if required, depending upon their relevance and applicability for different positions. The Human Resource Department designs the above tests in consultation with the respective HODs and gets it approved by the MD. After the test, (if administered), the short listed candidates are interviewed by respective the selection committee. Irrespective of the position being filled, Interviews are conducted. Each members of the selection committee fill up one approved rating form for each of the candidates. The selection committee meets, at the earliest, after all the interviews are over, to decide on the final candidates to be selected. The points scored in the tests and interviews tallied and the final decision for the selected candidate taken. The list is forwarded to the MD for approval. The MD returns the list to the head of the HR department to send the letter of offer. The letter of offer informs the candidate of his/ her selection. It contains details of the post, grade and scale of pay being offered to the candidate. It also contains any special terms and conditions of appointment. The letter also contains the proposed day and date of joining, intimation of the address of joining and how to get to the address. A copy of the letter send to the selected candidate duly signed indicating that he/ she will join on the appointed date and time. If certain terms are unacceptable to him/ her, then he/ she may inform accordingly so that negotiations may be conducted, if required. The letter of Offer duly signed by the selected candidate (after all negotiations are over, if required) will constitute the Letter of Acceptance. The objective of the appointment procedure is to ensure that the employee completes all formalities before he is given the formal appointment letter. The procedure for appointment will consist of the following steps: ? Joining report The prospective employee has to report to the HOD-HR on the appointed date. The HOD-HR then takes the employee through the appointment procedure. ? Check of Certificates The appointing authority checks the certificates of the prospective employee. These include his/her academic and other certificates as well as past experience certificates. These are cross checked with the information mentioned by the candidate in the application form. ? Check of age of candidate The appointing authority also check the age of the candidate through his/her school leaving certificate and cross check it with the age mentioned in the application form. Medical tests The candidate will be asked to undergo a medical test consisting of blood test, chest X-ray, blood pressure, eye test. ? General check up The organization can either appoint a doctor on contract or it can approve a panel of doctors for the employees of the society. The prospective employee shall bring the above test reports with him/ her or th e doctor can send them directly to the organization. ? References The prospective employee is asked to furnish names and address of three references who have known him/ her for more than two years. The HR department sends reference sheets to them and gets their responses on the person’s qualifications, abilities and other traits. ? Secrecy Bond The prospective employee also signs a bond of secrecy so that confidential information is not leaked out. ? Appointment Letter After all the above steps are completed the HOD-HR issues a formal Appointment letter to the selected candidate, duly signed by the MD. ? Employee Personal File As soon as an employee joins the organization, a personal file is opened on his/ her name. This file is kept confidential and maintained and is under the care of the HR department. The personal file will contain the following: †¢ Joining report †¢ Ratings of Test and/ or Interviews †¢ Photocopies of academic Qualification certificates †¢ Photocopies of past employment certificates †¢ A record of the date of birth or National ID card †¢ Medical test report at the time of appointment as well as any subsequent tests done. If any †¢ Comments of referees †¢ Copy of the secrecy bond †¢ All correspondence before joining including copies of the letter of Offer, Letter of Acceptance, and appointment Letter †¢ Emergency contact number and address 3. Induction Induction is the process of familiarizing a newcomer to the organization with the job, surroundings and the organization itself. RCL use the following induction process for the new employee to familiarize the job and the organization to him/her: The procedure of induction consists of the following steps: ? Orientation of new Employee The HR department plans an induction program in consultation with the departments concerned for the newly induced employees based on experience and grade. ? Introduction to the Organization The new employee meets the HOD-HR. He explains the new employee organizations mission, objectives, culture and organizational structure. The HOD-HR also ensures that he/she gets a booklet that contains important rules/ terms of service and conditions of employment. ? Advice to various departments The HR department informs the relevant department heads of the appointment of new employee. This also includes the HOD-Finance and Accounts as well as the HOD of the concern department. ? Introduction to the employees of the organization This consist the three following groups of employees: †¢ The MD and GM/DGM and their immediate staff The concerned HOD and immediate superior †¢ The other employees ? Induction Training The HOD informs the employee his/her induction training schedule. ? Issue of