Effect of Reward Management on Employee Motivation

Effect of Reward Management on Employee Motivation How can Multi National Companies use Reward management to motivate the Employees of Different Countries? : A Case of Marriott Hotels in UK. Abstract Employees are always considered as people who play a vital role in each and every organisation. The relationship between employee and employer changes frequently through out the years. Several concepts of employees are also varying time by time. Now a days employees are having the bargaining power and they are more concerned about their individual needs and well being of their working environment. This dissertation analyses various factors which motivates an employee to work within an organisation. Employee will stay in an organisation only when their expectations are satisfied or otherwise there is a chance for him/her to leave the company. High employee turnover is a big issue in companies today. Organisations will look forward to retain only the potential key employees who will make real difference to their customers and their stake holders. This dissertation proposes a frame work to retain the employees and to reward those employees for their potential by which they are taking the organisation to a different level. This research has been progressed through literature study on employee concepts, Human Resource Management and Reward management of employees. The data from the primary research has been analysed compared and verified with the findings of secondary research and produced recommendations for the effective management of employee in multi national companies. Introduction Reward management is nowadays considered as an important topic in order to achieve the goals of a company. Employees are considered as the main factor which plays an important role in the organisation. The success of each and every organisation is its dedicated employees .Current world is filled with changes and competition. In order to survive in the current situation companies should be having employees who are loyal and expert in their own field. New technologies are developed constantly and the companies are eagerly trying to catch up those talented employees with right expertise in their own areas. Human resources as an important factor should get increased attention in managing business (Lindergen Paulson ,2008)`. Multinational companies are facing increased challenges from all around the world due to globalisation. 1.1 Reward management Reward system usually means the financial reward on organization gives its employees in return for their labour.The term rewards system, not only includes material rewards, but also non-material rewards. The components of a reward system consist of financial rewards (basic and performance pay) and employee benefits, which together comprise total remuneration. They also include non-financial rewards (holiday trips, moving to large office, recognition, promotion, praise, achievement responsibility and personal growth) and in many case a system of performance management. Pay arrangements are central to the cultural initiative as they are the most tangible expression of the working relationship between employer and employee. Many papers examine the role of organizational culture that is, the demand for monitoring compensation. Such investigations conclude that organizational culture places a significant role in determining the level of economic demands. Recent researches on industrial un rest indicate that reward criteria of the organisations both financial and non-financial rewards have tremendous influence upon the employees and employers performance. Reward is a broad construct that can include anything an employee may value and desire that an employer is able or willing to offer in exchange for employee contribution. A conceptual distinction can be made between the three main constituents of rewardtype, system, and criterion. (Henderson 1989, p.2) Chiang, Flora F.T. ; Birtch, Thomas A (2006) An empirical examination of reward preferences within and across national settings. Management International Review Reward type refers to the nature of the reward itself (e.g., financial and non-financial; extrinsic and intrinsic). Financial rewards include direct (e.g., basic salary) and indirect (i.e., benefits and services) as well as incentive (e.g., variable pay) and non-incentive (e.g., fixed pay) categories. Non-financial rewards, on the other hand, do not benefit employees in a monetary sense and consist of both extrinsic and intrinsic rewards. Extrinsic non-financial rewards are tangible rewards attached to the job and are given and controlled by a firm. Examples include employment security, promotion, status, relationships, and work conditions. By contrast, intrinsic rewards accrue from performing the task itself and are self-reinforcing. Job challenge, variety, and sense of achievement are good examples of this category. Reward system represents the method or mechanism (e.g., seniority-based, performance-based) by which organizations determine employee reward outcomes (e.g., pay increases). Systems can be either performance or non-performance oriented. Where performance-oriented reward systems compensate employees based on how well they perform on the job, non-performance systems compensate employees based on a different set of criteria, such as seniority/years of service, and skills/competencies. Reward criterion then, refers to the basis of allocation (i.e., individual or group) used to determine the reward. 1.2 Marriott International Marriott International is a leading, worldwide, hospitality company and has more than 2,300 operating units located in the U.S. and 59 other countries and territories. It employs approximately 154,000 workers. Fortune magazine has recognized Marriott as one of the 100 Best Companies to Work for in America (1997-2001), one of the Top 80 Companies for Minorities (2000), and one of Americas Most Admired Companies overall (2001). In addition, Sales and Marketing Management magazine has named Marriott Sales as one of the top 25 sales forces in the U.S. (1997-2000).(mariott.com 13th jan 09) Marriott is and always has been an equal opportunities employer in all aspects of employment. The company is fully committed to providing a good and harmonious working environment that offers equal treatment and equal opportunities for all its associates, and where every associate is treated with appropriate respect and dignity. It is the companys policy that there should be no unlawful discrimination, harassment or victimisation of any associate, job applicant, customers, providers of service or member of public, whether in connection with recruitment, placement, training, benefits or promotion, either directly or indirectly, on grounds of race, nationality, ethnic origin, gender, marital or family status(Marriott handbook for employees 2009) Marriott is committed to fair treatment of associates and to providing training and advancement opportunities to all. Marriott has an unshakeable conviction that there associates are the most important assets for them. Marriott always look forward to an environment which will always supports associates growth and development. Marriott is a reputation for employing caring, dependable associates who are ethical and trustworthy and is always keen to give a home like atmosphere and friendly workplace relationships. They always try to achieve a performance reward system that recognizes the important contributions of both hourly and management associates. There are two types of associates as explained above. Hourly associates are those employees who are paid on the basis of the hours they worked. In the other hand management associates are those who are paid a fixed salary on the basis of job content assigned to them. Marriott has been selected for the research as they are having employees from all over the world. They employ people not on the basis of ethnicity, caste and religion but on the basis of experience. As they have employees from different parts of the world their needs will be different. They will be looking forward to different types of reward schemes which will suit to their needs and will satisfy them to stay with the organisation. Research has been conducted by taking Marriott as the company because they are facing a high risk of satisfying the needs of employees who are having different tastes regarding rewards which they are looking forward from the organisation. As stated earlier, Marriott has been recognized as one of the 100 companies to work for in America by Fortune magazine. This states that the employees are satisfied to an extent with the rewards which they are allotted by the organisation. As the reward management plays a role in the organisation it will be worth doing a research on the company who cares and gives equal opportunities to each and every employee in the organisation. 1.3 Current postion 1.3.1Current Policy At present Marriott do not have an existing policy for reward system to their employees. However, their ‘unofficial approach can be viewed below. But they are considering reward management on the basis of â€Å"Spirit to serve†. It is based on the service which the associate delivers to the customer to keep the good will of the firm. The manager will nominate the name of the associate to the Human Res department according to their service. Associates name will be displayed in the notice board and sometimes this is valued more than money as an individual and as an employee. 1.3.2 Current Issues a) There is no documentation for reward management policy. b) There are currently no KPIs (key performance indicators) for monitoring and rewarding for employees performance activities. c) Human resource policy document is rarely provided to employees or its not updated. d) Literature tends to be piecemeal Employee guidelines are a separate document to the job without any details on employee recognition/reward. e) Employee recognition is applied inconsistently. f) Difficult to assess the employee performance and its questionable. g) Employee satisfaction stands at very low rate. 1.4 Expected Results Results are expected by looking through the issues regarding the current policies and try to make changes in order to get it done properly to satisfy the employees. Enhancements are required for the policies for the well being of the relationship between the employees and the employer. After this research it should be helpful for the company to implement activities and to sort out the responsibilities to the concerned parties. Reward management should be monitored and evaluated regularly .Employer should go to the next level to satisfy the reward and needs of the employees to get them done with the job allotted. 1.5 Objectives The objective of this research is to recommend improvements to Marriotts Human Resource policy. Ultimately, the policy will aim to: a) Reduce the dissatisfaction of the employees on promotion criterion, on appraisal system and on salary, bonus and other fringe benefits. b) Improve the work performance and productivity c) Reduce the level of occupational stress that arises from feeling of inequality on reward. d) Describe HRM, IHRM and its importance and various HRM strategies and its importance in the current scenario. e) Identify and analyse various factors that drive employees to dissatisfaction f) Analyse various factors that motivates the employees to stay with the organisation. g) Reduce the perception gap on reward management system and develop a culture of high performance. In order to carry out the above objectives it is necessary to analyse:- >What are the human needs? >What are the organisation various approaches towards employee needs and satisfaction 1.6 Scope The project will cover the following a) Review of all associated literature reward management in service and related industries. b) Review of the front-end activities to understand the extent of the employees work related problems and other dissatisfaction if any. c) Review of current HR policy promises and approach to recognising good work of employees d) Establish links with enhanced HR strategy The project applies to All UK domestic and international employees working in Marriott Both emergency and normal working conditions in and out of the working hours. Establish synergies with employee Performance and HR Policy. Out of scope Developing processes or process mapping. Service delivery project to amalgamate employee and their locations / roles (Including transfers). 