Information Technology and Textile Industry

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Today, Information technology (IT) plays a vital role in the field of textile industry. Any manufacturing unit employs four Ms that is, Men, Material, Machine and of course Money. To get organizational success, managers need to focus on synchronizing all these factors and developing synergies within and outside organizational operations. With the increased competition, companies are taking the support of IT to enhance its Supply Chain Management (SCM) and using it as a competitive edge. In short, many textile companies are leveraging the technological power of adding value to their business.

Supply Chain Management includes sourcing, procuring, converting, and all the logistics activities. It seeks to increase the transaction speed by exchanging data in real-time, reduce inventory, and increased sales volume by fulfilling customer requirements more efficiently and effectively.

Why Textile Industries Need IT Support?

Lack of information on demand and supply aspects

Most of the decisions a manager takes are related to demand and supply issues. But unfortunately very few are able to get it, as a result, decisions taken carries risk and uncertainty. Excess inventory is one of the most common problems faced by managers which further results in long cycle-time, outdated stock, poor sale, low rates, and reduction in order visibility and finally lead to customer dissatisfaction.

Long procurement time

In a traditional textile industry, procurement process takes a much longer time. So, the retailers need to forecast demand and identify consumption trends at a much earlier stage. Lack of clarity about future can either result in early stock out, delay or overstock.

Supply chain in-competency

With the urge for getting global, apparel and textiles are facing hurdles of inefficiency in carrying out various processes involved right in designing, developing samples, getting approval, manufacturing, dispatching to payment procedures. The total time taken can get extended to one year or even longer. If we calculate, production actually accounts for just ten to twenty percent of the total time. Rest of the time is taken for the information processing from one end to the other.

The trajectory of development of Information Technology has intersected every application in textile industry. From enhancing the performance of textile manufacturing and tighter process control, IT has inserted intelligence at every node of a textile supply chain.

Step into the global trade

It is a fact that a company going global is opened with a lot of opportunities as well as threats in terms of competition, changing trends, and other environmental changes. It necessitates managing every kind of information efficiently and at much faster speed.

Interaction of Information Technology with Textile Supply Chain

Sharing of Information

Proper flow of information among supply chain member is very crucial. Such flow of information can influence the performance of overall supply chain operations. It includes data about customers and their demand, inventory status, production, and promotion plan, shipment schedules, payment details, etc. Barcoding and Electronic data interchange are the two information technology tools which can facilitate information integration.

Barcoding facilitates recording of detailed data by converting it to electronic form and can be easily shared among members through EDI system. EDI with its high efficiency is able to replace the traditional ways of transmission like telephone, mail and even fax. EDI enables managers to analyze and apply it in their business decisions. It also helps in expediting order cycle that reduces investment in inventory. EDI based network enables Company to maintain quick response and closure relations with suppliers and customers, who are geographically dispersed. Manufacturers and retailers can share even new designs developed through CAD/CAM.

Supports planning and execution operations

Planning and coordination are very important issues in supply chain management. The next step after sharing information is planning which includes joint design and implementation of product introduction, demand forecasting, and replenishment. Supply chain members decide their roles and responsibility which is coordinated through the IT system.

Various software tools like MRP, MRP-II, APSS facilitates planning and coordination between different functional areas within the organization.

Material Requirements Planning (MRP): It helps in managing manufacturing processes based on production planning and inventory control system. Proper implementation of MRP ensures availability of material for production and product for consumption at right time optimizes the level of inventory and helps in scheduling various activities. MRP system uses computer databases to store lead times and order quantity. MRP includes mainly three steps: first assessing the requirement of how many units of components is required to produce a final product; here it applies logic to implement Bill of Material (BOM) explosions. The second step includes deducting the stock in hand from gross to find out net requirement. Finally, scheduling manufacturing activities such that finished goods are available when required, assuming the lead time.

Manufacturing Resource Planning (MRPII) system is a logical extension of MRP system which covers the entire manufacturing function. This typically includes machine loading, scheduling, feedback, and Software extension programmes in addition to material requirement planning. It provides the mechanism to evaluate the feasibility of a production schedule under a given set of constraints.

