The Continuum between Legitimacy and Fraud Research Paper

The Continuum between Legitimacy and Fraud - Research Paper Example This essay discusses that Shawver, an Associate Professor of Accounting at King’s College, and Clements, a Professor of Accounting at Florida Southern College, are trying to explain the effect of emotion on ethical evaluations of earnings manipulation. In the accounting context, it is evident that there some emotional interplay between the evaluation of earnings manipulation. This is because the perpetrator of the manipulation is usually an accountant, and the person investigating the manipulation is also an accountant. The authors state that prior research suggested that emotions might shape the ethical evaluation and decisions made by an individual, therefore, the research goes on to explore the emotion that an accountant might feel when evaluating earnings management.Yang, a Professor of Science and Technology, Lai and Tan, Professors of Accounting, try to determine the relationship between ownership structure of firms and the types of earnings management. The authors class ify insiders as part of a firm’s executives in their research, and from this, determine that the quality of earnings management is affected by discretionary accruals. Specifically, the accruals in the firm fluctuate with executive ownership, indicating that that equity stakes by top members of a firm should be reduced in order to reduce agency costs and relationships. This ensures that the earnings reflected by management are less fraudulent that in other firms that do not have top executives in top-tier management positions.... Female Directors and Earnings Management in High-Technology Firms. Pacific Accounting Review, Vol. 24(1). Pp. 4-32. Gavious and Yosef, Professors of Management, and Segev, the Department of Social Work specialist, wrote this paper to try to explain the effect of the presence of female members in the board of directors and the audit committee. This study was aimed at finding the relation between female directors and the continuum between legitimacy and fraud in earnings management. The study indicates that there is a negative relation between the presence of female directors and earnings management, and that there is always a higher firm value when female representation is higher in higher positions of a firm. The authors quote the moral values of the different genders in supporting this argument, social stereotypes and the women’s motivation and sense of achievement. Ho, J. L., Liu, C. & Ouyang, B. (2012). Bloated Balance Sheet, Earnings Management, and Forecast Guidance. Revi ew of Accounting and Finance, Vol. 11(2). Pp. 120-140. In this paper, the authors, all of them being Professors of Accounting, try to postulate Barton and Simko’s argument that balance sheet information usually acts as a constraint on accrual-based earnings management in a firm. The authors do this by examining the effect of the balance sheet constraint on the manager’s tendency to use either downward forecast or earnings management to avoid downfalls in earnings. The authors find that in cases where the operating assets are higher than average sales, the analyst is likely to provide downward trends of forecasts. In contrast, in cases where there is abnormal increase in production costs and reduction in expenses, the analyst is likely to engage in legal earnings management. This paper

Materials selection for made umbrella Coursework

Materials selection for made umbrella - Coursework Example Other parts include the spring, the runner and the finial or ferrule. This paper will discuss the materials suitable for making the pole or shaft, the canopy, and the ribs. The pole is the metallic or wooden shaft that connects the handle to the canopy. The shaft should be strong enough to withstand different forces such as part of the weight of the user (if used as a walking stick), and to avoid breaking during windy conditions. The shaft of the umbrella should be rust resistant as it commonly gets into contact with rain water. The shaft should also be made of a material that is light so that the overall weight of the umbrella is bearable. One material that is suitable for use in making the umbrella shaft is aluminium. Aluminium is more suitable for use as an umbrella shaft compared to steel, wood and other materials for several reasons. First, compared to wood, it is not affected by moisture making it suitable during rainy days (Ashby, Rayner, & Hunkin 2012). It also does not rot or gets eaten by pests such as termites, and it can withstand changes in temperature without bending or loosing shape. Compared to steel, it is light in weight and is not su bject to rust, making it more durable and long-lasting (Ashby, Rayner, & Hunkin 2012). In terms of cost, aluminium is relatively inexpensive and readily available. The canopy is the part of the umbrella that serves to keep away the rain or shield the user from sunshine. The canopy should be made of a light material that is foldable. The materials should also be washable if its get dirty. The material used to make the canopy should not be one that gets easily destroyed by water or ultraviolet rays. Most important is that the material should be water proof so that the user does not get wet in the rain. One material that is suitable for use in making the canopy is the canopy is nylon taffeta. Nylon is water proof and more durable compared to cotton and other materials

Business Ethics & Professinal Ethics Essay Example | Topics and Well Written Essays - 1250 words

