From Failure to success Essay

Robert Kennedy’s statement that â€Å"Only those who dare to fail greatly can ever achieve greatly† has been painfully evident in my life. Until recently, I had never dared to fail greatly at anything, and as a result, I never achieved greatly at anything either. Luckily, I have learned the importance of attempting something when there’s a looming possibility of failure. At Boys’ State this summer, I spent a week living with 300 other young men while learning about how North Carolina’s government works. To give us a firm grasp of the governmental process, each floor elected town officials, each dorm elected county officials, and the three dorms together elected the state officials. The Boys’ State program also had its own moot court program from which Supreme Court Justices were elected. At Boys’ State, I ran for positions in the town and county government, and for Supreme Court Justice. Of the seven positions I competed for, I only won two elections. I count this as a failure because the only positions I won were positions that had no candidates to oppose me. The loss that affected me the most was Supreme Court Justice. This was the position I had wanted to win even before I arrived at Boys’ State, and I gave up all of my afternoon activity time so that I could participate in the moot court program and remain an eligible candidate for Supreme Court Justice. Unfortunately, the elections for justices were the last of all the voting, and by midnight, everybody wanted to get back to their dorms so the time for our speeches was cut from one minute to ten seconds. Needless to say, I was so unprepared for the sudden change of events, that I barely had time to say my name and one reason I was running before I ran out of time. I lost the election, but the loss taught me that I needed to become more visible so that I would not have to depend on a speech for people to realize that I was a person they should vote for. However, if I had the chance to go back and change anything I had done there, I probably wouldn’t change a thing. The reasons for this are not as difficult to understand as they probably should be. Firstly, if I went back and changed anything I had done then, I would not have learned that lesson, and would now be lacking a very important experience in my life. Secondly, good things also came from my loss of the election for Supreme Court Justice. In my failure, I brought the  attention of the gubernatorial candidate onto me. The next morning, he asked me if I would like to be his Secretary of Crime Control and Public Safety which is one of the highest positions at Boys’ State. After a moment of shock, I immediately accepted the position. Thus, as a result of my own great failure, I achieved greatly.

