Hrm in a globalized economy executive summary

Hrm in a globalized economy executive summary The report aims to discuss aspects of Human Resource Management in light of the ever changing business world given the globalization of businesses today. Globalization has seen changes in the way businesses work and are expected to deliver investor value. Companies started competing not just with local competitors but with organizations across continents which forced companies to relook at continuously innovating and providing a unique value to its customers to retain them. Talent Sourcing and Talent Development within an organization have become a science that identify and accept that diverse employee base form the backbone of a business and are responsible for contributing towards achievement of organizations global goals and directly impacting competitiveness and delivering that Investor value. Early in the 1800s during the times of Industrialization, the approach to managing workforce was primitive task drive approach. Historically, Henry Fords assembly lines and Studies of Frederick Taylor such as the time and motion studies thought of improving productivity by putting employees in line with mechanics. They tried to boost productivity by designing the way work is carried out. They focussed purely on productivity since productivity was what gave profits and therefore competitive edge. Workforce was put them in the same league as machines inviting organization conflict and distraction from the goal. As globalized environment changed the rules of the game, Organizations realized that employees and their talents is the single most important supply of sustainable competitive advantage. Employees are the ones that deploy scarce resources optimally. To survive and to succeed, organization need to leverage its human resource capitals talents to develop new products and services and creating value for customers. This marked change in attitude of managements saw the emergence of concept of Global Human Resource Management which characterizes implementation of personnel policies to maximize objectives of organizational integrity, employee commitment, flexibility and quality at a global level. Global Human Resource Management hence becomes very important since globalization and international operations bring with them challenges beyond a simple Human Resource Management program at a local level. Global Human Resource Management not only covers International recruitment Appropriate training and development Deployment of these resources But also goes beyond simple HRM in maintaining affable international industrial relations. With international operations, managing the employee base worldwide has its own challenges. P Morgan: There are 2 sets of variables when it comes to HRM in for an International Organization First -employee types Second Political, labour laws, culture, legal environment, economic, and practices prevailing in different countries A successful HRM model for an international organization is the successful interplay between these 2 sets. Clearly there is a need to go beyond basic HRM practices to include: More functions and activities In depth wisdom of employment law of the host country Close involvement with employees personal variables Provide for external influences Exposure to newer hurdles and risks Managing differential pay packages Managing ethnic, gender differences More liasoning activities More travel and coordination Higher management of unknown risk variables beyond the country where the headquarters are based It is imperative that Human Resources Management models are deployed in a global context to ensure success. Main Body The Concept of Globalization: While Global trade itself is not a new concept, Globalization is. Globalization can be defined as a process of trade and investment transcending political boundaries undertaken by an interaction of people, processes, entities and spurred on by advances in political systems, technology, business ethics and affecting culture, environment societies leading to cross border prosperity. International trades have been undertaken historically. Traders have traded goods and services over large distances travelling by land and sea. Eg, The silk route that connected the Western World with Central Asia China during the Middle Ages. As time progressed further, we see that cross-border trade, investment immigration boomed. Eg. Since the middle of the 20th Century to today world trade has exponentially grown by 20 times. Only in the last 5 years of the 20th Century, foreign investment currency flow went to US$ 827 billion from a meagre US$ 468 billion. This has had an impact on fiscal policies of governments that have opened up its economies in a controlled manner, both domestically as well as beyond their borders. Eg. The 1991 Financial Budget given by then Finance Minister of India, Dr. Manmohan Singh was figuratively the door to globalization for India. India hasnt looked back since in terms of its growth and prosperity. India adopted a free-market economic system. This greatly increased its own production potential and created a bouquet of opportunities for its own companies and organizations across the world for international trade and investment. Companies started growing by virtue of the geography of their businesses and operations: HRM in the face of such Globalized businesses: In such a dynamic environment today Human Resource Management in a global paradigm involves the manpower planning of staffing requirements the world over, selection of the right candidates, training development of employees for global operations. Since it is established that human resources form the backbone of any strategy, implementation of any strategy to succeed globally with Human Resource Management at its core can provide a