Business Ethics & Professinal Ethics - Essay Example This is a broad core value, but becomes a necessity as a law enforcement officer. As a law enforcement officer or FBI agent, I would be investigating homicides, kidnappings, white collar crimes, and various other offenses. I must be prepared to investigate with the same amount of vigor every case I am assigned. For example, if I arrest an African American, white, Arab, or anyone else, I must treat them the same. If I was investigating the kidnapping of the President’s daughter or a homeless man’s daughter, I must put the same amount of effort in to the investigation. Profiles are used to track criminals, especially in the FBI. However, I must not racial profile, only criminal profile. All American citizens or individuals living in America deserve justice. A cop must follow certain rules to achieve justice for all. It is important to understand that justice sometimes cannot be achieved for all, but the goal is to try to achieve justice for all. In order to do this a few rules must be followed. One example is a suspect’s Miranda Rights. These are rights to remain silent, request a lawyer, or have a lawyer appointed to the suspect. If these Rights are not read, justice cannot be achieved for the suspect or the victim. Innocent suspects can be railroaded or guilty ones can go free, if a cop does not follow the rule of reading the Miranda Rights. Another rule to follow, that some police officers do not observe but should, is the keeping of the laws they enforce. Humans, even police officers, are not perfect. A speeding ticket should not strip a police officer from their post, but more serious offences should. For example, DUI’s, bounced checks, and definitely felonies should cause a police officer’s dismissal. An officer’s integrity would be in question if they commit a crime. They would no longer be able to search for justice, because justice needs to be enforced by those that obey the law. Finally, the last rule

The Impact of Music on the Mind, Body and Spirit Essay -- Exploratory

The Impact of Music on the Mind, Body and Spirit Music is fun. The very mention of the word seems to stir emotions that are exciting and interesting. The mind shifts to recall memories that have long passed, moments that could presently be experienced, or future events that will hold a place in one's heart and mind. In everything, there is sound. Where there is sound, there can be music. Where there is music, activities are taking place with implications affecting one's path in life. In an elementary schoolroom, kindergardeners are learning the ABC song to go home and sing to their parents. Later, these kids are learning to not step on their date's feet on a gym floor at their first school dance. Years later, a team is preparing with exhilarating sounds to clash with their rivals. As this class of students is graduating, they reminisce during their class song. These events will shape their lives with the things they have learned along the way. I am a music fan and a supporter of learning, and, with this project, I learned that both had a connection. As a report, this paper tells of the ways having music in one's life benefits mentally, physically, and emotionally. The power of music stimulates brain growth in the uterus and during the early years of childhood. Also, it positively affects emotional awareness and attitudes from before birth and onward. One can build a comprehension of the world by the provision of patterns given by music. The ability to crawl, walk, and run is developed with more ease. Additionally, the use of sound improves language arts, which vocabulary and expressiveness. "As an integral part of culture, past and present, it helps pupils understand themselves and relate to others, forging important links... ...thin You. Simon & Schuster, Inc. New York 1985 p.186 Leviton, Richard. Brain Builders! West Nyack, NY: Parker Publishing Company, Inc. MENC staff. "Music Education Facts and Figures." Music Education Facts and Figures. December27,2003.[online]Available:http://www.menc.org/information/advocate/facts.html Nqnet. "Welcome to Instep Online." Accelerated Learning-Music to Help You Learn. December 19, 2003.[online]Available:www.nqnet.com/accelerated_learning.html Ortiz, John M. Nurturing Your Child with Music. Hillsboro, OR: Beyond Words Publishing, Inc. Schoen, Max. The Psychology of Music. The Ronald Press Company. New York 1940 p.91 Vos, Jeannette. "Parenting for K-6 Children." Music for Education. December 27, 2003. [online] Available: childparenting.about.com Weinberger, Norman M. "The Music in Our Minds." Educational Leadership Nov. 1998:36-39

Sase study on leadership skills Essay

Mary Herzen felt lucky to be hired for the supervisory position in the Patient Services Depart-ment at North side Hospital. She had lost a similar job at Central Hospital three months earlier. Chris Sapiro was Mary’s boss and had conducted the selection process. It took him five months to fill the position as a result of the internal job-announcement and job-interviewing procedures. Two employees in the Patient Services Department had applied for the supervisory job: Juanita Ramirez, 32, who had been in the department for eight years, and Sue Williamson, 26, who had less experience. Both were rejected because they were not seen as strong enough to be promoted. Chris told Mary about this when he met with her on Mary’s first day on the job. He suggested that Juanita might be a problem and told Mary to handle it the way she saw best. He then took her to the department, introduced her to the staff, and left her to settle in. Later that day, Mary held meetings with each of her new employees. The meeting with Juanita turned out as predicted: she was defensive, uncommunicative, and noncommittal. For example, Mary wanted to learn what Juanita’s job duties were, but could not get adequate replies. Finally, in exasperation, Juanita began arguing that it was Mary’s job to tell Juanita what to do. Mary replied that they would have problems if this was as well as they were going to communi-cate. Juanita then told Mary that she had not been promoted because she was Hispanic, and accused the hospital of discrimination. She began to cry and said she was not going to answer any more questions. Answers to Case Questions 1. Should Chris have informed Mary about the internal applicants before offering Mary the job? Yes. It is important to give job applicants all relevant information about the job for which they are applying. This is especially true for information that might be considered negative. The bulk of research in this area makes it clear that â€Å"realistic job previews† are very important for creating the most favorable initial job conditions. 