identity Card and Visiting Cards A formal identity card with the employee’s name, number, photograph and signature issued. The HR department also arrange visiting card for the employee. ? Service book Proper record of different types of leaves, performance etc of employees of the RCL for sanctioning leave, leave encashment, annual increment and performance of individual employees maintained in the service book of the employee concerned. . Compensation management All the employees of RCL receive salary and allowances as per the rules framed by the governing body of RCL. The pay and allowances paid to the employees on the 1st date of the month following the month during which the service is performed. If the 1st day is holiday then the payment made on the afternoon of the last working day of the month for which payment is due. ? Increment Increment normally accrues on satisfactory of the completion of the calendar year. The increment is granted on satisfactory performance of the employee and the approval of the MD. Special pay Special pay may be granted for discharge of additional work, work of high quality or special nature. The grant of special pay requires the approval of the MD. ? Revision of salary structure The management of RCL conducts a salary structure revision once in a year. The responsibility of revising the salary structure for all grades lie within the management and the authority for approval lie with the Governing Body. [pic] Non-financial benefits of RCL that provided to its employees are as follows discussed: Pay for time not worked: ? Weekly Holidays Friday and Saturday are weekly holidays unless otherwise specified. ? Leaves The organization provides leave to the employees to refresh themselves, celebrate festivals and have a vacation. The following types of leave are allowed: †¢ Annual Leave one day for every 18 days worked (Annual leave is based on the number of days worked by the employee and not given for the days during which the employee was on leave without pay) †¢ Casual leave 10 days in a calendar year. †¢ Sick leave 14 days in a year (Medical Certificate needs to be produced if leave is taken for three or more days) †¢ Maternity leave National Festival Holidays organization observes the same National holidays and holidays on account of festivals and other holidays. ? Other benefits: †¢ Insurance RCL provide insurance benefits to its employees. †¢ TA/DA †¢ Dearness allowances †¢ Tour expenses †¢ Profitability sharing 5. Performance appraisal management Performance and poten tial appraisal for employees of RCL is done quarterly in a year. The individual appraisal is done in Appraisal forms. The HR head send as many forms as there are employees in each department and each branch, to the department heads and branch in charge. The department heads distribute the forms to all employees who would fill up the relevant columns along with their immediate supervisors within a week’s time. Then the departmental heads give their ratings and discuss the same with the respective employees and their immediate supervisors. After completing the forms sent to the HR department for completion. Individual performance Appraisal will be done at two levels: ? Initiating Authority: This would lie with the immediate superior of the appraisee. ? Accepting Authority: This would lie with the HODs /MD/Chairman as the case may be. The Initiating authority and Accepting authority at different levels in SIFPSA will be as follows: †¢ Performance Appraisal for the MD The initiating and accepting authority would lie with the Chairman of the Governing Body of RCL. †¢ Performance Appraisal for the GM The initiating authority would be the MD and the accepting authority would be the Chairman of the Governing Body of RCL. †¢ Performance Appraisal for Grade IX employees. GM shall be Initiating / Reviewing Authority and Managing Director shall be the Accepting Authority. Performance Appraisal for Grade I to VIII employees Initiating Authority shall be the Departmental Managers of the division concerned. Reviewing Authority shall be the GM and Accepting Authority shall be the Managing Director. Organization performance appraisal The MD, GM, and Heads of the departments will meet to discuss the performance of RCL as a whole. They will assess the achievements of the organization since the last appraisal, cause s for delay/ non-achievements, corrective measures, and the tasks for the organization till the next appraisal. 6. Training and development Training is the process of teaching new employees the basic skills they need to perform their jobs. On the other hand Management development means any attempt to improve current or future management performance by imparting knowledge, changing attitudes, or increasing skills. ? Procedure During the Performance and Potential Appraisal, the training needs of individuals and departments will be identified. The HR head prepare a list of training needs and categorize them into Technical, Managerial, and Behavioral. He/ She will also circulate the days and dates of the various training programs to be organized in the next one year. The training programs should ideally begin after the recruitment process is over so that new employees can also be trained along with the regular employees of the organization. Kinds of Training The various trainings that will be imparted are as follows: †¢ Training conducted by a society employee: This type of training is essentially conducted by an experienced employee of RCL. It is conducted when some skills are to be transferred to