Vodafone Marketing Strategy free essay sample

Vodafone UK gives NECTAR reward points for every ? 1 spent on calls, text messages, picture messages and ring tones. Promotion: Advertising on TV, on billboards, in magazines and in other media outlets reaches large audiences and spreads the brand image and the message very effectively. This is known as above the line promotion. Stores have special offers, promotions and point of sale posters to attract those inside the stores to buy. Vodafone’s stores, its products and its staff all project the brand image. Vodafone Products: Brand Image: David Beckham is more than a footballer. He is also regarded as a fashion icon, a caring family man and a nice guy: an overall image that attracted Vodafone to him. Beckham’s popularity with football fans comes largely from his England team captaincy. As a footballer, he is well regarded around the world. Other young men who might aspire to his success and style also tend to identify with him. We will write a custom essay sample on Vodafone Marketing Strategy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He appeals to many females because of his reputation as a fashion and lifestyle icon. He is also married to a female icon in her own right. Vodafone’s sponsorship of the Manchester United team appeals to a broad section of the global football/sports audience, whereas aspects of Beckham’s broader image have grown to appeal to a much wider section of society. That suits Vodafone, who needs to appeal to different segments of the market. Beckham’s healthy lifestyle allied to his talent suggests an energy and a controlled passion for life; an image that Vodafone would also like to project for itself. On a football field, Beckham is innovative, creative, exciting; characteristics that Vodafone aspires to. Beckham the family man comes across as caring and empathetic; Vodafone wants people to appreciate that it too understands and cares about what people want and need. Beckham is generally seen as dependable; Vodafone wants to communicate a similar image. The synergy is clear. The campaign Beckham is supporting the campaign to promote Vodafone live! in the UK and in other markets. The UK campaign shows Beckham doing everyday things: a happy, relaxed, competent shopper sending pictures and accepting a message to remember to buy eggs. At the same time he is also clearly demonstrating what Vodafone live! can do. The TV campaign has been a huge success. Many people have seen it and can recall the adverts. The campaign captured the imagination of the press, and many newspapers covered stories about Beckham’s sponsorship deal. Slogans such as ‘Send it like Beckham’ help to further promote the Vodafone message. Beckham’s image is also used on a variety of other customer communications including in-store posters, billboards, in the company’s magazines and catalogues and in leaflets mailed to customers. Market Research High profile campaigns are a gamble. The campaign’s impact has to justify the time, money and effort spent on it. The marketing team must evaluate the campaign’s success. Vodafone UK has asked people across different sectors of society about the campaign, and has analysed their responses. Individuals were asked what they could remember about the campaigns. This is known in the marketing industry as recall. Recall % Another exercise assessed the effectiveness of the poster depicting Beckham being reminded to buy some eggs. People in the survey are shown different Vodafone posters and asked to say which of them they recall in relation to Vodafone live! Clearly, the Beckham poster is far and away the one that is best recalled. Other data has been used to assess the success of the Beckham promotion. Findings from UK Brand Tracking data reveal that the TV campaign has increased awareness of Vodafone with above average efficiency as measured by the Awareness Index, primarily because of the Beckham scenes. People are able to recall and describe the advertisements without prompting. The Beckham campaign has also helped to support Vodafone’s drive for brand migration. Vodafone can help to fulfil its aim to grow successfully by acquiring local companies in markets that Vodafone would like to enter. A good example of this is Vodafone’s purchase of J-Phone in Japan. The initial strategy was to use a dual J-Phone Vodafone logo alongside the powerful image of Beckham to emphasise the relationship between the two companies. The final transition removed the J-Phone logo altogether to a sole focus on Vodafone (Vodafone KK). This strategy warmed J-Phone’s customers to the idea of a global brand replacing a local brand. David Beckham is a popular figure in Japan and helped to smooth the way for the substitution of the global brand in place of the local one. Vodafone India: Conclusion In a highly competitive market, David Beckham is the latest in a number of high profile celebrities and sports personalities that Vodafone has used to promote Vodafone live! Market research and increased sales indicate that using Beckham’s image has been highly effective. Sponsorship using stars involves a partnership between the star and the company, and success depends on both remaining high profile and in the public eye The Beckham campaign is seen in many countries worldwide and reinforces his own image as well as communicating Vodafone’s brand values. Beckham is something of a phenomenon whose star status shows no sign of waning. Vodafone believes that it has gained an important advantage in a highly competitive market place as a result of having such a high profile, admired star attached to its name and its product.

