Strategies and their advantages in connection with the corporation’s goals Essay Example for Free

Strategies and their advantages in connection with the corporation’s goals Essay In today’s highly competitive market, the continuous changes that are occurring in the social, politic and economic environment create serious challenges in the corporate world. Corporations cannot afford to do business as usual if they want to remain in the game and be successful. In order to achieve their goals and objectives, they need to evolve, adapt, learn and apply different new strategies that will help them secure long-run success and performance. Among those strategies, we are going to discuss ten of them and their advantages in connection with corporation’s goals and objectives. 1. Environmental Scanning It is the first basic element in strategic planning. It is a process of cautious monitoring of external and internal factors that can affect the future and survival of a firm. It is done through the SWOT analysis where data are gathered, evaluated and analyzed by specific people in the organization. This strategy gives a lot of advantages such as helping the company to assess its outside environment for scientific, social, technical, political and economic changes that can affect its position in the world. It forces management to perform a self-analysis to establish areas of strength and areas that need improvement within the corporation in order to guaranty performance and success. It also helps with forecasting new strategies and promoting new position and vision of the company for the future. In order words, this approach helps corporation gain competitive advantages. 2. Strategy Formulation After defining the corporation’s internal strengths and weaknesses, external opportunities and threats, the next step is to develop a broad plan to help the organization efficiently reach its goals while monitoring the environment with strategy formulation. It this process the company will determine its mission, vision, objectives, strategies and policies. This strategy helps the organization to determine and understand their purpose, their reason of being, their goals, what they want to achieve, how they will achieve their goals and objectives and finally it gives specific guidelines that help with implementation. It allows everyone from top to bottom to have a clear understanding of the company’s objectives and what is expected from  them, it also reduces the risk of confusion, waste of time, money and energy among the three levels of management. 3.Strategy Implementation It is the execution of strategies and policies through programs, budgets and procedures to reach its goals. In this process plans are assigned, costs are allocated to tasks for better measurement of return on investment. The firm’s resources are used and a detailed system is given on how to perform specific jobs. This strategy turns strategies into concrete results and helps implement changes that are documented for future references. It also provides good measurements of projects with a time frame. It gives employees a clear step by step on how to perform their day-to-day tasks that will improve overall efficiency and sets the tone for quality work in all levels of management. 4. Evaluation and Control In this process, the activities performed are evaluated to determine if the corporation’s goals are being achieved by the strategies that are chosen. If the results are not satisfactory compared to pre-defined standards, management must take correctives actions to adjust the issues. This strategy stimulates the ongoing process of improving performances within the corporation. Since the environment is constantly changing, it is imperative for management to be proactive by constantly reassessing its strategies in order to stay competitive. 5. Initiation of Strategy: Triggering events When an organization becomes too comfortable with its actual strategy, it tends to become contented and not willing to make changes. This situation creates serious setback. It only means that the corporation is not growing and might be left behind in the competition. The triggering event is something that provokes a change in strategy. It motivates management to reexamine the firm’s position and bring new ideas, new strategies on the table. It helps the corporation to stay alert and informed about new changes in the environment and act accordingly to keep its competitive advantages. 6. Strategic Audit It is the process of analyzing the different function and activities of a corporation to find out its strengths and weaknesses by using a checklist of questions in all areas. This tactic helps identifying specific areas that create challenges and also provide solutions to problems. It also brings fresh perspectives to the company. 7. Organizational Learning Theory It is an organization that instead of imitating competitors or reshaping their environment is willing to use information that is available and using it to be more suitable to its environment. It assertively involves people from all levels of management to have their input into strategic planning. This strategy helps the corporation to act vigilantly in order to adjust and evolve in their challenging environment. 8.Strategic Flexibility It is a corporation’s aptitude to respond to changes in the environment by moving from one strategy to another in order to adapt. This strategy sustains the corporation’s competitive advantage in the industry. It also requires that the corporation to become a learning organization that is dynamic and ready to acquire knowledge and use it to its advantage. It also teaches the firms how to solve problems systematically and make them expert in their field of action. 9. Globalization Companies are doing business all over the globe and serve different markets regardless of countries borders. It has affected the way business is done today. This strategy is important for companies that want to stay competitive. It gives opportunities for new markets and economic growth, and also open doors for a cultural learning experience that is an asset for any firm that wishes to become a learning organization. 10. Social Responsibilities of Strategic Decision makers A corporation has not only economic, legal responsibilities but also responsibilities toward society. If those obligations which are both ethical  and discretionary are not fulfilled it will affect the corporation in the long run. Ethical or discretionary duties of today can become laws of tomorrow. By abiding to them, corporations will positively affect their financial performance, give them competitive advantage and good reputation within the community they do business with. Bibliography Wheelen, T. L., Hunger, J. D. (2012). Strategic management and business policy: Toward global sustainability (13th ed.). New York : Prentice Hall, pp. 3-86.

Swiss Graphics Designer Max Huber

Swiss Graphics Designer Max Huber Profile of Max Huber 1.1 His Brief Introduction Max Huber was an outstanding and influential Swiss graphic designer in the 20th century. In 1919, he was born in Switzerland, and in 1992, he died in Sagno, Switzerland. When he was 17, he had the opportunity to study in the Zurich School of Arts and Crafts which was very famous in Switzerland, because there were many outstanding teachers in this school, such as Otto Weber, Ernst Gubler, Heinri MÃ…Â ¸ller, Gottlieb Wehrli, Alfred Willimann and Walter Roshardt who were very outstanding in Switzerland. And when he studied in this school, Max Huber always spent much time to stay in the school library, because those outstanding teachers usually suggested that he should know and learn more knowledge about the experiments of Bauhaus-designers such as European abstract artists and russian constructivists by using the school library resources. And then, Max Huber as one of the great graphic designers began his professional pace, what should be pointed out is that Werner Bischof, Josef Mà ƒ ¼ller-Brockmann, Carlo Vivarelli and Hans Falk gave him many creations help and inspiration in his formative years (Hollis, 2006). 1.2 His Work Experience In 1935, Max Huber began his career in Zurich, at the beginning he worked at an advertising agency, and then he worked for the Emil Schultness at ConzettHuber, at the same time, he met Max Bill and Hans Neuburg who were also the famous industrial designer and graphic designer. When he was at the age of 21 in 1940, the World War II broke out, in order to do not join the Swiss army, Max Huber moved to Milan (Italy). When he arrived at Milan, he could only stutter a few words using Italian. However, the stuttering did not disguised his talent, relying on a calling card which was seemed to be printed at the first sight, but the elegant card was made by the hand-drawn letters with their careful spacing through a closer look, that could deeply impress Antonio Boggeri, and then Antonio Boggeri decided to hire Max Huber. Therefore, he could smoothly join the Studio Boggeri. When he worked in the Studio Boggeri in Milan, Max Huber considered that illustration, painting, photography and printi ng could be fused in together, and little by little, by exchanging ideas with other same-age designers, he became the avant-garde artists and the leading exponent in term of the plane design field. In 1941, Italy also entered the Second World War, so Max Huber was forced to be back to his motherland Switzerland, and between 1942 and 1944, he built the influential art magazine Du with Werner Bischof and Emil Schultness, and he also joined the Alliance Association of Modern Swiss Artists, and exhibited his abstract work with a group of modern Swiss artists at the Kunsthaus Zurich. However, when he stayed in Zurich, he could not forget Studio Boggeri and Milan, and he always thought that Studio Boggeri and Milan were so exciting and attractive, so he decided to be back to Milan as soon as possible. When the Second World War ended, he was appointed as the creative director by the Italian publisher Einaudi for the publishing house, so he could have the chance to contact with the post-war Italian intelligentsia, and at that time, he believed that the design had the ability to restore peoples beliefs and values in the aftermath of the Second World War. 1.3 His Design Concept Max Huber always persist in their design idea, he never make use of his images in a strict sense, in order to convey a certain feeling of dynamism and speed, he always used the combination between unframed flat photographic and typographic elements with strips of color, and in his design, people could identify these elements which were not used to tell a story. By the use of bold shapes and primary colors, Max Hubers work was focus on photographic experiments and clear type, and his strict work elements were easy to be identified. In addition, Max Huber preferred the clarity, rhythm and synthesis, and his work usually showed different hierarchical groups by the use of succinct texts, and so on. Anyhow, he never was influenced by fashion and other external factors, he had been insisting on his own ideas. Milan is an international metropolis, and Max Huber as a famous designer was usually invited to attend many international design-conventions, and he could be contact with other major designers by those international design-conventions or trips, and he fell in love with Takeshi Konos daughter and married her, Takeshi Kono was also one of the leading Japanese designers, Max Huber spent about two years in Japan. So, he could learn the different design ideas to apply in his works. 