How Groups Can Influence People in Positive and Negative Ways Essay

Groups influence people in positive and negative ways. Looking at research and studies we will see how the roles we play in groups can influence our behaviour. We will see how groups we gravitate to help raise our self-esteem and give us a sense of belonging but at the same time how conflict is created with other groups. Groups we belong to help to give us a sense of identity but we will see how we can lose this as we conform to group behaviour and the impact this can have. Finally, we will look at Kondo’s research and how changing cultures slowly changed her identity and how this affected her on her journey emphasising her positive and negative influences. As we grow we will have many social identities which influence the groups we belong to. These groups can range from friends to family and further out to groups like nationality and ethnicity. Within these groups we have different roles to play which influence our behaviour. A controversial experiment by Zimbardo (1971) (Spoors et al.) shows how a groups of males were separated into two groups of guards and prisoners in a make shift prison. After six days of a two week experiment it was stopped. The guards became abusive while the prisoners showed signs of emotional disturbance. Lots of factors could have influenced the participant’s behaviour but this experiment shows us the effect that roles have on us in a group and how quick we are to adapt to them. We see how an individual can turn abusive and also how individuals can be walked over an abused. Regarding Zimbardo’s experiment we can identify two groups. Psychologists call these our ‘in’ and ‘out’ groups. Evidence suggests our ‘in group’ raises our self-esteem, we gain a sense of belonging, identification and a sense of status. Our ‘in group’ also gives us an opportunity to compare with our ‘out group’ this can create conflict as an us and them divide is formed. Positively we show favour to our ‘in group’ and negatively we discriminate against our ‘out group’. Tajfel et al. (1971) (Spoors et al.) showed this when he assigned teenage boys to a ‘virtual group’ that did not exist. The boys still showed favouritism to their ‘in group’. We see this behaviour in an experiment conducted by Sherif et al. (1961) (Spoors et al.). He set two sets of boys in a summer camp into groups. Separately the groups interacted, group norms were followed, they joked and had secret codes. The groups were set against each other in competition and within their own groups co-operation and loyalty were heightened but hostility, aggression and prejudiced was seen between the groups. Observing Sherif’s study we see positively how group members found a sense of belonging in their own group and how loyalty and co-operation were heightened by competition. Negatively we see their behaviour changing when clashing against their ‘out group’ becoming hostile, aggressive and prejudiced. Prejudism against our ‘out group’ bolsters self-esteem as it allows us to see other groups as inferior. We feel safe and part of our ‘in group’ but through group pressure we may conform to the rest of the group and the sense of identity we gained we could start to lose as we become more influenced by the rest of the group. Asch (1951) (Spoors et al.) looked at this and conducted an experiment on conformity. Participants had to match two lines out of a group of four that were similar in length with a group of other people. Participants conformed with the group who deliberately gave wrong answers. This was repeated and seventy five per cent of participants gave a wrong answer at least once. Asch’s experiment shows the influence of group pressure. Negatively this influence can have disastrous implications. Spoors et al. (2011) use the example of the ‘Heavens Gate’ cult. Thirty nine of their members committed suicide believing their souls would be transported to a spaceship behind Hale Bop comet. Psychological factors need to be recognised but would they have acted this way left to their own devices? Positively Asch’s experiment shows us how we like to feel part of a group and not left out. Society would be chaos if people did not conform to some degree. Just going to the cinema and being quiet we are conforming to the silence so others are not offended. Cultures will have an influence on conformity as Collectivist cultures emphasise groups more than Individualist cultures so all depending where we live in the world cultures influence our behaviour in groups. As our behaviour changes so will our own social identities and this can finally lead us onto research by Dorinne Kondo (1990) (Spoors et al.) Dorinne Kondo was a Japanese American raised in the U.S.A. She moved to Japan to take part in research involving participant-observational study moving in with a Japanese family. Over time she found her American identity diminishing and her new identity flourishing encountering both positive and negative influences on her journey. Negatively she describes being confronted with bewilderment, embarrassment even anger on her linguistical mistakes and when conforming wrongly to Japanese customs also when ‘proper’ behaviour meant she had to behave subserviently. She describes her conflicts surrounding expectations of gender especially her role as a young woman. Positively she describes being left with a warm positive feeling to her live in family when being affirmed for behaving with proper Japanese etiquette. After time she found herself losing her American identity. In her tea ceremony class she explains her awkward, exaggerated western movements had been replaced with Japanese grace. Kondo’s research demonstrates the positive and negative influences we encounter in different cultures and how they can change us as a person as our identities evolve. We have seen how groups can influence people in both positive and negative ways. Zimbardo’s prison experiment shows us how quick we take up roles in a group and the extent to which we act out these roles. Sherif’s summer camp study shows how we look for a sense of belonging and to raise our self-esteem in a group but how we discriminate when conflict is created. These same groups who we look to for affirmation can influence us so greatly we will make the wrong decisions. We have also seen from research how different cultures can influence our positive and negative behaviour in groups and the impact this has on us as our identities evolve.