strategic competitive edge. Human Resource function in this environment has to provide a support function to line manager by providing guidelines, searching, training, and evaluating employees. With an effective HRM function deployed, the organization would be able to leverage the knowledge, experiences and the skills of its distinctive employee bases the world over. The Increasing Diversity of the Workforce: As Globalization gains steam and becomes the norm, the employee base of multinationals has become varied and rich with nationals from all over the globe. Human Resources across companies have become homogenized, enriching the organizations with depth of knowledge about variables affective markets both within the countries as well as between them. The most successful organizations are ones which utilize this resource to the maximum. Having an experienced employee from a remote market on the team is a natural consequence towards better understanding new market dynamics and new consumer behaviour. Culture in different countries or the mode of doing business in different countries is also different Deal Focus Relationship Focus Country wise distribution: Formal Culture Informal Culture Country wise distribution: Therefore HRM today for an international organization, has to consider Differences in HR practices in the local organizations Perception of HR as a function. Attitude and actions of headquarters towards HR Resistance to change in a myriad of different situations Cultural differences in teaching and assimilating styles The Changing Nature of the Workplace: A diverse organisation will out-think and out-perform a homogeneous organisation every single time. A. Lafley, CEO Procter Gamble Global competition presents a case for Global co-operation. Today, more than ever before, employees find themselves rubbing shoulders with someone from a different culture, race and society on an everyday basis. HR departments in these multinationals have to recruit, develop and retain people who have vastly different backgrounds. This has resulted in new skills to succeed such as sensitivity and other relational aspects. This is termed as cultural intelligence. Cultural intelligence is defined as the capability to adapt effectively across different national, organizational and professional cultures (Earley, Ang and Tan, 2005). Today employees across industries are given job roles globally, taking them around the world. In this new environment employees from home country as well as the expatriate have to learn how to work with each other given that they not only think and communicate differently but also execute differently. The Human Resource Departments need to develop their cultural intelligence to manage this diversity in their companies. The departments have to allow for newer challenges in the face of international employee deployment such as Managing international assignments Employee and family adjustment Selecting the right person for a foreign assignment Culture, communication and gauge Language and communication Staffing Function in an International Organization: Staffing in an international organization goes beyond simply forecasting requirements and selection of the right candidates to fit a job description. It is also a tool to develop and promote the organizations own value system and culture. In an international scenario the following models could be deployed: An Ethnocentric staffing policy A Polycentric staffing policy or a Geocentric staffing policy ETHNOCENTRIC STAFFING POLICY: In this policy, top management positions filled by parent-country nationals. It is actually the best suited to international organizations. Advantages: If the host nation does not have qualified managers, the vacancies can easily be filled The culture of the HQ is easy to spread. Easy transfer of key skills and operating procedures Disadvantages: May result in bitterness in host country Deterrent to cultural diversity POLYCENTRIC STAFFING POLICY When this policy is deployed Host-country nationals manage subsidiaries and parent company nationals hold key headquarter positions. Multi-domestic organizations can benefit from this Advantages: Help rich cultural diversity Implementation is cost effective Easy transfer of key skills and operating procedures Disadvantages: Limits chances of host country employees getting exposure outside their own nation Possibility of gap in mission, values and work culture between HQ and host country operations GEOCENTRIC STAFFING POLICY This policy seeks best people, regardless of nationality. Transnational organizations and Global entities can benefit from this Advantages: Optimum deployment of optimum resources Employees get exposure to different cultures Creates a centralized value system Disadvantages: Local immigration policies may inhibit 100% deployment Higher costs associated with training and relocation May require complex Compensation structures to succeed. The Expatriate Dichotomy: Further when a citizen of one country works in another country, HRM needs to take care of a myriad of issues without which there is a strong chance of failure and a premature return of the employee to his home country The costs associated with failure are not low and are generally estimated at three times the expats annual salary in addition to the costs associated with relocation The issues that can crop up when expats are deployed: Immediate family may not adjust to a new environment The employee may not adjust Other personal issues Culture shock May not be able to cope up with bigger responsibilities Based on how complex the business is and strength of the HR function, it is important to deploy the ideal staffing policy. Recruitment and Selection: International Labour Market Sources Parent Country Nations (PCNs) PCNs are managers who are citizens of the Country