What is the Role of Financial Strategy within an Organization Assignment

What is the Role of Financial Strategy within an Organization - Assignment Example Within the organization, the different functions compete for the resources. Organizations have to adopt certain financial strategies in order for it to optimize resources that are available for use (Sanwal, 2008). Once the internal allocation is taken cared of, the company can focus on other aspects of the organization to achieve growth. An organization is faced with the dilemma in choosing which finance strategy would best suit their corporate structure. Will it be to adopt a financial strategy driven towards greater efficiency or towards better management of the organization as a whole It is ideal and optimal to achieve both and when an organization is able to do so then it can focus efforts on the remaining functions. Some organizations have tried to standardize the established financial system to be able to replicate the system and apply it in the global spectrum. Many organizations have tried to focus on the enhancement of the financial function to achieve greater efficiency in the bigger picture. To be able to maintain their global positions and to determine which strategies best suit the company, these organizations do the benchmark. Benchmarking is a flexible tool in management which can be used in the various functions of an organization. Companies do industry scans and assess the strengths of their competitors (Ruth, 2006). They use these assessments to determine which areas are weak in their own organizations, which functions need to be given attention and what measures are to be taken to implement changes if there are any. In the organization's venture towards being cost-efficient and at the same time globally competitive, it encounters various problems along the way and it must take note of various risks consequent with the implementation of financial strategies that it has decided to implement. Some points and important matters that the organization has to take into account before deciding which strategy to use are the current corporate structure and the system of the organization. Corporate structure helps determine which processes best contribute to the organization's growth and development. The flexibility of the corporate structure is also very vital especially now in the current dynamic industries we have (Sanwal, 2008). For systems, in an industry scan done by SAP, the two systems that place great weights on finance are transaction processing and decision support system (Patel-Muellers, 2006). Though companies want to focus on decision support and management, they are in truth spending their time on transaction processing. However, progress is little by little evident in the efficiency of the companies' processes as they journey towards being more strategic. Â  

Adam Smith During the Scottish Enlightenment Research Paper

Adam Smith During the Scottish Enlightenment - Research Paper Example On graduating, he successfully delivered a number of public lectures at Edinburgh. Those lectures led him eventually to cooperation with David Hume during the period of Scottish Enlightenment. Sharing both rationalist and humanist outlook of the European Enlightenment of the same epoch, the key thinkers and doers of Scottish Enlightenment maintained the fundamental importance of the reason combined with a rejection of all the authorities that cannot be vindicated by reason. They clang to an optimistic belief in the ability of a man to make changes for the better in both nature and social life, being guided solely by the reason. It was this very feature that added the Scottish Enlightenment the peculiar flavor that has distinguished it from its counterpart from over the Continent. Furthermore, Scottish Enlightenment was characterized by an extremely thorough empiricism and practically where the main virtues were held to be a practical benefit, improvement, and virtue itself of both societies a whole and an individual. By the middle of the 18th century, Scots had become hardly the most literate nation of Europe. Its level of literacy was estimated as high as 75%. Yet it was not many of them who were making Enlightenment. The whole culture of that time Scotland was oriented to books so spirited discussions were held at such places of intellectual gatherings as The Select Society and The Poker Club. Those places, in fact, were crucibles from which lots of ideas distinguishing Scottish Enlightenment developed. When teaching moral philosophy at Glasgow Smith received a chair, and during within this period of time, he published his work The Theory of Moral Sentiments. Later he received a tutoring position allowing him to travel over Europe where he used to meet other prominent intellectuals of the Enlightenment epoch.  

