The Impact Of Cultural Diversity On An Organization

Past experiences have demonstrated that cultural diversity in an organization can lead to issues. For instance, the implementation of a strategy in a context different from where it has been created can be difficult, conflicts between subsidiaries and the headquarters can exist, or management of intercultural teams can be problematic. Walmart in Germany is a relevant example of the cultural context importance when it comes to HRM. In fact, in 1997 and 1998, Walmart acquired two companies in Germany but it was a failure. It can be explained by the fact that feedback of the employees was ignored by managers. For example, in the morning they had to do exercise while singing the name of the brand. This practice may be a morale booster in the United States but in Germany it was seen in a really bad way, such as the practice of spying on colleagues, what can surely be related to the country’s history, among others examples. The US management practices was not in accordance with the German cultural context. (Macaray, 2011) That is why intercultural management cannot be ignored when it comes to the organization performance, and the ‘universal best practice’ approach to HRM have to be critically considered because what is appropriate to a specific environment will not systematically be for another. Before, intercultural management did not existed. The universalist approach, which is inspired by the success encountered by Taylor and Ford’s concepts until the 1950s, asserts that theShow MoreRelatedHigh-Performance Teams1225 Words   |  5 Pagespurpose is also to examine the impact of demographic characteristics and cultural diversity on group behavior. This paper will illustrate how demographic characteristics and cultural diversity contribute to or detract from high-performance teams. High-Performance Teams A high-level of performance makes up the basis for groups and teams today. High-performance is a major focus for many organizations since group and teams have become more common among organizations. High-performance teams are teamsRead MoreCultural Diversity At The Twenty First Century Decade Essay1229 Words   |  5 PagesPerspective and Explore Cultural Differences Managers Display Lereiya Edmonson Martin Class MGMT 630 Most organizations have identified factors that contributed to managers’ blindness to the impact of cultural diversity. In the twenty first century decade organization, have a direct impact on low productivity. Besides, diversity leads to ambiguity, disagreement on specific action and over complexity in the workforce. As a result, there is tension that is related to cultural diversity, which frustratesRead MoreHigh Performance Team Essay1157 Words   |  5 PagesIn this paper I will discuss how a team/group can become a high-performance team/group, examine the demographic characteristics and culture diversity and the impact on the team/group behavior. I will also describe how demographic characteristics and cultural diversity contribute to or detract from high-performance groups or teams. What is a team/group? A team/group is a group of people who form together to complete a mutual goal such as a presentation, paper, discussing a topic or creating aRead MoreCulture And Diversity : An Instrumental Aspect Of The Business Environment Essay1182 Words   |  5 PagesExecutive summary Culture and diversity has been an instrumental aspect of the business environment for a few decades now. While globalization is singled out as its enhancer, it is far from its inceptor. Managers have had to deal with diversity for years, through the contemporary environment has realized an influx in this particular phenomenon (Mor-Barak, 2011). In the contemporary business, environment has become more complex with the degree of diversity that is being witnessed. Managers have toRead MoreEssay We Must Promote Diversity in the Workplace656 Words   |  3 PagesDiversity is what makes people different, not just culturally but in human differences. Having a multitude of differences in the workforce gives an organization the ability to use many ideas to reach a common goal. A person could say that a diverse group of people together in one room can accomplish greater achievements than a room filled with the same types of individuals. Managers understand the concept of diversity, and how i mportant diversity is to the success of a company’s ability to implementRead MoreWorkplace Diversity : The Visible Or Invisible Differences Among Employees Of An Organization1653 Words   |  7 PagesWorkforce Diversity defines the visible or invisible differences among employees of an organization and could be divided in to three major components such as Primary, Secondary and Organizational and Community. Factors such as Age, Gender, Sexual Orientation, Ethnicity represents Primary while Appearance, Educational Background, Marital Status, Work experience represents Secondary and Job position, Specialization, Nationality, Life stage represents Organizational and Community. In recent years, organizationsRead MoreThe Impact Of Diversity On Strategic Marketing1556 Words   |  7 PagesThe impact of diversity in strategic marketing in today’s society has increased in the American population. Before we get in depth with this let’s find out what is diversity marketing according to (diversity marketing) Customers in different cultures have different values, experiences, expectations, and ways of interacting. Even within a culture, such differences will be apparent between different subgroups not just ethnicity, but also age, gender, profession, religion, family size, physical environmentRead MoreDiversity Issues Paper1016 Words   |  5 PagesDiversity Issues Diversity Issues Organizations who make a commitment to diversity can see a significant impact on business in many ways. Diversity â€Å"requires a significant commitment for change to occur† (Delong, 2007, p.9). It is extremely important that leaders understand the commitment and embrace it in order for a positive impact to occur. Employers with diverse cultures and leaders can build positive and successful relationships with customers, suppliers and vendors. They can better attractRead MoreDiversitys Impact on Organizations1630 Words   |  7 PagesAbstract Diversity must be created and maintained with in organizations. The purpose of this paper is to examine the impacts of diversity onto an organization in addition to explaining the legally mandated and stakeholder driven explanations for mandatory diversity. Diversity’s Impact on Organizations Diversity within an organization is a blending of people from various cultural, religious and ethnic backgrounds. Diversity has challenged organizations to set realisticRead MoreDemographic Diversity And Cultural Diversity1700 Words   |  7 PagesDEMOGRAPHIC AND CULTURAL DIVERSITY GOPI KRISHNA CHALLA RIVIER UNIVERSITY Demographic and Cultural Diversity ABSTRACT The research is concerning Organizational Behavior which includes unusual types of Organizations with dissimilar types of public behaviors. Among that Demographic Diversity and Cultural Diversity of an Organization is extremely significant to turn into a triumphant organization or company in the marketplace Especially the Demographic and Cultural Diversity show the in good

How A Cartel Is A Competitive Market - 1719 Words

A cartel is a formal organization set up by a group of firms that produce and sell homogenous products for the purpose of enacting and sharing monopolistic rents. Their organizations consist of formal agreements between competing firms to control prices or exclude entry of a new competitor in a market. The sellers or buyers of a cartel agree to fix selling prices, purchase price or reduce production using a variety of tactics so that competing on price is avoided. Because most of these firms are monopolies, they tend to have considerable amounts of market power, thus making them want to behave like monopolies. With its lack of power, a cartel acts as a counter-veil to an imperfectly competitive market where fewer sellers have the ability to base their products on decision making and supply and demand. Since a cartel acts as an imperfectly competitive market, it is best to define it as having a direct relationship with an oligopoly industry. In Oligopoly markets, few numbers of sellers are joined together to form a market or an industry. Usually consisting of 2 or 20 firms, their main goal is to sell and produce differentiated products and services. With decisions influenced by one another, the price of the product and the quantity of production is fixed in accordance with its member s own self-interest and self-respect. The interdependence of firms in oligopoly markets is demonstrated in the obligation to maintain price stability shown by popular demand. It may lead firmsShow MoreRelatedThe Price of Diamonds Is too High in the Modern Market Essay1281 Words   |  6 Pagesessay will effectively argue that the price of diamonds is too high in the market in the present day as a result of various economic factors. The essay will give information on diamond cartels and how these carte ls had been influencing the price of the diamonds. Furthermore, the essay will give rise to the economic theories that affect these prices and how the price is controlled in the market. Investopedia refers to a cartel as an organization that is created from a formal agreement between a groupRead MoreThe History of the Diamond Cartel and Its Role in Determining the Price of Diamonds1174 Words   |  5 Pagesthey were still rare, a diamond cartel was introduced. A cartel is defined as a group of firms that gets together to make output and price decisions (Cartel Theory of Oligopoly, n.d.). Hence, the diamond cartel aimed to maintain high prices to maximise the profits of the suppliers by restricting the supply. This essay will analyse the history of the diamond cartel, including diagrams that illustrate what the price of diamonds would be with or without the use of a cartel. The notion that diamonds areRead MoreThe Australian Competition And Consumer Act974 Words   |  4 Pagesindividual firm which break the market equilibrium with their market power. Well competitive market would deliver efficiency costs, faster innovation, prevention of unduly concentrated market s, business freedom, wealth distribution, and enhancement of international competitiveness. Therefore, the ACCC is playing a crucial role in Australia, and their activities can be divided into four categories; (1) the policies for anti-competitive conduct and anti-competitive practices, (2) the mergers policyRead MoreThe Price Elasticity And The Income Elasticity Of Demand For Levi s Jeans1663 Words   |  7 Pagesdemand and supply, and is defined by: Edemand= Percentage change in quantity demanded Esupply = Percentage change in quantity supplied Percentage change in price Percentage change in price Elasticity of demand and supply tells us â€Å"how quantity responds to a change in prince† (Begg and Vernasca, 2011, p.123). If E1, the change is elastic (big response), if E1 the change is inelastic (little response). As a result, knowledge on elasticity is therefore important for companies whenRead MoreHorizontal Agreement Analysis739 Words   |  3 PagesAgreement between 2 or more enterprises that are at the same stage of production chain and in the same market. Horizontal agreements are made to develop a healthy relationship between competitors where agreements are for sharing risk, making cost saving, pooling know how launching innovations faster. But in reality such agreement can prompt violations of anti-trust laws agreements to fix prices or to allocate territories waste society’s resources, create efficiency and injure consumer welfare.Read MoreCartel and the Cocaine Industry Essay1083 Words   |  5 PagesCartel and the Cocaine Industry The drug cartel based in Cali, Colombia, was one of the largest players in the multi-billion dollar worldwide cocaine industry. Although their operations are highly illegal, opposed by both Colombian and US law enforcement agencies, the cartel continues to run a very effective operation. The vast majority of this cocaine is destined for the US market. It reaches the US by numerous routes - by air, by sea, but mostly over land by Mexico. 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The two of the terms within efficiency going to illustrate are allocative efficiency and dynamic efficiency. Allocative efficiency Allocative efficiency looks into the goods and services that match the changing consumers’ needs and preferences, reflecting on the priceRead MoreDe Beers And The Diamond Industry1213 Words   |  5 Pagessuccessfully manipulated supply and strategically promoted demand. The Economist discusses how De Beers has managed to maintain its monopoly over the years and deter competitors from entering the market. It discusses how their marketing strategies have been essential for driving up demand and by the end of the century, 80% of American brides received highly expensive diamond engagement rings. Thus, displaying how an industry dominated by one company has maximized profits due to choking supply and inflatingRead MoreThe Decision For Us Federal Antitrust Law1630 Words   |  7 Pagesof reason guided by economic principles, is essential in order to assess how a particular manufacturer’s policy affects consumer welfare . Blair et all, note that economic theory establishes that RPM can be widely procompetitive, as it is recognised as an efficient pricing practice that benefits consumers in many commercial transactions involving branded products . The economic logic of RPM is to redirect retailers’ competitive activities from prices to customer service. Factors such as price, quality