1.7 Overview This Report analyzed trends of reward management, and its influence in multi national companies in UK. It analyzed various approaches that the industry has taken to reward employees, primarily through literature reviews, and also through the analysis of questionnaire done with the employees from Marriott in UK .This dissertation also produced recommendations for the effective management of reward process for the improved business case. Chapter 1: This is the introductory chapter that explains the Significance of the chosen field, Aims and Objectives, Rationale, The reason for selection of multi national companies especially Marriott , and end with the Overview of the Project Report. Chapter 2: This chapter proceeds with a literature review about various HRM strategies and approaches taken for the reward scheme , and to maintain the needs of the employees in the organisation for the improved product quality and services etc. Chapter 3: This chapter illustrates the characteristics of Marriott, its business nature, global exposure and the various issues that the industry is currently facing in case of reward management Chapter 4: This chapter explains various research methodologies that are used for collecting data and information to carry out various analyses that are required to complete the research and documentation. Chapter 5: This chapter analyses various reasons in order to maintain a good reward management. This is carried out through literature analysis and through data analysis of the Survey conducted on various employees from the Marriott industry in UK. This chapter ends with the findings from the analysis with critical evaluations. Chapter 6: This chapter explains evaluated recommendations for the findings to the reward management of employees, as a management strategy for improving the brand standards. Chapter 7: this chapter gives conclusion about the future development in the industry if the reward management schemes have been allocated properly, which may provide a solution for the future possible issues. Literature Review The basic mantra for the success of any business organization is the appropriate allocation and usage of resources. The most important resources comprise of four Ms man, material, money and machine. The dissertation under consideration deals with the first ‘M that is the manpower or the employees of an organization. They are the backbone as they put every plan into action which is inevitable for the success of a company. So their importance in business cannot be ruled out and they form the backbone of every organization because they determine the success and failure rates. Since the most important set of public for an organization is its workforce which forms the key ingredient of its success, it is a necessary fact that the employees must be kept happy and well bonded. In todays competitive labour market, irrespective of the size of the organization it has become a major concern to attract and retain employees. One of the important reasons underlying the high turnover is low job satisfaction, appreciation and non competitive benefits package. Corporate should keep one point in mind that there is no lack of opportunities for a talented person. So if he/she is not satisfied means they will switch over to some other firm which provides them with more suitable job. So in order to retain the employees and make them happy, there are so many ways like appreciation, recognition, incentives and awards .In addition to that several motivational tools should be implemented from time to time to keep the employees morale high. These promotional items make for a smart tool because they serve as a token of gratitude and also show that you care. It is a great way of thanking the employees for their services .Moreover they are also expecting some sort of recognition from the company and promotional items help to do just that. Making the employees happy as well as a feel that they are cared is very important if the organization wants them to exhibit performance in a desired manner. Promotional items also give a sense of recognition to the employees. Thus it helps in the strong bonding between employees and the employer which ultimately leads to the smooth functioning and a pleasant work environment which is a must for an organization aiming to reach at the top. In the 1920s, the view on a persons role in the industrial working world started to change, the human was beginning to be seen as a subject with potential (Kressler, 2003). As described by Wilson† Technology can be replicated, capital can be acquired, and distribution channels can be created through new alliances, but the actions of people (what they do or fail to do) have become the critical factor in achieving enduring success† (Wilson, 2002, p.15). Todays competitive world demands the firm to invest in people and skills rather than spending huge capital on physical assets, then only they can achieve competitive advantage .Thus its no surprise that a reward strategy can help the organizations to attract and retain the talented ones and to motivate them to led the company to its desired goal . Companies in the service sectors require skilled and committed workforce to exhibit desired performance and also provide good services in a timely manner to their targeted consumers in various countries across the world .Commitment towards job and in return job satisfaction are unavoidable for the successful growth of the companies across the globe. All these facts interested the researcher to select this topic for research to analyze the reasons for the dissatisfaction of job and various factors which helps in motivating the employees of different sectors especially service sector. Kressler, H.W. (2003). Motivate and Reward Performance appraisal and incentive systems for business success. (S. Pearce, Trans). NY: Palgrave Macmillan. (Original work published 1988.) Wilson, T. B. (2002). Innovative Reward Systems for the Changing Workplace (2nd Ed.). Blacklick,OH, USA: McGraw Hill Companies. Retrieved 20071108,from http://site.ebrary.com.bibl.proxy.hj.se/lib/jonhh/Top?layout=documentid=10153055?nosr=1 2.1 Employee An employee can be defined as an individual who was hired by an employer to do a specific job(web.01). He has to do a specific job efficiently within a functional area or department to accomplish the goals of the firm. In most of the organizations a performance development planning process is undergone which will define the specific task of the employee as well as their expected performance. Employees trade their knowledge, skill and experience in exchange for compensation from the firm. If they are not satisfied with the compensation means the propensity to switch the company will be high, this will result in high turnover. So its high time to give importance to the rewards. Employees, considered as human resources of the organization are used for the benefit of the organizations, employees and the society. (Aswathappa, 2008). In order to drive the flow of business in the right direction for better results they have to be valued, respected, encouraged and appreciated .These can be done with the help of rewards. In a good working environment with efficient working methods and equipments employees will exhibit a better work performance and in addition to that natural motivation to do a job for an appropriate reward will surely pave the way for improved productivity and high profitability. For service sector employees are the most important factor, so implementation of new reward strategies and techniques are unavoidable for high quality performance of the employees, also to reduce the high turnover rate. 2.1.1 Impact of Changes on Employees Change is an inevitable part of life especially in the fast changing world. Todays commercial climate is compelling companies to implement changes in order to survive and grow in the global market. Changes always uproot a person and alter his lifestyle. The organizations adopt changes in order to meet the current standards; its employees also have to undergo change and should accept the new circumstances. Due to the technological, social and economic changes employees face a lot of insecurity and its the human nature to resist those changes without knowing about its real benefits. Its the duty of the management to handle this delicate situation in a tactful manner. One of the effective ways is to motivate and encourage the employees to put their best effort under the changing circumstances so that the net result will be high profitability and ultimate success of the business. By creating a good working environment and high morale, employees wont be negatively affected by the new changes. In order to cope up with the commercial changes companies need to be competitive and should attract employees to the job as well as should retain the employees. Employee compensation and benefit packages are the backing up factors for many potential employees who may face discomfort in their work environment due to the social, economical and technical changes without financially jeopardizing the success of the business. Today its a necessary fact that irrespective of the changes which companies are undergoing they should keep their employees motivated by providing them with rewards and recognition. So by communicating the change to the employees, by making them clearly understand about its impact on organization and its benefits, the company can encourage them to do the work in an efficient manner and in exchange employees will get the rewards for their expected performance. 2.1.2 Employee Management Engagement Employee management is the key to effective performance management and employee engagement. Employee engagement is the psychological commitment of employees towards their job. As said by Charles Kettering There is a great difference between knowing and understanding†. It holds true in the case of business and employees. Know your employees and make them understand about the goals to be accomplished. Understanding in business means the proper management of the employees and providing them with what they expect in return for their commitment and efficient work. Compensation can take the form of rewards, recognition, and reasonable benefits package. The first and foremost need for the employee management is the right employee for the right job. The keynote tip which helps to exercise a proper employee management are Structure establishment, which means that there should be a well defined structure for bringing out the desires performance from the employees such as setting of deadlines for a specific task etc. Another one is the value for employees. An organizations greatest asset are its employees so they should be motivated as well as their skills, knowledge and effort should be valued. Company should treat employees with respect by providing a positive work environment to the employees which will definitely boost their performance and to encourage them to meet the goals in an efficient manner. Listen to the employees and appreciate them for the effort they put to meet the goals and provide them ways to improve their potential, thereby creating belief that the company is taking care of them. If the organization wants to capture great heights, all it need is an engaged workforce. It is connected to three forces in an organization attrition, productivity and profitability. In order to reduce the attrition rate organizations should take care of the employees by incrementing their salaries, providing necessary incentives and bonus. Engaged workforce are always aware about the degree of expectation of work by the organization which yields high productivity. Thus they will result in an increase in the profitability of a concern which is the relative measure of success of a business. 2.2 Human Resource Management The overall management process represent five basic functions for the managers to perform: planning, organizing, staffing, leading and controlling. This research focuses on one of those functions the staffing which is the personnel management or human resource management (HRM) function. Human Resource Management is the process of acquiring, training, appraising and compensating employees and of attending to their labour relations, health and safety, and fairness concerns (Dessler, 2008pg 2). Heathfield, (2008) defined â€Å"Human Resource Management (HRM) as the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization†. This can be further explained as â€Å"Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training†(Heathfield, 2008). HRM is vital to the organization. It is the function which focuses its direction towards the management of people working in an organization. Dessler and Chiat (2009) states that, ‘Without HRM, organizations may find themselves in different kinds of unwanted situations, such as hiring the wrong people, getting fined by government ministries for unsafe practices, finding out that people are not giving their best, or even over/under- paying their employees. The most valued asset of an organization is its employees because improved quality and productivity can be achieved through trained, motivated and committed employees. The function of HRM is nothing but to train, motivate and provide the employees with opportunities to be more productive and effective. Since each and every objective of business is achieved through its effective workforce, the needs of the employees should be satisfied. 2.2.1 HRM Models HR systems and the organization structure should be managed in a way that is congruent with organizational strategy (hence the name ‘matching model) (Armstrong, 2006). They further explained that there is a human resource cycle, which consists of four generic processes or functions that are performed in all organizations (Armstrong, 2006 pg 10). 1. Selection matching available human resources to jobs. 2. Appraisal performance management 3. Rewards the reward system is one of the most under-utilized and mishandled managerial tools for driving organizational performance; it must reward short as well as long-term achievements, bearing in mind that ‘business must perform in the present to succeed in the future. 4. Development developing high quality employees. 