Hewlett-Packard Five Forces Analysis Essay Essays

Hewlett-Packard Five Forces Analysis Essay Essays Hewlett-Packard Five Forces Analysis Essay Paper Hewlett-Packard Five Forces Analysis Essay Paper Hewlett-Packard or HP as normally known is a taking planetary supplier of merchandises. engineerings. package. solutions. and services to single consumers. small-and-medium-sized concern and big endeavors. including clients in the authorities. wellness and instruction sectors as stated in their 2011 10-K Report. HP was founded in 1939 by William R. Hewlett and David Packard ; started its incorporation in California by 1947 and alter it to Delaware in May 1998. Their concern operations are organized in seven sections. but the undermentioned four are the 1s that generate HP’s greatest net incomes and have a considerable market portion: * The Personal System Group: concern and Consumer PCs. Mobile calculating devices and workstation * Servicess: consulting. outsourcing. and engineering services in substructure. applications. and concern procedure domains * The Imaging and Printing Group: inkjet. LaserJet and Commercial printing. printing providers * Enterprise Business: concern merchandises including storage and waiters. endeavor service. package and networking. The other three are besides HP’s concern sections. but they do non hold every bit much relevancy as the three mentioned above. These include: HP package. HP fiscal services. and Corporate Investments. Porter’s Five-Forces Analysis for HP â€Å"To position alteration in the market as an chance to turn ; to utilize our net incomes and our ability to develop and bring forth advanced merchandises. services and solutions that satisfy emerging client demands. HP’s Vision Statement† HP understands that Products Life Cycles are short. and for that ground they must develop new merchandises and services. and heighten their bing 1s to stay efficaciously competitory. They besides realize that their strategic direction is a competitory advantage to future success of the company. Although on a gross footing. HP is the largest company and among the leader in the four concern sections. they acknowledge the competitory environment in each of these sections coming from major corporations that have long-established places. and besides from a big figure of new and quickly growing houses. In order to hold a better apprehension of the company we shall get down by making a thorough analysis of the industry construction that drives competition and profitableness at HP. For this. we will utilize Porter’s Five Competitive Forces Analysis model to find HP’s restraints. growing. and other profitableness drivers that would do us understand more about the engineering industry. 1. Menace of New Entrants Since the engineering industry provides higher net incomes and returns ; it will ensue in pulling many new entrants due to the being of moderate low barriers in the industry. Most companies in the industry have already achieved economic systems of graduated table as a competitory advantage. Some of the factors that new entrants might confront in the industry would be: 1. 1 High Capital Requirement. Technology companies need high capital demands to research and develop new merchandises due to rapid and uninterrupted technological alteration. but these do non forestall competition from come ining the industry. However. in order to bring forth cost efficiencies in order to bring forth net incomes. outsourced fabrication is used and in some instances. third-party OEM’s. Within the imagination and printing section of the concern. there will be much more capital demands since a batch of the parts are more specific to the industry based on their R A ; D degrees and merchandise design. 1. 2 Product Differentiation. The manner HP designed their personal systems and pressmans are geared to be consistent and alone. They have adopted Apples ergonomic keyboard design which some Personal computer makers have non yet done and supply fashionable. customizable forms and designs alone to HP. such as those seen on the dorsum of an HP laptop. This alone consistence helps to retain loyal HP clients and to maintain them on HP merchandise. whether it is a personal computing machine. a pressman. or a camera. New entrants have a changeless demand for engineering betterment to catch the customers’ attending. HP announced recently its desire to come in the package industry. The company realizes that is viing with two large participants who have most of the market portion in the United states: Prophet and Microsoft. this will do it hard for HP to entree this specific industry. These two companies have placed their merchandises and trade name consciousness in the market and they are recognized worldwide. For case the high barrier to entry the market would do HP costs higher to develop a new merchandise and riskier to come in the market in a timely mode. Although HP has customers’ trueness and trade name consciousness. a challenge for HP would be to do its trade name well-known in the really competitory and concentrated package industry. It would be hard for HP have clients dedicated to its trade name. There is presently a strong competition among the established companies that makes it more hard to new entrants to the market. 1. 3 Switch overing Costss. Within the endeavor concern section. there is a high degree of exchanging costs to the companies utilizing HP waiters and package. The decomposition and reintegration of new waiters and package will be expensive to the company utilizing it and puts a barrier on those trying to come in. Since most merchandises are standardize or compatible in the industry. if a new entrant decides to do peripherals entirely for its merchandise line. so consumers’ pockets will endure the downside of it. 1. 4 Supply-side economic systems of graduated table HP ships 48 million Personal computer units yearly and is able to be cost effectual in making custom Personal computer units to single clients every bit good as by supplying standard. low-price units in retail locations and by other distribution agencies. It would be hard for companies to be able to be as cost effectual as HP and still supply the same degree of assortment and customizability in the Personal Systems Group. Furthermore. one out of every three waiters shipped worldwide comes from HP. HP has a big economic system of scale built into endeavor concerns and they provide the substructure necessary for the concern to obtain and keep unafraid information via databases and cloud storage. In other words. they are integrated into other concerns and supply support for their systems including package and proficient support. doing it hard to acquire the endeavor concern to exchange information systems. 