another person within the society or to train new employees. †¢ Training conducted by outside agencies: This training is conducted when new skills are to be imparted to the employees of the organization. The HR department identifies agencies and experts who can impart relevant training. The HR department also has to arrange the training conducted in the organization or outside it. ? Training Impact Assessment Thus training and development programs play an important part in the smooth and effective functioning of the organization. The impact of such programs on the functioning of the organization also assessed periodically. The responsibility of such assessment is of HOD-HR. The period of assessment is from one month to a year after the program has been conducted or on the spot assessment. Based on these assessments the organization decides to discontinue the particular program. It can also decide to change the trainer in order to improve the impact of such training. 6. Career planning growth Career Planning is concerned with providing experiences that will enable employees to develop their full potential. Procedure RCL designs avenues for career planning and growth of the employees and its compensation package such as to attract and keep the best managerial talent. Career planning and growth of the organization, take place through the following steps: [pic] †¢ Career Planning Performance and Potential Appraisal is an indication of the employee’s accomplishments and his/ her potential Training and its applications show how quickly he/ she is able to adapt to new roles and responsibilities. The employee have to take initiative in his/ her own career planning by setting targets for himself/ herself and suitably getting nominated for training in areas which he/ she needs to develop. Based on the above, management encourages career planning and growth for all the employees of RCL. Career Growth Career Growth depends upon the performance of the employee and the avenue open for him/ her in his/ her own or other departments due to exit of superiors. If the employee needs special skills to occupy those positions, appropriate training arranged for him/ her. The Appraisal committee decides the promotion of the employee and indicates future ave nues of growth. Promotion also takes place through transfer of employees from one department to the other or from one location of operation to another. The management consults the employee on whether such a promotion is acceptable to him/ her or not. Promotions: The HOD – HR prepares the following letters at the end of the Appraisal Committee deliberations: The above letters are approved by the MD and sent to the employee. 7. DIFFERENT TYPICAL HR FUNCTIONS OBSERVED IN RCL RCL authority provides opportunity to the students from different institutions, to take part in their internship program. This type of programs continues for 2- 3 months. As RCL is a giant organization in the area of capital market, there is ample opportunity for the students who engaged there for internship, to gather lots of practical experiences, which will be fruitful for their career. Another most comprehensive responsibility for the HR department of RCL. The executives of HR department in RCL are responsible to develop the personal files of different employees. For that they have to always keep close contract with every employee to collect their profile and to update their personal history, which are kept into a different format prescribed by the RCL authority. It’s a common responsibility for all the departmental heads of Royal Capital Limited to give daily briefing to their executives about the particular responsibility for the day. For example the Trade Manager of RCL It involves discussions- it means that is an act of communication and the general objective of counseling is to understand and/or decrease an employee’s emotional disorder. Counseling is involved in all aspects of the employer-employee relationship. 1. Analysis and gap between theory and practice After analyzing and comparing the literature with the functions and responsibilities of HR Admin department of RCL it is found that RCL follows a well established HR policy to recruit and to guide its human resource. But there are some gap between the theory and practice which need addressed to make its human resources more competitive and achieve organizational goals. Chapter: 5 Recommendations Conclusions 5. 1Key policy recommendations Develop a strategic HR function ? Review the configuration and staffing of the HR function to transform it into a strategic HR function. ? Develop a service improvement plan that reflects customer feedback and builds on the work started at the HR away day. ? Refocus the work of the HR team on the OD agenda and the refined HR strategy and implement an associated development program for HR staff. Review and develop the HR strategy ? The HR strategy should capture the ‘employer brand’ of RCL, and focus directly on achieving the vision and developing the required culture. ? Communications/ employee engagement and workforce development planning should be key strands. ? Review core values and develop the new vision into a practical strategy and change program that all staff can understand. Align Training and Development to OD ? Create a separate training and development department for the employees. ? Refocus corporate training and development to ensure that core training eflects and reinforces the OD agenda. Performance management ? Performance standards should be defined in quantifiable and measureable terms which easily understood able to the employees of RCL. ? There should use the 360degree performance appraisal method to evaluate the performance of the employees. ? The employees should provide the feedback of performance appraisal so that they can improve their performance in future. 