where the MNC is headquartered. The reasons for using PCNs include The desire to provide the companys more promising managers with international experience The need to maintain and facilitate organisational coordination and control The unavailability of managerial talent in the host country The companys view of the foreign operation as short lived The host countrys multi-racial population The belief that a parent country manager is the best person for the job. Host Country Nationals (HCNs) HCNs are local managers hired by MNCS The reasons for using HCNs Familiar with the culture, language Less expensive, know the way things done, rules of local market Hiring them is good public relation Third Country Nationals (TCNs) TCNs are managers who are citizens of countries other than the one in which the MNC is headquartered or the one in which it is assigned to work by the MNC. The reason for using TCNs These people have the necessary expertise They were judged to be the best ones for the job. Selection procedure of Expatriates Use of selection test Technical Ability Cross cultural requirements Following traits are identified s predictors of expatriate success Cultural empathy Adaptability Diplomacy Language ability Positive attitude Emotional stability and maturity Family requirements Multinational requirements Management philosophy or approach The mode of operation involved The duration of assignment The amount of knowledge transfer inherent in the expatriates job in foreign operation Language skills Expatriate Success factors Willing and motivated to go overseas Technically able to do the job Adaptable Good interpersonal skills and be able to form relationship Good communication ability Supportive families Adaptability to cultural change Work experience with cultures other than ones own Previous overseas travel Knowledge of foreign language Ability to integrate with different people, cultures, and type of business organisation The ability to sense developments in the host country and accurately evaluate them The ability to solve problems within different frameworks an from different perspectives Sensitivity to subtle differences of culture, politics, religion and ethics in addition to individual differences Flexibility in managing operations on a continuous basis, despite of lack of assistance and gaps in information Globalized HRM role Two major types of adjustments that an expatriate must make when going on an overseas assignment. Anticipatory adjustment Carried on before he leaves for the assignment It is influenced by following factors predeparture training pervious experience In-country adjustment Takes place on site It is influenced by following factors Ability to maintain a positive outlook in high pressure Jobs as reflected by the role he plays in managing, authority he has to make decisions, newness of work-related challenges and the amount of role conflicts Organisation culture Non work factors toughness with he faces new cultural experience, family adjustment with new country Socialisation factor to know what is what and who is who Expatriate Training and Development Need for Training to Expatriate Cost of expatriate failure is very high To build a team of internationally oriented, committed and competent personnel Minimize personal problems such as politeness, punctuality, tactfulness, orderliness, sensitivity, reliability, tolerance and empathy Improve overall management style Pre-departure Training- Emphasises on cultural awareness and business customs of the country of posting to cope with unexpected events in a new country. Post-departure Training helps in minimising culture shock and depression that usually sets in a new country and culture. Cultural Integrator An individual who is responsible for ensuring that the operations and systems are in accordance with the local culture. He advises guides and recommends action needed to ensure this synchronisation. Even though expatriate are trained before being sent abroad, they are still not totally prepared to deal with the day-to-day cultural challenges because they lack field experience. He is responsible for handling problems between the subsidiary and host cultures. He may be from parent country or host country who has intimate knowledge of the companys culture and can view operations from both sides. He can only advice ore recommend a course of action. Management philosophy and training Ethnocentric companies will provide all training at the HQ. Polycentric companies will rely on local managers to assume responsibilities for seeing that the training function is carried our wherever appropriate. Geocentric companies organise training courses in different parts of the world, where a particular function is best carried out. Regiocentric companies organise training courses in different countries of the region. Cultural Awareness Training There are five types of pre-departure training Area studies that include environmental briefing and cultural orientation Cultural assimilators Language training Sensitivity training and Field experience To decide the rigour and level of training, following factors are important degree of interaction required in the host culture similarities between home and host cultures If interaction is low and similarities are high, then training should be on task and job related issues rather than culture related issues. If interaction is high and similarities are low, then training should be on cross cultural skill development as well as task. Preliminary visits average duration will be about one week A well planned overseas trip for candidate and spouse provides a preview to access their suitability for job, introduction to host country management, accommodation required, and schooling facilities available. Language training Types of cross cultural training Environment briefing about