1.4 His Design philosophy After World War II, Max Huber had been keeping the humanistic design belief, and with a variety of cultural influence in Milan, he designed a series of works using the design aesthetic utopia for enterprise and business promotion. It can say that Max Huber was the pioneer of utopia aesthetic. Utopia is a vision of mankind for a better society, and is also the best human society in human ideology as the same as the earlier utopian socialism. Utopia Esthetics is the use of people yearning for a better life to inspire people to dream (Freitas Vieira, 2005). Max Hubers design used and developed this concept, which made him achieve great success, so, in his design of future life, nowhere is the design of using this concept, and this humanistic conception of design received highly attention in Europe, his purpose was to rescue people from the war. In order to achieve his target, Max Huber has always insisted on being a freelance designer, and he always worked as the direct collaboration w ay with his client. He tried his best to create the balance between the demand of each client and his own demand (Campana, et. al., 2006). Even the clients proposed comparative funny request, he would try to meet the demand of clients, and if the advice had a little use, he would be willing to modify his plan. So, Max Huber always loved innovatory research, and always kept a lively curiosity to follow his ideal and faith. 2.0 Visual Analysis 2.1 Gran premio dell Autodromo Monza In 1948, Max Huber designed the celebrated poster for the Monza Grand Prix, the name of the celebrated poster was Gran premio dell Autodromo Monza, and its size was 1400x1000cm, this work helped him win the first prize in the competition, and this work as the same as Max Huber was well-known all over the world. This works color was bright, and the content was simple and comprehensive, it truly and clearly displayed the Monza Grand Prix. Meanwhile, this work showed the stronger sense of hierarchy to attract peoples attention, which also represented Hubers brilliant and innovative design; perfect arrow curve was very good to show circuit authenticity (ICONOFGRAPHICS, 2007). This work precisely and vividly showed his creation idea and design concept to people; it also released this modern design concepts and ideas; it was apparent that this work was showing his futurism inspiration. In a word, this work had lively format, bouncing color, fluent text, exquisite design and powerful sense of hierarchy, which could deeply attract peoples attention. 2.2 La Rinascente Italys largest department store chain La Rinascente is located next to the Cathedral Duao Mo; La Rinascente means recovery, rehabilitation and re-production, which could also be consistent with Max Hubers design concepts and aesthetic utopia. Max Huber worked for the department store La Rinascente from 1950 to 1954, in 1951, he designed the monumental work for La Rinascente, this work was named La Rinascente which was used for advertising, and its size was 295x205mm, and today, this trademark has been familiar with people all over the world. This work had also distinctive color, red, black and white were clearly distribution, and font also was concise and representative. This work could be firmly remembered, even if only once. In a word, this work could not only bring many commercial gains, but also change the masses feeling to La Rinascente and Milan visual scenery. It was more important that this work changed that era of collective memory (Campana, et. al., 2006). 3.0 Conclusion In conclusion, through the analysis of Max Huber, it appears that Hubers work was consistently innovative, and by combining painting and photography with other graphic media, he remained avant-garde throughout his career, bringing the utopian vision of the modern masters to bear on corporate typography and identity design. Many of his works are classic, and he made great contribution to modern aesthetics.

Clay Loading and Dispersion Effects on the Rheological Properties of Unsaturated Polyester Nanocomposites :: essays research papers

Clay Loading and Dispersion Effects on the Rheological Properties of Unsaturated Polyester Nanocomposites The objective of this work is to characterize the influence of clay loading and dispersion effects on the rheological properties of unsaturated polyester composites. Toughened unsaturated polyester (UPE) composites were synthesized by the blending of delaminated clay with unsaturated polyester. Rheological behavior is shown to be strongly influenced by clay loading and the extent of clay dispersion in the polymer matrix. Transition from liquid-like behavior to solid-like behavior shifts to significantly higher solids loading at higher shear rates which may be due to the alignment of the particles in the direction of flow at high shear rates. SEM micrographs are used to display the extent of intercalation and dispersion of the clay within the polymer matrix. INTRODUCTION AND BACKGROUND 1.1 Definition Polymer/clay nanocomposites display a change in composition and structure over a nanometer length scale and have been shown to present considerable property enhancements relative to conventionally scaled composites. Layered silicates dispersed as a reinforcing phase in an engineering polymer matrix are one of the most important of such â€Å"hybrid organic-inorganic nanocomposites† [1]. Polymer-layered silicate nanocomposites containing low levels of exfoliated clays, such as montmorillonite and vermiculite have a structure consisting of platelets with at least one dimension in the nanometer range. One of the most important features of polymeric materials is the possibility of controlling their macroscopic physical properties by tailored manipulation of their structures at a nanoscopic scale. To influence the interactions that govern the mechanical properties of polymers, specific nanoscopic scale reinforcement is efficient and beneficial. For example, montmorillonite clay pro vides such reinforcement through the interaction of polymer chains with the charged surfaced of clay lamellae [2]. The use of organoclays as precursors to nanocomposite formation has been extended into various polymer systems including epoxies, polyurethanes, polyimides, nitrile rubber, polyesters, polypropylene, polystyrene and polysiloxanes, among others. Even a variety of inorganic materials, such as glass fibers, talc, calcium carbonate, and clay minerals, have been successfully used as additives or reinforcements to improve the various properties of polymers [3-10]. 1.2 Structure The optimal properties of nanocomposites arise as the clay nanolayers are uniformly dispersed (exfoliated) in the polymer matrix, as opposed to being aggregated or phase separated as tactoids or simply intercalated. As nanolayer exfoliation becomes achieved, there is a trend in the improvement in desired properties that is manifested as an increase in tensile properties, enhancement of barrier properties, a decrease in solvent uptake, an increase in thermal stability and flame retardance, among others [11-12].

Kants categorical Imperitave applied Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Kant describes the categorical imperative as â€Å"expressed by an ought and thereby indicate the relation of an objective law of reason to a will that is not necessarily determined by this law because of its subjective constitution.† In other words, a categorical impetrative is a command of morality that applies everywhere at all times no matter what, without exception. Kant describes two forms of imperatives, hypothetical and categorical.   Ã‚  Ã‚  Ã‚  Ã‚  Kant defines the hypothetical imperative as â€Å"an action is good for some purpose, either possible or actual.† The hypothetical imperative that Kant describes is a situation that prescribes an action as a means to get a particular end. In this imperative, inclination is allowed to play a role in your motives. It states action is good for some purpose, either possible or actual. Rational human beings may use appropriate means and ends that are based needs or wants. It is these actions that Kant considers to be hypothetical imperatives. Next, when Kant defines the categorical imperative he states that, â€Å"the action is represented as good in itself, and hence as necessary in a will which of itself conforms to reason as the principle of the will.† He is generally saying that a categorical imperative is an ends that is a means only to itself and not to some other need, desire, or purpose. The categorical imperative may be based on an â€Å"end in itself.† Duties can be classified under categorica... Kants categorical Imperitave applied Essay -- essays research papers   Ã‚  Ã‚  Ã‚  Ã‚  Kant describes the categorical imperative as â€Å"expressed by an ought and thereby indicate the relation of an objective law of reason to a will that is not necessarily determined by this law because of its subjective constitution.† In other words, a categorical impetrative is a command of morality that applies everywhere at all times no matter what, without exception. Kant describes two forms of imperatives, hypothetical and categorical.   Ã‚  Ã‚  Ã‚  Ã‚  Kant defines the hypothetical imperative as â€Å"an action is good for some purpose, either possible or actual.† The hypothetical imperative that Kant describes is a situation that prescribes an action as a means to get a particular end. In this imperative, inclination is allowed to play a role in your motives. It states action is good for some purpose, either possible or actual. Rational human beings may use appropriate means and ends that are based needs or wants. It is these actions that Kant considers to be hypothetical imperatives. Next, when Kant defines the categorical imperative he states that, â€Å"the action is represented as good in itself, and hence as necessary in a will which of itself conforms to reason as the principle of the will.† He is generally saying that a categorical imperative is an ends that is a means only to itself and not to some other need, desire, or purpose. The categorical imperative may be based on an â€Å"end in itself.† Duties can be classified under categorica...