2.2.2 Nature and Scope The role of HRM has grown broader and more strategic over time. In the earliest firms â€Å"personnel† first took over hiring and firing from the supervisors, ran the payroll department, and administered benefit plans (Dessler, 2008pg 12). As technology in areas like testing and interviewing began to emerge, the personnel department began to play an expanded role in employee selection, training and promotion. Today globalization, technological and nature of work trends mean that human resource managers have taken on several new responsibilities (Dessler, 2008pg 12). Human resource management involves all management decisions and action that affect the nature of the relationship between the organization and its employees-its human resources (Armstrong, 2006). Human Resource Management is pervasive in nature as it is present in all enterprises. Its focus is on results rather than on rules. HRM helps employees to develop their potential fully.HRM try to help employees develop their potential fully and to encourages employees to give their best to the organization. It is all about people at work, both as individuals and groups. It tries to put people on assigned jobs in order to produce good results. It helps an organization meet its goals in the future by providing for competent and well-motivated employees. It tries to build and maintain cordial relations between people working at various levels in the organization. It is a multidisciplinary activity, utilizing knowledge and inputs drawn from, for example psychology and economics. The Human Resource Management activities extend from selection to layoff of an employee in an organization. This includes the fixation of remuneration, training, motivation and induction of employees. Thus it helps to develop other industrial relations for employees to acquire more skills and competencies (Aswathappa, 2008).The functional diagram of HRM is given in 2.2 which clearly defines the interrelation between various functions which enable the organization to achieve its objectives by providing guidance and support on all matters relating to its employees. The scope of HRM can be limited to three aspects: 1. Personnel which mainly deals with the selection, recruitment, manpower planning, placement, promotion, training, development, remuneration, incentives, productivity, layoff and retrenchment. (web 02) 2. Welfare which is concerned with working conditions and amenities such as crà ¨ches, canteens, rest and lunch rooms, housing, transport, medical assistance, education, health and safety, recreation facilities. (web 02) 3. Industrial aspect that covers union-management relations, joint consultation, collective bargaining, grievance and disciplinary procedures, settlement of disputes, etc. (web 02) Web 02- http://expertscolumn.com/content/human-resource-management-nature-scope-objectives-and-function 2.2.2 Objectives of HRM The objectives of HRM are to help the organization to reach its goals, to ensure effective utilization and maximum development of human resources, to ensure respect for human being, to identify and satisfy the needs of individual, to ensure reconciliation of individual goals with those of the organization, to achieve and maintain high morale among employees, to provide the organization with well-trained and well-motivated employees, to increase the employees job satisfaction and self-actualization to the fullest, to develop and maintain a quality work life, to be ethically and socially responsive to the needs of society, to develop overall personality of each employee in its multidimensional aspect, to enhance employees capabilities to perform the present job, to equip the employees with precision and clarity in transaction of business and to inculcate the sense of team spirit, team work and inter-team collaboration. The above mentioned aims can be summarized as â€Å"the overall aim of human resource management is to ensure that the organization is able to achieve success through people† (Armstrong, 2006 pg8) 2.2.3 HRM Functions In order to achieve the above objectives, Human Resource Management undertakes some functions; some of them are Human resource or manpower planning, recruitment, selection and placement of personnel, training and development of employees, appraisal of performa Effect of Reward Management on Employee Motivation Effect of Reward Management on Employee Motivation How can Multi National Companies use Reward management to motivate the Employees of Different Countries? : A Case of Marriott Hotels in UK. Abstract Employees are always considered as people who play a vital role in each and every organisation. The relationship between employee and employer changes frequently through out the years. Several concepts of employees are also varying time by time. Now a days employees are having the bargaining power and they are more concerned about their individual needs and well being of their working environment. This dissertation analyses various factors which motivates an employee to work within an organisation. Employee will stay in an organisation only when their expectations are satisfied or otherwise there is a chance for him/her to leave the company. High employee turnover is a big issue in companies today. Organisations will look forward to retain only the potential key employees who will make real difference to their customers and their stake holders. This dissertation proposes a frame work to retain the employees and to reward those employees for their potential by which they are taking the organisation to a different level. This research has been progressed through literature study on employee concepts, Human Resource Management and Reward management of employees. The data from the primary research has been analysed compared and verified with the findings of secondary research and produced recommendations for the effective management of employee in multi national companies. Introduction Reward management is nowadays considered as an important topic in order to achieve the goals of a company. Employees are considered as the main factor which plays an important role in the organisation. The success of each and every organisation is its dedicated employees .Current world is filled with changes and competition. In order to survive in the current situation companies should be having employees who are loyal and expert in their own field. New technologies are developed constantly and the companies are eagerly trying to catch up those talented employees with right expertise in their own areas. Human resources as an important factor should get increased attention in managing business (Lindergen Paulson ,2008)`. Multinational companies are facing increased challenges from all around the world due to globalisation. 1.1 Reward management Reward system usually means the financial reward on organization gives its employees in return for their labour.The term rewards system, not only includes material rewards, but also non-material rewards. The components of a reward system consist of financial rewards (basic and performance pay) and employee benefits, which together comprise total remuneration. They also include non-financial rewards (holiday trips, moving to large office, recognition, promotion, praise, achievement responsibility and personal growth) and in many case a system of performance management. Pay arrangements are central to the cultural initiative as they are the most tangible expression of the working relationship between employer and employee. Many papers examine the role of organizational culture that is, the demand for monitoring compensation. Such investigations conclude that organizational culture places a significant role in determining the level of economic demands. Recent researches on industrial un rest indicate that reward criteria of the organisations both financial and non-financial rewards have tremendous influence upon the employees and employers performance. Reward is a broad construct that can include anything an employee may value and desire that an employer is able or willing to offer in exchange for employee contribution. A conceptual distinction can be made between the three main constituents of rewardtype, system, and criterion. (Henderson 1989, p.2) Chiang, Flora F.T. ; Birtch, Thomas A (2006) An empirical examination of reward preferences within and across national settings. Management International Review Reward type refers to the nature of the reward itself (e.g., financial and non-financial; extrinsic and intrinsic). Financial rewards include direct (e.g., basic salary) and indirect (i.e., benefits and services) as well as incentive (e.g., variable pay) and non-incentive (e.g., fixed pay) categories. Non-financial rewards, on the other hand, do not benefit employees in a monetary sense and consist of both extrinsic and intrinsic rewards. Extrinsic non-financial rewards are tangible rewards attached to the job and are given and controlled by a firm. Examples include employment security, promotion, status, relationships, and work conditions. By contrast, intrinsic rewards accrue from performing the task itself and are self-reinforcing. Job challenge, variety, and sense of achievement are good examples of this category. Reward system represents the method or mechanism (e.g., seniority-based, performance-based) by which organizations determine employee reward outcomes (e.g., pay increases). Systems can be either performance or non-performance oriented. Where performance-oriented reward systems compensate employees based on how well they perform on the job, non-performance systems compensate employees based on a different set of criteria, such as seniority/years of service, and skills/competencies. Reward criterion then, refers to the basis of allocation (i.e., individual or group) used to determine the reward. 1.2 Marriott International Marriott International is a leading, worldwide, hospitality company and has more than 2,300 operating units located in the U.S. and 59 other countries and territories. It employs approximately 154,000 workers. Fortune magazine has recognized Marriott as one of the 100 Best Companies to Work for in America (1997-2001), one of the Top 80 Companies for Minorities (2000), and one of Americas Most Admired Companies overall (2001). In addition, Sales and Marketing Management magazine has named Marriott Sales as one of the top 25 sales forces in the U.S. (1997-2000).(mariott.com 13th jan 09) Marriott is and always has been an equal opportunities employer in all aspects of employment. The company is fully committed to providing a good and harmonious working environment that offers equal treatment and equal opportunities for all its associates, and where every associate is treated with appropriate respect and dignity. It is the companys policy that there should be no unlawful discrimination, harassment or victimisation of any associate, job applicant, customers, providers of service or member of public, whether in connection with recruitment, placement, training, benefits or promotion, either directly or indirectly, on grounds of race, nationality, ethnic origin, gender, marital or family status(Marriott handbook for employees 2009) Marriott is committed to fair treatment of associates and to providing training and advancement opportunities to all. Marriott has an unshakeable conviction that there associates are the most important assets for them. Marriott always look forward to an environment which will always supports associates growth and development. Marriott is a reputation for employing caring, dependable associates who are ethical and trustworthy and is always keen to give a home like atmosphere and friendly workplace relationships. They always try to achieve a performance reward system that recognizes the important contributions of both hourly and management associates. There are two types of associates as explained above. Hourly associates are those employees who are paid on the basis of the hours they worked. In the other hand management associates are those who are paid a fixed salary on the basis of job content assigned to them. Marriott has been selected for the research as they are having employees from all over the world. They employ people not on the basis of ethnicity, caste and religion but on the basis of experience. As they have employees from different parts of the world their needs will be different. They will be looking forward to different types of reward schemes which will suit to their needs and will satisfy them to stay with the organisation. Research has been conducted by taking Marriott as the company because they are facing a high risk of satisfying the needs of employees who are having different tastes regarding rewards which they are looking forward from the organisation. As stated earlier, Marriott has been recognized as one of the 100 companies to work for in America by Fortune magazine. This states that the employees are satisfied to an extent with the rewards which they are allotted by the organisation. As the reward management plays a role in the organisation it will be worth doing a research on the company who cares and gives equal opportunities to each and every employee in the organisation. 1.3 Current postion 1.3.1Current Policy At present Marriott do not have an existing policy for reward system to their employees. However, their ‘unofficial approach can be viewed below. But they are considering reward management on the basis of â€Å"Spirit to serve†. It is based on the service which the associate delivers to the customer to keep the good will of the firm. The manager will nominate the name of the associate to the Human Res department according to their service. Associates name will be displayed in the notice board and sometimes this is valued more than money as an individual and as an employee. 