Fuddy Meers Essay Example for Free

Fuddy Meers Essay They play was quite an interesting play with its use of comedy and tragedy. The actors did a terrific job on portraying the characters. The set was small so it was much easier to see their reactions. The introduction to the play was pretty unique with those people in tight pants and glitter all over everybody in the lobby. They never broke character no matter what went on in the lobby. Later they used as prompts on stage which was pretty interesting because at times I was so into the play I forgot they were there acting as a car or a door. Although Claire was the main character, the actor who played Millet had the best acting on stage. They way he switch between the two personality was amazing and hilarious. He portrayed the character really well and had me believing for a bit that he actually had a dual personality. His entrance on to the stage in every scene was perfect, every time he can on he was really enthusiastic and his enthusiasm did not fluctuate too much in the play, even though he was not playing one but two characters. The actress who played Claire portrayed the character well. From the beginning to the end she really captured the characters and her emotions. When she first entered on stage I was confused of what was going as she was walking aimlessly across the stage but later realized that was the whole point. She wanted the audience to believe she was confused and lost; and she did. I notice her break the fourth wall every now and then as she looked into the audience. I suppose it was part of the scrip to interact with the audience because she mostly did it when she was on the side doing random things with the people in tight pants. Her entrances where perfect every time, even though the scenes where being switched off between her and Richard in the car, she never seen to loose focus. You could clearly see every expression on her face which made it more realistic to the audience. The actor who played Richard could have done a better job on portraying his character. He wasn’t terrible it just looked like he was trying to hard; it just didn’t seem as natural. For example in the scene he gets pulled over by the lady cop, he was a little too jittery; no one really acts like that. Overall he did pretty decent job but could have done much better. The limping man, who was Zack than later we found out he was Claire ex husband, did an amazing job portraying his character. It wasn’t only his facial deformation, which I have to admit looked pretty real to me, but was the way he acted out the character, from the lisp to the scary deep voice, that made him truly incredible. He made the audience believe he was really deformed. The scene when he first took Claire and he was struggle to enter the window was pretty hilarious but he also gave an insight to what he character was going through. They endowed many things on the set, most of the things looked pretty realistic. In the scene when Richard and his son go looking for Claire they used a paper joint to endow the marijuana they were smoking but they did not portray being under the influence as well as they could have. Usually people that smoke pot are really laid back and giggly with short term memory loss not knowing what their doing half the time. They also endowed the officer’s gun which still look pretty real. When Claire was running up and down the stage with that knife it seem pretty dangerous but from where I was sitting I couldn’t even tell if it was real or fake. The overall play was excellent and it gave me an opportunity to learn from these actors what to do and not to do. They really had some tremendous actors on this set who did an amazing job on convincing the audience on what was going on in the play.

