Internship Report on Meezan Bank Essays

Internship Report on Meezan Bank Essays Internship Report on Meezan Bank Paper Internship Report on Meezan Bank Paper Essay Topic: Bless Me Ultima ACKNOWLEDGEMENT Internship training for  the students of Commerce and Business is a complimentary portion of the education,  where students are  put at  various organizations of  their respective  specialization; to see and apply their theoretical knowledge what they have studied dur ing their academic program at the institute. Meezan Bank is one of those organizations where student can achieve his/her academic and  professional knowledge productively. In the preparation of this internship report, I acknowledge the encouragement and assistance given by a number of people from Meezan Bank Ltd. I found every one very co-operative and helpful for providing me the theoretical as well as practical knowledge about the function and operation of the bank. I am heartly grateful to CAD ( Housing) department, Manager CAD The Senior Vice President, Mustafa Mohsin, Assistant Manager Syed Adnan Ali, Officer Aurangzab, Qaiser, Naeem Javed. They have been most supportive people throught my internship. And I want to pay my thanks to Humail Jilani, Sana mehmood, Salman, Kashif, Ali, Rehan, faraz from Car Ijarah. Faraz Ahmed Jalal, Habeeb Siddiqui, Noman Ahmed Akif From Labbaik Laptop. Akrama Farroqi, Salman, Fahad Khan, from Housing. Raza Saeed, Amir, from RMU for their cooperation.. ABSTRACT This report is specially meant for students of commerce. It is concerned to a brief study of the operations, functions, Products and Services of Meezan Bank. Meezan Bank is the largest Islamic Banking Network of pakistan. Islamic banking one of the fastest growing segments of the financial industry. Banks serving the Islamic population must comply with several very specific principles of Islamic law if they hope to retain existing customers and attract new ones. Banks must be ready with specialized products and services and they must put programs in place to train their personnel to support these products and services in order to exist in this competitive marketplace. This Report contains detail of MBL Management structure, products and Functions along with their features. It also includes departmental work in MBL Consumer Head Office. INTRODUCTION OF MEEZAN BANK Meezan Bank Limited, a publicy listed company was incorporated on January 27, 1997 and started its operations as an investment Bank in August that year. In January 2002 Meezan bank was granted as nations full-fledged commercial bank licence as a dedicated Islamic Bank, by The State Bank of Pakistan. Meezan Bank is the first and largest Islamic Bank in Pakistan having a network of over 220 branches in over 60 cities across Pakistan. Meezan Bank offers a complete range of Islamic banking products and services, including free online banking for all Pak Rupee account at all its branches. Meezan Bank today a noteworthy point along with the evaluation of Islamic Banking in pakistan. Meezan Bank  is catering to an increasingly astute and demanding financial consumer who is also becoming keenly aware of Islamic Banking. Meezan Bank bears the critical responsibility of leading the way forward in establishing dynamic and stabled Islamic Banking System. Meezan Bank offereing valuable products and services to its customers without any violation of shariah principles. MISSION VISION STATEMENT OF MEEZAN BANK Vision [pic] |   | | |   | | |Establish Islamic banking as banking of first choice to facilitate the implementation of an equitable| | |economic system, providing a strong foundation for establishing a fair and just society for mankind. | Mission [pic] |   | | |   | | |To be a premier Islamic bank, offering a one-stop shop for innovative   | | |value-added products and services to our customers within the bounds of Shariah, while optimizing | | |the stakehol ders value through an organizational culture based on learning, fairness, respect for | | |individual enterprise and performance. | Service Mission [pic] |   | | |   | | |   | | |To develop a committed service culture which ensures the consistent delivery of our products and | | |services within the highest quality service parameters, promoting Islamic values and ensuring | | |recognition and a quality banking experience to our customers. | SHARIAH SUPERVISORY BOARD MEEZAN BANK The basic principle of Islamic banking follows the laws of Sharia, known as Fiqh al-Muamalat (Islamic rules on transaction). The term â€Å"Islamic banking† is synonymous with â€Å"full-reserve banking† and â€Å"Sharia-compliant banking. † Members of the Shariah Supervisory Board of Meezan Bank are Internationally-renowned scholars, serving on the boards of many Islamic banks operating in different countries. The members of the  Board are: Justice (Retd. ) Muhammad Taqi Usmani ( Chairman) ? Dr. Abdul Sattar Abu Ghuddah ? Sheikh Essam M. Ishaq ? Dr. Muhammad Imran Ashraf Usmani (Shariah Advisor) ? The Board of Directors of Meezan Bank: H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa  (Chairman) Mr. Abdullateef A. Al-Asfour Mr. Rana Ahmed Humayun Mr. Mohammed Azzaroog Rajab Mr. Ahmed Abdul Rahim Mohamed Mr. Alaa A. Al-Sarawi Mr. Mian Muhammad Younis Mr. Mohammad Abdul Aleem Mr. Irfan Siddiqui  (President CEO) Mr. Ariful Islam  (Chief Operating Officer) MEEZAN BANK SEGMENTS Meezan Bank is managed by a team of professional bankers committed to the cause of Islamic Banking. This single unifying factor unleashes the tremendous power of a dedicated and motivated team committed to fulfilling the Vision and Mission of this Bank. The business segments of the Bank are: Consumer  Banking Corporate Banking Investment Banking Commercial Banking  (including Small and Medium Enterprises) Treasury Financial Institutions Asset Management (managed through a subsidiary Al Meezan Investment Management Ltd. ) PRODUCTS AND SERVICES OF MEEZAN BANK Banks that comply with Islamic law are forbidden to charge interest or late payment fees, which is also considered a type of riba. To minimize risk, banks will often require a large down payment on goods and property, or insist upon large collateral. It is lawful for the Bank to charge a higher price for a good if payments are deferred or collected at a later date since it is considered a trade for goods rather than collecting interest. Sharia-complaint banking products include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus) and Ijarah (leasing). Another way that banks work within Islamic laws while trying to turn a profit is by buying an item that the customer wants, and then selling the item to the customer at a higher price. Products Of Meezan Bank 1) Car Ijarah [pic] 2) Housing Finance (MUSHARKAH) [pic] 3) Meezan Lap-Top (MUSSAWAMA) [pic] 4) Meezan Labbaik Ummrah [pic] CAR IJARAH (YOUR OWN CAR. QUICK, AFFORDABLE HALAL! ) An Islamic Ijarah is an asset-based contract, i. e. he Lessor should have ownership of the asset during the period of the contract. Under Islamic Shariah, all ownership related rights and liabilities should lie with the owner while all usage-related rights and liabilities should lie with the user. A conventional lease contract does not distinguish between the nature of these liabilities and places all liabilities on the user of the asset, contradictory to Islamic Shariah. Under Car Ijarah in Meezan Bank, all ownership-related risks lie with the Bank while all usage related risks lie with the user, thus making the Lessor the true owner of the asset and making the income generated through the contract permissible (Halal) for the Bank. MODES OF CAR IJARAH There are two separate entities in Car ijarah. 1) INDIVIDUAL Salaried individuals, With necasary documents and conditions can apply for Car Ijarah Facility. 2) CORPORATE SME’S Small Business Entities. SME’s are legal entities that work on small basis. Sole Propritership Partnership having less than 50 Million current assets are called SME’s. COMMERCIAL To lie in Commercial Entities, A firm must have sales of 300 millions above 50 million current assets. CORPORATE Corporate are those Entities having above 700 millions sales. Mostly the Companies registered under companies Ordinance are corporate firm. Tenure:3 to 5 years Security Deposit:0 to 50% ( 0% S. D is not for Individual Clients, because due to State Bank regulations relaxation can be given to Corprates. ) Key Features of Car Ijarah Low monthly rental. Rental paid after delivery, not in advanced. Fastest processing and delivery. Tracker option available. Minimum security deposit. All new, used, local, imported and luxury vehicles can be financed Additional Car Ijarah features are; Continuation Of Lease Rentals In Case Of Total Loss Or Theft Of Vehicle If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. As such, in the above-mentioned eventualities, Meezan bank does not charge the lease rental. Takaful Instead of Insurance Legally (in accordance to Pakistan’s Law and Regulations), it is required for all leasing entities to insure the leased assets. As such, Meezan Bank insures its leased assets. Meezan Bank insured its assets through Takaful only, which is Islamic product for insurance. The Islamic Insurance Companies in transactions with Meezan Bank are Pak Kuwait Takaful Pak Qatar Takaful. Permissibility for Penalty of Late Payment of Rent under Islamic Shariah In most contemporary financial leases, an extra monetary amount is charged, in their income, if the rent is not paid on time. This extra amount is the considered as Riba and is Haram. Under Ijarah, the Lessee may be asked to undertake, that if he fails to pay rent on its due date, he will pay certain amount to a charity, which will be administered through the Islamic Bank. For this purpose the bank maintains a charity fund. 2) Easy Home Importance of Halal home finance Owning your own home is one of lifes most important achievements. It represents your security, stability, and is a great blessing in itself. It provides that all-important safety and comfort for you and your loved ones. However, in todays often unpredictable and costly environment, saving the required money can take a lifetime in itself. Rising property prices, taxes, inflation, currency devaluation†¦ its all a very hard bargain. On the other hand, owning your own home and paying an easy installment that takes you step by step towards complete ownership, is so much better than paying a rent which ultimately only adds to your expenses. Added to that is your desire to stay away from interest based financing and be totally Riba-Free, thus  achieving