Stefan’s Diaries Origins Chapter 28 Free Essays

â€Å"We need to act now,† Damon said when we reached the line of trees next to the field. The forest floor was slick with leaves, and there was no sound, not even of animals. I’d spent the last minutes desperately racking my brain, trying to think of some way to save Katherine. We will write a custom essay sample on Stefan’s Diaries: Origins Chapter 28 or any similar topic only for you Order Now But I couldn’t. Our only hope was to enter the fray, say a prayer for Pearl and Anna, then focus on freeing Katherine. It would be incredibly dangerous. But there was no other way. â€Å"Y es,† I replied with an authority I did not feel. â€Å"Are you ready?† Without waiting for an answer, I deftly moved toward the forest border, guided by the faint sound of angry shouting. I could see the outline of the estate. Damon crept by my side. Suddenly I saw a large burst of flames erupt from the carriage house. I gasped, but Damon simply glared at me. Just then, I heard the strident voice of Jonathan Gilbert. â€Å"Found another one!† I crept closer to the edge of the forest, until I had a full view of Jonathan slamming Henry from the tavern against the back of the police wagon. Noah held one of his arms, while another guard I didn’t recognize held the other one. Jonathan held out his compass, frowning. â€Å"Stake him!† he said. The guard drew his bayonet back and thrust it into the center of Henry’s chest. Blood spurted as Henry shrieked into the night air. Henry slumped to his knees, his eyes wide and staring down at the bayonet lodged in his body. I turned toward Damon, both of us realizing that we didn’t have any time to waste. Damon bit his lip, and I knew we were in this together. Even though we often acted differently, when it counted we thought the same way. Maybe that–the shorthand communication we had as brothers–would be what would save us, and would save Katherine. â€Å"Vampires!† I yelled from the depths of the forest. â€Å"We found one! Help!† Damon called. Instantly, Noah and the other guard released their grip on Henry and ran toward us, their bayonets raised. â€Å"Over there!† Damon panted, pointing deep into the forest as the two guards stepped closer. â€Å"There was a man. We only saw a dark shadow, but he tried to attack my brother.† As if to illustrate his point, Damon traced the sticky path of blood that had pooled onto my collarbone from my neck. I reached my own hand to that spot in surprise. I’d forgotten that Katherine had bitten me. It seemed like a lifetime ago. The two guards looked at each other and nodded tersely. â€Å"Y boys shouldn’t be out here ou without weapons. We’ve got some in the wagon,† without weapons. We’ve got some in the wagon,† Noah called, before charging into the forest. â€Å"Good,† Damon said, almost under his breath. â€Å"Let’s go. And if you let me down, I’ll kill you,† he said, breaking away toward the wagon. I followed him, moving wholly by adrenaline. We reached the unguarded wagon. Low moans came from the inside. Damon kicked the back of the wagon open and leapt up to the platform. I followed, gagging when I entered. The scent of the wagon was acrid, a combination of blood and vervain and smoke. Bodies writhed in corners, but the wagon was pitch-black, making it impossible to tell whether the figures were vampires or humans or a combination of the two. â€Å"Katherine!† Damon hissed, leaning down and roughly touching each of the bodies in his search for her. â€Å"Stefan?† a weak voice called from the corner, and I forced myself to not lash out, to not spit in the direction of the voice, to not stare into those villainous eyes and tell her I hoped she got exactly what she deserved. â€Å"Damon?† the voice broke. â€Å"Katherine. I’m here,† Damon whispered, making his way toward the far end of the wagon. I continued to stand, as if glued to the spot. As my eyes adjusted to the dim light, I began seeing things that were more terrible than anything I’d ever seen in my worst dreams. On the floor of the wagon were almost a dozen bodies, some of people who I recognized from around town. Henry, a few regulars from the saloon, and even Dr. Janes. Some of the bodies had stakes in them, others had muzzles over their mouths, their hands and feet bound and their mouths seemingly frozen in wide O’s of horror; some were simply curled up as if they were already dead. The sight changed me, changed everything. I took off my hat and knelt down roughly, praying to God or whoever would listen to please save them. I remembered Anna’s kitten-like cries, the dull fear in Pearl’s eyes. Y they couldn’t live here, but es, why did Father have to condone this brutal treatment? No one deserved to die like this, not even monsters. Why couldn’t it be enough to simply run them out of town? Damon knelt down, and I rushed toward his side. Katherine was lying on her back, ropes binding her arms and legs. The ropes must have been covered with vervain, because there were terrible burns on the patches of skin that touched the twine. A leather mask covered her face, and her hair was matted with dried blood. I stood back, not wanting to touch her or even look at her, as Damon set to work untying the muzzle. Once she was free, I couldn’t help but notice her teeth, her fangs, her true nature, obvious in a way I’d never seen before. But Damon was gazing at her as if in a trance. He gently brushed the hair off her face and slowly leaned in to kiss her lips. â€Å"Thank you,† said Katherine simply. That was it. And watching them, the way Katherine’s fingers stroked Damon’s hair, the way Damon cried into her collarbone, I knew that this was true love. As they continued to gaze into each other’s eyes, I pulled my knife out of my pocket and gently tried to cut the ropes that bound her. I worked slowly and carefully, knowing that any additional contact with the ropes would cause her even more pain. â€Å"Hurry!† Damon whispered, sitting on his heels as he watched me work. I freed one arm, then another. Katherine sighed shakily, shrugging her shoulders up and down as if to make sure they still worked. â€Å"Help!† cried a pale, thin woman I didn’t recognize. She was huddled in the very back of the wagon. â€Å"We’ll be back,† I said, lying through my teeth. We wouldn’t be back. Damon and Katherine had to escape, and I had to †¦ well, I had to help them. â€Å"Stefan?† Katherine said weakly as she struggled to her feet. Damon instantly rushed to her side and supported her fragile body. Just then, I heard footfalls near the wagon. â€Å"Escape!† one of the guards called. â€Å"We need backup. There’s been a breach in the wagon!† â€Å"Run!† I called, pushing Damon and Katherine in the opposite direction of the guard. â€Å"No escape! All clear!† I shouted into the darkness, hoping that people would believe me as I hopped off the wagon. I saw the explosion of gunpowder before I heard the shot. A loud wail rent the night air, followed quickly by another booming shot. Heart in my throat, I ran around the wagon, already knowing what I’d see. â€Å"Damon!† I cried. He lay on the ground, blood oozing from his gut. Yanking off my shirt, I put the linen on the wound to stanch the bleeding. I knew it was no use, but still I held the fabric to his chest. â€Å"Don’t shut your eyes, brother. Stay with me.† â€Å"No †¦ Katherine. Save her †¦,† Damon rasped, his head flopping toward the damp ground. I glanced, wild-eyed, from the truck to the woods. The two guards were sprinting back, Jonathan Gilbert behind them. I stood up, and instantly my body was met with the explosive, piercing, agonizing hit of a bullet. I felt my chest exploding, felt the cool night air whoosh past my body as I fell back, onto my brother. I opened my eyes and looked up at the moon, and then everything faded to black. How to cite Stefan’s Diaries: Origins Chapter 28, Essay examples