The Law Commissions review of the law of intention

The Law Commissions review of the law of intention 'The Law Commission's review of the law of intention confirms the viewthat the English law of intention for murder is based upon an understanding that lacks in two opposite ways. First, as regards direct intention, the law is morally under-inclusive in that it places too much moral weight on a psychological conception of the required mental state. It therefore fails to recognise properly the issue and significance of the concept of 'indiscriminate malice'. Secondly, as regards direct and indirect intention, the law is morally over-inclusive, failing to differentiate culpable and non-culpable acts.'(Norrie, 2006) Critically discuss the above statement with reference to the doctrine of intention in relation to the crime of murder and the Law Commission's Consultation Paper Homicide (No.177, 2005). Before we commence our discussion, let us first be quite clear on what is meant by ‘direct intention’, ‘indirect intention’ and ‘indiscriminate malice’ in the context of the above statement. Intention literally means ‘aim or purpose that guides an action[1]’. Therefore, ‘direct intention’, in the context of murder, means an act committed with the direct purpose of killing, or causing serious harm to, another. This has been one of the mens rea requirements for murder as far back as the 17th Century[2]. Clearly, this precludes an intention to achieve another criminal purpose altogether, where the actor ought reasonably to have foreseen, but did not directly intend, the death of another to be a virtually certain result of his actions, e.g. the intention of a ‘person who places a bomb on a plane for the purpose of making an insurance claim in respect of property but who foresees as a virtual certainty the death or serious injury of those who are on the plane when the bomb explodes.[3]’ This is what Norrie refers to as ‘indiscriminate malice’; ‘malice,’ in that the actor intended to perform an illegal act, and; ‘indiscriminate,’ in that the actor paid little or no regard to the virtually certain consequences of his actions, namely the death of another. It has long been recognised that the law should bring actions of indiscriminate malice within the scope of the crime of murder, but that a strict requirement of ‘direct intention’ would fail to do so; ‘direct intention is simply ‘too narrow for the purposes of criminal responsibility[4]’. Thus, the concept of cognitive ‘indirect intention’ was born, introduced into English law in the case of Nedrick[5]. Such intention does not have to be direct, but can merely involve a degree of foresight which, if possessed, should warrant a conviction of murder rather than manslaughter, a crime which denotes a too low a degree of criminal and moral culpability for actions where the death of another is virtually an incidental certainty. This doctrine, in its current form, was laid down by Lord Lane CJ Nedrick[6] in 1986, and modified by Lord Steyn in Woollin[7]: â€Å"Where the charge is murder and in the rare case where the simple direction is not enough, the jury should be directed that they are not entitled to find the necessary intention, unless they feel sure that death or serious bodily harm was a virtual certainty (barring some unforeseen intervention) as a result of the defendant’s actions and the defendant appreciated that such was the case.[8]† Some commentators have argued, as Norrie does at the top of this paper, that such an extension has gone too far; whilst indiscriminate malice now clearly comes within the scope of this extended intention requirement for murder, which is a good thing, other actions are now also included under the crime of murder, crime which, due to the lack of criminal and moral culpability involved, would be more fairly labeled as manslaughter. An example of such an action being so unfairly labeled was provided by Lord Goff in the Nathan Committee Report by the House of Lords Select Committee on Murder and Life Imprisonment [9]: â€Å"A house is on fire. A father is trapped in the attic floor with his two little girls. He comes to the conclusion that unless they jump they will all be burned alive. But he also realises that if they jump they are all [virtually certain] to suffer serious personal harm. The children are too frightened to jump and so in an attempt to save their lives he throws one out of the window to the crowd waiting below and he jumps with the other one in his arms. All are seriously injured, and the little girl he threw out of the window dies of her injuries.† The Law Commission, in citing and analyzing this example, came to the conclusion that the father in this case should not be labeled a murderer. Under the concept of ‘indirect intention’ however, the father should be guilty of this second-degree crime. As Norrie notes[10], the Law Commission were forced to conclude that ‘indirect intention’, by focusing on the knowledge of the father rather than the wishes behind his actions, was morally over-inclusive, failing to differentiate correctly between culpable and non-culpable acts, i.e. between actions of indiscriminate malice, such as the insurance fraudster who blows up the plane with no regard to the life of those on that plane, and actions involving no malice, but which are indiscriminate in their effects, such as the actio ns of the desperate father in Lord Goff’s example above. In this paper I shall address these concerns in detail, concluding that a cognitive approach to intention may simply be unsuitable for the crime of murder; it fails to adequately demark the boundaries of culpability between this crime and that of manslaughter. I shall then examine the Law Commission’s Consultation Paper Homicide (No.177, 2005), and shall critically discuss their approach to these problems, concluding with an assessment of how successful these reform proposals would be in their aim of differentiating correctly between culpable and non-culpable acts, if implemented. As we have already seen from the examples discussed above, Norrie is quite right in his assertions; the requirement of direct intention is too focussed on the specific mental state of the actor with the effect that the charge of murder would be precluded for anyone other than an offender who either directly intended to kill his victim, or at least intended to cause that victim serious harm from which death was a reasonably foreseeable result. Likewise, the extension of this requirement to include indirect intention, whilst at least serving to bring crimes of indiscriminate malice under the scope of ‘murder’, also serves to bring other such actions under this label, actions which should only be considered manslaughter, in light of the lower degree of criminal culpability possessed by their perpetrators. In other words, it is not always fair to equate foresight of a virtually certain result with intention. Let us now look at the reforms to the doctrine of direct intention, which have been proposed by the Law Commission in their Report on Homicide[11], and assess to what extent these reform might actually serve to correct the current inadequacies: In