that inner satisfaction and peace of mind you desire so much. Why not have the best of both worlds? Isnt that what you are working so hard for anyway First complete Islamic Home Finance facility in Pakistan! Easy Home is comprehensive, affordable, and totally hassle-free. For at Meezan Bank, people are committed to meeting customers needs, in| |a truly Shariah-compliant manner coupled with dedicated service excellence. | |Islamic Financing on a Dimin ishing Musharakah basis | |With  Easy Home  customer participate with Meezan Bank in a joint ownership of property, where the Bank will provide a certain amount of | |financing usually up to 85%. They agree to a monthly payment to the Bank of which a component is for the use of the home (rent), and | |another for equity share. In fact, the otal monthly payment is  reduced regularly as your share in the property grows. When customers have| |made the full investment that had been agreed, customer become the sole owner with a free and clear title to the property. | | | | | | | | | | | | | | |Particulars | |Eligibility | | | |Citizenship | |- Pakistani and Non Resident Pakistanis as per policy | | | |Residence Work Address | |Pakistan other countries (NRP) as per policy | | | |Age | |- Minimum age required for a Primary Customer is 25 years. |-Co-applicant must be over 21 years of age. | |- Maximum 65 years old at the time of maturity of facility for Primary Customer . | |- Maximum 70 years old at the time of facility maturity for Co-applicant. | |In case of Salaried Person Applicant and/or Co-applicant, maturity date of facility shall not exceed the date of retirement. | | | |Customer / Applicant | |- Primary (or Single) Co-applicant allowed. | |- Co-applicant must be a member of the immediate family i. e. pouse parents only | | | |Income | |Salaried | |- Minimum Gross Income of PKR 20,000 per month. | |- 100% Co-applicant income will be clubbed in case of spouse. | | | | | |Self-Employed / Business Person | |- Minimum Gross Salary of PKR 50,000 per month. | | |Personal Reference | |- Two personal references (one relative and other office colleague/friend) not living with the customer | | | |Employment Tenure | |Salaried | |- Permanent job with a minimum 2 years continuous work history in the same industry / field. | | | | | |Self-Employed / Business Person | |- Minimum 3 years in current business / industry. | | | | | | |Particulars | |Eligibility  (For NRP Customers) | | | |Citizenship | |Pakistani | | | |Product Category | |Buyer, Builder, Renovation Replacement | | | |Builder / Renovation Cases | |In such cases, a responsible person will be appointed by the NRP customer who will look after construction on Musharakah property/land. | | |Segment | |Salaried Only | | | |Co-applicant for Income clubbing | |50 % of Net income of Parents, Spouse Son | | | |Age (Applicant Co-applicant for calculation of MBL financing amount) | |25 to 60 years | | | |Co-applicant Age (without income clubbing) |25 to 65 years | | | |Income | |Gross PKR 150,000/- above | | | |Employment Tenure | |Two years (minimum) regular experience in same industry. | |Minimum last 1-year existing job in the same country. | | | |Employment Status | |Permanent Contractual | | | |Company Eligibility | |Multinational Co. Well Established Local Corporate Groups | | | |Financing Tenor | |3 to 20 Years | | | |Financing Range | |PKR 0. 3M PKR 40M | | | FEATURES OF EASY HOME COMMENCEMENT OF AGREEMENT. The contract of Diminishing Musharaka house financing can be effected for a future date on the condition that the â€Å"profit† rate is payable after possession of the house by the client. Thus an effective forward contract is allowed despite its prohibition in Islam. It is called â€Å"a later† contract by the Islamic bank. Repayment of principal and â€Å"profit† / rent becomes due on possession of property by the client. 1- TERMINATION OF CONTRACT If the financier contravenes any term of the agreement, the client has the right to terminate the Musharaka contract unilaterally. If there is no contravention on the part of the financier, the contract cannot be terminated without mutual consent by the client. In case of the death of the client the contract will be terminated and it will be renewable by his successors. The client can terminate contract by purchasing the shares of the bank. 2- RISK OF LOSS In the Diminishing Musharaka house financing contract the financier as a Shirkat-ul-Milk participates in â€Å"profit† not in loss, the client will participate in both â€Å"profit† and loss, and the client will bear all losses. 3- OWNERSHIP PROVISION In the Diminishing Musharaka house financing contract the bank and the client co-own the house according to a predetermined ratio, if the bank invests 80% and the client invests 20%, the bank will own 80% of the property. 4- SALE TRANSFER The bank makes an agreement to allow the client to buy the units periodically, thus reducing the share of the bank and increasing the share of the client. This arrangement allows the bank to claim â€Å"rent† according to its proportion of ownership in the property and at the same time allows a periodical return of a part of the principal through purchase of the units of the bank’s share of the house by the client. 5- EXPENSE CONSEQUENT TO OWNERSHIP In Diminishing Musharaka house financing contract the client pays all expenses consequent to ownership, the bank participates in â€Å"profit† not in expenses or losses. 6- SECURITY Meezan Bank and AlBaraka require mortgage deeds. They prefer simple and registered mortgages. 7- LIABILITY OF BANK In Diminishing Musharaka house financing contracts the bank is liable for complying with the terms of the agreements. These include payments according to pre-determined schedules and sale of its share to the client. At the time of agreement the bank must disclose all facts pertinent to the agreement before the agreement is enacted 9- RIGHTS OF BANK’S CLIENT Diminishing Musharaka house financing. In Diminishing Musharaka house financing contracts the following are the rights and the powers of partners. 10-PENALTY ON LATE PAYMENT In Diminishing Musharaka house financing contracts the bank is entitled to charge penalty on late payments. Standard Chartered (Islamic bank), Meezan and Alabaraka charge penalty after 45 days. If the client makes late payments, the bank will continuously charge penalty. ?Easy Home offers customers a comprehensive solution with: Easy Buyer Easy Builder Easy Renovate Easy Replacement Within these wonderful options come the special benefits of Easy Home. Flexible Financing Tailored to Support customers. High financing amounts. Maximum financing against property value. Flexibility to make partial prepayments. Minimal processing charges. Very affordable and competitive monthly payment plan with a regularly reducing  rental amount. Quick Processing Time Absolutely hassle-free. Quick turn-around-times, with no burdensome complexities or exces s paper work. It’s simple, halal, and easy! Come and take the step towards Riba free financing for your home, made easy with Meezan Banks Easy Home! Easy Buyer Buying a Home is Easy Halal!. Meezan Bank will finance up to 70% of the appraised value of your home cost to salaried individuals 60% to Businessmen.. Flexible financing by calculating DBR ( Debt Burden Ratio) Easy selection of financing tenure from a minimum of 2 years  (excluding construction period of max 12 months) up to a maximum of  20 years. ( in some cases it can go with 25 years Tenure) Easy Builder Building a Home is Easy Halal! For that special home you want to build yourself, or to help continue construction you may have already started. Meezan Bank will finance up to 70% of the appraised value of your home cost to salaried individuals 60% to Businessmen.. Flexible financing by calculating DBR ( Debt Burden Ratio) Easy selection of financing tenure from a minimum of 2 years  (excluding constr uction period of max 12 months) up to a maximum of  20 years. in some cases it can go with 25 years Tenure) Easy Renovate Renovating your Home is Easy Halal! Making your home even better or just repairing it, do it with Meezan Banks Easy Renovate! Meezan bank finances maximum 30% of the Property Value in case of Renovation. Easy Replace Replacing  your existing mortgage to Islamic mode is Easy Halal Ready for transaction if it is replaced from Islamic Bank. It will Take period of 12 Months in case of replacement from Conventional Banks. RENTAL AMOUNT Rent Amount Is calculated with taking three figures. 1) UNIT COST (Dividing financing Amount with Total units/ months) 2) KIBOR ( Karachi Inter Bank Office Rate)Currently 14. 9 3) PROFIT RATE 3 for Salaried. 4 for Businessmen. 2 for listed Companies in Banks profile. RENTAL= UNIT COST+ KIBOR + PROFIT RATE Modes of payment UMI EMI STEP UP MEEZAN LAPTOP Meezan Bank launches Laptop Ease offer in April 2011. It is a Shariah-co mpliant laptop financing, for individuals and for corporate class of  pakistan. By choosing this facility, customers can grab at their laptop sets by a process of easy installments.. Special features of Meezan Laptop Ease: Easy Installment options for financing period for 3 to 24 months. 