How Tiger Woods Affects the Game of Golf Essay -- essays research pape

How Tiger Woods Affects the Game of Golf Like Muhammad Ali is to boxing and Michael Jordan is to basketball, Tiger Woods is considered by many to be the greatest golfer of all time. Due to his incredible playing on the course, his young age, and the endorsement deals he signed with major advertising companies, Tiger Woods’ fans place him on the â€Å"best of the best† list in professional sports. Society places an enormous amount of responsibilities on its champions or favorites. â€Å" Sure, he is good on the course, but how well does he support society? What does he stand for†, the public says. There is more to Tiger Woods than a good golf swing or how well he can say â€Å" Buy these shoes† in front of the advertisers’ cameras. Even though Tiger would never say it, his influence over the game of golf and society as a whole far outreaches the twenty-six years he spent on the planet so far. Tiger Woods started playing golf in his garage, with a cut off club, when he was eleven months old. Now, twenty-six years later, he glides through the toughest, most widely respected golf courses in the world as if he was born to win. Golf course owners and managers change the distance from the tee-boxes to the hole in order to make the course more difficult for Tiger. He makes most courses look easy to play well on, despite the actual level of difficulty. He is the youngest player to win the Masters Tournament in the history of golf. Tiger makes over one million per tournament in which he places in t...

Problems of Cross Border Listing and the Way Forward

Background Paper: Obstacles to cross-border listings and acquisitions in the financial sector A. Purpose of the paper In September 2004, the informal Ecofin Council in Scheveningen discussed the issue of lagging crossborder consolidation1 in the banking area. This low level of cross-border consolidation is not confined to banking, but is relevant for the whole financial sector, with some nuances. In the upcoming Financial Integration Monitor report, the Commission will dedicate a chapter on the quantitative aspects of crossborder restructuring, confirming the trends discussed in Scheveningen. Indeed, between 1999 and 2004, the report will show that cross-border mergers and acquisitions (M&As) accounted for around 20% of the total value of M&As in the financial sector, whereas cross-border deals represented 45% of M&As in other sectors over the same period. 2 Finance Ministers asked the Commission to examine possible explanations for this low level of pan- European restructuring specific to the financial sector, by reviewing the obstacles to cross-border M&As, in order to identify possible internal market failures, gaps or shortcomings. It should be stressed that the role of the Commission is to ensure that existing EU law is enforced properly, as well as to propose growth-supportive actions, within the context of the overall EU competitiveness policy. It must be equally clear that the Commission does not intent to favour specific business models or to influence individual market decisions, as long as they are compatible with the Treaty rules and the EU secondary law. On that basis, it is the role of the Commission to analyse market functioning, in order to detect any unjustified obstacles that would hamper companies in making their own decisions regarding their business organisation in the Internal Market. The misuse of the supervisory powers to block cross-border mergers has been identified by Ministers of Finance as a possible obstacle to cross-border mergers and acquisitions. The Commission has already taken steps to improve and clarify the current provisions in the relevant directive, to avoid such situations. At the same time, there may be other factors explaining the lack of cross-border mergers in the financial services sector, when assessed against the domestic consolidation3 process. This paper tries to draw a first list of potential obstacles to cross-border mergers, i. e. obstacles that would make a cross-border merger less attractive, more expensive or more complex than a domestic merger. It covers the whole financial sector, trying to distinguish between market segments when relevant. Obstacles to consolidation in general (i. e. bstacles that impede domestic consolidation as well) are not covered. Obstacles to forms of integration other than cross-border M&As (such as direct cross-border provision of services) are also out of the scope of this paper, even though some obstacles might be relevant for different channels of integration. This list is aimed at providing all possible explaining factors, in order to serve at a later stage as a base for discussion on which of those obstacl es should, and could, be removed in order to achieve the objective of improving the functioning of the Internal Market for financial services. It is not a policy paper, but a first analysis of the explanations behind the facts discussed at the Scheveningen informal Ecofin Council. 1 Cross-border consolidation means in this paper consolidation involving entities located in different EU Member States. 2 The full study will be published in the â€Å"Financial Integration Monitor – 2005†, due in May 2005. 3 Domestic consolidation is to be understood as consolidation occurring within a single EU Member State. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 2 In its present form, the paper does not distinguish between those obstacles that are key to explain lagging cross-border consolidation, and those of a more anecdotic nature. In addition, some obstacles mentioned here might be not relevant any more, but they may have influenced the situation of the past few years and could therefore provide part of the explanation for low cross-border consolidation up to now. However, we tried to mention the ongoing developments related to each obstacle identified. Introduction To Cross Border Listing The last two decades has witnessed acceleration in financial globalization represented by an increase in cross-country foreign assets. This has been the consequence of the international liberalization of capital flows as well as of the technological progress. These two phenomenons have lowered the barriers among individual national capital markets; however, geography has not become irrelevant. Obstacles to international capital flows (mainly the legal restrictions and costs associated with trading and acquiring information on firms listed abroad), i. e. the segmentation of markets, still exist. These barriers are creating incentives for corporate managers to adopt financial policies such as international cross-listing. For example, the US exchanges over the last few decades have attracted a sizeable share of the cross listed firms. Reasons for Cross border Quotation Cross border listings can help the company raise more capital by targeting new shareholders. However not all cross border listing are accompanied by share placements as this may affect liquidity and share price. Publicly-listed foreign corporations would therefore undertake to list on overseas exchanges for a variety of reasons: 1. To boost its status as a truly global player. 2. To raise Capital through debt or equity. 3. To increase trading volume. 4. To improve shareholder relations. 5. To enhance its visibility among overseas investors and consumers. 6. To tap into retail and institutional funds and benefit from changing global attitudes toward equity investing Challenges and recommendations of cross border listing There are challenges that happen to exist when considering cross-border listing for a company or country in general. First of all, potential investors located in the secondary market might be reticent, unwilling to trust and invest in a foreign firm on the market. In such a way, the company might lose prestige rather than gain more of it whilst entering a foreign xchange market. Secondly, barriers exist between countries; the real challenge might be the attitude regarding foreign firms entering a local market; this encompasses shareholder attitudes from an internal point of view of a company, as the latter might not be willing to go abroad in certain cases. Furthermore, political attitude of the secondary market’s country plays a great role in the presence of barriers. Restrictive political attitudes might give ri se to more barriers than usual to those wishing to enter the exchange market. This might also be the case the other way round, more precisely, regarding political stability; meaning that political instability in a country results in the market to be more risky and potentially unprofitable for the external firm. Another challenge is the element of uncertainty concerning policy factors such as taxation, accounting and financial standards and mechanisms but also the country’s economic and financial policies that might change, for example in the case of a change in political regiment. Such a change, if radical in some cases can become very challenging in terms of adaptation for the firm. . Methodology The paper tries to distinguish between three generic categories of obstacles: (i) Execution risks: those are obstacles that may pose a threat to a successful outcome of a bid, or may well result in the blocking of a deal. This category also covers obstacles because of which the expected result of a bid may not be what could be expected, even though the bid itself was successful. Obstacles in this category may not materialize and therefore may not have a direct cost, but their simple perception may deter potential bidders, or target entities and their shareholders, from initiating a merger process. (ii) One-off costs: those are specific costs that are caused by the execution of the cross-border deal, and would not exist in a domestic merger or acquisition deal. (iii)On-going costs: those are additional costs in the management of the merged entities, once the merger is achieved, which would not exist in the management of merged entities within the same domestic arket. Those costs can be direct (additional costs to manage the entities merged cross-border compared with the entities merged domestically) or indirect (lower synergies within the entities merged cross-border that within the entities merged domestically). The identified obstacles are also grouped according to their nature: legal barriers, tax barriers, implications of supervisory rules and requirement s, economic barriers and attitudinal barriers. A summary table is enclosed at the end. * * * C. Identified obstacles to cross-border mergers I. Legal Barriers a) Execution risks 1. Cross-border takeover bids are complex transactions that may involve the handling of a significant number of legal entities, listed or not, and which are often governed by local rules (company law, market regulations, self regulations). Not only a foreign bidder might be disadvantaged or impeded by a potential lack of information, but also some legal incompatibilities might appear in the merger process resulting in a deadlock, even though the bid would be â€Å"friendly†. This legal uncertainty may constitute a significant execution risk and act as a barrier to cross-border consolidation. The new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, lays down common rules in order to ensure greater legal certainty for cross-border takeovers. The Directive has to be transposed by May 2006. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 3 2. The financial sectors of some Member States include institutions with complex legal setup resulting in opaque decision making processes. An institution based in another Member State might only have a partial understanding of all the parameters at stake, some of them not formalized. Such a situation might constitute a significant failure risk, as a potential bidder might not have a clear understanding of who might approve or reject a merger or acquisition proposal. 3. In some cases, legal structures are not only complex but also prevent, de jure or de facto, some institutions to be taken over or even merge (in the context of a friendly bid) with institutions of a different type. Such restrictions are not specific to cross-border mergers, but could provide part of the explanation of the low level of cross-border M&As, since consolidation is possible within a group of similar institutions (at a domestic level) whereas it is not possible with other types of institutions (which makes any cross-border merger almost impossible). 4. In some Member States, the privatization of financial institutions has sometimes been accompanied by specific legal measures aimed at capping the total participation of non-resident shareholders in those companies or imposing prior agreement from the Administration (i. . â€Å"golden shares†). Some of such measures were clearly discriminatory against foreign institutions, when it came to consolidation. The European Court of Justice has indicated that such measures were not justified by general-interest reasons linked to strategic requirements and the need to ensure continuity in public services when applied to commercial entitie s operating in the traditional financial sector. See for instance cases C-367/98 (judgement of 4 June 2002) or C-463/00 (judgement of 13 May 2003). 5. In some Member States, company law allows the company boards to set up defence mechanisms, such as double voting rights and poison pills, to prevent any hostile bids. Such asymmetries in company law might distort the level playing field within the EU, and protect national markets, sometimes to the benefits of participants in these markets. The initial Commission’s proposal for the new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, included the approval of shareholders before activating defence mechanisms to counter a takeover bid. This provision has been repelled by the European Parliament and the Council. In the adopted text, Member States may decide to forbid such arrangements (i. e. opt in). 6. Even if an acquisition is successful, there may exist impediments to effective control, i. e. there may be a risk that the acquiring company does not acquire proportionate influence in the decision making process within the acquired company – while being exposed to disproportionate financial risks. This can be explained notably by the existence of special voting rights, ineffective proxy voting or use of the Administrative office by a foreign acquirer. Also barriers (or restrictions) to sell shares could hamper the process. As mentioned in  §5, the Commission’s initial proposal for a new Takeover Bids Directive tackled some of these issues, but some provisions were taken out of the final version during the co-decision procedure. Also, as part of the Corporate Governance Action Plan, the Commission opened a consultation on the exercise of Shareholders’ rights which was closed in December 2004. 7. Differences in national reporting schemes, notably as regards accounting systems, may result in difficulties to assess the financial situation of a potential target. From January 2005, listed EU companies will be required to publish their consolidated accounts using International Accounting Standards, as endorsed by the Commission. Member States have the option of extending the requirements of the IAS Regulation (EC 1606/2002) to unlisted companies and all banks and insurance companies and to the production of non-consolidated accounts. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 4 b) One-off costs 8. The national laws of some countries might include restrictions on the type of offers that can be executed (i. e. ash only vs. exchange of shares). Even though such measures are not in themselves discriminatory to cross-border mergers, they might constitute a barrier to cross-border consolidation, given that the different features of such mergers (notably in terms of size) could call for a specific type of offer. c) Ongoing costs 9. Differences in employment legislation across t he EU may also create barriers for efficient and flexible (re)organisation. In particular, the procedures to move staff within a pan-European group remain very complex (furthermore in some cases, prudential rules impose constraints on the location of staff – cf. n insurance art. 3 of Directive 95/26/EC). Those differences may also result in higher legal costs to deal with the different legal systems, as well as complex processes and different timelines when trying to introduce changes on a cross-border basis. 10. The different accounting systems across the EU have also required companies to set up adapted IT, specific personnel and reporting systems. This limits the scope of possible cost synergies when two institutions merge across the border, where as such synergies do exist when two institutions merge within the same Member States. ? See  §7. 11. The consumer protection rules are very different from one Member State to another. This heterogeneity translates into the nece ssity of country-customised financial products compliant with those rules, and therefore also specific IT systems that handle those products and consumer relationship. For instance, this has been evidenced in the mortgage credit sector in the report recently published by the mortgage credit forum group set up by the Commission. Furthermore, those different rules are often based on the â€Å"general good† provisions and consequently potential abuses aimed at protecting the national markets are difficult to challenge in court. A significant example is the case C-442/02 (CaixaBank vs. France), where the European Court ruled in October 2004 that France could not ban interest bearing current accounts in that it constitutes an obstacle to the freedom of establishment. 12. Differences in national implementations of the Directive on data protection may also interfere with an optimal organisation of businesses within merged companies. Indeed, it can have a strong impact on IT systems and limit back-office rationalisation. 13. More generally, differences of approaches in private law, sometimes explained by historical or cultural factors, may impose a country-by-country approach for some products or services (especially in the insurance sector), with the same results as differences in consumer protection rules. Those differences include notably liability and bankruptcy rules, with the implied difficulties of enforcing cross-border collateral arrangements, as well as differences in legal rules for securities. ? The Commission is working with researchers and stakeholders to develop a Common Frame of Reference for contract law as a form of handbook identifying best solutions in European contract law and giving guidance on the different approaches used, with a view to providing common definitions, principles and model rules for use in lawmaking (see COM 2004 (651) final: â€Å"European Contract Law and the revision of the acquis: the way forward†). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 5 II. Tax barriers a) Execution risks 14. As mentioned earlier, mergers and acquisitions are complex processes. Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always fully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic. The Merger Directive (90/434/EEC) provides for the deferred taxation of capital gains arising from cross-border corporate restructuring carried out in the form of mergers, divisions, transfers of assets or exchanges of shares. Taxation of the capital gain is deferred until a later disposal of the assets. In October 2003, the Commission put forward a proposal to improve the Mergers Directive (90/434/EEC), which aims at clarifying the scope of the Directive as well as ensuring it applies to European Companies and European Co-operative Societies. Political agreement by the Council was reached on 7 December 2004. 15. The uncertainty on VAT regime applicable to financial products and services may put at risk the business model or envisaged synergies. The EU's VAT legislation in this area is badly in need of modernisation and because of its inadequacies, there is an increasing tendency to resort to litigation. The outcome can often be uncertain and as a result tax implications may place a question mark over otherwise sound business strategies. In recent years, the number of significant ECJ cases on VAT and financial services has increased steadily. Individual judgement may indeed clarify the law in particular circumstances but often at the cost of consequences which may not always be compatible with overall Community policy objectives. To take just one example, case C-8/03, Banque Bruxelles Lambert SA vs. Belgian State, the ECJ arrived at a judgement on the VAT treatment of open-ended investment companies (SICAVs) which has the potential to create tension in achieving the objective of equality of treatment and sustaining a level playing field for operators across the EU. In the absence of legislative measures, it is inevitable that the Court will play an increasing role with uncertain consequences. The Commission has attempted to address the provisions of the 6th VAT Directive (77/388/EEC) dealing with financial services but without much success. DG Taxud is currently looking at the distortive effect of these provisions and intends to proceed with a process of modernisation which will better ensure their compatibility with the objectives of the Internal Market and give business greater certainty about the tax implications of business decisions. ) One-off costs 16. The principal relief from the Merger Directive (90/434/EEC) is the deferral of tax on the capital gains on the assets transferred in a transaction covered by the Directive. However, in some cases where the Directive does not apply, special corporate structures have to be put in place to avoid such an exit tax on capital gains. This is for instance the case when permanent establishments are transferred from one Member State to another, by a holding company located in a third Member State. It can also occur when a subsidiary is converted into a branch. See comment of  §14. Also related to this issue is the judgement published in March 2004 (case C-9/02 – de Lasteyrie du Saillant) by the European court which ruled that taxation on unrealised capital gains of a natural person moving to another Member State constitutes an obstacle to the freedom of establishment. c) Ongoing costs 17. The issue of transfer pricing is a complex one for a group operating in several countries. As was evidenced in the Commission’s Communication â€Å"Towards an Internal Market without tax obstacles – A strategy for providing companies with a consolidated corporate tax base for their EU-wide DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 6 activities† (COM(2001) 582), a lack of common approach to allocate profits may rise to numerous problems on the fiscal treatment of intra-group transfer pricing, notably in the form of high compliance cost and potential double taxation. The Commission set up a â€Å"EU Joint Transfer Pricing Forum† with Member States and business representatives, meeting on a regular basis. Bringing together all parties concerned to discuss the issues at stake it helps to reach a better common understanding and allows to identify possible non-legislative improvements to the practical problems in order to reduce compliance cost and prevent disputes. 