Answer exam question1 Essay Example | Topics and Well Written Essays - 1000 words

Answer exam question1 - Essay Example It is a systematic approach, which entails various activities performed to get people’s performance to attain agency, group and individual goals, (Mitchell 2007, p.90). Staff appraisal is a strategy used to evaluate an employee’s job performance (based on job quantity, quality, cost and time) by the management. Staff appraisal is an aspect of guiding and career development management, and the process is used for obtaining, information recording and analyzing the relative value of a workers to the company. Staff performance appraisal analyzes the current achievements and limitations, individual limitations and strengths of an employees as well as qualification for additional training. Objectives and purposes in multinational organizations The main objective of performance management systems and staff appraisals is to connect the goals and strategies of an organization to personal and group performance to enhance effectiveness of an organization – increased product ivity and profitability. Multinational organizations require performance management systems to asses and ensure that their workforce is performing their duties as required in a satisfactory and efficient way that contributes to the overall organizational goals and target, (Aguinis, 2009, p.52). Performance is the actual test for marketplace survival, therefore, high performing workers contribute to excellent performance, giving the organization a competitive advantage – and their additional effort distinguishes exceptional organization from others organizations. Effective performance system encourages teamwork, effective communication and collaboration among employees, which is crucial for multinational organization to survive in competing market place. It is critical for companies to have the system in place to define, appreciate, rewards and maintain their best performers to attain sustainable growth as a survival mechanism. Appraisal performance, on the other hand, aims to enhance worker’s job performance by defining the limitations and strengths and creating channels of utilizing these strengths within the company and overcoming the weaknesses. How applicable are these techniques to non-western societies? The general inadequacy of management skills and expertise hinders complex structures development like systems of performance management in non-western societies. They thus focus on introducing and imitating systems and tools from western societies that are not applicable and suitable for local situations, (Harzing and Ruysseveldt, 1995, p.85). This poses a question of whether modern techniques such as performance management systems and staff appraisal are applicable for non-western societies. Yes, these techniques are applicable to non-western societies because poor management practices, inefficiencies in bureaucratic systems and reduced productivity force managers to adopt rapid and ready to implement western techniques. These techniques ar e crucial to non-western societies encourages teamwork, effective communication and collaboration among employees which is crucial for their survival in competing marketplace, (Mendenhall and ODdou, 2000, p.20). Performance management systems and staff appraisals is required to connect the goals and strategies of an non-western societies to personal and group performance to enhance effectiveness of the organizations. Conclusion The approach of performance ma

Poor Management and Insufficient Funding as Roots of Business Failure Assignment

Poor Management and Insufficient Funding as Roots of Business Failure - Assignment Example Risk management is of great significance for hedging financial risks as well as hedging underlying economic activities. It is through proper trade that goods produced in particular places are equitably distributed among users. With the help of trade goods are made available to consumers at the time of their need. It removes the hindrance of persons by bringing together producers and consumers who are widely scattered.Advantages of risk management are outlined below:- It enables the insurers to concentrate on their production activities; otherwise, they would have to go in search of insurance companies for goods they produce.- Trade makes goods available to consumers who can concentrate on their own occupations.   - It results in specialization and large-scale production as the markets are now spread over wide territories. Sale of insured goods from one country and purchase of goods from other countries.- It provides avenues of employment to various persons.It increases the standard of living of people as they can avail of goods of various kinds produces by different producers.  Risk management involves financing. Financing is of two types, equity financing, and debt financing. When you are in need of money or looking for capital, the company’s debt-to-equity-ratio should be considered. It is the relations between the Dollars or Euros that an entrepreneur has borrowed and Dollars or Euros invested in the business. The more the investment by the owners the more they attract the financing.When the equity to debt ratio of the firm is high then debt financing should be taken. If the proportion of the debt to equity ratio of the firm is high then it is advised that the owners should incre ase their equity investment, that way they cannot jeopardize the firm’s survival.