Contemporary Issues in Accounting and Finance - Free Essay Example

Bankers remuneration is perceived amongst the core recession triggers, which lured top bankers to engage into socially wasteful investments. The aim of this report is to discuss how remuneration packages may affect bankers behavior in the short and long term. Furthermore it will provide a critical evaluation of the main recommendations of the Walkers Review. Lastly, a comparison of the remuneration packages of directors in Barclays and RBS will deliberate whether they are justifiable with performance. Remuneration is defined as the payment that generally comprises the base salary topped with any bonuses or other economic benefits which an employee or executive receives during employment in exchange for professional services (Investopedia, 2011). It can be divided into fixed pay (not depending on any criteria) or variable (whereby additional payments or benefits are function of performance or various contractual agreements such as sales, profits, return on assets). The above are correlated with the output of the accounting system but may also reward in line with market price of the firms shares. Both these components may include monetary payments or benefits (such as cash, shares, options, pension contributions) or non-monetary benefits such as health insurance, discounts, fringe benefits or special allowances for car, mobile phone (CEBS, 2010). Regulatory bodies, (i.e. G20, Committee of European Banking Supervisors), seem to concur that the inappropriate remuneration structures of some financial institutions have been a contributory factor towards the failure of individual financial institutions and systemic problems in the European Union Member States and worldwide. Remuneration policies that offered incentives and encouraged risk-taking above a certain tolerable degree at institution level undermined sound and effective risk management and exacerbated such behaviour. It was admitted that excessive remuneration in the banking industry fuelled a risk appetite disproportionate with the loss-absorption capacity of the sector (CEBS, 2010). The remuneration of bankers situates at the very centre of moral outrage succeeding the financial crisis. While regulators are mostly concerned with the remuneration structure which incentivised undue risk-taking, society sternly blames the pay-offs to senior executives of failed banks and large bonuses which rewarded bankers whose activities were entangled with the crisis triggering mechanism. The protest is greatly about the perversity of apparently mischievous prizes for blatantly imposing such costs on other stakeholders. The mainstream analysis of moral hazard (information asymmetry) assumes behaviour to be rational with respect to self-interest, in other words opportunistic in the sense that it takes advantage of chances to achieve personal benefit regardless whether that may happen at the others expense (Dow, 2010). Society perceives bonuses as the main drivers of greed and irresponsibly short-sighted behavior (pp. 1). From an economic point of view, the central critiques about bonuses are concerned with risk-taking and short-term orientation. Nonetheless, it is noteworthy that the design of the overall compensation package appears to have generated bankers myopia rather than the bonus system per se. In fact, most banks now concur that, preceding the crisis, their systems were excessively short-sighted, and are currently striving to base rewards on more sustainable performance criteria such as average growth rates and volumes across longer sampling periods (Gehrig Menkhoff, 2009). Bonuses have stirred widespread aversion feelings because of their asymmetric payoff structure which invites risk-taking by bankers. As such, should the risky investment have succeeded, the manager would have been granted a hefty compensation; whereas even in the unfavourable scenario, he still satisfied with a comfortable fixed salary incurring no further repercussions. Put differently, the bonus-based compensation package failed to penalise accordingly the various outcomes of jeopardising investments and consequently encouraged them (Gehrig Menkhoff, 2009). The remuneration policy should be in line with the business strategy, objectives, values and long-term interests of the credit institution. Otherwise, if the variable part of the remuneration consists predominantly of remuneration instruments that are paid out immediately, without any deferral or ex post risk adjustment mechanisms, based on a formula that links variable remuneration to current year revenues rather than risk-adjusted profit, there are strong incentives for managers to shy away from conservative valuation policies, to ignore concentration risks, to rig the internal transfer pricing system in their favour and to ignore risk factors, such as liquidity risk and concentration risk, that could place the institution under stress at some point in the future (CEBS, 2010). The Principal-Agent theory implies that executive compensation should be correlated with the total return to shareholders, commonly by granting ownership of the firm through stock or options. However, despite this frameworks compelling logic, existing empirical support contradicts the effectiveness of the agency theory when applied to executive compensation (Kakabadse et al, 2004). They are also meant to serve as an effective retention tool for talent in the long term, meaning they should motivate loyalty in successful bankers. However, stock options reward success, but normally do not penalize failure (Branca and Imelmann, 2009). Frabotta (2000a) argued that short-term strategies may in fact achieve differing outcomes to those actually sought, as they may not be congruent with the long-term profitability of an organization (Taylor and Davies, 2004, pp. 468). As such, bankers might seek to maximize short-run profits by employing creative accounting. This comprises methods such as discretionary costs management (i.e. reduction in allowance for doubtful clients with a view to increase net accounts receivable), sales and expenses adjustment, or non-operational profits e.g. asset disposals. Furthermore, medium-term behaviour might encompass income smoothing to reduce earnings