What Are The Main Features Of The Basel Iii And How Do They Differ From Basel Ii

Introduction The member states of the Group of twenty (G20) in 2010 certified Basel III framework which aimed at increasing the quality and quantity of capital that banks should have. Basel III replaced Basel I and II after they seemed to be collapsing under the pressure of the financial crisis in various countries (Gromova-Schneider Niziolek 2011).Advertising We will write a custom essay sample on What Are The Main Features Of The Basel Iii And How Do They Differ From Basel Ii specifically for you for only $16.05 $11/page Learn More Regulatory institutions are given the authority to have a large-scale-prudential approach in ensuring that Basel III re-establishes better quality liquidity and capital (Lyngen 2012). The purpose of this paper is to examine the key features of Basel III and how it varies from Basel II. Features of Basel III This section focuses on the main features of Basel III and their components which the committee has put forward to ena ble financial institutions to combat the financial crisis. The first feature is concerned with increasing the quality and quantity of capital (Walker 2011). Three stages will be used to advance the value, precision as well as the stability of Capital bases. The first stage involves efforts to stabilise ordinary shares in addition to increasing common shares and the earnings that are retained. The second stage involves harmonising capital instruments and the final tier is concerned with eliminating capital. The second feature is the establishment of additional buffers (Walker 2011).The committee proposes the following approaches to be used to reinforce the coverage of any threats to bank assets, counterparty credit risk and management of market integration. Lastly, capital requirements for counterparty must be reinforced in addition to raising the capital buffer that supports this coverage. The third feature of Basel III is the introduction of Leverage ratio as an added appraisal of Basel II risk based structures. The leverage ration is intended to establish a base to build up leverage in the banking industry, increase efforts to strengthen against model risk. And inaccurate measurement by supplementing the risk based measure with a simplified standard founded on gross exposures (Lyngen 2012). The Fourth feature is managing Counterparty risks by promoting countercyclical buffers. This is also proposed in Basel III as a strategy to advance the build up of capital buffers in appropriate periods which can be relied upon during periods of crisis.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Countercyclical would be advanced through the following means reducing surplus cyclicality of the least amount of capital prerequisite as well as advancing provisions that aim at capital stability in the future (Gromova-Schneider Niziolek 2011). The fourth element is also concerned with efforts to amass a vast amount of information and data over time which can be of help in determining the likelihood of defaulting as had been envisaged in Basel II. The banking industry must also provide support to banks to carry out stress tests so that they develop proper mechanisms to address crises. The Fifth feature involves improving liquidity. Here, the committee has advanced a world wide approach for internationally active banks to achieve the least standard of liquidity (Delahaye 2011). The committee held that banks internationally will be able to borrow more during periods of stress and crises. The Sixth feature deals with the SIFIs or the too big to fail institutions. The committee recognises the fact that these institutions are a threat to other banks in the banking industry (Walker 2011). As a result of this realisation, the committee links with the financial stability board which was also established by G20 to advance several strategies that can be used to address issues in the SIFIs. Such approaches include tighter large exposure restrictions, mandatory recovery and resolution plans. All these features are to be considered during the implementation of Basel III. The differences between Basel III and Basel II The main difference between Basel II and Basel III is the increase in the capital buffer by setting up the minimum quality and quantity of Capital which internationally active banks must have in their possession (Danila 2012). This is evident in the features discussed above since, they all intend to address the issue of ensuring that banks are stable and can survive during periods of stress or financial crises. Basel III expands on the explanations of fliers and provides a clear understanding of capital as an asset to guard against unforeseeable future conditions.Therefore, Basel III adopts these strategies and emphasises on them through the features discussed above to ensure banks have a sustained growth even during times of crises.Adv ertising We will write a custom essay sample on What Are The Main Features Of The Basel Iii And How Do They Differ From Basel Ii specifically for you for only $16.05 $11/page Learn More Conclusion Basel III is a framework that was developed to put in operation the components of Basel II in addition to helping banks expand