2. Menace of Substitute Merchandises The menace of replacement products/services is average. There is moderate low menace of replacement products/services in six out of seven concern sections. In the Personal Systems Group. the biggest menace to consumer Personal computers is the tablet and cell phones. More specifically. they are the biggest replacement for any portable electronic device. capable of making everything a notebook can make and more. The creative activity of the tablet and the usage of cell phones to look into electronic mail and entree the web are get downing to make state of affairss where notebooks are going less and less used since the information needed can be easy pulled up on a phone or tablet. HP has created tablets every bit good. but utilizing their ain package that is 5 or more old ages behind those who presently dominate the tablet market. What makes Apple and Google tablets more resourceful is that even after the fact the consumer will hold to pass clip acquiring used to a full touch screen show and other boring exchanging ordeals. is the simpleness behind the usage of applications by which the consumer can form specific tools of their day-to-day life behind a thin piece of glass and metal. Even though there are significantly low menaces in the other concern sections. the overall menace should be considered medium because the creative activity of the tablet being used on popular and specific package can drive the other sections down when concerns look to utilize package and potentially even hardware for their concern public-service corporations. 3. Dickering Power of Customers – Work In Progress Product Differentiation should be a competitory advantage for HP. since this will impact chiefly the bargaining power of purchasers. HP is one of a smattering of technological companies with an extended portfolio of concerns crossing Personal Computing to Imaging and Printing and Technology Solutions/Software which makes their client base. both current and future. really big. Unlike many of HP’s rivals. HP must apportion resources across their portfolio while viing with companies that specialize in one or more of the same merchandise lines ensuing in less investing in certain sections than rivals. The subsequent consequence of decreasing investings in certain sections is the lowering of monetary values of many merchandises and services to remain competitory particularly in the personal computer science section. Because there are so many participants in the personal computer science sphere whom are all competing for larger parts of market portion. they are willing to cut down their gross borders and cut costs which increase the competitory monetary value force per unit area. For many personal computer science companies. cutting cost is easy due to the fact that they chiefly are focused on cost effectivity. while HP focuses on invention. With a focal point on invention there comes research and development and its related costs. HP spends a proportionally greater sum on research and development ( $ 3. 2 billion in 2011 ) than some of its rivals. therefore increasing its cost construction. which consequences in unfavourable monetary value points for clients. The effect is a client base willing to buy from a rival. Because of the broad array of rivals using. more or less. the same package. it becomes a Numberss game and consumers tend to be highly monetary value medium. 4. Dickering Power of Suppliers- Work in Process HP depends on third-party providers for constituents. merchandises and services. The company’s ability to function its client at a competitory monetary value depends on its suppliers’ ability to present sufficient measures of quality constituents. merchandises and services at sensible monetary values in clip to run into agendas. The company’s broad assortment of systems. merchandises and services require it to beginning from the big figure of providers and contract makers that are dispersed across the Earth. and the long lead times that are required to fabricate. assemble and present certain constituents and merchandises. There could be other provider jobs that the company may confront including component deficits. extra supply. hazards related to the footings of contracts with providers. hazards associated with contingent workers. and hazards related to its relationships with individual beginning providers. An illustration of a provider with strong bargaining power would be Intel. HP would be in a really hard place since most PC’s proprietors prefer Intel trade name as their chief processor. This would set HP in a weak place and this is the chief ground why others in the concern have their ruin by non holding a weak power of bargaining among providers like Intel. For case. replacing a individual beginning provider may detain production of some merchandises as replacing providers ab initio may be capable to capacity restraints or other end product restrictions. For some constituents. such as customized constituents and some of the processors that HP obtains from Intel. alternate beginnings may non be or those alternate beginnings may be unable to bring forth the measures of those constituents necessary to fulfill the company’s production demands. In add-on. the company sometimes purchases constituents from individual beginning providers under short-run understandings that contain favourable pricing and other footings. but that may be one-sidedly modified or terminated by the provider with limited notice and with small or no punishment. Dependence on third-party providers exposes the company to put on the line associated with its ability to pull off providers decently. The company’s inability to pull off providers decently may impact its operating public presentation and trade name value. 5. Competitive Rivalry within an Industry The strength of competition in the engineering industry is great due to the great figure of participants in the market. HP competes on the footing of monetary value. quality. trade name. engineering. repute. distributions and scope of merchandise. HP challengers are well-known established companies that are really aggressive in all countries of their concern activities: * HP competes straight with Toshiba. Lenovo Group and Aver in the personal system group concern section. * In term of endeavor waiter and storage. IBM is the biggest rival. * Canon USA. Lexmark International. Xerox corporate. and Samsung are rivals in imaging and publishing countries. * In add-on. HP besides faced the competition from re-manufacturers such as Lexmark. HP merchandise life‘s rhythm are short. therefore it must stay competitory by developing new merchandises and services sporadically. HP‘s competitory advantages include its wide merchandise portfolio. its’ invention and research and de velopment capablenesss. its’ ability to cross-sell its’ portfolio of offerings and the handiness of broad-based distribution of merchandises from retail and commercial channels to direct gross revenues.

