Impact Of Globalization On Economic And Political Growth

Global Business Environment Introduction This paper investigates the impact of globalisation on the economic and political growth. For several years the economic instability and high levels of income inequalities and poverty have hurt Brazil. Domestic market had positives impact on Brazil in order to stable the economy. How Has Politics Impacted Global Business in Brazil 2. Globalisation 2.1 Definition of globalisation Globalisation is the process of communication and mixing between governments, people and companies of different nations in term of increasing international of financial market also various market of goods and services. They focus on mainly forces that are backing the method of globalisation which they are the liberation of capital movements such as opening global market to trade, investment. Therefor this process has effect on environment, culture, and political systems OECD Handbook on Economy Globalisation Indicators, 2005). The design and level of internationalisation has changed over centuries, which the old authorities have declined and the new ones has arise with different equity and policy (Petrella, 1996: 63). Petrella did list some fundamental personalities of globalisation that he states that in globalisation through financial markets that there’s a revolution of consumption that shape cultural products with world consumer markets. †¢ Political: these measure the state of a country political incorporation for example theShow MoreRelatedImpact Of Trade Liberalization On African Countries Essay1627 Words   |  7 PagesThe scholarship examining the extent at which trade liberalization (henceforth refers to as economic globalization) impacts poverty levels is limited. This essay examines the relationships between economic globalization and poverty levels in African countries. For instance, a 2006 UNDP report illustrates that just 7.2 percent of Bayelsa and Rivers State (Nigeria) residents were poor in 1980, but in 2004, the poverty index figures rose exponentially to 44.3 percent; Nigeria’s national rural povertyRead MoreGlobalization And Globalization1050 Words   |  5 PagesInternational Political Science for Public Health Practitioners Seminar Course: 221.614.01 CLASS PAPER Topic Choice 18: â€Å"On balance, globalization expands rather than contracts opportunities for economic prosperity around the world.† Why do you agree or disagree with this statement? Please support your answer with appropriate examples. Globalization has impacted almost every part of the modern world; it can be characterized by economic, political, and cultural integration. Economic globalization refersRead MoreGlobalization : The World Of Politics And The Human Population1648 Words   |  7 PagesGlobalization influences many aspects of human life, it is a process of change, the process of collaboration and integration among the people and businesses of different nations, it is a process propelled by trade, investment and technology. The process of globalization has great purpose for bring people together and sharing ideas however, it has effects on the environment, culture, the economy, politics and the human population (Globalization 101). Globalization has effected the environment dueRead MoreGlobalization Is Not An Irreversible Process1502 Words   |  7 Pages Globalization has become a clichà © in everyday habit, the idea is not new. The initial trend of globalization took place between 187 0 and 1914. This was triggered by a combination of falling costs in transportation and a reduction in trade barriers, which opened up the possibility for a productive use of land .This wave of globalization ground to a halt in 1914. Despite unprecedented growth in the economy and the reduction in poverty, the impact of globalization on inequality withinRead MoreGlobalization and International Finance, Questions and Answer1533 Words   |  7 Pagescountry(ies), article, etc)? Please explain in detail your topic selection. Globalization is defined as moving towards a world in which barriers to cross-border trade and investment are declining; distance is shrinking due to new advance in transportation and telecommunications technology, material culture is starting to look similar the world over; national economies are merging into an interdependent, integrated global economic system (Hill). The word itself. â€Å"globalize†, appeared in the 1960s meaningRead MoreGlobalization And Its Impact On Pakistan s Economy978 Words   |  4 PagesSYNOPSIS Topic: Globalization and its impact on Pakistan’s economy Submitted to: Miss Ayesha Submitted by: Syeda Fatima Nadir Semester: 6 Major: Economics Introduction: Globalisation is the process of internationalRead MoreThe World Regional Geography Textbook1151 Words   |  5 PagesThe World Regional Geography textbook describes globalization as the growth of interregional and worldwide linkages and the changes these linkages are bringing about (pg. 30). Globalization has had a mainly positive impact on people around the world, however there have also been negative impacts, too. It affects the political, economic, social, and cultural aspects of the world positively and negatively. Politically, globalization started mostly because of colonization which also helped shapeRead MoreGlobalization Is Not A New Concept1414 Words   |  6 Pagesthe growing interdependence of an economy on the others is the growing norm of the world’s society. Why the countries are dependent on one another? Can’t they survive isolated from the rest of the world? The answer is laid upon the term Globalization. The globalization is not a new concept; it even existed even thousands of years ago. However, it became much popular in the nineteenth century most prevalently after the world war when the economies around the world tend to grow and develop outside itsRead MoreEssay on Globalization: Sharing Our Prosperity With the World1388 Words   |  6 Pages Globalization is the growing interdependence of the worlds people that involves the integration of