18. A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services (e. . legal services or other back technical operations) to another Member State. Given that in the financial services sector VAT is at best only partially recoverable, this represents significant additional costs that penalised cost synergies to expect from a crossborder merger when compared to a national merger. This tax penalty on cross-border shared ser vice operations is in addition to the general bias towards vertical integration which is widely perceived as a barrier to efficiency in the existing VAT provisions. See comment of  §15. 19. The lack of a homogeneous system of loss compensation across the EU affects the profit taxation at the group level. A group with several subsidiaries in the same Member State may offset profits in some of them by losses in others, whereas it will be more difficult, if possible at all, with a group with subsidiaries in several Member States. Therefore groups may prefer intra-domestic consolidation to enjoy wider diversification effects as they may benefit from direct horizontal loss compensation instead of deferred and incomplete vertical compensation between subsequent fiscal years. ? In the pending case C-446/03 (Marks & Spencer), the European Court Justice has been asked whether it is contradictory to the EC treaty to prevent a company to reduce its taxable profits by setting off losses incurred in other Member States, while it is allowed to do so with losses incurred in subsidiaries established in the State of the parent company. 20. Specific domestic tax breaks may favour specifi c, non-harmonized products or services, with the result that every institution has to provide this service or product if it wants to remain competitive. In such a situation, a merger between two entities located in that domestic market may yield synergies of scale, whereas it will be more difficult to exploit comparable synergies for a foreign institution taking over a domestic one, while not being entitled to the tax break in their home state. 21. In some cases, there may be discriminatory tax treatments for foreign products or services, i. e. products or services provided from a Member State different from the one where it is sold. Therefore, a cross-border group will be disadvantaged when trying to centralise the â€Å"industrial functions† (e. g. asset management functions) over a domestic group since the latter may keep all its value chain within the country and still benefit from synergies. In the area of asset management, the Commission has opened a number of infringement cases to examine the tax treatments of dividends on foreign investment funds that could potentially be discriminatory (infringements 2000/5059 vs. DE, 2002/4714 vs. AT, 2003/2009 vs. FR, 1994/476 vs. EL, 2003/2010 vs. IT). 22. The impact of taxation on dividends might influence the shareholders’ acceptance of a cross-border merger. Even though a seat transfer or a quotation in another stock market might be justified for economic reasons, groups of shareholders could be opposed to such an operation if it implies higher non-refundable withholding tax, and thus lower returns on their investments. See COM(2003) 810 for a presentation of the different tax schemes applying to dividends across the EU. In the cases C-315/02 (Lenz) and C-319/02 (Manninen), the European Court of Justice ruled in 2004 that taxation on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 7 dividends should make no distinction between dividends originating from domestic companies and those originating from companies established in another Member State. In particular, tax credit mechanisms or reduced rates should apply equally to all dividends distributed by any company established in the EU. III. Implications of supervisory rules and requirements a) Execution risks 3. A cross-border merger may highlight gaps or imperfections in the regulatory framework which may make regulators feel uncertain how to proceed, leading to delay, the imposition of specific measures or a veto of the proposed merger. In the banking sector, for example, the emergence of large cross-border groups might raise local supervisors’ concerns regarding financial st ability (e. g. the ongoing discussions on deposit guarantee schemes). In other sectors such as exchanges which had traditionally operated within one national market, regulators may be unclear how to operate in a cross-border context. ? The Economic and Financial Council is examining the effects of increased integration of the financial sector on financial stability and crisis management. Several areas, among which deposit guarantee schemes, are being scrutinized to ensure that the regulatory and supervisory framework is adapted to cross-border consolidation. 24. The misuse of supervisory powers, notably regarding those related to the approval of changes in the shareholding, have also been indicated as raising obstacles to cross-border consolidation. Although it was confirmed by the Commission that such powers should only be used on prudential grounds (Champalinaud case), the current legislation offers significant leeway for supervisors to veto cross-border consolidation. Following the mandate given by the Economic and Finance Council at their Informal Scheveningen meeting (10 and 11 September 2004), the Commission is considering the relevant provision of the Codified banking Directive and has put a discussion paper to the Banking Advisory Committee on 24 November 2004. A similar discussion took place at the Insurance Committee on 1 December 2004. 25. The complexity of the numerous supervisory approval processes in the case of a cross-border merger can also pose a risk to the outcome of the transaction as some delays must be respected and adds to the overall uncertainty. In particular, in the case of a merger between two parent companies with subsidiaries in different countries, ‘indirect change of control’ regulations may require that all the national supervisors of all the subsidiaries must approve the merger. b) One-off costs c) Ongoing costs 26. Despite a common regulatory framework, there might be significant divergences in supervisory practices at the level of institutions. Such divergences might be explained by optionality in the harmonised rules, including provisions taken at national level that exceed the harmonised provisions (‘superequivalent’ measures), or lack of coherence in enforcement of common rules. The consequence is a limit on homogeneous approaches, and therefore synergies, of risk control and risk management within a cross-border group. The Lamfalussy approach has been extended to the areas of banking and insurance, which i. . provides for EU supervisory committees in charge of achieving greater convergence in supervisory practices. The new Capital Requirements Directive provides an enhanced framework for supervisory cooperation, as will the upcoming Solvency II Directive. 27. The multiple reporting requirements, in some cases combined with a lack of transparency in terms of requirements and d efinitions, may also impose a significant and costly administrative burden on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 8 cross-border groups. Indeed, a cross-border merger might cause heavier reporting requirements compared to those imposed on the two entities that are being merged. Instead of creating cost synergies as in a domestic merger, a cross-border might even create additional costs. The Commission set up a forum group which set out several recommendations in a report published in June 2003. To follow-up on these recommendations and within the overall so-called â€Å"Pillar II† work, the Committee of European Banking Supervisors is investigating the technical solutions to enable a streamlined reporting regime in the field of banking. IV. Economic barriers a) Execution risks b) One-off costs 28. The fragmentation of the European equity markets may impose additional transaction cost on a cross-border merger. For instance, the exchange of share mechanism can be complex, and more expensive, when the two entities involved are listed on different stock exchanges. The additional costs might also influence the bidder on the type of deals (i. e. cash vs. exchange of shares). c) Ongoing costs 29. Independently of the legal frameworks or tax incentives (see  §13 and 20), some differences in product mix, are explained by habits, preferences or even history. This is especially true for the most common products, such as payment instruments. As a result, the potential for product rationalization resulting from a cross-border merger is more limited than for a domestic merger. 30. In cross-border groups, there are also more non-overlapping fixed costs, which cannot be spread over several countries. Indeed, even without legal, tax or prudential barriers, there would remain differences between Member States that would require a differentiated approach to be adapted to the local environment. This limits potential synergies. The most obvious example is language, and the implications in terms of customer services for instance. 