volatility and ensure less variable flow of benefits for the more loss-averse directors. According to Prasad (2008), evidence shows that executives contractually entitled to receive exhilarating pensions, tend to pursue corporate strategies which aim to reduce the overall risk of the firm. As such, these executives embark on fewer risky investment projects, reduce dividends, avoid excess debt or expand the average maturity of corporate debt. Likewise a CEO is more likely to retire voluntarily his pension has vested and is immediately payable. Besancenot Vranceanu (2007) based their study of compensations plans on game theory. The purpose was to analyse whether such structures incentivized managers to engage in fraudulent activities. Their model rendered that under perverse incentive plans managers eluded regulations and committed fraud. Walkers Review Sir David Walkers Review of corporate governance in UK banks and other financial industry entities was requested by the UK government in order to evaluate what prompted the financial crisis and how its recurrence could be prevented in the future. The final report suggests a series of reforms to improve the quality of boards, strengthen the role of shareholders, and increase transparency of pay and bonus structures. At the core of the recommendations lies the clear link which the author identifies between board behaviour deficiencies and poor business performance (Gill, 2009). The Review hints at the idea that some banking groups managed to survive the crisis and in relative terms have prospered, whereas others failed to do so and pleaded mercy from governmental bailouts. This situation indicates the gap in the quality of corporate governance between the two categories (Slaughter and May, 2009). One of the most important and controversial themes in Walkers (2009) Review is the remuneration policy of financial institutions. The recommendations in this respect emphasize that the board level oversight of remuneration policies demands substantial enhancement, in particular where variable pay and associated disclosures are concerned. Besides, the board remuneration committees should receive extended responsibility to cover the entire entitys remuneration framework especially executives whose remunerations exceed the median level throughout the board high end category. The term depicts employees who can have a material influence on the direction and risk profile of the entity (pp. 93). Through deliberate insistence on long-term focus, they should stand as a major countervailing force against any short-term pressure from shareholders or the executive. Furthermore, with a view to better align interests, performance conditions and deferment of variable payments for executives should be materially more demanding than anterior industry norms. In other words, it is advised that at least half of expected variable remuneration should be on a long-term incentive basis, and the actual granting depending on performance conditions, to be deferred for up to five years. As to the short-term bonus, which rewards the executive for performance in the current year, the proposal is that payments under any award should be phased over a three-year period, with at most one-third in the first year. Despite being convincing at first sight, the Reports main recommendations concerning financiers remuneration mask a more fundamental issue of principle: that the current bonus problem is a creation of accounting fictions of reliance on accrual accounting recognition of profit instead of economic profit. Focusing on earned or realised profit as the basis for bonus entitlement would eliminate many of the highlighted problems. The result of such a change in perspective would be similar to the intent of the Report; however it would possess the advantage of returning the debate to a focus on principles (Paradigm Risk, 2009). What is more, other critics such as Barker (2009) assess the recommendations regarding remuneration to be rather prescriptive or too specialised for implementation in the non-financial sector. The Walker Review does not seek to define the quantum of remuneration that should be awarded to board members or other high-end employees. However, it delivers several proposals which target the improvement of the remuneration structure in terms of links with risk taking and performance. An interesting proposal advocated in the Review is that the Chairman of the remuneration committee should stand for re-election if the issued report receives fewer than 75% of votes cast at the AGM. This would serve to increase the accountability of the remuneration committee vis--vis shareholders. Remuneration packages and Performance Remuneration packages of banks directors are made up of the basic salary and benefits which are topped by several cascading layers of rewards such as pension provisions and various bonuses. Barclays claimed that it had shown restraint on pay as it revealed that its chief executive, Bob Diamond, was paid a bonus of 6.5m for 2010. He also earned a 250,000 salary and was awarded a 2.25m long-term payment based on future performance. As chief executive he will be paid a 1.35m basic salary, a 20% raise compared to his predecessor (Treanor, 2011). But the debates are ongoing as Barclays plans to pay its top bankers bonuses in the form of cocos contingent convertible bonds. These are meant to represent a progressive form of rewards compared to the traditional distribution of upfront cash bonuses. In Barclays case, the recipient would not receive the amount in question if the banks core capital ratio (10.8% most recently) fell below 7% at any time during the three years after an award. Thus , the intention is to foster an incentive for traders not to assume any risky endeavours since they must wait three years to turn their bonus into cash. However, stakeholders are irritated with the 7% coupon, or rate of interest, substantially higher than any three-year savings rate available to customers, which Barclays has attached to the cocos to alleviate the waiting period (Pratley, 2011). The question on the adequacy of such staggering sums is to be dealt with in conjunction with the banks performance. Last year, Barclays recorded a Group profit before tax of 