Questionnaire - Benefit GCC become Common currency Essay - 1

Questionnaire - Benefit GCC become Common currency - Essay Example The findings of the study reveal that majority of the participants were between 26 to 35 years 40 percent of the population). 21 percent of the population was between the ages 36 to 45 years, 19 percent were between the age group less than 25 years and 10 percent were between the age group 46 to 55 years and over 55 years. The qualification/ highest education of the participants was asked. The results show that most of respondents were university graduated 56 percent of them were bachelors, 12 percent PhD 15 percent were masters. However, the respondents with graduated high school were only 4 percent. Hence, it can be noted that the most of the participants were education and qualified degrees. The statistical findings reveal 75 percent of the participants were UAE national, whereas on 13 percent wee gulf national and 12 percent was non-Arab national. Hence, it can be noted that the majority of the respondents were UAE nationals. On the basis of the results obtained it can be majority of the respondents disagreed that he increase in the oil revenues will welcome the idea for GCC countries to have a common currency union (mean value 13). Moreover, it can be noted that the dispersion in the data was relatively low that indicates that the responses were more inclined towards disagreement of the idea. It is because the increase in the oil revenue will separately improve overall economic performance of the country due to which there is not a significant reason for the GCC countries to unite and establish common currency union. Furthermore, it was also investigated if the GCC countries are ready to establish separate currency the outcomes of the study highlights that the majority of the respondents disagreed and strongly disagreed to establish GCC currency union. However, the STD of 8.9 indicates that there has been a great dispersion in the data that means that the respondent’s opinion greatly

Philosophy--Aristotle Essay Example | Topics and Well Written Essays - 1000 words

Philosophy--Aristotle - Essay Example The simple answer to what human good is that its end is happiness. Happiness is, however, much more complicated, as Aristotle argues, â€Å"there are various views as to what happiness is.† (Book I, Chap. IV). This happiness should not be mistaken, as it is defined in contemporary usage as a relative state characterized by the amount of pleasure received from something or liking to something. Happiness and pleasure are not synonymous terms, though obtaining happiness will probably lead to pleasure. Happiness instead is what Aristotle characterized as â€Å"activity of the soul according to virtue.† (Book I, Chapter VII)1. Virtue, like happiness, should not be conceptualized in its contemporary vernacular, as pertaining to be highly moralistic. Aristotle’s definition of virtue in the Ethics is derived from the ancient Greek term â€Å"arà ªte† that holds the connotations of excellence or mastery. For example, the virtue of a knife is its ability to slice or the virtue of exercise is how well it improves one’s fitness. What are required to determine the virtue of any of these aforesaid objects are the ends these objects and actions hope to obtain. We exercise to improve our health, we want to improve our health to feel better, be more energetic or simply look more attractive to others, and the ends may continue to progress until some final aim, for example with exercise, to live better lives. Man too has a certain arà ªte or virtue, and since man is his or her own individualistic entity, their final ends may perhaps be different from other men and women. This is a major reason why the Ethics does not set out to determine what a person should or should not do. If man has excellence, then what constitutes that excellence and how is it obtained? There must be must some action or series of actions man can do and perform with excellence that separates

The Lottery and A Good Man Is Hard to Find Analysis

The Lottery and A Good Man Is Hard to Find Analysis Fiction/Short Story Essay In both of the short stories, The Lottery by Shirley Jackson and A Good Man Is Hard to Find by Flannery OConnor, both authors use characterization, character names, and symbolism to portray their characters values and beliefs and their strengths and weaknesses in a similar yet different matter. The characters names and symbols in each story support the theme of each story that they were created in. A Good Man is Hard to Find by Flannery OConnor seemed to use the more modern for the time the book was written and basic description of evil-good people who face the wrath of a disturbed man for no reason. The story was far more complex than just its description of evil, and was interesting in many ways, but not so much interesting in its depiction of the evil character. Overall, Id say the story supported traditional thoughts about what a disturbed character was, the Misfit, someone who was a criminal and who killed those who crossed him with little to no reason. The Misfit can be seen as more evil if one looks at the story more literally and to a deeper point, understanding the grandmother as his actual biological mother. However, this would mostly serve to support the nature of the disturbed characters that already exists. A person who would kill his own mother for any reason would likely fit into anyones classical definition of disturbed. The main disturbed characters in this sho rt story are: The Grandmother and the Misfit. The Grandmother is the manipulator in the story, she doesnt want to go to Florida because shes got relatives to see in Tennessee and seizing at every chance to change Baileys mind. (OConnor 567). To try and gets her way, she trying to scare her son with reports of a criminal on the loose and guilt trip him about taking his children there. This is said by the grandmother: Just you read it. I wouldnt take my children in any direction with a criminal like that aloose in it. I couldnt answer to my conscience if I did. (OConnor 567). With the Misfit, he was the mysterious criminal who had run into the family and killed them all as he assumed that they were in his way of escaping. His moment of zenith was him saying: I found out the crime dont matter. You can do one thing or you can do another, kill a man or take a tire off his car, because sooner or later youre going to forget what it was you done and just be punished for it (OConnor 578). Th e symbols in the story are the Misfits car, the dark forest, and the cloudless, sunless sky; each of these foreshadowed the events of death were to come. I didnt see The Lottery by Shirley Jackson as portraying a disturbed character, but more as disturbing ways in their society. While there were sinful deeds being done, it would be nearly impossible to pin them on any modern individuals in the story, and therefore is slightly different from the other story that we have read and discussed. However, the evil is presented as taking the lives of innocents, a common theme wherever evil is presented. The main characters in this story are: Tessie Hutchinson, Old Man Warner, Mr. Summers, Bill Hutchinson, and Mr. Harry Graves. Tessie was the unlucky one of the drawing and was stoned to death, she is a type of hypocrite in the story. That she is excited to participate in the lottery, but objects when her family name is called, it is now unfair. As shouted by Tessie to her husband: Tessie Hutchinson shouted to Mr. Summers. You didnt give him time enough to take any paper he wanted. I saw you. It wasnt fair! (Jackson 6) Mr. Warner was the oldest, and