Financing For Loan And Debt Crisis - 1269 Words

In America today, the total consumer debt was $11.52 trillion, and of that, student loans account for $1.08 trillion and that number is growing larger and larger every year (Hiltonsmith, Robert). A large portion of the population undoubtedly feels the burden of these statistics. Seven out of every ten college seniors has reported having to take out one or multiple student loans so that they can to afford to go to college (Hiltonsmith, Robert). The results of this outstanding amount of debt does not just affect the United States negatively for the obvious reasons such as lower credit scores and perpetual expenditures towards lenders. This loan and debt crisis has also led to an even larger disparity between the lower class and the upper†¦show more content†¦Germany recently revoked the policy of college tuition in all providences nationwide, and with free tuition, more and more students every year can attend college (O Shaughnessy, Lynn). Germany is not the only country to ap ply this policy towards education either; Spain, France, Italy, Malta, Sweden and several others all offer tree tuition for public universities (Noak, Rick). For that reason, the solution to some of the aspects of the student loan debt crisis should be adapted from policies currently in effect in these European countries. Improving upon the models that countries such as Germany have implemented will better prepare the United States to create a successful tactic to tackle one of the country’s biggest dilemmas. There are a few complications that will have to be addressed. One of the methods used to fund the tuition of the citizens of these countries is through tax money (O Shaughnessy, Lynn). However, in order for the United States to afford to do this, the taxes will most likely have to be raised. Another problem that has arisen in some of these countries is under funding, there simply is not enough money to fund the school comfortably and to pay for tuition at the same time. These hurdles and others are what makes this problem so significant and pervasive, but unless it is addressed somewhere, no matter how small the solution, it will never be fixed. Robert Hiltonsmith, a policyShow MoreRelatedHyman Minsky : A Relatively Unknown Economist1178 Words   |  5 Pageshousing crisis and the stock market crash of the 2000s are actually the events that have lead Minsky to become a much more familiar name. Also, Janet Yellen who is the head of the Federal Reserve System even stated that Minsky’s work has become a â€Å"must read†. Minsky’s hypothesis begins with an expanding economy, for this argument, firms will then borrow in order to buy and develop more capital. Minsky believed that a firm could get financing from three different sources; hedge financing, speculativeRead MoreDeveloping Countries During The Cold War Under Corrupt Regimes Essay1624 Words   |  7 Pagesdollars in loans, many of which had been accumulated during the Cold War under corrupt regimes. Years later, these debts became a serious barrier to poverty reduction and economic development in many poor countries. Governments began taking on new loans to repay old ones and many countries ended up spending more each year to service debt payments than they did on health and education combined. 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The financial industry turned its back on society; it corrupted the political system, and plunged the world economy into crisis. It was not an accident; it was caused by an out of control industry, a greedy industry. The crisis has made more damage to society whileRead MoreCost Financing And Equity Financing1559 Words   |  7 Pages Debt and Equity1 Moving right along, outlined next will be several funding options available for start-up businesses that enable people, like me, to be able to put our dream in motion. There are two types of capital that can be raised, debt and equity. Now some would think that as long as there are funds there to work with, regardless of how they were procured, the end result would be the same. However, that is not the case. Debt financing and equity financing have significant differencesRead MoreThe Struggle for Stability in Developing Countries679 Words   |  3 Pagesform of loans. They then can use these loans to increase their countries output by more than what it takes to repay their debt (FLS, 322). Many times they have to go through international financial organizations such as the IMF in order to gain these funds. The incentives for both sides is the high probability of the projected outcomes out-way the projected costs. However, maintaining payments of loans can be very difficult and can weaken the domestic economy in order to pay off the loans. If theRead MoreThe Financial Crisis Of The Decade1364 Words   |  6 PagesThe financial crisis of the decade is considered the largest and most severe compared to the Great Depression. The crises reshaped the financing and investment banking business not only in the United States but globally. The top largest banks have fallen due to the losses they have incurred in connection with their investments in the subprime mortgage markets. (Financial Crises 2007-2008 Overview) Governments had to come up with some solutions in order to further avert the decline of their countryRead MoreFord Motor Company International Global Crisis Essay1596 Words   |  7 Pagessector offers various automotive financing products to and through automotive dealers† (NY 2). It offers retail financing, which includes retail installment contracts for new and used vehicles; direct financing leases; wholesale financing products that comprise loans to dealers to finance the purchase of vehicle inventory; loans to dealers to finance working capital, purchase real estate dealership, and/or make improvements to dealership facilities; and other financing products, as well as providesRead MoreThe Housing Crisis Of Boomerang Buyers954 Words   |  4 Pageshomeowners lost their most valuable assessment to foreclosure, and another 2.8 milliongave up their homes in short sales. These former homeowners that are reentering the housing market after losing their homes during the housi ng market financial crisis are now part of a wave of â€Å"boomerang buyers.† According to Real Estate experts, boomerang buyers who are returning to the market were at least 10 percent of all United States home purchases during 2014. More important, this trend is expected toRead MoreIncome Share Agreements ( Isa )1169 Words   |  5 PagesWith student loan debt becoming increasingly worse year after year, new and potentially better avenues for students to finance a college education are emerging onto the market. In particular, income-share agreements (ISA) have appeared on the scene for a few years now, but not have attempted to modernize the way students pay for college. The big take away from ISA’s is the shift of financial risk from the student to the investor, unlike the traditional government or private loans. A student promises