2. Was meeting with each employee as part of Mary’s orientation a good idea? Although Mary’s idea was backed by good intentions, problems resulted. In general, individ-ual and group meetings both have advantages and disadvantages, and whether one would work better than another for a new supervisor is a matter of personal judgment. One obvious advantage of a group meeting is that certain messages from the new supervisor can be given to everyone at the same time. Another advantage is that the presence of a group has the potential to pressure employees into opening up and sharing what is on their minds. In Mary’s situation, a group meeting could have been especially helpful in this regard, creating an environment in which Juanita felt additional pressure to be more forthcoming. It should also be noted that a new supervisor can also follow up a group meeting with individual meetings, thus combining the two methods. 3. Evaluate the agenda Mary used. How could it be improved? Again, the general intention was appropriate, although the execution was not as good as it could have been. The purpose of the introductory meetings is to initiate dialogue. Mary needed to share information as well as receive it. A more suitable agenda would have Mary share information on such matters as her personal background and goals, her leadership style and practices, her priorities for the near term, and how she would like to work with the employees. She should ask each employee for informa-tion on their job duties, where they stand on projects, any particular problems they are experiencing, and anything else they can tell Mary that would help her supervise CASE STUDY 2: Right Boss, Wrong Company Betty Kesmer was continuously on top of things. In school, she had always been at the top of her class. When she went to work for her uncle’s shoe business, Fancy Footwear, she had been singled out as the most productive employee and the one with the best attendance. The company was so impressed with her that it sent her to get an M.B.A. to groom her for a top management position. In school again, and with three years of practical experience to draw on, Kesmer had gobbled up every idea put in front of her, relating many of them to her work at Fancy Footwear. When Kesmer graduated at the top of her class, she returned to Fancy Footwear. To no one’s surprise, when the head of the company’s largest division took advantage of the firm’s early retirement plan, Kesmer was given his position. Kesmer knew the pitfalls of being suddenly catapulted to a leadership position, and she was determined to avoid them. In business school, she had read cases about family businesses that fell apart when a young family member took over with an iron fist, barking out orders, cutting personnel, and destroying morale. Kesmer knew a lot about participative management, and she was not going to be labeled an arrogant know-it-all. Kesmer’s predecessor, Max Worthy, had run the division from an office at the top of the building, far above the factory floor. Two or three times a day, Worthy would summon a messenger or a secretary from the offices on the second floor and send a memo out to one or another group of workers. But as Kesmer saw it, Worthy was mostly an absentee autocrat, making all the decisions from above and spending most of his time at extended lunches with his friends from the Elks Club. Kesmer’s first move was to change all that. She set up her office on the second floor. From her always-open doorway she could see down onto the factory floor, and as she sat behind her desk she could spot anyone walking by in the hall. She never ate lunch herself but spent the time from 11 to 2 down on the floor, walking around, talking, and organizing groups. The workers, many of whom had twenty years of seniority at the plant, seemed surprised by this new policy and reluctant to volunteer for any groups. But in fairly short order, Kesmer established a worker productivity group, a â€Å"Suggestion of the Week† committee, an environmental group, a worker award group, and a management relations group. Each group held two meetings a week, one without and one with Kesmer. She encouraged each group to set up goals in its particular focus area and develop plans for reaching those goals. She promised any support that was within her power to give. The group work was agonizingly slow at first. But Kesmer had been well trained as a facilitator, and she soon took on that role in their meetings, writing down ideas on a big board, organizing them, and later communicating them in notices to other employees. She got everyone to call her â€Å"Betty† and set herself the task of learning all their names. By the end of the first month, Fancy Footwear was stirred up. But as it turned out, that was the last thing most employees wanted. The truthfinally hit Kesmer when the entire management relations committee resigned at the start of their fourth meeting. â€Å"I’m sorry, Ms. Kesmer,† one of them said. â€Å"We’re good at making shoes, but not at this management stuff. A lot of us are heading toward retirement. We don’t want to be supervisors.† Astonished, Kesmer went to talk to the workers with whom she believed she had built good relations. Yes, they reluctantly told her, all these changes did make them uneasy. They liked her, and they didn’t want to complain. But given the choice, they would rather go back to the way Mr. Worthy had run things. They never saw Mr. Worthy much, but he never got in their hair. He did his work, whatever that was, and they did theirs. â€Å"After you’ve been in a place doing one thing for so long,† one worker concluded, â€Å"the last thing you want to do is learn a new way of doing it.