31. The low level of cross-border consolidation might also be explained by a lack of potential targets, due to the lack of middle-size institutions. National consolidation of middle-size institutions resulted in the emergence of rather large and complex institutions. The few examples of cross-border mergers seem to indicate that it implies more often a big institution taking over a middle-size one. Taking over a big institution may perceived as too complex (and risky), whereas the takeover of a small one might not be sufficient to offset the induced costs. 32. The absence of critical size in some market segments (e. g. investment banking) may incite institutions to enter into a niche strategy, where the advantages of cross-border mergers that create large players is less evident from an economic point of view. Indeed, not only it would be difficult to find synergies between two niche players, but also absolute size would not necessarily be an advantage if an institution wants to maintain its competitive advantage in its niche market. 3. Domestic mergers can contribute to increase market power, and therefore increased profitability even without any cost synergies (i. e. raising the income while maintaining the costs at a constant level). Since most of the retail markets are still organized on a national basis, cross-border mergers yield very few, if any, increased market power. 34. Differences in economic cycles across the different Member States may also play a role, in that the economic environment has a strong effect on bank profitability. Different strategies might be DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 9 needed for different macroeconomic conditions, and therefore it might limit the scope of a potential pan-European strategy implemented at the level of a cross-border group, whereas domestic groups face a single economic environment. However, this could also be a driver for consolidation, as those differences in cycles can help to smooth the profitability by reducing risk and earnings volatility through geographical diversification. V. Attitudinal barriers ) Execution risks 35. Openly or not, some Member States may promote a â€Å"national industrial policy†, aiming at the creation of â€Å"national champions†. Among possible justifications, some may argue that such a policy may ensure adequate financing of the national economy. Political considerations may also play a role with recently privatised companies or institutions that have received public money. This political interference may block a cross-border merger, even though such this transaction is compatible with the existing rules. Such interference might not require formal powers or rules to materialize. Indeed, as evidenced in the previous sections, there are many obstacles to overcome to carry through a cross-border merger that it is realistic to think that no cross-border merger can be achieved if there is a strong political opposition. In addition, such a policy may lead to tolerance of high levels of concentration at a domestic level, allowing (or even encouraging) domestic consolidation over cross-border consolidation and making it even more difficult to accept a foreign takeover of a national institution with a significant market share. 36. Employees’ reluctance within the target company of a cross-border deal might also pose a threat to the successful outcome of the transaction. Indeed, employees may not accept to be managed from another country. A public opposition to the project may influence analysts’ assessment. Also employees may play a role if they have a participation in the company. 37. Cross-border mergers may imply a change in the place of quotation, or even in the currency of quotation. Shareholders’ acceptance of quotation changes may be limited, even all risks or tax impacts are eliminated. Indeed, the place of quotation may have an important symbolic value. 8. Given that cross-border mergers are complex and need to overcome a number of execution risks (as evidenced in this document), there might be an impact on shareholders’ and analysts’ apprehension of failure risk when it comes to cross-border mergers. b) One-off costs c) Ongoing costs 39. Interference with political considerations may also have consequences in the structures put in place after a cross-border merger. Such political concessions (e. g. guarantees of level of employment, no headquarter moves, protection of the local brand) may help in getting the merger through the ifferent obstacles, but constrain the resulting cross-border entity in realising the full potential of the merger as options may be severely limited. 40. Consumers may mistrust foreign entities, meaning that all parameters being equal, a local incumbent may have an advantage over a competitor identified as foreign. This explains why foreign institutions often prefer to keep a local brand, even though it might impede synergies across certain functions (e. g. marketing) or slow down the integration process (transition from one brand to another over a long period of time). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 10 Summary I. Legal Barriers II. Tax barriers III. Implications of supervisory rules and requirements IV. Economic barriers V. Attitudinal barriers a) Execution risks 1. Legal uncertainty 2. Opaque decision making processes 3. Legal structures 4. Limits or controls on foreign participations 5. Defence mechanisms 6. Impediments to effective control 7. Difficulties to assess the financial situation 14. Uncertainty on tax arrangements 15. Uncertainty on VAT regime 23. Concerns regarding financial stability 24. Misuse of supervisory powers 25. Supervisory approval processes 35. Political interference 36. Employees’ reluctance 37. Shareholders’ acceptance of quotation changes 38. Shareholders’ and analysts’ apprehension of failure risk b) One-off costs 8. Restriction on offers 16. Exit tax on capital gains 28. Fragmentation of the European capital markets c) Ongoing costs 9. Employment legislation 10. Accounting systems 11. Divergent consumer protection rules 12. Data protection 13. Differences in private law 17. Transfer pricing 18. Inter-group VAT 19. No homogeneous loss compensation 20. Specific domestic tax breaks 21. Discriminatory tax treatments 22. Taxation on dividends 26. Divergences in supervisory practices 27. Multiple reporting requirements 29. Different product mixes 30. Non-overlapping fixed costs 31. Lack of middle-size institutions 32. Absence of critical size 33. Market power 34. Differences in economic cycles 39. Political concessions 40. Consumer mistrust in foreign Entities Conclusion: Whether benefits outweigh costs depends on whether total trading volume increases subsequent to listing abroad (Mittoo 1992). Although financial markets are becoming more integrated globally, geography still has a role to play. More precisely, regulations, technological variances, market barriers and legislation vary in different regions. Barriers still exist and stock exchange markets are trying to continuously bring those down by creating strategic alliances. Cross-listing provides several advantages to firms; they are able to reduce the cost of their equity capital as they can reduce the risk to investors. The company’s firms become more liquid and there is also better flow of information on the exchange markets. In such a way, cross-border listing becomes advantageous both for investors as well as the company itself

Managing your professional performance Essay

1.0 INTRODUCTION Personal development planning (PDP) is a process undertaken by an individual to reflect upon their own development in a purposeful way through learning and experience. (Jackson, 2001) Everyone has desires and aspirations in life. To go about achieving goals and success in one’s life, it is vital to jump start and implement a very own personal and professional development plan. Every individual will have their own interpretation of personal development. For me, it is a lifelong personal growth and learning progress not only in building on self awareness and enhancing on skills and professions but also to achieve spiritual growth. 2.0 ANALYSE PERCEIVED DEVELOPMENT NEEDS AT THE BEGINNING OF THE MODULE 2.1 Personal Vision and Mission Vision Statement: â€Å"To become an effective and respected General Manager in the hospitality industry; helping to enhance the performance and continuous improvement within the business and extending excellence service to the customers.† Mission Statement: â€Å"I will strive hard to work my way up the ladder with continuous learning and development of knowledge, skills and experiences and at the same time, maintaining good work ethics and relationships with people around me.† MANAGING YOUR PROFESSIONAL PERFORMANCE Philosophy: I always believe that if one does not have the passion towards something, one won’t achieve success in it. We may be inspired to do something, but to be successful in what we are doing requires great effort and determination. Just like the saying from Thomas Alva Edison (1929 cited in Sommers 2012, p184) – â€Å"Genius is 1% inspiration and 99% perspiration†. If no effort is put in, there’s just no way that we can achieve success in life. 2.2 Status When I have chosen hospitality as my career, I knew it is a field that differs from the others which it requires not only basic hospitality knowledge and skills but also industry experience. Therefore, along with my studies I have held several part time positions as a waitress, promoter, sale executive and even a part time tuition teacher to gain career-related experience. As soon as I completed my diploma studies, I undergo my industrial training and continue on as a full time employee working as a guest experience executive with Le Meridien Hotel before I further my degree in order to gain broader knowledge and real-world experiences. Throughout these years so much has happened. Everyday I’m facing with new challenges and obstacles in work, with many ups and downs. I have learned to be patient; looking at things from different perspective and creatively dealing with different types of human being. All these working experiences have developed me a sense of competence and build up my self-esteem. Also, I’m more aware of the attitudes, skills and experiences that required for further career development and seizing the opportunity to gain insight and learn more about myself. MANAGING YOUR PROFESSIONAL PERFORMANCE 2.3 Self Assessment I have made an assessment of my own personality and capabilities in certain key skill areas in order to anlayse my strengths and weaknesses as well as to review on the gaps that I could further enhance for my long-term career prospects. (a) Personality Personality test is vital in helping me to understand my inner self and review on areas that could be improved for better self development to achieve future career success. I have taken the big five personality tests which could review on my level of sociability, friendliness, work ethic, calmness and creativity. (Please refer to appendix 1 – The Big Five Model of Personality) The