economies, technologies, and cultures (Bradshaw). It is described as the increased movement of people, knowledge and ideas, and goods and money across national borders that have led to the increased interconnectedness among the world. Globalization is often thought of in economic terms but as we know there are three major components implicated with this idea including: economics, politics, andRead MoreGlobalization : A Short History1720 Words   |  7 Pagesworld today are seen less superior and most likely to keep peace and order rather than starting violence. In Jujen Osterhammel and Niels P. Petersson’s book Globalization: A Short History, they investigate what led to globalization. They discuss events in history starting from the 1800s to the cold war era and what events led to globalization. Osterhammel and Petersson describe every event in details that have led to the w orld we live in today. From there discussion, it is seen that Europe was a dominating

Wk2Assgn - 706 Words

Application Week 2- Daniel Johnson Walden University Children develop quickly at a young age. Young children under the age of six are capable of making thoughtful decisions about their behavior and environment (Epstein, 2003). They may even try to explain their behavior to others. In the case of Josh, a three year old boy that I will use for my observation and assessment project, social skills are still in the process of being developed and he hasnt begun to really start speaking at this point. After interviewing Joshs parents I was told that Josh says very few words and doesnt speak at all in sentences. He does, however, include himself socially with other children and plays easily with them. He understands English and Spanish. His†¦show more content†¦Observation Plan Joshs parents are concerned that Josh is developing slower than his peers in the social development category because of his lack of communication verbally. I explained to his parents that I will observe his behavior over a few week period in a social setting in the late morning at the child care center in the gym while the mother is working out. She says that this will be the best place to observe his behavior in a social setting because there are several other children there that are the same age as Josh. The mother states that Josh is alert most of the time. He wakes easily and can go to sleep easily or stay awake late if the need arises. The parents want to know if he is developing socially at the same rate as his peers or if they should be watching closer for any signs of special needs. The other concern that the parents mentioned was regarding Josh being observed. They wanted to make sure that this would be done without Josh realizing that I was observing him. I assured the parents that he would not know that he was being observed. I will be looking to see how Josh engages and interacts with other children in the child care room at the gym. I will see if he tries to speak while he is playing with them and if he shows any type of aggression or retraction from being around others. The parents state that Josh will throw things without any warning and for no apparent reason. I tried to ease their minds by

Renewable and Sustainable Accounting Theory and Current Issues

Question: Discuss about the case study Renewable and Sustainable for Accounting Theory and Current Issues. Answer: Nature and value to society Bio Sustainable Feeds, an Australian listed firm engaged in the bio- research activities on sustainable aqua- culture feeds. The firm is engaged in the research work since two decades based on the plant feed like canola, corn, soya-bean, sunflower and other similar feeds. The research process incurred approximate cost of AUD $360 million out of which around AUD $120 million was destructed because piscavorian fish which is of high value failed to develop. The research work in the year 2016 included the conversion of low value fish into high value fish at the rate of 10.0 kg into 1.0 kg, which involved the destruction of 1/3rd of the total fish and resulted in sixty percent of the final weights grown based on the fish feeds. Aquaculture provides an essential value to the society across the globe because most of the population survives on meat and fish based diets. With respect to protein, fibers, carbohydrates that are important component of nutrients and energy in the human diet, aquaculture feed for fish based feed and plant based feed are increasing enormously (Newsom and Hovanitz 2015). Australia is one of the fastest growing countries in aquaculture industry and Bio Sustainable Feeds (BSF) Ltd. is a developed firm involved in innovative solutions to support the agricultures that satisfies the basic needs of society. There has been major research and marketable development in the aquaculture industry for consumption of high quality food crops at affordable price. Aquaculture feeds involves agriculture and cultivation of sea fish and sea plants that contains high fibers and protein, which is a key ingredient, required for growth and maintenance of body (Martin, Maris and Simberloff 2016). Bio Sustainable Feeds (BSF) Ltd. is engaged in the bio- research of aquaculture feed based on plant and fish feeds that enhance the quality of food crops for human consumption. Food is the basic need of society with proper balanced nutrition and vitamins including fish or fish oil that consists of high protein and vitamin helps to develop the human growth in every perspective. In a country like Australia, a large population of the society survives on sea food that includes fish feed and sea plant feed along with other food crops. Plant feeds include crops like corn, soya bean, sunflower, canola while fish feeds include salmon, tuna, trout etc. are the essential food crops for the human society. Hence, it is important to have these crops available with high value and at lower costs so that all class of human society can afford to consume the same. BSF Ltd. have taken steps in this regard to convert low value fish feed into high value fish feed