geography, climate, housing and schools Cultural orientation to familiarise with cultural institutions and value system of host country Cultural assimilators to provide intercultural encounters Language training Sensitivity training to develop attitudinal flexibility Field experience to make expatriate familiarise with the challenges of assignment Cultural Assimilators It is a programmed learning technique that is designed to expose members of one culture to some of the basic concepts, attitudes, role perceptions, customs and values of another culture. These assimilators are developed for one culture where the candidate is currently working and the other culture is where he is proposed to be posted. Type of assimilators The trainee read a short episode of cultural encounter and choose an interpretation of has happened and why. Critical incidents: to be identified as a critical incident, a situation must meet at least of the following conditions: An expatriate and a host interact in the situation The situation is puzzling or likely to be misinterpreted by the expatriate The situation can be accurately interpreted if sufficient knowledge about the culture is available The situation is relevant to the expatriates task or mission requirements Compensation Management Factors Influencing Compensation Programmes Compensation decisions are strategic decisions and play a key role It should be consistent with overall strategy, structure and business needs of MNC It must attract and retain the best staff It must facilitate the transfer of international employees in a cost effective manner. It should give due consideration to equity and ease at administration. It requires the knowledge of employment and taxation laws, customs, cost of living index, environment and employment practices, the knowledge of labour markets and industry norms, foreign currency fluctuations. Paying Expatriates: unique problems Discrepancies in pay between PCN, HCN and TCN The need to vary expatriate compensation depending on the life cycle of the expatriates family Compensation issues related to re-entry into the parent country organisation Approaches to Expatriates Compensation Going Rate Approach Base salary remains linked to the salary structure of the host country. Required information is obtained through compensation surveys and published information. This approach is favoured by polycentric organisation Advantage Equality with local nationals and expatriates of different nationals Simple approach Attract the nationals of PCN and TCN if location is a high-pay country Disadvantage Transfer from a developed country to a developing country Fighting for getting favourable posting and resisting low pay country postings Problems when the expatriates repatriated to the home country An export or import or franchising arrangement Company appoints an export manager who reports to chief of marketing and all operations concerning export and imports are controlled by the home office Balance Sheet Approach It links the salary of expatriates and TCNs to home country salary structure. Assumption Foreign assignees should not suffer financially due to transfer Salary package is divided into goods and services, housing, income taxes and reserve. Cultural Impact and Compensation Policy National cultural difference High power-distance the compensation system should reflect hierarchical divisions in the firm. Low power-distance the salary system should be more egalitarian and performance based. Individual cultures rewards should be given on an individual basis. Collectivist cultures they should be team based. Culture with high masculinity compensation policy focus on social benefits, quality of work life and equity. Culture with high uncertainty avoidance structured and consistent pay plans are preferred with no variable plans and discretionary allocation. Culture with low uncertainty avoidance pay should be linked to performance. Performance Management in International Organisations Performance Management and its link with other HR Processes Reward Management Human Resource Planning Training and Development Process Relationship with strategy Multinational Performance Management Whole vs part Non-comparable data Volatility of the international environment Separation by time and distance HQ-subsidiary interdependence Ethical and legal issues Market Maturity Performance Management of expatriates decisions and play a key role Setting clear goals for each unit, each department and each employee Goals must be mutually supportive and balanced for long and short term needs. Setting standard and measurement criteria for evaluating each type of goal Formal monitoring and review of progress towards these objectives Using the outcomes of the review process to reinforce desired employee behaviour through differential rewards and identifying training and development needs. Variables that Influence Performance of Expatriate Compensation Package Nature of Assignment Role Clarity Psychological Contract HQs support Environment of the Host Country Cultural Adjustment Critical Success Factors Recommendations: The Impact of Diversity and the Changing Nature of the Workplace on Human Resource Functions in Work Organizations: Given the era of Globalization, managing diversity at the workplace has become a business issue for the HR Department and no longer simply a moral, social, or legal concern. The challenge is no more creating a diverse employee demographic, but empowering one that already exists due the natural global nature of the business. Despite all the hype around Diversity and the pros of having a multicultural workplace, organizations still tend to reflect: Soft implementation of highly expensive Diversity Management Programs A poor gender ratio when it comes to higher managerial positions Poor integration of disabled