Granite Apparel- Source of Funding

Presented to: Mr. Kurt Sullivan Subject: Source of funding From: JMSB consultants; Despina Papadopoulos Angela Christopoulos Mathieu Apuzzo AJ Kenth Date: March 2007 Main Issues * Choosing the appropriate source of financing, between Initial public offering, long term debt or preferred shares, to raise funds for the expansion of Granite Apparel. Recommendations * Granite Apparel should use an Initial Public Offering as a source for raising funds. Analysis Quantitative Initial Public Offering The cost of issuing common shares for your company was found by adding the following expenses (APPENDIX ONE):Bridge Financing Rate (Annual)| 10. 25%| Amount of Bridge Financing| 50,000,000| Period| 6 months| Yearly Interest Cost| 2,562,500| Lump Sum Issuance Fee| 4,000,000| Total Issuance Costs| 6,562,500| To issue common shares is very expensive to underwrite and there are also other related costs for a company going public. These costs can be: * More experienced accountants for financial statem ents issuance and high internal compliance * Auditing fees * Dividends Much of the factors are above are very difficult to quantify, but using assumptions we could have an idea of the cost over a 5 year basis to compare with preferred shares.First, let’s find a dividend cost, hoping the company does well and we pay out a 20% dividend rate with a growth of 25% in sales from 2007 – 2012. We get a total dividend amount to be 18. 82 million (APPENDIX ONE). Since dividends are not an obligation but they are a benefit for shareholder satisfaction, we have a range over a 5 year period of costs between 11. 5 million and 30. 4 million. These values take into consideration many assumptions (g= 8%, b = 0. 80 and ROE= 10. 55%) Total 5 year dividend| 18. 82 million| Audit fee (1M per year assumption)| 5 million| Fees/ Bridge Financing| 6. 56 million| Total| 30. 80 million| Range| 11. 5 – 30. 4 million | Another factor to consider for an IPO is the decrease in control for Tay lor and the current shareholders. | Before IPO| After IPO| Total Shares| 20,000,000| 26,000,000| Taylor Ownership| 12,000,000| 12,000,000| Percentage Ownership| 60%| 46. 15%| If Mr. Taylor is comfortable losing total control of his company with 46. 15% ownership (where control is 50%), the IPO can be a very attractive solution. If Mr. Taylor decides to keep full control of his company, he can either purchase himself more shares or the company could issue two types of common shares; Non-voting and voting.Taylor Ownership| 12,000,000| Percentage Ownership| 50%| Total Voting Shares| 24,000,000| Total Non Voting Shares| 2,000,000| Preferred Shares As seen in APPENDIX THREE, the total cost of issuing preferred shares would be $30,200,000 over 5 years. Raised Capital| 50,000,000| Dividend Yield| 9%| Annual Dividend (9% * 50,000,000)| 4,500,000| Repurchase Premium| 10%| Face Value| 55,000,000| Issuance Fees| 2,700,000| 5 year Dividends (4. 5M x 5)| 22,500,000| Repurchase Premium| 5,000,000 | Total Cost| 30,200,000| Long-Term Debt Long-term debt is the second source of financing the company has the option of adopting.Metropolitan life approached Granite Apparel and was prepared to lend them 50 Million dollars at a fixed rate 2% higher than the long-term U. S treasury yield. The term of the loan was 10 years. Exhibit 6 illustrates the U. S treasury yields. Since the loan has a 10 year term, we decided to select the 10 year Risk Free rate, which is 4. 56%. In total the interest rate of the loan would amount to 6. 56%. In order to decide, which alternative is best suitable for the company, we must find the cost associated with borrowing. In addition, we must also add the upfront fee of 1,800,000.The upfront fee is calculated by multiplying 200,000 common shares and the stock price of 9$. We assumed that the value of the firm was equal to 180,000,000 in order to use the 9$ stock price. We also assumed that the loan payments would be done monthly, which gave us a monthly pa yment of 569,267. 46$. Appendix 2 is a loan amortization schedule and indicates the amount of interest and capital is included in each payment. The sum of all interest payments is equal to 18,312,099. If we take the total interest cost and the upfront fee the total cost of the loan would equal to: 20,112,099.However it is also important to note that interest is tax deductible. The loan amortization schedule enabled us to find the PV of the tax shield of 79,712. 24$. In conclusion, the total cost of the debt option is equal to: 20,032,386. 75$ We also wanted to note that paying 10% principal per year for 10 years on the loan is impossible. According to loan amortization schedule, the 10% yearly principal payment would start from year 6. For the first 5 years, most of the payment is attributed to interest, which decreases the principal portion of the payment.Performance and Ratios An important factor in deciding on which way to finance growth is how it affects your financial statement s. Since these tools will be the primary source for investors it is important have them appear strong (APPENDIX FOUR). If the company chooses an IPO, the following ratios would occur in the 2007 financial statements of Granite Apparel. Ratio| Industry| Granite Apparel | Debt/Capital| 15. 1%| 31. 0%| TIE| 41. 2| 57. 75| PE| 22| 12| ROE| 18. 4%| 14. 16%| With an IPO the company’s financial statements would look very strong.Its debt is already higher than the industry average and therefore issuing common shares would decrease the risk of the company. Both the Debt/Capital and TIE ratios express that strength. If the company chooses to issue debt, the following ratios would occur in the 2007 financial statements of Granite Apparel. Ratio| Industry| Granite| Debt/Capital| 15. 1| 61. 52| TIE| 41. 2| 6. 47| ROE| 18. 4| 21. 94| The risk of the company by issuing more debt would be extremely high and way above the industry averages. By demonstrating both Debt/Capital and TIE, we could see a large increase in the company’s risk which is not in the company's favor.They might be reevaluated as a riskier company and therefore would no longer be able to purchase at low interest. The ROE plays in favor, however, because the total Equity is divided among fewer shareholders. It looks good for investors but not for creditors. If the company chooses to issue preferred shares, the financial statements would look very similar to issuing an IPO. This occurs because the preferred shares would be booked in the Equity section of the financial statements due to their â€Å"ownership† qualities. QualitativeGranite Apparel is faced with three financing mediums; initial public offering, long term debt or preferred shares. In the decision process, it is important to weigh the benefits and shortcomings of each financing option. Initial Public Offering (IPO) Benefits * Increase in Shareholder Capital * Increased wealth without dividing authority amongst