2 years warranty with parts provided by vendor. Free Caring Case will be provided by vendor. Dedicated Call Center by New Horizon (vendor) for addressing after sale issues and providing after sales support to the customers at their door step Absolutely Free Takaful Coverage. All laptops acquired through Meezan Laptop Ease will be covered by Takaful (Islamic Insurance) before delivery to the customers. Minimum down payment up to 15% Laptop model offerings will vary from time to time in consistence with the latest upgraded features and market demand. Minimum age to avail this offer for both individuals and businessmen should be 20 years and maximum age should not cross over 60 and 65 years, respectively. Laptops are available at easy monthly installments of as low as Rs 2,750/- ELIGIBILITY CRITERIA ( BUSINEESMEN SELF EMPLOYED) |   | |Citizenship |Pakistani, Adult, Permanent resident | |   |   | |   |   | |Age |Minimum 20,   Maximum 65   at maturity | |   |   | |   |   | |Income (PKR) |PKR 40,000/- | |   | | |   |   | |Personal Reference |Two personal references (one relative and other office | |   |colleague/friend) not living with the customer. | |   | |   |   | |Employment Business  Tenure |Minimum 2 years in same business | |   |(Business tenure to be verified via Bank Certificate, NTN | | |Certificate, Tax returns, Proprietorship letter, Registered | | |Partnership deed etc) | | |   | SALARIED Citizenship |   | |   |Pakistani, Adult, Permanent resident | | |   | |   |   | |Age |Minimum 20, Maximum 60 (Salaried) at maturity | |   |(Applicant maturity date of facility shall not exceed the da te of| | |retirement. ) | |   | |   |   | |Income (PKR) |PKR 25,000/- (Gross Salary) | |   |   | |   |   | |Personal Reference |Two personal references (one relative and other office | |   |colleague/friend) not living with the customer. | |   | |   |Permanent job with minimum 1 year continuous working history in | |Employment Business  Tenure |same industry. | |   |Direct company contract valid till maturity date of financing | | |(Total 1 year previous working experience is mandatory). | MEEZAN LABBAIK UMRAH Labbaik Travel Saving Aasaan Labbaik Travel Aasaan Labbaik Travel Aasaan is a completely Halal Riba Free Travel Solution. | | |Key Features | |Completely Halal Shari’ah Approved. |Renowned Travel Agent’s on Meezan Banks panel | |Umrah  Packages for different durations facilities are available | |Complete Visa Processing and Umrah Package Arrangements by selected agent. | |Confirmed return airline tickets | Labbaik Saving Aa saan Account On agreeing to become a Labbaik Saving Aasaan Account holder, you will enter into the relationship of Mudarabah with the Bank. Under this relationship, you will be the Investor (or Rab-ul- Maal) and the Bank will be the Manager (or Mudarib) of the funds deposited by you in the Deposit pool. These funds will be utilized by the Bank to provide financing to customers under Islamic modes of financing, including but not limited to Murabaha, Ijarah, Istisna and Diminishing Musharakah. Meezan  Labbaik Saving Account can be opened by Individuals, Sole-Proprietorships, Partnerships and Limited Companies. Key Features Meezan Labbaik Savings Aasaan provides a number of features including: Available for individuals, where customers can open a single / joint account with family members Labbaik Saving Plan is available for six (06) months to twenty (20) years Labbaik Saving Account is a Pak Rupee account It will be a Recurring Deposit Account, where customers will deposit monthly contribution as per the deposit schedule plan Labbaik Saving Account is a non-chequing account, where no cheque book or VISA Debit Card will be issued Apart from regular monthly deposit contribution customers can deposit additional amounts in order to complete the deposit amount and make the make the desired journey earlier than initially scheduled After completion of the desired deposit amount, customers will have a right to travel with Meezan Bank or redeem his funds to go with an alternate company or utilize the funds for alternate purposes No pre-mature withdrawal schedule will be applied Customers may redeem 50% of the contribution as per defined procedure, one-time in the entire deposit tenure. Functional Departments Of Meezan Bank Sales Credit Inniation (CIU) Risk Management (RMU) Credit Administration (CAD) Collection Recovery 1-SALES Sales is the most important and fundamental function of Revenue generation. They approach the customers through, ? Direct Sales ? Dealers reference ? Branch Customers ? Branch Coordinators ? Telemarketing Functions Of Sales Department Create marketing strategies to achieve sales targets of a bank. Implement best practices to meet customers needs and requirements. Implement best practices to meet customers needs and requirements. Initiate customer retention strategies and build new customers Lead, direct and mentor sales and marketing teams to achieve hundred percent outcome. Initiate campaign strategies for bank products and services Resolve customer needs. Understand customer financial needs and objectives. Recommend appropriate financial product or service to the customer. Assist and support bank management in delivering cust omer services Prepare sales and marketing statements and reports for the top management of the bank. 2-CREDIT INNIATION UNIT It is obvious that  every bank must have an independent department that deals with the credit function. Department in a bank that evaluates the financial condition of credit applicants and maintains a log of loan payments on currently outstanding loans. Credit information is gathered on a confidential basis and stored for future reference. The credit department also responds to requests by other lenders for credit information on a particular borrower CIU makes the case, Reveiw the case, Assess the potentials of the client to repay the assets value, check the opinions and worth of the compamy. 3-RISK MANAGEMENT UNIT MEEZAN BANK’S risk management policy rests on its sound and Islamic bank management culture and complies largely with international Islamic Banking standards, management requirements, corporate governance principles and carries with it the highest ethical values from within the banking profession. The Organizational Structure of the Risk Management Group. The bank has set in place an independent risk management function within The Risk Management department, covering all risks: market, credit and operational risk. The Head of Risk Management reports to the Audit Committee, whose members are chosen among the Board of Directors. The Board of Directors formally approves overall risk management strategies and the direction of business. The Board regularly monitors the banks financial performance, reviews and controls risk management activities and bears the final responsibility of approving the banks risk appetite. Risk Management Department is the center of performing this function. This department reports to the Bank’s Risk Committee, The Head of Risk Management Group. 4-CREDIT ADMINISTRATION DEPARTMENT Leads centralized credit administration and control department whose function is to provide a uniform and efficient credit administration and control service encompassing completion of security/transaction documentation formalities, safe custody function, MIS development for monitoring of banks exposure from different risk angles to ensure that a high level of credit administration support is provided to the bank’s business units to protect banks risk assets. ? Reveiw the case ? Makes observation ? Disburse The Case ? Generate Installements ? Prepare Legal doucuments Agreements Principal Duties Responsibilities: ? Manage the Documentation and Limits Control Units Prepare accurate documentation of credit facilities to ensure that the same is legally enforceable without lacunas. ? Review security/transaction documents with a view to make it convenient for customers without compromising banks interest. ? Manage effective and efficient safe custody of original security/transacti on documentation and title deeds etc belonging to clients/third parties. ? To ensure that safe custody procedures are meticulously implemented. ? Ensure credit documentation deferrals are effectively followed up with Business Units for perfection within the time allowed. ? Arrange the valuations, from bank’s approved evaluators, of real estates held as collateral in line with Credit Risk Policy. Maintain marked to the market valuation for shares, mutual funds and other marketable securities and advise to business units where and violation of Approval of Finance / Credit Risk Policy occurred. ? To follow up with Business Units for early execution of documentation by clients. ? Immediate and accurate feeding of limits into the system once security documentation is completed by the client. ? Ensure least Turn Around Time (TAT) in line with SLAs with business units. ? Generate / Maintain MIS to monitor the portfolio and to prompt Business Units for timely completion of annual rev iews by providing necessary reports regarding expiring/expired facilities. ? Prepare weekly/monthly Exceptions Report   and circulate daily Overdrawn / Excess Over Limits report to the senior management and business units. Upload the accurate data as per the requirements of regulator. ? Managing and guiding team to execute above responsibility and help in their professional development. ? Managing specific tasks / projects assigned by the CRO from time to time in relation to Credit Administration Control. 5-COLLECTION RECOVERY DEPARTMENT (To Save The Bank’s Assets) The Recovery Collection function is an important component of any Bank’s business operations. The key is knowing when and how to accomplish the sale safely. The key is to  find the best way to minimize the risk of late payment or non-payment by customers. The core activities of the collection department include: Accelerating cash flow Minimizing bad debt losses Reviewing and approving new accounts Developing and updating  credit and collection policies Managing the collection function Maintaining current information in the credit file on each active customer Researching and resolving disputes and deductions that would otherwise delay or prevent payment of accounts receivable Communicating with other departments within the Bank. Safeguarding the companys investment in accounts receivable BUCKETS SMS ALERTS FRONTEND MID RANGE HAND COURT NON PERFORMING LOAN SMS ELERTS Before due date Sms are sent to the customers. FRONTEND One day past, the payment become Overdue. Frontend is the period from 1 to 29 days. An INTIMATION LETTER is sent to the customer by the bank as a soft reminder and Calls are made. MID RANGE / HARD COURT When overdues are not cleared by the customer within 29 days, Customer entered into 30+ DPD ( Day Past Due) Mid range is the period of 30 days to 59 days. REMINDER LETTER is sent to Customer. Home Visits are made. Tone is changed from soft reminders to aggressive one. NON PERFOMING LOAN 60+ DPD, 60 to 89 days of due payments are called Non Performing Loans. LEGAL NOTICE sent the customer with the time frame of 15 days to settle the payments. After that time limit, bank have the right to Repossess the vehicle. In case of reposession, Bank take the services of Agencies as 3rd party, after reposession Vchile is parked to the warehouse and FINAL LETTER is sent by bank to the customer. In which Total Amount including total purchase price, Over due Rentals, Surcharge amount, Valuation, legal, Parking and deduction of Security Deposit is mentioned. Where customer is offered to settle the account. But if customer fails to settle his account then Banks has options to sell or Auction the vehicle. A file is maintianed, called Repo File. It consists of Reminder Letter Copy Of Legal Notice Lease Agreement Copy Complete Exise File Copy Of Customer’s CNIC Application Form Coppy RECOVERY After 90 days customer entered into 90+ DPD. And Non preforming Loan shifted to Recovery.