1.3.2 Current Issues a) There is no documentation for reward management policy. b) There are currently no KPIs (key performance indicators) for monitoring and rewarding for employees performance activities. c) Human resource policy document is rarely provided to employees or its not updated. d) Literature tends to be piecemeal Employee guidelines are a separate document to the job without any details on employee recognition/reward. e) Employee recognition is applied inconsistently. f) Difficult to assess the employee performance and its questionable. g) Employee satisfaction stands at very low rate. 1.4 Expected Results Results are expected by looking through the issues regarding the current policies and try to make changes in order to get it done properly to satisfy the employees. Enhancements are required for the policies for the well being of the relationship between the employees and the employer. After this research it should be helpful for the company to implement activities and to sort out the responsibilities to the concerned parties. Reward management should be monitored and evaluated regularly .Employer should go to the next level to satisfy the reward and needs of the employees to get them done with the job allotted. 1.5 Objectives The objective of this research is to recommend improvements to Marriotts Human Resource policy. Ultimately, the policy will aim to: a) Reduce the dissatisfaction of the employees on promotion criterion, on appraisal system and on salary, bonus and other fringe benefits. b) Improve the work performance and productivity c) Reduce the level of occupational stress that arises from feeling of inequality on reward. d) Describe HRM, IHRM and its importance and various HRM strategies and its importance in the current scenario. e) Identify and analyse various factors that drive employees to dissatisfaction f) Analyse various factors that motivates the employees to stay with the organisation. g) Reduce the perception gap on reward management system and develop a culture of high performance. In order to carry out the above objectives it is necessary to analyse:- >What are the human needs? >What are the organisation various approaches towards employee needs and satisfaction 1.6 Scope The project will cover the following a) Review of all associated literature reward management in service and related industries. b) Review of the front-end activities to understand the extent of the employees work related problems and other dissatisfaction if any. c) Review of current HR policy promises and approach to recognising good work of employees d) Establish links with enhanced HR strategy The project applies to All UK domestic and international employees working in Marriott Both emergency and normal working conditions in and out of the working hours. Establish synergies with employee Performance and HR Policy. Out of scope Developing processes or process mapping. Service delivery project to amalgamate employee and their locations / roles (Including transfers). 1.7 Overview This Report analyzed trends of reward management, and its influence in multi national companies in UK. It analyzed various approaches that the industry has taken to reward employees, primarily through literature reviews, and also through the analysis of questionnaire done with the employees from Marriott in UK .This dissertation also produced recommendations for the effective management of reward process for the improved business case. Chapter 1: This is the introductory chapter that explains the Significance of the chosen field, Aims and Objectives, Rationale, The reason for selection of multi national companies especially Marriott , and end with the Overview of the Project Report. Chapter 2: This chapter proceeds with a literature review about various HRM strategies and approaches taken for the reward scheme , and to maintain the needs of the employees in the organisation for the improved product quality and services etc. Chapter 3: This chapter illustrates the characteristics of Marriott, its business nature, global exposure and the various issues that the industry is currently facing in case of reward management Chapter 4: This chapter explains various research methodologies that are used for collecting data and information to carry out various analyses that are required to complete the research and documentation. Chapter 5: This chapter analyses various reasons in order to maintain a good reward management. This is carried out through literature analysis and through data analysis of the Survey conducted on various employees from the Marriott industry in UK. This chapter ends with the findings from the analysis with critical evaluations. Chapter 6: This chapter explains evaluated recommendations for the findings to the reward management of employees, as a management strategy for improving the brand standards. Chapter 7: this chapter gives conclusion about the future development in the industry if the reward management schemes have been allocated properly, which may provide a solution for the future possible issues. Literature Review The basic mantra for the success of any business organization is the appropriate allocation and usage of resources. The most important resources comprise of four Ms man, material, money and machine. The dissertation under consideration deals with the first ‘M that is the manpower or the employees of an organization. They are the backbone as they put every plan into action which is inevitable for the success of a company. So their importance in business cannot be ruled out and they form the backbone of every organization because they determine the success and failure rates. Since the most important set of public for an organization is its workforce which forms the key ingredient of its success, it is a necessary fact that the employees must be kept happy and well bonded. In todays competitive labour market, irrespective of the size of the organization it has become a major concern to attract and retain employees. One of the important reasons underlying the high turnover is low job satisfaction, appreciation and non competitive benefits package. Corporate should keep one point in mind that there is no lack of opportunities for a talented person. So if he/she is not satisfied means they will switch over to some other firm which provides them with more suitable job. So in order to retain the employees and make them happy, there are so many ways like appreciation, recognition, incentives and awards .In addition to that several motivational tools should be implemented from time to time to keep the employees morale high. These promotional items make for a smart tool because they serve as a token of gratitude and also show that you care. It is a great way of thanking the employees for their services .Moreover they are also expecting some sort of recognition from the company and promotional items help to do just that. Making the employees happy as well as a feel that they are cared is very important if the organization wants them to exhibit performance in a desired manner. Promotional items also give a sense of recognition to the employees. Thus it helps in the strong bonding between employees and the employer which ultimately leads to the smooth functioning and a pleasant work environment which is a must for an organization aiming to reach at the top. In the 1920s, the view on a persons role in the industrial working world started to change, the human was beginning to be seen as a subject with potential (Kressler, 2003). As described by Wilson† Technology can be replicated, capital can be acquired, and distribution channels can be created through new alliances, but the actions of people (what they do or fail to do) have become the critical factor in achieving enduring success† (Wilson, 2002, p.15). Todays competitive world demands the firm to invest in people and skills rather than spending huge capital on physical assets, then only they can achieve competitive advantage .Thus its no surprise that a reward strategy can help the organizations to attract and retain the talented ones and to motivate them to led the company to its desired goal . Companies in the service sectors require skilled and committed workforce to exhibit desired performance and also provide good services in a timely manner to their targeted consumers in various countries across the world .Commitment towards job and in return job satisfaction are unavoidable for the successful growth of the companies across the globe. All these facts interested the researcher to select this topic for research to analyze the reasons for the dissatisfaction of job and various factors which helps in motivating the employees of different sectors especially service sector. Kressler, H.W. (2003). Motivate and Reward Performance appraisal and incentive systems for business success. (S. Pearce, Trans). NY: Palgrave Macmillan. (Original work published 1988.) Wilson, T. B. (2002). Innovative Reward Systems for the Changing Workplace (2nd Ed.). Blacklick,OH, USA: McGraw Hill Companies. Retrieved 20071108,from http://site.ebrary.com.bibl.proxy.hj.se/lib/jonhh/Top?layout=documentid=10153055?nosr=1 2.1 Employee An employee can be defined as an individual who was hired by an employer to do a specific job(web.01). He has to do a specific job efficiently within a functional area or department to accomplish the goals of the firm. In most of the organizations a performance development planning process is undergone which will define the specific task of the employee as well as their expected performance. Employees trade their knowledge, skill and experience in exchange for compensation from the firm. If they are not satisfied with the compensation means the propensity to switch the company will be high, this will result in high turnover. So its high time to give importance to the rewards. Employees, considered as human resources of the organization are used for the benefit of the organizations, employees and the society. (Aswathappa, 2008). In order to drive the flow of business in the right direction for better results they have to be valued, respected, encouraged and appreciated .These can be done with the help of rewards. In a good working environment with efficient working methods and equipments employees will exhibit a better work performance and in addition to that natural motivation to do a job for an appropriate reward will surely pave the way for improved productivity and high profitability. For service sector employees are the most important factor, so implementation of new reward strategies and techniques are unavoidable for high quality performance of the employees, also to reduce the high turnover rate. 2.1.1 Impact of Changes on Employees Change is an inevitable part of life especially in the fast changing world. Todays commercial climate is compelling companies to implement changes in order to survive and grow in the global market. Changes always uproot a person and alter his lifestyle. The organizations adopt changes in order to meet the current standards; its employees also have to undergo change and should accept the new circumstances. Due to the technological, social and economic changes employees face a lot of insecurity and its the human nature to resist those changes without knowing about its real benefits. Its the duty of the management to handle this delicate situation in a tactful manner. One of the effective ways is to motivate and encourage the employees to put their best effort under the changing circumstances so that the net result will be high profitability and ultimate success of the business. By creating a good working environment and high morale, employees wont be negatively affected by the new changes. In order to cope up with the commercial changes companies need to be competitive and should attract employees to the job as well as should retain the employees. Employee compensation and benefit packages are the backing up factors for many potential employees who may face discomfort in their work environment due to the social, economical and technical changes without financially jeopardizing the success of the business. Today its a necessary fact that irrespective of the changes which companies are undergoing they should keep their employees motivated by providing them with rewards and recognition. So by communicating the change to the employees, by making them clearly understand about its impact on organization and its benefits, the company can encourage them to do the work in an efficient manner and in exchange employees will get the rewards for their expected performance. 2.1.2 Employee Management Engagement Employee management is the key to effective performance management and employee engagement. Employee engagement is the psychological commitment of employees towards their job. As said by Charles Kettering There is a great difference between knowing and understanding†. It holds true in the case of business and employees. Know your employees and make them understand about the goals to be accomplished. Understanding in business means the proper management of the employees and providing them with what they expect in return for their commitment and efficient work. Compensation can take the form of rewards, recognition, and reasonable benefits package. The first and foremost need for the employee management is the right employee for the right job. The keynote tip which helps to exercise a proper employee management are Structure establishment, which means that there should be a well defined structure for bringing out the desires performance from the employees such as setting of deadlines for a specific task etc. Another one is the value for employees. An organizations greatest asset are its employees so they should be motivated as well as their skills, knowledge and effort should be valued. Company should treat employees with respect by providing a positive work environment to the employees which will definitely boost their performance and to encourage them to meet the goals in an efficient manner. Listen to the employees and appreciate them for the effort they put to meet the goals and provide them ways to improve their potential, thereby creating belief that the company is taking care of them. If the organization wants to capture great heights, all it need is an engaged workforce. It is connected to three forces in an organization attrition, productivity and profitability. In order to reduce the attrition rate organizations should take care of the employees by incrementing their salaries, providing necessary incentives and bonus. Engaged workforce are always aware about the degree of expectation of work by the organization which yields high productivity. Thus they will result in an increase in the profitability of a concern which is the relative measure of success of a business. 