Materiality In Financial Statements Essays - Auditing, Materiality

Materiality In Financial Statements It is the responsibility of an independent auditor to plan and perform an audit of financial statements that will provide reasonable assurance of detecting errors and irregularities that are material in nature. According to the Financial Accounting Standards Board, the essence of the concept of materiality is: The omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item. Materiality is a term that is hard to quantify, and must be determined for each individual situation. Public accounting firms have established informal quantitative and qualitative measures in an attempt to establish materiality thresholds. These measures have been affected and enhanced by statements of the Securities and Exchange Commission and other regulatory agencies and professional organizations. In setting the preliminary judgment about materiality, auditors establish the maximum amount by which they believe the statements could be misstated and still not affect the decisions of reasonable users. An amount is considered material when it is one dollar more than the amount required for a user of financial statements to change their decision. Two broad types of materiality have been recognized: quantitative and qualitative. Quantitative materiality is economic in nature and exclusively depends on the effect of a fact on the companys financial performance. Typically, public accounting firms have established quantitative materiality thresholds, and have used specific mathematical procedures in this process. Once the effect of a fact exceeds a certain percentage or amount of the item serving as the base measurement (ie. net income, stock price, or total assets), the fact is disclosed as a material statement. Qualitative materiality is not as straightforward or easy to measure. In an attempt to clarify qualitative materiality, FASB asserted that materiality judgments can properly be made only by those who have all the facts. Thus, qualitative materiality takes into account the relevance and reliability of a fact to determine its effects on the financial statements, encompassing the information available in its entirety. The Securities and Exchange Commission (SEC) is an agency of the federal government whose purpose is to help to provide investors with reliable information for use in making financial and investment decisions. The SEC has determined that the creation of accounting principles and auditing standards should be left to the accounting professionals, namely the Financial Accounting Standards Board (FASB) and the Auditing Standards Board (ASB). However, the position of the SEC is greatly taken into account when changes are proposed. Recently, the SEC disclosed its position on the practice of using quantitative benchmarks in determining materiality. On August 12, 1999, the SEC released Staff Accounting Bulletin 99. This bulletin expressed the view of the SEC that exclusive reliance on certain quantitative thresholds to assess materiality is inappropriate. SAB 99 eliminated the common rule of thumb practice followed by most public accounting firms that allowed transactions affecting financial statements by an amount less than five percent to be disregarded and deemed immaterial. The quantifying of materiality in a percentage term should be just the beginning of a materiality analysis. The emphasis of the SECs bulletin was to encourage auditors to view facts in the context of the surrounding circumstances. All relevant factors, both quantitative and qualitative, must be accounted for and magnitude by itself, without regard to the nature of the item and the circumstances in which the judgment has to be made, will not generally be a sufficient basis for a materiality judgment. To assist auditors in determining relevant considerations in determining materiality, SAB 99 provided a partial list of situations where misstatements that are quantitatively small may be deemed material. These situations include misstatements which: Arise from an item capable of precise measurement or from an estimate and, if so, the degree of imprecision inherent in the estimate Mask a change in earnings or other trends Hide a failure to meet analysts consensus expectations for the enterprise Change a loss into income or vice versa Concern a segment or other portion of the registrants business that