† QUESTIONS: ï‚ · What factors should have alerted Kesmer to the problems that eventually came up at Fancy Footwear? Could Kesmer have instituted her changes without eliciting a negative reaction from the workers? If so, how? Case study 3: Mini Case Study on Leadership and Dysfunctional Management â€Å"Trouble in a Mental Health Center† Alessandro Cavelzani, Ph.D., Psy.D. Ten years ago, a well-known and highly respected hospital located in the center of Rome, opened its Mental Health Center dealing patients with anxiety issues and depression. The administration and its staff included a lead psychoanalyst and four psychologists who were serving as unpaid interns. The leader of the Center supervised the interns who meet weekly in order to help them solve difficulties with patients and to offer clinical suggestions,based on his years of experience. Despite their busy schedules, the interns were required to prepare weekly written reports about their patients for the supervision session with the lead psychologist. The four psychologists felt comfortable, supported, and generally happy with their training. In the past ten years, the Mental Health Center has grown tremendously. It has become well-known in Rome and abroad as a well-organized, professionally run mental health center for psychological treatment. Three years ago, the administrative leader of the Center retired. The Human Resources department of the hospital recruited and hired Dr.xxx, a well-known external psychiatrist, as the new administrative leader and chief psychiatrist for the Mental Health Center. The new Mental Health Center leader has been given a part-time (three days per week) contract because he has other professional commitments at the university and in his own private practice. The Center’s popularity has grown over time. Many local citizens and some foreigners have sought psychological treatment at the Center. To handle the increased patient load, Dr.xxx has increased staff psychologists-in-training from four to eight. In order to provide amore thorough treatment service, Dr. xxx has also added a second group of eight cognitive psychologist interns. Now there are sixteen psychologists-in-training, evenly split between psychoanalytic and cognitive psychologists.Dr. xxx’s many commitments have forced him to schedule supervision meetings with the psychologists approximately every two weeks. Now however the meetings are very tense.Many psychologists try to discuss patients enigma, but the scheduled time is insufficient to accommodate all sixteen psychologists. An additional problem concerns divergent professional philosophies about treatment plans (psychoanalytic vs cognitive), proposed respectively by the two different groups of psychologists. Often, it is almost impossible to reach a common understanding or to compromise on treatment plans for patients. Some young practitioners are voicing complaints that the supervision meetings are useless because Dr. xxx has limited time to help them with the most challenging patient dilemmas. As a result, now only five psychologists –fewer than a third- attend Dr. xxx’s bi- weekly sessions. The other practitioners argue they cannot do any pro-bono work, because they aren’t allowed to leave their offices to attend to

The Topic Of Market Discipline In Banking Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1838 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Improve market discipline in banking is one of the three pillars proposed by the Basel Committee on Banking Supervision in January 2001. This new Basel Capital Accord contains new rules to respond to the deficiencies of the previous accord on credit risk which was made in 1988. First pillar is calculating risk weights for different kinds of loans by using different rating methods for counterparts like standard method, Foundation Internal rating Based (FIRB), Advanced Internal Rating Based (AIRB). Don’t waste time! Our writers will create an original "The Topic Of Market Discipline In Banking Finance Essay" essay for you Create order Second pillar introduces the principle of a structured dialogue between banking institutions and supervisors. Third pillar is focused on transparency and market discipline. Transparency rules are established for the information made available to the public on assets, risks and their management. In this essay we focus on market discipline to describe how it can be a way to reduce banks risk-taking, why supervisors wanted to introduce this notion in rules of supervision and finally what are the difficulties of enhancing market discipline in banking. First of all we are going to define this concept, what it means and its role in banking and then we discuss factors affecting market discipline and how to enhance it and finally conclude with a brief relief with the recent financial crisis. The concept of market discipline : Market discipline means the responsibility on the banks and financial institutions  to  conduct business while considering the risks to their stakeholders. Market discipline promotes the transparency and disclosure of  the risks associated with  a business. This concept was inserted in the third pillar for improve the safety and soundness of the market. More precisely in banking, it means that banks are more control by the market than they were before, because their stakeholders control their activities and especially on risks of these activities, if they think that business of their bank is too risky, they will demand a higher premium. This phenomenon is the same with banks depositors, if they think there is a big risk of their bank to fail, they will require a higher rate on their deposits or they simply leave this bank to go on other less risky. Thus, in order to not pay a higher premium on liabilities and to convince depositors and other cou nterparts of their financial strength, banks will be encouraged to reduce risks. To enhance the role of market discipline in financial markets, the third pillar requires the