the base for sustainability in the banking industry. This is a relevant step since banks have suffered in times of crises and such effects are always transferred to customers. Customers may move to more secure banks and this may have greater impact on the survival of the banks they leave. It is therefore appropriate for a framework to be developed to aid such banks against collapsing specifically during times of stress. This is what Basel III intends to do. References Danila, O 2012, ‘Impact and Limitations Deriving from Basel II within the Context of the Current Financial Crisis’, Theoretical Applied Economics, Little, B rown and Company, NY. Delahaye, B. P 2011, Basel III: Capital Adequacy and Liquidity After The Financial Crisis / Bernd P. Delahaye, World Scientific, London. Gromova-Schneider, A, Niziolek, C 2011, ‘The Road to Basel III — Quantitative Impact Study, the Basel III Framework and Implementation in the EU’, Financial Stability Report (Oesterreichische Nationalbank), Cengage Learning, UK. Lyngen, N 2012 ‘Basel III: Dynamics of State Implementation’, Harvard International Law Journal, vol. 53, pp 519. Web. Walker, G.A 2011, ‘Basel III market and regulatory compromise’, Banking Regulation, vol. 20 no. 1, pp. 53-69.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This essay on What Are The Main Features Of The Basel Iii And How Do They Differ From Basel Ii was written and submitted by user Deborah Vega to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Accidental Hero Distorts the truth essays

Accidental Hero Distorts the truth essays The film Accidental Hero shows that the media distorts the truth. Discuss: The film Accidental Hero distorts the truth in a number of ways, both intentionally and unintentionally. The distortion by the media is mostly unintentional and throughout the duration of the movie a lie told by John Bubber, one of the main characters in Accidental Hero, is the foundation of the untruth. It is this lie that creates the underlying theme in the movie, that there is a time and a place to be completely truthful. There are three main intentional distortions of truth found in the movie. Firstly when John Bubber visits the hospital, secondly when John Bubber and Bernie Le Plante are sitting on a ledge above the city and thirdly when Bernie Le Plante is in a bar and a news reporter on the TV above his head claims several untruths. The lie told by John Bubber gave the media a way to create a superficial hero, through this they gained enormously in ratings which then led to a huge gain financially. Furthermore to improve their ratings even more they offered a 1 million dollar reward for the hero to come forward and participate in an interview. From then on more and more lies were told and all as a result of the lie told by John Bubber. Therefore this then proves that John Bubbers lie was the foundation of the untruth. The media and public are both partly responsible for the distortion of the truth. Though throughout the whole film only three intentional distortions by the media were found, thus saying that most of the films distortions were done unintentionally. One example of an intentional distortion carried out by the media was when John Bubber went to visit a badly blind boy at a childrens hospital and the day after the boy made a miraculous recovery. The media used this to their advantage, saying that John Bubber created a miracle when really they knew full well that it was just a coincidenc ...

Organization Development and Change Essay Example | Topics and Well Written Essays - 750 words - 6

Organization Development and Change - Essay Example This is because the effects of change are understood hence organizational change is supported by the same people who change affects within the organization. This involvement of the workforce in the creation of change within the organization leads to the acceptance of change among the stakeholders of the organization. This involvement leads to synergy, which enhances motivation and productivity in an organization. These are the benefits that accrue from full implementation of change in an organization. Inclusiveness in strategic change creation and implementation serves as a cheap source of ideas because the contribution of many people is considered before a decision is made. This initiative also provides networking to the organization which enhances the implementation of the change within an enterprise. This owes to the fact that networking helps in acquisition of crucial information with regard to decision making. According to Cummings and Worley (2009), strategic change in an organization determines the going concern of an organization. Participation in the change process is favored in the republics which practice democracy in governance as opposed to one-man rule scenario in some countries. Organizational development and change are inevitable for the advancement of any organization. This is because of the flaws associated with the status quo position of an organization structure especially a bureaucratic organizational structure. There is a need for the organization’s management to communicate the re-structural change and the goals of the change, to the workforce in order for the employees to embrace the change. There are benefits which accrue to people when they take part in a number of activities pertaining to change. These benefits include the improvement in the quality of decisions made with regard to the change variables. It also highlights timely responses required when the change takes effect. According to Lines (2011), the effect of