The Best Way to Run a Creative Ideation Workshop

The Best Way to Run a Creative Ideation Workshop Every business, product, project, campaign, blog post, and plan starts with an idea. Bringing an idea to life can be a long and challenging process. But arriving at a good idea can be a challenge as well. You could brainstorm 100 ideas and find that none of them seem worth pursuing. Or you could arrive at a handful of good ideas, only to be faced with the difficulty of choosing which idea to pour your time and resources into. The aim of a creative ideation workshop is to optimize the brainstorming process. The problem is, if your ideation workshop isn’t focused and structured, you can end up wasting a lot of time. That’s where this guide will help you. After you’ve read and implemented all the strategies in this post, sign up for a free trial. It’s the best way to plan and manage all your projects. From project to-dos, workflow planning, and team management, it’s got all the features you need to make your projects feel like organized heaven†¦ But First†¦ Download These Creative Brief Templates A creative brief is a great way to get everyone on the same page before any new project takes off. Steal one of these templates to make the process as easy as can be.Identify the Goal of Your Workshop There’s no such thing as a bad idea, right? I’ll leave that one up to you. But there are definitely ideas that aren’t relevant enough to be prioritized. In order to come up with relevant, viable ideas, you need to identify a clear goal from the get-go. Specifically, you should identify a particular metric or product feature you want to impact. The first step of any creative workshop is to identify the goal. For example, say you wanted to do a blog content ideation session. Rather than simply ask, â€Å"What are some new topics for blog content we can do?† hone in on a more specific goal. Your goal could be something like â€Å"to increase conversions on this particular landing page† or â€Å"to get more people to use this feature of our product.† Having a specific metric you want to impact  will help you come up with focused ideas. This will also help you eliminate (or backlog) any ideas that don’t directly impact that metric. If you’d like a more detailed guide to identifying key metrics, check out this growth strategy guide. Now let’s talk about the dream team you’ll need to assemble for your creative ideation workshop. Pick the Right People For Your Workshop Time to assemble your dream team. GIF Source To gather the best ideas, make sure you have the right people participating in your workshop. Generally speaking, it’s helpful to have a group of people with varied perspectives participating. Think: who on your team knows the most about the metric you want to impact? Who has worked on similar projects in the past? Who might be able to offer an important perspective? Get Multiple Perspectives Returning to the blog content brainstorming example, you would certainly want to include members from your content team. But depending on the metric you want to impact, you may also want to include a member or two from another team. For example, say you were brainstorming content ideas with the goal of promoting a new product feature. It could be useful to include a member of your customer support team in the workshop. They interact with your customers on a daily basis and will know first-hand what kinds of problems they face. Or say your goal is to brainstorm a new product feature. Not only would you want engineers in the workshop, but also someone from customer support to help you identify customer problems. Or someone from your Marketing team, who would be familiar with your competitors and be able to identify differentiators. Use a Structured Ideation Technique If you want to maximize your time and effort in your creative ideation workshop, you need to follow a structured approach. That’s why you should create a framework to ideate, narrow down and prioritize ideas. A quick search will yield hundreds of different ideation techniques  you could use. The key is to use a framework that allows your team to come up with a pool of focused ideas, which you can then narrow down to select the best contenders. Here are some tried and true ideation techniques you can use. Across all of these ideation techniques, it’s a good idea to give your team some homework prior to the workshop. Every participant should come to the workshop equipped with some knowledge of the problem so that their ideas will be informed. All of these ideation techniques will require a facilitator to be appointed. They’ll be in charge of leading the workshop and making decisions about which ideas to prioritize. Idea Sprint (from the book Sprint) This the method is very effective. It’s typically used for both product and marketing ideation. This method was adapted from the Google Design Sprint outlined in the book Sprint, which takes place over five days. We condensed the framework down to a  shorter version that can be completed in a 1-2 hour creative ideation workshop. Step 1: Intro (15 minutes)  Communicate any key information participants should know before they dive in. For example, if you’re doing a product ideation workshop, then you will need to share your product vision. There may also be specific user pain points you want to address, a particular challenge you want to overcome, or any requirements the final solution must contain. You may also want to offer some examples of competitors’ solutions. Discuss the strengths and weaknesses they present. Step 2: Crazy 8’s (10 - 20 minutes)  Crazy 8’s is a fast sketching exercise that challenges each member to sketch 8 distinct ideas in 8 minutes (roughly 1 idea per minute, unless you want to a lot more time). The goal is to push participants to come up with a wide variety of ideas. Each participant should take a piece of paper and fold it into 8 sections. Instruct them to sketch one idea in the first rectangle. When the time sounds, tell them to move on to sketching a new idea in the second rectangle, and so on. Here’s a template you can use: Use This Template Step 3: Storyboarding (20 minutes)  Instruct each participant to take the best idea from their Crazy 8’s session and create a thorough solution sketch in storyboard form (305 screens with annotations). They should explain how the solution directly addresses the goal of the ideation workshop. These don’t have to be beautiful but they should be coherent and easy to understand. Step 4: Dot Voting (10 - 20 minutes)  This step follows a heat map-style approach to review solutions. Every participant should be given dot stickers. Let the participants walk around and vote for which features of a solution, or which solutions in their entirety, they like by placing the do stickers beside them. Popular solutions and features will become apparent when they have multiple dots clustered around them. Step 5: Summarize Voting and Discuss as a Group (10 -15   minutes)  Group any similar solutions. Then, allow participants to explain and promote any solution that couldn’t be adequately explained in a sketch. After the Sprint:  Once the sprint is over, it’s time to pick and prioritize. The ideation workshop facilitator and/or project manager should decide which ideas are worth testing. [Tweet "The best step-by-step process for running an idea sprint." #marketing] Rapid Ideation The aim of this framework is to come up with as many unfiltered ideas as you can, without fear of judgment. Then, you can narrow it down from there. Step 1: (5-10 minutes) First, go over what the goal of your ideation session will be and who your main audience is. Step 2: (10-20 minutes)  Discuss the scope and parameters of your project. What timeframe will you be working in? What’s the budget? This will help you Step 3: (30-40 minutes)  Have each participant individually brainstorm ideas. Set a goal of approximately an idea a minute, to encourage them to think quickly and freely. Step 4 (20 minutes)  Ask participants to pick their top 3-5 ideas and present them to the team. Then, eliminate the ideas that aren’t viable or relevant enough. Once you’ve picked the idea (or few ideas) you want to prioritize, you can further flesh them out. Starbursting Starbursting is a creative ideation technique that spurs participants to ask questions, rather than trying to come up with instant solutions. This can be an effective approach when you’re trying to prioritize a new project, product feature, or content strategy. Start by drawing a 6-point star and write the questions Who,  What,  Where,  When,  Why and  How  at the tip of each point. In the center of the star, write the metric you want to impact.

Case 1 Assignment Example | Topics and Well Written Essays - 750 words

Case 1 - Assignment Example Social technologies in particular, can be associated to social networking such as Facebook and Twitter; social media like YouTube, Scribd, and Flickr; and social relevance that covers all the methods of expressing opinion through online. These technologies substantially contribute to all aspects of an organization especially in terms of generating revenue into a much broader scope of marketing. The most significant point to consider, however, is that social technologies play a crucial role in creating a continuous conversation and relationship with the company’s members, as well as in achieving growth and development. Thus, it is essential to establish an organizational voice to promote the marketing environment of a business, and such voice can be done by utilizing various tools in social technologies and other channels including the print media. In doing so, this would lead to building a good reputation for a company to transact business with the experts in an industry. More over, it is strongly advisable to use crowd-sourcing and provide more sources of information to maximize Internet readership, which allows the company to have less expenses but more creativity. Social technology, therefore, presents an opportunity of changing a chaotic business environment into one that can be easily managed. CRITIQUE â€Å"Social Technology: The Next Frontier† - Scott Klososky In this modern age, social technologies are highly influential in people’s daily lives and in the ongoing operations of the business environment. With the evolution of the Internet, the scientific innovation of products and services has offered much convenience and reliability in responding to the needs and demands of the present society. Indeed, the tools used in social technologies are one of the most innovative applications of doing things that are beyond human capacity to some extent. Not only do individuals are able to maximize the benefits of these technologies but more es pecially for businesses that allow them to raise their revenues and improve their productivity, efficiency, and creativity. In fact, the dominance of social media has affected most organizations to establish good relations and constant communication with its surrounding community, as well as with its members. Klososky (2012, p. 50) noted that as the massive influence of the social tool box is rapidly increasing, the relevance of various applications in social technologies has prompted the majority of learning how to use these tools. As for the business and its competitors, they will use their knowledge of these tools for their own advantage and for the benefit of sustaining their strategic position in the market. Given that the social media is spanning across diverse market groups, any corporate organization should be able to cope with the current trend in technology. In one way or another, they can incorporate the use of social media and networking in their marketing strategies if sustainability and building a good reputation are deemed valuable. As an opinion, social media is becoming so important mainly because the frequent usage of the internet has created a well-structured functioning in the delivery of products and services to a number of individuals and organizations. According to Rand (2013, cited in Goudreau 2013), social media are highly important to have a