people into the employee base. Senior management teams not reflecting ethnic diversity. Some critical success factors to ensuring that diversity is leveraged well by organizations include: A) Clear organization wide understanding of the business case for Diversity. The HR department along with the senior management and the line managers need to be clear about the need to be diverse and embrace new cultures and ethnic backgrounds into their folds. Going beyond corporate trainings and having blurred notions of how multi-cultural employee base would help the organization to gain competitive edge over local competition in remote markets, all levels of the organization need to clearly articulate how a diverse human resource base would help reach the organization goal and hence their own individual goals. Further they understand that a multi-cultural workforce can improve their organizations adaptiveness and change readiness. This would clearly improve the culture within the organization to recruit, develop and retain the best staff. B) Assessment of Current Situation. HR departments that are particularly successful at managing diversity routinely spend time, money and effort in gauging the ever changing composition of the workforce given geographical expansions, attrition and new recruits. They routinely assess not just numbers associated with the above dynamics but also behaviours, and culture associated with these changes. Eg. Eastman Kodak created a specialist external diversity panel to conduct an outsider review of the current situation. The Management of Eastman Kodak assessed recruitment policies to address cultural imbalances and even cultural blocks to retaining and developing a multi-demographic employee base. Without the above HR Departments would only end up paying lip service to managing diversity or spending huge amounts on expensive specialist corporate trainings on managing diversity without actually creating a basic inclusive work culture. Ergo, wasting time and effort on initiatives that are unsustainable in an environment where self assessment itself is not done. C) Managing Diversity is a top-down approach. Successful diversity management initiatives are ones that have high visibility of the senior management team. Eg. Back in mid 90ies, Lou Gerstner identified diversity as a key strategic initiative for IBM globally. He was a strong proponent of leveraging differences to address new markets. He established eight task forces representing various ethnic groups, allocating executive sponsors from his direct reporting team and insisting on specific measurable results within specified timelines personally reviewing progress on the results. Many HR departments have gone beyond simply including diversity management in their employee handbook and actually championed setting up panels and councils that include senior executives. Diversity management may require fundamental changes to the very culture of the organization and hence require stewardship by the senior executives. D) HR initiatives need to promote cultural harmony rather than address cultural imbalances. Initiatives from HR need to promote creating a multi-cultural environment. Simply having reservation seats and quotas and fancy cultural training and diversity training is not enough. HR Departments need to ensure that minorities have the same opportunities and such initiatives are an integral part of their day to day working rather than simply an extra curricular task! Ensuring objective appraisal systems, rewards and recognition and universal training and development opportunities is key to promoting an all encompassing holistic HR approach. E) Objective assessment of the Diversity management initiative and scientific assessment of programs are key. Many HR Departments have succeeded in developing measurable diversity management programs. E.g. the Hyatt Hotel Group the world over ties approximately 15% of the bonus potential to diversity goals. HR Departments that have been successful in managing diversity have translated it into a core competency used to assess the performance of management. F) Diversity Management principles are all encompassing and wholesome enough for everyone to participate. If the Diversity Management programs are only a bastion of the senior management, the entire exercise would be superficial and unsustainable. In order to result in successful recruitment, retention and development of employees in a globalized world, it is important that it is an inclusive program cascading throughout the organization. E.g. IBM created specific task forces but more importantly invited participation in the form of inputs to help these task forces in creating an inclusive culture. Managing diversity and the every changing workplace in the face of globalization is not the prerogative of the senior management alone but is to be implemented at the grass root level where managing diversity to retain and recruit top talent is a challenge in itself. These critical to success factors for managing diversity are not complicated models however they are tough to actually execute and require a motivated effort on the part of the Human Resources team and buy-in from the entire organization. Conclusion: Clearly Globalization has brought about a paradigm shift to International Trade providing it with a great boost. I feel, employees form perhaps the most critical resource base since they are

Career Plan Building Activity, Work Culture Essay