5. 2Conclusion Human resource management (HRM, HR) is the management of an organization’s employees. An organization success is fully depending on proper personnel management. As a result, the organization can ensure the productivity by ensuring the proper human resource management. They provide better service facility to their employees, which in turn give the timely production and necessary activities effectively and efficiently without any hazard. It means the proper service facility and sound-working condition remains the whole organization. The stock market of Bangladesh as of today consists of stock exchanges such of Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under Securities and Exchange Commission (SEC). In modern business world stock broker house plays a vital role for their client. This research report took an endeavor to identity the brokerage house human resource management practice and performance that took place within last decade with special emphasis on Royal Capital Ltd. Royal Capital Limited has a HR department with highly skilled professionals who are employed to achieve organizational goals. The successes of an organization fully depend on its human capital. So it needs to provide proper guidelines, training and continuous developing with the changes in the business world to achieve the market share and rganizational goals. References 1. Organization’s web site. 2. HR manuals of Royal Capital Limited. 3. Dessler G. (2004), â€Å"Human Resource Management†, 11th edition, Prentice Hall. 4. Management, Heinz Weigh rich, Harold Koontz 10th edition. 5. A b c d Thomas N. Garavan, Pat Costine, and Noreen Heraty (1995). â€Å"Training and Development: Concepts, Att itudes, and Issues†. Training and Development in Ireland. Cengage Learning EMEA. pp. 1. ISBN 1872853927. 6. Derek Torrington, Laura Hall, and Stephen Taylor (2004). Human Resource Management. Pearson Education. pp. 363. ISBN 0273687131. 7. Web site, Wikipedia, the free encyclopedia. 8. Storey, J. (1995). â€Å"New perspectives on human resource management†. New York: Rutledge. 9. Beatty, R. W Schneier, C. E (1997). â€Å"New Human Resources roles to impact organizational performance: From partners to players†. In D. Ulrich, M. R Losey G. Lake (Eds), â€Å"Tomorrow’s HR Management: 48 Thought leaders call for change, pp. 69-83. 10. Public Sector and Management Act (May 9, 2001), â€Å"Advertising, Selection, Appointment, Transfer and Promotion†, Employment Instruction Number-1,from http://www. ocpe. nt. gov. u/__data/assets/pdf_file/0008/9791/ei01. pdf[pic][pic] [pic][pic] ———————– Junior Executive Senior Executive Senior Executive Senior Executive Senior Executive Executive Junior Executive Executive Junior Executive Executive Junior Executive Executive Activities of RCL: ? Stock Broking ? Cash Account ? Margin Acc ount ? Internet Trading Service (ITS) Real time trading facility in both DSE CSE ? Xpress Settlement ? Any Branch Trading Facility ? Depository Service ? BO Account ? Demat Securities ? Pledge Functions of HRM: ? HR planning. ? Recruitment, selection placement Training development ? Performance Appraisal ? Transfer ? Remuneration ? Social security welfare of employees. ? Setting general and specific management policy ? Collective bargaining, contract negotiation and grievance handling. ? Staffing the organization. ? Role Analysis for job occupants. ? Job Rotation. ? Quality Circle, Organization development and Quality of Working Life. ? Benefits: †¢ Health care insurance †¢ Life insurance †¢ Disability insurance †¢ Retirement †¢ Voluntary accidental death and dismemberment insurance †¢ Leave Transfer Program Tuition Assistance Plan †¢ Training opportunities Junior Executive Executive Senior Executive Junior Executive Executive Senior Executive Junior Executive Executive Senior Executive GM Assistant Manager Assistant Manager Assistant Manager Assistant Manager Deputy Manager Deputy Manager Deputy Manager Deputy Manager Deputy Manager Deputy Manager Deputy Manager Chairman Board of Directors Manager (HR) Manager (Compliance) Manager (C. C) Manager CDBL Settlement) Manager (IT) Manager (Fin Acc) Manager (Trade) Managing Director Assistant Manager Assistant Manager Assistant Manager How to cite Functions Responsibilities of Hr Admin Department of Rcl, Papers

Thursday, December 5, 2019

Strategic Performance Measurement Systems in Financial Services

Question: Discuss about the Strategic Performance Measurement Systems in Financial Services Organisations. Answer: Introduction Financial service organization or the banking sector has a crucial role in the current economy. They usually administer the households savings, firms as well as located credit amongst different potential individuals. In additions, banking sector or the financial service organization play a significant role in balancing risk in a given market by enabling the households and organizations to cope with all economic uncertainties. Determinant of their performance is crucial in determining allocation of capital, their growth, competiveness as well as financial stability. With these and in the current business environment, new competitive landscape has brought about technological revolution; hence, the increasing globalization present fundamental challenges