Essay about Teaching Literature - 2176 Words

Teaching Literature My own suspicion is that the universe is not only queerer than we suppose, but queerer than we *can* suppose. - J.B.S. Haldane, On Being the Right Size in the book _Possible Worlds_ (courtesy of The Quotations Page) The inclusion of gay and lesbian authors in high school and college curricula can only help to expose students to things which they will more than likely face in their adult lives. The traditional readings should be read in conjunction with gay and lesbian authors in many schools’ English curricula, simply because most modern students cannot relate to the speech or themes of the traditionally taught works by usually straight British and American writers or by authors who were gay, lesbian,†¦show more content†¦In her article â€Å"Coming-Out Pedagogy: Risking Identity in Language and Literature Classrooms,† Brenda Jo Brueggemann points out that â€Å"although risks and possibilities are present in all our classrooms, they are enhanced in courses focused on sexuality.† She argues that gay (and sometimes bisexual) students often perceive a class in gay and lesbian studies as a place where they can ‘be themselves,’ read about others like them, and acquire increased self-worth.† Many critics of bringing GLBT authors and literature into high schools seem to assume that many students are not mature enough to handle the themes presented in such literature, but as evidenced by many studies on the subject of today’s teens maturity level, many more students in high schools today are able to comprehend and interpret ideas presented in all kinds of literature. Critics seem to be swayed by the popular opinion that being GLBT is all about sex, when in fact most of what is written by GLBT authors doesn’t focus on sex at all; most of these works deal with themes and issues that are dealt with in the GLBT community. The identity conflict that presents itself after seeing the popular opinion versus the reality of it is what makes the teaching of GLBT literature so difficult for the most part. It has nothing to do with the sexual nature of it at all; the identity issue is the bigger problem. Brueggemann furthers this argument by stating thatShow MoreRelatedThe Use of Literature in Teaching English as a Foreign Language6056 Words   |  25 PagesThe Use of Literature in Teaching English as a Foreign Language By: Amr Alhemiary Abstract This research aims at emphasizing the use of literature as a popular technique for teaching both basic language skills (i.e. reading, writing, speaking and listening)and language areas(i.e. vocabulary, grammar and pronunciation) in our times. 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Presentation software and electronic communication furtherRead MoreMy Philosophy on Teaching Literature Essay1168 Words   |  5 PagesMy Philosophy in Teaching Literature I believe all children can learn to read in a classroom that is integrated with differentiated instruction and has a safe and engaging learning environment which is rich with a variety of literature to light that spark in the children to want to learn. I will make an effort to get to know my children in order to be able to provide a classroom library with nonfiction books to inform the inquiring mind, picture books for the artistic mind, and fiction books toRead MoreLiterature On Teacher Professionalism And The Vocational Culture Of Teaching1529 Words   |  7 PagesWhat does it mean to be a ‘good’ teacher’? Discuss in relation to the literature on teacher professionalism and the vocational culture of teaching Introduction Teachers are role models who share their knowledge and passion for a subject to their students. 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There is a common notion in teaching that, because the instructor is the expert in the room, it his/her job to take the lead role in guiding students through the material. Instructors with this traditional view would argue that because students are novices, active engagement techniques where students are â€Å"teaching† each other could only lead to an increase in confusion about the concepts. In addition to serving as theRead MoreI Am A Second Grade English Language Arts Teacher931 Words   |  4 Pagesguided reading in my classroom. I have spent this summer researching and reading about guided reading in an attempt to gain further understanding of the process and the outcomes before the next school year begins. Guided reading is a method of teaching reading that be used with every reader, whether they are just beginning to read, struggling to read, or are able to read independently (Iaquinta, 2006). 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International financial market Free Essays

International Financial Markets and Institutions Practice Test Paper Trimester One 2013 (15 Macs for practice) The actual test consists of 40 Multiple Choice Questions (You have one hour and 10 minutes to complete the actual test). 1. Financial markets and Institutions affect the profits of businesses. We will write a custom essay sample on International financial market or any similar topic only for you Order Now Affect the types of goods and services produced In an economy. C. Involve the movement of huge quantities of money. D. All of the above. 2. A. B. C. 3. Financial market activities affect pending decisions by individuals and firms. He economy’s location in the business cycle. Personal wealth. The bond markets are important because they are markets where Interest rates are determined. They are markets where foreign exchange rates are determined. C. They are easily the most widely followed financial market In the United States. D. All of the above. 4. Typically, Increasing Interest rates encourages corporate borrowing. Discourages individuals from saving. Encourages corporate expansion. 5. Every financial market performs the following function: It channels funds from lenders-savers to borrowers-spenders. It determines the level of interest rates. It allows loans to be made. It allows common stock to be traded. 6. Financial markets have the basic function of Bringing together people with funds to lend and people who want to borrow funds. Assuring that governments never need to print money. Both A and B above. Both B and C above. 7. Which of the following can be described as involving direct finance? A. A pension fund manager buys commercial paper in the secondary market. B. People buy shares in a mutual fund. An insurance company buys shares of common stock in the over-the-counter markets. None of the above. 8. A country whose financial markets function poorly is likely to experience hardship and financial crises. Enjoy high productivity. Increase its standard of living. Efficiently allocate its capital resources. 9. A bond’s future payments are called its maturity values. Yields to maturity. Cash flows. Discounted present values. 