##t, Piaget And Vygotsky, Repactivism And Constructivists

While the backbone of cognitivism may come from the work of Jean Piaget, Piaget and Lev Vygotsky are constructivists. Constructivism is based on the premise of subjectivism or relativism. Truth is not absolute; it is relative because it is commonly created or shared within a community. The primary concern of both Piaget and Vygotsky was in how best to guide learners in their construction of knowledge. Piaget believed learning was an individual endeavor, cognitive constructivism. Vygotsky believed learning was based on community, social constructivism (J. Byun, personal communication, November 13, 2017). Piaget believed that cognitive structures allow people to process information through connections to prior knowledge. People find†¦show more content†¦Accommodation is the process of changing cognitions in order to accept something that is presented in the environment. He also believed students reach a state of equilibrium when there is a balance between assimilation and accommodation. When students are in this state of equilibrium they are comfortable and will not seek to acquire new information or learning. It is important to create a disequilibrium to spark students’ interests and desires to learn through changing their mental structures. Because Piaget did not account for the impact of social and cultural grouping, many believe his studies are culturally biased. Vygotsky believed that social interaction is the catalyst for student learning. Students learn from each other and the adults in their lives. The first learning that takes place is person to person and individually when the person internalizes the information in an attempt to understand something more completely. The first type of social interaction involves social speech in which adults give instructions. Another type of speech is private speech in which children process information and try to apply what they have heard through their experiences with similar situations in an effort to demonstrate self-control. Finally, internal speech is the silent conversation one has within one’s self. This speech leads to higher order thinking. A major difference between Piaget and Vygotsky is that

Organizational Quality Improvement Free Essays

Various methodologies exist for the integration of quality improvement strategies into performance improvement measures. With concepts of total quality management (TQM) and quality improvement (QI) being introduced to health care organizations; administrators have had to decide which methodology is right for the organization. There are numerous methodologies: Six Sigma, Lean, and Customer Inspired Quality. We will write a custom essay sample on Organizational Quality Improvement or any similar topic only for you Order Now Each has its own pros and cons. A key component of quality improvement is the technology that gathers and compares the data that the quality improvement measure produces. All of the information that is gathered from the technology can be benchmarked against other health care organizations. Numerous methods exist for the integration of quality improvement into the health care setting. The Six Sigma model was pioneered by Motorola. This method focuses on reducing variance through a problem solving approach that will improve the quality of the output. The fundamental objective of the Six Sigma methodology is the implementation of a measurement based strategy that focuses on process improvement and the reduction of variance. The Six Sigma method does through the DMAIC process (define, measure, analyze, improve, and control). The DMAIC process is an improvement system for existing quality processes that fall below specifications and need to be improved in increments. Lean Thinking was used by Toyota as a key in its success. The Lean method strives to reduce waste and to improve performance through workflow. The Lean method is concerned with driving out waste so that all work adds value to the product and serves the customers’ needs. Lean thinking identifies all steps in a process and identifies them as value-added or non-value-added steps. All non-value-added steps are then removed to prevent waste in the process. Customer Inspired Quality was patented by Shaw Resources in 1992 and this methodology focuses on work processes that have direct impact on the care and services that are provided in a hospital. This method identifies, defines, analyzes, and improves the quality and effectiveness of processes in the health care arena. This method uses techniques from the other methodologies. Pros and cons of QI methods. Pros and cons exist in all of the methods for quality improvement. Some of the pros of the Six Sigma method are: Six Sigma places a heavy importance on leadership and its support for the success of the project, Six Sigma integrates the human elements (culture change, customer focus). The Six Sigma method uses the concept of statistical thinking and encourages the application of proven statistical tools and techniques for reducing variability. The cons of Six Sigma methods are having quality data available. In a new process where there is no data available to begin with can be discouraging. The solutions that Six Sigma proposes are often expensive and only small parts of the solution can be implemented. In Six Sigma methodology the selection of the right project is critical to success. Lean thinking has pros and cons also. Organizations that have adopted Lean double their productivity, cut their production and reduce their inventory that is normally kept on hand. Employees that work in a Lean environment have a clear objective of what is expected of them and are interrupted less. The Customer Inspired quality model deals with the service industries, primarily the Health care industry. The pros of this model are that the process improvement efforts are prioritized from the customers’ perspective. The methodology is service friendly and all of the hospital staff is encouraged to provide their input. This methods con is that the method is structured primarily for health care organizations. Florida Hospital uses the Six Sigma method for quality improvement because it provides the best opportunity to implement best practices that have been identified. Information Technologies for Quality Improvement Information technology is a large part of the quality improvement methods