6,065m, up 32% compared to 2009: 4,585m. Diamond confessed pride with such an achievement, especially with the profit growth and enhanced capital and liquidity positions. He also praised the integrated business model which seemingly provides superior benefits to customers, clients and broader stakeholders because of its diversity by business, geography and funding source (Barclays, 2011). According to the Groups Finance Director, commenting previous years performance, the Core Tier 1 ratio increased to 10.8 %, return on equity was 7.2%, and return on risk weighted assets increased 26 basis points year on year to 1.12%. Earnings per share grew 26% to 30.4p. The total dividend for the year of 5.5 pence was more than 5 times covered (Lucas, 2011). All things considered, this accrual accounting perspective does indee d convey outstanding results for the past financial year which might arguably justify hefty rewards for the key bankers. On the other hand, one might not allow similar indulgence to Fred Goodwin from RBS. He was granted 9m in salary, 14m bonuses, and 276,000 extras (relocation expenses, school fees) totaling over 23m for the past 9 years of employment for the state-aided financial giant. Skeptics would catalogue these amounts as enormous rewards for failure. What is more, this former CEO gathered a sufficiently high pension pot to allow him the comfort of withdrawing 703,000 a year pension. Specialist lawyers infer that his contract was wisely and tightly drafted in his favour and very well negotiated. Moreover, the expenses incurred by the company to keep its executives pleased also included lavish benefits such as a permanent luxurious Savoy hotel suite; fleets of cars available at all times, special food, uncalled for refurbishment of floors, use of own corporate jets on regular bases (Dispatches, 2009). However, all these come in striking contrast with the modest performance of the bank under Goodwins steering. In 2008, RBS posted the biggest loss in corporate history and required a bail-out of 45.5bn (Andrews, 2010). Upon the freezing of the financial markets during that year, the government was forced to acquire 5bn of preference shares in RBS and another 15bn of ordinary shares provided the bank would not find willing private investors (BBC, 2008). Nonetheless, despite requiring such rescuing of last resort, Sir Goodwin escaped punishment by the Financial Services Authority. Although the investigation carried out by this entity revealed a series of bad decisions, it concluded they were not the result of a lack of integrity by any individual nor were any instances of fraud or dishonest activity identified (Andrews, 2010, pp. 1). Even under these terms the matter of excessive and undeserved payment remains unquestioned and was even recently confirmed by the banks Chairman, Sir Hamp ton who assessed that the bank was paying a lot of people who arent worth it and implied regulation would be the only key to this hot issue (Rowley, 2010). Contrary to public indignation with such policies, results of a study (Fahlenbrach and Stulz, 2011) show no evidence to prove that banks having a better alignment of the CEOs and shareholders interests had higher stock returns during the crisis. Some findings even revealed that banks led by CEOs whose interests were better aligned with those of their shareholders had worse stock returns and a worse return on equity. Consequently, many other factors were at play and potentially, in certain cases, an accumulation of uncontrollable events leaned the balance against them. Although the Walker Review might be a step forward in regulating the financial industry, one should bear in mind that a narrowing down the investigation lenses on the executives remuneration might be superficial and inconclusive.

Twelfth Night Analysis - Free Essay Example

Sample details Pages: 3 Words: 795 Downloads: 8 Date added: 2019/07/02 Category Literature Essay Type Analytical essay Level High school Tags: Twelfth Night Essay William Shakespeare Essay Did you like this example? The Twelfth Night is a romantic comedy written by William Shakespeare during the year 1623. This romantic comedy focuses on the story of a woman that goes by the name Viola. She ends up alone in a country called Illyria because of a shipwreck and loses her brother, Sebastian. Don’t waste time! Our writers will create an original "Twelfth Night Analysis" essay for you Create order Because of this predicament, she decides to disguise herself as a male and serve the count, Orsino, for shelter in return. Throughout this play, conflicts arise between love interests, friends, and family. For instance, there is this entire conflict with Viola, Orsino, and Olivia where Viola falls in love with Orsino, however, Orsino is in love with Olivia. To make matters even more dramatic, Olivia falls in love with Violas male disguise, Cesario. This conflict contributes to one of the themes present in Twelfth Night, deception within love. In act 2 scene 2 of Twelfth Night, Viola realizes the predicament she is in and speaks in a soliloquy. In this soliloquy, Viola talks about how Olivia falls in love with her and how she views herself as wicked for deceiving Olivia. Viola also states that she sees herself as a monster for falling in love with Orsino, even though she is supposed to be a man. With all this, Viola analyzes that both her and Olivias love is hopeless as Viola cannot reveal herself as a woman. All of this is evident from Shakespeares usage of dictation, tone, and mood In the passage, Violas use of vocabulary and diction depict her emotions with all that is happening to her and the people around her. She feels a sense of guilt for causing all this revolving love, even though she knows that it is all a lie. For instance, she says, Poor Lady, she were better love a dream./Disguise, I see thou art a wickedness(lines 26-27). It is clear with this that Viola feels remorseful towards Olivia, as she says that Olivia falling in love with Viola is the same as her falling in love with a dream. Viola feels this way because Cesario was never a real person, to begin with, much like a dream that is nonexistent in the real world. Another instance where dictation is present to emit Violas thoughts and emotions is when she says, How will this fadge? My master loves her dearly,/And I, poor monster, fond as much on him/And she, mistaken, seems to dote on me./What will become of this?