partners * No div idend obligation on common shares. * Inexpensive method of financing. * Able to maintain control of the company as long as shareholders have less than 20% ownership Drawbacks Granite would need to undergo a thorough assessment of its operations, financial records and legal situation by both Continental Securities and the securities commission. * Three to six month due diligence process. * Minimum requirements in accordance to US GAAP system is very expensive to implement * Decisions based on stock price The public trading of the shares establishes a value for the company and sets a benchmark. This works in favor of the company as it is helpful in case the company is looking for an acquisition or merger. It also provides the share holders of the company with the present value of the shares.Furthermore, once the shares are traded, they carry a market value that is different from the book value depending on demand (volume traded); this can provide Granite with the incentive of offering stock options to employees as an added compensation. Additionally, the investors that are in the company have liquidity on their share of the company, however, if an investor should decide to redeem his portion the company is not entirely affected because the sale is completed on the market. When a company issues common shares, there is no obligation to pay dividends.This can be an immense advantage for Granite as the company is in a growth phase and dividends can be limited in order to compete in an industry with larger players. In turn, this also allows Granite to keep the cost low for the future. In addition, the firm will not go bankrupt if is not able to pay out dividends. More than frequently, management’s decisions may be effected by the market price of the shares and the feeling that they must get market recognition for the company's stock. Often, this can lead to bad decisions and consequently a decline in stock price.As the share price of Granite falls, may lose ma rket confidence, decreased valuation of the company may affect lines of credits, secondary offering pricing, the company's ability to maintain employees, and the personal wealth of insiders and investors. Not to mention if Granite decides to issue most of its shares to the public it may be a target for a hostile takeover, evidently a loss of insider control. Long term Debt Using long term debt will allow granite apparel to immediately acquire the funds, however it will place both financial and operational standard covenants in effect. Operational Prohibited to surpass annual capital budget * Not allowed to acquire without authorization * Cannot change current executive compensation or dividends Financial * Limited to a borrowing to equity ratio of 1. 20 * No possibility to raise short or long term debt without authorization Using long term debt for Granite is very risky if the economy suffers and sales are down. Granite will still have to pay the interest on the principle loan witho ut having the flexibility of acquiring another loan. When the interest payments are not distributed to debt holders, the firm may go bankrupt.As stated, If earnings decrease it might be very risky to carry over 3. 57 million dollars in interest expense as an annual obligation. Moreover, in the event that Granite is presented with the opportunity to merge or outright acquire a competitor, the decision will have to pass through Metropolitan. This can lead to further complications and loss of decision making control for the management of Granite. Preferred Shares Although this method is cost effective, it can also confiscate the ability for management to take important decisions without approval from shareholders. Granite can redeem the shares at a ten percent premium only after five years * Shareholders have no voting right, but receive priority over dividends * Can be given voting rights if Granite does not pay for two consecutive years Similar to long term debt, preferred shares pre sent the drawback for potential loss of control. For instance if there is an economic downturn and Granite is unable to issue payments for two consecutive years to its preferred shareholders, they are granted full voting rights and can potentially control the entire company.Preferred shares can either be placed in the equity or liability section of the balance sheet. In this particular scenario, the preferred shares would be in the equity section because they show evidence of â€Å"ownership†. For instance, if dividends are not paid for two years consecutive, they can exercise their voting rights and consequently allow them to decide on major business developments. Given the three financing methods, Granite would receive the necessary capital in time to fulfill their marketing needs.Given the economic state preferred shares are risky when considering the potential loss of control to the shareholders. Similarly, long term debt caries the interest risk burden without possibilit y of acquiring a new loan. Conversely, initial public offering allows the flexibility to gain capital at any point with the exchange of ownership and still allows the decisions to be made by the board of directors. Although the net income on the expansion is not quantifiable, by the issuance of IPO, Granite remains protected from third party influence and control, interest burden and loss of decision control. Plan of Action Announce the plan to the board of directors and wait for quorum approval or issuing an IPO * If Mr. Taylor and other board members are expressing worries about dilution of ownership, consider issuing two classes of shares; non-voting and voting. * Contact the investment firm to find out potential differences for issuing two classes of shares * Hire and find experienced accountants to prepare the financial statements in accordance to US GAAP for public companies since the company will go public * Select an investment bank with a good reputation and expertise to ad vice and perform underwriting functions. Organize internally for high compliance in accordance to the securities commission Contact and find a reputable auditing firm (KPM, Deloitte, Price Waterhouse or Ernst ; Young) * File with the Securities and Exchange Commission. * Once the request has been processed Granite Apparel should request its IPO on the stock exchange with firm commitment. * Once capital is certain (under firm commitment) and as quickly as possible, search for store locations.These locations should be prime, and in an area where Granite * Apparel can compete strongly with the major players. Time is important, since competitors are catching up to Granite’s innovative products. The company must enter quickly and efficiently into the market. * Prepare for manufacturing increase to supply new stores. * The company should find new innovative products to keep it a step ahead from the competition and become first movers to gain customer loyalty.