declare that this prevents the barbaric state from returning to the village. Mr. Graves helps with the lottery, as well as Mr. Summers assisting in the ritual. The symbols in this story are: The lottery as the main importance of the day as it is meant to be as a human sacrifice to the higher beings, the black box as to symbolize the choice as to who will die today, the stool could represent the holy trinity, and the stones as a way to generate a crowd to come and watch and/or participate. The Lottery had started as a way to sacrifice for a good growing season, but soon became a routine in their daily lives annually. Both of these stories have similar thematic connections within them to match up with the Southern Gothic genera, as defined as disturbed people doing disturbing things. Jackson and OConnor use central characters to show how men have the power to misrepresent reality into something the people accept into everyday life as a tradition in The Lottery said in the story they half listened to the directions, (Jackson 4) and in A Good Man Is Hard to Find the character, Misfit, does not remember why he was locked up, but killed the family to save them from sinning again in order to keep up his mind straight. Both stories were shocking in their grade of disturbing and callousness, and I agree with both authors representation of the nature of disturbing and the way people respond to it. In both of the short stories, The Lottery by Shirley Jackson and A Good Man Is Hard to Find by Flannery OConnor, both authors use characterization, character names, and symbolism to portray their characters values and beliefs and their strengths and weaknesses in a similar yet different matter. In this way they show that years apart from each other, the Southern Gothic genera will remain the same. As for the similarities between all the characters in both short stories, they will remain the same and have fatal endings. In A Good Man Is Hard to Find it is a more traditional evil represented throughout, while in The Lottery it represent an evil and disturbed society they live in. Citation Page Jackson, Shirley. The Lottery PDF in Canvas. 1948 OConnor, Flannery A Good Man Is Hard to Find. Written Communications II: Reading,  Writing, Researching, Citing. Edited by Spencer Richardson-Jones. W.W. Norton and  Company, 2014. Pp. 567-590 OConnor, Flannery. A good man is hard to find. New Canadian Library, 2015. Jackson, Shirley. The lottery and other stories. Macmillan, 2005. Lohafer, Susan. The short story. The Cambridge Companion to American Fiction After 1945 (2012): 68.

Compensation Management Essay

Compensation does not refer, however, to other kinds of eployee rewards such as recognition ceremonies and achievement parties. The ultimate objectives of compensation administration are: efficient maintenance of a productive  workforce,  equitable pay, and compliance with federal, state, and local regulations based on what companies can afford. The basic concept of compensation administration—compensation management—is rather simple: employees perform tasks for employers and so companies pay employees wages for the jobs they do. Consequently, compensation is an exchange or a transaction, from which both parties—employers and employees—benefit: both parties receive something for giving something. Compensation, however, involves much more than this simple transaction. From the employer’s perspective, compensation is an issue of both affordability and  employee motivation. Companies must consider what they can reasonably afford to pay their employees and the ramifications of their decisions: will they affect  employee turnover  and productivity? In addition, some employers and managers believe pay can influence employee work ethic and behaviour and hence link compensation to performance. Moreover social, economic, legal, and political forces also exert influence on compensation management, making it a complicated yet important part of managing a business. Compensation and Reward system plays vital role in a business organization. Since, among four Ms, i. e Men, Material, Machine and Money, Men has been most important factor, it is impossible to imagine a business process without Men. Advantages of Fair Compensation System: Therefore a fair compensation system is a must for every business organization. The fair compensation system will help in the following: 1. If an ideal compensation system is designed, it will have positive impact on the efficiency and results produced by workmen. 2. Such system will encourage the normal worker to perform better and achieve the standards fixed. 3. This system will encourage the process of job evaluation. It will also help in setting up an ideal job evaluation, which will have transparency, and the standards fixing would be more realistic and achievable. . Such a system would be well defined and uniform. It will be apply to all the levels of the organization as a general system. 5. The system would be simple and flexible so that every worker/recipient would be able to compute his own compensation receivable. 6. Such system would be easy to implement, so that it would not penalize the workers for the reasons beyond their control and would not result in exploitation of workers. 7. It will raise the morale, efficiency and cooperation among the workers. It, being just and fair would provide satisfaction to the workers. 8. Such system would help management in complying with the various labor acts. 9. Such system would also bring about amicable settlement of disputes between the workmen union and management. 10. The system would embody itself the principle of equal work equal wages. Encouragement for those who perform better and opportunities for those who wish to excel. Need for designing of compensation Policy: After going through the role and essentials of a sound compensation system, it becomes imperative that every business organization should be set up for itself a proper Compensation Policy. The Management of the organization must have well-designed Compensation Policy. The policy calls for deciding the criteria for promotions, up-gradations etc. It would also be necessary to fix up the standard expectations from each and every workmen/employee. The policy should determine the norms to be followed for Performance Appraisal or Job Evaluation. It should also chalk out the need for training, provisions for fringe benefits, welfare schemes etc. It must prescribe the manner in which such benefits would be extended and levels within the organization to which such benefits are extendable. The incentive schemes and its details, Pay package structure, Tax implications etc. are matters of concern while designing the compensation Policy. Importance of Compensation System: Money makes the mare go is the proverb. It holds good for all the factors participating in the business process expects its fair share of prosperity of the business. Compensation/ Reward System play a vital role in the business organization. And its importance can be very well ascertained as follows: 1. Sound Compensation/Reward System brings amicability and peace in the relationship of employer and employees. . The system brings out the best out of every employee in the organization. It aims at creating a healthy competition among them. And as such, encourages them to work hard and efficiently. 3. The system provides adequate opportunities to those who wish to perform better. The system provides growth and advancement opportunities to the deserving employees. 4. The system upholds the principle of equal wages. It provides transparency and parity too. 5. The perfect Compensation system provides platform for happy and satisfied workforce, this minimizes the labour turnover. The organization enjoys the stability. 