this Report, the Law Commission make two different reform proposals; the first of these is to create a statutory definition of intention which avoids the problems of indirect intention being construed too widely by a jury; the second is to codify the existing common law doctrine of indirect intention, but to modify it so that the current problems of indirect intention can be avoided. Both of these proposals are therefore designed to rectify the problem of indirect intention being construed too widely, whilst at the same time allowing this doctrine to continue its prosecution of indiscriminate malice as murder where appropriate. The rationale behind both of these alternative proposals is to rectify the distinction which can, in exceptional cases, exist between intention, in its natural form, and intention implied by reasonable foreseeability/ virtual certainty. They reform proposals recognise that it is possible for an offender to have not intended a particular outcome, even though he or she may have realised that such an outcome was a virtually certain consequence of their actions. This is commonly known as the ‘Woolin[12]’ problem. Under the first proposal, the Commission have state that ‘It is crucial that a statutory definition of intention should not cause injustice, or absurdity, by deeming certain conduct to be intended when the circumstances show it to be otherwise[13]’. Thus, under this first proposal, the Commission propose to insert a proviso into a statutory definition of intention, i.e. ‘A person is not to be deemed to have intended any result, which it was his or her specific purpose to avoid.[14]’ This should not be seen as reinserting a motive assessment into that of intention, but rather to provide a means by which a jury will not be forced to convict someone of murder, in an exceptional case where that offender specifically did not intend to cause death even though he knew it would almost certainly result from his actions. Under the second proposal, the Commission suggest a codification of the current doctrine of intention, modified to take account of those exceptional cases where it would be unfair to equate foresight of a virtually certain result with intention, might be as follows. Such a formulation might read as follows: â€Å"(1) A person is to be regarded as acting intentionally with respect to a result when he or she acts in order to bring it about. (2) In the rare case where the simple direction in clause (1) is not enough, the jury should be directed that: they are not entitled to find the necessary intention with regard to a result unless they are sure that the result was a virtual certainty (barring some unforeseen intervention) as a result of the defendant’s actions and that the defendant appreciated that such was the case. (3) In any case where the defendant’s chance of success in his or her purpose of causing some other result is relevant, the direction in clause (2) may be expanded by the addition of the following phrase at the end of the clause (2) direction: or that it would be if he or she were to succeed in his or her purpose of causing some other result, and that the defendant appreciated that such was the case.[15]† This would have the effect of maintaining the current law in relation to virtual certainty, which as Lord Steyn pointed out in Woolin, â€Å"has [over a period of 12 years since Nedrick] apparently caused no practical difficulties,[16]’ whilst at the same time, limiting the doctrine of indirect intention so as to exclude those situations where an offender might have seen death as being virtually certain, but where he specifically tried to avoid it. This proposal purports to do this by providing the jury with more specific guidelines as to when they are entitled to infer indirect intention. Both of these reform proposals are encouraging; it would seem that the Law Commission is heading in the right direction at last. The first proposal specifically precludes the Woolin problem with the insertion of a provision which, although purportedly reintroducing a motive element to the doctrine of intention, can actually be used to ensure that intention is not implied where it would be unfair to do so. The second is less specific, but purports to achieve the same ends by clarifying the necessary circumstances in which indirect intention should be implied. In conclusion, I would favour the first proposal for the following reason; the second proposal will only slightly modify the doctrine of indirect intention, and will only slightly limit its scope. The proviso contained in the first proposal however, is, as yet, unlimited in its scope, and as such, can be used by a jury to greater effect. This may have the result of reverse injustice, i.e. offenders who should morally be guilty of murder escaping this label for the lesser conviction of manslaughter, but I feel that it will so significantly decrease the chances of the reverse occurring, i.e. offenders who should only be found guilty of manslaughter being labeled as a murderers, that such a risk is justified; after all, it is more important to encourage this latter phenomenon than it is to prevent the former from occurring at all costs, especially in light of the huge sentences which are imposed on those offenders convicted for the crime of murder. Bibliography: Law Commission's Consultation Paper Homicide (No.177, 2005) Nathan Committee Report, Report of the House of Lords Select Committee on Murder and Life Imprisonment (HL paper 78-1, 1989). A Ashworth, Principles of Criminal Law (4th ed 2003) A Norrie, â€Å"Subjectivism, Objectivism, and the Limits of Criminal Recklessness† (1992) 12 OJLS 45. A P Simester, â€Å"Why Distinguish Intention from Foresight?’† in A P Simester and A T H Smith, Harm and Culpability (1996) 71. Williams, G. (1955) The definition of Crime Current Legal Problems 8, 107-30 Smith, A. H. (2004) 'Criminal Law: The Future' Criminal Law Review, Dec, 971-80 1 Footnotes [1] A definition provided by the Oxford English Dictionary. [2] See Lord Coke’s classic definition involving ‘malice aforethought’. [3] Law Commission Report: Homicide [No.177; 2005] para 4.6 [4] Ibid, para 4.6 [5] 1986 (83) Cr App R 267 [6] ibid [7] [1999] 1 AC 82. [8] [1999] 1 AC 82, at 96 [9] Lord Goff in the Nathan Committee Report, Report of the House of Lords Select Committee on Murder and Life Imprisonment (HL paper 78-1, 1989). [10] In the statement at the top of this paper, A. Norrie states: 'The Law Commission's review of the law of intention confirms the viewthat †¦ indirect intention†¦ is morally over-inclusive, failing to differentiate culpable and non-culpable acts.' (Norrie 2006) [11] Report No. 177; 2005 [12] In this case, D had a grudge against a woman and had threatened to ‘burn her out’. One night he poured paraffin through her letterbox and set it alight. One of the women dies in the fire. When asked why he did it, he replied ‘to wake her up and frighten her’. Here, he did not intend to kill the woman’s but the question is therefore whether or not he saw such a result as virtually certain. [13] Ibid, para 4.42 [14] Ibid, para 4.50 [15] Report No. 177 2005 para 4.69 [16][1999] 1 AC 82. at 94