Recruitment in IBM Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Recruitment in IBM. Answer: Introduction: The process of recruitment is known as the searching process for obtaining the potential candidates or the workforce for the organisation which is highly equipped with the desired knowledge, experiences, and skills which are appropriate for the specific job position in an organisation. Many changes are been observed in the recruitment industry as a result of the changes in the economy and the advancement in the technology, which altered the companys way of hiring the employees for the organisation. The Human resources management of the company is facing many challenges while the recruitment of the workforce in the organisation. In the report will discuss the certain key challenges such as the demographic issues and the organisational issues which are faced by the organisation IBM during the recruitment of the workforce. The report will develop an understanding of the recruitment strategies which the company is to implement the successful recruitment process (McCarthy, 2016). Recruitment Challenges: In the fast moving world of the business companies are looking for adding the new capabilities in their business, but to attain such capabilities the organisations are facing many challenges. One of the biggest challenges which the organisation faces is the building and sustaining the strong talent in the organisation (McCarthy, 2016). Identifying and leveraging the skills of the current employees and attracting the new workforce needs certain strategies that develop the talent management tactics which effectively contributes in retaining, attracting and rewarding the top performing employees (Sindhu, 2016). Employee selection is to be done after understanding his competencies and the innate skills; providing the employees with the opportunities, where the workforce can benefit the organisation with their skills (Coyne, 2015). Recruitment of the right candidate for the right position will help in the growth of the organisation with the error free environment. Recruitment of the workf orce with the enhanced skills will help in promoting the agility, resilience, and adaptability (Sindhu, 2016). The large pools of the talent are to identify for this the mass of applications is to be certified and screened. The right and the desired skills are to be matched with the right kind of jobs. The successful candidates are trained before entering into in their new jobs (McCarthy, 2016). The strategy which the human resources of the IBM implement for the acquisition of the workforce with the talent is to establish the optimal long term strategy for developing, connecting, attracting and deploying the workforce (Kaur Sodi, 2011). Sourcing the employees as per the needs and the requirement of the business, on the other hand also meeting the workforce needs for job satisfaction, motivation, and development. With this IBM to achieve the measurable, clear and the sustainable change within the organisation and maintaining the continuity of the daily activities (McCarthy, 2017). Managing diversity is another challenge which is faced by the IBM human resource; managing diversity in an organisation is ranked as the most underestimated challenge that confronts the human resource (McCarthy, 2017). The increased globalisation resulted into the internationalisation of the employees and the rising demand of the talent results to hire the workforce for the organisation. The workplace diversity of the company includes the ethnicity, age, physical abilities, gender, race, educational background, sexual orientation, geographic location, marital status, income, parental status, religious beliefs, and experiences (Kaur Sodi, 2011). The dimension of the diverse workforce challenges includes the reconciling of the corporate culture to accommodate the diversity and the sensitivities among the individuals. To think globally and to act locally, being responsive towards a culture of the region, adapting the societal requirement of the concerned societies and complying with the legislation related to the local labour (Sugden, Moulson, 2015). The other Key challenge for the Human resource of the IBM is the ageing workforce. The liberal state pensions in addition to the progressive decline in the birth-rates have added exacerbated ageing issue in many nations. The organisations find it difficult to hire the new employees having certain disciplines (Moschetto, 2014). Even on hiring the qualified employees, organisation needs the further training of the new employees for increasing the productivity. Hence, when the mature person leaves the organisation there is a loss of expertise in an organisation with this loss in tackling the key consumer relationship, handling the exceptions up to the critical situations and having certain other experiences which cost important with time, resources and energy for recreation and replacement (Moschetto, 2014). Presently there is a potential Australia workforce crisis, which resulted in great challenges for the recruitment of the workforce in the organisations of Australia. With the growin g age, only a few employees choose to remain in the workforce. Redirect recruiting and sourcing. The firms are very quickly faced with a shortage of workmen from the labour pools whereat they shall usually draw young aged staff. To contact the mature workmen, the companies may conduct over and around fifty workshops at the local work recruitment places or the centres, provide targeted benefits such as a special kind of leave which is unpaid and is called as the unpaid grandparent leave plus look externally so as to identify the retired workmen or professionals who wish to do the part-time and the short-term tasks. Make efforts to retain the valued staff by alternative work practices and arrangements. Whereas some of the companies are appointing aging workmen, at the same time there are many who are developing alternative task alternatives, like the part-time task schedules. The companies are required to explore, at times and when properly appropriate, refer the use of telecommuting so as to retain the mature workers. Preserve important and criti cal knowledge (?iutien?, Railait?, 2015). An approach elicits workmen tacit, experiential, knowledge by detailed documentation and interviewing, explicitly gathering and also keeping in the record the insights. Carefully administrating the arrangements and also the communities of work practices may also help to encourage the skilled or the mature staff to pass appropriate knowledge to the newer or the next generation workers (?iutien?, Railait?, 2015). Assist mature workmen effectively take into use the technology refers the workplace. A main and very common misperception which happens to be in the minds is that the seniors or the older workers have with their experience and practical knowledge much more learning, skills and adopting refer the latest new technologies in comparison to the newly joining staff (Nazari, 2014). But on the other hand, multiple surveys and studies have clearly come up with the result that the newer workmen also at times respond to the companys call in an abetter manner as they are new and have an aspiration to rise and work hard so as to build a bright future for them. Tungli and Peiperl (2009) states that the ordinary obstacles of effectual recruitment are the cultural differences, demographic beliefs, political factors, economic and the racism factors. The demographic beliefs are considered be a challenge that is witnessed and also experienced at the HRM and there is a demographics belief in some of the nations. Refer some important studies which has been carried out by Mr. Bjorkman and Lerwick in the year 2007, so many of the nations believe that the main position of the MD, CEO or that of the directors is to be occupied by the elderly or the old people as these people have lot of practical and age wise and they have vast knowledge as well to explore the markets and assist the trade development (DeVaro, 2005). Yet another survey, which has been conducted by the Bjorkman and Lerwick (2007) clearly stated ad revealed that just 20% of the workers in the USA have got the directors, which are over and above the age of 40 years, most of them are even 35 years by age as well (Nazari, 2014). Now such kind of a result of a trustworthy survey has affected the HR management to a greater extent as they are unable to recruit young people irrespective of workers skills and ideologies (DeVaro, 2005). Thus in such a kind of situation, these HR management holders are bound to look back at the aged or the old people whose experience outcome records are not properly and fully evaluated. The demography issue to a greater extent affects the HR managers in the country of Nigeria as they believe on continuous capability, integrity, track record and skills etc as the main factors refer a productive workforce in any organisation. Recruitment Strategies: The recruitment strategies are mainly what shows and determine the exact quality of a staff member who has been hired for any organization. In case so many low performing or poor staff members are recruited in continuous succession, in such a condition the strategies are required to be rethought (Coyne, 2015). The organizations shall have to be much faster and aggressive refer their strategies at a stage when the economy is supportive and good so that to enable them to stand out to the applicants plus at the same time also convince them that nice, supportive and knowledgeable employers shall be a part of their training sessions (Coyne, 2015). Almost all are aware of the basic traditional strategies, like the use of classified job fairs and advertisements. But maximum of the organizations are taking use of the non-traditional plans and strategies like the cold calls, billboards, credit lists, contests, group interviews, former employees, interns, head-hunters, Internet searches to st ellar the applying candidates of various mentors, businesses, multimedia job descriptions, most-wanted lists, open houses, previously overlooked applications, professional organizations, personalized gifts, recruitment managers, public records, scholarships, referral incentives, special-interest meetings and social network sites (DeVaro, 2005). The progressive firms also do use the new media and the social strategies in order to target the most talented or the best job applying candidates to fulfil their staffing needs, these candidates are lured to work with them, and are also offered high salaries. They are also given lucrative amenities and other facilities which tend them to make a decision to join the companies. The options which are helpful to choose best of the best are taken into consideration and utilized for the selection criterias (Stichler, 2005). Conclusion: Hence, to conclude, provide appropriate job opportunities for the workers to develop and upgrade their skills. The companys executives do recognize the requirement to refresh skills of workmen whose formal training has expired way back earlier. The companies are eagerly and carefully seeking to quickly transfer the informal skills which have not at all been taught and which are important in the work environment. Participate in facilitating the coexistence of various generations. The organizations are also required to balance the requirements, interests and also the work styles of workers working. This task is done by pairing the senior managers to the junior staff members, each of the seniors members of the company do work collectively with the juniors and assist them in developing their skills and coming up with the expectations of the organisation, This also assists the new comers to develop their roots and strengthen them and get settled in the atmosphere of the company (?iutien?, Railait?, 2015). They learn a lot from these lessons which practically they get from the joint calls or the joint working. References ?iutien?, R., Railait?, R. (2015). Challenges of managing an ageing workforce.Engineering Economics,26(4). Coyne, C. (2015). Keep Testing New Recruitment Strategies.The Membership Management Report,11(11), 7-7. DeVaro, J. (2005). EMPLOYER RECRUITMENT STRATEGIES AND THE LABOR MARKET OUTCOMES OF NEW HIRES.Economic Inquiry,43(2), 263-282. Kaur Sodi, P. (2011). Reviewing Corporate Recruitment, Retention and Training Strategies.Indian Journal Of Applied Research,4(2), 9-10. McCarthy, C. (2016). Innovative strategies prove effective for managing personnel, budget, enrollment challenges.Recruiting Retaining Adult Learners,19(1), 12-12. McCarthy, C. (2017). Embrace challenges as opportunities to grow.Recruiting Retaining Adult Learners,19(5), 12-12. Moschetto, M. (2014). Key Trends in Workforce Management and New Challenges for HR.Employment Relations Today,40(4), 7-13. Nazari, K. (2014). Talent Management and Recruitment Strategies.Mediterranean Journal Of Social Sciences. Sindhu, G. (2016). A Study on Employer Branding Strategies for Talent Retention.Asian Journal Of Management,7(1), 23. Stichler, J. (2005). Recruitment and Retention Strategies.AWHONN Lifelines,9(5), 404-407. Sugden, N., Moulson, M. (2015). Recruitment strategies should not be randomly selected: empirically improving recruitment success and diversity in developmental psychology research.Frontiers In Psychology,6.