6. The organization is able to retain the best talent by providing them adequate compensation thereby stopping them from switching over to another job. 7. The business organization can think of expansion and growth if it has the support of skillful, talented and happy workforce. 8. The sound Compensation system is hallmark of Organization’s success and prosperity. The success and stability of organization is measured with pay-package it provides to its employees. 9. Both employer and employees get benefited because of the sound Compensation System. 0. A sound Compensation System helps the organization keep pace with changing environment. It helps the organization to cope up with the wage levels in neighboring industries. 11. Sound Compensation System minimizes the complaints from the employees, provides them the congenial work environment to perform better and sets up for them the targets to be achieved. Definite targets help employees kn ow their role in the organization, which minimize wastage, and enhance overall efficiency. It also helps organization to reduce the cost of production and maximize profits The Compensation System Time RatePiece rate BonusProfit sharingIndirect Monetary Incentive Time Rate System: This system is divided into three categories. Time Rates Ordinary level High Wage LevelGraduated Time Rates Ordinary Level: It is calculated on time (daily, monthly, weekly etc. )The formula for calculation of salary is Rate per hour X Hours worked = Earnings (RPH X HW=E). High Wage Level: It is calculated on hourly basis put over time is not paid. The formula for calculation of salary is RPH X HW = E Graduate System: Payment: the basic is linked with dearness cost of living. The index of cost of living is varying and that is considered for calculating the remuneration. Formula: Basic Salary is Rs. 2,000/- and Cost of living Index (D. A) is 100% then, Rs 2000+100% of Rs 2000 as cost of living is added, thus total remuneration is Rs. 4000/-. It is after 6 months, cost of living index change 150%. Then basic salary + 150 % of basic salary si. e Rs 3,000/- will make it Rs, 5000. Piece Rate/ Payment Rate (Payment by Results) System of Piece Rate (Payment by Results) Straight Piece RatePiece ;amp; Time Combination Differential Piece Rate Taylor System Merrick System Gantt Task System Straight Piece Rate: Payment: Flat rate is applicable per unit, which is predetermined. The time spent is not considered. Formula: PPR X O = Earnings. Piece Rate and Time Rate Combinations: Payment: It is a dual rate system, designed to perfect inefficient workers. The worker is ensured to get the minimum payment. If the payment is calculated on the basis of piece rate guarantees and number of pieces fall below the minimum wages guaranteed, he is paid by time Rate. Differential Piece rate: Payment: In favour of piece rate system, minimum wages were assured. However, under this system, instead of combining time-rate and piece-rate, there are dual rates for different efficiency level. The purpose behind keeping high piece rate for higher efficiency is as the level of production increases, the cost per unit falls. Bonus: Bonus is given by the company to their employees as a reward. It is been fixed by the government i. e 8. 33%. Bonus encourages the employees to work hard. It is a motivating factor for the employees to improve their efficiency. Profit Sharing: Profit Sharing is the most motivating factor. When the company makes profit it gives some kind of share to their employees as an Annual increment. This helps to motive employees to work hard and get more increment. Indirect Monetary Incentive: Indirect Monetary Incentives like traveling allowance, HRA, Dearness allowance, medical facility etc. are very motivating for the employees. Elements or ingredients of a good wage plan: Before we discuss these two plans, it would be fruitful to know the ingredients of a good wage plan. These are:- 1. It should be easily understandable i. e all the employees should easily understand what they are to get for their work. They should be instructed in how the wage plan works. 2. It should be capable of easy computation i. e. it should be sufficiently simple to permit quick calculation. Mathematical tables may be supplied, by reference to which calculations can be quickly made. 3. It should be capable of effectively motivating the employees, i. e it should provide an incentive for work. If both the quality and quantity of work are to be stressed at the same time, a plan should be selected that will not unduly influence the worker to work too fast or to become careless about quality. . It should provide for remuneration to employees as soon as possible after the effort has been made. Daily or weekly payment of wage would be preferable to induce employees to work. 5. It should be relatively stable rather than frequently varying so that employees are assured of a stable amount of money. Reasons or factors affecting wage differentials: Wages differ in different employments or occupations, industries and loc alities, and also between persons in the same employment or grade. One therefore comes across such terms as occupational wage differentials. Wage differentials have been classified into three categories: First, the differentials that can be attributed to imperfections in the employment markets, such as the limited knowledge of workers in regard to alternative job opportunities available elsewhere, obstacles to geographical, occupational or inter-firm mobility of workers, or time lags in the adjustments of resource distribution and changes in the scope and structure of economic activities. Examples of such wage differentials are inter-industry; inter firm and geographical or inter-area wage differentials. Second, the wage differentials which originate in social values and prejudices and which are deeper and more persistent than economic factors. Wage differentials by sex, age, status or ethnic origin belong to this category. Third, occupational wage differentials, which would exist even if employment markets were perfect and social prejudices, were absent. Wage differential arises because of the following factors:- a. Difference in the efficiency of the labour, which may be due to inborn quality, education and conditions under which work may be done. . The existence of non-competing group due to difficulties in the way of the mobility of labour from low paid to high paid employments. c. Difference in the agreeableness or social esteem of employment. d. Differences in the nature of employment and occupations. Norms for Fixation of Wages in Industry: 1. While computing the minimum wages, the standard working class family should be considered as consisting of four consumption units and t he earnings of women, children and adolescents should be excluded. . The minimum food requirements should be determined on the grounds of a net intake of 2700 calories as laid down by Akroyd for a normal adult in India. 3. Clothing needs should be established on the basis of a per capita consumption of 16. 62 meters per year. 4. As regards housing, the minimum wages should be determined from the standpoint of the rent corresponding to the minimum area specified under the government Industrial Housing Scheme. 