10. As the price of a bond and the expected return bonds become more attractive to investors and the quantity demanded rises. A. Alls; rises alls;falls rises; falls rises; rises 11. The supply curve for bonds has the usual upward slope, indicating that as the price , criteria Paramus, the increases. Rises; quantity supplied rises; supply falls; quantity supplied falls; supply 2 13. When the price of a bond is above the equilibrium price, there is excess bond market and the price will demand; rise demand; fall supply; rise supply; fall in the How expectati ons are formed is important because expectations influence A. The demand for assets. Bond prices. The risk structure of interest rates. 14. According to the efficient markets hypothesis, the current price of a financial security is the discounted net present value of future interest payments. B. Is determined by the highest successful bidder. Fully reflects all available relevant information. Is a result of none of the above. 15. When asset prices fall in a boom, moral hazard may increase in companies that have lost net worth in the bust. B. Financial institutions may see the assets on their balance sheets deteriorate, leading to delivering. Both A and B are correct. None of the above are correct. How to cite International financial market, Papers International Financial Market Free Essays string(121) " the domain of large financial institutions, corporations, central banks, hedge funds and extremely wealthy individuals\." International Financial Market | Assignment – 01 V. Prabaseelan S/07/735 introduction to international financial market Background to international finance International finance as a subject is not new in the area of financial management, it has been widely covered earlier in international economics and it is only the fast growth of international business in the post-world war II and the associated complexities in the international transactions that made the subject as an independent area of  study. With growing operation of multinational corporations, a number of complexities arose in the area of their financial decisions. We will write a custom essay sample on International Financial Market or any similar topic only for you Order Now Apart from the considerations of where, when and how to invest, the decision concerning the management of working capital among their different subsidiaries and the parent units became more complex, especially because the basic policies varied from one MNC to another. Those MNCs that were more interested in maximizing the value of global wealth adopted a centralized approach while those not interfering much with their subsidiaries believed in a decentralized approach. Normally there is a mix of the two approaches in varying proportions, for which the study of international finance has come to be more relevant. The second half of the twentieth century has also experienced a vast magnitude of lending by international and regional development banks (e. g. City bank, Barclays, African development Bank, Standard Chartered bank etc) and different governmental and non-governmental agencies. The movement of funds in form of interest and amortization payments needed proper management. Besides, there were big changes in the character of the international financial market with the emergence of euro banks and offshore banking centers and of various instruments, such as Euro bonds, euro notes and euro commercial papers. The nature of the movement of funds became so complex that proper management became a necessity and the study of international finance became highly of important. Definition of international finance International finance is the branch of economics that studies the dynamics of foreign exchange, foreign direct investment and how these affect international trade. Also studies the international projects, international investment and the international capital flow. International Finance can be broadly defined, as the study of the financial decisions taken by a multinational corporation in the area of international business i. e. global corporate finance. International finance draws much of its background from the preliminary studies in the topics of  corporate finance such as capital budgeting, portfolio theory and cost of capital but now viewed in the international dimension. International finance versus domestic finance International finance is to a great extent, similar to domestic corporate finance. A domestic company takes up a project for investment only when the net present value of cash flows is positive and it shapes the working capital policy in a way that maximizes profitability and ensures desired liquidity. It is not different in case of international finance. Again, the financing decisions in respect of whether a  domestic or an international company aims at minimizing the overall cost  of  capital and providing optimum liquidity. Domestic financial management is concerned with the costs of  financing sources and the payoffs from investment. In domestic arena, movements in exchange rates are substantially ignored. But when we move outside of this purely domestic field, there is no way that we can analyze international financing and investment opportunities without an understanding of the impact of  foreign exchange rates upon the basic model of  financial management. However, international finance has a wider scope than domestic corporate finance and it is designed to cope with greater range of  complexities than the domestic finance. The reasons are as follows:- * The MNCs operate in different economic, political, legal, cultural and tax environments * They operate across and within varied ranges of product and factor markets which vary in regard to competition and  efficiency. * They trade in a large number of currencies as a result of which their dependence on the foreign exchange market is quite substantial. * They have easy access not only to varying domestic capital markets but also to unregulated international capital markets which differ in terms of efficiency and competitiveness. THE  INTERNATIONAL MONETARY SYSTEM (IMS) Simply, the international monetary system refers primarily to the set of policies, institutions, practices, regulations and mechanisms that determine the rate at which one currency is exchanged for another. The international monetary system which prevails today has evolved over a period of more than150 years. In the process of evolution, several monetary systems came into existence, which either collapsed due to their inherent weakness or were modified to cope with the changing international economic order. An international monetary system is required to facilitate international trade, business, travel, investment, foreign  aid, etc. IMS has evolved over time as international trade, finance, and business have changed, as technology has improved, as political dynamics change, etc. Example: evolution of the European Union and the Euro currency impacts the IMS. International Financial Markets A  financial market  is much like any other market you may be very familiar with, like a farmer’s market, but instead of apples and flowers, you have stocks, bonds, derivatives, and other financial products that change hands between individuals and institutions. If you purchase a stock through your stock broker, he’s accessing the financial markets to make that purchase for you. â€Å"International† just refers to the idea that financial marketing  carried out by companies overseas or across national borderlines. This strategy uses an extension of the techniques used in the home country of a firm. It refers to the firm-level and country-level marketing practices across the border. The following kinds of international financial markets are generally identified. * (1)Foreign exchange market * (2)International money market * (3)International capital market (3. 