Shereton In Poland Essay Example | Topics and Well Written Essays - 1500 words

Shereton In Poland - Essay Example The company's objective is to be recognized as the establishment that manages the finest hotels, resorts and residence clubs wherever they locate (Four Seasons Online). While the business of managing luxury establishments defines the industry the Four Seasons Hotels and Resorts is in, the company identifies its success on "a clear understanding of and belief in what (they) do and when (they) couple this conviction with sound financial planning." (Four Seasons Online) The company also believes that their greatest asset, and the key to their success, is their people, together with a high service level where the exclusive focus is on luxury hospitality (Four Seasons Online). For the 11th consecutive year, the Four Seasons has been named by Fortune Magazine as one of the "100 Best Companies to Work For." (Four Seasons Online) The company's distinguishing edge is therefore a global network that is attuned to the needs of the luxury traveler, and this is cemented in the number of awards granted, including twenty-three AAA Five Diamond Awards for 2009 from the American Automobile Association (Four Seasons Online). In addition to accommodation awards, five Four Seasons Hotels and Resorts were also awarded the prestigious Five Diamond Awards for restaurants (Four Seasons Online). In addition to offering luxury accommodation and spa services, the Four Seasons Hotels and Resorts also provide leisure activities for groups and families to ensure visits to the hotels and spas are not seen as destinations, but as experiences. Many properties offer signature golf courses, ski lessons, water sports, tennis instructions, fishing adventures, cooking classes, fitness facilities, and family activities. This provides each property an opportunity to showcase the uniqueness of each hotel location, whether through outdoor activities or cultural events and provides customers with a form of escape. Business travelers are also provided with high tech business services including dedicated business centers that house high-speed internet access, expert communication support, and in-room convenience from speakerphones to data ports (Four Seasons Online). Other services include wedding arrangements and packages with personalized support, business meeting packages, and ad hoc celebrations and events with catered menus and private dining rooms. The company also offers a Four Seasons Gift Card that can be purchased and personalized for everyday or occasional gift giving. Four Seasons Resort Experience In addition to offering outstanding activities and service as detailed above, a number of Four Seasons Resorts also provide a more inclusive and personal experience for guests. One example is the Four Seasons Tented Camp in the Golden Triangle (where Thailand meets Laos and Burma) that is accessible only by riverboat, and consists of 15 free-standing tented accommodations on elevated ground catering to a maximum of 30 guests (Four Seasons Online). To further allow guests to embrace and understand the resort's environment, the resort also became a founding member of the Golden Triangle Asian Elephant Foundation (GTAEF), which offers guests the opportunity to rescue elephants off the streets of Thailand and provide them with a safe, humane, and natural environment. Since then, the Foundation has successfully rescued 11 elephant babies off Thai city streets (Four Seasons Online). This lodging concept is appropriate for resorts situated in countries that are rich in culture and

Natural resources Research Paper Example | Topics and Well Written Essays - 1250 words

Natural resources - Research Paper Example So, there are several industries that are considered as natural resource industries such as mining, fishing, forestry and many others but agriculture is barred from this list. The name ‘natural resource’ was suggested, by E.F. Schumacher in the book published in the era of 1970s called as Small is Beautiful (Longstreth, 2011, p.4). Categorization of Natural Resources Natural resources are categorized into renewable and the non-renewable ones. Renewable resources are the ones, which can replenish themselves, provided that they are not over-harvested and are utilized wisely (Perman, 1999, p.9). The examples include fishes, forests, trees and other things. Once, these renewable resources are utilized at a speed which is greater than their normal tempo of replacement, the entire reserves will decrease in quantity and ultimately be depleted. The speed of utilization of a natural resource should be equal to the replacement speed and the quantity of reserve stock of a particula r natural resource. Inorganic renewable natural resources comprise of soil and water. Flow renewable resources can be harmonized with renewable resources but the difference is