Discrimination Within The Death Penalty Essays - Crime,

Discrimination Within The Death Penalty Hutchinson, Death Penalty, 1 ?They [prisoners sentenced to death] are almost all poor, usually white, often high school dropouts. Most have never killed before. Most are from the South? (Benac). Introduction: Opponents of the death penalty have said that capital punishment does nothing to deter crime. There is some critical information that is important to know before going more in depth on this discussion. The purpose of this paper is not to discuss whether capital punishment is effective in deterring crime nor does it present any ethical arguments regarding it. It is to discuss whether it is used in a universally just and fair manner. Presently, approximately 3, 565 prisoners are living on death row. The costs for death penalty cases are enormous, possibly soaring in to the millions. (National Association?) ?Since 1973, over 160 children [defined as anyone under the age of 18] in the U.S. have been sentenced to die? (National Association?). It is possible that ten percent of death row inmates are mentally retarded. ?Approximately 90% of those whom prosecutors seek to execute are African-Americans or Latino? (National Association?). Considering all of the above facts, there are obviously some distinct problems with the manner in which the death penalty is imposed. In particular, class differences along with race can drastically affect the manner in which death penalty cases are handled. Costs: Lower class people get a worse defense than wealthy people. The costs for a capital defense case can add up quickly: DNA tests, experts, background and psychiatric investigations. Many lower class people have to ?depend upon public attorneys who are not really qualified? (ABCNEWS.com?). There is a bill in Congress that would Hutchinson, Death Penalty, 2 regulate state standards for appointed defense attorneys for capital cases but it is doubtful that this will be a quick solution. There is also a bill in Congress that would guarantee DNA analysis for inmates, both federal and state, after their convictions. (ABCNEWS.com?) The awareness of this problem is even occurring in the Supreme Court. Problems: There have been many attempts to fix what is wrong with capital punishment and sentencing. According to Supreme Court Justice Harry Blackman in the Collins versus Collins 1994 decision, ?the death penalty remains fraught with arbitrariness, discrimination, caprice, and mistake (Culver). It has to be admitted that race plays a part as well as class since normally the two social aspects go hand in hand. Not only race of the defendant but of the victim have to be considered when understanding the idiosyncrasies of sentencing. While race may be focused on more in the media, class or socioeconomic status controls the reins even more. ?The vast majority of people executed since 1977, when employed, worked in menial or low-paying jobs at the time they committed their capital crimes? (Culver). Not only is income level influential but educational level is as well. The average educational level for prisoners on death row in 1996 was only the 11th grade with 15% of them having less that an 8th grade education. (Culver) Defense: One of the chief concerns in the sentencing phase is that of the defense attorney. Lower class people cannot afford high-profile lawyers or those experienced specifically Hutchinson, Death Penalty, 3 in capital cases. The attorney may not have a great deal of competency when it comes to criminal law. The accused also may not be able to help provide resources for such things as analysis and/or research that would aid in defense. ?The attorney who is inexperienced and who represents an indigent accused of a capital crime is unlikely to command the resources needed to assemble a panel of mental health professionals and verify the extent of the problems maintained by the defense or to persuade a jury of the important absence of other compelling evidence? (Culver). This also helps explain why the mentally retarded do not get fair trials either and, even with the mentality of a child, can end up on death row. The astronomical costs of representation in federal death penalty cases stems from the sever pressure the cases place on the attorneys along with several other factors. These factors may include the following: skill of the counsel, the amount of time the lawyer has to spend on the case,

How To Choose an Immigration Lawyer

How To Choose an Immigration Lawyer Theres a fair bit of paperwork to get done during the immigration process, and you may feel overwhelmed when you first sit down to prepare your immigration forms. You might begin to wonder if you need to hire an immigration lawyer to manage the process. However, if your case is fairly straightforward, you should be able to manage things on your own. There are good reasons, though, to hire an immigration lawyer to handle your case. If you run into a snag partway through the process, you might need legal assistance to work through the issue. If your immigration situation is complicated, or if you simply dont have the time or confidence to prepare the forms yourself, you might benefit from the help of an immigration lawyer. If youre going to hire an immigration lawyer, you need to do your homework. A good lawyer can be worth his or her weight in gold, while a poor one may just add to your problems. Here are 5 tips to keep in mind during your search. Get references. Ask family, friends or colleagues if they know any immigration lawyers. Even if they havent been through immigration themselves, they may be able to connect you with someone they know who has retained the services of an immigration lawyer. People are quick to recommend a good lawyer and even quicker to name a poor one, which can be a great help when youre beginning your search. Search AILA. Search for a lawyer on the American Immigration Lawyers Association (AILA) website. AILA is a national association of lawyers and attorneys who teach and practice immigration law, so you can be reasonably certain youre dealing with someone who understands immigration law and policies. If youre starting your research from scratch, you can search for a lawyer in your area. If youve been given the names of a few lawyers, you can look them up to see if they are members. While membership in AILA is not a requirement to practice immigration law, membership can be a good indication of a lawyers level of commitment to the practice. Interview your short list. Interview potential lawyers to find one who matches your needs. Ask them if they have any experience with your type of case. Immigration law is a huge specialty, so youll want a lawyer who is familiar with your type of case. If the lawyers provide client references, use the contacts to get a better understanding of the lawyers work styles. Compare fee schedules. Some lawyers bill by the hour while others charge a flat fee. Ask if there might be additional costs such as postage, courier fees or long distance charges. Check credentials. When youre sure youve found a lawyer you feel comfortable with, theres only one thing left to do before you sign a contract for services. Contact your local state bar to find out if your lawyer is licensed and in good standing, and if he or she has ever been subject to disciplinary action.

Historical Analysis of the Role of the Dollar in International Finance Research Paper

Historical Analysis of the Role of the Dollar in International Finance - Research Paper Example Dollars are illegitimate world money. But there is no international agreement that would constitute dollar in this capacity. This means that the U.S. does not carry the world community no responsibility for their actions in respect of its national currency, which is reflected directly on the world financial system. Similarly, the global community has no obligation with respect to the dollar. The world depends on the U.S. dollar and the management of monetary system, but in turn depends on the United States and the international community and on its relation to the dollar. All these relations are not regulated in any way, not legalized, not codified. It is impossible to build the global financial system in such a shaky foundation and it will be understood by the international community will sooner or later. This paper is one attempt to thinking about the dollar's role in the economy of the past and present. In the history of the 20th century, in the format of the financial and economi c transformation of areas of greatest interest is the process of becoming the world's reserve currency. In the early 21st century, the world's reserve currency is the dollar. The history of the dollar until 1913 is not a history of world currency. Until December 23, 1913 dollar is a common national currency. We distinguish the following dates transforming the U.S. dollar: -23 December 1913 - the creation of the Federal Reserve, now known as the Federal Reserve; -5 March 1933 - the third default of the U.S. economy; -1-22 July 1944 - Conference at Bretton Woods, which laid the perspective transformation dollar in the world's reserve currency - December 27, 1945 - the creation of the IMF, the supranational institution, designed to fully support the world's reserve currency - the dollar - August 15, 1971 - the fourth default of the U.S. economy. Refusal to convert dollars located abroad, in gold. Unilateral revision of international agreements, including the Bretton Woods;-90-years of the twentieth century - the emergence of "financial engineering" and global dominance of the "Washington consensus"; -23 March 2006 - the refusal of U.S. authorities to provide information on M3. This indicator shows the amount of dollars in circulation worldwide, 12 December 2008 - Fed refusal to provide information to Bloomberg about the recipients of more than $ 2 trillion in loans from the crisis of American taxpayers. Dollar decides the fate of the global financial system. But whether he has a legitimate and guaranteed execution of whether the United States of any obligations to the global economy? Consider the situation step by step transformation of the dollar in world currency, and the consequences of the situation. Perhaps the first place in the institutional framework regulating international monetary relations belonged and belongs to the International Monetary Fund (IMF). It is an intergovernmental multilateral monetary and credit organization with a specialized agency of the United Nations. International Monetary Fund established by the United Nations Conference on Monetary Affairs on 1 July 22, 1944 in the United States. Conference participants from 44 countries adopted the Final Act, which included the so-called Articles of Agreement of the International Monetary Fund, which act as its statutes. December 27, 1945 agreement on the establishment of the IMF

The mother's first duty is to raise the child, and no one else can Essay

The mother's first duty is to raise the child, and no one else can subsititute for the mother - Essay Example Even in cultures where mingling of two sexes is considered sacrilegious, the weaker sex has shouldered equal responsibilities in battles and wars. It can be argued that the troubled times or emergencies are exceptions and the role of women in normal times should be only to raise their children. "Although the Women's Armed Services Integration Act of 1948 established a permanent presence for women in all branches of the armed forces, a new Army regulation in October 1949 required the discharge of female servicewomen with children under the age of 18. Thus mothers of dependent children were ineligible to enlist in reserve units and were discharged after childbirth or adoption. In the following Congressional session, the Senate passed S. 1492, allowing the reinstatement of women with dependent children. The bill, however, died in the House Committee on Armed Services and failed to become law. The testimony of Women's Army Corps Director Colonel Irene O. Galloway, to the Senate subcommittee on S. 1492, presented the Department of Defense position opposing the bill (History Matters). "Galloway argued that in the event of an emergen cy mobilization, such women could not and should not be counted on to leave their duties as mothers to join activated units. In the 1970s, Congress finally passed a law that allowed women with dependent children to enlist" (Hearings before a Subcommittee of the Committee on Armed Services). The topic, ever since the beginning of civilization, has been argued upon by philosophers, reformists and preachers. But ever since the history has witnessed the same philosophers, reformists and preachers were also, at certain other times, siding with the opposite as well. Those in favor take nature as their best defense and those against fight it with the necessities of their time. There are only a few to be found in literature opposing the topic. It seems that the poets and writers are bent upon not to let their mothers do anything else but to love them, ignoring the fact that there are other chores for them to attend to. After searching the available sources there could be found only one novelist, who admits, that children grow up by themselves whether a mother looks after them or not. "A mother! What are we worth really They all grow up whether you look after them or not. Christina Stead (1902-1983), Australian novelist. 'The Man Who Loved Children' (1940)"(Microsoft Corporation). The reformists disagree, the naturalists defend it and the philosophers stress on what is required by the prevailing conditions. It is difficult to say if the topic in itself or the opposite can at any time be taken as a rule for any group of people. One has to agree with the philosophical view. Coming to terms, the closest we can come is to say that a mother's role is vital in building the character of her child and character building is one of the major responsibilities of motherhood. Now to the second part of the topic, "No one else can substitute for mother". Well, if this part of the topic is analyzed further one would initially certainly come across conditions in which an alternate to mother is impossible. Like, in giving birth. Come to think of it again, this is exactly what is being done now, the surrogate mothers. Civilization would have seized to exist if a replacement to mother was