(lines 33-36). It appears that, even though Viola is explaining the situation, she uses phrases like I, poor monster because she sees herself as the one responsible for this misunderstanding. Another element that contributes to the overall theme of deception within love is imagery. One example of imagery is when Viola says, In womens waxen hearts to set their forms!/Alas, our frailty is the cause, not we,/For such as we are made of, such we be.(lines 30-32). In this quotation, Viola refers to both herself and Olivia. She talks about how womens hearts are much like wax in the way how wax is easily manipulated with heat or fire. In this case, womens hearts are easily manipulated with love. This prompts the audience to understand Viola better as they can comprehend her analogy with the description of both wax and a womans heart as delicate. Another example of imagery is when Viola says, O Time, thou must untangle this, not I./It is too hard a knot for me t untie.(lines40-41). Imagery is applied as Viola describes this entire mess as a knot that is too difficult to untie. This leaves the audience to fully understand the situation and its complexity with finding a solution. Both diction and imagery contribute to the last element applied in this passage, tone. In this passage, Violas tone is recognizable as confusion and desperation. The audience can see that in this scene, Viola is confused because of how the situation got out of control with everyones feelings. She also feels desperate because she cant come up with a solution as she is unable to reveal her true gender. With the previous quote, she states that time will eventually correct this situation, but when the time comes, she knows that Viola, Olivia, and Orsino will become pained by the truth of their love. One of the major themes present in Twelfth Night is deception within love. With the particular passage of Violas soliloquy, it is seen that diction, imagery, and tone all contribute to this theme. All three of these elements endorse one another as they all relate to each other in addressing the theme Shakespear was trying to portray in the play. They all helped the audience interpret the how Viola feels with this turn of events.

Advantages And Disadvantages Of Social Networking

The Advantages and Disadvantages of Social Networks Leighanna McIntosh INF103: Computer Literacy Instructor: Nelson Stewart July 9, 2016 The way the world communicates with one another has been transforming throughout time. Once the World Wide Web was created communication was brought to a whole new level. In the last ten years social networking has sky rocketed in ways of communication. Today there are many social media platforms for personal or business use. These social platforms can pose many advantages as well as disadvantages. Today I will discuss some of the social networking platforms and the advantages, as well as their disadvantages. A social networking site is a site that lets people set up online profiles that describe their interests and hobbies in addition to communicating with other users. Prior to having multiple social networking platforms we had email, blogs and chat rooms. Even though these are still tools we use today they had little information about the person. On social networking site you can post your personal contact information for anyone to see. Most social networking sites have privacy settings so you can make a semi-public profile. You will fill out a questionnaire upon first opening an account with a social networking page. These questionnaires will ask for your personal data as well as, hobbies, interest, and professional background just to name a few. These different social networking sites can bring different groups of people togetherShow MoreRelatedThe Advantages and Disadvantages of Social Networking625 Words   |  3 PagesThe Advantages and Disadvantages Of Social Networking Social Networking is a recent invention that has the Internet still at the edge of its seat due to its popularity with people. This is mostly because it really is for the people. Bringing every kind of social group together in one place and letting them interact is really a big thing indeed. Everything about it lies on the advantages and disadvantages of social networking, and what it can do for you. Here are the advantages that can be moreRead MoreAdvantages and Disadvantages of Social Networking1569 Words   |  7 PagesAdvantages and Disadvantages of Social Networking By  Donna Cosmato Whether you are a social network addict, a novice dabbler, or you are thinking about trying online networking, you probably have some questions about the advantages and disadvantages of social networking. For example, can it really increase ones productivity or does it just waste valuable time? How safe is it? Before you invest too heavily in online social communities, be sure to do your due diligence so you are aware of the riskRead MoreAdvantages and Disadvantages of Social Networking Essay1623 Words   |  7 Pageset cetera. The form of communication that has rapidly increased over the years is social networking sites, such as Facebook, Twitter, MySpace, Google Plus, et cetera. In fact, according to Pew Internet, as of 2012, eighty-one percent of teenagers who use the Internet are using it for social networking sites (Madden et al.). Furthermore, as of May 2013, seventy-two percent of adults who are online are social networking sites users, which is five percent higher than a yea r ago and sixty-four percentRead MoreAdvantages And Disadvantages Of Social Networking On Business1769 Words   |  8 Pagescreating diversified strategy of social media marketing, so that the audience or related customer gets proper message and information of product and services. The many other author study the impact of use of social networking in business and founds that it has both the negative and positive impact on business organisation. Social networking also associated with the disadvantages which are result of the excessive opportunity. The major disadvantage of the social networking is that some time the businessRead MoreAdvantages and Disadvantages of Ford Motors in Building a Social Networking Plan.2617 Words   |  11 PagesAdvantages and disadvantages of Ford Motors in building a social networking plan. Table of Contents 1.Introduction3 2.Main Findings3 2.1 Ford Motors Social Presence3-4 2.2 Current Social Activities4 2.3 Other Online and offline Marketing Channels4 2. Advantages and Disadvantages of Ford Motors Social Presence4-5 3. ANALYSIS5-6 3.1 Strategies to improve customer engagement 6-7 4. CONCLUSION7 5. REFERENCES8 6. APPENDICIES9-18 1. INTRODUCTION This report is going to assess the advantages and disadvantagesRead MoreImpact Of Social Media On Society Essay917 Words   |  4 PagesHave you thought about the impact that social media has on society? 