bank activities to be transparent to the general public. For this, the bank is supposed to release relevant financial data (financial statements etc) in a timely fashion to the public, for example, through its webpage. This might enable depositors to better evaluate bank condition (the probability for the bank to fail) and diversify their portfolio in accordance. Factors affecting market discipline : The first factor affecting market discipline in banking is the formal deposit insurance which has been established in most developed countries around the world (first introduced in the USA in 1933 after the great depression). Formal deposit insurance is a credible way to prevent bank runs which are very negative for countries economy (it would be too long to explain all negative factors of bank runs in this essay) as we have seen in the 1929 crisis for example. In this case, banks pay a premium to a private or public insurer who repays depositors in case the bank fails. But now the problem is that deposit insurance generates moral hazard problems and the decrease or disappearance of market discipline. The reason why deposit insurance can encourage banks to take excessive risk is, if depositors are sure to be repaid in case of failure they have no more incentives to monitor their bank, while deposits are insured, banks behavior on risks is not their concern. Without deposit in surance depositors will be concerned about the riskiness of banks assets and will require a higher rate whenever the bank increases its risk of failure. Therefore with deposit insurance market discipline imposed by depositors is not effective anymore. And even when insurance is capped, market discipline lost its role because the cap is too High. Second factor is the status too big to fail of some big banks. Too Big to Fail is a phrase referring to the idea that in economic regulation, the largest and most interconnected businesses are so large that a government cannot allow them to declare bankruptcy because failure would have a disastrous effect on the overall economy. As a matter of fact this phrase is true for numerous institutions and their stakeholders. But how this principle can affect market discipline ? Gradually, lenders to big banks understood that their money was no longer at risk. And the banks realized that the bigger and more complicated they got, the safer they would be from market discipline and so they became. Lenders to the commercial banks had known that the government implicitly protected them, and thus didnt worry much about what the banks were doing with their money, including extending to much risky activities. Thus we understand that for lenders, claims are implicitly protect by the countries government, so they dont have any incentives to manage banks risk-taking. This principle is also applicable for stockholders and for the management of banks: As stockholders realized their investment was somewhat protected by governments, they had no incentives to control banks but had incentives that it takes more risk to benefit from any increase in pay related to their shares. Actually benefit from higher leverage of their stocks. And finally, the greater the risk is, the higher the profits are, the greater the shareholders grant compensation to bankers. So, with this principle, bankers and stockholders have strong inc entives to increase banks risk-taking, market discipline is totally inefficient. The base of market discipline: publishing information. The Basel Committee aims to encourage market discipline by developing a set of disclosure requirements which will allow market participants to assess key pieces of information on the scope of application, capital, risk exposures, risk assessment processes, and hence the capital adequacy of the institution. Supervisors have the authority to require banks to provide information in regulatory reports. Some supervisors could make some or all of the information in these reports publicly available. Furthermore, banks management may choose to provide the Pillar 3 information through other means such as on a publicly accessible internet website or in public reports. Information should be generally published on a semi-annual basis, but few exceptions exist. For example the obligation for large international banks and other significant banks to have to disclose their Tier 1 and total capital adequacy ratios, and their components, on a quarterly basis. The new Basel capital accord has defined 13 tables specifying precisely the qualitative and quantitative disclosures to publish to enhance market discipline such as capital adequacy, credit risk, banking book positions on equitiesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ A way to enhance market discipline: The subordinated debt Subordinated debt is a debt that is either unsecured or has a lower priority than that of another debt claim on the same asset or property. It can be also called junior debt. Subordinated debt has a lower priority than other bonds of the issuer in case of liquidation during bankruptcy, below the liquidator, government tax authorities and senior debt holders in the hierarchy of creditors. Because subordinated debt is repayable after other debts have been paid, they are more risky for the lender and typically have a higher rate of return than senior debt due to the increased inherent risk. This type of debt is uninsured. Argument for subordinated debt is that because of its junior status, its yield should be more sensitive to changes in risk than are the yields of large denomination deposits. In the event of bank failure, subordinated debt holders will be the last in line for recovery of their claims. If all large banks were required to issue the same type of subordinated de bt, market participants and regulators would be able to compare yields associated on these debts and would have an easy means of comparing banks default risk. Then regulators could impose to the banks with the highest yield corrective actions or more