as well as pest controlled plant feed so that the society can consume the best quality food crops. Problems with the research Bio Sustainable Feeds (BSF) Ltd, Australian firm engaged in the research and development of aquaculture feeds on plant and fish based feeds since almost two decades investing AUD $360 million in the year 2016. However, the research was not hundred percent successful and consequently AUD $120 million exhausted because of the demolishment of high value fish. Apart from that, approximately 30% of the total weight of high value fish died in the process of research other than the 5% of death in low value fish. With the given information, the significant problem of the research reflected in diversion of quality in growing the food crops for human consumption. Such diversion was due to conversion of low value fish feeds into high value fish feeds that demolishes the quality and protein content of the fish. Another problem with the research was that the conversion of fish feed would incur huge costs for research and development process and accordingly, the crops would be available at high costs. Hence, it would be beneficial for rich society and not for the moderate or meager society and might put them at risk of undernourishment. Fish farming is a hectic procedure with regard to procedure of breeding the high value fish that contains protein, fiber and carbohydrates for serving the food crops for consumption of human society. Apart from that, sea plant farming is also considered to be critical and complex procedure with respect to the extraction of seeds, edible crops. Both the farming invol ves high cost of research and development to get a fruitful result (Jassim, Limoges and El-Cheikh 2016). Bio Sustainable Feeds (BSF) Ltd also faced the similar problems during its research process for the plant feeds and fish feeds. The initial cost of research included AUD $360 million which could not be utilized to the extent of AUD $120 million. Further, the firm expected to incur a cost of around AUD $200 million for the development process. Such high costs and complexities in the research and development process for aquaculture feed creates problem in accurate and effective result. Along with the high cost structure, the research on aquaculture is also time-consuming. BSF Ltd. is engaged in the research process since two decades that involves the conversion of low value fish into high value fish along with the plant based feed. Moreover, the research process also involves approval of Food and Drug Administration of the respective territory, which can also be time- consuming. Hence, the problem of research for BSF Ltd also incorporates the necessary legal approval from the authorities. The research process should be done by considering the safety measures of the sea breeds to maintain the quality of food crops for human consumption. Therefore, BSF Ltd. needs to consider these major problems with respect to the research process of various feeds of aquaculture. Nature and differences between Research Development Research and Development is a process of Business Corporation that involves investigative activities a company or firm conducts to enhance its existing goods and services or for incorporating new business. Research and development is a process of finding and implementing the concepts, processes and designs of the goods and services to operate the business (Shukla 2015). Differences between Research and development Research process involves investigation and discovery activities for new products and services and for existing products and services to develop with new features. On the other hand, development involves the process of implementing the research work to the products and services. Research is a phase associated with the discovery of the concepts of a product life cycle whereas, development is associated with entire process of planning, designing, creating, modifying and marketing of the new or existing products and services (Blevitt et al. 2016). Further, research is a process that includes exploring and study of the ideas, knowledge and concepts for various subject matter, products or services. Besides, development involves executing the findings of research work to produce the goods and services. Research process is the initial step to be followed by a business that is followed by development processes (Moses et al. 2015). Accounting of RD Australian Accounting Standards Board (AASB) 138 Intangible Assets regulates the accounting of Research and development costs. The standard states the costs included to record in books of accounts if the following elements are identified: The cost of materials and services used in the process of research Salaries, wages or commission or any other costs related to research work Depreciation charges of the equipment used Any other costs that is directly attributable to the research work. According to the AASB, any costs related to Research and development should be recognized in the books of accounts as expenditure incurred except the amount of deferment as incurred during the phase of research and development. Further, costs incurred during the period of research and development should be deferred to prospect years only if it produces future benefit. Such deferred costs are required to amortize over the future years of accounting in proportion to the use research process (Wagner 2015). In case of receipt of Government Grant for the purpose of research process to meet the costs which have been deferred, such amount received as government credit should be deducted from the carrying value. If the grant received with respect to the research and development expenses written off, the amount received should be credited in the profit and loss account (Hein et al. 2015). Following disclosures with respect to research and development should be made in the financial statement: Deferred amount of research and development costs at the end of the accounting period and The basis on which deferred costs of research and development