A textile company which has multipoint manufacturing and engaged in global business necessitates something more than MRP and MRP-II like Distribution Requirement Planning (DRP), it has the ability to solve both capacity and material constraints and quickly propagates the effects of problems in both backward and forward direction throughout the supply chain.

The Advance Planning and Scheduling (APSS) system includes both material focus of MRP and rapid response scheduling power of MRP-II.

Coordination of logistics flows

Workflow coordination can include activities such as procurement, order execution, implementing changes, design optimization, and financial exchanges which result in cost and time efficiency. The results are cost-effective, speedy and reliable supply chain operations.

It contributes towards the maximizing the value of textile supply chain through integrating supply chain operations within and outside the organization and collaborating the acts of vendors and customers based on shared forecasts. Internet adds to IT contribution towards supply chain management through coordination, integration and even automation of critical business processes. A new system of the supply chain game emerges as a result of business innovation fuelled by the Internet.

Many supplying companies maintain demand data by style, size, fabric, and color to replenish inventory at the retail outlet. Level of replenishing is predetermined by both parties after reviewing a history of sales by product and buying behavior of the community.

New Business Models:

Data mining and data warehousing

Data mining is the process of analyzing data from different viewpoints and summarizing it into useful information that can be used as a basis of monitoring and control, enabling companies to focus on the most important aspects of their business. It allows users to analyze data from many different dimensions, categorize it, and summarize the relationships identified. In short, it is the process of finding correlations or relationship among dozens of fields in large relational databases.

Data warehousing is the repository of data and can be defined as a process of centralized data management and retrieval. Centralization of data maximizes user access and analysis.

E-commerce

E-commerce can be B2B (Business To Business) and B2C (Business To Customer). B2C commerce is the direct selling to consumers through the Internet. While B2B marketplace can be defined as neutral Internet-based intermediaries that focus on specific business processes, host electronic marketplaces and use various market-making mechanisms to mediate transactions among businesses. B2B appears to be more perspective than B2C.

E-retailing

The textile-retail giants are adding an Internet shopping-component to their offering. It has affected their distribution and warehousing infrastructure. As a result of going online, retailers have changed their supply chain strategy. High volume products with stable demand are stocked in local stores, while low-volume products are stocked centrally for online purchasing.

Companies prefer a direct route to consumers by closely scrutinizing individual customer’s tastes, preferences, habits, and buying patterns. Instead of waiting for consumers to visit their stores, retailers simply send them e-mails with offers. The Internet has facilitated quick response system. With the use of web-enabled technology, it is possible to have automatic customer replenishment system.

Source by Gaurav Doshi

The Top 4 Challenges HR Professionals Are Facing in Emerging Markets

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Much has been written about the rise of emerging markets and what they can offer in terms of talent pool. But not one emerging market is the same and one HR strategy may not fill all markets. In a changing environment, the HR strategies used to manage people in one country are sometimes ineffective in another and what worked in a country might not in another.

That is the reality many companies are currently facing in emerging markets because of a lack of preparation, anticipation and adequate talent strategies.

Generally speaking, there is no right or wrong HR management strategy. However, as an HR professional, you should be mindful of cultural differences and varying HR issues arising in the targeted country before trying to implement anything. Needless to say that developing an inadequate talent strategy in a BRICs country can be one of most expensive mistakes for a company? Not only in terms of money but also in terms of real and potential talent losses.

In order to avoid such error, you need to know what are the hottest HR issues, topics, and trends in emerging markets that could be an obstacle to your company’s development? To help you in this task, below is a list of 4 critical HR challenges arising from some BRICs countries? Memorize them? Will you gain time and efficiency?

HR challenge #1: Attracting and retaining talented workers

BRAZIL – One of Brazil’s biggest problems is a shortage of qualified labor. Companies operating in Brazil are demanding more skilled workers than the labor market currently offers? The shortage is especially pronounced for companies in need of technicians, engineers, and English speaking managers. It is also becoming increasingly difficult to retain talented workers with 5-10 years experience because they tend to switch companies in order to advance their careers and get higher pay.