1) International stock market * (3. 2) International dept/bond market * (4)Derivatives market (01)Foreign exchange market 1. EXCHANGE RATE An exchange rate is the rate at which one currency can be exchanged for another. In other words, it is the value of another country’s currency compared to that of our own. Foreign exchange is one of the most exciting, fast-paced markets around the world. Until recently, trading in the Foreign exchange market had been the domain of large financial institutions, corporations, central banks, hedge funds and extremely wealthy individuals. You read "International Financial Market" in category "Essay examples" The foreign exchange market is the â€Å"place† or â€Å"a situation† where currencies are traded. Currencies are important to most people around the world, whether they realize it or not, because currencies need to be exchanged in order to  conduct foreign trade and business. 2. GEOGRAPHICAL EXTENT OF FOREIGN EXCHANGE MARKET Geographically the foreign exchange market spans the globe, with prices moving and currencies traded somewhere every hour of every business  day. Major world trading starts each morning in Sidney and Tokyo, moves to Hong Kong and Singapore, passes on to Bahrain, shifts to the main European markets of Frankfurt, Zurich and London, jumps the Atlantic to New York, goes west to Chicago and ends up in Francisco and Los Angeles. The market is deepest, or most liquid, early in the European afternoon, when the market of both Europe and the US east cost are open. This period is regarded as the best time to ensure the smooth execution of a very order. 3. ORGANIZATION OF THE FOREIGN MARKET If there were a single international currency, there would be no need for a foreign exchange market. The foreign exchange market is not a physical place; rather it is electronically linked networks of banks, foreign exchange brokers and dealers whose main function is to bring together buyers and sellers of foreign exchange. It is not confined to any one country but is dispersed throughout the leading financial centers of the world: London, New York city, Paris, Zurich, Amsterdam, Tokyo, Toronto, Milan, Frankfurt and other cities. Trading is generally done by telephone or  telex machine. Foreign exchange traders in each bank  usually operate out of a separate foreign exchange trading room. Each trader has several telephones and surrounded by display monitors and telex and fax machines feeding up-to- the  minute information. The Foreign exchange market provides plenty of opportunity for investors. However, in order to be successful, a currency trader has to understand  the basics behind currency movements. TYPES OF Currency Markets 1. Spot Market * It is the market for currency for immediate delivery. The price of foreign exchange in the spot market is referred to as the  spot exchange rate or simply the spot rate. . Forward Market * It is the market for the exchange of foreign currencies at a future date. 3. Futures Market * Although the futures market trading is similar to forward market trading in that all transactions are to be settled at a future date, futures markets are actual physical locations where anonymous participants trade standard quantities of foreign currency for delivery at standard future dates. (02)International money market Each central bank usually holds some form of reserve that is acceptable in settling international transactions. International monetary reserves are mainly gold, or â€Å"money market assets† in some country whose currency is widely used, such as the United States dollar. Because  world trade  continually gives rise to various needs for payment in various currencies, an international money market must exist so that traders with an excess of one currency can use it to buy another currency for which they have a need. Within the scope of convertibility arrangements, this trading in currencies is carried out by skilled intermediaries, usually banks or specialized foreign exchange  brokers and dealers. Changes in a country’s  balance of payments  may affect the usefulness or prestige of its currency. A sustained and substantial balance of payments deficit (out payments larger than in payments), for example, will result in continuous large increases in the world supply of its currency, possibly leading to some decline in its acceptability abroad and to a loss of international monetary reserves. At the same time, an outward drain may reduce the reserves of the commercial banks (the base for the domestic money supply), unless the central bank takes offsetting action. The internal money markets of a surprisingly high proportion of the countries of the world are quite rudimentary. The work of the money market in these countries is done largely by transfers of deposit balances, government securities, or foreign exchange among a few banks and between them and the central bank. But in nearly all such cases there is genuine discontent with the rigidity of these limited facilities and a desire to develop a structure, as well as instruments and procedures, which would provide the open-market attributes of the arrangements that have evolved in the leading countries. 03)International  capital market International  capital market   is that financial market or world financial center where shares,  bonds, debentures, currencies,  hedge funds,  mutual funds  and other long term securities are purchased and sold. International capital market is the group of different country’s capital market. They associate with each other with Internet. Th ey provide the place to international companies and investors to deal in shares and bonds of different countries. After invention of computer and Internet and revolution of financial market in 2010, almost all financial markets are converted in international capital markets. We can give the example of Hong Kong, Singapore and New York world trade centre. International capital market was started with dealing of foreign exchange. International capital market’s daily turnover has crossed $ 5 trillion. International capital market is very helpful for reducing the risk of small company because in international market, you can buy different countries companies’ shares, debentures and mutual funds. Different countries have different business environment, so if any country is facing loss and due to financial crisis, your investment in that country may suffer losses but you can fulfill this loss from other country’s investment. So, overall risk will be reduced by this technique. Suppose, a company wants to invest his money, then it is good option, that ‘A’ company must invest it in international market. He can invest with following way and make his best portfolio: a) ‘A’ company can buy 10000 shares of USA Company. b) ‘A’ company can buy 10000 shares of Indian company. ) ‘A’ company can buy 10000 bonds of UK Company. d) ‘A’ company can also invest in the mutual funds of Pakistan or  USA  or Canada. (3. 