Civil war in Africa Research Paper Example | Topics and Well Written Essays - 750 words

Civil war in Africa - Research Paper Example Warlords and government can no longer rely on an ideological basis for civil war financing since the disintegration of the Soviet Union. Natural resources are asserts that sustain activities of both rebel movements and justice movements set to counter them (Collier & Hoeffler, 2000). Congo has diverse and abundant minerals that include gold and copper. The locals do not benefit from these minerals, as those that benefit have not done any useful investment in the country. Foreigners have persistently found local collaborators to share the massive possessions of the continent. Civil war broke as movements purported to protect the masses from the monopoly of the rulers and their overseas business allies (Nzongola-Ntalaja, 2004). Interference from outside countries, like USA and Soviet Union has also led to civil wars in the African continent; the Cold War is a significant component in aggravation of civil war in Africa. Each power militarized different African states and took part in de stabilizing their government’s political legitimacy. Governments in Ethiopia, Somalia, and Zaire depended on Cold War finance sustain their military dominance. This competition for supremacy motivated a scramble for power among different sponsored movements in different African states (Cramer, 2006; Ndikumana & Emizet, 2005). ... The powers went as far as offering arms and training to groups to provide them and edge in waging war over their rivals. A large number of African civil war protagonists received military training from countries like Russia, Israel, USA, and the Soviet Union (Kinzer, 2008) Extend of Western countries’ contribution to civil wars can be as far as assassination of some of the African leaders. There are accusation against western countries for sanctioning assassinations of African political leaders such as Eduardo Mondlane and Patrice Lumumba, Dag Hammarskjold and Samora Marcel (Akaki, 2008; De Witt, 2001). This assassination has contributed to civil wars in Africa as various political groups blame each other for the death of these leaders. The power vacuum in place leads to scramble for the vacant leadership position. High prevalence of civil wars in Africa is accredited to the ethnic variety of its people. This inference seems self-evident to many, given that. Rebel movements in Africa are most of the times ethnically oriented. Divisions in terms of ethnic orientation and the hatred that comes with it are thus among the cause of violent conflict in African continent (Elbadawi & Sambanis, 2000). Settlement former slaves in Liberia can also be to blame for of civil unrest in the country. The freed slaves prevented those from indigenous community from taking up political leadership positions; moreover, thefreed slaves thought of themselves as a progressive group. They saw indigenous Africans as heathens and savages. Liberians from America, adopted a racist thinking they experienced in the west at the time, which tagged indigenous Africans as primitive people. Such attitudes led to frequent friction among the groups, which

Merger, Acquisition, and International Strategies Research Paper - 1

Merger, Acquisition, and International Strategies - Research Paper Example Transcontinental Oil Company was the owner of the Marathon brand. Ohio Oil Company transformed into Marathon Oil Company in 1960s, making it grow through purchasing or merging with other companies. Besides, the company has enjoyed good fortunes through drilling oil in regions outside the USA. Such regions include Mexico, Canada, Alaska and Ireland (United States Congress, 1981) United States Steel bought Marathon Oil in 1982 and moved its headquarters from Ohio to Texas. In 1998, Marathon Oil merged with Ashland Inc. and formed Marathon Ashland Petroleum LLC. This enabled Marathon Oil to expand its base in the USA. In 2001, USX sold the steel firm in Marathon Ashland Petroleum LLC and concentrated on oil business. The company was then named Marathon Oil Corporation (Donnell, 2007). The company has opened up drilling facilities in Louisiana, Illinois, Canton, Ohio, Michigan, Kentucky, Texas City, Catlettsburg, Texas, Minnesota, Angola, and Equatorial Guinea because of merging. The com pany also experiences good returns on its investment. For example, the latest financial statement for the company stated returns on investors appreciated by 9.8%, earning yields of 8%, revenue increase of 16 billion and profit margins of 9 billion. The company made a profit of 4 billion more compared to the previous year. Though the company had an increase of daily expenses from 166 million daily to 174 million, it experienced a daily income of 384 million. The main reason why the company has sustained good profits is its ability to conquer new markets and merge with other companies (Donnell, 2007). Question 2 CarMax, Inc was established in 1996. The company deals in second-hand cars through its subsidiaries. Last year the company sold over half a million cars. The company also sales some of its cars through auction; last year, the company sold thirty thousand cars at its on-site auction centers. At times, the company is allowed to sell new cars at four locations together with manuf acturing companies. Last year, two percent of its cars sold were new cars. Apart from this, the company offers other products and services. They include purchasing of cars directly from consumers, guaranteed asset protection, accessories, and vehicle repair. The company acquires cars from consumers through car-buying centers and in-store appraisal process and sales them to other buyers or leases them out to hires or individuals who want to use them in racing or wedding parties (CarMax, 2013). It would be profitable if CarMax merged with Suzuki Motor Corporation. This is because Suzuki Motor Corporation operates worldwide. This would make CarMax expand its services to the international community and widen its market. Lastly, by going international, CarMax would improve its image as an international company. The company would also deal in a wide range of cars such as pickups and Nissan motorcycles. This would enable the company to outshine major rival companies such as General Motors (American Suzuki Motor Corporation, 2013). Question 3 Marathon Oil Corporation has a cost leadership system that improves level of efficiency and reduces costs of operation. Such system is able to convince countries to allow Marathon Oil Corporation to operate in their regions in a cost-effective mode. This has enabled the company to deliver goods and services to its clients at a relatively lower price compared to its rivals. The company has also differentiated its