2.2 Human Resource Management The overall management process represent five basic functions for the managers to perform: planning, organizing, staffing, leading and controlling. This research focuses on one of those functions the staffing which is the personnel management or human resource management (HRM) function. Human Resource Management is the process of acquiring, training, appraising and compensating employees and of attending to their labour relations, health and safety, and fairness concerns (Dessler, 2008pg 2). Heathfield, (2008) defined â€Å"Human Resource Management (HRM) as the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization†. This can be further explained as â€Å"Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training†(Heathfield, 2008). HRM is vital to the organization. It is the function which focuses its direction towards the management of people working in an organization. Dessler and Chiat (2009) states that, ‘Without HRM, organizations may find themselves in different kinds of unwanted situations, such as hiring the wrong people, getting fined by government ministries for unsafe practices, finding out that people are not giving their best, or even over/under- paying their employees. The most valued asset of an organization is its employees because improved quality and productivity can be achieved through trained, motivated and committed employees. The function of HRM is nothing but to train, motivate and provide the employees with opportunities to be more productive and effective. Since each and every objective of business is achieved through its effective workforce, the needs of the employees should be satisfied. 2.2.1 HRM Models HR systems and the organization structure should be managed in a way that is congruent with organizational strategy (hence the name ‘matching model) (Armstrong, 2006). They further explained that there is a human resource cycle, which consists of four generic processes or functions that are performed in all organizations (Armstrong, 2006 pg 10). 1. Selection matching available human resources to jobs. 2. Appraisal performance management 3. Rewards the reward system is one of the most under-utilized and mishandled managerial tools for driving organizational performance; it must reward short as well as long-term achievements, bearing in mind that ‘business must perform in the present to succeed in the future. 4. Development developing high quality employees. 2.2.2 Nature and Scope The role of HRM has grown broader and more strategic over time. In the earliest firms â€Å"personnel† first took over hiring and firing from the supervisors, ran the payroll department, and administered benefit plans (Dessler, 2008pg 12). As technology in areas like testing and interviewing began to emerge, the personnel department began to play an expanded role in employee selection, training and promotion. Today globalization, technological and nature of work trends mean that human resource managers have taken on several new responsibilities (Dessler, 2008pg 12). Human resource management involves all management decisions and action that affect the nature of the relationship between the organization and its employees-its human resources (Armstrong, 2006). Human Resource Management is pervasive in nature as it is present in all enterprises. Its focus is on results rather than on rules. HRM helps employees to develop their potential fully.HRM try to help employees develop their potential fully and to encourages employees to give their best to the organization. It is all about people at work, both as individuals and groups. It tries to put people on assigned jobs in order to produce good results. It helps an organization meet its goals in the future by providing for competent and well-motivated employees. It tries to build and maintain cordial relations between people working at various levels in the organization. It is a multidisciplinary activity, utilizing knowledge and inputs drawn from, for example psychology and economics. The Human Resource Management activities extend from selection to layoff of an employee in an organization. This includes the fixation of remuneration, training, motivation and induction of employees. Thus it helps to develop other industrial relations for employees to acquire more skills and competencies (Aswathappa, 2008).The functional diagram of HRM is given in 2.2 which clearly defines the interrelation between various functions which enable the organization to achieve its objectives by providing guidance and support on all matters relating to its employees. The scope of HRM can be limited to three aspects: 1. Personnel which mainly deals with the selection, recruitment, manpower planning, placement, promotion, training, development, remuneration, incentives, productivity, layoff and retrenchment. (web 02) 2. Welfare which is concerned with working conditions and amenities such as crà ¨ches, canteens, rest and lunch rooms, housing, transport, medical assistance, education, health and safety, recreation facilities. (web 02) 3. Industrial aspect that covers union-management relations, joint consultation, collective bargaining, grievance and disciplinary procedures, settlement of disputes, etc. (web 02) Web 02- http://expertscolumn.com/content/human-resource-management-nature-scope-objectives-and-function 2.2.2 Objectives of HRM The objectives of HRM are to help the organization to reach its goals, to ensure effective utilization and maximum development of human resources, to ensure respect for human being, to identify and satisfy the needs of individual, to ensure reconciliation of individual goals with those of the organization, to achieve and maintain high morale among employees, to provide the organization with well-trained and well-motivated employees, to increase the employees job satisfaction and self-actualization to the fullest, to develop and maintain a quality work life, to be ethically and socially responsive to the needs of society, to develop overall personality of each employee in its multidimensional aspect, to enhance employees capabilities to perform the present job, to equip the employees with precision and clarity in transaction of business and to inculcate the sense of team spirit, team work and inter-team collaboration. The above mentioned aims can be summarized as â€Å"the overall aim of human resource management is to ensure that the organization is able to achieve success through people† (Armstrong, 2006 pg8) 2.2.3 HRM Functions In order to achieve the above objectives, Human Resource Management undertakes some functions; some of them are Human resource or manpower planning, recruitment, selection and placement of personnel, training and development of employees, appraisal of performa

Christmas Traditions Around Th Essay -- essays research papers

RELIGIOUS PRACTICE AND POPULAR CUSTOMS The Bible provides no guidelines that explain how Christmas should be observed, nor does it even suggest that it should be considered a religious holiday. Because of the lack of biblical instructions, Christmas rituals have been shaped by the religious and popular traditions of each culture that celebrates the holiday. On Christmas Eve, churches around the world hold evening services. At midnight, most Catholic and many Protestant churches hold special candlelight services. The Catholic midnight Mass was first introduced by the Roman Catholic Church in the 5th century.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  In Greece The Greek Christmas, or Christougenna, pays respect to the Nativity of Christ while also incorporating popular superstitions. On Christmas Eve, Greek children go from house to house knocking on doors and singing Greek songs that tell of the arrival of the Christ child. The family celebration focuses on a Christmas Eve dinner, which, in the Greek Orthodox tradition, follows several weeks of fasting. According to legend, mischievous, often hideous looking elves called Kallikantzaroi wreak havoc in houses for the next 12 days. Burning incense or leaving a peace offering is supposed offer some protection against the elves. Most families decorate a small wooden cross with basil and dip it into a shallow bowl of water. This is believed to give the water holy powers. The water is then sprinkled throughout the house to keep the mischievous spirits away.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  In Russia After the Russian Revolution of 1917, authorities of the newly formed USSR prohibited the practice of all religions. After the USSR broke up in 1991, the Russian Orthodox Church revived Christmas rituals. Like the Greeks, some Russians fast during a period before Christmas. Then, at the sight of the first star in the sky on Christmas Eve, a 12-course supper begins, with one course for each of Jesus’ 12 disciples. The meal includes , or beet soup; stuffed cabbage; and kutiya, a dish of whole wheat grains soaked in water for hours and seasoned with honey, nuts, and crushed poppy seeds.   Ã‚  Ã‚  Ã‚  Ã‚  In Italy During the Christmas season Italians perform music at shrines of the Virgin Mary. They also play songs at the homes of carpenters in honor of Saint Jos... ...s and red sashes, and wear crowns of greenery and glowing candles  Ã‚  Ã‚  Ã‚  Ã‚  C2  Ã‚  Ã‚  Ã‚  Ã‚  In Germany The German custom of decorating an evergreen tree at Christmastime has become one of the most popular images of Christmas around the world. At one time, Germany supplied the world with almost all of the decorative glass ornaments for Christmas trees. The Christmas season begins in Germany during the first week of December, when town squares become filled with stalls selling everything from toys to hot spiced wine. On the evening of December 5, children wait for a visit from Saint Nicholas, who brings them gifts. Most children also receive gifts on Christmas Eve. In some parts of Germany, Santa Claus distributes gifts, but in other regions children’s treats are delivered by Knecht Ruprecht, a mythical figure dressed in animal skins. From Christmas Eve through all of Christmas Day and the next day, stores are closed and all work stops as families exchange gif ts, attend church, and wish one another Frà ¶hliche Weihnachten (happy Christmas.) Around the world, every custom celebrates Christmas in a different way...as with famalies in the same culture.

Bullying and Mass School Shootings Essay -- Mass Shootings in America

Cho poked his head in the room a couple of times and looked around before exiting and entering a different room. The first shots were heard across the hall, in the hydrology class. It sounded like a nail gun or hammer hitting concrete blocks. Suddenly one could hear a pin drop. Abruptly the classroom door burst open and Cho walked in and raised a Glock 9mm handgun. (Friedman) â€Å"Once I got teased, I could see where the anger came from and what can make someone want to kill,† said Stefan Barone, a fourteen year old. (ABC News) The anger and depression is overwhelming and hard to control. There is no doubt that bullying cause’s suicide, and those bullied often commit acts of violence against others. The mental state of mind one reaches when it involves killing another human being is inconceivable. Some claim there’s a choice to kill or not to kill, or to commit suicide or to live and face the consequences for the killings. This isn’t true, once this point has been reached one is no longer in control, it is as if someone else has tied puppet strings to your limbs and you are now transformed into a killer. The stage has already been set and there is little hope to cancel the play and walk away from the final act. Only the help of others and a long-term safety net can help at this point. Imagine turning into someone unrecognizable and watching as your life rips apart, a life that you worked so hard for, because all hope is lost. You have hit the bottom of â€Å"the well of life†, and deep inside this â€Å"well of life† you understand it’s all because of students. School shootings and suicides result from continuous bullying. As a result, after time some side effects of... ...-sedwicks-shows-how-cruel.html> September 13, 2013. (Picture) News Staff. â€Å"Cyberbullying Does Not ‘cause’ Teen Suicide†. October 20, 2012. Ochberg, Frank. â€Å"Why Does America Lead the World in School Shootings?† February 28, 2012. 2012 Roleff, Tamara. Teen Suicide. San, Diego, California: Green Haven Press, Inc., 2000. Print. Russel, Paul. Many Post readers were Bullied. Canada National Post. 2012 Schusterbauer, Emily. Teen Suicide. Framington Hills, Mi: Greenhaven Press, 2009. Serazio, Michael. â€Å"Shooting for Fame: The (Anti-) Social Media of a YouTube Killer† May 29th, 2009. (Picture) White, Marianna. Bullying Blamed for Death. CanWest Media Works Publication Inc, 2011.