Dumbest Generation

Mark Bauerlein seems to believe that is the dumbest generation because research has shown that knowledge skills and intellectual habits have gone down, and although some people agree with him, others don’t. I believe this generation isn’t the dumbest because there are other things that need to be considered when calling someone, a group of people, or even an entire generation stupid or dumb, rather than just knowledge skills and intellectual habits. Knowledge isn’t all about what people know or how well they are in school. IQ tests test the intelligence of the person; however they test the pure thinking capacity rather than what people know.This means that intelligence comes from the entire cognitive thinking ability and not what they know. IQ tests have also been rising since the 1930’s (Source B). Furthermore, just because this doesn’t know things that people knew two generations before us did, doesn’t make us dumb. This generation is learn ing about things that people didn’t even know about two or even one generation ago. Also, most students in college don’t think that what was important back then is relevant today, so they don’t see the point in remembering or learning about it. That isn’t stupidity, that’s just choice in the information that they wish to hold.Plus, some people are more intelligent about certain things about other people, but that doesn’t make them dumb or stupid about that subject. They just don’t understand it as much as other people. If you look at other subjects for that person, I’m sure you’ll find their strong spot, and what they’re good at. It all depends on what their brain can understand and comprehend. Moreover, students and even adults are coming together. They create groups and social activities that allow people with similar interests and intelligence to get together and help and teach what they know about that particu lar subject.They come to these people for their knowledge to improve their craft, gain reputation, and expanding their intelligence and interest in their craft (Source C). Although most people may disagree, the new media and social advances help with this. It allows students to reach people around the globe and get other information so they get direct information. According to Mizuko (Source C), â€Å"Youth respect one another’s authority online and are more often motivated to learn from peers than adults. † So by this meaning, the social media allows students to learn in a more advanced way to where they don’t feel like they are being condescending.This also allows the students to learn more of on their own and exploring, rather than knowing the goals and going by a direct lesson plan. Given the fact that most students use Google instead of a library might make people think that we are being derived of learning how to do research on our own. Although most peopl e are right, Google does have benefits. If someone just needs a quick way to get information, Google is good place to get started. Most people know to make sure things are doubled in places rather than just in one place though, so they know what to do about how to research.Additionally, having social media and the internet, texting, email etc. , also creates more chances of writing. Most parents and teachers think that this is causing a downfall in school and literacy capabilities but in reality its actually helping. According to Thompson (Source G), she believes we are in the middle of a literacy revolution. This generation writes more than any other generation before. Most peoples’ writing happens outside the classroom. It may not be very advanced writing, but it is writing. It works the writing and literacy capabilities because it is still writing. They have to read, comprehend, understand, and respond.All of which includes using the abilities that they already had. Also, almost thirty-eight percent of writing happens outside of the classroom. Everything that people write, including texting and email etc. , add up and help with their brain which expands their learning and thinking capacity. Along with social media, there are video games. The people who play video games say that they help with hand-eye coordination, and those who don’t say that the video games make the brains weak. But in all actuality, video games help expand the thinking capacity and help the thinking and learning capabilities.They figure out how to get through things in the game and don’t just cheat by using a manual. They have to think about what could happen next or look at how things happen so they know how to act, react, and do (Source F). Furthermore, every generation has their â€Å"dumb spots†. That doesn’t make each generation the dumbest generation though. One person can’t say that this is the dumbest generation when every generation is d umb at some point or with some group of people. In 1962, according to Simpson, (Source E), he did a documentary about a group of people who didn’t even know what most people did know at their age.They barely knew anything at all and they weren’t able to spend all day texting or playing video games. Each generation has their problems, so one cannot pinpoint what generation is the dumbest generation. So, although some people believe different, I believe this generation is not the dumbest generation because knowledge is not all about the amount of information a person holds. It’s about the thinking capacity and other things can interrupt that thinking process, and also, each generation has their â€Å"dumb† faults. This generation may be more evident, but it is not the dumbest generation.