Employee satisfaction and Employee retention

Employee satisfaction and Employee retention Introduction Human resource is a key component of organisation as people are the heart of the organisation and play a critical role in determining the performance of the organisation. Companies that are careful and meticulous in recruiting the appropriate people with the required skills and knowledge that will be useful in the organisation are likely to fare significantly better than organisations that are lax in their process of staff recruitment. Human capital is an important source of competitive advantage and provides the organisation with a competitive edge over their competitors (insert reference abt human capital being a competitive advantage). Careful selection and recruitment of people is hence an important process of human resourcing. Once an organisation has successfully recruited suitable and competent people into the organisation, the next step will be retaining this group of competent staff in the organisation as they, with their knowledge and skills are very much an invaluable asse t to the organisation. 2.2 Business Reasons Employee retention is very much a challenge faced by organisations today (insert references), especially the retention of highly capable employees, who are essential in the organisation in this dynamic 21st century business environment where organisations that wish to survive and be successful have to be highly versatile with the ability to respond swiftly and effectively and thus adapt well to the ever-changing business environment. Therefore, it is crucial for organisations to ensure that they are able to retain the best of their people, who are likely to contribute much to the survival and the success of the company. Organisations have long tried to tackle the problem of employee retention and limit turnover of skilled employees (insert references), however it is almost impossible to eradicate such incidences. It is a widely known fact that employee satisfaction is closely related to employee retention and numerous studies have been conducted to support the above statement (insert references). However, it is also likely that there are reasons other than employee satisfaction that might play a crucial role in employee retention (insert references). Organisations will need to look into other areas that impacts employee retention to have a better understanding of it and hence be better equipped in the management of retaining skilled employees. Personal reasons With reference to my prior work experience, where employee turnover was very high in the organisation I worked in, even though employers try to compromise with those employees (planning to leave) and retain them by increasing their salary and offering them more benefits (increasing their job satisfaction), it is not enough to keep them from leaving the organisation. As such, I am highly interested as to what other factors that could lead to peoples intention to leave an organisation even though there is an increase in job satisfaction. It would be certainly be very helpful to gain some insights about peoples intention to leave an organisation and what should be done to prevent them from doing so, should I acquire a managerial career after entering the workforce. Preliminary Review of the Literature Lambert, Hogan Barton (2001) measures the impact on turnover intent based on five factors. They are demographic characteristics (eg. age, gender, education), work environment measures (eg. role conflict, autonomy, co-worker relations), job satisfaction, turnover intent, and alternative employment opportunities. Turnover intent is largely affected by availability of alternative job opportunities, job satisfaction, work environment (financial rewards) and demographic characteristics (age and tenure) with job satisfaction having the greatest effect. Work environment and demographic characteristics generally have an indirect effect on turnover intent as both factors affects job satisfaction. Nonetheless, work environment was found to have a greater effect on job satisfaction than demographic characteristics. Meanwhile, job satisfaction had the greatest effect on turnover intent. Lambert, Hogan Barton (2001) suggested that managers emphasise on creating a favourable work environment to increase job satisfaction, which in turn lowers turnover intent. Besides job satisfaction, an individuals social identification with ones organisation (Moura et. al. 2009) also plays a role in predicting his/her intention to stay or leave the organisation. When employees identify with their organisations, they are prone to be more supportive and loyal to the organisation and desire to be part of a member of the organisation (Ashforth and Mael 1989, cited in Moura et. al. 2009). Results of a study done by Moura and colleagues (Moura et. al. 2009) found that social Identity has proven to be an important aspect people take into consideration when deciding to stay or leave the organisation. As organizational identification (ie. social organisation) largely impacts on employees intentions to turnover, organisations should concentrate on improving employees identification with the organisation. Nonetheless, job satisfaction should not be ignored as is still undoubtedly one of the most vital factors that affect turnover intent. However, as characteristics of each individual varies, it is thus necessary to take into consideration the different factors and levels of job satisfaction as perceived by an individual when analysing job satisfaction (Franek and Vecera 2008 cited from Lee and Way 2010). The impact of individual characteristics on job satisfaction and turnover intention should not be ignored. Factors of job satisfaction can be categorized into, Work Environment factor and Work Itself factor. Both factors, though mutually exclusive, were found to have a large impact on job satisfaction. The Work Itself factor not only evaluates job satisfaction but turnover intentions as well. Although job satisfaction increases motivation and productivity of employees, it does not mean that level of employee retention is at its most efficient. Job satisfaction factors are not necessarily the same as employee retention factors because not all job satisfaction factors will affect employee retention (Lee and Way 2010). Udechukwu and Mujtaba (2007) states that the reasons for employees to stay or leave an organisation can be divided into three main categories, that is, social affiliates, employee and employer, contrary to previous studies that only took employer and social affiliation factors into consideration. Social affiliation (eg. family, social club, religious group) affects employee voluntary turnover as it is something that an employee identifies with or is associated to, that has no connections to the organisation. The needs of an individual and their social affiliations are often in line with each other. Therefore, it is highly likely that an individuals social affiliation will affect his/her decision to stay or leave the organisation. Employers are now providing their staff with more benefits, such as flexi-work hours, to ensure that their needs are met, hence increasing job satisfaction and lowering probability of employee turnover (Udechukwu and Mujtaba 2007). Meanwhile, for employees, it is crucial to them that their needs can be satisfied as the inability to do so will have a negative impact on their performance and productivity (Senguder 2000 cited in Udechukwu and Mujtaba 2007), which could then lead to higher probability of turnover. Deery (2008) examined the reasons for employee turnover by dividing them under three categories as well. The first category is job attitudes (eg. job satisfaction, organisational commitment). The second category is the employees personal attributes of job burnout and exhaustion. The third category addresses employees work-life balance. Previous research emphasised on the role played by job satisfaction and organisational commitment on employee retention but focused less on job burnout, stress and exhaustion A recent contribution to the research on employee retention is the effect caused by work-life balance on employees decision to stay or leave the organisation. A poor balance between work and life (eg. family time) could lead to family conflicts and lower job satisfaction, hence increasing the possibility of employee turnover. Thus, to improve employee retention, it is recommended that employees be given the opportunity to find a balance between work and life. Deerys (2008) emphasis on the importance of a balanced work-life is supported