Abortion Essay -- essays research papers

Abortion: A Controversial Issue One of the major controversial issues confronting the society today is abortion. I choose abortion as the topic of discussion since it contradicts my values and beliefs. Abortion is the extraction of the human fetus from the mother’s womb with an intention to end the life of that fetus prior to its natural birth. The controversy surrounding abortion is whether it should be legalized or not? In my opinion, abortion is morally and ethically wrong because it leads to violation of human rights. Life is precious and only it’s Creator has the right to take it away. I chose this issue for discussion to bring to light many of the hidden facts and arguments, of which people are unaware and not very sensitive today. Three of the many aspects of abortion can be taken into consideration 1) Motives behind abortion 2) Pro life v/s pro choice. 2) The growth of the â€Å"Dead Baby Industry.† Abortion is an issue lacking of humanity and moral value because of the various motives behind it. Abortion is the most extreme, permanent and devastatingly violent solution, for an unborn child. As said by former Surgeon General and a pediatrician Dr. C. Everett Koop, the most common reason for abortion is convenience. Only three to five percent of all abortions performed are for reasons of rape, incest, the possibility of a deformed child, or severe threat to the life of the mother. As Dr. Koop, has pointed out, the majority of partial birth abortions are not required by medical emergency. According to researchers at the Alan Guttmacher Institute, of those obtaining abortions in 1980, 30 percent were under age 20 and 79 percent were unmarried, which shows that abortions in the United States are most often sought as a "solution" to the problem of pregnancy outside of marriage. The major reason behind most of the abortions is mere inconvenience or unwantedness of the baby seems mean, insensitive and unreasonable. Pro-life vs. pro choice is a leading fundamental concern regarding the abortion controversy. The main argument of the pro-choice view for legalized abortions has to do with a woman's right to privacy and her right to control her body. The pro-choice viewers do not approve of governmental interference in personal matters like abortion. Certainly this right of p... ... in society. The worldly materialization and sophistication has made the abortionists so insensitive towards morality that life has lost its true worth. The main point is not the price that an eye, a brain or heart is sold for, but that a helpless child had to be killed in order to obtain these parts. Thus legalizing abortions would not mean giving the opponents a right to privacy and choice, but would in turn give a boost to their multimillion dollar biotechnology industry (Crutcher,M). I’m the defender of the right to life in America and an issue like abortion should light a fire in the hearts of all who respect this nation’s founding principles. The strength of the pro-life position is not because of some clever definition of life. Rather the facts force us to admit that this is a unique individual human life, whose helplessness in the womb can either motivate us to compassion, nurturing and protection or be used as an excuse and opportunity to exercise our deadly power and earn millions. As a result, legalizing abortion would open doors for plenty different sinful industries. This in turn would not lead to progress.