Mary Shelley Essay

When he first arrives at Inglestadt, he goes to visit one of his tutors, hoping to make a good first impression and appear eager and willing to learn, showing both his enthusiasm for the subject and respect for his future tutor. However he is met with a stout man with a â€Å"repulsive countenance† who informs Victor, upon hearing his list of previous reading, that â€Å"every instant that you have wasted on those books is utterly and entirely lost. † This is a huge anticlimax for Victor and this immediately manipulates the sympathy of the reader in Victor’s favour. This is important as the sympathy for Victor must be strong enough for the reader not to feel utterly repulsed by his later transgression. It will also provide Victor with deniability, as he has been mistreated by his tutor and possibly feels the need to prove that the research carried out by his first inspirers was not in vain. Victor has a very close relationship with his mother before her premature death; some interpreters may even go as far as to imply that he suffers from the Oedipus complex, and holds passionate feelings towards her. Whether this is deliberate, or simply a common misconception, it undoubtedly renders Victor more worthy of the sympathy of the reader. Victor suffers almost constantly from what a modern reader might well describe as â€Å"mood swings†, but I believe that the original intention of Shelley was to condemn him as an un-confessed manic-depressive. Shelley uses provocative language to good effect when manipulating the compassion of the reader towards Victor. This is shown when he finds the lifeless cadaver of his beloved Elizabeth on their wedding night and almost collapses whilst exclaiming â€Å"Great God! Why did I not then expire! † This technique is widely used in gothic fiction as it is very proficient in influencing the sympathy of the reader in any way the author wishes; in this case in Victor’s favour. Frankenstein’s creation is shunned and persecuted from the very day of its re-resurrection up until the day of its bereavement. The absolute epitome of this discrimination is when its own creator, to whom the creation owes his very existence to, turns against it on the night of its animation and is horrified by what he has done â€Å"How can I describe my emotions at this catastrophe, or how delineate the wretch whom with such infinite pains and care I had endeavoured to form? † Frankenstein’s creation was offered no choice of whether it was to be re-awakened or left to lie in peace where its components were originally laid to rest. This evokes sympathy in a reader as numerous people were brought up in poor homes and large families and can perhaps empathise with the creation’s sense of incompatibility in society. When Frankenstein and his creation meet in chapter 10, many different literary techniques are used to established sympathy in favour of Frankenstein’s creation. One technique used is dramatic setting, â€Å"the surface is very uneven, rising like the waves of a troubled sea. † The words troubled sea carry connotations of formidable weather and a faint sense of woe. This sets the scene for a miserable and desperate confrontation between creator and creation, and I think the sympathy is at this point transferred to the creation, as he has had to cross the sea of ice without the help or comfort of any man-made aids, and probably with little sustenance of real nutritional value. Another technique used during Frankenstein’s meeting with his creation is emotive language, for example â€Å"Devil, do you dare approach me? † This fierce greeting shows us just how anguished Frankenstein is but somehow renders his creation more worthy of the reader’s sympathy; this is possibly because he doesn’t really know that he has done anything wrong, he has just responded to the way people have treated him. In inference, I think that Mary Shelley intended for the sympathy of the reader to be evoked in favour of Frankenstein rather than his creation, but for the issue to be largely open-ended. I believe that when the novel was written, Frankenstein’s creation would have been feared rather than disliked particularly; but in today’s superficial society, it would be almost unanimously hated just for being different. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Mary Shelley section. Download this essay Print Save Here’s what a teacher thought of this essay 4 star(s).

Globalization and the Good and the Bad Effect It Brings to the Economy and the Employment in Sri Lanka Essay

Introduction This assignment is done on Globalization and the good and the bad effect it brings to the economy and the employment in Sri Lanka. Main Date Source used was Wikipedia to gain the data of GDP, GDP per capita rates, unemployment rate, import & export rates etc. Defining of the terms economy, employment in the formal sector and informal sector is done to give meaning to the assignment. The economy and its structural changes and the contribution to the economy and comparison with another country is done. The country that has been taken into consideration as the comparison is Singapore. The reasons to compare with Singapore is that it has high rate of GDP per capita, GDP, export & income rates etc and it is a world leader in several economic areas. Economy & Employment in Sri Lanka An Economy consists of the economic system of a country or other area; the labour, capital, and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area. A given economy is the result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. [Citation: Wikipedia] Employment is a contract between two parties, one being the employer and the other being the employee. Employment opportunity comes directly from investment (including foreign direct investment and investment bank) to gain excessive profit in a Business plan in the capitalist economy. [Citation: Wikipedia] Economy & Employment in Formal Sector & Informal Sector The informal sector or informal economy is a part of an economy that is not taxed, monitored by any form of government, or included in any gross national product (GNP), unlike the formal economy. Other terms used for informal sector can include the black market, shadow economy and the underground economy. The informal economy: * Do not have any rules or agreements in written form or implied terms. * Exists simply on verbal understanding. * Do not have fixed wages, fixed number of work hours and mostly relies on daily earnings where they are unable to do savings. * Sometimes the work environment is packed and unclean or untidy. * Socialization process of this sector is very poor when it comes to addressing their difficulties to another party for relief or redress. People working as small traders, home based workers, cobblers, labourers, small farmers and three wheel drivers are some employment belongs to informal sector. The formal economy: * Has a structured system of employment with clear rules and regulations, recruitment, agreement and responsibilities of jobs. * Relationship between the Employer and employee is through formal contract where each party is bound by the law of the country for any disputes arising. * Employees are required to work for fixed number of hours and receives fixed remuneration with additions to other perks. * Work environment is hygienic and decent. * Entitled to obtain leave, savings, loans etc. * Organized association or union is available to address grievances. * Covered by social protection such as insurance schemes, pension systems, gratuity etc. People working in the public sector, semi-government sector, private sector, government services, banks, universities, colleges, institutes etc belong to the formal sector. Sri Lanka consists of 65,610km2 total land area with a population of 20 million with three ethnic groups of Sinhala, Tamil and Muslim. Sri Lanka has 92.5% literacy rate among the total population where youth literacy is 98% and computer literacy rate at 35%. The free education system was established in 1945 providing opportunities from primary to territory stage education. The public universities in Sri Lanka are 15. However, due to the gap in the demand and the supply of labour, new private institutions have immerged affiliation with other developed countries. As a result of globalization, students who are unable to enter into public universities get the opportunity to go to other countries on student visa with work permits to earn an extra income during studies. Due to government changes the education system is highly influenced and results in poor structuring leading student to migrate for higher education, sending local funds to another country influencing the economy and increasing the government deficit. After the independence (1948) the economy structures started to change with a nominal growth but once again due to the riots in 1983 and effects of war, growth came to diminish. In 2009 the war ended creating once again a rapid growth as the fastest growing economies. According to the International Monetary Fund (IMF), the Gross Domestic Product (GDP) output is US$ 59.17 billion in 2011. GDP Per Capita PPP is US$ 1,402 in 2011. http://www.tradingeconomics.com/sri-lanka/indicators Sri Lanka – National Statistics | MARKETS| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | CURRENCY| 126.75| 127.55| 109.46| | | | Mar/2013| Monthly| View| | | | | | | | | | | STOCK MARKET| 5680.02| 5635.90| 6010.25| | | Index points| Mar/2013| Monthly| View| | | | | | | | | | | GDP| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | GDP PER CAPITA| 1402.12| 1295.75| 602.64| | | USD| Dec/2011| Yearly| View| | | | | | | | | | | GDP PER CAPITA PPP| 5619.92| 5106.34| 2393.29| | | USD| Dec/2011| Yearly| View| | | | | | | | | | | GDP| 59.17| 49.55| 11.40| | | USD Billion| Dec/2011| Yearly| View| | | | | | | | | | | GDP GROWTH RATE| 4.80| 6.40| 6.44| | | Percent| Sep/2012| Quarterly| View| | | | | | | | | | | GDP ANNUAL GROWTH RATE| 4.80| 6.40| 6.44| | | Percent| Sep/2012| Quarterly| View| | | | | | | | | | | GROSS NATIONAL PRODUCT| 6470617.00| 5534327.00| 840878.18| | | LKR Million| Jun/2011| Yearly| View| | | | | | | | | | | LABOUR| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | POPULATION| 