by Griffeth and Homs (2001) (cited in Udechukwu and Mujtaba 2007) research findings that employees who face family-life conflicts have a higher probability of quitting their jobs than those who do not. Previous researchers have also assumed that determinants of employee turnover and employee retention are the same, that is, employee turnover and employee retention are two sides of the same coin (Johnston 1995 cited in Cho, Johanson and Guchait 2009) and when a factor negatively affects employee turnover, it will have a positive effect on employee retention. Cho, Johanson and Guchait (2009) decide to test the assumptions by researching on employee turnover intentions focusing on whether the determinants of measuring the possibility of an individual leaving the organisation are just as useful in measuring the possibility of an individual remaining in the organisation. Three main factors that have been repeatedly found to have a considerably large effect on employee turnover will be used in this study to find if they have the same level of effect on employee retention. The three factors used will be Perceived Organisational Support (POS), Perceived Supervisor Support (PSS), and Organisational Commitment (OC). Findings of the study have proven that the assumption is not necessarily right. POS does have an effect on both employee turnover and employee retention. However, the degree of effect varies, with POS having a larger impact on employee retention than employee turnover. Although PSS was found not to have any effect on employee retention, it does have an effect on employee turnover. OC reduces employee turnover, but does not necessarily have a positive impact on employee retention. As organisations today seek to retain their skilled staff, Cho, Johanson and Guchait (2009) suggested there should be more focused research on factors that lead to employee retention than on employee turnover. A research by Harris, Wheeler and Kacmar (2009) based on the LMX (leader-member exchange) theory which studies the quality of the leader-member (ie. supervisor-subordinate) relationship and assesses the effect that empowerment has on employees in terms of their job satisfaction, turnover intentions. Importance of LMX relationship is relative to the subordinates perceived level of empowerment. When a subordinates perceived level of empowerment is high, the work itself becomes a form of motivator and it is not necessary for them to have a high quality LMX relationship as a motivator. Hence, importance of LMX relationship is relatively low for highly empowered subordinates. However, when subordinates perceived level of empowerment is low, a high quality LMX relationship (eg. providing support and encouragement) will be crucial in making up for the loss of work motivation which could lead to high turnover intent. Therefore it is recommended that supervisors should give more attention on increasing subordinates level of empowerment. If the nature of the job or work environment does not permit high levels of job empowerment, supervisors should then build a high quality LMX relationship with those subordinates to make up for their low level of job empowerment. There appears to be limited business literature regarding job satisfaction and its effects on employee retention, specifically in the public and private sectors in the UK. As work environment and conditions vary between UK public and private organizations, factors and level of job satisfaction likely differs, so does its impact on employee retention. Apart from that, other possible factors that might possibly contribute to employee retention particularly in UK public and private organizations will also need to be explored. The findings from this research will give UK public and private sectors an idea on what would make their staff stay in the organisation. There is also little attention on recommendations that UK public and private organisations can undertake to retain their skilled staff. This is also essential as it gives UK firms, be it public or private, an idea of what they can do to best retain their skilled employees. Research Questions and Objectives 4.1 Research Questions Taking into consideration individual characteristics and differences in background and culture, what are the various perceptions on job satisfaction? What are the factors that could influence job satisfaction? How do these factors lead to employee retention? Do they have a direct or indirect impact on employee retention? How does job satisfaction differ between employees in public and private sectors in the UK? What is the consequent effect on employee retention between public and private sectors in the UK? What are the other possible factors that could lead to employee retention in the UK public and private sectors? What can be done to increase rate of employee retention in both public and private sectors in the UK? 4.2 Research Objectives To critically appraise the significance of employee satisfaction on employee retention To compare and contrast the impact of employee satisfaction on employee retention between the public and private sectors in the UK To critically evaluate other factors contributing to employee retention in UKs public and private sectors To recommend possible course of action to enhance rate of employee retention in both public and private sectors in the UK Research Plan 5.1 Research Perspective The research will be done taking into consideration the realistic working environment in UK organizations today. Most of the information required for the research will be obtained from secondary data (slightly more qualitative than quantitative data), primarily from theoretical and empirical journal articles. As such, both deductive and inductive reasoning will be required for the research. 5.2 Research Design This research uses a comparative design as my area of focus is on two broad categories and a comparative designed research will clearly highlight the differences between the two categories. However, one possible limitation of this is that there might be more similarities than differences between the two categories, hence defeating the purpose of using the comparative research design. 5.3 Data Collection Methods Secondary Data: The sources of secondary data for the research will mostly be textbooks, journal articles, Databases such as EBSCO, Emerald and Science Direct. Textbooks on Human Resource Management (HRM) which can be sourced from Coventry Universitys Lanchester Library will be used to gain some theoretical knowledge about the main subject of research, employee satisfaction and employee retention. Textbooks written in the UK will be particularly useful as the subject and areas of research will be written within the context of the UK, and may even include case studies based in the UK. This will help in answering Research Objectives 1 and 4. Some of the textbooks that may be used are People Planning and Talent Planning: HRM in Practice by Stephen Pilbeam Marjorie Corbridge AND Human Resource Management at Work: People Management and Development by Mick Marchington and Adrian Wilkinson. Journal Articles relative to the area of research will be the primary source of secondary data for this research. They can be sourced either from print journals available from Coventry Universitys Lanchester Library or from journals available through Web Databases such as EBSCO, Emerald and Science Direct. Both theoretical and empirical journal articles will be used as they will be very useful in providing insights as well as the latest and up-to-date findings regarding my area of interest in my research. Journal articles written in the UK context will be particularly useful, especially empirical journal articles that include data collected from surveys conducted in the UK. Moreover, there seem to be a lot of journal articles available via the databases on the topic of my research. I may probably get the bulk of my information needed for the research from journal articles. Therefore, Journal Articles and Web Databases will be used to answer all my Research Objectives, especially for Research Objectives 2 and 3. I will source the journal articles from journals such as the European Journal of Social Psychology, Human Resource Development Review, and Personnel Review. Websites may also be used, such as the UK Government Website which contains some statistics which may be used in the research. One such website would be the Office for National Statistics (ONS) at http://www.statistics.gov.uk/default.asp . Government Websites Peer-reviewed Valid-as I can get up-to-date articles regarding my area of research.