rigorous examination, the yield spread which result can also be used to determine a deposit insurance premium for the bank. Thus, impose a certain level of subordinated debt in banks liabilities can be a way to improve market discipline. However, it still exists some problems or interrogations about this role of subordinated debt in enhancing market discipline. One problem is that investors can be more concerned about the liquidity of those securities than in other on the same bank because as subordinated debt has a longer maturity than others, banks which has a narrow secondary market for it or do not trade at all will find that yields incorporate a relatively larger illiquidity premium. Thus yields will be not very represe ntative of the default risk and not easy to compare between banks. Other reason is as Gorton and Santomero have noted, if the risk for subordinated debt-holders to lose all the value of their investment is high, their incentives can be the same as stockholders when the probability of bankruptcy is high. In this case, pay-off distribution of these two different types of investors is the same, and there are incentives to increase risk and reduce control. Last reason is to identify the correct model of the determination of subordinated debts yields. The implicit model in many studies is that investors price the securities according to the perceived level of risk of the banks. But we can also think that investors can price assets regarding the risk that regulators will close the bank. Logically, investors will be less encouraged to monitor a bank considered too big to fail. In conclusion, we can say that market discipline is an important topic in discussions of regulatory autho rities who have also registered as Pillar 3 of the new Basel Agreement. Indeed we have seen that it could be a way to force banks to limit risk in their activities. However it may be affected by several factors like deposit insurance, which is very important too in order to limit bank rushes. A solution might be to impose on banks a certain level of subordinated debt in order to really encourage those creditors to monitor and supervise risks taken by banks. Nevertheless, it also has drawbacks. This will require in the future finding solutions to improve market discipline because we have seen in the recent crisis an inherently riskier banking system because of insufficient incentives and mechanisms to control excessive risk-taking, and a stronger wish on supervisors to protect the banking system, Furthermore, the strong growth of financial innovations, including products more and more sophisticated, in the sense where the risk associated with assets is difficult to col lect, and certain shortcomings in the rating agency have made it difficult to control banks. Thus with the financial globalization, it is increasingly difficult to supervisors to control banks risks, so in the future, the market discipline will probably become more and more important as a complement of banking supervisions rules

How Can IAG (Insurance Australia Group) Increase Their Staff Retention - Free Essay Example

Sample details Pages: 8 Words: 2331 Downloads: 6 Date added: 2017/06/26 Category Management Essay Type Research paper Did you like this example? INTRODUCTION 1.1 Brief Introduction of the organization IAG (Insurance Australia Group Limited) is a parent company of general Insurance group which have been expanded in Australia , New Zealand , Thailand and Vietnam, which operates under different brand names in each of the respective countries. For Instance, It operates by the brand name NRMA Insurance, SGIO and SGIC in New South Wales, South Australia and Western Australia, While operating by the brand name as NZI, STATE Insurance and AMI in New Zeland (About IAG). IAG also has a 26% joint venture with SBI general Insurance Company which is owned by the State Bank of India (SBI), which is Indias largest bank. (IAG (Insurance Australia Group)) Don’t waste time! Our writers will create an original "How Can IAG (Insurance Australia Group) Increase Their Staff Retention" essay for you Create order 1.2 Managerial Problem Identified Insurance Australia Group Limited (IAG) is the leading general insurance company and this company deals with different brands in different countries. The company has been faceing different types of managerial problems since last couple of years. The main problem occuring within the organisation is staff retention. The reason this topic is proposed is because one of our group members is currently employed by IAG who operates as STATE insurance in New Zeland. The main issue observed at IAG is the frequest turnover of the staff which in turn would involve in hiring and training new employees for a period of one month and this would impact the financial expenditure of the organisation . 1.3 Research Problem Statement How can IAG (Insurance Australia group) increase their staff retention in State Insurance which is the brand name of IAG operating in New Zealand. 1.4 Research Questions The below are the outlines research questions which would help us solve the managerial problem occuring at IAG. What are the main causes behind the staff turnover at IAG ? What are main factors that would motivate the staff to work at IAG? How is the work environment existing at IAG? Project Plan 2.1 Include the scope of your project As we know well, IAG (Insurance Australian group) is one of the worlds largest insurance company. Most of its products are based on general life, home, business, travel and many more. Moreover, the scope of our project is to identify the existing managerial problem existing and try to resolve it, which would be extensively beneficial for the companys revenue. 