to capacity of an entity in maintaining their competitiveness (Silvi, Bartolini, Raffoni Visani, 2015). With such severe challenges or complexities, financial service organizations needs to have some new means and strategies which would be requiring or necessitating them to utilize the latest technological development, actively taking part in the global market, building the long-term vision as well as structuring themselves in gaining advantages which in turn permits managers in balancing short-term performance with the long-term requirements. The new strategies and new market demand different and new performance measures with choice of performance measure being the most crucial challenges facing the entities (Aranda Arellano, 2010). In essence, SPMS are usually the core of the control systems and usually play some crucial role in developing the strategic plans, assessing achievement of the organizational goals in the banking industry. Hence, based on these facts, this paper aims to present analysis of the major issues during implementation of the SPMS such as balance scorecard in the financial service organizations. It will also present analysis of how successful implementation of the SPMS could assist financial service entities improve their performance. It will also present assessment of some of the benefits, issues related to the implementation of the SPMS in the financial institutions as well as some of the common obstacles to a successful balance scorecard implementation in the banking industry. The report will be organized in numerous sections; that is, definition of the SPMS as well as points on the primary issues related to implementation of the SPMS in different banks that wish to correct the level of sustainability and their social and environmental responsibility outcomes. It would also entails a benefit section of the SPMS based on the features or characteristics of the SPMS and offer detailed discussion on the manner in which SPMS is in a position to assist an entity to improve its social and environmental outcomes. SPMS are defined as that system that utilizes information in producing some changes to the organizational culture, processes and systems. SPMS is also described in key information feature of integrativeness a feature with two components, that is, the generic aspects comprising of information which offers comprehension of cause-effect linkages in between strategies, objectives and operations and in between numerous aspects of value chain (Burney, Henle Widener, 2006). The second is the measurement component concerning the provision of some measures in financial, business processes, customers as well as long-term innovation. In addition, SPMS is the assessment of an entitys performance including measurement of the productivity of different banks which quantifies inputs and outputs of an entity as a ratio (Bento White, 2006). The most common definition of the SPMS is that SPMS is the procedure of measuring effectiveness or competence of the previous arrangements of specific banks thro ugh sorting, collation, interpretation and analysis of appropriate data (Chenhall, 2005). Thus, SPMS is defined in terms of purpose emphasizing evaluation of how well the firm is managed and value delivered for the shareholders. Function/benefits of SPMSs clear to every aspects SPMS is considered as the system in implementing and reformulating strategies, communicating key goals as well as priorities, providing strategic alignment as well as encouraging incremental innovation (Bento, Bento White, 2014). In addition, SPMS is believed to play crucial role in the financial service firms in ensuring availability of well-managed and reliable banks that does not at any point jeopardize interests of the depositors. Furthermore, SPMS assist in improving banks capacity to be competitive in terms of specific strategic priorities. SPMS has a greater role in making sure that banking sector learn in order to enable it maintain its competitiveness in future (Burney, Henle Widener, 2006). SPMS is also being utilized by financial service firms in supporting performance planning, control and measurement. SPMS are also beneficial since assist financial service firm in managing their costs better, deepening their relationship with its clients as well as enhancing pricing de cisions as well as product mix (Nurisyal Sofiah, 2016). In spite of numerous forms in which SPMS have been executed, the system has three common features; that is, they supplement the financial measures with the non-financial measures which shows operational accomplishment likely driving the future of banks, they comprises of the financial measures which captures short-term outcomes of the management decisions regarding issues like asset utilization, cash flow as well as revenue growth. Further, they are designed in fulfilling multiple purposes, from the simple cost determination to the complicated value creation. SPMS are usually designed in presenting management of the banking sector with both non-financial as well as financial measures wrapping diverse perspective which could deliver a means of converting the strategies into intelligible or clear set of the performance measures (Nurisyal, Md Auzair, Mohd Amir Md Daud, 2016). It also include measurement of effectiveness of banks which determines relationship of the banks output to what the bank is intended to achieve, quality which assesses output or process by which the output is produced as well as the timeliness which assesses time involved in producing outputs. There are numerous