One Good Beating :: English Literature

One Good Beating Many contemporary Scottish plays explore the conflict that can exist between people of different generations. In this essay I am going to discuss whether or not Linda McLean’s â€Å"One Good Beating† conveys this issue of conflict and explore the other themes throughout the play. Although â€Å"One Good Beating† only consists of three characters (Robert-dad, Elaine- daughter and Stephen-son) there are many conflicts throughout the play, many of which are between all three characters over the same issue. Stephen is in conflict with his dad Robert because when he was younger he used to beat him. Stephen is still affected by his traumatising childhood even though he is in his mid thirties. Stephen: â€Å"But he never hit you† Elaine: â€Å"If he thinks for a minute you’re stuck in the past he’ll Beat you† These words illustrate how Stephen has been emotionally scarred by what his father did to him and can’t live his life properly because he is living with the memory of his tragic childhood. This conflict, which has grown between these two characters, does not just go in the one direction, Robert is in conflict with Stephen but for an entirely different reason. Robert never loved Stephen however Stephen continued trying to change his father’s opinion. The only way Robert could react to this was to hit Stephen. Robert: â€Å"I couldn’t give a tuppenny damn whether you forgave me or not†¦Ã¢â‚¬  Stephen: â€Å"all I wanted from him†¦I wanted him to love me†¦Ã¢â‚¬  Robert: â€Å" †¦I don’t like you† Robert’s only problem with his son was that he had been born. However he didn’t love Stephen because he could not love any one. It was just simply because he did not like him. Robert: â€Å"its temporary, Elaine knows I love her.† These words emphasise even more that it was just his son he had a problem with and that he was devoted to his daughter. Stephen is not the only one in conflict with Robert. Elaine is also in conflict with Robert because when she was young, Robert killed her puppy. Robert: â€Å" †¦ dead something. Puppy maybe.† Elaine reacts to this by (stage directions) hitting the coal-shed door, which demonstrates that she has never forgiven her father for what he did and still feels strongly about the issue. She is also in conflict with her father because he hit her mother and brother and buried their mother without even informing them of her death. Elaine: â€Å" you didn’t even give her a proper funeral† Elaine: â€Å" you never told anybody she was dead† This emphasises how she felt about her mother and how much hate she has for her father because of how he mistreated her mother.

Pay for Time Not Worked

The average hourly rated full-time employee makes about $33,000 a year in year. Which broken down to all the time given off, only actually earns about $26,000. As for the employees which are paid through set salaries, the average Individual makes about $40,000 In which only about $33,000 Is worked productively. As we can see, we are losing out about $7,000 per employee, hourly or not. All the given non-productive is the same for all employees across the board. As you can see, this issue needs to be addressed and hence my recommendations. We have 60 employees in our corporate office.On average, we lose out on about $420,000. 00 a year. We can definitely cut back on some of these non-productive hours and start making them profitable. All employees get 10 days vacation, we can change our probation period from 90 to 120 days, and employees are not allowed to take any time off until they have successfully surpassed 6 months. Furthermore, depending on your start date with the company, we c an prorate the amount of vacation time allowed. If you commence In the months of November or December, vacation does not apply being that we go by the calendar year.In regards to holidays, we can exclude from having he day after Thanksgiving off, this would save us about $9500. 00 for this one day alone and it would increase our productivity during the holiday season which can be very beneficial in our case being that property management companies always have tenants calling into the office right before a major holiday. Moreover, company policy states that there should be 10 days of training for every department. Nevertheless, the training period of 10 days does not need to apply to everyone. I believe that some procedures can be learned in one week as opposed to two.Training policies should be adjusted depending on department and position. Anyone who Is eager to learn can do it in the allotted time and If this is not the case, other individuals need to be seeded especially If the p osition Is not entry level. Lastly, another aspect of â€Å"non-productive time† which can be reduced Is the minutes on the coffee break. There are currently two dally coffee breaks which are 15 minutes each. We can reduce them to 10 minutes or 5 minutes each and the caffeine addicts would nave no Dados to complain . We would a Know Tanat people are at tenet ease longer Duty enjoying their coffee at the same time.In conclusion, non-productive time can be educed in a manner that will benefit the company but no upset the employees at the same time. The economy right now is a tough one and no one wants to be out of a Job or get their hours cut back because we all have bills to pay every month. The proposed changes are both realistic and possible. It is Just a matter of presenting it to the employees in a manner in which they understand is needed for the company and beneficial. We can always make comparisons with other companies who have it worse than we do and this would help th em see that less non-productive time is better than no non-productive time.

Picassos The Guitar Player essays

Picasso's The Guitar Player essays "There is no abstract art. You must always start with something. Afterward you can remove all traces of reality, quoted by Pablo Picasso, represents how his art moves away from realism and the traditional views of art in pre modernist era (Picasso). Picasso is known for his abstract paintings and is described as a modern artist. Ideas expressed in the handout "Modernism" are used to describe Pablo Picasso's "The Guitar Player" (1910) and are used to define the painting as a modern work of art. The dimension created through the use of cubism and subjective style expressed in Picasso's "The Guitar Player" defines the painting as a modern The Guitar Player is a cubist painting that moves away from the traditional design of a painting by presenting an uncertain image not found in the natural world. The title of the painting is the only indication of what is being presented. Lines used to create a person and a guitar become confusing, as evidence of the existence of the objects becomes blurred. Monotone colors, shadowing, and shapes help add depth to the image. The depth developed creates multiple points of view. It removes the flatness of pre modern painting by giving the appearance of three-dimension to the painting. The dimensionality created is not normally The abstract and unnatural image defines the painting as a modern art piece. Cubism is an "art about art," instead of being a mirror image of the exterior world. It is art referencing other art. The painting isn't a representation of what can be found in the exterior world, it is a representation of what is found within the artist (Edward). The painting is not objective, but subjective. The lines, shapes, color and shadowing are used to represent the artists inner thoughts and emotions. There is no narration or instruction found within the painting. It is different from pre modern ar ...