that they do not require renewal like the renewable ones. Renewable power sources that are incorporated in the list of Flow renewable resources are of sun: solar, of earth: geothermal, biomass, landfill gas, of sea: tides and wind. Resources can be further categorized on the grounds of their source of origin: biotic ones and the abiotic ones (Perman, 1999, p.9). Biotic resources result from the living beings but the abiotic resources are originated from the non-living components of the earth such as land, air and water. Other resources such as those related with minerals and power are also in the abiotic category, though some of them are derivative of the natural resources. Non-renewable resources A natural resource, which is present in rigid amounts and cannot exist, grow or renew itself at a speed as it is u tilized, is a non-renewable resource. Few of the non-renewable resources can become renewable but they require very long time duration to come into this category such as the fossil fuels which need millions of years to build up in moderate amount but they cannot be called as exactly renewable. Natural capital Natural resources can become natural capital when they are used up as a commodity that can help to increase the infrastructural capital developments (Perman, 1999, p.9). These can comprise of loam, timber wood, various oils, different minerals and some other sort of products that are digged from the earth. Both the mining of the essential resource and then refining them to an unpolluted, straightly functional form, for example, some metals and the refined oils, are usually designated as the natural resource capitals, although the latter may perhaps not essentially happen next to the former one. A country’s natural resource, sometimes, verify its capital and the repute in the world economic structure, via depicting the political affect in it. Urbanized states in the world are actually not reliant on natural resources for riches, because of their increased dependence on infrastructural capital for fabrication of new products. Though, some view this resource nuisance which might harm the future vistas of a nationalized country because of the time that is wasted in offering bribes for other similar sort of economically non-productive activities that do not lead

British Armed Forces

British Armed Forces Management now are aware of the importance of employees, hence using the correct recruitment and selection methods are crucial part of management functions. The success of any organisation depends largely on acquiring the right balance of employees, with the right skills and abilities. Most companies have an established personnel department responsible for   this function. (Armstrong, M. 2009) Poor recruitment and selection techniques can result in rise in cost, lower morale, and a rise in labour turnover. As a result of these, the aim of management is to reduce cost and maximise productivity. This assignment looks at recruitment and selection methods used in the British Armed Forces, selection methods, reliability and validity. (Noe, R.A. et al, 2004) However, interviews and its benefits and types are also dealt with in details. The different types and drawbacks of test, and government legislation form the basis of employment and organisation has to follow set procedures as such. These are all discussed in subsequent chapters. (Noe, R.A. et al, 2004) This assignment focuses on recruitment and methods of selection processes. These systems may be the first formal interaction which candidates have with the organisation. Their impact may extend across a range of stages in the pre-employment relationship with the organisation, not only during the initial attraction, the selection process and the offer of employment, but also in the subsequent attrition, and decision by existing staff to leave.   Example Toyotas recruitment and selection practices are tailored to find the best possible applicants to hire. (Beardwell, J., and Claydon, T. 2007) 1.2 Recruitment and selection in the British Armed Forces The British Armed Forces described recruiting as the measures taken in order to attract a pool of candidates for selection. Recruits are then taking in for training in order to prepare them for their careers in the Army. The training is a continuous process throughout a soldiers career. (www.armedforces.co.uk, 2011) 1.2.1 Army Recruiting and Training Directorate (ARTD) This body is in charge of the step by step progress of potential recruits from the initial recruitment through to the selection process, specialist training and deployment in the army field. (www.armedforces.co.uk, 2011) The ARTD has an estimated annual budget approximately  £700m in which they have enlist 13000 potential candidates, and train 100000 soldiers and officers. The ARTD functions operations are categorised into three phases; such are, general training, Specialist training and Career training. (www.bbc.co.uk, 2011) 1.2.2 Soldier Selection The selection process requires all potential recruit to do an entry assessment at the Armys Careers Office.   