How Teachers Build Great Relationships With Students

How Teachers Build Great Relationships With Students The best teachers are capable of maximizing the learning potential of each student in their class. They understand that the key to unlocking student potential is by developing positive, respectful relationships with their students beginning on the first day of the school year. Building a trusting relationship with your students can be both challenging and time-consuming. Great teachers become masters at it in time. They will tell you that developing solid relationships with your students is paramount in fostering academic success. It is essential that you earn your students’ trust early on in the year. A trusting classroom with mutual respect is a thriving classroom complete with active, engaging learning opportunities. Some teachers are more natural at building and sustaining positive relationships with their students than others. However, most teachers can overcome a deficiency in this area by implementing a few simple strategies into their classroom on a daily basis. Here are some strategies to try. Provide Structure Most kids respond positively to having structure in their classroom. It makes them feel safe and leads to increased learning. Teachers who lack structure not only lose valuable instructional time but often never gain the respect of their students. It is essential that teachers set the tone early by establishing clear expectations and practicing class procedures. It is equally critical that students see that you follow through when boundaries are overstepped. Finally, a structured classroom is one with minimal downtime. Each day should be loaded with engaging learning activities with little to no downtime. Teach With Enthusiasm and Passion   Students will respond positively when a teacher is enthusiastic and passionate about the content she is teaching. Excitement is contagious. When a teacher introduces new content enthusiastically, students will buy in. They will get just as excited as the teacher, thus translating to increased learning. Exuberance will rub off on the students in your classroom when you are passionate about the content you teach. If you are not excited, why should your students be excited? Have a Positive Attitude Everyone has terrible days including teachers. Everyone goes through personal trials that can be difficult to handle. It is essential that your personal issues do not interfere with your ability to teach. Teachers should approach their class each day with a positive attitude. Positivity is transcending. If the teacher is positive, the students will generally be positive. No one likes to be around someone who is always negative. Students will in time resent a teacher who is always negative. However, they will run through a wall for a teacher is positive and continuously offering praise. Incorporate Humor into Lessons Teaching and learning should not be boring. Most people love to laugh. Teachers should incorporate humor into their daily lessons. This may involve sharing an appropriate joke related to the content you will be teaching that day. It may be getting into character and donning a silly costume for a lesson. It may be laughing at yourself when you make a silly mistake. Humor comes in several forms and students will respond to it. They will enjoy coming to your class because they love to laugh and learn. Make Learning Fun Learning should be fun and exciting. Nobody wants to spend time in a classroom where lecturing and note-taking are the norms. Students love creative, engaging lessons that grab their attention and allow them to take ownership of the learning process. Students enjoy hands-on, kinesthetic learning activities where they can learn by doing. They are enthusiastic about technology-based lessons that are both active and visual. Use Student Interests to Your Advantage Every student has a passion for something. Teachers should use these interests and passions to their advantage by incorporating them into their lessons. Student surveys are a fantastic way to measure these interests. Once you know what your class is interested in, you have to find creative ways to integrate it into your lessons. Teachers who take the time to do this will see increased participation, higher involvement and an overall increase in learning. Students will appreciate the extra effort you have made to include their interest in the learning process. Incorporate Story Telling into Lessons   Everyone loves a compelling story. Stories allow students to make real-life connections to the concepts that they are learning. Telling stories to introduce or reinforce concepts bring those concepts to life. It takes the monotony out of learning rote facts. It keeps students interested in learning. It is especially powerful when you can tell a personal story related to a concept being taught. A good story will allow students to make connections that they may not have made otherwise. Show an Interest in Their Lives Outside of School Your students have lives away from your classroom. Talk to them about their interests and extracurricular activities that they participate in. Take an interest in their interests even if you do not share the same passion. Attend a few ball games or extracurricular activities to show your support. Encourage your students to take their passions and interests and turn them into a career. Finally, be considerate when assigning homework. Think about the extracurricular activities occurring on that particular day and try not to overburden your students. Treat Them With Respect Your students will never respect you if you do not respect them. You should never yell, use sarcasm, single a student out, or attempt to embarrass them. Those things will lead to a loss of respect from the entire class. Teachers should handle situations professionally. You should deal with problems individually, in a respectful, yet direct and authoritative manner. Teachers must treat each student the same. You cannot play favorites. The same set of rules must apply to all students. It is also vital that a teacher is fair and consistent when dealing with students. Go the Extra Mile Some students need teachers who will go that extra mile to ensure that they are successful. Some teachers provide extra tutoring on their own time before and/or after school for struggling students. They put together extra work packets, communicate with parents more frequently and take a genuine interest in the well-being of the student. Going the extra mile may mean donating clothing, shoes, food or other household goods that a family needs to survive. It may be continuing to work with a student even after he is no longer in your classroom. It is about recognizing and assisting in meeting student needs inside and outside of the classroom.