I am grateful surprise with the results of my Career Plan Building Activity; Work Culture Activity Based on my Work Culture Preferences results I am: Ethical Emphasis on fairness, promoting equal rights and justice, the chance to make a positive contribution to the society, emphasis and social and environmental responsibility. Expert Control your own work schedule and organization, high engagement-people encouraged to express opinions, innovative, creative atmosphere, and emphasis in specialist expertise Supportive Secure, stable environment defined job and expectations, no conflicting demands, focus on employee welfare, recognition and celebration of success, open communication, personal development support Work culture is the link that connects employees with organizations. A great work culture generates the foundation of its success, is the backbone of any organization. Work cultures are diverse between organizations, it is important to know how to communicate and maintain an effective communication channels. Companies differ in philosophy, culture and style, and could (Hanly, 2012) impact in how employees work with each other. â€Å"Workplace culture is derived both from the imposed organizational structure as well as from the personalities of individual employees. Workplace culture affects how people feel while at work† Understanding elements of the work place culture will help managers to create a comfortable workplace environment in which employees become more efficient and productive (Samantha Hanly, Demand Media, 2011) * What do your results tell you about how you communicate? Effective communication is critical in business; it could make the difference between success and failure. Most workplaces are the reflection of the employee’s personality and management style, is very important that management establish, distributing and reinforce the Business Values as: respect, customer satisfaction, safety and integrity, etc. Management needs to decide what is more important to the business and communicate to the employees; leading by example *What steps will you take to improve the quality of your message? †¢Identify the audience that I would like to communicate, considering job titles, background, ethnicity, culture. †¢Establish a well-defined communication channels †¢Analyze the message that I want to communicate †¢The message must be clear, direct, shortest possible, with a little sense of humor

Academic and Professional Skills Development Essay

There is a new world in the academic and the post academic the students must adapt themselves to. The world has become increasingly competitive and there is an exponential expansion of knowledge and information and this means that the students who will survive in this new world order are the ones who will adapt to keep up with this highly dynamic world. The way universities used to be has changed and they are now not only centres of disseminating knowledge, but also centres of promoting change (Soontiens, 2002). This change is not just intellectual change, it is all encompassing change that makes a complete makeover of the raw material it receives in the formative years and gives out a refined product that is well shaped to tackle the emerging issues in the world. Gone are the days when having a degree was something to be cerebrated by all and sundry. Nowadays, if you have just the undergraduate degree, you are just another first among equals and you do not have any competitive advantage over millions of others who have a first degree like you. This means that learning is a life long process and this world belongs to those who understand this fact (Verville, 1990). This is because the world is now being moved by knowledge and information, and these are two highly dynamic facets; how else do you acquire them apart form engaging seriously in lifelong learning (Soontiens, 2002). Even the world economies have changed from the conventional heavy economies to the modern knowledge based economies where knowledge and information and not machineries and physical labour are now the drivers of the economies. The most powerful thing right now in the world is information and knowledge and students must dedicate their lives to continuous process of learning to be able function in this highly knowledge driven world (Soontiens, 2002). Another important element that the universities are emphasizing today is critical thinking. Thinking is important but critical thinking is what differentiates a smart student or even worker from the rest (Soontiens, 2002). The more the world is changing, the more the problems are evolving and the solutions to these problems must be found for progress to take place. These problems cannot be solved by ordinary thinkers; they can only be solved by critical thinkers. This is another area that the universities are focusing on. They are out to churn graduates with acute problem solving skills by teaching them how to make critical analyses of life situations (Soontiens, 2002). For the students to be said that they have adequate problem solving skills, they must be able to use some habits of the mind and one of these habits is formation of perspectives; which involve the organization of arguments into parts and then separate the most important from the least important. It also involves separating opinions from facts and then the value of each is appreciated (Verville, 1990). This is the basis of critical thinking. Another habit of the mind that is involved in critical thinking is analysis. After forming perspectives, it is important to ponder on the arguments in a way that is reflective. This involves the use of logic and also knowing the limits of the analysis. The other critical habit of the mind that is involved in the process of critical thinking is imagination (Soontiens, 2002). This is the disposition to make an evolution of your view of an issue using contemporary and conventional patterns that will suffice now and in the future. A university that is not equipping its students with the aforementioned abilities is in a very wrong path. The workplace, just like the academic arena has changed significantly. Education alone cannot help one to fit in the contemporary work environment because of its highly social and flexible nature. Thus the universities are putting this into consideration by ensuring that they do not mould academic giants and social dwarfs who cannot fit in today’s workplace. They are churning out all round products that are readily prepared to face the challenging job market and the demanding workplace (Verville, 1990). That is why you see in the workplace today, people are not necessarily doing what they studied. Education students are working in banks, Law students are working as news reporters and so on. This means that one thing that the universities are teaching very well is flexibility: do not just follow one line, there are many things you can do there with your education. In the workplace, the workers must be able to work as a team and individually.   