Compare and contrast the development strategies of Mao Zedong and Deng Essay

Compare and contrast the development strategies of Mao Zedong and Deng Xiaoping. Examine the successes and failures of each strategy - Essay Example The focus on economic and agricultural reform is what made the two leaders very similar. That is, they were both concerned about improving their country through agricultural and economic reform. More so, they were both communists looking forward to lead China in that direction. They both started many social, cultural and economic reforms in which some failed and some were successful. According to Deng, socialism was a means to economic development (Ash, Howe and Kueh 2013, p.15). Deng Xiaoping has been identified as a good leader whose actions led to the improvement of the Chinese society. On the other hand, Mao’s actions resulted in more damage than good for the Chinese citizens. Notably, Mao Zedong suggested many strategies in the establishment of Chinese socialism. Some of these included large-scale land reforms and collectivization of agriculture, which were meant to recover the economy and modernize China. In addition, he transformed the living standards of individuals in rural areas by improving healthcare and introducing middle-school education (Bramall 2008, p.549). The land reforms were marked with the enactment of the Agrarian Reform Law of 1950, which aimed at dismantling China’s feudal system (Shen 2000, p.3). After land reforms, individuals were able to produce more and the increased production provided enough raw materials for industrial development. Thereafter in 1958, Mao introduced the Great Leap Forward under which high targets were created for industry and agriculture. Mao hoped that China could catch up with Britain in steel and other industries, and so he introduced the collectivization of agriculture under which individuals were t o leave their land and join cooperatives. However, this policy failed and had catastrophic impacts as individual’s working incentives declined leading to food shortage. About fifteen million Chinese people lost their lives due to