1)International stock market A study on the  international stock market  gives comprehensive information on the various stock markets of the world. A stock market is typically a market where the trading of company stocks and derivatives is carried out. In order to be traded in the stock market, the securities need to be listed in the stock exchange. The international stock markets are the main sources for the corporations, companies and governments to collect money. The corporations and governments issue their securities in the stock market thus going public and raising additional capital for their business or further development. The liquidity nature of the stock markets ensures the investors to sell their securities easily and quickly. The  international stock markets  play an important part to control and regulate the course of international finance. It has been seen that the economic activity of a country is most importantly affected by the price of shares and other assets. For example, the rising trend of shares may interpret that the business investment in the country is in the growing stage. The prices of the shares also invariably affect the household wealth. Hence, the central bank of each country makes it a point to keep an eye on the activities and behavior of the stock markets. The stock markets also share the responsibility of carrying out the security transaction in a smooth way. The functioning of the international stock markets also construes the economic growth of a particular country. The international stock market is influenced by the trading of some of the major stock exchanges of the world like NASDAQ, NYSE Euronext, Bombay Stock Exchange and London Stock Exchange. 3. 2)International debt market International debt markets are primarily markets for ‘bonds issued’ outside the nation. The government and corporations borrow money by issuing bonds. International bonds offer investors an opportunity to earn better returns than from their country issued fixed income investments. There is no single international bond market as such. The international b ond market is divided into three separate types of bond markets: Domestic Bonds, Foreign Bonds, and Eurobonds. (a)Domestic Bonds The market for domestic bonds is a part of the international bond market. Domestic bonds are brought out on a local basis and domestic borrowers are responsible for issuing the local bonds. Domestic bonds are normally designated in the local currency. (b)Foreign Bonds The foreign bond market is that in which bonds are brought out by foreign borrowers. The foreign bonds are normally designated in the local currency. The local market authorities look after the issuing and selling of foreign bonds. Foreign Bond Markets The foreign bonds are traded in the foreign bond markets which constituted a significant portion of the international bond market until a few decades ago. Some defining characteristics of the foreign bond markets are: * Issuers are normally governments and private sector utilities such as the railway companies * It was standard practice to underwrite as well as organize underwriting risk * Issues were pledged by the retail investors and the institutional investors * The structure of a foreign bond at that time is similar to the present day foreign bonds * Continental private banks and old merchant houses in London connected the investors and the issuers (c)Eurobonds Eurobonds differ from the others in that they are not sold in any particular national bond market. Eurobonds are issued by a group of multinational banks. If a Eurobond is designated in any currency, it would be sold outside the country which uses that currency. For example if a Eurobond is denominated in the United States dollar, it would not be sold in the United States. (04)Derivatives market The  derivatives market  is the  financial market  for  derivatives,  financial instruments  like futures contracts or options, which are derived from other forms of  assets. It is a contract between a buyer and a seller entered into today regarding a transaction to be fulfilled at a future point in time, for example, the transfer of a certain amount of US dollars at a specified USD-EUR exchange rate at a future date. Over the life of the contract, the value of the derivative fluctuate with the price of the so-called â€Å"underlying† of the contract – in our example, the USD-EUR exchange rate. The life of a derivative contract, that is, the time between entering into the contract and the ultimate fulfillment or termination of the contract, can be very long – in some cases more than ten years. Given the possible price fluctuation of the underlying and thus of the derivative contract itself, risk management is of particular importance. The market can be divided into two, that for  exchange-traded derivatives  and that for  over-the-counter derivatives. The legal nature of these products is very different as well as the way they are traded, though many market participants are active in both. How to cite International Financial Market, Essay examples

Reward Management System Union Bank and Trust Company Sample

Question: Describe about the importance of the reward management system of Union Bank and Trust company? Answer: Abstract Union Bank and Trust Company is a best service providing company in banking sector and investment services. This company has a well-developed business strategy including the consideration marketing community, developing new services, teller referrals etc. The reward management system of the company is also very well developed but there are still chances of improvement. For improving reward management system of the organization, training should be provided as the reward. Introduction This report basically describes the importance of the reward management system of any organization. The report is a case study on the Union Bank and Trust company. It tells how a reward management program works in an organization and this affects the growth of an organization. The reward management system describes about what actually reward is and what are the issues associated in implementation of any reward management system programme. The overview of the Union Bank and Trust company is described in the report with the business strategy of the organization. The reward management strategy of the organization helps in understanding how reward management system of the organization is a vital factor for growth of the organization. The suitable model of the reward management system is drawn which may help in improving the reward management system of the organization. Reward Management System Sometimes reward is also known as remuneration. The reward can be said as the benefits from the tangible services and returns paid to the employees. The reward basically is paid to an employee for its good performance in an organization which motivates the employees to work for company more enthusiastically (Thorpe, 2000). This also helps the employees to become more dedicated towards their work for the employees. The reward system in an organization works in two ways. One is that it motivates the best performers in the organization to work with more dedication and other employees get motivated for