have been amortized. Reasons of difference Many companies and entities are engaged in the process of research and development to take on new and uncertain projects either to start the business or to expand the same. Since the corporate infrastructure and other business elements in the entities or firms are large in number, it becomes difficult to differentiate research and development components. Differentiation between research and development process and costs reflects a clear picture of investigated and discovered resources, costs and outcomes. Further, according to International Financial Reporting Standard (IFRS) 38 capitalization of research cost is permissible but the cost of development is allowed to capitalize partially. It states that the development cost can be capitalized for the equipments or processes until the period they actually put into use. Hence, it is essential to categorize research and development for transparent and efficient recognition in the financial statements (Endraria 2015). Reason of engaging in RD Firms acquire competitive advantage to procure unique ways of operating business and producing goods, which requires good amount of investment in research and development. It provides the organization with Unique Selling Point (USP) and right to posses patents which is a legal protection to prevent the chances of producing duplicate products by other companies. Research and development investments also provide benefits for tax credits, new opportunities, and enhanced reputation (Komori 2015). Fair market value patent Patent is an intellectual property falls under the category of Intangible assets related to technology that many organization use. It is an intangible asset since it does not have physical essence and it provides long-term value to the owning firm. Valuation of patents is an important and critical activity for the management of the companies since it helps in taking strategic decisions for assets as well as commercialization of products. Therefore, patents should be valued and recognized at fair amount and in accordance with Australian Accounting Standards Board (AASB) 138 as well as International Financial Reporting Standard (IFRS) 38 Intangible Assets (Han and Sohn 2015). There are different methods of valuation of patents like cost-based method, income based method, market based method and option based method (Suh 2015). However, AASB 138 specifies that the patent should be recognized at the initial stage whether purchased or self- created if the following conditions are satisfied: It is apparent that the future economic profit attributable to the companys assets will flow into the company and The cost or value of asset can be measured accurately. If an intangible asset is with finite useful life, then the cost of patents is to be amortized over useful life with zero residual value. Additionally, the amortized period and method are subject to review at the end of each accounting year. Further, if the patent no longer provides the economic benefit or if it provides lower value, then it should be reviewed for impairment and accordingly carrying cost of the patent should be decreased (Mauck and Pruitt 2016). However, according to International Financial Reporting Standard (IFRS) 38, the recognition and measuring the value of patent is in accordance with the year of amortization period. The residual value of patents shall be presumed as zero and the amortizing amount of future years shall be determined at present value by using appropriate discounting rate. Along with that, the organization is required to review for any impairment from time to time. If there is any impairment loss is determined then the carrying amount should be decreased by the value of impairment loss. In order to determine the impairment of intangible asset the management is required to examine the internal as well as external indicators (Jun, Park and Jang 2015). In the given case study, Bio Sustainable Feeds (BSF) Ltd, the expected net market value of the patent is AUD $ 700 million if it is sold in 2 years or AUD $ 200 million each year having the useful life of 10 years. Expected net market value of the Patent Amortized period Discount rate Amortization Amount- year 1 Amortization Amount- year 2 Adjusted Amount in the accounting year $ 700 million 2 years 8% p.a. 350 324.1 350 $ 200 million per year for 10 years if produced and sold and adjust for two years 10 years 8% p.a. 200 185.2 385.2 Table 1: Valuation of Patent (Source: Created by author) If the patent is used for 10 years, the total expected market value would be AUD $2000 million but the amortization value is to be adjusted for two years. According to AASB 138, the initial cost of patent is measured only if it is probable that the future economic benefit will flow to the entity. Apart from that, BSF is engaged in research work for two decades so it would be appropriate for the firm to consider a patent having 10 years of useful life. Therefore, the fair market value of the patent would be AUD $2000 million with 10 years of useful life is AUD $1311 at discounting rate of 8%. Market value-Each year $ million Discounting factor 8% Present value $ million 200 0.926 185.200 200 0.857 171.400 200 0.794 158.800 200 0.735 147.000 200 0.681 136.200 200 0.630 126.000 200 0.540 108.000 200 0.500 100.000 200 0.463 92.600 200 0.429 85.800 Total 6.555 1311.000 Table 2: Fair value of Patent (Source: Created by author) Journal entries for the RD transactions from 2013 to 2016 Journal entries for the research and development transactions in the books of Bio Sustainable Feeds (BSF) Ltd from the accounting year 2013 to 2016 are as follows: Year Particulars $ AUD million Dr. Cr. 2013 Bank A/c Dr. 500.00 To Government Grant Received A/C 500.00 (Being government grant received from Commonwealth Scientific and Industrial Research Organization for research and development work in the year 2013) Year 1 Research Development cost Dr. 340.00 To Bank A/C 340.00 (Being the amount spend on research work during the year 2013 to 2016) Year 