1). Identify We have identified the existing managerial problem existing at IAG, which is its high rate of the staff turnover, this problem was identified by us by observation, as well as one of our team members is working at the organisation and have observed that the company would be advertising job opportunities in every 3 months time, hiring new employees would require finances, in order to train the new staff. This is the how we have identified that staff rentention is one of the issues existing at IAG. 2). Analysing The project analysing is a method used to find out the problem of issue in management. The project would require thorough analysis, our team shall work together and brainstorm with the best possible solutions as well as we would be analysing the initial problem critically. 3). Research The à ¢Ã¢â€š ¬Ã‹Å"wordà ¢Ã¢â€š ¬Ã¢â€ž ¢ research means to go seek closly. Its more general sence is used to be any kind of investigation or increase factual knowledge. In case of IAG project research we shall employ certain qualitative research methodology like observation, interviews and surveys, which would help us resolve the initial problem identified and this in turn would be extremly be beneficial for the organization. 2.2 Resources required for our project Team According to requirement of this project it is based on team project and team work. As we have five members in a team, each member would be alloted specific questions which would help the team to work equally and get the result accordingly and thus in turn would increase the productivity. Time Time is the main resource, which as team we would require time for each and every activity based on project. As in starting phase of the project team needs a team discussion to decide which will task would be alloted to each member. We would require 9 weeks duration to obtain and implement the best possible solution. Budget This project would require face to face interviews, observation and survey survey done and by which all our group members will b travelling to several place to do surveys, at this stage we would require a budget of 5000 NZD approximately to complete our project. 3.1 Problem Solving Models In our project we shall employ the six-step problem solving model. Problem solving is also known to be a psychological procedure which would initially require the discovery of the problem after then it is analysed and then it is resolved. (Psychology) Moreover, in order to resolve a particular problem, it is critically important to follow a series of steps. The six steps to problem solving is as follows: Identifying the problem Although this step may initially seem to be one of the obvious ones, it is infact the most important part of the problem solving process. However if the very first step of identifying the problem is not properly achieved, attempts would be made in order to resolve it and the entire research would go in vain and the end result would not be fruitful. Hence identification of the problem is considered to be the most important amongst all the steps. (Psychology) Analyse the Problem We first identified what type of problem it is, thereafter we shall analyse it deeper in order to determine the main cause of our identified problem. We shall then be asking the question à ¢Ã¢â€š ¬Ã…“Why?à ¢Ã¢â€š ¬Ã‚  a number of times to go through each layer of symptoms and so to arrive at the heart of the problem. we are confident that after conducting a thorough analysis we would be able to reach the root-cause of the problem. (The Six Step Problem Solving Model) Identify as many solutions as you can Our team shalll then brainstorm creatively by asking lots of questions about the who, what, where, when, and how, these questions would then definitely lead us to different potential solutions. Choose the Best solution In evaluating our ideas, more options could present themselves. We could achieve this by analysisng each solution, according to criteria such as how valuable it will be as well as how much time, cost, and effort it would incorporate and how liable it is to satisfy the organization. Plan of Action During this step, we shall conclude as in what steps must be taken, by preparing an action plan. And we shall decide on deadlines for completing the actions and approximating the costs of executing them. We would also have to be prepared for a back-up plan, just in case, becaus eof any unavoidable ciscumstances we are unable to reach or execute our proposed solution, we would not have to terminate the project. This stage consists of narrowing down the potential ways to execute the solutions we have chosen, based on any limitations that apply. we would also include the who, what, and when of our proposed solution. Implement the solution We need to certify that the necessary resources remain available and we shall supervise the progress in solving the problem; or else, all the work we have done might go in vain. 3.2 Implementation of the six problem solving models Our group have decided to follow the above mentioned six step problem solving model. We shall initially define and identify the problem clearly, cause If the correct problem is not figured out than the entire research would go in vain and the end result would not be fruitful. After clearly identifing the problem we shall Analyse it thoroughly and would critically analyse to see if there would be any potential barriers which might arise during our research. Our team shall then brainstorm all the various possible solutions. After determining various different strategies to solve our problem , our team shall then select the most appropriate solution which would help us bring fruitful results, we would also have to make sure that the appropriate solution we come upon would be time efficient as well as cost-efficient. MANAGEMENT TOOLS/CONCEPTS 4.1 Identify and briefly explain any management tools and/or concepts your group intends to use. Management is the impotent part of every organization. Management play a important roll in Organization, every work with some tools and functions. These are five functions and tools of management. 