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Moreover, it’s a majorRead MoreSocial Media And Its Effects On Society954 Words   |  4 Pagesaccess to the internet, and the use of social media has basically become a new way of living and communication between people. Some people stated that the social networking sites has more advantages than there is disadvantages. This statement is somewhat reliable since people can chat with friends, family, and other people that are in different countries through some social networking sites. However, there are also some serious problems that come up with social media if people cannot use it in theRead MoreAdvantages And Disadvantages Of Social Media1041 Words   |  5 PagesNOT APA FORMATTED NO SOURCES Social Media Paper Jerald Washington University of Phoenix HUM/186 â€Æ' In the modern world, it has become very easy to obtain information from social media, and this happens instantaneously. It is essential to appreciate all advantages and disadvantages before making use of social media. One advantage of easily obtainable information is expediency. It is convenient for people to be in one place and catch the hottest news, listen to the fresh top songs onRead MoreWhat Is Social Networking? Essay882 Words   |  4 PagesWhat is Social Networking? Networking done on a social media. Social media are websites and applications that allow groups of people to communicate with social and professional contacts. Job seekers can participate in social networking by leaving comments and sharing information with professional contacts. Just by being a part of social network, you are already unintentionally participating in social networking. Why Use Social Media? The most important reason is to expand the number of people you

The Theme Of Family In Charles Dickenss A Christmas Carol

Charles Dickens weaves the theme of family, and all of its aspects, throughout his novel titled A Christmas Carol to create a compelling reminder of the value of perspective. The book’s main character, Scrooge, finds himself on a journey guided by three spirits, a journey which eventually serves to forever change his perspective on life. Dickens skillfully incorporates various pictures of family dynamics through all three of his â€Å"spirits†: The Ghost of Christmas Past, the Ghost of Christmas present, and the Ghost of Christmas yet to Come, evoking sentimental feelings in both the main character, Scrooge, and the reader. This story communicates the simple yet profound message that family, love, and kindness (all of which are commonly†¦show more content†¦Interestingly, this scene powerfully portrays the overarching theme of the book by illustrating what can happen when we compromise our perspectives. Following this bitter blow, the Ghost of Christmas Present leads Scrooge on a tour of two more families: that of his nephew and of his clerk. The vision of Scrooge’s clerk’s family – the Cratchits – paints an intricate example of the beauty of family. As Dickens explains, â€Å"They were not a handsome family; they were not well dressed; their shoes were far from being water-proof; their clothes were scanty†¦ But they were happy, grateful, pleased with one another, and contented with the times†¦Ã¢â‚¬  (page 54). The Cratchits possessed minimal earthly wealth, and even had an ill son, yet they displayed incredible joy! The joy, warmth, affection, and laughter surrounding the Cratchits’ Christmas celebration brought Scrooge to the realization that the â€Å"Christmas spirit† does not depend on any material possessions, or even on situations. Joy is a choice, and that choice is made easier when we are surrounded by the ones we love. The vision of Scrooge’s nephew serves to awaken Sc rooge to the fact that he himself had a family that would gladly welcome him. The nephew, in explaining to his family why he faithfully invited Scrooge to the celebration, said, â€Å"I mean to give him the same chance everyShow MoreRelatedCharles Dickens s Life And Life878 Words   |  4 PagesCharles Dickens was an adored, creative and respected British author of several literary pieces that are at this time are referred as classics. He was born on February 7, 1812, in Portsmouth which is located on the southern coast of England. Charles Dickens had a very rough upbringing. He didn’t have the ordinary life a child has. Between seven brothers and sisters he was the second born. His parents raised them together until his father whose name was John had accumulating amounts of debts whichRead MoreA Lack of Charity Essay example1718 Words   |  7 PagesIn Charles Dickens’s books, Oliver Twist and A Christmas Carol, the theme of lack of charity is pronounced. Throughou t Oliver Twist, society turns a â€Å"cold shoulder† to those in need of help (Miller 30). The Victorian England society prohibits inhabitants of the lower social realms from moving up in society. Rarely do lower class members receive attention, and the attention they do receive is far from par (Reeves). Ebenezer Scrooge, the main character of A Christmas Carol, learns to be charitableRead MoreScrooge in A Christmas Carol2375 Words   |  10 Pages In a time in which the significance of Christmas gradually started to change, Charles Dickens, in accordance with these changes, wrote a Christmas tale: A Christmas Carol. The novella was published six days in advance of the Christmas celebrations of 1843; it was sold out three days later. Although a socially engaged narrative, Dickens’ work is not occupied with trivialities such as the