The eNotes Blog Ten Presidential Ponderings Memoirs, Biographies, andMore

Ten Presidential Ponderings Memoirs, Biographies, andMore American history is a quagmire, and the more one knows, the quaggier the mire gets.  Ã‚   - Sarah Vowell Sometimes its fun to get into the muck of politics, so we thought that for Presidents Day this year, we would offer you some titles that offer insight, personality, behind-the-scences intrigue, and sometimes humor in consideration of the 44 men who have held the highest office in the land. 1.   Washington: A Life by Ron Chernow In this new biography, author Ron Chernow offers some insight that is new to many readers, including: Washington was the only major founder who lacked a college education. John Adams went to Harvard, James Madison to Princeton, and Alexander Hamilton to Columbia, making Washington self-conscious about what he called his â€Å"defective education.† By age 30 Washington had survived smallpox, malaria, dysentery, and other diseases. That Washington was childless proved a great boon to his career. Because he had no heirs, Americans didn’t worry that he might be tempted to establish a hereditary monarchy. Also available on Kindle. 2. John Adams by David McCullough From the Publishers Weekly Review:   Here a preeminent master of narrative history takes on the most fascinating of our founders to create a benchmark for all Adams biographers. With a keen eye for telling detail and a master storytellers instinct for human interest, McCullough (Truman; Mornings on Horseback) resurrects the great Federalist (1735-1826), revealing in particular his restrained, sometimes off-putting disposition, as well as his political guile.   This biography is also available on Kindle. 3. The Autobiography of Thomas Jefferson by Thomas Jefferson Jefferson, of course, was one of the primary authors of the United States Constitution.   Here, in his autobiography, the reader learns of his early life,  his political and personal influences,  and how he  viewed his  role in the founding of our nation. Also available on Kindle. 4. Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin In her 2006 study of Abraham Lincoln, Doris Kearns Goodwin manages to do something very nearly impossible: give readers a fresh take on one of the most written about figures in American history, Abraham Lincoln. She does so by examining Lincoln in relation to the three other men vying for the Republican nomination in 1860,  describing in vivid detail how  Lincoln managed to win and set himself apart from his rivals. Also available on Kindle. 5. Grant: Memoirs and Selected Letters From Library Journal: As historical documents, the significance of these papers is obvious, but the texts also score high points for the quality of the writing itself; Shermans reflections were hailed by Mark Twain as a model narrative that will last as long as the language lasts. The hub of the material, of course, focuses on the war years, but Shermans volume also contains memoirs of his pre-Civil War life in California, and unique to this edition is the inclusion of 175 of Grants personal letters. More than a reprint of readily available material, these volumes include the same scrupulously detailed notes on the text by recognized scholars that make the Library of America editions superior to their predecessors. This fine set belongs in most history collections. Highly recommended. 6. Colonel Roosevelt by Edmund Morris Like Lincoln, scores of books have been written about Americas 26th President, but Edmund Morris offers an intriguing take on this complex man. Colonel Roosevelt (2010) examines the part of the former presidents life that is not so laudable. Writing for Booklist, Brad Cooper notes that Wilsons work examines the sad part of TR’s life; this is the stage of his life story in which it is most difficult to accept his self-absorption, self-importance, and self-righteousness, but it is the talent of the author, who has shown an immaculate understanding of his subject, to make Roosevelt of continued fascination to his readers. In essence, this volume tells the story of TR’s path of disenchantment with his chosen successor in the White House, William Taft, and his attempt to resecure the presidency for himself. The important theme of TR’s concomitant decline in health is also a part of the narrative. We are made aware most of all that of all retired presidents, TR was the least likely to fade into the background. Also available on Kindle. 7. John F. Kennedy by Robert Dallek Another president who fascinates both critics and readers alike, Robert Dallek offers his interpretation of JFKs time in office in his 2011 biography. While some critics are disturbed that Dallek glosses over events in Kennedys life, like his womanizing, The New York Times Book Review praises the work  as (a)n intimate portrait indeedunexpected and important.This is nothing if not a profile in courage, and The New Yorker says that Dallek succeeds in this riveting and well-documented biography. Also available on Kindle. 8.   Around the World with LBJ: My Wild Ride as Air Force One Pilot, White House Aide, and Personal Confidant by Brigadier General James U. Cross For a very different insight into the presidency, consider picking up this acclaimed inside-look into the office and the man who was our 36th President, Lyndon B. Johnson.   Journalist and long-time PBS newman Bill Moyers highly recommends the memoir, saying, What a delightful, honest, and entertaining story Jim Cross tells. Here is a man who was so close to power he would come down with a cold if the President sneezed (and could have brought a lot of us literally down with him), but he never forgot his roots in rural Alabama. A man whose daddy worked for the Horseshoe Lumber Company grows up to serve the most powerful man in the world, and his account of that amazing journeysome of it scarily bumpy, as I can testifyis a birds-eye view, from the cockpit of Air Force One, of why character counts. Also available on Kindle. 9.   An American Life: The Autobiography by Ronald Reagan Hot off the presses (January 2011) is the re-issued autobiography of our 40th president, Ronald Regan. First issued in 1991, the autobiography has enjoyed a wide readership for ten years. San Francisco Chronicle says that Reagans charm, as displayed throughout this book, is incontestable; so is his grace under pressure, and The Washington Times calls  An American Life (o)ne of our classic American success stories. Also available on Kindle. 10.   Dreams from My Father by Barack Obama Published in 2007, Barack Obamas autobiography helped inform the American public about this candidate with the funny name and unusual background, and probably was a factor in his becoming our first African American  president.   Obamas story covers  Ã‚  his challenges with his parents,  his difficulties in finding racial identity, as well as  how he became a civil rights lawyer and a community organizer before making the decision to run for the presidency. â€Å"Provocative†¦Persuasively describes the phenomenon of belonging to two different worlds, and thus belonging to neither.† - The New York Times Book Review Fluidly, calmly, insightfully, Obama guides us straight to the intersection of the most serious questions of identity, class, and race.† - Washington Post Book World Also available on Kindle.