You choose the topic Essay Example | Topics and Well Written Essays - 500 words - 2

You choose the topic - Essay Example In effect, I offered the organization with outstanding service to enable it to engage all the stakeholders in order to solve the hunger problem in the communities. The volunteering service at Feeding America Eastern Wisconsin used to start at 9 A.M and end at 4 P.M with breaks between the tasks. My primary task was to assist in sorting and labeling of various foodstuffs in the warehouse to distribute to the hungry people in the community. I used as heavy at fifteen-pound foodstuffs. My objectives were to meet the community needs and learn how organizations address them while gaining practical skills to apply and effect a positive change in the real world. In the course of the community service, my objective evolved according to the demands of different tasks. I constantly applied leadership skills that I mastered during the execution of tasks in the warehouse. Largely, I met my objectives of serving the community and bringing a positive change to the people’s lives. It was a pleasure to learn that apart from donating and volunteering at Feeding America Eastern Wisconsin an individual can hold food drives. I did not know that the organization invites such drives aimed at collecting foodstuffs to assist in alleviating hunger. In fact, I can now hold food drives in my learning institution to help the organization get enough foodstuffs. In effect, the Feeding America Eastern Wisconsin exercises a high level of social responsibility in issues central to humanity. Notably, the organization collaborates with other agencies to ensure that the hunger stricken communities live a pleasant life. The level of interaction between the organization and the community aims at enhancing the quality of the society. Similarly, the interaction between the volunteers and the organization’s workforce is remarkable and allows individuals to dedicate their efforts towards alleviating poverty. The harmonious relationship enabled me to contribute positively to the organization.

International strategic management - Case study (Emirate airline)

International strategic management - (Emirate airline) - Case Study Example The major segment of the stakeholders, the customers and their interests were overlooked by the company when they too much focused on other aspects of the operations of the company. The customer service standards have been adversely affected and the reputation of the airline has been affected badly in the few years. In an ever changing world of business, customers have attained the topmost priority and the bargaining power of the sellers is low compared to the buyers at present. Moreover, competition has been increased a lot because of the new organizations entering into the airline business which forced Emirates airlines to think strongly in terms of restructuring its business policies and strategies to suit the needs of the current business world and the stakeholders. At present Emirates airline has started to reinforce its competitive power by implementing many revised strategies to make the customers happy. Owned and administered by some of the royal family members of the Dubai administration, the major strength of Emirates airline is its immense financial capabilities. Money is not a barrier for emirates airline to try and test new strategies in its business to satisfy the customers. But this enormous financial strength, one way or other misled the company towards unwise strategies like untimely diversification overlooking the interests of the passengers. The rapid progress of Dubai towards becoming the world’s topmost business hub has provided immense scope of business for Emirates airlines. At present, tourists from all over the world selecting Dubai as their favorite destination for spending their leisure time because of the big shopping facilities it offers to the visitors and Emirates airlines can utilize these opportunities for their advantages. Major airliners like Air India, Etihad, Gulf air, British airways, Qatar airways etc are raising stiff challenges to the smooth operations of Emirates airlines. These competitors are offering cheap

The Role of Non-State Actors Essay Example for Free

The Role of Non-State Actors Essay 5.1 Introduction It is generally recognized that the process of building a capable state requires the participation of all the vital forces of a nation. A capable state is one that has all the attributes of a modern, strong, responsible and responsive state, a state capable of effectively discharging its duties of delivering security, peace, prosperity and other pubic goods to its people. Although the state has traditionally been considered as the focal point of this process, other sectors, including non-state ones, have an important role to play, and the importance of this role has grown significantly over the past couple of decades as the limitations of the post-colonial state in providing for the needs of its people have been made all too clear. 1 It is thus important to identify these other actors and recognise those areas wherein they can contribute, and have indeed contributed, to the process, as well as to appreciate better their nature, their mode of intervention, the constraints hampering their action as well as to explore ways in which their participation can be rendered more fruitful and less problematic. But before we delve into the subject of non-state actors and their role in the creation of the capable state in Africa, it would be useful to look into just what the capable state is and means, and what it has meant for the African continent since the advent of independence half a century ago. 5.2 Definitional Issues 5.2.1 Overview The capable state may be defined as one that effectively fulfils its obligations to its constituents by providing and safeguarding a range of goods, both tangible and intangible,2 that assure its people of a secure public space wherein they can live and love, produce and reproduce, and pursue the enjoyment of the fruits of their labour and love. Such a state will have attributes such as territorial integrity, public order and safety under the rule of law; ample political space for individual and group self-realisation; and socio-economic justice and equity that minimise conflict and foster intra-national peace and harmony. It is the absence of these attributes within states that creates what have come to be known as â€Å"failed†, â€Å"failing† or â€Å"dysfunctional† states, whose common denominator are varying degrees of precariousness. In these terms, the African state that came into being upon decolonisation had its work cut out. From centuries of successive forms of extreme exploitation, oppression and brutalisation, African nations found themselves confronted with the daunting task of, on the one hand, putting in place governance systems that would ensure the survival of the nation-state that was essentially an artificial creation of the colonial regime, cobbled up from a multitude of disparate and often mutually hostile ethnic entities and, on the other, assure a minimum of livelihood for the people by delivering education, health and other social services, securing good prices for agricultural produce, providing jobs through mining and Mabogunje, A.L. Institutional Radical isation, the state and the development process in Africa. Development Policy Centre, Ibadan, Nigeria, 2000. 2 Anyang’ Nyong’o, Governance, Poverty and Sustainable Development in Africa, in The Quest for Equity in Access to Health and Development, Tropical Institute of Community Health and Development in Kenya. Industrialisation, and generally taking care of the nation, including providing welfare for those who could not fend for themselves. Herculean as these tasks were the first crop of African leaders assumed them with gusto. In fact it was the leaders who enthusiastically promoted these expectations, either because they needed seductive promises to make their peoples rally to the anti-colonial banner, or because they genuinely believed that once the colonialists were out of the way all was possible. Mkandawire3 sheds a harsh light on this â€Å"central preoccupation† with â€Å"development†. â€Å"African leaders have always been aware of the need for some nationalist-cum-developmentalist ideology for both national building and development†¦ The quest for an ideology to guide the development process inspired African leaders to propound their own idiosyncratic and often incoherent ‘ideologies’ to ‘rally the masses’ for national unity and dev elopment. If such ideologies are still absent it is definitely not for lack of trying.† Thus, it was made possible for people to expect that the state would do everything for them, in this way fostering the concept of l’Etatprovidence, the provider State. Some African states did indeed attempt, with varying degrees of success, to deliver on some of their promises, but it did not take long for most of these attempts to prove Sisyphean, rolled back by a number of factors, including, but not limited to, the following: a) Poor governance and managerial practices; b) Over-centralisation of power in the hands of a small group, or of one individual; c) Emergence of authoritarian/dictatorial/military regimes; d) Failure/reluctance to devolve power and responsibilities to local authorities; e) State corruption; f) Ethnic bias, nepotism, exclusion of whole sections of populations; g) Deterioration of terms trade on the world market; h) Unsustainable levels of state intervention in delivering social services; i) A crippling dependency syndrome on the part of populations hea vily reliant on government handouts, and on the part of governments dangerously dependent on donor handouts.4 By the end of the 1980s, it had become clear that the various development strategies different African countries had followed had not led to the desired outcomes. Despite the earlier promise of the 1960s, and the modest but positive growth figures of the 1970s, the 1980s came to be known as the ‘lost decade’, a grim epitaph epitomizing the shattered dreams of a whole continent, a reality from which African countries, having lost their initial elegance, have not fully emerged to this day. The World Bank blamed this inability to deliver development on â€Å"a strategy (that) was misconceived† in the sense that in their hurry to modernize, African governments were wont to copy rather than adapt Western development models, with the result that they found themselves with â€Å"poorly designed public investment in industry; too little attention to peasant agriculture; too much intervention in areas where the state lacked managerial, technical and entrepreneurial skills; and too little efforts to foster grassroots development.† This top down approach, according to the World Bank, â€Å"demotivated ordinary people, whose en ergies needed to be mobilized in the development effort.† It has been rather a case of ‘double jeopardy’ in the sense that the State that promised to deliver economic development – the ‘developmental State’ – also took away political and individual rights, constricting the political space in which citizens could enjoy full political participation, the argument being that incessant political bickering and rivalry would sap the developmental potential and undermine the nation building project. In the end, the African State, caught up in its ‘developmentalist’ quest, delivered neither economic development nor democratic governance6. The State became more ‘commandist,’ more intolerant of contrary ideas from its citizens, less reluctant to devolve power to local entities, more given to the use of force as a solution to political issues, and gradually descended into the mire of autocratic rule, the more egregious of which were military dictatorships and/or, later, rule by warlords and their militias. Faced with this stark reality, it became imperative to rethink governance with a view to finding alternative ways of confronting the development challenges of our peoples. At this same time, towards the end of Africa’s ‘lost decade’, momentous events were taking place in the world that were destined to usher in a major paradigmatic shift in world political relations. The end of the ‘Cold War’ was unfolding even as efforts were being made to see African countries ‘democratise’ and the discourse of that process threw to the fore a hitherto little heeded breed of protagonists, variously known as civil society, NGOs or non state actors. In Eastern Europe, some of these organisations played a central role in bringing about the fall of the Communist regimes, such as was evidenced, especially, by the Polish experience with the workers, union-based Solidarnos, as well as other civil society movements in Romania, East Germany, Bulgaria, Czechoslov akia and the Soviet Union itself. Although there is little evidence to suggest that these movements sustained their role in the new, post-Communist governance systems –except that a trade union leader took over the State in Poland, and a poet in the Czech Republic – their importance had been recognized and stood ready to be deployed elsewhere. Africa, just like Eastern Europe, was emerging from a long period of negative development, and, as such, it was thought, what had worked in the former Communist regimes might work in African countries. As we shall see later, this would have a bearing on the way many of these non state actors, whether packaged as Civil Society Organisations (CSOs), Non Governmental Organisations (NGOs) or simply Non State Actors (NSAs), would be viewed in many African countries, which would also, to a large extent, inform their effectiveness on the ground.