types of SPMS; these include the balanced scorecard, the six sigma, Performance Prisim and so forth (Bento, Bento White, 2014). Nonetheless, in this case, the researcher would concentrate on the balanced scorecard, its application, advantages and disadvantages if applied incorrectly. Balanced scorecard was mainly developed by 1992 which was aimed at including both the financial measures which report outcomes of the actions already undertaken as well as the operational measures on the internal process, improvement activities as well as customer satisfaction in the banking sector (Talha, Nuhu Emmanuel, 2014). It is an innovative dimensional corporate performance approach which offers an accounting framework for selecting several key performance indicators which could be used in supplementing traditional financial measures with the operating measures of the consumers satisfaction, learning and growth activities as well as internal business processes. Basically, BSC takes into account of the non-financial signals plus the financial one as the prerequisite for the future performance and drive these aspects and assisted the financial institutions in implementing such strategies. It assists banks to identify some strategies as well as make them executable. This model d oes not only take into account of the firm performance internally, but numerous shareholders and investors, are in a position to monitor outcomes of the firms. It considers value of the intangible assets alongside with the tangible assets and enhances performance management systems in reaching its objectives. It turned financial institutions strategies and visions into action. It is usually viewed as the strategic management measurement system which links the strategic objectives of an organization to comprehensive range of the chief performance indicators in providing balanced view. To be more specific, balanced scorecard is mostly based on four main perspectives; that is, customer perspective, learning and growth, financial perspective as well as internal business processes (Petera, Wagner Mensk, 2012). As financial institutions or banking industry try to increase it competitive advantage, BSC is viewed as a comprehensive evaluation strategy for performance of the industry. In essence, the BSC is considered to cover both long and short-term plans as well as internal and external control of the financial institutions. This is based on the fact that BSC considered aspects of customer, learning and growth, financial as well as internal processes in these institutions. Under balanced score card, managers are able to identify primary performances for the metrics and goals within the four primary perspectives. Here, they usually record, discuss as well as analyse numerous metrics in determining performance of the banks to accomplish their main strategic objectives (Wu, Lin Tsai, 2011). With the effects of the latest global financial crisis, implementation of the BSC in the financial service institutions has been significant since it has assisted different financial institutions to accomplish better financial objectives by combining all its perspectives to organizations strategy. Implementation of the BSC has also been beneficial since it has provided a framework for assessing specific programs, objectives as well as strategies in different banks. It has enhanced or enabled external benchmarking processes in the banking industry as well as enabled business processes in ensuring health of the banks. It has also assisted in assessing where the growth objectives are relatively successful and in defining better initiative (Bento, Bento White, 2014). Further, with the aftermath of the global financial crisis, implementation of the balanced scorecard has been beneficial since it has assisted the banks management in tracking financial results in different banks while moni toring capacity needed for growth (Micheli Manzoni, 2010). In addition, balanced scorecard has also provided a basic overview of current condition of the banks. These are crucial success aspect for sustainability and success of the banking sector. Hence, implementation of the better balanced scorecards has been of greater importance in measuring performance in the banks. According to ngel Caldern Molina, et al (2014), balanced scorecard is beneficial since it is viewed as a core management system that assists in improvement and management of performance with well-defined goals and strategies. In addition, balanced scorecard is usually a successful tracking system of effective or competent improvement in the banking sector as well as for better strategic planning. Thus, its implementation in the financial institutions has been beneficial since it has helped personnel working in a given bank to understand value of their duties or roles and how they should relate to the strategic goals of the bank (Rapiah, Wee Shu, Kamal, Rahman Rozainun, 2009). In general, balanced scorecard is crucial and more important since its multi-dimensional focus has been viewed as a positive mean for the banking sector firms or banks in addressing their accountability and governance issues. It has also been beneficial since it offers significant framework for the business elements in implementing and describing their own strategies (Micheli Manzoni, 2010). Implementation of the BSC has also been of greater importance to financial institutions since it assist in making performance adjustments which would help in better position the institutions to engage, retain and attract top talented employees