How the Manifest Destiny Affected Native Americans in the U.S Research Paper

How the Manifest Destiny Affected Native Americans in the U.S - Research Paper Example The paper tells that almost four decades after the ratification of the Relocation Act, the removal procedure keeps on. Even though the initiative has been seriously and constantly denounced, it has had merely narrow modifications and has never been severely pressured with closure. The hesitance of Congress to financially support it at a point that would have terminated it more quickly may partly reveal the undecided sentiments of several of those who permitted its continuation. Opposition from the targets of relocation, under the headship of quite a few religious leaders and aged Navajo women, resulted in a chain of constitutional measures, the most triumphant being the case of Manybeads claiming that relocation infringed their religious rights. Just like in numerous other cases of relocation, the underlying reason of the relocation of the Navajo people had nothing do with their interests or welfare. The case of Navajo is distinctive in the sense that it does not require the ravaging of their territories and does not belong to any development plan. Nevertheless, as in other instances of displacement, Navajos target for relocation were not permitted to choose freely whether to abandon or stay in their lands. Scudder and Cernea emphasize in their relocation classifications that triumphant relocation plans should take into account the needed socioeconomic elements for building enduring bonds to the new land. Nevertheless, both scholars argue that majority of relocation plans was unsuccessful. The senior consultant on social policy for the World Bank, Michael Cernea (1998), supports positive collaboration between sociological and economic disciplines for the purpose of decreasing relocation and improving the subsistence of relocatees.4 The Navajos’ relocation from the Hopi Partitioned Land (HPL) has been disastrous. It was badly premeditated and executed forcibly. The relocation procedures have been performed in lack of knowledge of the Navajo people’ s land possession and dwelling patterns, livelihood, and economic production.5 A number of the most unfavorable outcomes of this relocation could still be alleviated with sufficient subsidy, developmental design, and practical conditions for actual community involvement. However, with no such dedications, aimed at reviving or regaining abandoned economic production prospects, it is not likely that complete economic resurgence will ever happen.6 Examining the responses of the Navajo people to forced relocation from HPL clarifies several common features of the response differences of the displaced people, the vitality of economic production self-rule, and importance of traditional land possessions. Relocation is comparatively triumphant merely when the targets of the relocation revive or broaden their economic production tasks.7 Nonetheless, forced removal harms inhabitants and no measure can quantify the difficulties of these people against the actual reparation they get. The U.S. Go vernment versus the Navajo John O’Sullivan, an American correspondent, introduced the concept of ‘manifest destiny’ in 1845 to characterize American westward expansion. As stated by this principle, white Americans were fated to expand westward by God’s will. American merchants, as early as the 1820s, disseminated encouraging accounts of the Navajo People and frequently conveyed compassion and high regard for their attempts to oppose the Mexicans inhabiting contemporary New Mexico.8 Frontiersman Josiah Gregg, for instance, assumed that the New Mexican people and their chief had â€Å"greatly embittered the disposition of the neighboring savages, especially the Navajos, by repeated acts of cruelty and ill-faith well calculated to provoke

CVP analysis Essay Example | Topics and Well Written Essays - 1250 words

CVP analysis - Essay Example Cost–volume–profit (CVP) is an administrative management tool used in economics (Weygandt, 2009). It is a basic model designed to assist in making short-time decisions in economics based on costs incurred in the business The information on CVP influences determination of break-even analysis. Break-even spot shows the point at which the net income is zero. Analysis of CVP makes use of variable and fixed costs. CVP examines the dynamics experienced in profits accrued by businesses due to changes in the volumes of costs of various products and their sales. It is through CVP that a venture identifies the progress of his or her business and makes sound decisions. CVP analysis has a number of assumptions, which also are the same as those for break-even analysis. The analyst assumes that costs behave in a linear manner throughout the activities. The classification of costs is possible and accurately stated depending on whether fixed or variable. The other assumption is that ch anges in costs are due to change of activity. All products from the invested capital have a market value and that there is no product inventory required once the product is ready for sale (Balakrishnan et al, 2009). The analysts using CVP technique provides information about the products. The analyst also needs to know the levels of sales and volumes and the amount they need to protect the investment from making loses. The other information required by the analysts is the capacity for the analyst to determine the effects of increasing or decreasing the fixed costs. Successful analysts must have the capability of approximating the amount of funds required for expenditures and the magnitude of risks required (Balakrishnan et al, 2009). Profit equation using CVP analysis Analysts using CVP starts by determining the business profit using the profit equation as shown (Weygandt, 2009). Profit = Total revenue -Total costs Since the costs are in two divisions, i.e. fixed costs and variable costs, the equation becomes Profit =Total revenue -Total variable costs -Total fixed costs Profit is a function of the contribution margin. This refers to the amount of invested capital in this discussion (Balakrishnan et al, 2009). The total contribution margin is the difference between the total revenue and total variable costs. The calculation of contribution margin may also occur per unit production. This margin is necessary in consideration of the effects that volume has on a business profit. Realization of profits in a business takes place upon covering of sales equivalent to the fixed costs. This means that any unit sales above the fixed costs become profit. The overall profit equation in CVP analysis, therefore, becomes (Weygandt, 2009). Profit =P * Q - V * Q - F = (P - V) * Q – F Where; P _ Selling price per unit V _ Variable cost per unit (P _ V) _ Contribution margin per unit Q _ Quantity of product sold (units of goods or services) F _ Total fixed costs Cost-Volum e-Profit Graph (Weygandt, 2009) This is a graph that shows the bond amid the total income and total costs in a business. This graph also shows how profits change with time depending on different activity volumes. In the above graph, the loss decreases with increasing volume of sales. At the same time, there is an increase in the contribution margin. At the point, where the cost intersect with the revenue line, this point known as break-even point above which profits are evident. In the case, where there is income tax, the business after tax calculation makes use of the formula; After-tax profit = Pretax profit –Taxes. Pretax profit = (Tax rate -Pretax profit). Pretax profit = (1 - Tax rate). Snap Fitness business The principles of CVP are applicable in a number of business organizations, for example, in starting a snap fitness business. This small venture requires a small amount of capital to start. In addition, it takes a short time for the investor to reach a break-even