result indicated that I am a person who is well organised, relatively social and tends to consider the feelings of others. However, weak in handling emotions and tend to be conventional. (b) Career Motivation According to Robbins (2001 cited in Tan and Amna 2011, pp73-94), motivation is a needs-satisfying process, which means individuals will strive to achieve goals when their needs are satisfied by certain factors. It is highly important for me to understand my career motivation in order to achieve a more fulfilling and productive career. And based on the career motivation test that I have taken, I realized for me to ensure a long term job satisfaction; my career motivational needs are recognition and long-term reward. (Please see appendix 2 – Career Motivation Test) This enables me to reflect and decide on the type of organisation My ex-manager exercises a range of leadership approaches as shown in the table above and deploys them appropriately according to different situations. Instead of practicing only one or few of the leadership approaches, her way of leading and levels of control towards the team is moving along the continuum which from being an autocratic leader to a democratic leader. MANAGING YOUR PROFESSIONAL PERFORMANCE 3.1.4 Different Styles and Different Stages When I first joined in the organisation, I was really not used to her way of managing as I was being ordered and instructed on things to do without having the freedom to do according to my way. Whenever I questioned on the task that I was performing, her reply is always the same – â€Å"Just follow and do whatever I told you, soon you will understand why.† Until a period where I saw other teams were doing the same tasks as mine but different way of performing; and they ended up screwing up the tasks made me realized her intention was to train me on the right way of doing things. After gaining some period of working experience, she presented a list of suggestions and solutions; and allowed me decide on my own based on my analysis and past experience. And as soon as she had faith on me and the team and having confidence in our abilities, she allowed us to develop ideas and decide on action to be taken. As in overall, when the team is immature or new, she will practice the styles more towards to the left-hand side of the spectrum. By contrast, when the team is skilled and motivated, she will practice the styles that are more towards to the right-hand side of the spectrum. Her shifting in leadership styles from being autocratic to democratic at different stages has inspired me and made me understand that a great leadership is not necessary to be consistent with the forms of leadership, but being able to apply the right style at the right situation. ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE and influence followers’ perceptions, and eventually smooth the path in achieving common goals. 3.1.6 Conclusion I truly believe that there is no one â€Å"best† style of leadership. Different leaders will have their own interpretation of what is called a good leader and with different approaches to leadership. To me, to be a good leader, first is to become a good follower, which I truly agree with the saying from Mark Wagner (2010) – â€Å"Great Followers make the Best Leaders†. In my opinion, a great leader needs to be developed through experience and learning; learned from observation, listening, hearing and doing. A leader may be is naturally born, but a great leader is definitely made. Page 21 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE 3.2 COMMUNICATION (Activity 4) Communication is a simple yet complex activity in which can be defined as a twoway process of reaching mutual understanding through verbal or nonverbal means. (Business Dictionary, n.d.) It is an important facet of life which plays a vital role not only in personal interactions but also in business communication. 3.2.1 Importance of Effective Communication In the daily personal interactions, effective communication could help oneself to deliver the information along and get the desired respond or need. It could also help to build up good relationships with the people around through better understanding and avoiding from arguments and misunderstandings. Effective communication could also build up individual’s’ self-esteem as they are able to present themselves well and express their thoughts and feelings. Effective communication is also a key to success for every organisation, leader, manager, and employee. It is vital for an organisation to build or strengthen the relations with internal and external stakeholders and ultimately, achieving business goals and missions. Following table highlights the importance of effective communication in business: Consideration Understands human nature Emphasize positive pleasant facts, visualizing reader or listener’s problems, desires, emotions and responses. ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE Courtesy Strengthen relations Not only thinks about receiver but also valuing his or her feelings. Use polite word and gestures, being appreciative, thoughtful, tactful, showing respect. Source: Managementstudyguide.com, 2012 3.2.3 Reflection Throughout this activity, I found out that it wasn’t easy to get everyone to be in the same level of understanding of the information that I have been delivered. Different people tend to have different interpretation and understanding towards my explanation of the visual ‘poster’. I was struggling in expressing my own thoughts and ideas effectively towards the entire class. Also, I realized the same scenario happened in my previous workplace when I was expressing or explaining something to different people. My words are often misinterpreted or misunderstood; and eventually lead to ineffective job performance. My weakness in delivering message is causing me great difficulty to communicate effectively especially in the workplace. Out of the 7C’s above, I realized I am somehow lack of the 2 C’s – completeness and concreteness. I often simplify my expressed thoughts and ideas without any further explanation and supporting facts. Perhaps this is the issue which leads to the misinterpretations due to having an unclear and ineffective communication. Therefore, it is essential for me to look into how I could craft effective communications and further develop on my communication skills. Page 24 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE 3.2.4 Communication Skills The act of communicating involves verbal and nonverbal components. (Rod and Suzanne, n.d.) Both of these components are interrelated which are vital to deliver clear and concise messages; and receive correct and understand messages sent by the others. Therefore, these two aspects of communication skills should be enhanced as a whole to ensure effective communication. (a) Verbal Verbal communication includes both oral and written communications. (Rod and Suzanne, n.d.) There are numerous verbal communication skills such as speak with confidence, think before you speak, don’t talk too much and so on. And, I found it that there are certain verbal skills that I could enhance and worth mastering based on my communication weaknesses, which are: (i) Learn the art of listening Listening someone effectively enable us to gain valuable information and greater understanding of the others’ point of view. One of the key improvements that I would require is to stay focus or pay attention on the message delivered to gain a deeper understanding of another’s thoughts. Remain clearheaded is also another key area that I need to further enhance by truly listen to someone’s perception and controlling emotions when it comes to sensitive and emotional topic. (ii) Be clear and concise I should avoid wordy expressions and learn to choose my words; state out my point of views as clear as possible and as briefly and succinctly as possible. I Page 25 of ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE should train on this daily while communicating with family members, friends, colleagues and relatives; and gain feedbacks from them for better improvement. (b) Nonverbal Nonverbal communication can be described using body languages which involve facial expression, body movement, gestures, eye contact, voice, space and more. (Rod and Suzanne, n.d.) Following are the list of tips that could help me in enhancing my nonverbal communication skills: Always make eye contact while communicating with people. Exhibit appropriate facial expressions and affirmative head nods. Avoid distracting gestures and actions. Be mindful of personal space while communicating. Do not invade personal space by getting too close or confuse communication by being too far away. Source: IILM, 2012, p90 3.2.5 Conclusion Communication is not just a simple daily activity but it comes together with skills and techniques where individuals need to learn and acquire them in order to perform daily tasks and work effectively. To me, it is the most highly valued skill out of all professional skills as it plays a vital role in all aspects of personal and professional lives that would last for a lifetime. (Word Counts: 1436 Words) ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE 4.0 DEVELOP AN ACTION PLAN FOR FUTURE DEVELOPMENT A personal action plan is a detailed schedule of key activities which set by an individual in order to accomplish personal goals. (Carnes, 2010) Based on my vision and mission statements as well as the identified development needs, I have set a list of goals to be achieved into short-medium terms in the next fifteen years; starting from year 2013 till 2027. 4.1 FIVE-YEAR ACTION PLAN Plan period: From 2013 to 2017 (Age 22 to 26) Goals to be achieved: 1. To be a Front Office Manager I have got two years working experience as a guest experience executive in the hotel industry and several part time working experiences in the related fields. My next stage will be looking forward to be a front office supervisor; and then strive hard to work my way up to the next level which is to be a front office manager within these five years. 