Here potential recruits will undertake a touch screen British Army Recruit Battery (BARB) test, psychometric test all computer based designed to see which area in the Army is best suited for the recruit. The tests also include a numeric and literacy test.. (www.armedforces.co.uk, 2011) Candidates who successfully passed both the tests and interviews will be booked for further test. This test is normally a two days course at an Army Development and Selection Centre (ADSC). Here candidates will undergo a thorough medical examination, physical assessment tests, and fitness checks to determine the suitability for an Army career. (www.armedforces.co.uk, 2011) At the end of the two days course, candidates will be informed whether they are success or not, hence, if successful candidates can be given a place in any of the trade they wish to undertake, a Phase 1 training, which is a 14 weeks course, designed to give candidates all the required skills to be a soldier.   At the first day of training, recruits will formally enlist in the British Army, and Phase 2 specialised training will begin at the Army Training Regiment, Pirbright, Surrey. (www.armedforces.co.uk, 2011) 3.1 Methods of Selection Selection is the process of identifying the suitability of applicants from a given pool of candidates. The main reasons of carrying out selection are: (Dessler, G. 2011) To gather relevant information about jobs, applicants and organisations in order to ensure a better quality decisions. To change information and predict future behaviour To facilitate cost-benefits for the investment made in an employee To check, recruit and place job candidates in the best interests of organisation and applicants. (Dessler, G. 2011) 3.1.1 Reliability For employers to ensure that selection has been free of any kind of bias the reliability of the tests has to be demonstrated. Reliability refers to the logical coherence of scores collected by the same person when tested over time on the same test. If test outcomes are not consistent, it will be unethical to take any measures on the basis of the test.   It shows the extent to which similarities or differences in scores could be associate with errors. Dunnette (1966) has identified four sources of errors. (Mathis, R.L. and Jackson, J.H. 2007) Errors due to inadequate sampling of contents indicating that the items for the two tests may have been slightly different. Errors due to chance response tendencies indicating guessing or random responding to the items. Errors due to changes in the testing environment indicating the effect of physical conditions such as light, temperature, time of the day. Errors due to the changes in the person taking the test indicating the influence of health, fatigue, mood, and practice. The different types of reliability can be found in the appendix sections. (Mathis, R.L. and Jackson, J.H. 2007) 3.1.2 Validity This is the most important requirement of a test. Validity means degree to which a test measures what it claims to measure. A test with a high validity means it is nearly comparable to the tests objective. A test with a weak validity means it does not measure what it intend to measure. As a results, there is no prove to use the test outcomes for their primary objective. There are different ways to establish the validity of a test. The different types of validity can be found in the appendix sections. (Legge, K. 2004) 3.2 Ability Tests These are designed to measure individuals capabilities to carry out a task in a specific and unique manner. There are many different types of ability test; (Milmore, M. 2003) 3.2.1 Cognitive ability tests This measures a persons thinking, memory, reasoning, verbal and numerical capabilities. This can be used to show applicants knowledge of terminology and concepts, word fluency, comprehension, spatial orientation, conceptual reason, general and mutual ability. Organisation should ensure that these tests determine cognitive abilities than a job related. (Armstrong, M. 2009) 3.2.2 Physical Ability Tests This measures what a person can do with his/her strength, endurance, and flexibility. For example 1, the British Armed Forces uses this type of test to assess new recruits to ascertain the suitability for a career in the Army. (www.thearmedforces.co.uk, 2011) Another Example 2 is Ford Motor Company, where line workers regularly lift and carry equipment, climbs ladders and performs other physical tasks.(Mathis, R.L. and Jackson, J.H. 2007) Another example 3, Township Fire Department also uses physical ability test (PAT) in assessing potential applicant and highlighted the importance of physical fitness of fire fighters. (Armstrong, M. 2009) Example 4 Portland police bureau uses this to determine the suitability of professional police officers. (Armstrong, M. 2009) 3.3 Personality Tests This is a unique mixture of individual characteristics that can affect how an individual interacts in his/her work environment. As a result, a large number of organisations use different personality tests that determine the extent to which applicants characteristics suits specific job criteria. (Torrington, D., Hall, L., and Taylor, S., 2008) Example 6, the Finish Line, a large retail chain specialising in sporting products, offers job applicants a web-based test which evaluates their personal tendencies and test scores are use to group individuals for the hiring