Britains Collective Memory of Churchill

Britains Collective Memory of Churchill How has Britains physical heritage shaped the collective memory of Churchill? This chapter will discuss the concept of collective memory, why people remember certain aspects of history and how changing interpretations of the past shape the meanings and functions of heritage. Therefore, by assessing these features we can assess the purpose of the invention of the image of Churchill. By addressing these factors, this chapter will answer the questions: Why is a particular interpretation of heritage being promoted? Whose interests are being advanced or held back? In what kind of milieu was that interpretation communicated? Historians have frequently discussed which characteristics of the past make it beneficial to people. For example, first, history is essentially depicted as progressive in terms of evolutionary social development. Secondly, societies attempt to connect the present to the past in an unbroken trajectory through the use of various types of heritage, such as monuments or museums. Thirdly, the past provides a sense of termination in the sense that what happened in it has ended, while, finally, it offers a sequence, allowing us to locate our lives in linear narratives that connect past, present and future it gives a full and completed story, without any uncertainty which is why it is often reassuring. Once these traits are translated into heritage, in terms of identity, it provides familiarity and guidance, enrichment and escape. More compellingly, it provides a point of validation or legitimation for the present in which actions and policies are justified by continuing references to repr esentations and narratives of the past that are, at least in part, encapsulated through manifestations of tangible and intangible heritage. Heritage is most commonly, used to promote the burdens of history, the atrocities, errors and crimes of the past is not the past that are called upon to legitimate not only the atrocities but also the everyday politics of the present.[1] Heritage Heritage is a highly political process, it is malleable to the needs of power and therefore, is often subject to contestation and manipulation. Shared interpretations of the past, are used to construct and develop narratives of both inclusion, and exclusion.[2] Heritage is constructionist, therefore concerned with the selected meanings of the past in the present. This suggests that the past in general, and its interpretation as history or heritage, discusses social benefits as well as potential costs in the construction and reproduction of identities.[3]   Which is precisely why the way in which the image of Churchill is conveyed matters. If Churchill is being presented to the public as a flawless leader it can vastly affect how communities define themselves and their principles. Heritage is the selective use of the past as a resource for the present (and future), memory and commemoration are inexorably connected to the heritage process.[4] It is either a personal or instituti onal interpretation of history, therefore, the fact that institutions are picking the way in which Churchill is presented on a heritage level suggests that they have an agenda for this particular portrayal. Heritage is a highly politicised process that is subject to contestation and bound up in the construction, reconstruction and deconstruction of memory and identity. Memory always represents a struggle over power and is thus implicated in the who decides? questions about the future.[5] Thus, the image of Churchill is being used to legitimate the politics of the present. By giving the image of Churchill an iconic status the politicians of the present are attempting to build what could be considered as a broken trajectory i.e. to develop a cohesive identity amongst the public that will support the institution that is in power. This aspect of course is harmful, because by using the figure of Churchill, a white upper-class male, known for using offensive (racist) terms for minorities (to say the very least) and glorifying him as a national hero projects a very bad image and encourages people to believe that this behaviour ought to be revered as in the case of right-wing nationalists. The conception of heritage originated at a national scale and it still remains very much defined at this level. Nationalism and national heritage were both developed in nineteenth-century Europe. The idea of a national heritage was fundamental to the idea of the nation-state as it required national heritage to consolidate national identification, absorb or neutralise potentially competing heritages of social-cultural groups or regions, combat the claims of other nations upon its territory or people, while furthering claims upon nationals in territories elsewhere.[6] [Heritage is] [t]he promotion of a consensus version of history by state-sanctioned cultural institutions and elites to regulate cultural and social tensions in the present. On the other hand, Heritage may also be a resource that is used to challenge and redefine received values and identities by a range of subaltern groups.[7] Notions of power are central to the construction of heritage, and consequently identity, giving weight to the argument that heritage is not given; it is made.[8] Those who wield the greatest power, therefore, dictate or define what is remembered and consequently what is forgotten.   Memorial icons of identity such as monuments, memorials, and buildings that have been invested with meaning, carry conscious and subconscious messages and are subject to competing interests. Their very public visual presence translates powerful ideological messages that are never politically neutral, and ensures that the messages they convey are open to contested interpretations.[9] Those with the most at stake in political terms, and those with the greatest ability to exercise power, have a vested interest in the production of sites of cultural heritage and bring the past into focus to legitimise a present social order. It is an implicit rule that participants in any social order must presuppose a shared memory which is integral for a group or communal solidarity. The meaning of any individual or group identity, namely a sense of sameness over time and space, is sustained by recalling the past; and what is remembered is defined by the assumed identity.[10]   Nicholas Soames, the grandson of Churchill is a prime example of this. He has a vested interest in the maintained reputation of his grandfather and therefore seeks to bury any that attempt to besmirch Churchills reputation. Leaders use the past for a variety of political purposes. The nations heritage is therefore brought to the fore to calm anxiety about change or political events, eliminate citizen indifference toward official concerns, promote exemplary patterns of citizen behaviour, and stress citizen duties over rights.[11] Buckley supports this view: the question as to which symbols will define any given situation, will largely be determined by the practical question of which people and whose interests predominate. The selection process is carefully tailored and manipulated by individual members of a community or group with power or influence.[12] As sites of civic construction, they instruct citizens what to value concerning their national heritage and public responsibilities.[13] Such sites represent and embody power, greatness, resistance, memory and loss.[14] [Churchill is useful as to the public he possesses all these attributes] Monuments, for example: [m]ark the great pinnacles of human achievement selected from the past, they give an edifying sense that greatness was once possible, and it is still possible. They provide present generations with inspiration. Citizens re-enact and repeat the past in fixed locales as suggested by their national governments.[15] So for anyone to suggest that Churchill was not as brilliant as stated leaves the public lacking a role model to aspire to be. Heritage, not only serves to reinforce narratives of national identity but often works to supress the identity of minority or less powerful groups.[16] [As Churchills legacy does, he is a figure of war] Heritage inevitably reflects the governing assumptions of its time and context. It is always inflected by the power and authority of those who have colonised the past, whose versions of history matter.[17] There are many problematic positions within Heritage, the most relevant in this case being Uncritical Imperialism. There is a sizeable body of opinion that does not see any serious problem with the legacies of imperialism and race in heritage, and acts to validate it; a formation we might crudely label as uncritical imperialism. This can take various forms. For example, it can appear through simply ignoring, or airbrushing, imperialism from the heritage narrative in question. [This is precisely the type of people that subscribe to the reputation of Churchill]. Uncritical imperialism can also take the form of being outraged at any attempt even to raise difficult issues over heritage and race.[18] If these imperialist legacies are not dealt with i.e. they are overwhelmingly denied, repeated and acted out, rather than worked through it legitimises nationalism and is harmful.[19] In domesticating the past we enlist [heritage] for present causesà ¢Ã¢â€š ¬Ã‚ ¦ [it] clarifies pasts so as to infuse them with present purposes [20] heritage is often used as a form of collective memory, a social construct shaped by the political, economic and social concerns of the present.[21] Heritages are present-centred and are created, shaped and managed by, and in response to, the demands of the present and, in turn, bequeathed to an imagined future.[22]. As such, they are open to constant revision and change and are also both sources and results of social conflict.[23] Heritage may comprise no more than empty shells of dubious authenticity but derive their importance from the ideas and values that are projected on or through them.[24] Heritage is a cultural product and a political resource.[25] Heritages primary purpose is to invoke a sense of identity and continuity. Heritage as communication (Modernity attempted to fix space through the creation of rigidly territorial nation-states, promulgating ideologies which attempted to subsume differences through representations of homogeneity. But all too often, the grail of universal conformity has produced atrocity and genocide as those who do not fit have been driven out or eradicated. Heritage is heavily implicated in these processes as a medium of communication of prevailing myths and counter-claims.[26] Consumption of Heritage Heritage is used or consumed, what is consumed within heritage is its representation in the form of a historical narrative. Agents spend time, money or other resources on the production or reproduction of such historical narratives, in order to have them consumed as heritage. As the spending of resources is involved, it is logical that participating agents will have a specific purpose heritage narratives are not produced for nothing or for fun, but in order to, for example, preserve cultural values, attract tourists and tourist spending, or to reinforce specific place identities. The narratives convey the meanings of the heritage commodity, and as such take part in the processes of deliberately (or accidentally) creating place identities: [A] major outcome of conserving and interpreting heritage, whether intended or not, is to provide identityà ¢Ã¢â€š ¬Ã‚ ¦ There may be other purposes as well, such as legitimation, cultural capital and sheer monetary value, but the common purpose is to make some people feel better, more rooted and more secure.[27] The general public lacks background heritage knowledge such as the fact that these emblems of heritage that are being shown are only specific interpretations of history. Monuments, museums, and other memorials they inscribe ideological messages about the past into the many practices and texts of everyday life, making certain versions of history appear as the natural order of things.[28] A monument is a structure, edifice or erection intended to commemorate a person, action or event.[29] In contrast, definitions of memorial focus on the preservation of specific memory and on their iconographic role in evoking remembrance. While the monument has often been built to promote specific ideals and aspirations e.g. statue of liberty etc. The memorial is essentially a retrospective form, idealising a past event, historic figure or deified place.[30] Monuments and memorials reassure non-combatants and relatives that the dead had died for a greater cause, one linked to abstract values of nationhood, camaraderie or Christian citizenship. Honouring the placeless dead is this what Churchill is? An icon for the placeless dead anchoring. The ideas are always solidified in the discourse of big words heroism, gallantry, glory, victory, and very sparingly peace.[31] Military memorialisation has become rationalised, routinized, standardised. The dead are no longer allowed to pass unnoticed back into the private world of their families. They were official property to be accorded appropriate civic commemoration in solemn monuments of official remembrance. Equality of sacrifice.[32] Churchills legacy is tied to war so if he becomes disgraced it disgraces families. Identity A major factor behind the decisions on how heritage related to Churchill is presented is identity. Therefore, to assess why particular aspects of Churchill are presented to the public, we must also understand why the concept of identity is the driving factor behind the presentation of heritage and then from that information, assess what the message is behind the portrayal of Churchill through heritage and what institutions would like you to feel from their portrayal of Churchill (What feelings and emotions are they trying to evoke? Who is it that decides what is displayed and why are they trying to make you feel this way? What do they gain?). Tosh argued that for any social grouping to have a collective identity, it has to have a shared interpretation of the events and experiences which have formed the group over time: as in the case of many nation states, emphasis may be on vivid turning points and symbolic moments which confirm the self-image and aspirations of the group.[33] Which is what the image of Churchill is a prime candidate for. These collective beliefs play a fundamental role in securing a sense of togetherness and cultural solidarity which is vital in the formation and legitimisation of any national identity.[34] National cohesion, in other words, requires a sense of collective awareness and identity endorsed through common historical experience. Unofficial memory is often seen as a binary opposite to national or official memory.[35] The popularised image of Churchill fits the message that the institution is trying to get across to the nation very well. During the 1990s, it was fashionable for theoreticians to argue that identities were becoming disembedded from bounded localities and the traditional frameworks of nation, ethnicity, class and kinship. At the core of such ideas lay the key assertion that global networks have diminished the importance of place and traditions, ruptured boundaries and created hybrid, in between spaces. In a sense, this is encapsulated in the idea that national heritage can be reconstructed as world heritage because certain sites and practices are of universal significance. the effect of Brexit reverses this. Hybridity and transnational identities may, for example, counter and complicate nationalist ideologies.[36] The resurgence of Churchills image to the fore-front of the media may be a result of the effects of Brexit. After approximately 40 years of developments in a globalised identity amongst those in what is now called the EU is disintegrating, the emphasis on characters that were seen as typicall y British heroes is on the rise hence Churchill. In a world in which identity is fundamental to politics and contestation at a global scale, understanding the means of articulating often vague feelings and senses of belonging becomes quite crucial. Heritage in its broadest sense is among the most important of those means, even more so because identity can no longer be framed primarily within the national context that has so defined it since the European Enlightenment of the eighteenth century. Not only do heritages have many uses but they also have multiple producers. These may be public /private sector, official/non-official and insider/outsider, each stakeholder having varied and multiple objectives in the creation and management of heritage.[37] Sites of memory and power are often constructed in public spaces, where they can operate as dichotomous sites of unification and sites of division.[38] Territoriality and its relation to identity Churchill is also used to justify a sense of territoriality. Also inherent in the production of sites of cultural heritage is the concept of territoriality. Memory is intimately bound up in efforts to construct territory and place.[39] Territoriality is synonymous with notions of a demarcated geographic space (a territory) which usually contains some kind of homogeneous, collectivised community sharing a collective identity or heritage.[40] Territoriality is often needed to stabilise and mobilise groups or individuals and their resources inside demarcated boundaries. Within societies then, various groups insert symbols into the cultural landscapes which resonate with their sense of heritage and identity, and which simultaneously incite remembering and mark territory. For territoriality to work, the group often places visual warning symbols around the agreed territory further to deny others access into the home area which is precisely why using the image of Churchill is harmful, particularly after Brexit as it only justifies his racist stance and therefore validates neo-fascists ideals. Not only does territoriality demarcate boundaries which are ultimately intended to exclude outsiders, but it is dichotomously aimed at seizing a shared public space and thus controlling those inside the territory. Flags, for example, which often reflect the heritage of a particular group or nation, are good examples of territorial signifiers. They tell outsiders that the territory they are about to enter or pass is not theirs. Rather it belongs to those who live within the demarcated boundary or to those who empathise with what the flag represents.[41] The purpose of using Churchill is to help encourage nationalism, and therefore an us and them attitude. Spatial practices which bolster and sustain the power of the dominant group are essential components for that groups control over the hegemonic values that it represents or imposes.[42] That dominant group is often the nation-state. Tilly, for example, argues that secure territorial boundaries and a monopoly of violence are the two defining characteristics of the present day state. Territorial boundaries are the foundations for institutions such as national sovereignty, citizenship, the modern welfare state and democracy.[43] The interlinked concepts of nationhood and statehood share a dependence on the notion of exclusivity concerning sovereign rights over access to territory. The notion that landscapes embody discourse of inclusion and exclusion is closely linked to the idea that manipulated geographies also function as symbols of identity, validity and legitimisation.)[44] The continuing importance of territoriality and its seemingly intractable relationship with the nation-state at the turn of the century has been questioned. globalisation embodying transnational economics, politics and cultures, the melting of borders, particularly in Europe, and an increasing sense of belonging to a global unit, has led to a distinct lack of engagement with the unitary nation-state.[45] [However, this will be reversed with the effect of Brexit and nationalism will rise]. Histories that are white-washed are streamlined by the rise of nationalism and its cultural solidification through what Hobsbawn and Ranger termed the invention of tradition.[46] It also impoverishes our collective understanding of the past, of the rich and complex mix of the multiple travels and flows of people that have worked in a multitude of ways to shape us all.[47] it gives rise to a sense of superiority and nationalism. The reason that identity is important when assessing heritage is because identity is about sameness and group membership and central to its conceptualisation. Which is a relevant concept when discussing the reasoning for the specific portrayal of Churchill. Douglas argues that identity is expressed and experienced through communal membership, awareness will develop of the Otherà ¢Ã¢â€š ¬Ã‚ ¦Recognition of Otherness will help reinforce self-identity, but may also lead to distrust, avoidance and distancing from groups so defined. Public and National memory Memorialisation was a way to stake ones claim to visible presence in culture.[48] Places that constitute significant sites which have been invested with meaning. They are locations with which people connect, either physically or emotionally and are bound up in notions of belonging, ownership and consequently identity. Part of how you define yourself is symbolised by certain qualities of that place.[49]   This idea is taken forward with both Chartwell house (Churchills estate) and the Churchill war museum. These buildings linked with Churchill are designed to prompt these particular emotions *Insert findings* National memory is frequently thought of in conjunction with official memory that, in most societies, emanates from the state and its institutions, often representing the hegemonic needs and values of the general public. The state is usually the official arbitrator of public commemoration and, therefore, of nation heritage, and as such, it assumes responsibility over planning, maintaining and funding memorial monuments, programmes and events.[50] [Which is precisely what Churchill is used for, he is not just an icon- he himself is also a symbol to the families whom lost kin in ww2 which is why very few criticise him (or are even allowed to) as to insult Churchill is to insult the nations kins and suggest that their sacrifice was wasteful and not justified, the hagiography of Churchill gives credence to this sacrifice   therefore he is undefeated but this is possibly why there is an increasing amount of criticism building about him as family members related to soldiers who died become fewer there is less emotional attachment to the character of Churchill as **** says maybe once those with living memory of Churchill have passed we can finally have a genuine reassessment of Churchill the man rather than tackling a god]. In post-memory, memories are passed down through generations to be represented by people who have no personal attachment to the memory. Subsequently, they seek to re-use, re-enact and e-represent those memories in order to feel closer to their ancestors.[51] hence why those who do not possess living memories of Churchill will still feel so strongly about the condemnation of his character. Emotional memory has also been used to describe the transgenerational remembering of the traumatic events.[52] Yet what all of these typologies of memory have in common is the fact that they are attached inexorably to certain places. Sites of cultural heritage, therefore, such as buildings, monuments, plaques, museums and gardens of remembrance, incite our memories and reinforce our attachment to particular places.[53] Remembering and commemorating the past is an essential part of the present and is important for a number of reasons. Without memory, a sense of self, identity, culture and heritage is lost. Through remembering, identities are validated as well as contested, and the adoption and cultivation of an aspect of the past serves to reinforce a sense of natural belonging, purpose and place.[54] Identities and memories, like heritage, are inevitably selective in that they serve particular interests and political ideologies in the present.[55] Americans and Europeans are compulsive consumers of the past shopping for what best suits their particular sense of self at that time.[56]   This idea fits very well in the post-Brexit world as there seems to be a lot of cherry picking in terms of Anglo-historical figures in order to gain a cohesive outlook after the Brexit result and to provide people with a sense of purpose in a time of relative uncertainty. Histories are consequently bought to conform to the latest fashion. Memories are seen as selective and partial and used to fulfil individual, group or communal requirements of identity at a particular time and in a particular space: Times change, and as they do, people look back on the past and reinterpret events and ideas. They look for patterns, for order, and for coherence in past events to support changing social, economic, and cultural values.[57] Subsequently new, more appropriate, histories are invented: Invented traditions are normally governed by overtly or tacitly accepted rules and of a ritual or symbolic nature, which seek to inoculate certain values and norms of behaviour by repetition, which automatically implies continuity with the past. In fact, they normally attempt to establish continuity with a suitable historic past.[58] [Churchill was from a period in which the public last felt relevant on the public stage]. Tosh suggests that social groupings require a narrative of the past which serves to explain or justify the present, often at the cost of historical accuracy. He states: memories are modified to suit particular situations or circumstances and do not always correlate with historical truths.[59] Histories can become distorted and permeated (often deliberately) with inaccuracies and myths during the selection process, making the act of forgetting in memory construction just as crucial for the cultivation of identity.[60] Interpretation is predetermined by the social, economic, political and/or local context. Societies justify current attitudes and future aspirations by linking them to past traditions which helps bond and unify factionalism.[61] temporal representations as part and parcel of their drive to implant and reinforce their hold on society.[62] Heritage statue of Churchill, Westminster. House of Commons mid stride, hands on hips old. Oscar Nemon Statue of Churchill in Parliament square old big coat, walking stick- him as was at Yalta where my statue will go its grade II listed. Churchill in terms of heritage and masculinity Heritage predominantly tells male-centred story, which seeks to promote a masculine, and in particular an elite-Anglo-masculine, vision of the past and present. The links between heritage and identity are often taken for granted we protect, manage, interpret for visitors, and visit heritage sites because they are, in some way, symbolic of our identities. Material heritage and in