There are some more habits of the mind that can help them to fit well in the highly challenging, demanding and evolving workplace (Soontiens, 2002). One of these habits of the mind is empathy. Empathy involves sensing reasonable views, revering all views and honoring the one that is the most persuasive. The other habit of the mind is communication which is the ability to take the duty of explaining ideas in a clear, truthful and sober way that respects all those who are listening to them or seeing them being communicated.   The other habit of the mind that ought to be developed is that of commitment. This is the recognition of the necessity to act when there is an action worth attention and being patient to the situation one has stepped forward to respond to (James, 2003). The current generation takes the flak for the many ills that are happening in the society. The generation has been labeled as irresponsible, insensitive and morally corrupt and the universities are taking measures to ensure that all the raw materials they receive will be devoid of the aforementioned tags by the time they are being churned out as products. This means that apart from just giving the intellectual knowledge, they are also equipping the students with skills that will make them responsible members of the society who can be trusted to take over the leadership from the old conservative generation that is far beyond the benefit of the modern information and knowledge revolution. This means that there are programs that are teaching leadership skills, social welfare skills and may other skills that can make the students reliable members of the society (Verville, 1990). The habits of the mind that can help the students to become more responsible members of the society include, value which is the choice to apply a pattern of behavior that is intellectual and ignoring the patterns that are less productive. The other habit of the mind is inclination that includes the tendency to apply the aforementioned behavior without pressure or motivation (James, 2003). Sensitivity is another habit of the mind that will make the students to become more responsible members of the society because of its ability to perceive opportunities and threats and also emphasizes the appropriateness of applying behavior that is intellectual in pursuit of opportunities and in evasion of threats. Capability is a habit of the mind that will help the students in application of the basic intellectual skills that are central to behavior while commitment on this platform means the desire to reflect and improve the behavioral performance (James, 2003). In conclusion, university students in the contemporary world must adapt to the knowledge and information that is expanding markedly. They must be life long learners who think critically and are flexible to be able to fit in this highly dynamic world. They must be problem solvers who can work independently and in a team. The education system today, apart from teaching the basics of education is also teaching the students to become responsible citizens who are open minded and can communicate with people from allover the world.   This new approach by the universities is a step in the right direction and should become a global concept inherent in all the academic systems. As illustrated in the essay, this new mode of learning borrows heavily from Costa and Carrick the Habit of the mind and it puts a whole new psychological dispensation to the world of academia that will ensure the mind must change for the individual to embrace the change in the society.

Our Paper Today Will Be On Wells Fargo. Wells Fargo Is

Our paper today will be on Wells Fargo. Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees. In 2016, federal regulators caught Wells Fargo creating millions of fake bank and credit card accounts; over 1.5 million bank accounts were created. Furthermore, federal regulators also said that 565,443 credit cards were created, and 1400 of those accounts had been charged over 400,000 dollars in fees. Wells Fargo employees broke many ethical and legal boundaries and engaged in counterproductive work behavior. Counterproductive work behavior has a negative†¦show more content†¦This practice was so common that Wells Fargo employees had several methods for doing this. The first method is sand bagging. Sand Bagging involves failing to open accounts by customers at their requested date, instead accumulating accounts to open in the next sales period to inflate profits. Another practice was called Pinning which was creating pin numbers without customer’s authorization, and attaching them to credit cards. Then employees would impersonate customers on Wells Fargo’s computers and use these pin numbers to create online banking and bills for customers. Finally, a practice called bundling was done where Wells Fargo employees would mislead customers saying that certain banking products were only available in bundles which forced customers to add more products than they wanted. So, one