The Inspector in An Inspector Calls by J.B. Priestly Essay -- An Inspe

The Inspector in An Inspector Calls Examine the function and symbolism of the Inspector in the play – An Inspector Calls, and explain how Priestly makes him dramatically effective Throughout the play ‘An Inspector Calls’, by J.B Priestley, the audience sees the role of a mysterious investigator who interrogates a powerful and upper-middle class family: The Birling's. Priestley uses the role of the Inspector to expose the characters in the play, and to put his own views across about the Birling’s and their conservative beliefs. The play was written in 1946 and set in the spring of 1912. This means that the audience would have known the future events (the two world wars). Therefore they are in a position to judge the characters beliefs. At the start of the play, Priestley describes the Dining room, in which all of the acts in the play take place. He writes, ‘the dining room of a fairly large suburban house, belonging to a prosperous manufacturer. It has good solid furniture of the period. The general effect is substantial and heavily comfortable, but not cosy and homelike’. This tells the audience that the Birling’s are wealthy as they live in a presumably large and expensive house. It also shows that the setting of the play is very formal by saying that the effect of the room is not cosy and homelike. The description of the furniture acts as a metaphor for the family, being ‘solid’ and not loving and affectionate. Priestley writes that before the Inspector enters the lighting, ‘should be pink and intimate’, and that once the Inspector does enter the light should be brighter and harder. Priestly has written this to try and show that no one can hide secrets under the spotlight, and to try and portray ... ...e reality. They stand there guiltily as the play draws to a close. Throughout the play ‘An Inspector Calls’, JB Priestley uses the role of the inspector to try and show how the rich can abuse their position and how community should be respected so that all people can be treated equally. The inspector plays the role of a Freudian analyst, in the sense that he gets people to reveal their inner motivations that are hidden even to themselves. The inspector shows how everyone should live, and we should all respect and value one another. It is not important that he was not a real inspector; he was an example set for everyone to follow. Through the inspector we have been shown Priestley's beliefs on honesty, equality and being just. The inspector has shown that everyone lives in one big community, so we should treat one another with the respect they deserve.

Learning Team Reflection Essay

With the advancement of technology and the rise in Internet usage amongst individual companies, businesses, and organizations, they are faced with new challenges in protecting their brand, trademark, and image from competitors (Clark, 2007). This has caused many businesses to take action in the protection of intellection property rights or IPR. For the week three assignment, the members of team A choose to discuss the case in which Premier Technologies wins intellectual property lawsuit. This paper would highlight details of the case. Doug Sayer, the owner of Premier Technologies, claimed that two of his former employees stole private information for trade secret infringement and future sabotage. The former men were members of top management at Premier Technologies. Orr and Schutte, the two men, downloaded the organizations insider information to external hard drivers, and shortly after that, left the organization to work for the competitor. According to Legal information Institute, â€Å"Trade Secret is defined as the information, including a formula, pattern, compilation, program, device, method, technique, or process that derives independent economic value or potential, from not being generally known to or readily ascertainable through appropriate means by other persons who might obtain economic value from its disclosure or use.† The issue is that Orr and Schutte had an intentional plan to use the operations of Premier Technologies against them to make the organization fall into the red and sale for a price less than what the business is worth. In Bannock County, Idaho’s Sixth Judicial District in December 2011 ruled in favor of Premier Technologies in the lawsuit Premier Technologies v. Chadd Orr, Jeff Schutte and Petersen, Inc. Doug Sayer, also Premier Technology’s president and chief operating officer, argued that Chadd Orr and Jeff Schutte was conspiring with Peterson. This made Orr and Schutte breach their fiduciary duties that they owed to Premier Technology while they were high level managers at Premier Technologies. The jury unanimously voted in favor of Premier Technologies and agreed that both Orr and Schutte violated the Idaho Trade Secret Act, and that they both had a fiduciary relationship with  Premier. The jury also ruled in favor of Premier, implicating Petersen Inc. had, in fact, conspired with Orr and Schutte in breaching of their fiduciary responsibility to Premier Technologies. The ruling awarded a little over two million dollars to Premier Technologies. A $905,250 judgment was set agains t Schutte, while a $603,500 judgment against Orr was set for breaching their fiduciary duties. Punitive damages were awarded as such $172,000 against Schutte and $120,000 against Orr. The analysis of the case appears to be quite simple in nature. The court’s decision ultimately stems from Orr and Schutte’s fiduciary responsibilities that they owed to Premier during their employment with the company. The copy of protected data was not in itself the infraction, but when that information was subsequently provided to a direct competitor, an illegal activity had taken place and the two men were liable for their actions. The state laws of Idaho clearly protected Premier, and any business entity, from this form of intellectual property theft. It also awards that company money to satisfy the damages that were caused by these actions, and because of the intentional nature of the act, punitive damages were made possible as well. As there are often no formal means to protect the trade secrets that a company might have in their processes, litigation is sometimes the best option and, in this case, it certainly provided Premier with the chance to recoup their losses. As a future employee hiring procedure, it might be pertinent for Sayer to include an employee clause that gives up their right to work for a direct competitor in the future, as some highly competitive organizations do (Idaho State Journal). Through many trials and errors, laws have come to pass to protect each business from employees who wish to harm them. Orr and Schutte not only jeopardized Premier Technology’s operation, but they also jeopardized their integrity. Once they decided to work with a competitor, they stole valuable information from the Plaintiff in order to make the business fail. Their actions turned into a lawsuit that determined they breached their contract with Premier Technologies. Due to this infringement, both parties and competitor were liable for all damages incurred to Premier Technologies. For Premier Technologies to prevent this from happening again, they should  determine if a clause is needed to prevent employees from working with the competitor. Reference Clark, D. (2007). EBusiness and Intellectual Property. IBB Solicitors. Retrieved from http://www.ibblaw.co.uk/downloads/brochures/2010-05-27-15-05-41-ebusiness_and_intellectual_property.pdf Legal Information Institute, August 2010, Trade Secret. Cornell University law school.http://www.law.cornell.edu/wex/trade_secret

5 Points of Oedipus Rex Essay

Five Important Points of â€Å"On Misunderstanding the Oedipus Rex† †¢ Oedipus Rex attempt to justify the ways of God to man by: 1. â€Å"Proving† that we get what we deserve. An example is how Oedipus treated Creon badly, so the gods punished him. 2. Oedipus Rex is â€Å"a tragedy of destiny†, the play â€Å"proves that man has no freewill and is controlled by gods. 3. Sophocles was â€Å"a pure artist†, so he is not interested in justifying the gods, and Oedipus Rex was merely an exciting play. †¢ Oedipus did horrible things unknowingly, if they did it knowingly, readers won’t feel pity. The tragic hero must have a big moral flaw. †¢ A significant difference between Sophocles and Aeschylus is that Sophocles thinks that fate is unconditional, and can not be avoided. Oedipus tries to avoid the oracle given about him that he will sleep with his mother and kill his father, but in the end, it still happens. Aeschylus’ thinking is that fate could be avoided. According to him, the oracle given to Laius was avoidable: â€Å"Do not beget a child; for if you do, that child will kill you.† †¢ Oedipus blinded himself to cut himself off from contact with humanity. If he suicides, he would meet his parents in the next world. He blinded himself because he could not face the living or the dead. †¢ Oedipus Rex is a play about human greatness. Oedipus fell from his high position to the lowest of the low, and he still has the strength to accept and endure it. His inner strength is virtuous, because he pursues truth at whatever personal cost.