5. Miscellaneous expenditure on items such fuel, lighting etc. hould from 20 per cent of the total minimum wage. The resolution further prescribes that the authorities involved in the issue should justify any deviation from these norms. Retirement benefits related enactments in India: Employees’ Provident Fund Act The Act was passed with a view to making some provision for the future of the industrial worker after his retirement or for his dependents in case of his early death and inculcating the habit of saving among the workers. The object of the Act is to provide substantial security and timely monetary assistance to industrial employees and their families when they are in distress and or unable to meet family and social obligations and to protect them in old age, disablement, early death of the bread winner and in some other contingencies. The act provides for a scheme for the institution of Provident Fund for specified classes of employees. Accordingly, the Employees’ Provident Funds Scheme was framed under Section 5 of the Act, which came into force on 1st November, 1952. Main features of the Act The Act is applicable to factorize and other establishments engaged in specified industries classes of establishment, which have completed three years of their existence and employing 20 or more persons. The Act, however, does not apply to co-operative societies employing less than 50 persons and working without the aid of power. An establishment, which is not otherwise coverable under the Act, can be covered voluntarily with the mutual consent of the employer and the majority of the employees. Employees drawing a pay not exceeding Rs. 5000 per month (And now it is amended to Rs. 6500/- ecently) are eligible for membership of the fund. Every employee employed in or in connection with the fund from the date of joining the factory or establishment. The normal rate of contribution to the provident fund by the employees and the employers as prescribed in the Act is 10 percent of the pay of the employees. The term â€Å"wages† includes basic wage. Dearness allowance including cash value of food concession and retaining allowance, if any. Employees’ State Insurance Scheme The Employees’ State Insurance Scheme Act, 1948 is a pioneering measure in the field of social insurance in our country. This act came into force from 19th April, 1948. The Scheme under the Act aims at providing for certain cash benefits to employees in the case of sickness, maternity, employment injury and medical facilities in kind, and to make provisions for certain other matters in relations thereto. The term â€Å"employee† has wide connotation and would include within its scope functions of clerical, manual, technical and supervisory. Persons whose remuneration (excluding remuneration for overtime work) does not exceed Rs. 6500 a month are covered under the Act. The Act does not make any distinction between causal or temporary employees or between technical or non-technical employees. Employees employed directly by the principal employer and those employed by or through contractor. However, the definition of â€Å"employee† does not include any member of the Indian naval, military or air force. Compensation Structure and its components: One of the most vital factors the motivation, retention and the morale amongst the employees is the compensation system, policies and review philosophies of any organization. While the bargain able employees generally have their unions to negotiate or review terms with the Management-which are governed by the Long Term Settlements- the terms of the managerial employees are mostly seen to be at the mercy or the goodwill of the organization, reviews of which may or may not be regular or timely, or often do not seem to meet the expectations or logic of such employees. Management Compensation therefore, now plays a very significant part along with the working style and environment, empowerment etc. in the organization’s success strategy. While individual organizations may have differences in their methodologies based on factors best suited their perceived needs, some general directions are evident, and are discussed below. 1. Salary, Basic Salary or Consolidated Salary continues to remain as the major component of compensation, though Salary Scales are often discarded these days, or used only as guides. Individual Salary is generally decided initially using the Scale, but thereafter performance, contribution to targets or results generated determine the revisions periodically, which may vary widely from individual to individual. Salary broad handling is therefore, getting recognition and acceptance. 2. Grade wise flat Allowance is being considered generally, except where tax exemption benefits are still available, when they continue as separate components. Allowances may be linked to the Salary as a percentage or by slabs, but preference is for flat amounts, which do not increase automatically, and therefore increase could be discretionary, and therefore controllable. 3. Reimbursements of expenses incurred on Company work has become limited, and in line to conform to the tax laws. Being actual in most cases, they are not considered as a part of the compensation, unless it is provided towards personal benefits. 4. Annual payments: Bonus or Commission, and Leave travel are common features some tax reliefs apply for the latter. 5. Benefits generally comprise of mostly unfurnished company owned or leased accommodation, use of company or leased vehicles, medical coverage, retrial benefits covering Provident Fund, Pension or Superannuation and Gratuity, post-retrial medical assistance, easy loan schemes at low or zero interest rates for house building, cars or vehicles, furniture or utility items etc. enting employees owned housing, club entrance free reimbursement etc. Minor benefits could be provision of security, driver or gardening assistance, else of products or assets at a concessional rate, relocation and transfer expenses including admission etc. fees for children, credit card fees, phones etc. 6. Employee stock option schemes which has been popular in IT in dustry-,is not extensively used yet, not being tax advantageous to other industries, nor seen as being very attractive with lesser growth trends for their share values especially in the well-established older companies. 7. Most companies, as against earlier visible costs, use the â€Å"Total cost to the Company† concept as basis. Cost of the most benefits are averaged or computed on actual basis, and within the system of the overall cost, but with greater compliance to tax laws, this basket concept is on the wane. 8. Retiral benefits: Some in recognition of the past contribution of pensioners, and to partly offset the inflation post retirement practices periodic improvement in pensions, or a guaranteed grade minimum pension. 9. Performance Bonus that does not increase future liability is being given more as recognition of results generated. It requires transparent, balanced and fair systems and benchmarks, and also agrees targets by the managers in advance during planning and review discussions. 10. From the earlier grade oriented compensation system within reasonable boundaries, compensation often has to be somewhat tailor made for specialist or key contributors to retain them in the very volatile job market. 11. Compensation review periods have become annual generally and sometimes oftener, as compared to every three to five years earlier, in the fast changing market situation. Conclusion To summarize, the need to regularly carry out detailed compensation reviews both within and out of the organisation with full support and commitment from the top is essential. Openness and transparency are important to the managers in the very sensitive and personal issues of management i. e. remuneration, and therefore policies and practices should match. The remuneration and the system have to be fair and dynamic Dealing with human feelings still remains a competitively attractive feature.