2 Research Development cost Dr. 160.00 To Bank A/C 160.00 (Being the amount spend on research work during the year 2013 to 2016) 2016 Research Development cost Dr. 360.00 To Bank A/C 360.00 (Being the amount spend on research work during the year 2016) 2016 Loss on Research Development Dr. 120.00 To Research Development A/C 120.00 (Being the amount of research work lapsed because a high value fish could not thrive during the research work) 2016 Equipment A/C Dr. 200.00 To Research Development A/C 200.00 (Being development cost for research work expected to incur has been capitalized) 2016 Patent A/C Dr. 1,311.00 To Bank A/C 1,311.00 (Being fair market value of Patent with estimated useful life of 10 years has been capitalized during the year) 2016 Amortization Expenses A/C Dr. 385.20 To Patent A/C 385.20 (Being value of Patent has been amortized in proportion to the useful life of 10 years and adjusted for two years) 2016 Profit and Loss A/C Dr. 385.20 To Amortization Expenses A/C 385.20 (Being amortized expenses of patent has been transferred to Profit and Loss A/C during the year) Table 3: Journal Entries (Source: Created by author) According to the principles and standards of Australian Accounting Board, any grant received from the government is recognized only if such grant is actually received by the entity and fulfils the condition attached to the grant. According to principles of AASB 138, amount of grant received shall be recognized as an income during year. In the present situation, BSF Ltd received AUD $500 million on the condition of spending at least AUD $100 million during the year. Since, the company has incurred AUD $340 million and AUD $160 million during the period of three years, the amount of grant received from Commonwealth Scientific and Industrial Research Organization (CSIRO, Federal Government of Australia) shall be recorded in the year 2016. Further, the company expected to spend AUD $200 million as development cost during the year, it shall be capitalized with research and development account in the year 2016. However, the mode of expense is not clearly mentioned in the case therefore the amount has been capitalized against equipment based on the assumption. With respect to the valuation and accounting of Patent acquired by BSF Ltd, patent with expected net market value AUD $200 million per year having useful life of 10 years has been considered. According to AASB 138 and IFRS 38 on Intangible Assets, the value of patent is recognized at fair market value, if available and shall be amortized in proportion to its useful life. The value of patent with useful life of 2 years is not considered because in general terms, patents have longer useful life. Hence, the present market value of Patent having 10 years of life is recognized and measured using discount rate of 8%. Additionally, the value of Patent has been amortized in the proportion of its useful life of 10 years but the same has been adjusted for two years as per the requirement of the given case. Assertion Patent is an exclusive right and intellectual property granted by the ruling state to an investigator for a finite period on disclosing the complete details of the invention and research work. Patent is a right that distinguishes the process of production or products from that of others with respect to the designs, process and production of goods and services. It is an Intangible asset granted by the regulating government on verification of the viability and authentication of technology used by the inventor for the research work (Kanodia and Sapra 2016). In the given case study, Bio Sustainable Feeds (BSF) Ltd, a bio- research firm acquired patent for the purpose of research on sustainable aquaculture feeds based on plant and fish feed since two decades. The management of the firm contended that the value of patent was predicted on the basis of exclusive control over the technology used for the research of bacteria- based feed. The values of patent is required to be derived by considering various aspects like economic analysis, technological processes, business of firm and purpose of research work. It should be valued on the basis of the purchased cost or fair market value whichever is evident and clearly available. BSF Ltd is engaged in the bio- research to generate and improve the quality of food crops using sea plants and sea fish. The firm works on the process of conversion of low value fish into high value fish, which involves critical technological research process. Further, the firm incurred loss on conversion process and expected to incur another AUD $200 million for the purpose of development. According to the principles of Australian Accounting Board and Patent Law Board, the valuation of patent is done by considering the cost approach, income approach and market value approach. Cost approach involves the replacement cost of the value of patent. In other words, the cost of replacement refers to the value a prospect buyer would be willing to pay at present, to replace such item. On the other hand, income approach states that the value of patent will be determined using present value of incremental cash flows for the useful life of patent. The present value of the patent is determined using a prevailing discount rate. Firms consider market value approach for the valuation of patents, if the other two approaches i.e. Cost approach or income approach are not ascertainable. This approach is considered only if the fair market value is clearly and reliably ascertainable. Further, the firms should consider market value if there are proper and authenticated evidences available for such valuation (Strumickas and Valanciene 2015). Therefore, the contention of BSF Ltd. management is partially correct because they predicted the value of patents based on the exclusive control over the technology of bacteria based feeds. The management is required to value patents based on the incremental cash flows or cost approach in accordance with the AASB and IFRS. It is given that the expected net market