that a health care organization uses. Florida Hospital uses Business Objects which is a software company that specializes in business intelligence. Business Objects has components that provide performance management, planning, reporting, query and analysis, and enterprise information management. The Business Objects Enterprise can track report instances that will trigger alerts. These reports are created by Crystal Reports and have parameters that can be modified to perform analysis on the data. The customer can set alerts that trigger when certain conditions are met or not met by the data. The data can be customized to show in charts. Further customization allows the customer the chance to drill down into the data. Other information can be obtained from technology. Information technology allows data to be displayed in a dashboard or a scorecard. Dashboards are tool that monitor the ongoing performance of a process. A dashboard tracks data in real time. Scorecards report on past performances and generally focus on outcomes rather than processes. All of these applications can be used by administrators to track the quality improvement processes of the organization. Administrators can design the scorecards or dashboards to display the information that is important. Benchmarks and Milestones Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or to best practices from other industries. Benchmarking involves management identifying the best in their industry and comparing the results and processes of those studied to their own results and processes. Benchmarking compares the organization to its competitors and defines how the competition performs better. By better understanding how the competition is meeting their standards, the healthcare organization can then set goals for themselves. Benchmarking can be used to improve patient satisfaction. Using the website hospitalcompare. hhs. gov an organization can see how satisfied their competitors’ patients are. Benchmarking can also be used to improve the core measures that the Joint Commission measures. The outcomes of acute MI, pneumonia, heart failure and surgery can be compared to their own. If the competition is performing better on one of the core measures, the organization can then set their own goal based on the competition. Potential benchmarks that Florida Hospital will strive for are improved core measures at 90% for pneumonia, Acute MI, heart failure and surgical care. Another benchmark that Florida Hospital will strive for is to improve patient safety. The hospital will continue to implement the processes that support the Joint Commission’s National Patient Safety Goals. The hospital will implement CPOE (computerized provider order entry) and the hospital will begin to extend the goals to the ambulatory services. The third benchmark is to enhance the patient experience. The hospital will use the DMAIC model to understand and support the emotional, spiritual, and clinical needs of the patients. Florida Hospital will use different methods for their performance improvement plans. The hospital will use combinations of Six Sigma and Lean thinking. The hospital will use data from Crystal reports to display balanced scorecards and dashboards. The dashboards will be divided into the Extending Excellence Elements (Team, Clinical, Service, Market, and Finance). The hospital will use this information in conjunction with information from benchmarking data to monitor their quality improvement plan. References Dlugacz, Y. D. (2006). Measuring Health Care Using Data for Operational, Financial, and   Clinical Improvement. San Francisco, CA: Josey-Bass. Florida Hospital. (2010). Florida Hospital Orlando’s Most Preferred Hospital. Retrieved from   http://www.floridahospital.com/default.aspx Insititute for Healthcare Improvement. (2010). A resource from the Institute for Healthcare Improvement. Retrieved from http://www.ihi.org/ihi Ransom, E. R., Joshi, M. S.,Nash, D. B., ; Ransom, S. (2008). The Healthcare Quality Book Vision Strategy and Tools (2nd ed.). Chicago, IL: Health Administration Press. U.S. Department of Health ; Human Services. (2010). Hospital Compare. Retrieved from http://www.hospitalcompare.hhs.gov/ United States Department of Veterans Affairs. (2010). Quality Enhancement Research Initiative. Retrieved from http://www.queri.research.va.gov/default.cfm How to cite Organizational Quality Improvement, Papers

Commercialization in Education free essay sample

Short Essay on Commercialization of Education No, I want my child to study. I want him to get what I did not get in my childhood. I will give him education even if I have to pay a huge amount of money to the educational institutions These are some lines which are said by the parents of this modern era. Every parent tries their level best to provide quality education to his ward and to fulfill their dreams they spend a lumpsum amount of money so that their ward is able to  study in the best educational institution. Schools, coaching centers, educational institutions, etc. , are prospering day by day. It seems as if they will give rise to a new industry named  educational industry. They charge lumsum amount of money to provide education and the parents blindly spend such amount to educate their ward. But the question is ARE THESE INSTITUTIONS PROVIDING EDUCATION OR THEY ARE DOING BUSINESS IN THE NAME OF EDUCATION In this modern era, EDUCATION is no more giving knowledge or teaching a child so that he/she can know more and more about the society. We will write a custom essay sample on Commercialization in Education or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Rather it has converted into a business in almost every institution charge a huge amount in return of the facilities they provide. In the best educational institutions of the world, donations are taken in return of registering an average student and giving him education. Advertisements made by the schools, colleges, coaching’s, etc. is a way of getting more and more customers in form of students and surely their business is prospering day by day. Basically the parents are being cheated in the name of education. Even if it gives rise to a new industry, this industry will not be able to fulfill its social responsibility towards the society. The system of education in the world has to improve; the meaning of education has to improve. Providing education should not be limited to providing lumsum amount of money. The meaning should be giving quality education to the youth to develop the world. This is not what I as an individual or you as an individual can do. For this many I have to come together to give rise to a we and this we will be able to convey this message to the world.