Destiny :: essays research papers

Destiny was a misunderstood girl. She was a depressed, lonely, and hopeless young woman. Her mom was strung out on drugs, and her father was nowhere to be found. She hated her life, and she hated everyone else, even the people who tried to help her out.   Ã‚  Ã‚  Ã‚  Ã‚  Destiny stayed in one the most dangerous neighborhoods in Detroit. A couple days couldn’t past, without seeing or hearing about a fight or killing. She feared walking home from school everyday. She was seventeen years old, a senior in high school, who could only read at an eighth grade level. Since her mom was never really around, she would have to stay home from school to look after her baby sister.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Destiny, where’s mom, said Kisha.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I don’t know Kisha said Destiny.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Well I miss mom, she’s always gone.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I know, I know, don’t worry I’m here Kisha; I’ll always be here.†   Ã‚  Ã‚  Ã‚  Ã‚  It had been a few days since Destiny had seen her mom. She was very frustrated. She couldn’t believe that her mom couldn’t even call her. She cried whenever her sister was not in the room.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Why is this happening to me?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I didn’t do anything to deserve this kind of life, cried Destiny.†   Ã‚  Ã‚  Ã‚  Ã‚  It was three o’clock in the morning when the phone rung. She answered the phone. It was her mom on the other end.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Hey baby, I’m sorry about not calling you sooner.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Yeah, well where are you at mom Kisha keeps asking about you.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Well Destiny I was just calling to tell you that I’m not coming home.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"What?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"I’m going to New York, I need to get away from here.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Mom, what about us?†   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Honey you have to take over now. I love you.†   Ã‚  Ã‚  Ã‚  Ã‚  Her mom hung up, those were the last three words Destiny would ever hear her mom say. She tossed and turned the rest of the night. Kisha came into the room to wake up Destiny. She had overslept, which made her and Kisha miss school. Kisha could see the pain in Destiny’s eyes. She knew she had to tell why their mom wouldn’t be coming home and that she moving to New York. Destiny told Kisha the horrible news. They both wept and held each other until they both fell asleep.   Ã‚  Ã‚  Ã‚  Ã‚  A couple months had passed, Destiny struggled to make ends meet. She had to borrow food from her neighbors just so that they could eat every night. She knew that she would have to do something, or they would lose everything.