value of the patent is based on two useful lives 10 years and 2 years. Patent with 2 years of useful life is valued at AUD $700 million and with 10 years it is valued at AUD $200 each year. Considering the principles and standards of International Accounting Board, Patent is valued at 10 years of useful life with AUD $200 million each year, which was measured at AUD $1311 million as present value. Reference List Blevitt, J.M., Hack, M.D., Herman, K., Chang, L., Keith, J.M., Mirzadegan, T., Rao, N.L., Lebsack, A.D. and Milla, M.E., 2016. A Single Amino Acid Difference between Mouse and Human 5-Lipoxygenase Activating Protein (FLAP) Explains the Speciation and Differential Pharmacology of Novel FLAP Inhibitors.Journal of Biological Chemistry,291(24), pp.12724-12731. Endraria 2015, "Effect Of Accounting Lecturer Lecturer Commitment To The Development Of Professional Accounting Empirical Study Lecturer Accounting Faculty Of Economics University Of Muhammadiyah Tangerang 2013",International Journal of Scientific Technology Research,vol. 4, no. 4, pp. 206-213. Han, E.J. and Sohn, S.Y., 2015. Patent valuation based on text mining and survival analysis.The Journal of Technology Transfer,40(5), pp.821-839. Hein, L., Obst, C., Edens, B. and Remme, R.P., 2015. Progress and challenges in the development of ecosystem accounting as a tool to analyse ecosystem capital.Current Opinion in Environmental Sustainability,14, pp.86-92. Jassim, S.A., Limoges, R.G. and El-Cheikh, H., 2016. Bacteriophage biocontrol in wastewater treatment.World Journal of Microbiology and Biotechnology,32(4), pp.1-10. Jun, S., Park, S. and Jang, D., 2015. A technology valuation model using quantitative patent analysis: A case study of technology transfer in big data marketing.Emerging Markets Finance and Trade,51(5), pp.963-974. Kanodia, C. and Sapra, H., 2016. A Real Effects Perspective to Accounting Measurement and Disclosure: Implications and Insights for Future Research.Journal of Accounting Research,54(2), pp.623-676. Komori, N. 2015, "Beneath the globalization paradox: Towards the sustainability of cultural diversity in accounting research",Critical Perspectives on Accounting,vol. 26, pp. 141-156. Martin, J.L., Maris, V. and Simberloff, D.S., 2016. The need to respect nature and its limits challenges society and conservation science.Proceedings of the National Academy of Sciences, p.201525003. Mauck, N. and Pruitt, S.W., 2016. The valuation of patents using third-party data: the Ocean Tomo 300 Patent Index.Applied Economics, pp.1-4. Moses, H., Matheson, D.H., Cairns-Smith, S., George, B.P., Palisch, C. and Dorsey, E.R., 2015. The anatomy of medical research: US and international comparisons.Jama,313(2), pp.174-189. Newsom, C. and Hovanitz, C.A., 2015. The nature and value of empirically validated interventions.Controversial Therapies for Autism and Intellectual Disabilities: Fad, Fashion, and Science in Professional Practice, p.17. Strumickas, M. and Valanciene, L., 2015. Research of management accounting changes in Lithuanian business organizations.Engineering Economics,63(4). Suh, J.H., 2015. Exploring the effect of structural patent indicators in forward patent citation networks on patent price from firm market value.Technology Analysis Strategic Management,27(5), pp.485-502. Wagner, B., 2015. A report on the origins of Material Flow Cost Accounting (MFCA) research activities.Journal of Cleaner Production,108, pp.1255-1261. Bharathiraja, B., Chakravarthy, M., Kumar, R.R., Yogendran, D., Yuvaraj, D., Jayamuthunagai, J., Kumar, R.P. and Palani, S., 2015. Aquatic biomass (algae) as a future feed stock for bio-refineries: A review on cultivation, processing and products.Renewable and Sustainable Energy Reviews,47, pp.634-653. Dinh, T., Eierle, B., Schultze, W. and Steeger, L., 2015. Research and development, uncertainty, and analysts forecasts: the case of IAS 38.Journal of International Financial Management Accounting,26(3), pp.257-293. Dinh, T., Kang, H. and Schultze, W., 2015. Capitalizing Research Development: Signaling or Earnings Management?.European Accounting Review, pp.1-29. Grimaldi, M., Cricelli, L., Di Giovanni, M. and Rogo, F. 2015, "The patent portfolio value analysis: A new framework to leverage patent information for strategic technology planning",Technological Forecasting Social Change,vol. 94, pp. 286-302 Gu, L., Zhou, Y., Ren, L. and Yan, W., 2015. Analysis of occupational demand for patent agents in China-Based on the network data of recruitment.Journal of Scientometric Research,4(2), p.77. Gupta, S., 2015. A review on feeding and breeding biology of Systomus sarana (Ham.-Buch., 1822); a threatened fish of Indian subcontinent.World Journal of Fish and Marine Sciences,7(4), pp.295-301. Jin, H., Chen, Z., Lin, Z. and Cohen, S.D., Adobe Systems Incorporated, 2015.Optical flow accounting for image haze. U.S. Patent 9,031,345. Jukanti, A.K., Gowda, C.L., Rai, K.N., Manga, V.K. and Bhatt, R.K., 2016. Crops that feed the world 11. Pearl Millet (Pennisetum glaucum L.): an important source of food security, nutrition and health in the arid and semi-arid tropics.Food Security,8(2), pp.307-329. Lapinski, M.K., Funk, J.A. and Moccia, L.T., 2015. Recommendations for the role of social science research in one health.Social Science Medicine,129, pp.51-60. Rossi, C., Cricelli, L., Grimaldi, M. and Greco, M., 2016. The strategic assessment of intellectual capital assets: An application within Terradue Srl.Journal of Business Research,69(5), pp.1598-1603. Saunders, A. and Brynjolfsson, E., 2016. Valuing Information Technology Related Intangible Assets.Mis Quarterly,40(1), pp.83-110. Shukla, R.K., 2015. Effect Of Organic Fertilizers And Bio-Promoters Alone Or In Combination With Inorganic Fertilizer On Yield Of Rice (Oryza sativa).Global Journal of Plant Sciences,1(1). Tronc, B. and Plane, J.M., 2015. How Does the Creation of Local Accounting Standards Reflect the Identity of an Organization?.Organizational Change and Global Standardization: Solutions to Standards and Norms Overwhelming Organizations, p.59.