introduction of Christmas cards; instead A Christmas Carol focuses on the transforming beliefs and valuesRead MoreThe Symbols Of A Christmas Lessol : A Christmas Carol1818 Words   |  8 PagesA Christmas Carol was published relatively early in his career, appearing in 1843 when Dickens was 31. The tale is one of a series of short stories on a subject that had long preoccupied its author: the importance of celebrating Christmas. One of Dickenss earliest published works was a defense of this holiday against its enemies, both religious, and irreligious. The former objected to the pagan unse emliness of feasting and frolicking in celebration of the birth of Christ. The latter objected toRead MoreVictorian Ghost Stories Nearly Always Encompass Family1361 Words   |  6 PagesStories nearly always encompass family life in some way or another. One reason for this may be to emphasize how abnormal a ghostly figure or hauntings really are within the story and get readers thinking, what would happen if that was happening to them? Making the stories feel more realistic to a Victorian readership. Family life within the era was held as one of the most important aspects of their day to day lives, therefore it is only natural for the theme of family to be present throughout manyRead MoreThe Main Contributions to Charles Dickens Popularity1592 Words   |  6 Pagesundeniable classics, many works of which we continue to read to this day. One author from this period, however, stands out in all respects of the word. His personal life, written works, and social commentary attribute to the widespread popularity that Charles Dickens managed to accumulate even after his death. He has been the subject of countless hours of research, studies, and literary critiques; regardless of one’s personal opinion, it is impossible to doubt the significance of Dickens and his entireRead MoreDickens Use of Language and Structure to Build Up a Picture of the Joy of Christmas Present1022 Words   |  5 PagesPicture of the Joy of Christmas Present I’m going to analyse stave 3 of a Christmas carol, Charles Dickens was born in Portsmouth in 1812. In 1836 Dickens published the first part in a serialisation called The Posthumous papers of the Pickwick club better known as The Pickwick papers. In 1843 he wrote his first and most famous Christmas story, A Christmas Carol. Victorians in those times, a lot of them lived in poverty, and they were lots of large families living in one houseRead MoreAnalysis Of Oliver Twist, A Christmas Carol, And A Tale Of Two Cities2379 Words   |  10 PagesOliver’s Twisted Story In February of 1837, Charles Dickens’s first installment of Oliver Twist was published. These installments continued to be published monthly until April of 1839. London during this time period was split almost directly down the middle, the upper class and the lower class, the middle being almost nonexistent. In the nineteenth century, the English government was ran adjacent with the church, although the harsh truth of lower class cruelty corrupts this image. The country, despiteRead More Charles Dickens Essay2085 Words   |  9 PagesCharles Dickens Charles John Huffam Dickens was born February 7, 1812, in Ports Mouth, Hampshire. In his infancy his family moved to Chatham, where he spent his happiest years and often refers to this time in his novels (1817-1822). From 1822 to 1860 he lived in London, after which he permanently moved to a quiet country cottage in Glads Hill, on the outskirts of Chatham. He grew up in a middle class family. His father was a clerk in the navy pay office and was well paid, but hisRead MoreEssay on A Christmas Carol by Charles Dickens3534 Words   |  15 PagesA Christmas Carol by Charles Dickens Introduction Charles Dickens was born in Landport, Hampshire, in 1812 and died in 1870. His father was a clerk in the navy pay office and family life was occasionally hard, especially when his father had to go to the debtors prison. The young twelve year old Charles became the main money-maker in the family at this time and worked in a blocking factory. Charles father was released a year later and Charles was able to go to school. After school

The Components Of Cultural Competence - 2981 Words

Introduction Background As the United States continues to grow as a diverse country, health care systems need to focus more on providing cultural competent services. The term cultural competence is defined as a set of behavior and attitude within business or operation systems that respects a person’s cultural beliefs and values in the way healthcare is delivered. It can be applied both at the individual level or organizational level, in which serves as a basis for individuals to work with members of different backgrounds. Culturally sensitivity care helps create optimal patient-provider communication, delivery of high-quality services, and achievement of positive treatment outcomes (Gertner et. al, 2010). The five components of cultural competence are cultural awareness, cultural skill, cultural knowledge, cultural encounters, and cultural desire (Oelke et. al, 2013).The goal is to develop a health care system that provides services that eliminate racial/ethnic disparities and pro vide quality care (Betancourt et. al, 2005). The purpose of this paper is to analyze the impact of implementing culture competence services in health organizations. Creating a cultural competency framework in health care organizations will help create higher patient satisfaction and reduce cost. According to previous research it also enables hospital staff to communicate better with patients and improve health literacy (Betancourt et. al, 2005). Since the passing of theShow MoreRelatedCultural Competency On Healthcare Delivery824 Words   |  4 PagesAs the diverse populations of the United States (U.S.) continues to grow the need for cultural competency in healthcare delivery requires culturally competent healthcare providers. Each population has its own particular norms and practices that guide their lifestyles; therefore, a challenge arises for health care providers to learn to provide culturally sensitive care to clients from diverse cultural backgrounds (Waite and Calamaro 2 010). The ever changing population of the U.S. signifies a muchRead MoreThe Importance