improving their performance in the organization. This creates a healthy competition between the employees to perform best in the organization. The reward system is basically of two types, extrinsic and intrinsic. Extrinsic reward system basically indicates the transactional or tangible reward and intrinsic reward system indicate the reward from employment and work. The examples of extrinsic reward system are salary, benefits and incentives pay while the intrinsic reward includes better environment to employee for work. Issues in Reward Management Mainly three reasons are associated with reward management: to motivate, secure and retain people in organization, to realizing the employees that they are really valuable to organization and to reduce the complexity of employment relationship as this is a very critical relationship (Snell, 2010). As described above, the reward management system is completely related to create enthusiasm among the employees and create a healthy competition among them which helps the organization to complete the tasks properly and effectively. But there are various issues associated with this reward management programme also. The main issue behind this is that, if the reward management programme is not managed properly then it may lead to a harsh competition among the employees which will affect the overall team associated to the project. The other main thing that should be considered is, if a single employee is getting reward every time then the employees may end up thinking that the organization is behaving partially with them. Sometimes it may happen that the managers cant predict whether the employees are matching the expectations of the organization or not. This may become a very complex situation which may lead to unfair decision. Thus, the proper execution of reward management system is very necessary for an organization (Shields, 2007). Overview of Union Bank and Trust Company The Union bank and trust company, established in 1917, provides its services in the banking sector very well. This is a local bank and is situated in Nebraska. The organization is providing its services in personal and business banking, investment, lending, wealth management, retirement services etc. The organization commits that they are full of helpful and warm personalities. The organization works on the three main principles stability, longevity and leadership. The organization aims to provide the broad base financial services to their customers. The organization believes in providing the excellent customer service, diversification and employee satisfaction. Business Strategy of Union Bank and Trust Company The business strategy of the organization mainly developed around the personal and business banking as well as the investment services. The business strategy of Union bank and trust company includes community marketing, product building, Teller referrals, pre-approved products and premier services. A large commercial banks have various branches in all over the country. Similarly, Union bank and Trust Company, has various branches and every branch managers are free up to some extent to tailor the local marketing strategies. This leads to serve the community. The organization provides various efforts to build various types of services which are helpful for the customers as well as the organization which leads to the success of the bank. The organization also reviews the products which are already developed by the bank. This leads to refine the pre-developed services for the customers. Teller referrals actually plays a very important role in the success of any bank. With the referrals teller, the bank can get many new customers. The organization also follows the teller strategy for making the bank successful. The organization provides various types of exclusive services to their special customers. The bank builds various personal services for those customers who are premier customers of the bank. These services are according to the need and requirement of the premier customers. Reward Management System of Union Bank and Trust Company The reward management system for employees of Union bank depends on the factors like Employees performance, reward basics and internal and external reward factors. Bank employees performance is a very important factor to be considered. The Union Bank and Trust Company pays the reward to employees on the basis of their overall performance in the organization. How the performance of employees affect the organization, the organization evaluates this factor by the three dimensional job accomplishment, quality of the job as well as the productivity of the employees. Organization calculates the performance of employee by following formula: Employee Performance= (Job Quality + Job Accomplishment + 1.5 * Productivity)/4.5 The above formula clearly mentions that the organization considers the productivity of the employees on priority (Rao, 2014). The job accomplishment basically defines how the employees are able to complete the job assigned to them; quality of job actually describes how fine the job is done by the employee and the productivity relates to how innovative the employee is? All the above factors are based on the percentage, like the percentage of the work completed by the employee, the satisfaction level of manager, team leader or customer and how much productivity employee shows in his work. The basic reward model of the organization includes the motivation of the employees, creating the enthusiasm among the employees towards the job etc. The company researches various factors and creates various new types of rewards which can effectively be provided to the employees for various achievements in the organization (Perkinson, 2011). These rewards psychologically help the employees in various factors. Employees feel psychological improvement within them towards the work. The employees feel more enthusiasm towards the work, both who get the reward and who dont get the reward. The organization also considers the internal and external factors for the reward management system in the organization. The internal factors are those factors which influence directly to the organization. For example. if a marketing manager performs very well in attracting the customers, this will directly increase the number of customers in the bank. External factors are the factors which dont directly influence the organization e.g. if the employee indirectly become the reason of benefit for the organization. The organization pays both extrinsic and intrinsic rewards to their employees. The extrinsic reward system includes the incentive, salary hike, other gifts and the intrinsic reward system includes the transferring of the employee on his desirable place and hike in the position. The company also has various reward system for volunteer staff who dont work for organization on permanent basis but they work on the brokerage. They dont work on the basis of permanent salary. For these types of brokers, the company decides various levels, according to those levels the company decides the brokerage. This also includes various gifts according to the performance of the broker (Palermo, 2011). The above reward management system is followed by the