wonders, how could this have happened? Why did high expectations of sales lead to unethical, a lmost criminal behaviour? This is tied to Goal Setting theory. Goal setting theory, created by Edwin Locke, states that employees are motivated by clear goals, and appropriate feedback. Individuals that were given clear, specific and difficult goals had greater performance than individuals given general and easy goals. However, research has shown that setting unattainable and challenging goals can lead to risky or even unethical behaviour. A study done byShow MoreRelatedWells Fargo And Organizational Culture Change1545 Words   |  7 PagesWells Fargo and Organizational Culture Change This report takes a look at the Fortune 1000 company Wells Fargo in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by William George Fargo (1818-81)Read MoreWells Fargo Financial Analysis Essay1139 Words   |  5 PagesIn March 1852 Henry Wells and William Fargo founded Wells, Fargo amp; Co. to serve the West. The new company offered banking (buying gold, and selling paper bank drafts as good as gold) - and express (rapid delivery of the gold and anything else valuable). Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputationRead MoreWells Fargo And Organizational Culture Change1503 Words   |  7 PagesWells Fargo and Organizational Culture Change Wells Fargo, a Fortune 1000 company faced allegations of fraud and unethical behavior. in respect to organizational culture. Every organization is impacted by the cultural environment within the organization as well as in a specific industry which can impact the efficiency and effectiveness of the organization. This report begins by identifying the organization, Wells Fargo, by giving a brief history of the organization that was â€Å"founded by WilliamRead MoreRacial Housing Inequality : The Great Migration1534 Words   |  7 Pagesreal estate association, which advised its members not to sell to â€Å"a colored man of means who was giving his children a college education.† North Lawndale, a poor Chicago neighborhood, is an extreme portrait of the trends that ail black Chicago even today. Such is the size of these ailments that we can say Blacks and Whites do not inhabit the same city. The average income of Chicago’s white neighborhoods is three times that of the black neighborhoods. Robert J. Sampson found one black neighborhood hadRead MoreAre American Companies Becoming Too Large For Fail?1303 Words   |  6 PagesAre american companies becoming too large to fail? In todays economy that is one question that is often asked. Throughout this paper companies will be examined and compared to their companies regulation in the attempt to answer this question. First the big four banks including J.P Morgan Chase and Co, Bank of America, Citigroup inc, and also Wells Fargo. After looking at the banks, the regulations, and oversight towards them will be examined.   The regulation and oversight are a few of the reasonsRead MoreAn Assignment On An Hr Pr ocess2515 Words   |  11 Pages1. An HR process has been revealed to be the source of inefficiency in onboarding new persons served in a Morning Star state. This process touches billing and payroll as well. Describe how you would address the issue in narrative form and provide a brief list of â€Å"do’s† and â€Å"don’ts† related to correcting this process problem. The first thing I would do is set up a meeting with the HR, billing and payroll specialists whose state is being affected by this inefficiency. The primary goal of thisRead MoreCross Cultural Management Research6745 Words   |  27 Pagesfactors such national cultures and subcultures, religious beliefs and traditions, labor laws, and local regulation. These are only a minute number of diversity issues a multinational corporation will face. This paper will highlight several multinational corporations such as Exxon, Wells Fargo, Citi, Bank of America and Hewlett Packard and how they have created strong international management plans to overcome the numerous hurdles involved in cross cultural management to become successful corporationsRead MoreMy First Years Of My Life915 Words   |  4 Pagestime. Little things like that taught me the value of hard work because asking people to buy my stuff I wanted had gotten old quickly. By the time I was fifteen, I was working for a family friend at their office firm in Southeast Atlanta just filling papers. I wasn’t paid hardly anything and the work would bore me to death, but I knew that it would pay off in the end. When payday came, I felt like I had won a million bucks. My mom just gave me a smirk and said, â€Å"Don’t spend it all in one place.† butRead MoreHow Technology Has Shaped The World Of Business We Know Today Essay1379 Words   |  6 PagesIntroduction Technology’s evolution has shaped the world of business we know today. It was absolutely necessary, just a few decades ago, to be present in a physical work place for one’s occupation; being if that occupation involved an office. Today, a company of two hundred people can be run from all remote locations. This is thanks to virtual teams, with the use of varying applications of course. According to Harvard Business Review, a â€Å"virtual team† is a team made up of members all in differentRead MoreHow Social Media Could Rule Banking And Insurance Essay1210 Words   |  5 Pagesnew customers i.e. advertising and to maintain their communication with the already available one. Let’s look into the similarities: 1. Accounts: Just like in case of banks, people nowadays have multiple social media account which people know just as well as they know their bank accounts or insurance policies. 2. Privacy: An avid user of Facebook, LinkedIn and Twitter or any other social media site would know how it feels when the accounts get deleted or hacked. Devastating. Isn’t it? Same goes with