Career Development Programs Support Retention

Question: Discuss about the Career Development Programs Support Retention. Answer: Introduction: This paper attempts to explain the human resource best practices in a fashion company known as Pearl collections by analyzing the six stages of the employee lifecycle. These six steps include; recruitment selection, orientation onboarding, employee services, talent development retention, performance management and transition. This essay will then examine how these cycle stages contribute to Pearl collections and also the implementation process. Human resource best practices are one of the human resource management models pioneered by Pfeffer who advised when put into practice would improve the performance of an organization(Pfeffer, 1998). Best practice according to Boxall and Purcell's, emphasizes the vitality of empowering an employee's ability through right staffing and training, offering strong financial incentives and providing an open and engaging environment where the employees can share ideas and participate.(Purcell, 2003) It is important to understand that applying a few human resource best practices in one company, industry or corporate culture may not necessarily yield the same results or be the right practice in another. The methods highly depend on the demographic makeup of a company, size, resources available, socioeconomic factors, location, regulatory and legal environment. Understanding employees and what might engage them to perform better should is vital before implementing any strategy. The HR Reporter shares the culture of Zappos to be crazy in that they believe in having fun at work to the extent of asking employees to dress up as superheroes. The employees who are disengaged are paid to leave the company which may be a huge number as not everyone might be comfortable with it (Kreissl, 2013). At Carswell, a favorite activity that makes the workplace more fun is their annual ice cream day and this according to management is a fun little program that drives employee engagement. The culture at Zappos and Carswell when compared are entirely different, and various people might share both positive and negative feedback on them. These examples prove that not every policy, practice or program will work at every company hence the importance of internal and external analysis of the organization. Recruitment and selection are the first stages of the employee lifecycle and are, therefore, the foundations for human resource management. Pearl Collections pride itself to be an attractive employer that recruits locally whenever a boutique opens, one that cares about gender inclusivity, diversity, employee growth, health, and safety. During this stage the human resource manager analyzes the job, its role, creates a person specification which consists of the skills and qualifications required, experience, and comes up with a remuneration package. This process follows advertising, shortlisting and then selection of the preferred candidate while taking into consideration passion, attitude and behavior as the essential characteristics. To aid in recruitment, Pearl uses a few agencies who prescreen the candidates on the level of position, education, and skills. This process gives the company an upper hand regarding maximized exposure and increases the number of applicants for various po sitions. According to PRADA Group, the information collected during the selection process strictly relates to the authentication of the professional profile being sort, while respecting candidate's personal opinions(PRADA, 2007). This open dialogue gives the applicant room to be open minded and share his/her views openly enabling the human resource department to get a comprehensive analysis. The second stage of the employee lifecycle is orientation onboarding. PeopleAdmin shares that Onboarding is a process and orientation is an event and that a sound onboarding process spans from one to two years(PeopleAdmin, n.d.). Pearl collections believe in carrying out successful orientation and onboarding processes as the transition ensures success on the candidates part which impacts on the company. Pearl is aware of the importance of enabling a candidate to reach his/her full potential hence carries out the orientation process accurately and concisely. The HR department issues the candidate with information on the company, appropriate forms, takes the candidate around to meet other agencies and promotes communication. The onboarding process conveys the brand, values, professional culture, product knowledge and sales techniques and expectations to the candidate and provides tools to aid in his or her productivity. To ensure employees are well taken care of, Rag Bone has an HR t eam of six individuals which is fundamental to its growth strategy and research shows that they excel at recruitment with high-profit margins (Pike, 2015). Employee services as an employee life cycle stage are benefits offered to employees by employers to instill their loyalty and prevent them from leaving for greener grass. The fashion industry is known to rotate employees and to keep them from jumping ship; Pearl collections complies with the legal departments of all states, offers medical insurance, a life insurance plan, disability insurance, offer paternity and maternity leaves, holidays and sick leaves. As the company is keen on being relevant, it is planning to open a child care area in one of the spare rooms to enhance productivity and to also introduce a wellness program by offering reimbursable gym membership costs which could reduce health care costs through promotion of healthier lifestyles. At HUGOBOSS, healthcare is a significant factor, the company cafeteria follows a balanced nutrition plan, and the company has a fitness studio offering courses in back training and aerobics which increase staff retention rates (HUGOBOSS, 2012). Talent development retention is the fourth employee cycle stage, and it is crucial to both engagement and the output of the company. Key elements of talent and leadership, development, strategies and best practices are key under this stage. Pearl endeavors to involve itself in talent development by continuously grooming and upgrading the employees by attracting the right staff, providing the latest technology, sensitizing them on how to excel, use of rewards and incentives, motivation, empowerment and offering career