organization. Appropriateness of current reward system As described above, the current reward system of the organization includes various factors and considerations for developing the reward management system of the organization. As we consider the banking sector, the above reward system described by the organization are very much appropriate for the organization. The above reward system has a part of incentives. Incentive is a reward factor which is so organized that the employees dont stop at any level of performance. An employee gets the incentive as a reward for the amount of work he does which means the employee can earn as much as he wants to by improving his performance (Mitchell, 2012). Salary hike reward system is appropriate for every type of organization. If the employee will work on the same salary every year then of course s/he will get bored and depressed from his work. It is very necessary to hike the salary of the employees every year according to the performance of employee. This leads to create an enthusiasm towards the work and the employees dont get bored in the company. The other system described in the reward management system of the organization is the other surprises. These surprises include various gifts from the organization for their employees. These gifts can be a holiday trip for the employees as a reward, or other daily life items. These types of gifts make the employees feel that the employees are very much valuable for the organization. This also makes the employee feel that they are really cared by the organization and the employees start working by having a feeling that the organization is their own and hence, the performance of the employe es increases as well (Miranda, 2010). The intrinsic reward system has its own value in the organization. Every employee needs a fresh environment to work. Every employee has its own choice of environment or working condition. In banking sector, with a lot of rush of work, employees eagerly want their desired place to work. Thus, every employee may get influenced and work with more dedication for getting this type of reward by the organization. It should be considered that the banks dont have any right on the brokers as they work according to their own convenience. Thus, for getting more profit from the brokers the reward system is really a very important tool. This motivates the brokers to work more for the organization. According to the organizations strategy, the organization has made various levels for the brokers in the organization. Every broker wants to reach on the top level. Thus, every broker works enthusiastically to achieve that position (Mcnamara, 2014). The organization also provides various exciting gifts to the brokers of the organization. Thus, the above described reasons make the reward management system appropriate for the described organization. However, there are still various changes that can be done or various types of new reward systems that can be added in the organization which help the organization to work successfully in this competitive market. Suitable Reward management system As described above, the current reward system of the organization is very much appropriate for the organization but still there are various chances of improvement in the reward system of the organization. The reward can be provided to the failed employees by various means such that these employees can also get motivated from those rewards. Some organizations expel the employees who do not perform well without even giving them a single chance but this can be handled in other way also. The company should provide special training as reward for the employees who could not perform well in the organization. This will work in various ways so that the employees do not feel that they are not getting ignored for their bad performance. The underperforming employees also feel that they are important for the organization and they work more enthusiastically for the organization. The suitable model for the employees reward management may be as follows: Figure: Suitable Reward management model for organization (Prabakaran, 2014) The above diagram is showing a model for the reward management system for the organization. This model is clearly indicating that by providing the reward to the employees they get motivated from the reward and they start working enthusiastically and the performance of the employees get improved and they start contributing more effectively towards the growth and success of the organization. The above model clearly describes how the reward management system works in the organization. According to the above model, the described reward systems also required some changes like the organization should study in depth for implementing the above described reward systems like the system of incentive can be made better by making it on the basis of level rather than on the basis of percentage but the benefits should also be enhanced. This is because the employees will get more enjoyment in the job while attaining those levels (Leitchfuss, 2010). For making the healthy competition, a team contribution and helping factor should also be included on the top priority. The employees then start helping the other employees which will create a better environment in the organization. The diversification of employees will also become beneficial for the organization. The assessment of the employees should be done in the proper way. If this is not implemented fairly, it may lead in grouping in the organization and the employees will no longer have faith in the organization. Most Valuable reward for the staff The most valuable reward for the underperforming staff is both professional and personal training programme as this will help in enhancing their personal and professional skills. These training programmes may actually help both good performing and underperforming staffs. But these are much important for the underperforming staffs to enhance their level of performance. Rather than expelling the employees enhancing skills is a better option as the employees are very much familiar with the companys culture and environment and company spends a lot of money for the initial training of the organization and organization needs to provide those training to the new recruited employees also (Kerr, 2008). The most valuable reward for the good performing employees is position hike or desired place to work as each employee works in a company with a dream to be at a higher position and also the location where the employee is working, matters a lot. These rewards also return the company in multiplication as a skilled and well performing employee may work more efficiently and may deliver more at the higher position and he will have the right ability to share his experience of success with his co-workers which will motivate them in working more for the organisation (Azasu, 2012). If a skilled, hardworking and smart employee is on the higher position, then other workers or employees of the organization also follows that employee. Relation between the reward management system and organizations business strategy The reward management system has a great impact on the organizations business strategy. A business strategy