of Technology for Simplifying Business Functions1400 Words   |  6 Pagesfunctions. Hence, companies tend to invest large amounts of funding into this component. However, research results have shown that some companies benefit more from implementing IT solutions than others. Because similar technological solutions were implemented for these companies, the differentiating results are assumed to be due to the human factor. One might therefore ask the question whether the difference lies in the competence of managers not only to implement and use the technology, but also to helpRead MoreSemantics, Competence, And Competence1267 Words   |  6 PagesThe term communicative competence is combination of two words which means competence to communicate. The central word is competence which is one of the most controversial terms in the field of applied linguistics. Chomsky in 1965 was the first one who u sed the norm of competence. The term competence first introduces by Chomsky which means knowledge of forms of languages. 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Question: Evaluate the progressive nature of online platform business, namely Uber in the world market. Answer: Introduction: Uber is a popular transportation service on demand that is considered to have brought a revolution in the industry of transportation or taxi, to be precise all around the world. Founded by Travis Kalanick and Garrett Camp, the service has spread rapidly all over the world, with its headquarters in San Fransisco (Uber.com, 2018). Formerky known as Uber Cab Inc., the company changed its name to Uber Technologies, Inc. that has an engineering center in Bangalore, India with a regional office in Singapore. The business model has brought into a simple technology through which people simply use their smart phone and gets the cab arrived at their desired location. In the seven years, the company has been able to occupy the position of being the worlds biggest logistics company. The value of the company has been assessed to be over $70 Billion and the company is widespread in about more than 630 cities worldwide (Uber.com, 2018). The company has more than 50 Million users and about 7 million registered drivers that together account to trips of nearly 1 million per day (Uber.com, 2018). However, there is high competition along with the high growth of the company. The company has a fleet of its owned cars; however, it has multiple collaborations with car and vehicles manufacturing companies as well. The company has also initiated driving schools for good driving skills. However, with all the progress that the company has been showing, it is not free of stiff competition from several such companies in the industry. Discussion: Key factors for online platform strategy: Various factors play the key role that must be considered by firms to develop their own online platform strategy in order to accelerate their performance. Some of these factors are discussed as follows: Promoting facilitation The trend of centralizing people and resources is a common concept that rendered maximum efficiency. Lack of flexibility connotes to the downside of decentralizing that led to slow progression of the industries. The existing processes become so slow due to the rapid inventorial investments that it needs better strategy to accelerate progress. In case of the taxi industry, the platforms can switch from investing on and owning their own vehicles and connect with the private owners of existing properties (Libert, Wind and Fenley 2014). The properties of these private owners that could be rented out to the people in need to rent would suffice the need of having the property by the companies (Cramer and Krueger 2016). Thus, the platform could act as an intermediary who would have a client base and the non-capital intensive strategy of the platform could effectively grow. The only and major concern in employing this factor is the need to have the two sides. The companies could only work as an exponential intermediary when it has the equal demand and supply. Focusing on creating convenience One of the key factors for the development of online platforms is to create convenience for both the supplier and the users. With the greater integration of services in the online apps, processes are becoming simpler and convenient. Every online platform must be entitled to look into the future (Bond 2014). Moreover, along with convenience, the companies must be able to retain the trust of the clients. Growth and development must not be hindering the privacy of the customers that would otherwise lead to a collapse of the companies performing online. Thus, these platforms must be engaged in finding ways to serve the customers in a proactive way. Diverging from the niche markets Another important factor that leads to a development of the online platforms is to cross the boundaries of their own markets and consider all-in-one solutions. They must be embracing the opportunities to serve the customers in varying ways, not restricting themselves to a particular service. With multiple services, the companies become able to expand their own market. This does not leave much space for competition enabling the companies to function smoothly and incur greater profits. Optimal use of the newest technologies The firms use of newest technology must be optimal in order to sustain the trust that they have achieved from users and progress slowly but steadily. In every business processes, along with the rapid technological advancement, sharing has always been an effective process. With the reviews of the customers and their reputation scores that the companies can collect, there would be greater convenience, which would promote rapid increase in the usage of the services. Considering the taxi industry, people who failed to get a cab can now get it within the ascribed time with just few taps on the smart phones (Wyman 2017). Thus, with the use of technology and algorithms, processes need to be simplified making them self managing and beneficial for all. Factors application by Uber: Considering the various factors that have been discussed, the involvement of the factors by Uber has been portrayed in the following- Uber in facilitation Uber, recognized as the largest