1. Planning 2. Organization 3. Staffing 4. Directing 5. Controlling Planning Planning is the process of thinking about and organizing the activities required to achieve a desires goal .planning is based on involves the creation and maintenance of a plan. Planning is basically two types long term planning and short term planning. Long term plan used for 3-4 years policies and short term plan daily used. Mostly every organization working on different plan and policies. These plans are so useful for company. Whereas planning predicts what the future should look like. How our team shall implement: Strategic planning is the model of every organization, which provides a framework for developing strategic plans. We have work with organization plan and policies. We have five member in our group and working will difference part of project report .one are prepare with front page and will another part of assessment. Each person work spared part and after completing set into the project report. Organization An organization is a social body that has a combined goal and is simultaneous to an exterior atmosphere. An organization is a body that functions in both the public as well as private sector concurrently, satisfying public duties and developing business-related activities. Our chosen organization is IAG, which is a one of the multi-national companies providing insurance to more than 7.8 billion customers across the globe. (management tools) How our group will work Organization is the function of every management. It involved developing structure and allocating human resources to ensure the objective. These structure are represented the by organization chart. And our group chose IAG (Insurance Australia Group Limited) we have all the group member worked on the company policies and solving managerial problem. (management tools) Staffing Staffing play important role in every management .Staffingis a term used in the hire ofemployment it has been applied to more than one aspect of the working environment. Staffing means that different type of employees working together for company. And staffing is the process of acquiring. Deploying and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization effectiveness. (management tools) Directing: Directing is the function of management, a basic management function that includes building and effective work environment and creating opportunity for motivation. Directing is an impotent part of management skill .which involves communication, leadership etc. And motivate the employees of organization how to achieve the goal and objective of organization. (management tools) How our group will work Directing is the model of management and it involves the social and informal sources management. Directing means that motivate and order to the employees to achieve the goal and objective of the organization. In our management head of hardy and he divided the work into other member and analysis all the progress of project report. And he will seen that every member of group work correct. (management tools) Controlling: Controlling is the other function of management which is include controlling design and accompany the management process of defining goals, planning and controlling of objective. in controlling include the all actives of management .controlling is the power of top level management and these level taken all the major decision of organization . (management tools) How our group will work Controlling is one of the managerial functions like plaaning, organizing, staffing and directing. it is the meaning of controlling to control the all activates of management . For example top level of management control the middle level and low level management. And our group team leader control all the other member of team and analysis the activates of other member (management tools). 5.1 Methodology Primary Research This research is an original object or document (raw material or firsthand information). (ithacalibrary, n.d) By selecting this research our team will get firsthand data and fresh data directly. Secondary Research This research is all about whatà ¢Ã¢â€š ¬Ã¢â€ž ¢s written in primary research. Secondary research includes discussion about what written in original material. (ithacalibrary, n.d)This research will help us to get bulk information about the company. This will be two research methods our team will be selecting to research with their possible sources. 5.2 Possible Sources of data We above in 5.1 we have mentioned that we will be selecting both methods to do research and the possible sources of each method are given below:- Primary research:- Their possible sources are:- Face to face interview Survey Observation Group discussion From this we will be selecting two sources which are Survey and Observation as survey will help our team to get maximum number of respondents and point about the problem in company and observation will help us to observe and record the behavior of the company directly. Secondary research:- Their possible sources are:- Media Articles books Internet We will be selecting Media and internet because now dayà ¢Ã¢â€š ¬Ã¢â€ž ¢s this is easy means of sources. The information from the media will be extremely fruitful. As Internet will be helping team out by finding company brands, and much more inner information about the company. References (n.d.). Retrieved 03 18, 2014, from IAG (Insurance Australia Group): https://www.iag.com.au/business/asia.shtml About IAG. (n.d.). Retrieved 03 18, 2014, from IAG : https://www.iag.com.au/about/index.shtml ithacalibrary. (n.d). primary and secondary sources. Retrieved 04 01, 2014, from ithacalibrary: https://www.ithacalibrary.com/sp/subjects/primary management tools. (n.d.). Retrieved 03 26, 2014, from Information and knowledge: https://www.bing.com/search?q=Information+and+Knowledge+ManagementFORM=R5FD6// Psychology. (n.d.). Retrieved 03 24, 2014, from About: https://psychology.about.com/od/problemsolving/f/problem-solving-steps.htm The Six Step Problem Solving Model. (n.d.). Retrieved 03 25, 2014, from Gice Blog: https://blog.gice.in/the-six-step-problem-solving-model/ Appendix Questionnaire Page 1