How Facebook has Destroyed Privacy Boundaries Essay

How Facebook has Destroyed Privacy Boundaries - Essay Example In recent years, a number of social networking websites have been able to take advantage of the teeming amount of users looking to register and use the social networking services. This in turn has provided these websites with unwanted levels of influence that has tended to create privacy debacles that were unheard of in conventional human interaction (Berkman and Shumway). Perhaps one of the most popular websites for social networking in recent years has been Facebook. The website has come under the limelight time and again. Previously it was under the limelight as a business model for innovation and hallmark breakthroughs but in recent times it has been scrutinized for breaches of privacy. The various forms of breach of privacy have been recognized and investigated and is confirmed phenomenon leaving little to doubt them anymore (Iachello and Hong). Some breaches of privacy are caused due to users overlooking fine print details while other breaches of privacy occur due to online sur veillance. In addition to everything else, certain forms of breach of privacy occur due to the inherent design of social networking platforms. This paper will focus on the various forms of breach of privacy that have resulted from the use of Facebook whether these breaches were intentional or otherwise. Furthermore, the consequences of these breaches will be looked into in detail to gauge their effects on ordinary people. It is natural for human beings to be wary of each other when conducting conversations in person. Another major factor that limits the amount of information carried by human beings is the limit on information delivered at any one point in time through conversations. It would be unrealistic to assume that a person could convey all kinds of personal and family information to another in one meeting alone. However, this situation is totally reversed when using computing platforms to interact. People who use social networking websites such as Facebook will realize that a large amount of information has to be divulged in order to sign up for such services. The typical information required for such sign ups consists of a person’s name, date of birth, email address, home address and the like. Other forms of personal information is exposed and brought to the forefront as a person tends to interact with their social circles (Pankoke-Babatz and Jeffrey). Social networks such as Facebook allow the user to search for and add new â€Å"friends† who are effectively anybody you might know including friends, family and acquaintances. The interaction between a typical Facebook user and his â€Å"friends† is carried out through the wall of each individual account holder. The idea is simple and seem revolutionary at first – each user has a wall that anybody can write upon if they are included in the individual’s friend list. Moreover, other users do not necessarily have to write things on the wall, instead, they can simply choos e to like things online and share it on their friend’s walls. This means that if I was browsing the internet for a pair of boxing gloves and I happened to find a pair I like, I could essentially share the link on my wall and on the wall of my friends. This would allow me to tell my friends that I recently might have made a purchase of boxing gloves and that they might be interested in the same boxing gloves. At first sight the idea seems just absolutely amazing. Imagine the power of being able to share