Gandhi and Nonviolence free essay sample

Goal of reaching Nonviolence Gandhi maintained certain practices that were considered essential Satyagraha practices, which he believed would bring nonviolence to the world. He named this power Satyagraha which means â€Å"reality force or holding onto truth. † Gandhi had said, â€Å" The Truth is far more powerful than any weapon of mass destruction. † In the clear view of violence, Gandhi had come the realization that nonviolence was greater to violence itself. Gandhi believed in eleven practices that would help maintain the world in the aspect of having nonviolence throughout it. For Gandhi, ahimsa (nonviolence) was a fundamental part of his teachings, and he believed nonviolence gave a pronounced moral power to its followers. Gandhi became a guiding force behind a strong nationalist movement that encouraged independence from Great Britain, but without using force or any acts of violence. One of Gandhi’s practices was to fast, and he did this because he believed it would put an end to conflict and neglect that him and his people were enduring. We will write a custom essay sample on Gandhi and Nonviolence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page During his campaigns he would fast in the hopes of making a statement and to put an end to the mistreatment of his people. Gandhi would simply stop eating until someone gave in at the point of the issue. Gandhi believe with his fasting it would encourage his followers to put more pressure on the British, and the outcome will show his triumph of him and his followers. Another practice that Gandhi introduced was the use of the spinning wheel in his village in India. He believed that spinning his own clothes would bring him self-sufficiency and prepare for forthcoming self-government. Gandhi and his people would own their own cotton and begin to weave it themselves so the British cloth would become not needed in their lives. Gandhi also believed in no harm to humans, but also no harm in animals. As a child Gandhi did eat meat, but later on in his life he preformed one of his practices of vegetarianism. Gandhi knew that vegetarianism could not solve the world’s problems in violence, but he knew it had some type of affect on the world in a positive way. The nature of acting out self-purification is being pure in all walks of life. If one is pure, Gandhi believed that they would not be acting out in violent forms. If purification is happening to a person it can easily affect the persons surroundings in being purified. The vow of brahmacharya is a vow to take control of ones senses and become sexually abstinent. Gandhi believed this would stop the mind in its evil wanderings. Religious tolerance became a big thing for Gandhi, because he simply believed that there was no one religion that should dominate the world. He did not want people to convert to other faiths because he said so, but he wanted them to practice out their own faith and value it. An important practice for nonviolence is the practice of abstention from exploitation, which includes economic exploitation. Gandhi alleged that if society acted out a mutual cooperation it would show that society and the people in it are equal. In reality he believes that the unity of life will prosper and equality and freedom will bring nonviolence. Gandhi believed in guidance from God, and by receiving that he would participate in daily prayer. Gandhi knew that prayer was necessary for his soul. Meditation and daily prayer relieves suffering, and without suffering there is no violence. In todays society many will tell you or try to convince you in saying that all of Gandhi’s beliefs and practices were not reliable, and still aren’t in todays world. Many believe that his eleven practices are not worthy of taking away nonviolence or changing the world for the better. When it comes to great people like Gandhi there will come a consequence of people coming towards him with doubt and a little bit of anguish. I believe Gandhi’s eleven practices are reliable in the sense that if people follow through, they may change the world for the better. In 1935 Gandhi told an interviewer that â€Å"Nonviolence means avoiding injury to anything on earth, in thought, word, or deed. † If more people practiced out nonviolence there would be more peace in the world we are living in today. People who act how violence are usually unhappy, angry, or just confused within themselves. Gandhi shows that finding inner peace will help bring nonviolence to the universe, which makes the world a better place for everyone. Most people who are acting out in violence are angry or sad and just want to bring out the aggression on someone or something. If violence wasn’t shown on television, movies, and even in our daily lives there would be a less outcome of violence. Gandhi shows that these eleven practices cannot be preached but they have to be practiced. If people were more opened to the idea of being nonviolent, nonviolence may actual begin to exist. Gandhi took big strides into his beliefs and made sure that violence would be abolished from our world. Gandhi showed that the world in not about things, but is more about the virtue of life itself. Gandhi made it clear that is becomes a never-ending cycle with greed, and how greed leads to unhappiness. There is a better possibility of a person to commit sins and acts of violence to have the things he or she wants but doesn’t need. It becomes a process and the process usually ends with unhappiness. The ripple affect begins when one person doesn’t act out in violence, it proves to another person violence is not always the answer. Gandhi said, â€Å"If one person can practice nonviolence, surely a nation can. No person or group of people can hold another person or group of people slaves against their will. † Gandhi is right when he says if one person can do it, a whole nation can. The eleven practices are guidelines for people to have nonviolence in their life, and most importantly in the world. At this point, Gandhi realized that the level on nonviolence he wanted to reach was very high and knew people could not do this without courage and faith. Gandhi has said, â€Å"God has never forsaken me even in my darkest hour. â€Å" Gandhi believed God in present in everyone and I believe just that. Without faith there is no hope, and without hope there is suffering. Gandhi shows that he is not against other religions, but he wants to make sure everyone values their own faith. â€Å"God does not reveal himself in the same form in all of us, or rather the heart of all of us not being alike, we do not see God in the same form,† Gandhi had said that to prove God exist in every shape and form for anyone. Gandhi’s fundamental philosophical and spiritual assumptions are to see the universe as a whole, and that philosophy exists in many forms: the religious, moral, political, economical, and social. He believes that God is truth and truth is God, and God is the religious element, or better yet it is the core of his philosophy. Gandhi suggested that through love and charity, nonviolence might revolve itself around the world. â€Å"This in essence is the principle of nonviolent noncooperation. It follows, therefore, that it must have its roots in love,† said by