advancement opportunities. The company understands that high employee turnover is a problem hence the strategies aid in developing a sense of loyalty by investing in the employees. Rag and Bone has an employee-led development scheme which enables the employees to take charge of their development by providing tools and resources to get their employees thinking ahead about their careers and not waiting for their managers to develop them(Pike, 2015). Performance management as the fifth employee cycle stage is strategic with the aim of ensuring employees are contributing positively to the objectives of the business using a range of HR activities and processes. Pearl has customer care indicators that are used to gauge employee performance standards. These indicators have a collection of customer surveys, focus group discussions and customer complaints. Pearl recognizes it gets successful when the relationship between managers and employees is one of fairness, trust, good communication and contains an open door policy to enable generation and utilization of ideas. Pearl is keen on fostering good performance management because it helps every staff; understand the path of the business and what it wants to achieve. The standards of performance required, everyone's role in helping the company accomplish its goals. Understand how they can develop their performance and contribute to the growth of the organization and also where there are performance problems and how to handle them. The PRADA group encourages management and employees to take up responsibilities, to work, win challenges and achieve corporate objectives. This entrepreneurial culture recognizes, promotes and rewards the pro-activeness of the individual and teamwork. This cultural contribution aid in the achievement of the company's strategy and adopting consistency and responsibility traits(PRADA, 2007). The sixth employee life cycle is transition which is the process when an employee leaves a company on retirement, better opportunity, getting fired, being laid off or due to personal reasons. It is, therefore, the work of the HR to manage the transition process by ensuring the following all procedures and processes. Pearl's HR department has an employee development plan in place to aid in the smooth transition. This plan contains a list of the employee's pending projects with a step by step process detailing actions this individual will take to finish the tasks. The HR follows up with the employee in the days following the day of departure. A form is shared with the employee for him/her to share honest opinions on their views about the company, reasons for leaving and areas for improvement. The HR delegates the tasks that cannot be completed before the employee's departure to other employees either do it or manage it until they hire a replacement. According to Forbes, Ron shares an e vent where a senior manager, unannounced and fired his employee and directed all his questions to the HR who at the time was ill prepared. This manager had for the last six months given the employee positive feedback and claimed his firing grounds on the lack of teamwork. This behavior as Ron further explains probably generated a major lawsuit and he calls it an extreme example (Ashkenas, 2013). In conclusion, human resource best practices are one of the most dominant ways for a business to ensure the creation of value for the customers especially at Pearl collections and our profitability. The apparel industry is highly dominated and competitive, and by putting into place the six stages of the employee lifecycle, our relevance reinforces our strategic position. Pearl's measurement of success relies on low employee turnover, employee satisfaction, enhanced performance, career growth, increased responsibility, high levels of customer service, competency, high profits, improved morale, access to information, communication, self-improvement and existence of development programs just to name a few. In the future, Pearl collections are determined to continue offering fashionable items at quality prices and expand by opening more boutiques in various countries as our profitability and growth are on track. References Boxall, P., Purcell, J. (2003).Strategy and human resource management(1st ed.). London: Palgrave Macmillan Education. Code of Ethics(1st ed.). Retrieved from https://www.pradagroup.com/documents/governance/code_of_ethics_en.pdf Fashion Companies Need to Rethink Their HR Function.The Business of Fashion. , from https://www.businessoffashion.com/articles/intelligence/the-strategic-importance-of-hr Forbes Welcome. (2013).Forbes.com. , from https://www.forbes.com/sites/ronashkenas/2013/03/11/if-you-have-to-fire-an-employee-heres-how-to-do-it-right/#3c954ad0151f Gomez, M. (2014).How Career Development Programs Support Employee Retention.Td.org. from https://www.td.org/Publications/Blogs/Career-Development-Blog/2014/10/How- Career-Development-Programs-Support-Employee-Retention Hennes Mauritz (HM), AN HRM CASE STUDY. (2009) (1st ed.). Retrieved from https://colbournecollege.weebly.com/uploads/2/3/7/9/23793496/5385hrm_case_study_0.p df How to manage performance | Advisory booklet | Acas.Acas.org.uk. Retrieved from https://www.acas.org.uk/index.aspx?articleid=2927 Kreissl, B. (2013).What exactly are HR best practices? | Canadian HR Reporter.Hrreporter.com. , from https://www.hrreporter.com/columnist/hr-policies- practices/archive/2013/04/22/what-exactly-are-hr-best-practices/ MANAGEMENT REPORT. (2011) (1st ed.). Retrieved from https://group.hugoboss.com/files/HUGOBOSS_GB2011_Lagebericht_En_AGAbschluss.p df Pfeffer, J. (1998).Seven Practices of Successful Organizations(2nd ed.). California. Retrieved from https://www.researchgate.net/profile/Jeffrey_Pfeffer/publication/265114424_Seven_Practices_of_Successful_Organizations/links/56cbb52b08aee3cee54192bc.pdf Thompson, S.Human Resources Life Cycle.Smallbusiness.chron.com. Retrieved from https://smallbusiness.chron.com/human-resources-life-cycle-62078.html Types of Employee Services.Smallbusiness.chron.com. Retrieved from https://smallbusiness.chron.com/types-employee-services-2802.html What is employee transition planning?.Reference. Retrieved from https://www.reference.com/business-finance/employee-transition-planning- 46898c77ac071e75 What is Onboarding Exactly? - PeopleAdmin.PeopleAdmin. Retrieved from https://www.peopleadmin.com/2013/01/what-is-onboarding-exactly/