Problems Facing India Today – Overpopulation, Illiteracy, Corruption

India is one of the poorest countries in the world. The poverty in India isn't just psycological poverty. The poverty in India isn't just emotional poverty. The poverty in India isn't just social poverty. The poverty in India isn't just religious and cultural poverty. The poverty in India is an absolute poverty. The poverty in India involves poverty in every aspect of life. We all knew India is a very poor country although not so many of us knew how extreme the poverty level was in India. Now it is very clear how extreme poverty is in India. Now it is very clear how poor some Indians are. Now it is very clear how people continue to die from absolute poverty and hunger in India despite numerous efforts to help fight poverty in the world. A new multidimensional poverty Index shows that India is far poorer than Africa in both intensity and in number. The Multidimensional Poverty Index developed by Oxford University (which will appear in the upcoming UNDP human development report) shows that India is far poorer than Africa not just in number but also in intensity. The new poverty measure shows that 8 states out of the 29 states in India have more poor people than 26 poorest African countries combined. The Multidimensional poverty index views poverty from several different angles instead of just GDP figures. India like any other developing country is crippled by so many problems. For example, India's population growth rate is increasing by the day putting pressure on the limited resources and leaving many Indians in absolute poverty. India is very poor in terms of education, in terms of economic improvement, infrastructure, heath care, etc. Here are some of the problems facing India today. In today's India, there is nothing but: 1. HIGH INFLATION RATES. Fueled by rising wages, property prices and food prices inflation in India is an increasing problem. Inflation is currently between 6-7%. A record 98% of Indian firms report operating close to full capacity (2)With economic growth of 9. 2% per anum inflationary pressures are likely to increase, especially with supply side constraints such as infrastructure. The wholesale-price index (WPI), rose to an annual 6. 6% in January 2007 (1) 2. POOR GIRL CHILD EDUCATION Although India has benefited from a high % of English speakers. (important for call centre industry) there is still high levels of illiteracy amongst the population. It is worse in rural areas and amongst women. Over 50% of Indian women are illiterates 3. POOR INFRASTRUCTURE Many Indians lack basic amenities lack access to running water. Indian public services are creaking under the strain of bureaucracy and inefficiency. Over 40% of Indian fruit rots before it reaches the market; this is one example of the supply constraints and inefficiency’s facing the Indian economy. 4. BALANCE OF PAYMENT DETERIORATION Although India has built up large amounts of foreign currency reserves the current account deficit has deteriorate in recent months. This deterioration is a result of the overheating of the economy. Aggregate Supply cannot meet Aggregate demand so consumers are sucking in imports. Excluding workers remittances India’s current account deficit is approaching 5% of GDP . HIGH LEVELS OF DEBTS Buoyed by a property boom the amount of lending in India has grown by 30% in the past year. However there are concerns about the risk of such loans. If they are dependent on rising property prices it could be problematic. Furthermore if inflation increases further it may force the RBI to increase interest rates. If interest rates rise substantially it will leave those indebted facing rising interest p ayments and potentially reducing consumer spending in the future 6. INEQUALITY HAS RISEN It is hoped that economic growth would help drag the Indian poor above the poverty line. However so far economic growth has been highly uneven benefiting the skilled and wealthy disproportionately. Many of India’s rural poor are yet to receive any tangible benefit from the India’s economic growth. More than 78 million homes do not have electricity. 33% (268million) of the population live on less than $1 per day. Furthermore with the spread of television in Indian villages the poor are increasingly aware of the disparity between rich and poor. . LARGE BUDGET DEFICIT. India has one of the largest budget deficits in the developing world. Excluding subsidies it amounts to nearly 8% of GDP. Although it is fallen a little in the past year. It still allows little scope for increasing investment in public services like health and education. 8. RIGID LABOR LAWS As an example Firms employing more than 100 people cannot fire workers without government permission. The effect of thi s is to discourage firms from expanding to over 100 people. It also discourages foreign investment. Trades Unions have an important political power base and governments often shy away from tackling potentially politically sensitive labor laws. These are just a few of the problems facing India today. Life in India is nothing but absolute poverty with little hope of survival in the near future. Good education is the key to economic improvement yet India is lacking this essential key in terms of education and hence in terms of economic improvement. what do you think? what are some of the problems facing India today? How can India overcome some of these problems? Who is responsible and who is to be blamed?