Benefits of a Performance Management System Essay

Activity Learning Outcome 1. Describe the purpose of performance management and its relationship to business objectives. Armstrong says that â€Å"One of the aims of performance management is to develop the capacity of people to meet and exceed expectations and to achieve their full potential to the benefit of themselves and the organization.† Organizations want people to reach their best because underperforming can cause loose for business. Performance management allows employees to look at their career development and potential promotions and career prospects. Also, performance management allows employees and management to discuss job changes (an example is given: new technologies coming to the company) and can adapt better to changes in the environment. 2. Explain the components of performance management systems. The main component of a good performance management system is a performance review or appraisal: This could be annually or two times a year and even monthly. This way Managers ensure and check their employees are performing as they would expect them to. Another component is training. For example, new computers or some sort of new technology might have arrived at the company and managers should ensure that all members of the staff are fully trained. Very important as well is to have a good reward policy in place for good performers. 3. Explain the relationship between motivation and performance management People that are motivated will work harder, therefore motivation helps higher performance. When staff is motivated, they will start looking at careers prospects including training to acquire new skills or develop new ones to then seek for promotions. If they’re motivated they become more ambitious and want to go up the company’s organizational chart. If employees are motivated, they’ll be willing to develop themselves not waiting for management to suggest or ask to go, for example, on a training course. Staff will be proactive an nd look for it themselves. Sometimes, self-learning is much more effective than a training course if they’re motivated. According to Taylor in his Instrumentality motivation theory that people are motivated mainly by rewards. This comes from the massification era and he sustained that the more you pay to your employees, the harder they will work for you. This was lately discussed as he was thought to treat people like objects. Vroom defended a Process/Cognitive motivational theory, where the person’s motivation depends on the perception of the effort they put on their work, as their efforts will result in better work. The processed the information they were given, questioned if the target given were achievable and if it was and if they achieved it if management were really going to give them the reward. And if they did, do they really value it? Learning Outcome 1. Identify 2 purposes of reward within a performance management system. There are plenty of purposes of the reward of performance management, being the main one to recognize performance and motivate individuals. Reward attracts people, motivates them and the most important thing, retains them within the organization. Recruiting is very hard, competitive and time-consuming; therefore, a low turnover of your employees always benefits the company. The job market is incredibly competitive and candidates A good reward strategy can definitely change behaviors and control expenditure, helping companies to advance their ideas of cost savings in their aims. 2. Describe at least 3 components of a total reward system, 1 of which should be non-financial. A total reward is the combination of monetary and non-monetary rewards. Some of the monetary rewards are mandatory, like the pay and the pension, but others are at the employer discretion. Non-mandatory and really valuable for the employee rewards are, at the moment, things like flexiwork or working from home, recognition by their managers and colleagues and made the employee feel valuable, career opportunities where they know that if they work hard, their hard work will be recognised and also quality of working life, having friends at work and being happy going to your workplace (is priceless). The example is given: When I worked at Oracle Corporation, we had a â€Å"Flexipoints† flexible benefits system that was our own choice. Depending on your job role and seniority level within the company, you were allocated several points (e.g. 2500 points) and you could choose your own benefits from a wide range in their intranet for a certain period. In my case, I usually went for the health insurance, which was about five hundred points, plus a few extra days of holiday, which was around one hundred points each, and maybe something else, and the rest was converted to extra annual cash. I loved it! Learning Outcome 1. Identify and explain the factors that need to be considered when managing performance There are plenty of factors to be considered when managing performance of the employees, starting with the goals of the organization. Managers should ask themselves things like what is the organization about? What are the goals of this specific individual? Does this employee have any training needs? Do they have any issue with the organization? Make sure they know the answers to these questions will help them to set an appropriate target for each of their staff. Managing performance should be a continuous process that is always measuring that the person that works for your organization contributes to the goals and objective of the company. When managing performance, we should consider different factors like: – Resource Issues: Do your team have the resources they need? Are some members of staff performing extra work because of hiring needs? All of this should be considered when reviewing their performance. – Time Issues: Is the employee coming to work on time? How important is punctuality for you and your team? And not only punctuality but does the employee uses the time as a resource effectively? How are his time management skills? Does the same task seem to take some employees much more time than to others? – Motivation: As explained above, the motivation of the employees and regular one-to-one would improve enormously their productivity – Skills and Knowledge Issues: Are your employees prepared and fully trained to perform their job? Have you started using a new piece of software recently and if so, are the staff fully confident about it? – Extenuating Circumstances: As we would see below in the performance review I had to conduct, sometimes employees have difficult times at home and go through the sad period that can affect their performance. Managers should not forget we are all humans and is not easy to leave all our problems at home. 2. Describe the data required by individuals involved in performance and reward management processes. There are plenty of documents and data required for performance and reward management processes. Learning Outcome 1. Explain the frequency, purpose, and process of performance review