Significance of Names in Flannery O’Conner’s Good Country People Essay

Significance of Names in Flannery O’Conner’s Good Country People The story â€Å"Good Country People†, by Flannery O’Conner is a work that uses characterization in a new and interesting way to help shape and present the characters of this story. One of the main characters is Hulga Hopewell, also known as Joy Hopewell. This characters name plays a very ironic role in the story. Through the use of such a peculiar name O’Conner helps to develop and build the characteristics of Hulga. In the story â€Å"Good Country People† the use of the name Hulga (Joy) Hopewell helps to further build upon the characterization of Hulga and give the reader a deeper understanding of the character. Joy Hopewell is the name given to Hulga by her mother and father when she was a baby. This name brings to mind a person who looks on the brighter side of things and doesn’t let things discourage her. In the readers mind this name may perhaps bring about the image of a teacher or someone who works with children in a well light happy place. It is also a softer more vulnerable name, which may have been O’Conner’s intent in using the name Joy. In the story Joy changes her name to Hulga Hopewell because of the fact that she feels it better suits her personality. During her childhood Hulga had an accident in which her leg was shot off of her body; therefore, she has to wear a wooden leg that is rather bulky so by having the name Hulga it helps her to deter many people from asking questions or trying to get too close to her. Due to this accident Hulga becomes a brooding person, not very fond of company and entertainment. The name Hulga brings to mind a rather lar ge Swedish woman who could probably break a man in half. It is a brooding name and awkward on ... ...k that perhaps she should have kept her original name of Joy because it does in fact suit her. Throughout this story it appears that there are two distinctly different sides of Hulga Hopewell. One side is that of Hulga large, brooding, and rude. The other side however, is softer and much more vulnerable. That side is Joy Hopewell. By using these two names together O’Conner creates a unique picture of this character. The revelation that Hulga’s real name is Joy gives the reader some insight and helps the reader to see the softer side of Hulga more easily. By using something as simple as a name in this story the author creates deeper meaning for each character. Works Cited O’Conner, Flannery. â€Å"Good Country People.† Literature An Introduction To Fiction, Poetry, And Drama. Eds. X.J. Kennedy and Dana Gioia 3rd ed. New York Longman, 2003. 247-261

