Stategic Management of Human Resources Essay Example | Topics and Well Written Essays - 3500 words

Stategic Management of Human Resources - Essay Example But today, personnel departments are replaced or merged with the human resources departments; (Is there a difference between human resources and the personnel department) hence the demarcation between the two functions has been eliminated. Therefore, now personnel departments in addition to recruiting and selecting personnel, it maintains employee records, helps in career development and training of employees, handles and enforce all kinds of laws and regulations as put forward by the state administration, and moreover, also deals with individual and unionized employees in their personnel actions. The staffing function of personnel department has three parts to it namely, selecting, hiring and training. After the organizing function of the management determines the places and the jobs that are critical for the organization performance of its functions, the role of staffing comes into play. Thus, personnel managers recruit a new pool of individuals from outside if they see no internal fillings can be done. The recruiting may begin with the ad for a job vacancy, referral etc. The short listed applicants are screened through interview and other tools that are used t evaluate such as projective techniques etc. Management discharges, dismissals, transfers are also a part of it. The handling of personnel records help the company generate weekly or monthly activity records for these to be monitored, in light of all the rules, regulations and the ordinance requirements put forth. Various documentation that is required as a part of daily operating process such as subpoenas, employment verifications and also the unemployment compensation is handled. Besides, evaluation of employees and the maintenance of data is also handled as a part of record and data base of the employees by this department. In short, it has all the classified information of all the employees that are a part of the company be it temporary, permanent, seasonal, or part time etc. Another issue that relates to the function of the personnel department is the workers compensation. Normally, under the worker compensations acts as different states' requirements puts responsibility on the personnel department. This requires the personnel department to determine the compensation - weekly, monthly or the daily wage basis. Besides, benefits such as compensation for permanent or temporary disabilities, work related injuries, other than that medical, vocational rehabilitation, insurance, or other kind of benefits for the family members of the workers is also managed by the personnel managers. It also handles workers' compensation claims, issues related to sick or annual leave, etc. Fringe benefits are also administered under this role. One of the primary functions of the personnel department is the training of employees and the workers. This helps the employees achieve the maximum level of competency and assist employees that lack in certain areas to polish and brush up their skills. The training may be aimed at conducting work out sessions for employees at the entry level position and also the managers as they climb up the ladder. The

Financial Markets and Institutions Essay Example | Topics and Well Written Essays - 1250 words - 1

Financial Markets and Institutions - Essay Example economy, impact of recent monetary policy on U.S. economy and the strategy for the use of bond markets. Foreign Exchange Market The foreign exchange market is an over-the-counter (OTC) market. The participants of foreign exchange markets are portfolio managers, importers and exporters, commercial banks, central banks, and foreign currency brokers. Types of Transaction and their benefits There are three types of foreign exchange transactions: spot transaction, forward transaction and swaps. A spot transaction includes deliver of the exchange by the seller of the foreign exchange to the buyer, on the spot, and the settlement of deal is within two business days. A forward transaction involves an agreement between the seller and buyer of currency to purchase or sell a preset amount of currency for a rate which is determined in advance at a specified date in the future. A currency swap is defined as a conversion of one currency into another with an agreement to revert it back at some date in the future. Forward transactions are valuable to the U.S. and global economies in several ways. It can fully eradicate risk by locking in now the rate or price at which the transaction is going to be made in future. Forward trading offer the economic benefits of risk control and price discovery as well as rich opportunity for speculation. It provides protection against price changes through hedging. Spot market is also considered as most developed market and central banks have judged it as the neutral market for interventions. Forward transactions also protect the investors and traders from exposure towards the fluctuations of the spot rate known as currency hedging. (Peng, 2008, p.194). Factors Affecting Interest Rates Interest rates are determined by the forces of demand and supply. There are numerous factors that affect the interest rates and these are as follows: First is the monetary supply and demand. The interest rates for saving accounts of U.S. citizens can be affected by the demand and supply of the currency in circulation and more demand and less supply result in a higher rates being offered. Second is the inflation. Inflation rate impact interest rates because every lender desire returns from the loan in order to reflect the reduced purchasing power. They add the expected or existing inflation value to the interest rates to evade losses. Third is the Central Bank policy. It helps to decide the interest rates for saving accounts. Fourth factor is the demand for credit. When the demand for credit is high, then the best savings account interest rates are seen. Interest rates tend to decrease with the decrease in the credit demand. Fifth factor is the economic state of the U.S. It enables to determine the interest rates for saving accounts. Interest rates tend to decrease with the recession and economic prosperity cause the interest rates to go up. Sixth factor is the expectation of the economic growth. Interest rates tend to increase when economic growth is predicted. Seventh factor is the level of competition among financial institutions. When financial institutions compete for consumer business, then the saving accounts and best interest will be seen.