The Training Techniques of Staff in this Global Era Research Paper

The Training Techniques of Staff in this Global Era - Research Paper Example Organizations have adopted three recruitment and staffing strategies as they expand their operations to other countries and these approaches or strategies have been discussed below: 2.1. Ethnocentric strategy or Ethnocentric approach One of the approaches that organizations adapt to recruit and hire employees when expanding to other parts of the world is the ethnocentric approach. In this approach, the management fills the most important or managerial positions by bringing employees from the parent country. Such an approach is termed as the ethnocentric approach. One of the reasons for following such a strategy is that the organization would like to keep the same organizational culture even in another country. So, because of this reason, they would like to have employees from their own country rather than hiring the nationals (Boussebaa, and Morgan, 2008). 2.1.1. Positive of Ethnocentric approach One of the positives about the ethnocentric approach is that the company would be able t o maintain the same corporate or organizational culture regardless of the country in which it is operating. Also by hiring expatriates, the organization would be able to have experienced and skills employees at the topmost position and thus it can be helpful for the organization. 2.1.2. Challenges of Ethnocentric approach One of the major challenges that organizations following ethnocentric approach faces are cultural myopia. In other words, the organization will be having employees from its parent country and these employees might not be able to understand the cultural values of the national country. Therefore it might lead to cultural myopia and thus, the organization would suffer in the long run. There is another negative aspect regarding adapting ethnocentric approach is that as national employees would only be restricted to the lower level and would not be able to take on the managerial positions, therefore, they would not be motivated and thus, in the long run, their morale an d performance would hurt. In turn, this would influence the organizational productivity in the long run. The ethnocentric approach can be expensive as well because the organization would have to pay high compensation packages to the expatriates working in another country and this could influence the profitability of the company. 2.2. Polycentric approach The second approach that organizations use regarding hiring employees in another country is the polycentric approach. In this approach, the organization hires employees from the national country. Top management is also filled with people belonging to the national country. 2.2.1. Positive of Polycentric approach The positive aspect of the polycentric approach is that the company would not have to face the issue of cultural myopia as the Nationals would be aware of the cultural values of the society. Therefore strategies can be formulated accordingly.  Ã‚  

Managing Knowledge at an NHS Trust Essay Example | Topics and Well Written Essays - 2250 words

Managing Knowledge at an NHS Trust - Essay Example For this change to take place, the management needs to follow a change management process and provide incentives to the employees to stick with this change. Hopefully with this change, Reddix hospital can stand back on its feet and shine once again. Reddix Hospital is a trust hospital under national health services (NHS) in the United Kingdom serving over 900,000 patients in the area. It caters to many different medical fields and hence has to cater to an annual 7000 patients in admissions. With only 200 doctors whose expertise includes breast cancer, cardiovascular diseases, musculoskeletal diseases and pediatrics, the hospital finds itself short on employees and due to the recent nurse shortage, it finds itself unable to cater to all the patients are diligently as it like to. Also due to the inefficiencies and conventional systems, the hospital cannot cope up with the demands of the patients and the employees alike. Being a big hospital, Reddix faces many problems in the daily operations which it tries to address. In all its problems the integration between the departments was considered the biggest challenge. Since the hospital has many different departments that provide specialist information to the customers and as well as other departments, it needs to integrate its systems used in each department like Radiology Information Systems (RIS), Patient Administration System (PAS), Laboratory Information Systems (LIS), Clinical Patient Record (CPR), Pharmacy Systems (PS) and Nursing Systems (NS). Without the proper management and collaborative working, these departments can never truly achieve the desired efficiency and therefore effectiveness. Analyzing the situation, it is apparent that the hospital will needs an overhauling of the entire systems and the processes. Therefore a change strategy needs to be used in the scenario to free Reddix out of the crunch situation. It has to interoperate between the departments. In this context, it means that all business units must work in unison to create synergy and lead the organization to achieve operational efficiency. Recommendations The change process described by the psychologist Kurt Lewin in the early 20th century must be followed here. Let's see how this can be done (Lewin & Gold, 1999). 1) The first part of this change process in the unfreezing of the current norms of the organization. This means to change the people's sense of safety and feel a sense of control. The employees at Reddix have become used to the hospital norms and like that norm to remain the way it is. Breaking this norm is the key to success however due to non-commitment and resistance to change, this break though needs a systematic strategy. First of all the employees at the hospital must be made aware of need for change. This involves sending the employees to seminars, or having meetings where the need for change is discussed (Isaac, 2006). When the employees understand the need for change, then the actual changes must be brought along. 2) After the initial education of the employees, the actual changes must be enforced on the employees by giving them goals and objectives (Fred, 2006). According to the report by National Health Services,