20.87| 20.45| 15.75| | | Million| Dec/2011| Yearly| View| | | | | | | | | | | UNEMPLOYMENT RATE| 4.10| 3.90| 6.01| | | Percent| Sep/2012| Quarterly| View| | | | | | | | | | | EMPLOYED PERSONS| 7430.00| 7236.00| 6294.82| | | Thousand Persons| Dec/2011| Yearly| View| | | | | | | | | | | UNEMPLOYED PERSONS| 308.00| 375.00| 614.00| | | Thousand Persons| Dec/2011| Yearly| View| | | | | | | | | | | WAGES| 68.30| 68.30| 80.41| | | Index Points| Nov/2012| Monthly| View| | | | | | | | | | | PRICES| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | INFLATION RATE| 9.80| 9.80| 10.57| | | Percent| Feb/2013| Monthly| View| | | | | | | | | | | CONSUMER PRICE INDEX (CPI)| 170.70| 170.00| 61.98| | | Index Points| Feb/2013| Monthly| View| | | | | | | | | | | EXPORT PRICES| 118.70| 107.70| 80.01| | | Index Points| Aug/2012| Monthly| View| | | | | | | | | | | GDP DEFLATOR| 228.46| 211.83| 168.50| | | Index Points| Jun/2011| Yearly| View| | | | | | | | | | | IMPORT PRICES| 133.40| 117.60| 74.03| | | Index Points| Aug/2012| Monthly| View| | | | | | | | | | | PRODUCER PRICES| 220.21| 216.55| 56.12| | | Index Points| Feb/2011| Monthly| View| | | | | | | | | | | MONEY| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | INTEREST RATE| 7.50| 7.50| 8.42| | | Percent| Mar/2013| Monthly| View| | | | | | | | | | | FOREIGN EXCHANGE RESERVES| 874510.80| 845353.30| 141026.03| | | LKR Million| Dec/2012| Monthly| View| | | | | | | | | | | INTERBANK RATE| 11.41| 11.35| 11.52| | | Percent| Aug/2012| Monthly| View| | | | | | | | | | | MONEY SUPPLY M0| 303095.00| 297324.00| 50021.34| | | LKR Million| Jul/2012| Monthly| View| | | | | | | | | | | MONEY SUPPLY M1| 450049.00| 430000.00| 118099.84| | | LKR Million| Dec/2012| MONTHLY| View| | | | | | | | | | | MONEY SUPPLY M2| 2593185.00| 2529800.00| 478073.30| | | LKR Million| Dec/2012| Monthly| View| | | | | | | | | | | TRADE| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | CURRENT ACCOUNT TO GDP| -7.80| -2.20| -5.94| | | Percent| Dec/2011| Yearly| View| | | | | | | | | | | BALANCE OF TRADE| -641.20| -992.90| -972.09| | | USD Million| Dec/2012| Monthly| View| | | | | | | | | | | CURRENT ACCOUNT| -126325.90| -189897.00| -33677.92| | | LKR Million| Feb/2012| Quarterly| View| | | | | | | | | | | EXPORTS| 871.00| 827.60| 1578.62| | | USD Million| Dec/2012| Monthly| View| | | | | | | | | | | IMPORTS| 1512.20| 1820.50| 2543.45| | | USD Million| Dec/2012| Monthly| View| | | | | | | | | | | EXTERNAL DEBT| 2981500.00| 2995800.00| 726582.34| | | LKR Million| Sep/2012| Monthly| View| | | | | | | | | | | TERMS OF TRADE| 88.90| 91.60| 112.22| | | Index Points| Aug/2012| Monthly| View| | | | | | | | | | | GOVERNMENT| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | GOVERNMENT DEBT TO GDP| 78.50| 81.90| 92.63| | | Percent| Dec/2011| Yearly| View| | | | | | | | | | | CREDIT RATING| 37.50| | | | | | | | View| | | | | | | | | | | GOVERNMENT BUDGET| -6.20| -6.90| -7.85| | | Percent of GDP| Dec/2012| Yearly| View| | | | | | | | | | | GOVERNMENT EXTERNAL DEBT| 2981500.00| 2995800.00| 726582.34| | | LKR Million| Sep/2012| Monthly| View| | | | | | | | | | | GOVERNMENT SPENDING| 967702.00| 872610.00| 119258.79| | | LKR Million| Jun/2011| Yearly| View| | | | | | | | | | | BUSINESS| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | CAPACITY UTILIZATION| 83.00| 82.00| 82.00| | | Percent| Jun/2011| Yearly| View| | | | | | | | | | | CAR REGISTRATIONS| 1880.00| 1718.00| 1575.43| | | Cars| Aug/2012| Monthly| View| | | | | | | | | | | CHANGES IN INVENTORIES| 186318.00| 93498.00| 92964.91| | | LKR Million| Jun/2011| Yearly| View| | | | | | | | | | | HOUSING INDEX| 2390.00| 2811.00| 2817.60| | | | May/2012| QUARTERLY| View| | | | | | | | | | | INDUSTRIAL PRODUCTION| 0.20| 4.10| 7.17| | | Percent| Jun/2012| Monthly| View| | | | | | | | | | | CONSUMER| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | BANK LENDING RATE| 14.30| 14.40| 13.97| | | Percent| Jan/2013| Monthly| View| | | | | | | | | | | CONSUMER SPENDING| 4568393.00| 3651578.00| 593007.09| | | LKR Million| Jun/2011| Yearly| View| | | | | | | | | | | PERSONAL SAVINGS| 15.40| 19.30| 16.69| | | Percent| Jun/2011| Yearly| View| | | | | | | | | | | Globalization & Sri Lanka In the 20th Century Sri Lanka had a Plantation economy where production and export was cinnamon, rubber and Ceylon tea. Due to the changes implemented on government economic policies and many industries were nationalised made a greater impact on main sectors of the economy. In 1977, Free Market Economy (Liberalization) was introduced to the country adaption of privatization, deregulation and promoting of private enterprises. Production and export of tea, rubber, coffee, sugar and other commodities remains there has been an increase in the industrialization on food processing, textiles, telecommunication and finance. Main economic sectors of the country are tourism, tea export, clothing, rice production and other agricultural products. In addition to theses economic sectors overseas employment contributes hugely to the foreign exchange mainly from the Middle East. Contribution to GDP from services sector is 60%, industrial sector 28% and agriculture sector 12%. The private sector contribution is 85% of the economy. According to internal sources, the per capita of Sri Lanka has double since the year 2005 and during the same time period a drop of 15.2% to 7.6% on poverty and a drop of 7.2% to 4.9% of unemployment indicated. 90% of the houses in the country are electrified. 87.3% has access to drinking water and 39% to pipe borne water. A drop in income inequality is also recognized. After globalization and the liberalization with the improvement on technology Sri Lanka’s cellular subscriber base increased in 550% growth from 2005 to 2010. Sri Lanka was the 1st country to introduce 3G (third generation), 3.5G HSDPA, 3.75G HSUPA and 4G LTE mobile broad band internet technologies. World economy forum has listed Sri Lanka ranking 52nd in the global competitiveness also 8th in the World Giving Index in charitable behaviour to the society. Although poverty has reduced to some extent the malnutrition among children still remains in a higher level reporting 29% of the children being under-weight and also a severe percentage being anaemic. Positive impact has occurred after ending of the cruel war towards the road network of Sri Lanka with the help of other countries human capital and technologies. Sri Lanka has 35 A grade highways and 1 controlled – access highway (E01) The railway network is operated by the state run national railway operator. The transport sector has not contributed much to the globalization where there are many difficulties faced facilitating society. There are three deep-water ports at Colombo, Galle and Trincomalee where Trincomalee port is recognized as the 5th largest natural harbour in the world. Newest addition is the port built in Hambatota. Earlier there was only Sri Lankan Airlines and one International airport in the country. But Air transportation has expanded to a new stage with the new international air port being built in Mattala, Hambantota and also domestic plane service to Jaffna & Colombo has being restarted with sea plane services attracting tourism to the country. This has helped to create many jobs in the service sector. With a grant of 20 million dollars from the US and assistance from China, a space academy is to be set up for launch of satellites of other nations and as well as for domestic purpose. On 26th September 2012, Sri Lanka launched its 1st satellite with the intention of more launches in coming years. Even though the national sport in Sri Lanka is volleyball, Cricket has played a major role by rising from underdog status to winning 1996 Cricket World Cup, creating more opportunity to attract foreign investments and other trades to the country. Hence, Globalization has supported to promote economy & employment of Sri Lanka towards a better growth and expansion. Singapore economy towards globalization Republic of Singapore is a Southeast Asian country which claimed independence from the British in the year 1963 and was separated from Malaysia two years later. It has a land area of 710km2. Just like Sri Lanka it has three ethnic groups, Chinese, Malays and Indians, totalling to population of 5 million. Before independence the GDP per capita of Singapore was US$ 511, this was due to the Suez Canal opening and being the British Naval Base in the region. After the independence a modern economy was created through foreign direct investments. Today Singapore has a highly developed market base economy and is one of the original Four Asian Tigers. Its economy is known as the freest, innovative, friendliest and most competitive one. Also Singapore is ranked as one of the least corrupted countries in the world. The GDP per capita is USD 33,529.83 in 2011 and GDP is USD 239.7 billion in 2011 according to the attached graph. Singapore claims to be the world’s fourth leading financial centre and its port is one of the five busiest ports in the world. The economy of Singapore depends heavily on exports and refining imported goods which contributed 26% GDP. When compared to Sri Lanka, Singapore has the third highest per capita income in the world (IMF) where Sri Lanka is placed at the rank of 144 (according to web sources). Transport service in Singapore is mainly by public bus or train. Very limited people have the opportunity to buy vehicles due to the high taxes imposed to reduce traffic in the cities and therefore, cut the waiting time and cost of fuel. Singapore has made extensive plans to improve peak hour capacity from 2015 to 2016 by adding more trains and upgrading the signalling systems where the waiting time will be reduced to no more than five minutes. But in Sri Lanka, the transportation plays a poor role where communities have to go through many difficulties in public transport systems. Because of such problems the Three Wheeler market came to immerge playing a major part in transport systems. Bus services in Sri Lanka are very poor and waiting time is between 15 to 30 minutes in some cases where train services are