Developing Financial Projections

PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 200 4  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet OverviewManagers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expensesAn operating budget is prepared when you are actu ally ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchis e, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use?Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/pe rmits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation.As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry per centage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks.Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of SalesThe key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime.Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified d irectory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services.Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers' compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET Assets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name's) equity $_____ (name's) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. AssetsList anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from th e original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here.Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market valu e, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance.Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and cla ims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner's equity, net worth is the claim o f the owner(s) on the assets of the business.In a proprietorship or partnership, equity is each owner's original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner's withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts†¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the bu siness (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker's compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _________________________ ____________ Unexpected expenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner's withdrawals-Sho uld include payment for such things as owner's income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection.Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month's credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month's inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month's payable plus current month's payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service Developing Financial Projections PUBLIC COMPANY MANAGEMENT SERVICES WHITE PAPER Developing Financial Projections for NonFinance People This White Paper gives you the tools to answer the two most important questions any business must ask: â€Å"Are you financially prepared to begin? Are we able to sustain ourselves? † You’ll learn: †¢ What’s on financial statements and how they get there †¢ How to develop and understand income statements †¢ How to set up and read balance sheets †¢ How to use common formulas to evaluate cash flow †¢ How to create a budget using standard guidelines †¢ How to read and evaluate income projections †¢How to develop your own financial projections through a â€Å"fill in the blanks† approach† †¢ How to accurately determine the value of your idea or business This memorandum is provided by Public Company Management Services for educational purposes only and is not intended and should not be construed as legal advice. 200 4  © Public Company Management Services 5770 El Camino Road. Las Vegas, NV 89118 Phone: (702) 222-9076 http://www. pubcowhitepapers. com http://www. pcms-team. com http://www. foreigncompanylisting. com http://www. gopublictoday. com A Budget and Financial Worksheet OverviewManagers must ask, ‘is the business financially prepared to begin/continue’? Understanding basic budgeting guidelines, income projection statements, balance sheets and common formulas to evaluate cash flow help ensure successful operations. This financial knowledge significantly impacts a company’s short term and long term success. START-UP BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel (costs prior to opening) legal/professional fees occupancy licenses/permits equipment insurance supplies advertising/promotions salaries/wages accounting income utilities payroll expensesAn operating budget is prepared when you are actu ally ready to open for business. The operating budget will reflect your priorities in terms of how you spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses. OPERATING BUDGET †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ personnel insurance rent depreciation loan payments advertising/promotions legal/accounting miscellaneous expenses supplies payroll expenses Developing Projections www. publiccompanywhitepapers. om 14001 May 20,2003 †¢ †¢ †¢ †¢ †¢ salaries/wages utilities dues/subscriptions/fees taxes repairs/maintenance Other questions that you will need to consider are: †¢ What type of accounting system will your use? Is it a single entry or dual entry system? †¢ What are your sales and profit goals for the coming year? If a franchis e, will the franchisor set your sales and profit goals? Or, will he or she expect you to reach and retain a certain sales level and profit margin? †¢ What financial projections will you need to include in your business plan? †¢ What kind of inventory control system will you use?Sample balance sheets, income projections (profit and loss statements) and cash flow statements are included below along with detailed instructions for completing same. INCOME PROJECTION STATEMENT †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Total net sales (revenues) Costs of sales Gross profit Gross profit margin Controllable expenses Salaries/wages Payroll expenses Legal/accounting Advertising Automobile Office supplies Dues/Subscriptions Utilities Miscellaneous Total controllable expenses Fixed expenses Rent Depreciation Utilities Insurance License/pe rmits Loan payments Miscellaneous †¢ Total fixed expenses Total expenses Net profit (loss) before taxes Taxes †¢ Net profit (loss) after taxes INSTRUCTIONS FOR INCOME PROJECTIONS STATEMENT The income projections (profit and loss) statement is valuable as both a planning tool and a key management tool to help control business operations. It enables you to develop a preview of the amount of income generated each month and for the business year, based on reasonable predictions of monthly levels of sales, costs and expenses. As monthly or quarterly projections are developed and entered into the income projections statement, they can serve as definite goals for controlling the business operation.As actual operating results become known each month, they should be recorded for comparison with the monthly projections. A completed income statement allows you to compare actual figures with projections and to take steps to correct any problems. Industry Percentage In the industry per centage column, enter the percentages of total sales (revenues) that are standard for your industry, which are derived by dividing Costs/expenses items x 100% These percentages can be obtained from various sources, such as trade associations, accountants or banks.Industry figures serve as a useful bench mark against which to compare cost and expense estimates that you develop for your firm. Compare the figures in the industry percentage column to those in the annual percentage column. Total Net Sales (Revenues) Determine the total number of units of consulting service you realistically expect to sell each period (per month or quarter) in each area of your business at the prices you expect to get. Use this step to create the projections to review your pricing practices. †¢ Exclude any revenue that is not strictly related to the business. Cost of SalesThe key to calculating your cost of sales is that you do not overlook any costs that you have incurred. Calculate cost of sales of all services used to determine total net sales. Do not overlook transportation or travel costs if you’re working at a distance. Also include all direct labor. Gross Profit Subtract the total cost of sales from the total net sales to obtain gross profit. Gross Profit Margin The gross profit is expressed as a percentage of total sales (revenues). It is calculated by dividing gross profits by total net sales Controllable (also known as Variable) Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Salary expenses-Base pay plus overtime.Payroll expenses-Include paid vacations, sick leave, health insurance, unemployment insurance and social security taxes – may or may not be applicable. Outside services-Include costs of subcontracts, overflow work and special or one-time services. Supplies-Services and items purchased for use in the business. Repair and maintenance-Regular maintenance and repair. Advertising-Include desired sales volume and classified d irectory advertising expenses. Car delivery and travel-Include charges if personal car is used in business, including parking, tools, buying trips, etc. Accounting and legal-Outside professional services.Fixed Expenses †¢ †¢ †¢ †¢ †¢ †¢ †¢ Rent-List only real estate used in business. Depreciation-Amortization of capital assets like computers. Utilities-Water, heat, light, etc. Insurance-Fire or liability on property or products. Include workers' compensation. Loan repayments-Interest on outstanding loans. Miscellaneous-Unspecified; small expenditures without separate accounts. Net Profit (loss) (before taxes) †¢ Subtract total expenses from gross profit. †¢ Taxes – Include inventory and sales tax, excise tax, real estate tax, etc. Net Profit (loss) (after taxes) †¢ Subtract taxes from net profit (before taxes) Annual Total – For each of the sales and expense items in your income projection statement, add all the monthly or quarterly figures across the table and put the result in the annual total column. Annual Percentage †¢ Calculate the annual percentage by dividing Annual total x 100% Sample BALANCE SHEET Assets Current assets Cash $_______ Petty cash $_______ Accounts receivable $_______ Inventory $_______ Short-term investment $_______ Prepaid expenses $_______ Long-term investment $_______ Fixed assets Land $_______ Buildings $_______ Improvements $_______ Equipment $_______ Furniture $_______ Automobile/vehicles $_______Other assets †¢ †¢ †¢ †¢ 1. $_______ 2. $_______ 3. $_______ 4. $_______ †¢ Total assets $______ Liabilities Current Liabilities Accounts payable $______ Notes payable $______ Interest payable $______ Taxes payable Federal income tax $______ State income tax $______ Self-employment tax $______ Sales tax (SBE) $______ Property tax $______ Payroll accrual $______ Long-term liabilities Notes payable $______ Total liabilities $______ Net worth (owner equity) $______ Proprietorship or Partnership (name's) equity $_____ (name's) equity $_____ or †¢ Corporation Capital stock $_____ Surplus paid in $_____ Retained earnings $_____Total net worth $_____ †¢ Total liabilities and †¢ total net worth $_____ (Total assets will always equal total liabilities and total net worth) _______________________________________________ INSTRUCTIONS FOR BALANCE SHEET Figures used to compile the balance sheet are taken from the previous and current balance sheet as well as the current income statement. The income statement is usually attached to the balance sheet. The following text covers the essential elements of the balance sheet. At the top of the page fill in the legal name of the business, the type of statement and the day, month and year. AssetsList anything of value that is owned or legally due the business. Total assets include all net values. These are the amounts derived when you subtract depreciation and amortization from th e original costs of acquiring the assets. Current Assets †¢ †¢ †¢ †¢ †¢ †¢ Cash-List cash and resources that can be converted into cash within 12 months of the date of the balance sheet (or during one established cycle of operation). Include money on hand and demand deposits in the bank, e. g. , checking accounts and regular savings accounts. Petty cash-If your business has a fund for small miscellaneous expenditures, include the total here.Accounts receivable-The amounts due from customers in payment for merchandise or services. Inventory-Includes raw materials on hand, work in progress and all finished goods, either manufactured or purchased for resale. Short-term investments-Also called temporary investments or marketable securities, these include interest- or dividend-yielding holdings expected to be converted into cash within a year. List stocks and bonds, certificates of deposit and time-deposit savings accounts at either their cost or market valu e, whichever is less. Prepaid expenses-Goods, benefits or services a business buys or rents in advance.Examples are office supplies, insurance protection and floor space. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Included are stocks, bonds and savings accounts earmarked for special purposes. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land-List original purchase price without allowances for market value. †¢ Buildings †¢ Improvements †¢ Equipment †¢ Furniture an Computers †¢ Automobile/vehicles Liabilities Current Liabilities List all debts, monetary obligations and cla ims payable within 12 months or within one cycle of operation. Typically they include the following: †¢ Accounts payable-Amounts owed to suppliers for goods and services purchased in connection with business operations. †¢ Notes payable-The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest payable-Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. †¢ Taxes payable-Amounts estimated by an accountant to have been incurred during the accounting period. †¢ Payroll accrual-Salaries and wages currently owed. Long-term Liabilities Notes payable-List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Net worth Also called owner's equity, net worth is the claim o f the owner(s) on the assets of the business.In a proprietorship or partnership, equity is each owner's original investment plus any earnings after withdrawals. Total Liabilities and Net Worth The sum of these two amounts must always match that for total assets. __________________________________________________ MONTHLY CASH FLOW PROJECTION 1. Cash on hand (beginning month) 2. Cash receipts †¢ †¢ †¢ †¢ †¢ (a) Cash sales (b) Collections from credit accounts (c) Loan or other cash injections (specify) 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (Before cash out) (1+3) 5. Cash paid out †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ a) purchases (merchandise) (b) Gross wages (excludes withdrawals) (c) Payroll expenses (taxes, etc. ) (d) Outside services (e) Supplies (office and operating) (f) Repairs and maintenance (g) Advertising (h) Car, delivery and travel (i) Accounting and legal (j) Rent (k) Telephone (l) Utilities (m) Insurance (n) Taxes (real estate, etc. ) (o) Interest (p) Other expenses (specify each) (q) Miscellaneous (unspecified) (r) Subtotal (s) Loan principal payment †¢ †¢ †¢ †¢ †¢ †¢ (t) Capital purchases (specify) (u) Other start-up costs (v) Reserve and/or escrow (specify) (w) Owner's withdrawal 6. Total cash paid out (5a through 5w) . Cash position (end of month) (4 minus 6) †¢ †¢ Essential operating data (non-cash flow information) †¢ A. Sales volume (dollars) †¢ B. Accounts receivable †¢ (end on month) †¢ C. Bad debt (end of †¢ month) †¢ D. Inventory on hand (end †¢ of month) †¢ E. Accounts payable (end †¢ of month) INSTRUCTIONS FOR MONTHLY CASH FLOW PROJECTION †¢ †¢ †¢ †¢ †¢ †¢ 1. Cash on hand (beginning of month) — Cash on hand same as (7), Cash position, pervious month 2. Cash receipts†¢ (a) Cash sales-All cash sales. Omit credit sales unless cash is actually received †¢ (b) Gross wages (including withdrawals)-Amount to be expected from all accounts. (c) Loan or other cash injection-Indicate here all cash injections not shown in 2(a) or 2(b) above. 3. Total cash receipts (2a+2b+2c=3) 4. Total cash available (before cash out)(1+3) 5. Cash paid out †¢ (a) Purchases (merchandise)–Merchandise for resale or for use in product (paid for in current month). †¢ (b) Gross wages (including withdrawals)-Base pay plus overtime (if any) †¢ (c) Payroll expenses (taxes, etc. )– Include paid vacations, paid sick leave, health insurance, unemployment insurance, (this might be 10 to 45% of 5(b)) †¢ (d) Outside services-This could include outside labor and/or material for pecialized or overflow work, including subcontracting †¢ (e) Supplies (office and operating)–Items purchased for use in the bu siness (not for resale) †¢ (f) Repairs and maintenance-Include periodic large expenditures such as painting or decorating †¢ (g) Advertising-This amount should be adequate to maintain sales volume †¢ (h) Car, delivery and travel-If personal car is used, charge in this column, include parking †¢ (i) Accounting and legal-Outside services, including, for example, bookkeeping †¢ (j) Rent-Real estate only (See 5(p) for other rentals) †¢ (k) Telephone †¢ (l) Utilities-Water, heat, light and/or power (m) Insurance-Coverage on business property and products (fire, liability); also worker's compensation, fidelity, etc. Exclude executive life (include in 5(w)) †¢ (n) Taxes (real estate, etc. )– Plus inventory tax, sales tax, excise tax, if applicable †¢ (o) Interest-Remember to add interest on loan as it is injected (See 2 © above) †¢ (p) Other expenses (specify each) _________________________________________ _________________________ ____________ Unexpected expenditures may be included here as a safety factor________________________________________ Equipment expenses during the month should be included ere (non-capital equipment)__________________________ When equipment is rented or leased, record payments here †¢ (q) Miscellaneous (unspecified)–Small expenditures for which separate accounts would be practical †¢ (r) Subtotal-This subtotal indicates cash out for op †¢ (s) Loan principal payment-Include payment on all loans, including vehicle and equipment purchases on time payment †¢ (t) Capital purchases (specify)–Nonexpensed (depreciable) expenditures such as equipment, building purchases on time payment †¢ (u) Other start-up costs-Expenses incurred prior to first month projection and paid for after startup (v) Reserve and/or escrow (specify)– Example: insurance, tax or equipment escrow to reduce impact of large periodic payments †¢ (w) Owner's withdrawals-Sho uld include payment for such things as owner's income tax, social security, health insurance, executive life insurance premiums, etc. †¢ 6. Total cash paid out (5a through 5w) †¢ 7. Cash position (end on month) (4 minus 6)-Enter this amount in (1) Cash on hand following monthEssential operating data (non-cash flow information)-This is basic information necessary for proper planning and for proper cash flow projection.Also with this data, the cash flow can be evolved and shown in the above form. †¢ A. Sales volume (dollars)–This is a very important figure and should be estimated carefully, taking into account size of facility and employee output as well as realistic †¢ †¢ †¢ †¢ †¢ anticipated sales (actual sales, not orders received). B. Accounts receivable (end of month)-Previous unpaid credit sales plus current month's credit sales, less amounts received current month (deduct â€Å"C† below) C.Bad debt (end on month)– Bad debts should be subtracted from (B) in the month anticipated D. Inventory on hand (end on month)– Last month's inventory plus merchandise received and/or manufactured current month minus amount sold current month E. Accounts payable (end of month) Previous month's payable plus current month's payable minus amount paid during month. F. Depreciation-Established by your accountant, or value of all your equipment divided by useful life (in months) as allowed by Internal Revenue Service