Gandhi. Gandhi had this view of loving your enemy, if you love your enemy you enemy may turn into a friend. Gandhi’s philosophical views are actually simple. If everyone just focused on bettering themselves, and loving one another nonviolence may appear. People have become too wrapped up in angry and in revenge, that seeking nonviolence almost seems impossible. Gandhi has said, â€Å"An eye for an eye makes the world go blind. † The world is always trying to get revenge on someone instead of accepting issues and moving on. Gandhi’s eleven practices not only help with the outside world, but also help you find inner peace within yourself. From daily prayer to vegetarianism, Gandhi shows that his practices are forms of peace and are essential into finally receiving nonviolence. The ideals of Gandhi on truth and nonviolence are universal and considered to be timeless philosophy in today’s world. Gandhi sees his followers who are practicing his eleven practices as gradually going through moral evolution. Gandhi believes in the idea that human beings can solve conflict without violence or any acts of violence. Gandhi shows that through his philosophy of individual tasks each person can reach truth and nonviolence. Gandhi’s philosophy reveals ideas from Western influence, but also from Indian culture. Gandhi’s blend of traditional and modern teachings has left of with the hope that we may finally see the outcome of truth and nonviolence. As Gandhi said, â€Å"My nonviolence is neither maimed nor weak. It is all-powerful. Where there is nonviolence, there is Truth, and Truth is God. † In conclusion, Gandhi was a man of wisdom and truth, and his goal was to bring truth and nonviolence to our world. Our world we live in his full of corruption and hate, Gandhi’s goal was to get rid of all that. Gandhi’s eleven practices were set forth for our benefit, to see the outcome of not hatred but love, happiness instead of sadness, and joy instead of anger. Gandhi was not only trying to better himself, but was ultimately bettering the world we live in today. Gandhi’s practices, his teachings, and his philosophical views will continue on for a lifetime changing the world, at less violence at a time. As Gandhi said, â€Å"Without true understanding of the ideal, we can never hope to reach it. It is necessary for us, therefore, to apply our reason to understand the power of nonviolence. †

Human Resource Management in the Hospitality Industry The WritePass Journal

Human Resource Management in the Hospitality Industry Introduction: Human Resource Management in the Hospitality Industry Introduction:Hospitality Industry:Importance of Human Resource in Hospitality Industry:Importance of Culture in International Hospitality Industry:Social Structure:Language:Education:Interests and Values:Economics:Effects of Culture on Hospitality Industry:Consumer Behavior:Local Demand:Brand Image:Human Resource Issues in the Hospitality Industry:Conclusion:References:Related Introduction: There have been researches conducted on the importance of the human resource management and as the business environment has transformed into more competitive world, the importance of having an adequate and appropriate Human Resource Management cannot be neglected. The most important factor by which the HRM contributes towards the organizational success is to realize the differences between cultures while the business tends to experience internationalization.   There have been many researches already being conducted in order to realize the different cultures, people having different attitudes towards the similar issues. Due to several factors like globalization and internalization of the businesses, this has increased the focus of many authors to write about importance of culture and realize that removing the cultural difference will enable the company to improve the performance. In order for the business to prosper in the international market it is necessary to realize the difference in the local culture and realize the different norms and values in the local market, and this can easily be done by having proper Human Resource Management in the organization. There are many cases in which huge company experienced failure in order to enter the new market like China, this is mainly because the company is not able to realize the different and intense local culture, norms and unique values of the country, it creates difficulties in conducting operational   and non operational activities like marketing and financing the company. Having HR department to support the organization, through intense communica tion across the company and also providing the required training and developing the needed skills in the employees can enable the company to become more competitive in the new market. The difference in the culture and the importance of realizing the difference is very crucial in every sector of the business including the Hospitality industry. This industry is unique in kind since this is the only business in which the consumer is being brought to the product instead of taking the product to the consumer. Hospitality industry across the globe has experienced boost due to globalization concept, this research report is based on the book written by an author named Ulrike Ditzel, and the name of the book is Cultural difference in business life, understanding German and American Business Culture. This research study is being based on the importance of Culture in business related to the necessity of having appropriate HRM in hospitality industry. This report discusses the various issues that are being discussed by the author and the evaluation of the work is also being conducted which can be found during the research report many times, although this book makes it sure th at realizing cultural difference is essential for hospitality industry. Hospitality Industry: In order to first realize that how HRM has grown to a more important role in the business especially in the tourism industry, it is first necessary to realize the current situation of the industry. After the industrialization of the globe the concept of viewing the world as a single market was introduced known as globalization; in other and simpler words, one country stop selling and other quits buying. due to globalization in the many people tend to travel more for many different reasons, especially for business purpose, tourism and many others, or it can be said that people are travelling more than before which has provided boost to the hospitality industry across the globe, and for many countries having adequate hospitality industry, it has become the major source of income, countries like Malaysia which has promoted itself as the best place for spending the vacation, places like Hawaii, these regions have experienced development due to the increase in the people travelling and vi siting this place hence generating more income for the country (Knowles, Diamantis, Mourhabi, 2004). Some places can be observed for having natural uniqueness providing those some benefits over other places, where people will love to spend their vacations, some places are very attractive for having historic background like Taj Mahal in India, or Moenjo Daro in Pakistan, people having interest in viewing the historic stuff