decision. (Mathis, R.L. and Jackson, J.H. 2007) Another example 7 is Blockbuster and Sports Authority also uses similar tools in their pre-employment screening. (The Economist, 2011) Example 8 a California based technology firm also found that the use of personality tests enhanced the selection decision made in the company. (Financial Times, 2010) 3.4 Assessment Centres This consists of various selection techniques, and group selection methods which are considered as a major element, as with work simulation programs and presentation. Assessment centres are used to assess, in depth, a group of broadly similar applicants, using a set of competencies required for the post on offer and a series of behavioural statements which indicate how these competencies are played out in practice. Example 5, Cadbury Schweppes. (Beardwell, J., and Claydon, T. 2007) Example, Energis utilises a series of assessment centres. 3.5 Honesty tests and Drug test Many organizations formerly employed polygraph tests, or lie detectors, to evaluate job applicants, but this changed with the passage of the Polygraph Act in 1988.   This act prohibited the use of polygraphs in employment screening for most organizations. A new technique known as the honesty paper-and-pencil tests was born. This typically ask candidates directly about their attitude towards theft or their past experiences with theft. (Noe, R.A., et al 2004) For example 9, Nordstorm, the large department store chain, uses Reid Survey to screen for violent tendencies, drug use and dishonesty. (The New York Times, 2010) As with theft, there is a growing perception of the problems caused by drug use among employees. For example 10, Fortune 1000 chief executives cited substance abuse as a significant problem in their organization. (Noe, R.A., et al 2004) 3.6 Polygraphs This is more generally and incorrectly termed as the â€Å"lie detector† which is a mechanical device that measures a persons heart rate, galvanic skin responses and breathing rate. The ideology of this device is that if a person answers a question wrongly, the bodys physiological responses will â€Å"show† that a person gave an incorrect response through the polygraphs recording machine. They play a vital role in criminal investigations and background checks. For examples 11,companies such as Pick n Pay, KFC and First National Bank all uses the polygraph to assess the trustworthiness of potential candidates. (Brown, C. (2010) 3.7 References and Biographical Data References are information that an employer gets from other people who know the applicant, either through friends or previous employer. The evidence on the reliability and validity of reference checks suggests that these are, at best, weak predictors of future success on the job. One major reason for this is that most reference letters are so positive that it is difficult to differential applicants. (Van den Brink, et al, 2010) For example 14,Northwestern Bells district manager of management employment notes â€Å"They all say, ‘This is the greatest individual the world have ever seen, the next president, at least..It is not always accurate. (Noe, R.A. et al, 2004) For example 15, Intuit Corporation tries to get around these problems by requesting references in bulk sometimes asking for as many as 12 letters of reference. The evidence on the utility of biographical information gathered from candidates is far more accurate. The biographical information form also provides a written document that the organisation can verify via outside checks. (Pollitt, D. 2007) For example 16, APCOA Inc. conducts a battery of checks depending on the position, and such investigation may include driving records, credit history and criminal record. (Ordanini, A., and Silvestri, G. 2008) 3.8 Problems with using test There are a number of problems associated with using tests. (Brown, G. T. L. 2008) In most cases, tests may not always be fair as there may be an element of racial, social and sexual bias in the questions and scoring system. For instance, some cultures may be unused to ‘working against the clock. (Hao, Z., and Liden, R.C. 2011) Validation procedures take a lot of time, but yet still are essential to the use of tests. Issues such as the use of web testing, new types of tests, like emotional intelligence tests, are being developed without sufficient validation. (Tulip 2002) The criteria used in defining good job performance are usually inadequate, hence such criteria are subjective and to some extent for the mediocre correlations between job performance and test results. (Collings, D.G., and Wood, G. 2009) Most tests are job specific and unique. Therefore, when the job for which the test is used changes, then the test can no longer be said to relate with job performance in the same manner. (Mathis, R.L. and Jackson, J.H. 2007) 4.1 Government Policy and Legislation The final standard that any form of selection method should adhere to is the law. Legislation has a vital role in the recruitment and selection process especially in preventing discrimination on the grounds of disability, sex, race and age. (Noe, R.A. et al, 2004) The Civil Rights Act of 1991, an extension of the Civil Rights Acts of 1964 protects individuals from discrimination based