over long-term which assisting in satisfying various shareholders expectations and demands. Disadvantages if implement incorrectly Financial crisis has created negative condition from the BSC point of view, thus, even though balanced scorecard is found to benefit most firms, there are few drawbacks associated with the BSC, especially when it is implemented incorrectly. As balances scorecard is said to link performance measures with the banks strategic plans, lack of proper communication within the firm could lead to weaknesses in some areas. Further, balanced scorecard at times appears as stakeholder approach which is not the case since stakeholders are the dominant group (Bento White, 2006). Thus, this could have some severe effects on the balanced scorecard efficiency and could probably results in numerous issues when this system is not used correctly or in the most appropriate manner. Further, there is some issues in accomplishing desired performance in the banking sectors or in numerous financial institutions which defines level of attention by the management. Hence, there is need to look at the target area s while implementing the balanced scorecard in banking sector that need attention of the management (Mohamed, Wee, Abdul Rahman Abdul Aziz, 2010). The management needs to pay more attention or to be more cautious on area of the performance measurement since it is quite tricky to execute performance based on original measures presented. Furthermore, balanced scorecard cannot be used alone since it requires some links with the other systems (Pinheiro et al., 2009). Nonetheless, some firms utilize few measures, failing to acquire some balance between the results. Others include numerous measures and fail to find the most significant ones. This makes it a bit tricky for the banks to survive with only balanced scorecard. In addition, numerous banks focus on evaluating financial performance and their effectiveness (Micheli Manzoni, 2010). Nonetheless, growth and customer satisfaction are of greater importance since whenever balanced scorecard is unbalanced, one or more perspective is said not to acquire attention it deserve, which could in turn create some negative effect in the banking sector. Therefore, it is crucial to ensure that all the four perspective of balanced scorecard are kept in balance. Implementation barriers of SPMSs Even though SPMS is said to be beneficial in improvement of performance of different financial service institutions, there are some primary issues identified which might be affecting its implementation in financial services institutions which are looking forward in improving their sustainability level (Kasurinen, 2002). Some of the most issues that might be hindering implementation of the SPMS in financial institutions are usually poor banking process. In essence, in the present business environment, different nature of an entity with numerous departments could bring some issues while implementing the SPMs (Baird Baird, 2017). Basically, performance measurement could not be applicable to all financial institutions; likewise, not all financial service institutions are in a position of adopting performance management system. Another issue is the extents of employees level of skills in the financial service institutions or in the banking industry, whereby during implementation of the S PMs, high level of training and skills amongst employees is required. In addition, during implementation of the SPMs, there is usually lack of competencies in the early stages within the banking industry. In this case, the management try to focus more on the financial measures; resulting in some difficulties while incorporating components of the outcomes. This could result in very huge amount being spent and at times could result in destructive outcomes in the financial institutions. Thus, it is important to understand how SPMs are implemented in the banking sector to enable the banks become sustainable in in future. In order to overcome these barriers, there is need to ensure that the nature of the financial service institutions or banking sector is not diverse which could help in reducing difficulties of executing the system. Further, to resolve these barriers, there is need to ensure that all employees working in the banking sector are fully aware and clearly understands SPMs. The barriers can also be resolved by ensuring that there is presence of executive sponsorship during implementation of the SPMs in the financial institutions (Kasurinen, 2002). With full support from the top management, implementation of the SPMS would be successful. There is also need to ensure that all employees working in the banking industry are fully trained and educated about the SPMs and its importance before the system is implemented in the banking sector. This would mean that employees would be enhanced with relevant skills before the SPMs is implemented. Furthermore, to resolve or to overcome such barriers duri ng implementation of the SPMs, enhancement of adequate IT support in the banking sector would have been very crucial. This would include continually updating of the operationally and current relevant information of the SPMs. In addition, to overcome those barriers during implementation of the SPMs, enhancement of proper planning and communication in the overall banking industry would be of great importance (Muhamad, Auzair, Amir Ismail, 2016). This is based on the fact that, enhancement of proper planning and communication would make implementation of the system in different financial