love to visit this place. It can be therefore easily be said that the Hospitality industry has increased as compared to past years and tourism also played its role in the development of the industry, but still there are other factors like business which has more influenced the entire industry. For instance, Dubai one of the major financial hub before recession was the main country for many multinational companies to work and set their head office there, as the recession period is being over the state has again capture the sight of many businesses. Through the above discussion it can be observed that the main factor influencing the business sector is the globalizati on and therefore people travelling for business purpose has provided the fuel for the hospitality industry (Olsen, Zhao, 2008). This can be considered that travelling for business purpose has also increased the people to travel for pleasure as well; there are many countries which are now connecting both industries in one form like Malaysia which is the most benefitted country amongst all, generating much revenue from this sector, since this country is being the technological hub for many countries and god has gifted this country with great many scenarios the management has able to maintain make it useful for the country.   Therefore it can be said that the Hospitality industry has increased a lot and recently there are many factors which have played an important role in the development of this industry (Pizam, 2005). By reading the research work conducted by the authors, the importance of Human Resource Management was observed and realized that the HR personal should always be present in the any business especially in the tourism industry. The following part of the report includes the various critical aspects of organization managing the adequate human resource management in working in the tourism industry (Tanke, 2000). Importance of Human Resource in Hospitality Industry: Likewise many businesses and industry, the hospitality industry has also realized the fact that employees are the most important asset of the organization. Especially in hotel business, having a good, qualified and hardworking workforce can distinguish between which hotel is good and which is bad. The human resource managers are able to cover almost every aspect of the hotel; this makes human resource management an integral and significant part of the management in the hospitality industry. After going through the document it is being realized that since hospitality industry is about providing better services to the consumers, therefore the quality of the hotel depends upon the labor force working in the hotels (Chon, Mair, 2009). There are many different areas, improving them is the duty of human resource manager resulting in the overall better performance by the entire organization. The HRM department is responsible for hiring new employees, the newly hired employees can seriously affect the performance of the hotel which makes it necessary for the managers to hire the best and qualified workers present in the market by following appropriate hiring process, in which every candidate is critically evaluated and only those with the spark are being hired. The most important task for the HR manager is to get the most appropriate people for particular task, since in hotel industry, many workers tend to just participate in the work, as they think that there is nothing else to do, whereas hotel services require proactive employees which can make decision on the spot and can satisfy the customer query in time (Brotherton, 2003). This report will also discuss the issues that are related with the HR manager in terms of managing the different tasks in the hospitality industry, but the most important task of the HR manager is to retain the highest quality employees, the main problem in doing this duty is the fact that many of the people do not want use this industry as the ending career, therefore the employee turnover in the hospitality industry is relatively much higher than other industry (Albercht, 2001). After analyzing the document that is being also discussed in the start of the report, reading the document helped to realize that HR manager has to more strategic in terms of handling HRM issues in the industry (Aswathappa, 2010). In more critical aspect which can be realized is that since hospitality industry, the management need to handle the customers coming from different countries having different cultures and unique attributes, that’s what makes the HR department to have a broader perspective of duties in the Hospitality industry. Therefore the importance of Human Resource Management cannot be neglected in this industry, having customers coming from different cultures do have separate living standards and also the expectation varies. Therefore the training and development provided by the HR manager should enable the employees to cope up the issues related to the cultural issues arising (Brewster Harris, 1999). Moreover, when any company wants to open a hotel in the international market, or in other words a hotel which needs to go beyond the boundaries, it has to face some difficult issues in terms of managing the cultural factors (Browaeys, 2008). There are many examples of huge companies facing failure when entering into different countries. HR department has to play a significant role in this regard while maintaining the significant corporate culture and also to cope up the issues regarding the external environment (McManus, 2006). Moreover in the global context in terms of hospitality industry, the HR manager also has to be more strategic in terms of rewarding and motivating the employees through different processes. Hotels which are able to provide appropriate training to the employees resulting in the enhancements of the skills and abilities of the employees make it possible for them to go upward in the career (Dash, 2007). Having appropriate HR department in the hotel provides the employees a gateway by which they can have proper guidance regarding any issue related to the performance or with the daily operational activities. Moreover this provides with the sense of security to the employees that they do have someone who can look after them whenever they commit a mistake (Edwards, 2007). The above discussed importance of having appropriate HR manager and department is being extracted from the document that was supposed to lead. In that particular document, it was analyzed that having human resource management in the hospitality industry is must (Ferraro, 2006). Importance of Culture in International Hospitality Industry: There are many cultural factors that prevent the company, in this case hotel to operate in the other regions, this was observed during the analyses of the document that was required to consider, these issues become more critical when they are not properly treated, and for the providing the appropriate treatment organization needs to have appropriate human resource management. In order to manage the different factors, it is first essential to identify these factors and then the role of the HR manager in order to cope up with the issues, some important elements are (Hellibrand, 2008): Social Structure: This is very important for