on race, colour, sex, religion, and national origin with respect to hiring as well as compensation and working conditions. There are three major differences between the two Acts. (CIPD, 2010). One recent example 12 can be seen at Coca-Cola and this is highlighted in the â€Å"Competing by Meeting Stakeholders Needs† box; (Lavigna, R.J, and Hays S.W. 2004) Sex and Race DiscriminationThe Sex Discrimination Act (1975) was introduced to protect people and made it unlawful to discriminate based on sex or marital status either directly or indirectly in the field of employment. However, the Race Relations Act (1976) also prohibits employers from discriminating individuals on the grounds of race, colour and nationality. (Torrington, D., Hall, L., and Taylor, S., 2008) Age Discrimination In the UK, age discrimination was introduced in 2006 and makes it unlawful for employers to discriminate based on age in recruiting, promotion and training. (Noe, R.A. et al, 2004) Examples 13 of companies sued under this act include CBS Inc., McDonnell Douglas, Northwest Airlines, Disney, and Martin Marietta. (Noe, R.A. et al, 2004) 5.1 Selection Interviews An interview is a discussion between and employer and a potential candidate for the benefit of both parties to get to know each other for the purpose of filling a vacant position within a company. There are two major reasons for conducting an interview; as an initial screening, and to ascertain that the individual has met minimum qualifications required, and then an in depth interview with HR staff. (Singh, P. 2008) 5.2 Types of selection interviews 5.3 Structured Interviews This conducted by using standardised questions for all candidates to ensure comparisons can be done easily. It provides the opportunity   for the interviewer to design relevant questions and also to facilitate a standardised interviewee evaluation. It is useful in the initial screening process because many applicants can be effectively evaluated and compared. (Valentinis, L., et al 2009) 5.3.1 Behavioural Interview The interviewers often use an experiential type of structured interview. This is a method in which the interviewer will give applicants a job scenario (in which he/she will be looking for certain skills be it multi tasking, flexibility, diplomacy, patience, marketing tactics, and so on) and ask for the candidates opinion in exact steps. (Holtbrugge, D., et al 2010) Example, ATT and Accenture have been using behavioural interviewing for about 15 years now, and because increasing numbers of employers are using behaviour-based methods to screen job candidates, understanding how to excel in this interview environment is becoming a crucial job-hunting skill. Example 17,Capital one uses tests that assist in the evaluation of important behavioural and cultural-fit job criteria. (Mathis, R.L. and Jackson, J.H. 2007) Example Century 18, Theatre also made use of this test and finds it to be saving them money and resources. A recent study indicated that â€Å"past behaviour† structured-type interviews are better at identifying achievement at work than are situational interviews, hence showing the efficacy of this interview strategy. (Mathis, R.L. and Jackson, J.H. 2007) For example 19,the Struder Group consulting firm, after working with a multitude of health care firms across the nation, identified the use of behavioural interviews as a positive practice in organisations. (Gump, S.E. 2006) 5.3.2 Competency Interview This type of interview is similar to the behavioural interview except that the questions are designed to provide the interviewer with something to measure the applicants response against. Competency-based interviews are structured, with questions that relate directly to the essential criteria and competencies required for the post. Using competencies as a benchmark to predict job candidate success is useful because interviewers can identify the factors needed in specific jobs. (Doherty, R. (2010) However, this interview takes time and sometimes is of more benefit to management-oriented people. However, it is also important that you fit in with the team, and with the employers culture and style. A competency-based interview is designed to ask you additional questions about your character, soft skills and personal attributes that let both you and the employer determine whether you fit their needs. (Cardy. R.L., et al 2002) 5.3.3 Situational interview In situational interviewing, job-seekers are asked to respond to a specific situation they may face on the job, and some aspects of it are similar to behavioural interviews. These types of questions are designed to draw out more of your analytical and problem-solving skills, as well as how you handle problems with short notice and minimal preparation. (Dessler, G. 2011) For example 20, a variation of situational format that is used by companies such as GE and Microsoft is termed the case study interview, which requires a job applicant to find out and correct organisational challenges during the meeting. (Beardwell, J., and Claydon, T. 2007) 5.4 Unstructured or Less-structured interview An unstructured interview is one where there may be a script to get the process started, but once the interview gets going the interviewer