will be successful only if the employees of the organization performs well. Without proper contribution of the employees, the business strategy doesnt have any meaning. For proper execution of the business, strategic performance of the employees matters a lot, and for improving the performance of the employees reward management system plays a vital role. The developed strategy is really very much appropriate for the organizations business strategy. As described in the business strategy of Union bank and Trust Company, community marketing is one of the main factors that organization considers. Community marketing strategy is mainly developed by the branch manager. Our reward program says that the skilled person should be on the higher position. Thus, the skilled employees should be rewarded with the position hike which works in both ways, the company gets a skilled manager as well as the employees are also rewarded. The other business strategy of the organization includes the teller referral. The teller referral depends on the broker, if the brokers are getting good rewards then of course they will refer the organization to the other people also (Armstrong, 2010). Our assessment of the employees for reward program includes the productivity on the priority which leads to increase in productive skills among the employees who will are able to suggest new services which can work well both for customers as well as the organization. Thus, the reward management system of the organization is clearly related to the business strategy of the organization. Conclusion The above report is the result of various studies and research. This report basically describes the importance of reward management system for the organization and how reward management system helps in the growth of the organization by the example of the Union bank and Trust Company. Union Bank and Trust Company basically provides its services in personal and business banking as well as in the investment services. Organization has a well-developed reward management system which motivates the employees to work enthusiastically. The reward management system of the organization may be improved by including various new systems and programmes in the reward management system. These systems may help in increasing the faith of employees towards the organization. The suitable reward systems described in the report are completely satisfying the business strategy of the organization. Thus, these reward system programmes may help the organization in growing in this high competitive market. References Armstrong Michael (2010). Armstrongs Handbook of Reward management Practise 3r ed. China: Kogan PageAzasu, Samuel (2012). A survey of Reward management practises in the Swedish real estate sector 23 (11), pp. 23-25Gungor, Pinar (2011). The relationship between reward management system and employee performance with the mediating role of motivation: A Quantitative study of global banks [online]. Available From: https://www.sciencedirect.com/science/article/pii/S1877042811015576 [Accessed: 17th February 2015].Kerr, Steve (2008). Reward Systems 1st ed. London: Harvard University PressLeichtfuss, Reinhold (2010). Retail Banking Winning Strategy and business Model Revised [online]. Boston Consulting database 22 (1), p.1-16 Available From: https://www.bcgindia.com/documents/file37897.pdf [Accessed: 17th February 2015].McNamara, Carter (2014). How to Reward Employee Performance [online]. Available From: https://managementhelp.org/employeeperformance/rewarding.htm [Accessed: 17th February 201 5]Miranda, Kay (2010). Five Successful Bank Business Strategies [online]. Available From: smallbusiness.chron.com/five-successful-bank-business-strategies-2628.html [Accessed: 17th February 2015].Mitchell, Barbara (2012). The Big Book of HR. 3rd ed. London: Career Press.Palermo, Tommaso (2011). Adopting performance appraisal and Reward System JOCM database 24 (1), pp. 23- 29Perkinson, Stephen (2011). Introducing the Reward Management System [online] 23(8) p.1- 25 Available From: https://shop.cipd.co.uk/shop/bookshop/media/cms/pdf/bookstorepdfs/reward-management-2nd-edition---a-sample-chapter.pdf [Accessed: 17th February 2015].Prabakaran, J. (2014). A study on Workers reward management system in banking sector [online] 16 (7), pp. 23-25 Available From: https://iosrjournals.org/iosr-jbm/papers/Vol16-issue7/Version-3/D016732325.pdf [Accessed: 17th February 2015].Rao, Narayan (2014). Reward System and Organizational behaviour [online]. Available From: https://nraomtr.blogspot.in/2011/12 /reward-systems-and-organizational.html [Accessed: 17th February 2015].Shields, John (2007). Managing Employee Performance and Reward 1st ed. Cambridge: Cambridge University PressSnell, Scott (2010). Human Resource Management 4th ed. London: Cengage LearningThorpe, Ricchar (2000). Strategic Reward System 2nd ed. London: Prentice Hall.

Superior Market free essay sample

Superior Supermarkets is a division of Hall Consolidated, a privately owned wholesale and retail food distributor. Hall distributes food and related products to some 150 company-owned supermarket units and about 1,100 independent grocery stores in the U. S. through 12 wholesale distribution centers. Hall’s sales in 2002 were $2. billion. Superior is the smallest of the three supermarket chains owned by Hall, with sales of $192. 2 million in 2002. Superior serves small towns in the South Central U. S. , and is number one or two by market share in each of its trade markets. Sales of the three Centralia stores were $14,326,700 in 2002. Their gross profit margin was 28. 8%, while the median for the U. S. grocery industry was 26. 4%. Randall Johnson, the District Manager for the Centralia stores, has recommended that they implement everyday low pricing (ELP). The reasoning behind his desire to implement the ELP strategy is that Superior’s prices are higher than the competition at a time of growing price consciousness, and that the price differential could cause them to lose market share. We will write a custom essay sample on Superior Market or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Superior President James Ellis suggests that their recent consumer research should be studied to assist in the pricing decision. If the research suggests that an ELP strategy should be used, it would then be applied to all three of the Centralia stores. One company official suggests that the pricing strategy should be part of a broader store positioning strategy, and it should be supported with advertising. It is known Superior is does have the highest prices in the area. To the extent that price knowledge exists, it is thought to be category dependent. This adds a dimension to the ELP implementation decision, specifically whether ELP should be applied across the board, or just for certain categories. If an ELP strategy is adopted, it is important that Superior decide how much prices should be lowered. Superior prices are estimated to be about 10% higher than Harrison’s, the current low price leader, and about 7% higher than the other major competitors. There is a consensus that they should not attempt to outprice Harrison’s. Problem Identification There are 2 major problems that have been uncovered by the company’s district manager. The first problem is the low sales in Centralia. The second problem is the extremely high prices that have been a source of complaints among Centralia customers. According to many studies by Superior Market, the company had the highest prices in Centralia. As a result, Superior Supermarkets must decide whether or not to pursue an everyday low pricing strategy in its three stores servicing grocery shoppers in the Centralia service area. Case Analysis Superior operates three stores in Centralia, MO, the primary trade area in Scott County. Food and beverage retail store sales in Centralia were $62. 