the hotels that are planning to open a new business unit in any other country. The social structure here represents the way people live in different countries, this is important to realize since, HR manager needs to hire the employees and train them accordingly. In different regions people do have different perspectives and different living standards, resulting in diversified population to target and attract, and also to hire people that are also from different social structure. HR manager in the hospitality industry can enable the organization to understand the basic difference in the social structure of the country from the country of origin (Keegan, 2002). Language: This comprises of the most difficulties from all the different factors in culture, a hotel going international or entering into a new country needs to face this issues, there are many examples like Coca Cola entering China and changing the pronunciation, as first it did not mean what was expected from it, moreover like many other businesses the importance of employees is also being realized by the hospitality industry and now businesses considers employees the most important asset of the organization, therefore HR manager needs to be proactive in dealing with the issues related to language problem in the new country. moreover HR manager in the hotel will able to develop the understanding in the upper management about the local culture and what are the different jargons and what are the norms of the language (Luger, 2009). Even if the business is not international, hotel needs to accommodate people from different nations having different languages and act in their language can mean harmful whereas can also mean very normal in the local language in which the hotel is being working. Here comes the strategic role of the Human Resource Manager who needs to fill the gap that is being created by the language issues by holding appropriate session related to training the employees and also telling the management about the language differences (Paul, 2008). Education: Here the education means the level of literacy rate in the country, this has become a critical issue for the HR management because, organizations working in the country having low literacy rate will make it hard for the organization to find the most appropriate employee for the position. Moreover sometimes hiring less educated people will harm the services provided by the hotels, since hiring inappropriate employee in hotel can alter the services at very rapid pace, since in hotels direct customer interaction is being conducted, hence affecting the image of the entire organization (Poole, 1999). Interests and Values: HR manager has to realize that what elements are different in terms of interests in the new country, it is also possible that one thing which is given the most value in the country of origin means nothing in the new country, hence resulting in the failure of the entire business. Therefore the Human Resource Management needs to realize the difference between the interests and values of the culture and try to pose the hotel in an acceptable manner and decorate it in the similar way, so that potential customers can feel that they are in their own culture. Economics: Different currency rate, different factors driving the economy, varying financial sector, these issues are less related to the HR manager, but international hospitality industry needs to cope up with these issues that occur when management decides to internationalize the entire business. Effects of Culture on Hospitality Industry: After analyzing the hospitality industry in the context of the human resource management and cultural affects, it has been noted that the there are various elements that effect the cultures for the hospitality industry. Some of the key elements are discussed below; Consumer Behavior: One of the main important elements that has noted is that the consumer behavior is hospitality industry is changing with significant rates. As compared to the last couple of decades the behaviors of the customers have been changed and the main reason behind this change is the mode of globalization. As discussed in the above report that the since the business world has entered into globalization mode, the hospitality industry has managed to grow faster than ever before because the visitors now find this easy to move from one region to another easily and with many facilities (Mondy, 2008). And since the customers have now visited many places across the world, the roles of human resource personnel have become more critical. Today, the human resource personnel have to ensure that they design the organizational policies and regulations according to the consumer behavior. But the changing behaviors of the consumers are restricting the human resource personnel to do so. Many of the companies and their HR departments are now planning and redesigning their strategies to ensure that the consumer behaviors are properly understood. As compared to the past few years, the HR personnel in hospitality industry have become more responsible to understand the needs and requirements of the customers and act accordingly. Local Demand: A part from the above critical factors of changes in consumer behavior, the local and regional demand of the customers has also noted to be changed. Especially after the global and economical crisis, the visitors do not prefer to visit the other locations outside the regions because it requires them to pay the expenses and due to financial crisis, every individual is suffering from the shortage of finances (Schuler Jackson, 1999). The HR department of hospitality industry again has to ensure that it clearly understands the local demand and design the organizational strategies accordingly to attract the potential customers and increase the sales and profitability. As this is the only way which is remained to adopt otherwise sustaining in hospitality industry is not an easy task to perform. Brand Image: Maintaining the brand image is also one of the critical jobs for the organizations and HR departments are one of the responsible departments to do so. The regional culture also creates many complications for the hospitality industrial companies to ensure that the brand image is saved from any harm. Today it is noted that many of the companies are operating efficiently and successful across the world and it is because of the regional culture (Rae, 2000). Human Resource Issues in the Hospitality Industry: Different levels of hotels big and small in the hospitality industry face difficulty in order to manage the human resource and also the relationships with the employees in any country or countries they operate in.   