service institutions more easy, time saving and could make employees more satisfied. If success, the Advantages to Financial Service Institutions Performance As financial institutions or banking industry try to increase it competitive advantage, SPMs is a comprehensive evaluation strategy for performance of the industry (Wu, Lin Tsai, 2011). With the effects of the latest global financial crisis, implementation of the SPMs in the financial service institutions has been significant since it has assisted different financial institutions to accomplish better financial objectives by combining all its perspectives to organizations strategy. Successful implementation of the SPMs has also been beneficial since it has provided a framework for assessing specific programs, objectives as well as strategies in different banks. In addition, successful implementation of the SPMs has been beneficial especially in curbing some of the negative effects of the global financial crisis since it has enhanced or enabled external benchmarking processes in the banking industry as well as enabled business processes in ensuring health of the banks (Bento, Bento W hite, 2014). Further, with the aftermath of the global financial crisis, successful implementation of the SPMs has been beneficial since it has assisted the banks management in tracking financial results in different banks while monitoring capacity needed for growth. Hence, successful implementation of the better SPMs has been of greater importance in measuring performance in the banks. With the fact that SPMs is viewed as a successful tracking system of effective or competent improvement in the banking sector as well as for better strategic planning, successful implementation of SPMs in the financial institutions has been beneficial since it has helped personnel working in a given bank to understand value of their duties or roles and how they should relate to the strategic goals of the bank. In essence, successful implementation of the SPMS has been beneficial to financial service institutions since it has helped them in interpreting, diffusing, acquiring as well as storing information and results of the organizational experience (Baird Baird, 2017). Successful implementation of the SPMs has been of greater importance in financial service institutions performance since it has assisted in assessing whether the growth objectives are relatively successful and in defining better initiative in these institutions (Muhamad et al., 2016). Furthermore, successful implementation of the SPMs after the latest global financial crisis has had some advantages in improvement of performance especially in financial service firms since it has assisted in ensuring that there is suitable and sustainable external environment which is crucial in accomplishment of performance success in these firms. It has also been significant since it has provided the probability of identifying cause-and-effect between numerous measures and performance of different banks (Pinheiro et al., 2009). Further, successful implementation of the SPMs in the financial service institutions has been beneficial in performance improvement since it has offered greater support in development and sustainment of competitive strategic results in these institutions. Successful implementation of the SPMs has also been important in financial service institutions performance since it have strategic orientation which focuses mostly on provision of the financial information which has helped with identification as well as achievement of the strategic goals in these firms (Kasurinen, 2002). In addition, successful implementation of the SPMs has been crucial in financial service institutions performance improvement after the great financial crisis since it has enhanced future growth in these firms and enhanced innovation and operational, growth and learning perspectives which assisted in highlighting some of the places an entity require to place more emphasis on in creating value for its stockholders (Bento White, 2006). Therefore, successful implementation of the SPMs has been very crucial in financial service entities since it has assisted them in accomplishment of improved performance by reducing possibility dysfunctional impacts linked with dependence on the accounting performance measurement. Conclusion In conclusion, use of the SPMS and particularly balanced scorecard has been promoted in evaluating organizational strategic performance and as crucial instruments in communicating strategic priorities which could facilitate strategic implementation process. Balanced scorecard is said to be beneficial as valuable tool in providing some means to have more complete picture of the banking sector. Furthermore, use of balanced scorecard in an banks in facilitates improved or smooth performance in that it facilitates working together of personnel in search of some common goals. This enhances improved attitude of employees which in turn renders better as well as positive results like improved employees performance or higher job satisfaction. Further, it can be concluded that SPMS play crucial role in helping banks gain as well as sustain their competitive advantages. On the other hand, though numerous researchers agreed that SPMS has to be designed based on the non-financial and financial me asures, performance impact of such choices has remained uncertain. With these the literature on SPMS, especially its capacity in enhancing banks competitiveness require no more evidence. 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