3 million in 2002, a 4. 6% increase over 2001. Based on the 2000 U. S. Census, Centralia has 13,500 households and a total population of 41,000. The median age is 35, median household income is $36,000, and 85% of residents have at least a high school education. Just over half of Centralia residents are employed by manufacturing, retail trade, and education, health, and social services establishments. Focus group studies have identified various aspects of food store choice and patronage in Centralia. In descending order of importance to shoppers are: price; quality of meat; produce quality, variety, and display; and, shopping convenience. Focus group participants are generally pleased with their food shopping options. Superior has a great deal of shopper information from two studies it conducted. One establishes, by department, how $100 is spent in a typical Centralia supermarket. The other establishes, specifically for Superior supermarket shoppers, demographic information, frequency of store visits, and related shopper behavior data, including other stores shopped. The primary reason that potential customers do not shop at Superior is mainly due to price. Four grocery chain stores accounted for 85% of all food sales in Centralia in 2002. The remainder was shared primarily by two small independent grocery stores, several convenience stores, specialty food stores, and a seasonal Farmer’s Market. Three of the chains operate one store each in Centralia, while Superior has three. Each of Superior’s stores is smaller than the other chains’ stores. Harrison’s, a 50,000 square-foot store on W. Main St. , is acknowledged to have captured most of the business of the middle and upper income group in Centralia. Harrison’s Centralia store is one of the company’s 65 locations in Missouri and Illinois. The store is well-managed, clean and orderly. Harrison’s has a very favorable customer image, and uses an everyday low pricing strategy. Harrison’s market share of 22% ranks it third in the market, just behind Superior. Grand American (GA) operates a 39,800 square-foot store on W. Main and Fairfield. It is one of 148 GA stores serving the region. It is the most modern store in town. It serves the lower income demographic, the $20,000 to $35,000 range. GA, with a market share of 13%, is considered a secondary competitor by Hall officials. Hall officials believe GA lacks innovative merchandising appeal, and its only real strength is its dairy department. Missouri Mart (MM) operates a 120,000 square-foot store, 40% of which is dedicated to food items. MM’s customers are middle-aged and older families with incomes over $30,000. MM is the sales volume leader in Centralia, with a 27% market share, and is considered Superior’s principal competitor. About 32% of Superior’s customers shop MM regularly. MM’s primary strength is in groceries and special purchase displays, but the store seems to sacrifice quality and freshness for production. Superior Supermarkets has three stores in Centralia which are generally older than those of its major competitors. Each store anchors a strip shopping center owned by Hall. Each shopping center has additional shops which provide a lot of convenience to customers. Company officials believe that SS offers high-quality merchandise, but less variety than the other major competitors. Consumer acceptance of the major store departments varies between stores. SS features a value positioning in its advertising. It spends 0. 89% of sales on advertising, while it is estimated that Harrison’s and MM spend about 1%. GA is seen to invest considerably less than Superior. Market basket studies indicate that Superior is the highest-priced food store in the Centralia area. Superior advertises high-volume items at deep discounts, and features loss leaders. Superior’s N. Fairview store is less than two blocks from MM. The W. Main store is across the street from Harrison’s and GA. The S. Prospect store has no competitors in the immediate vicinity. It prepares baked goods for all of Superior’s Centralia stores. Market share for the three SS stores combined is 23%. Recommendation Superior Supermarkets should pursue an everyday low pricing strategy in both the grocery and general merchandise categories. Superior should reduce its prices in these categories, and increase its advertising as well; The price reduction will produce an increase in sales, and increase market share. References Kerin, R. A. Peterson, R. A. (2007). Strategic Marketing Problems. New Jersey: Pearson Prentice Hall. http://www. cob. sjsu. edu Strengths oSuperior Supermarkets has a market share of 23% in Centralia for 2002 oSuperior Supermarkets is the number 1 or 2 ranked supermarket chain in each of its trade markets in market share. oSales for the three stores in Centralia have increased over the past three years. Each store anchors a strip shopping center which is owned by the parent, Hall Consolidated. oSuperior carries high-quality merchandise, particularly in grocery items and fresh produce. oSuperior was ranked most convenient amongst its competitors in a telephone survey. oSuperior is considered a â€Å"good neighborhood store†. oBased on Superior’s shopper interview results, 77. 9% of thei r customers have been patrons for three or more years. oSuperior’s West Main store draws more customers from the area south of the store than their competitors. oSuperior’s South Prospect store has no major competitors in the immediate vicinity. Weaknesses oSuperior’s advertising costs comprise of . 89% of sales, while competitors’ advertising costs comprise of 1% of sales. oBased on Superior’s telephone survey, Superior was ranked the lowest amongst its competitors on most reasonable prices. oSuperior is ranked second to lowest on quality of meat based on Superior’s telephone survey. oThe three Centralia stores posted a 1% negative variance on sales. oThe three Centralia stores experienced a net profit margin slightly under 1%, which was shy of the budgeted 1% net profit margin for the first quarter of 2003. Approximately 32% of Superior customers also shop at Missouri Mart. oSuperior offers less variety of merchandise than its major competitors. Opportunities oThe food and beverage market in Centralia is growing. oSS could advertise on television. Threats oOur competitors may lower their prices. oNew competitors may enter the market. oOur competitors have locations in close proximity to some of our stores oPrice consciousness is growing among Centralia shoppers. oCompetitors may begin to advertise on television. oThere are twenty establishments in Centralia that sell food and beverages.