Human Resource Management in Business Context Essays

Human Resource Management in Business Context Essays Human Resource Management in Business Context Essay Human Resource Management in Business Context Essay â€Å"Performance bonuses offer a win-win gain to both organisations and employees. Discuss, making reference to both theory and case examples† Introduction Is performance related pay (PRP) really a motivator for employees and is it an effective way for organisations to gain and retain high performing staff. This is questionable especially as organisations differ in size, organisational culture (therefore differing needs), the ability and/or resources to manage an effective process to support PRP. This study will explore whether performance bonuses offer a win-win for both the organisation and the employees, using primarily the public sector, with reference to the private sector. â€Å"PRP was the ‘big idea’ of the1980s, embraced enthusiastically by many employers as the holy grail of driving high performance† as stated by CIPD (2010). Today it is seen as more than just a tool to drive performance; organisations are using PRP to link individual performance to business objectives and gain commitment. Strategic Alignment Business strategy is a key driver for organisations in the private sector as it provides them with competitive advantage, therefore they have the need to retain and motivate employees to perform against their objectives. The public sector, on the other hand, has the need to align staff commitment to deliver local government agendas. In order for the business strategy to be effective employers need to ensure that employees are committed and motivated to achieving the organisation goals, but as we can see these goals can vary depending on the sector and more so, on what the organisation is trying to achieve. So organisations need to identify a pay strategy, which helps them to align the objectives with their employees. The question is, does PRP work for both sectors in motivating employees? In the private sector the pay determination is generally determined by management with the notion that if individuals perform well against their KPI’s (key performance indicators) they will be rewarded with a bonus based on the market worth and the success of the business. However the public sector, in many cases, still remains to have a pre-determined pay structure with incremental pay progression and grading systems as shown in the example for Slough Borough Council in appendix 1. Old pay and new pay are concepts that are used to distinguish between contemporary and traditional reward systems (Gilmore pg 171). The local authority, Slough Borough Council use the old pay system. Graded pay is not particular motivating as everyone gets it and the incremental increase is not of a substantial amount to gain higher performance from staff. Therefore, the question has to be asked, whether it would be beneficial for the public sector to introduce PRP? Richard Crouch, head of HR and organisational development at Somerset County Council, warned performance-related pay could encourage the pay bill to creep up in the long-term and there would be a substantial cost in administering and applying performance-related pay in the public sector to reduce its subjectivity because government work would not be easy to measure (Barker, 2010:1). This highlights a number of issues particularly the fact with spending cuts becoming an ever-increasing need, this sector cannot afford to implement PRP. Furthermore, a pay strategy including PRP would push staff to work towards targets rather than focusing on providing a good public service, which is primarily the objective of the public sector. Although financial rewards in this setting could help employees to work more effectively rather than to work harder, by encouraging employees to focus on key objectives, lets face it, if people were primarily interested in financial rewards they would not have joined this sector. Making a difference to other peoples lives and the surrounding environment is more important. Additional, it would be very difficult to measure performance; for example, ways of measuring the service a teacher or a nurse provides are very difficult in comparison to that of someone who has set, clear deliverable targets such as achieving sales, gaining new business or increasing footfall. Intangible services are much harder to quantify. Performance Management Cycle Key performance indicators (KPIs) are formed as part of the performance and appraisal process to measure the output of an individual. The performance appraisal allows a comparison to be made of the actual performance against expected performance (KPIs), which is linked to feedback and whether the individual has warranted a reward. However, there are many potential problems with the performance appraisal system. The process can become a bureaucratic process with managers seeing it as a tick-box exercise to be completed once a year. There could be a lack of understanding of the objectives by the employee, or the organisation may not have a clear strategy and furthermore the process is subjective and open to human bias. It is also very difficult to quantify individual performance such as intangible elements, as mentioned earlier. So it could be argued that the process is not very transparent. To overcome this, Beer et al. introduced the Harvard Model (Gilmore. S, 2009, p. 9) which takes into account a wider range of stakeholders interests to provide an input into the appraisal process which allows the reduction of a bias opinion of just one person. It is stated as reduction, as the process is still subjective and open to a range of perceptual errors although reduced by the way of taking into account feedback from a number of people. The model also considers the situational factors of the organisation allowing better choices to be made when establishing the appropriate reward system, which will inevitable impact on the level of commitment achieved. Is it Fair? There are a number of elements of the performance appraisal that could be argued to be unfair, for example, the relationship an individual has with he manager who measures performance could be seen to be advantageous for some individuals, such as colleagues who have worked together for a number of years and could in fact de-motivate other individuals who don’t have the benefit of this relationship. Therefore, can human bias be taken out of this equation? Ultimately the relationship between a manager and employee comes down to trust, whether the employee believes the y will be treated fairly against other individuals regardless of developed relationships. It has also been suggested that PRP may discriminate unfairly against women, as primarily, it is male managers that measure performance, therefore they tend to reward performance characterized by male values (Gilmore. S, 2009, p. 183) creating a pay gap between men and women. Total Rewards There is more to keeping a workforce motivated and committed than just PRP. It is clear that it is more than just financial reward that influences the behaviour of employees in the public sector. Employees are looking for other benefits such as flexible working, contributing to a work-life balance are seen to hold value over having a high-powered career that pays well especially in the public sector. Aspects such as the work an individual is involved in provides them with a greater reward and satisfaction than financial benefits, for example a social worker or a nurse will ultimately find the reward in helping others. Total reward is the term that has been adopted to describe a reward strategy that brings additional components such as learning and development, together with aspects of the working environment (CIPD 2009). It addresses the fact that there are intangible benefits, which are intrinsic to individuals that do not have such a direct financial impact on the organisation as financial benefits do. For example, Slough Borough Council have a grapevine newsletter in which recognition of an employee’s contribution in various departments have been highlighted, personal recognition can contribute to the overall performance of an individual providing the sense of feeling valued in what they do. Access to training and development and further opportunities of career development can be a prime consideration for employees when looking for an employer. The total reward concept for an employer means they are able to attract and retain talent, and commitment through understanding the intangible and tangible needs of the person. For the public sector, as financial rewards become more scars the benefits of the total reward system will become evermore important in retaining commitment, loyalty and experience, attracting employees to stay within the sector over the longer term. Is There a Perfect Solution? This discussion has bought to the forefront that implementing a high commitment HRM will not necessary work, nor provide any financial benefit in the public sector. This has identified that an approach of PRP commonly used on the private sector may not be the best fit for the public sector as there is a need to take into account the situation in which the organisation is operating in, the size of the organisation and the success in terms of profitably as this will effect whether there are the financial resources to implement a high commitment HRM. What may work for one company may not work for another. Contingency theory suggests that the business context is crucial in determining reward strategies, and a number of factors are influential (Gilmore. S, 2009, p. 84). How the public sector align their business strategy with their HRM strategy will largely be reflected by current circumstances effecting the sector, such as cost cutting, restructuring, and the shift from a public sector job no longer being seen as a job for life. Therefore the management of a rewards strategy will need to recognise that what is currently seen as a motivator for examp le job security, will change. What drives the success of a reward strategy is that it is closely aligned with continual changes not only within the organisation but also those of the individuals. Conclusion In conclusion, it is recognised that there is no one solution that will suit all organisation. It would be seen that the best fit pay system with the organisation goals and sector would need to be established taking into account factors effecting the environment of the organisation and how equipped it is to providing PRP. This will ultimately affect and underpin the benefit that is received of PRP to both the employee and the employer. Word count: 1680 Reference: 1. CIPD (2010), Performance Related Pay [Online] Available at: cipd. co. uk/subjects/perfmangmt/perfrelpay/prefrelpay. tm [Accessed: 24 October 2010]. 2. Michael Holden (2007), Performance Reviews a ‘Waste of Time’ News. com. au P. 1 [Online] Available at: news. com. au/business/business-smarts/reviews-are-a-waste-of-time/story-e6frfm9r-1111115035598 [Accessed: 20 October 2010]. 3. M W Gilman (1998) Performance Related Pay in the UK, EIROline P. 1 [Online] Available at: eurofound. europa. eu/eiro/1998/03/feat ure/uk9803107f. htm [Accessed: 24 October 2010]. 4. Baker, K (2010) Performance-related pay for the public sector rejected by Personnel Todays Austerity Panel, Personnel Today P. [Online] Available at: personneltoday. com/articles/2010/06/17/55987/performance-related-pay-for-the-public-sector-rejected-by-personnel-todays-austerity. html [Accessed: 20 October 2010]. 5. CIPD (2009) Total Reward [Online] Available at: cipd. co. uk/subjects/pay/general/totrewdqf. htm [Accessed: 24 October 2010]. 6. Marchington, M. Wilkinson, A. (2008) Human Resource Management at Work, London: CIPD 7. Gilmore, S. Williams, S. (2009) Human Resource Management, United States: Oxford University Press Inc