will start to follow her own points of interest and stop following any script. (Searle, R.H. 2003) An unstructured interview occurs when the interviewer improvises by asking questions that are not predetermined. A semi structured interview is a guided conversation in which broad questions are asked and new questions arise as a result of the discussion. (Searle, R.H. 2003) 5.4.1 Stress Job Interviews The stress interviewing technique is typically used only for positions in which the job-seeker will be facing stress on the job, and the interviewer wants to see how well you can handle the pressure. The key to surviving stress interviews is to remain calm, keep a sense of humor, and avoid getting angry or defensive. (Ball, F.W., and Ball, B. 2010) 6.1 Advantages of interviews The following are the advantages of using interview as a method of selection: Interviews provide opportunities for interviewers to ask probing questions about the candidates experience and to explore the extent to which the candidates competences match those specified for the job; it enable interviewers to describe the job and the organisation in more detail, suggesting some of the terms of the psychological contract; provide opportunities for candidates to ask questions about the job and to clarify issues concerning training, career prospects, the organisation and terms conditions of employment; The interviewer may try to stress you in one of several ways, such as asking four or five questions in a row, acting rude or sarcastic, disagreeing with you, or simply keeping you waiting for a long period. (Armstrong, M. 2009) 6.2 Disadvantages of interview Snap judgments: some interviewers decide whether an applicant is suitable withing the first two to four minutes of the interview, and spend the rest of the time searching for crucial evidence to support their judgement. Negative emphasis: when evaluating suitability, the unfavourable information regarding a candidate is often more emphasised than the information that favours the candidate. Biases and stereotyping: a bias can be describe as a situation where the interviewer favours or select people that they consider to be the same as them based on various personal factors. However, candidates ethnic names and accents can negatively impact personal evaluations. Also, older candidates are most of the time less likely to be interviewed and hired compared to younger applicants. (Mathis, R.L. and Jackson, J.H. 2007) 7.1 Conclusions A year and a half ago, organisations such as investment banks example HSBC, blue chips and consulting firms were competing with dotcoms companies for example Amazon, and Facebookover recruiting the best people. But in the present environment, there are waves of redundancies hence many are grateful that they have a job. However, boom or bust, good recruitment and selection practices are essential. In conclusions, this assignment agrees with the statement; â€Å"the most efficient solution to the problem of interview is to do away with interview and substitute paper-and-pencil measures† This is because research has demonstrated that interviews are an inefficient method of predicting future success in a job. According to Smart (1983) argues that only 94 out of 1000 interviewee respond honestly in conventional interviews. (Armstrong, M. 2009) Factors such as poor reliability and validity of test scores are also major problems of interviews. Different interviewers have their own different styles and approaches, inconsistent handling of different candidates, variation in assessment criteria, biases, and errors are all factors that limits the use of interviews as a method of selection. (Armstrong, M. 2009)

Analyzing King Lears Tragic Flaws Essay -- William Shakespeare King L

ANALYZING KING LEAR'S TRAGIC FLAWS King Lear is a play about a tragic hero, by the name of King Lear, whose flaws get the best of him. A tragic hero must possess three qualities. The first is they must have power, in other words, a leader. King Lear has the highest rank of any leader. He is a king. The next quality is they must have a tragic flaw, and King Lear has several of those. Finally, they must experience a downfall. Lear's realization of his mistakes is more than a downfall. It is a tragedy. Lear is a tragic hero because he has those three qualities. His flaws are his arrogance, his ignorance, and his misjudgments, each contributing to the other.   Ã‚  Ã‚  Ã‚  Ã‚  The first flaw in King Lear is his arrogance, which results in the loss of Cordelia and Kent. It is his arrogance in the first scene of the play that causes him to make bad decisions. He expects his favorite, youngest daughter to be the most worthy of his love. His pride makes him expect that Cordelia’s speech to be the one filled with the most love. Unfortunately for King Lear’s pride, Cordelia replies to his inquisition by saying, â€Å"I love your majesty/According to my bond and nothing less';(1.1.100-101). Out of pride and anger, Lear banishes Cordelia and splits the kingdom in half to the two evil sisters, Goneril and Regan. This tragic flaw prevents King Lear from seeing the truth because his arrogance overrides his judgement. Lear’s arrogance also causes him to lose his most faithful servan...