taxi company primarily did not own any vehicles. In present times, the company is indulging in owning its own vehicles. Thus, even having no vehicles, Uber has acquired the top position in the taxi industry (Leighton 2016). It did not invest in property and acted as the intermediary connecting the two sides of the service. It has been doing a smart job governing the deployment of the drivers by using dynamic tariffs. When it manifests that the demand surpasses the supply, the fares are raised. People in that case opt for the cabs being in need and this also motivate the drivers to start their car. However, with the increase in price, the clients get demotivated (Chen 2018). This leads to a fall in demand and thus an immediate balance is restored. Thus, Uber sets up the service as a platform that leads to its greater progress and profits as well. Creating convenience for users Uber has been looking ahead to the future. The Uber app links to the agenda and registers the daily rhythm, giving suggestions to book a taxi at the right time (Wallsten 2015). The app also guarantees the privacy of the customers that has enabled it to gain the trust of its people. It is also possible for the clients to order the Uber cabs from Google Maps and gtrack its location. Thus, it has been a very convenient app for the customers over time. Uber, the logistic platform Uber is not a taxi company as t is generally considered. Uber has started delivering food with the well-known app UberEats expanding its business. It is presently involved in developing platform for self-driving trucks and cars (Smith 2016). Thus, it has been embracing newer opportunities to expand its marketing industry rapidly. Ubers efficient use of technology- Clients feel very comfortable to use Uber cabs since it includes only three tabs on the phones. Most of the operations are automated and with the matching of the algorithm between the driver and the client, the service is in process. After the end of the ride, the rating also helps to filter out the performances of the drivers and the asocial clients. The process of online payment with credit cards also acts to be very convenient for the users (Farris et al. 2013). Key challenges: Being an online platform, the two major challenges faced by Uber are- Customer retention and switching brands- With the rise in competition, people are getting greater access to multiple other options. Thus, in case of price and time of approach, the people can easily compare Uber with the other apps such as Shebah, Ola Cabs, Lyft, GoCatch and others and prefer the cabs accordingly (Davidson and Fischer 2015). Thus, it becomes difficult for Uber to retain customers and drivers for itself who has various alternatives as well in the market. Unclear government regulations- Another major challenge for Uber is the unclear regulations. There has been a point of disagreement between the cab aggregators and government regulators who are not able to determine the legal status of Uber. They are in confusion whether Uber should be considered a conventional taxi company or IT company. Thus, the company lacks proper government regulation that affects its business to a certain extent. Recommendation: Considering the retention of customers and brand switching, Uber can integrate methods that would benefit the customers in a way so that they do not deviate from the brand. along with monetary advantage as compared to the other brands, Uber can also focus on membership schemes that would enable it to have the fixed customers. It can also include more services such as waiting in case the people are attending any functions for which it could charge some money, and outstation services that would enable the company to incur more profits. The company can also provide benefits to the drivers by giving them incentives in case they take more rides would altogether enable the company to retain its customers and drivers, enabling it to be progressive in the long term and retaining its position as the leading cab service in the industry. Conclusion: From the report, it can be concluded that Uber has been effectively designing tools and methods to retain its leading position as the online logistics company. It has various challenges and threats that serve as major concern for the company, however, with the significant use of technology and various other factors, Uber has been able to prosper and progress with its functions to evolve as a reputed and preferred brand all over the world. Various factors promote better performance of the online platform business and Uber has been considerate to those factors that have led to its greater evolution and progress with time. It has been accepted worldwide and has been able to acquire profit and fame in an extraordinary way in the global market References: Bond, A.T., 2014. An app for that: Local governments and the rise of the sharing economy.Notre Dame L. Rev. Online,90, p.77. Chen, J.Y., 2018. Technologies of Control, Communication, and Calculation: Taxi Drivers Labour in the Platform Economy. InHumans and Machines at Work(pp. 231-252). Palgrave Macmillan, Cham. Cramer, J. and Krueger, A.B., 2016. Disruptive change in the taxi business: The case of Uber.American Economic Review,106(5), pp.177-82. Davidson, A. and Fischer, L.A., 2015.(Re) Producing Transport Systems: Uber, Driverless Technology, and the Modern City(No. 15-5395). Farris, P., Yemen, G., Weiler, V. and Ailawadi, K.L., (2013) Uber Pricing Strategies and Marketing Communications. Leighton, P., 2016. Professional self-employment, new power and the sharing economy: Some cautionary tales from Uber.Journal of Management Organization,22(6), pp.859-874. Libert, B., Wind, Y. and Fenley, M., 2014. What Airbnb, Uber, and Alibaba have in common.Harvard business review,11. Smith, J.W., 2016. The uber-all economy of the future.The Independent Review,20(3), pp.383-390. Uber.com. (2018).Drive With Uber In Australia | Make Money On Your Schedule | Uber. [online] Available at: https://www.uber.com/en-AU/drive/ [Accessed 4 Apr. 2018]. Wallsten, S., 2015. The competitive effects of the sharing economy: how is Uber changing taxis.Technology Policy Institute,22. Wyman, K.M., 2017. Taxi regulation in the age of Uber.NYUJ Legis. Pub. Pol'y,20, p.1.