2. To travel every year Ever since I finished primary school, I have not been to anywhere out of the country, as I am committed to my study and work. And to be frank, I can’t really remember when is the last time I traveled, most probably is when I was in the age of 12. I want to turn this around; and I want to go on vacation or travel abroad every year to gain a different perspective of the world. Lifetime ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE ï‚ · From industry expertise, managers, supervisors and colleagues through sharing of industry knowledge and experiences. Personal Observations and Experiences ï‚ · The daily working experiences also known as the firsthand experiences enable me to gain awareness and up-todate hospitality-related service and knowledge. Year 1 – 2013 (Age 22) Basically my plan in 2013 is to return to my previous workplace right after I finished my degree course in between April to May. I have been offered a position by my ex-manager, working as a guest experience supervisor or called it as a front office supervisor starting in June. Throughout the whole year, I have planned to take different training programmes or courses to overcome my weaknesses, enhance my professional skills, gain additional knowledge, build up self esteem and develop self competencies. The examples of training programmes include the â€Å"360-Degree Leadership Skills† training course, â€Å"Creativity, Critical Thinking, Problem Solving and Decision Making† training course, and â€Å"Personal and Professional Effectiveness† training workshop. Also, I am seeking for work-life balance, and I will plan for at least an oversea trip probably in the year-end; which it is also one of my personal goals.ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE Year 2 to 5 – 2014 – 2017 (Age 23 to 26 ) These four years are going to be hectic years as I will be striving hard to work my way up to the next position level. I will apply for Starwood Leadership Development Programme which is a hands-on-three-year training programme to prepare myself to be a future leader; enhancing every aspect of my personal and professional skills, knowledge and experiences. From time to time, I will also keep myself up-to-date of the hospitality or related industry knowledge through a wide variety of resources as listed in the action plan. I will also constantly look up for courses or training programmes to help me to further improving my professional skills and knowledge. And hopefully by 2017, I could achieve my first career goal which is to be a front office manager; utilizing my skills, knowledge and experiences gained to help the organisation in enhancing the performance and continuous improvement within the business. Page 31 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE 4.2 TEN-YEAR ACTION PLAN Plan Period: From 2018 to 2027 (Age 27-36) Goals to be achieved: 1. To be a Director of Rooms Division (By Year 2022, Age 31) My next goal to be achieved after being a Front Office Manager is to be a Director of Rooms Division after five years. I planned to apply for cross training or internal transfer programme to the housekeeping department for at least two years to learn and get more exposure about the overall rooms operation. 2. To be a Hotel Manager (By Year 2027, 36) My next goal to be achieved after being a Director of Rooms Division is to be a Hotel Manager after five years; before moving forward to the next position level which is the General Manager. I planned to gain experience and exposure to all hotel departments and different functions to gain more in-depth knowledge and integrated experience of how the entire hotel operates. 3. To get a Master’s Degree (By Year 2019, Age 28) Also, one of my ten-year goals is to earn a Master’s Degree on a part-time basis to acquire broader knowledge and skills to keep myself a competitive edge over the others. Keeping me on the edge of developments with constant professional skills improvement and keeping industry knowledge up to date is also one of my life time plans. Personal Observations and Experiences The daily working experiences also known as the firsthand experiences enable me to gain awareness and up-todate hospitality-related service and knowledge. Cross Training Programme – Housekeeping Department ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE Year 1 to 5 – 2018 – 2022 (Age 27 to 31) Basically my plan after achieving my first career goal is to get a Master’s Degree major in hospitality management on a part-time basis over two years duration. This enables me to stay competitive in the industry as there is a growing in demand for higher education qualifications in the hospitality industry especially for the higher level positions. Also, I will participate in certain soft skills training programmes or courses to further improve and enrich myself such as stress management and emotional intelligence training workshops. Constantly updating the industry knowledge through a variety of sources is also one of my to-do-lists to keep myself stay alert about the industry changes, spot threats and opportunities early on, and make better business decisions. After planning to work for two years as a front office manager, I plan to get myself involved in cross training programme in housekeeping department to gain integrated experience and knowledge on how the entire room division operates. This can be an important stepping stone for me to move onto the next career level. Besides, I will also take up the Certified Professional Coach (CPC) Programme to enhance my mentoring and coaching skills to elevate myself to become a better leader. This programme not only able to help me to become better coaches in my own professional and personal lives but at the same time also improving better cross functional interaction and efficiency in the organisation. And expecting by 2022; all the plans, efforts and determination that I have put in could help me in achieving my second career goal in life which is to be a Director of Rooms Division. Page 36 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE Year 6 to 10 – 2023 – 2027 (Age 32 to 36) Gaining integrated experience in all hotel departments through cross training programme is going to be my next plan after being a Director of Rooms Division. This cross training is going to take about three years duration to six different departments with six months each which include food and beverage, security, engineering, sales and marketing, finance and revenue, and human resource departments. This programme is extremely important for me in achieving my next career goal as it enables me to expose, learn and gain an in-depth knowledge and experience on how the entire hotel runs. And expecting by 2027, I could achieve my third career goal in life which is to be a Hotel Manager. Other than just focusing on maximizing my career achievement, I also aim to buy a home latest by 2024 in the age of 33 and build up a happy and healthy family. Not to forget also to ensure a balance of my work life; go on vacation or travel abroad probably in every year-end to relax and gain a different perspective of the world. 4.3 Contingency Plan Reviewing on the action plans regularly is essential to keep track of my progress in achieving my personal and professional goals. However, situations may change at times due to sudden or unexpected circumstances or perhaps desires may change as time goes by. Therefore, adjusting goals and plans are necessary when the situation calls for it. Following are the contingency plans of the five and ten years development plans by identifying the possible breakdowns: Page 37 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE 1. Extension of Timeframe An extension of time is essential when the goals are unable to be achieved within the timeframe perhaps due to unexpected circumstances. For example, my aim to purchase a house by the age of 33 might need to be extended in the case that I am facing financial difficulties at that moment. The cross training programme to all hotel departments might also need to be extended from three years to four years if I can’t gain my desired result and knowledge from all the departments within the targeted timeframe. 2. Seek consultation from industry expertise Seeking advice and consultation from industry expertise such as managers and directors is required if I don’t gain the desired or enough skills and knowledge from the training programmes and workshops. Often the view, opinion, experience and knowledge share by the expertise could help me to gain a better insight into the required skills development. 3. Online Professional Development Taking up online development courses are my backup plan instead of attending training programmes or workshops during the case of having limited time in completing a thousand of tasks in daily life; causing me couldn’t fulfill my development plans within the targeted timeframe. This backup plan would be more flexible and convenient for me especially in a hectic working environment. However, I would still prefer participating in training workshops as I will get the chance to get involved in a variety of activities such as role plays, group Page 38 of 41 ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE dynamics, games and more; which could help me in gaining a better understanding and insight of the professional skills development. 4.4 Future Plan My next career aim after being a Hotel Manager for about five years length of duration is looking forward to become an effective and respected General Manager in the hospitality industry which is also my vision in life. My career development will not just stop at this stage after achieving my vision; but will continue on to set another vision and goals to be accomplished in the rest of my life. I will continue to emphasize on maximizing my career potential and achievement through ongoing development of professional skills, knowledge and experience. Besides taking up different skills training courses and participating in training programmes to further enhance and enrich myself, I will also seek advice from the industry experts to achieve a better result in career achievement. Not to forget also to constantly reviewing and evaluating the action plan and self development; and look for ways to further enhance personal and professional performance. Besides, one of my future plans is also to contribute to the best of my ability towards the community not only on behalf of the organisation but also for my own sake. Example of contributions include participating or working with the local or international charities and adopting green approaches such as choosing more Page 39 of ILP 333 MANAGING YOUR PROFESSIONAL PERFORMANCE environmentally viable alternative power supplies, integrating the consideration of environmental concerns into decision makings, promote environmental awareness, reducing waste through reuse and recycling activities and more. Conclusion To me, personal and professional development is a journey that never ends. It is a lifetime and ongoing process in developing professional skills, knowledge and experience as well as in achieving personal and spiritual growth. I truly believe that personal growth and development is completely within my hands which requires not only strong determination and self discipline but also having a positive, can-do attitude and thought that are vital in driving me to success. And based on my philosophy of success, I will definitely put in great effort and determination in everything I do; strive hard to achieve every single goal that I have set in life. (Word Counts: 1869 Words) (Total Word Counts: 4184 Words) Page 40 of 41