USS Reprisal (CV-35) in World War II

USS Reprisal (CV-35) in World War II USS Reprisal (CV-35) - Overview: Nation:  United States Type:  Aircraft Carrier Shipyard:  New York Naval Shipyard Laid Down: July 1, 1944 Launched:  May 14, 1945 Commissioned: N/A Fate:  Sold for scrap, 1949 USS Reprisal (CV-35) - Specifications (planned): Displacement:  27,100 tons Length:  872 ft. Beam:  93 ft. (waterline) Draft:  28 ft., 5 in. Propulsion:  8 Ãâ€" boilers, 4 Ãâ€" Westinghouse geared steam turbines, 4 Ãâ€" shafts Speed:  33 knots Complement: 2,600 men USS Reprisal (CV-35) - Armament (planned): 4 Ãâ€" twin 5 inch 38 caliber guns4 Ãâ€" single 5 inch 38 caliber guns8 Ãâ€" quadruple 40 mm 56 caliber guns46 Ãâ€" single 20 mm 78 caliber guns Aircraft (planned): 90-100 aircraft USS Reprisal (CV-35) - A New Design: Developed in the 1920s and early 1930s, the US Navys  Lexington- and  Yorktown-class aircraft carriers were designed to meet the restrictions enacted by the  Washington Naval Treaty. This limited the tonnage of different types of warships as well as placed a ceiling on each signatory’s total tonnage. These limitations were expanded and refined by the 1930 London Naval Treaty. As the international situation deteriorated in the following years, Japan and Italy abandoned the treaty structure in 1936. With the implosion of the treaty system, the US Navy worked to design a new, larger class of aircraft carrier and one which pulled from the lessons learned from the  Yorktown-class. The resulting ship was wider and longer as well as incorporated a deck-edge elevator system. This technology had been employed earlier on  USS  Wasp  (CV-7). In addition to carrying a larger air group, the new class possessed a greatly enlarged anti-aircraft armament. Construction began on t he lead ship,  USS  Essex  (CV-9), on April 28, 1941. In the wake of the US entry into  World War II following the Japanese attack on Pearl Harbor, the  Essex-class became the US Navys standard design for fleet carriers. The first four ships after  Essex adhered to the class original design. In early 1943, the US Navy made several alterations to enhance future ships. The most noticeable of these changes was the lengthening the bow to a clipper design which allowed for the inclusion of two quadruple 40 mm gun mounts. Other alterations included moving the combat information center below the armored deck, improved aviation fuel and ventilation systems, a second catapult on the flight deck, and an additional fire control director. Though referred to as the long-hull  Essex-class or  Ticonderoga-class by some, the US Navy made no distinction between these and the earlier  Essex-class ships. USS Reprisal (CV-35) - Construction: The initial vessel to begin construction with the revised  Essex-class design was USS  Hancock  (CV-14) which was later re-designated Ticonderoga.   A multitude of additional carriers followed including USS Reprisal (CV-35).   Laid down on July 1, 1944, work on Reprisal began at the New York Naval Shipyard.   Named for the brig USS Reprisal which saw service in the American Revolution, work on the new ship moved ahead into 1945.   As the spring wore on and the end of the war neared, it became increasing clear that the new ship would not be needed.   During the course of the war, the US Navy had ordered thirty-two Essex-class ships.   While six were eliminated before construction commenced, two, Reprisal and  USS Iwo Jima (CV-46), were canceled after work had begun.   On August 12, the US Navy formally halted work on Reprisal with the ship listed as 52.3% complete.   The following May, the hull was launched without fanfare in order to clear Dry Dock #6.   Towed to Bayonne, NJ, Reprisal remained there for two years until being moved to the Chesapeake Bay.   There it was used for a variety of explosive testing including assessing  bomb damage in magazines.   In January 1949, the US Navy inspected the hull with an eye towards completing the ship as an attack aircraft carrier.   These plans came to nothing and Reprisal was sold for scrap on August 2.          Selected Sources DANFS: USS Reprisal (CV-35)NavSource: USS Reprisal (CV-35)U-boat: USS Reprisal (CV-35)

Business Plan Essay Example | Topics and Well Written Essays - 2250 words

Business Plan - Essay Example In addition, the paper will analyze the initial and long term expenditures required for the successful running of this wonderful business, so that the services could be provided in an elegant way, and the business could win unflinching applause from all corners, and could observe a splendid expansion within some particular period of time. The service aims to focus on its clients and customers, which are the most important factor in the success or failure of any business. The report also makes suggestion to the AER food company an expansion business plan on the basis of which it would launch its business in other areas too, where it could be visited by the walking clients; and the workers, managers and personnel could take some light diet at noon, afternoon and night, and the public can also visit it with family and friends as an exquisite place of sitting as well as a gorgeous source of complete entertainment. AER will be a magnificent food service, which is going to launch its services with the aim of providing the people with swift and healthful food on economical rates under an environment, which is extremely calm, quiet and pleasing for sitting. And where one can have light chit chat, personal meeting or family gathering free from the noise and tension of the outer-world. Hence, the aim behind the establishment of such a food service that could give the message of peace and comfort to its clients at a walking distance from their workplace. To arrange a completely entertaining atmosphere, where the visitors could watch TV, read periodicals and newspapers, listen to the music and entertain themselves with the company of family and friends by taking delicious foods of various kinds Mission Statement: The mission statement established by the intellectual owner Miss Kanhnika is: â€Å"We present highly hygienic and extremely delicious fast food under such an elegant and restful atmosphere, where you can relax, rejoice, dine and discuss

Reliability and Validity Essay Example | Topics and Well Written Essays - 500 words

Reliability and Validity - Essay Example The first article to be analyzed will be the Technostress article, with the second being the Development article. The definitions of validity and reliability will be examined with their relative application to the two articles being examined. A conclusion will be drawn about the research behind the articles. Validity basically is a test to see whether a test really functions effectively in order to garner results that it was designed to gather. According to Cherry (2011), â€Å"Validity is the extent to which a test measures what it claims to measure†¦results [must] be accurately applied and interpreted. Validity is†¦ determined†¦by a body of research that demonstrates the relationship between the test and the behavior it is intended to measure† (pghs. 1-2). For example, in Tarafdar et. al.’s Technostress article, it is very clear that what was being measured was the effect of such stress and roles and productivity. The validity of that research would be that the research effectively measured what it set out to measure. In fact, according to Tarafdar et. al.