There have been increase in the employees issue regarding the organizational culture; the cases for sexual harassments have increased which ultimately costs the organization to give from its profit (Wvans, 2010). There are many cases observed in which hotels are not following the health and safety issues regarding the employees or the customers and even different services provided to them in different phases. Many hotels are observed to have high employee turnover or highly staffed labor, which means the organization is having more employees than required. This is because of the lack of appropriate HR manager and department which are not fulfilling the different needs of the organization, as now days the HR department should be playing more strategic role instead of onl y restricted to traditional ways. There are few major issues regarding the HR personals in the hospitality industry which was observed during the reading of the document presented by the author (Price, 2007): Job Description: the main issue for the HRM in the international hospitality industry to is to develop an appropriate job description which can cover the entire employee area of the organization. The issue concerning this element is the fact that HR manager needs to incorporate every level of employee in order to deliver better services to the customers (Smith Mounter, 2008). Policies and Procedures:   in order to develop the policies regarding the employees in the organization, the HR manager needs to be more proactive, since working in the international business environment needs to incorporate different cultures, as it has been discussed above in the report. Moreover the HR manager needs to deal with different laws and regulations depending upon the country or the countries they are working in. this mean that the HR manager needs to develop policies in which every aspect is being taken care off so that the management is able to have better relations with the employees. These policies must incorporate the different operational issues like sexual harassments and other problems that the employees are facing in their duties. Inductions Process: it has been already being discussed above that the most important asset of the company are the employees, therefore working in the international business industry, hotel needs to have the most appropriate and hardworking employees so that they can perform much better. The entire induction process of the company should be strategically followed by HR manager (Wierzbicka, 1999). Conclusion: As the business environment is getting more competitive, organizations in different industries need to gain some access to those resources in which they have gain the competitive advantage to increase the profitability. The above report is being constructed in this similar regard, in which it was required to select an author which has written on the topic of culture and then the concepts earned through that book was being incorporated in this research report which is based on the importance of Human Resource Management in the international industry. Therefore the report is constructed in a logical manner followed from the evolution of the Hospitality industry, in this part the different factors have been discussed which has resulted in the boost of the entire industry; the main factor which has influenced is the globalization. Then the importance of culture is being discussed and how the realization of the culture is important in the international business environment and also different factors of the culture are being discussed. In the end part of the report, the importance of Human resource management is being discussed and how human resource manager can play its role in the development of the organizational performance. There are few issues also discussed in which the basic emphasis was on to have an appropriate inductions system by which the organization will be able to hire best employees. References: Albercht M H, 2001, International HRM, Wiley Black, USA UK Aswathappa K, 2010, International Business, Tata Mc Graw Hill, India Brewster C Harris H, 1999, International HRM, Routledge, USA Canada Brotherton B, 2003, the international hospitality industry, Butterworth-Heinemann, China Browaeys M J, 2008, Understanding Cross Cultural Management, Pearson Education, India Chon K, Mair T, 2009, welcome to hospitality, Cengage Learning, Canada Dash A, 2007, IRHM, Tata Mc Graw Hill, India Edwards T, 2007, International HRM, Pearson Education, India, Ferraro E, 2006, Cultural Anthropology, Cengage Learning, USA Hellibrand J, 2008, Cross Cultural Competences, GRIN, Germany Keegan W J, 2002, Global Marketing Management, 7th E, Pearson Education, India Knowles T, Diamantis D, Mourhabi J, 2004, The globalization of tourism and hospitality, Cengage learning, UK Luger E, 2009, Hofstede Cultural Dimensions, GRIN, Germany McManus J, 2006, Leadership: Project Human Capital Management, BH, UK Mondy R W, 2008, HRM, 3rd Edition, Pearson Education, India Olsen M, Zhao J, 2008, Handbook of hospitality strategic management, Butterworth-Heinemann, UK Paul J, 2008, International Business, PHI Learning, India Pizam A, 2005, international encyclopedia of hospitality management, Butterworth-Heinemann, UK Poole M, 1999, HRM, Routledge, USA Canada Price A, 2007, HRM in a Business Context, Cengage Learning EMEA, USA Rae L, 2000, Effective Planning in Training Development, Kogan Page, GB Reddington M, Williamson M Withers M, 2005, Transforming HR: Creating Value Through People, BH, GB Schuler R S Jackson S E, 1999, Strategic Human Resource Management, Blackwell Publisher, GB Sims R R Vares J G, 1999, Keys to Employee Success in Coming Decades, Greenwood Publishing Group, USA Singh S, 2006, HRD and Managerial Development, Global Vision Publishing, India Smith L Mounter P, 2008, Effective Internal Communication, Kogan Page Publishers, India Tanke M, 2000, HRM for hospitality industry, Cengage learning, US Wierzbicka A, 1999, Emotions Across Languages Culture, Cambridge University Press, GB Wvans P B, 2010, The Global Challenge, Tata Mc G

Labor market equilibrium Assignment Example | Topics and Well Written Essays - 250 words

Labor market equilibrium - Assignment Example Workers want to work at highest wage rates while firms want to hire at lowest wage rates. This keeps on pulling the demand and supply curves up and down and hence the equilibrium keeps shifting from one point to another. Hence, these supply and demand patterns in the labor market largely affect the market equilibrium. Suppose there is an equilibrium position in the labor market. Then, many new graduates enter the market and the supply of labor increases. When there is excess supply in the market, the employers have a free hand at the wage-rate and they can hire workers at lower wage rate and the equilibrium shifts inwards. However, if the workers are being paid less than other related industries, or cannot find a job altogether, they might start switching to the industries that pay higher or might start their own business. They may also resort to starting their own business and become self-employed, or might stop looking for a job and start relying on other sources of income dropping out of the labor force altogether, or they may become unemployed. This reduces the supply of labor. At this point in time, the supply of labor decreases than the demand and the employers are forced to increase the wage rates in order to attract the workers needed. This shifts the equilibrium back outwards. This increase and decrease and supply and demand keeps on taking place as the employers continuously tend to minimize wage rates and workers keep on demanding higher wages affecting the supply of labor accordingly. This in turn keeps on moving the equilibrium inward and outward as the demand and supply continue attempting to reach