concerned, the waiting time is much more that the bus services. Railway systems have to be improved vastly to facilitate the transportation in the country where the Government has to seriously take actions in implementation of such plans. Importing goods and services in Singapore is lower than the export rate where in Sri Lanka importing (USD 1,512.20) rate is higher than the exporting USD 871) rate. Sri Lankan government should impose new laws on imports and provide opportunity for innovations and new products within the country where the deficit could be minimised. Improving exports would facilitate to foreign exchange. Toursim in Singapore is a main attraction and contributes largely to the economy and according to web sources 10.2 million tourists have visited the country in 2007. In 2005, the government leagalized gambling with the idea of attracting more tourist. Singapore is promoting a medical tourism hub with the expectation to serve to serve one million foreign patients annually since foreigners tend to seek more medical care in Singapore. Singapore also functions as an Education Hub where 80,000 international students were reported in the year 2006 and it has been increasing ever since. The infrastructure, science and technology plays a main role in Singapore. Internet in Singapore offer residential plans of speeds upto 1Gbit/s increasing exports and creating 80,000 jobs in 2006. Telecommunication include services over 6 million subscribers as sources say. Singapore plays the major role in international transport hub in Asia since it is positioned on many sea and air trade routes. It is recognized as the world’s biggest ship refuelling centre. Even though Singapore is smaller than Sri Lanka, they are consisted with 08 airports in the country with a network of 80 airlines connecting Singapore to 200 cities in 68 countries. SINGAPORE – NATIONAL STATISTICS | MARKETS| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | STOCK MARKET| 3283.85| 3269.95| 2382.15| | | Index points| Mar/2013| Monthly| View| | | | | | | | | | | GOVERNMENT BOND 10Y| 1.56| 1.53| 3.05| | | Percent| Mar/2013| Monthly| View| | | | | | | | | | | CURRENCY| 1.25| 1.24| 1.71| | | | Mar/2013| Monthly| View| | | | | | | | | | | GDP| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | GDP GROWTH RATE| 3.30| -4.60| 5.34| | | Percent| Dec/2012| Quarterly| View| | | | | | | | | | | GDP ANNUAL GROWTH RATE| 1.50| 0.00| 4.74| | | Percent| Dec/2012| Quarterly| View| | | | | | | | | | | GDP PER CAPITA| 33529.83| 32537.76| 13907.50| | | USD| Dec/2011| Yearly| View| | | | | | | | | | | GDP PER CAPITA PPP| 61103.36| 57901.56| 28642.70| | | USD| Dec/2011| Yearly| View| | | | | | | | | | | GROSS NATIONAL PRODUCT| 341640.90| 331346.70| 92568.84| | | SGD Million| Jun/2012| Yearly| View| | | | | | | | | | | GDP| 239.70| 222.70| 51.84| | | USD Billion| Dec/2011| Yearly| View| | | | | | | | | | | LABOUR| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | POPULATION| 5.18| 5.08| 3.02| | | Million| Dec/2011| Yearly| View| | | | | | | | | | | EMPLOYED PERSONS| 3358.10| 3228.50| 2441.83| | | Thousand Persons| Dec/2012| Yearly| View| | | | | | | | | | | JOB VACANCIES| 56400.00| 47300.00| 33332.61| | | Jobs| Aug/2012| Quarterly| View| | | | | | | | | | | LABOUR COSTS| 129.90| 111.47| 96.48| | | Index Points| Nov/2012| Quarterly| View| | | | | | | | | | | PRODUCTIVITY| -2.50| -3.80| 2.26| | | Percent| Nov/2012| Quarterly| View| | | | | | | | | | | UNEMPLOYED PERSONS| 87.10| 87.40| 57.91| | | Thousand Persons| Jun/2012| Yearly| View| | | | | | | | | | | WAGES| 4773.00| 4078.00| 2943.95| | | SGD| Nov/2012| Quarterly| View| | | | | | | | | | | WAGES IN MANUFACTURING| 4903.00| 4057.00| 4354.69| | | SGD| Nov/2012| Quarterly| View| | | | | | | | | | | UNEMPLOYMENT RATE| 1.80| 1.90| 2.53| | | Percent| Dec/2012| Quarterly| View| | | | | | | | | | | PRICES| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | CORE INFLATION RATE| 0.20| -0.70| 0.54| | | Percent| Aug/2012| Monthly| View| | | | | | | | | | | INFLATION RATE| 3.60| 4.30| 2.82| | | Percent| Jan/2013| Monthly| View| | | | | | | | | | | CONSUMER PRICE INDEX (CPI)| 115.40| 115.18| 66.45| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | CORE CONSUMER PRICES| 113.11| 113.07| 92.60| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | EXPORT PRICES| 97.07| 96.01| 126.74| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | GDP DEFLATOR| 115.53| 112.22| 86.86| | | Index Points| Nov/2012| Quarterly| View| | | | | | | | | | | IMPORT PRICES| 97.50| 96.16| 95.82| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | PRODUCER PRICES| 104.79| 102.60| 91.24| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | MONEY| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | INTEREST RATE| 0.04| 0.05| 1.69| | | Percent| Feb/2013| Monthly| View| | | | | | | | | | | FOREIGN EXCHANGE RESERVES| 320732.80| 320506.30| 96071.84| | | SGD Million| Feb/2013| Monthly| View| | | | | | | | | | | INTERBANK RATE| 0.38| 0.38| 2.66| | | Percent| Feb/2013| Monthly| View| | | | | | | | | | | LOANS TO PRIVATE SECTOR| 290789.90| 284237.50| 149869.88| | | SGD Million| Jan/2013| Monthly| View| | | | | | | | | | | MONEY SUPPLY M0| 27479.40| 26361.30| 9284.27| | | SGD Million| Jan/2013| Monthly| View| | | | | | | | | | | MONEY SUPPLY M1| 144981.00| 140709.10| 27659.49| | | SGD Million| Jan/2013| MONTHLY| View| | | | | | | | | | | MONEY SUPPLY M2| 484447.30| 475392.50| 126823.47| | | SGD Million| Jan/2013| Monthly| View| | | | | | | | | | | MONEY SUPPLY M3| 495021.70| 485915.40| 138597.08| | | SGD Million| Jan/2013| Monthly| View| | | | | | | | | | | TRADE| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | EXPORTS| 42963079.00| 42836030.00| 17413779.37| | | Thousand SGD| Jan/2013| Monthly| View| | | | | | | | | | | CURRENT ACCOUNT TO GDP| 21.90| 24.40| 10.91| | | Percent| Dec/2011| Yearly| View| | | | | | | | | | | CURRENT ACCOUNT| 12814.60| 16976.50| 7104.59| | | Million SGD| Nov/2012| Quarterly| View| | | | | | | | | | | IMPORTS| 39705603.00| 37883528.00| 17625168.62| | | Thousand SGD| Jan/2013| Monthly| View| | | | | | | | | | | EXTERNAL DEBT| 0.00| 0.00| 8.86| | | SGD Million| Dec/2012| Quarterly| View| | | | | | | | | | | TERMS OF TRADE| 99.56| 99.84| 128.66| | | Index Points| Jan/2013| Monthly| View| | | | | | | | | | | BALANCE OF TRADE| 4687576.40| 3736394.50| -204106.69| | | Thousand SGD| Jan/2013| Monthly| View| | | | | | | | | | | GOVERNMENT| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | CREDIT RATING| 98.60| | | | | | | | View| | | | | | | | | | | GOVERNMENT DEBT TO GDP| 100.80| 101.20| 84.89| | | Percent| Dec/2011| Yearly| View| | | | | | | | | | | GOVERNMENT EXTERNAL DEBT| 0.00| 0.00| 8.86| | | SGD Million| Dec/2012| Quarterly| View| | | | | | | | | | | GOVERNMENT SPENDING| 6910.30| 7204.70| 3226.73| | | SGD Million| Nov/2012| Quarterly| View| | | | | | | | | | | GOVERNMENT BUDGET| 0.70| 0.30| 9.94| | | Percent of GDP| Dec/2011| Yearly| View| | | | | | | | | | | BUSINESS| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | INDUSTRIAL PRODUCTION| -0.40| 1.30| 6.49| | | Percent| Jan/2013| Monthly| View| | | | | | | | | | | BANKRUPTCIES| 149.00| 195.00| 238.14| | | Companies| Dec/2012| Monthly| View| | | | | | | | | | | BUSINESS CONFIDENCE| -10.00| -10.00| 10.93| | | | Feb/2013| Quarterly| View| | | | | | | | | | | CAR REGISTRATIONS| 4273.00| 3803.00| 6751.17| | | Cars| Jan/2013| Monthly| View| | | | | | | | | | | CHANGES IN INVENTORIES| 5770.70| 1036.60| 380.44| | | SGD Million| Nov/2012| Quarterly| View| | | | | | | | | | | CONSUMER| LAST| PREVIOUS| AVERAGE| METER| TREND| UNIT| REFERENCE| FREQUENCY| | RETAIL SALES MOM| 2.10| -0.22| 0.63| | | Percent| Dec/2012| Monthly| View| | | | | | | | | | | RETAIL SALES YOY| -1.50| -1.20| 3.18| | | Percent| Dec/2012| Monthly| View| | | | | | | | | | | BANK LENDING RATE| 5.38| 5.38| 6.79| | | Percent| Feb/2013| Monthly| View| | | | | | | | | | | CONSUMER SPENDING| 27426.10| 27008.00| 13037.62| | | SGD Million| Nov/2012| Quarterly| View| | Impact on economy and employment due to globalization: * Free trade can speed up production and labour costs including higher wages for skills, new technologies, expertise services etc. To level up with the globalized economy, more skills, knowledge, training and development have to given to the work force where they will be developed further and could attract the international job market. But at the same time it consists of a high cost to train the workforce and be competitive at the same time and retaining the trained people. * Globalization promotes employment opportunities towards international market where wealthy companies can profit and bring failure to smaller companies due to the inability to compete globally. In one way it creates multinational firm to expand more making them part of the globalization economy while opening room for the smaller companies to withdraw from the international trade. * The urgency to compete may lead to over use of natural resources to meet higher demands in the production process. * Due to globalization, Internet services have been extended in many ways to access many sites where youth in Sri Lanka nowadays spend most of their time in internet cafes with sighting illegal/improper web sites causing brain damage if engaged in a longer period. Awareness programs should be held and laws to be imposed to block such sites as illegal may lead Sri Lanka to a corruption free country to at least some extent. Rather the use of internet can contribute to enhance educational knowledge in a major way due to the easy access. Yet, Sri Lanka has the potential to create more jobs in the software and the tourism industry as many youth in the country plays an ‘idle’ time awaiting their Advanced Level examination results. Some drop out during university education trying to find jobs. [According to the Labour Force Survey (2nd quarter 2012) youth unemployment has a significant raise] Compared to Singapore, Sri Lanka, having the resources and the intellectual human capital is enriched with new innovations, researches and business investments to promote employment and economy through globalization and gradually receive better results in the coming years.