RUSSIA – Russia has a considerable intellectual capital composed of engineers, scientists, and many other well-qualified people. Nevertheless, many companies reported that it is more and more difficult to find great people as the quality of staff as well as the level of education are continually decreasing. In fact, job candidates from Russia are well educated but often by universities that fail to give them practical skills? Besides, an increasing number of talented Russians have left the country to go to Israel and the USA. As a result, only 20% of Russian professionals are currently considered employable by companies.

INDIA – In spite of the huge talent pool available in India, companies have trouble recruiting qualified workers because the quality of talent is not as good as it could be. By looking closer at the workforce available, it is estimated that only 25% of Indian professionals possess the skills required by companies. Regarding the skilled candidates, they are highly attractive, mobile and willing to switch industries in order to play different roles and increase their salary. As a consequence, HR teams waste a lot of money as well as time because of this flow of people entering and exiting companies? What is more, foreign companies operating in India have to compete not only with Indian companies but also with companies from Korea, Japan and Hong Kong who are poaching the best Indian talent. As the population of these three countries is becoming old very fast, many of companies from there are turning their attention to Indian workforce.

CHINA – Despite China’s population of more than 1.3 billion, companies are struggling to find and retain employees. Even though million of university graduates enter China’s job market each year, only a small number of them are capable of working in a multinational environment. Reasons include lack of strong English language skills and none previous work experience. Moreover, only one-quarter of these graduated candidates live in a city or region where companies are located. As labor mobility is restricted by the government, few young talents are currently living in urban areas? Foreign companies operating in China face an additional problem that explains talent shortage: more and more graduates and senior executives are willing to work for national Chinese companies rather than foreign companies.

SOUTH AFRICA – It is estimated that 10% of companies operating in South Africa have had difficulties filling job positions in 2011. In comparison to other BRICs countries, this number is low. However, there is a real shortage of talented people particularly engineers, legal workers, technicians, teachers, and finance & accounting workers. The main reason is that the South African people who do have or acquire these skills tend to migrate to other countries who will offer them better job opportunities. This brain-drain has a high impact on companies’ businesses and needs to be addressed now if the country does not want to face a bigger talent gap in the future.

HR challenge #2: Developing effective leaders

CHINA – Developing leader is a tough task in any market, but in China, HR teams have the difficulty to adapt their talent management strategies to the country’s unique business culture and values. Besides, Chinese potential candidates for leadership positions often lack international experience, innovation and an ability to assimilate into a Western company culture.

Due to their cultural background, they are not accustomed to taking risks and managing change. As a result, about one-quarter of Chinese leaders are weak in the skills most critical for success in their roles and more than one-half are inadequately prepared for their roles? There is another issue to take into consideration: working for a Chinese company seems to become the preferred career choice for Chinese executives as well as expatriates steeped in the market.

SOUTH AFRICA – It’s extremely difficult to fill senior and executive management positions with a top quality leader. Many of the current leaders working in leading companies are close to retirement and there is a lack of suitable 40/50-year-old candidates with a strong managerial background to replace them. To overcome this critical situation, numerous companies promote young talent to positions of leadership and offer fast-tracking careers to keep the best of them. As these new young leaders do not have enough work experience and are not prepared to handle such responsibilities, the majority of them fails or underperforms. It is vital to the success of companies operating in South Africa to invest in leadership programs in order to develop a real talented generation of leaders.

HR challenge #3: Dealing with difficult Employment laws

BRAZIL – Brazilian labor code makes it hard to use expatriates in order to fill the shortage gap. The Ministry of Labor seeks to protect as much as possible the domestic labor market by limiting the hiring of foreign workers. As a result, trying to get work permits for foreign employees is a very difficult task for any HR team. When it is possible, the maximum duration granted for a temporary work permit is 1 to 2 years but the reality is that many foreign workers can only stay 90 days within the country? With regard to national Brazilian workers, the labor code is very pro-employee and provides extensive protection to the employee at the expense of the employer. Recently, President Dilma Rousseff approved a law ordering companies to pay overtime rates for after-hours work calls or emails. This regulation reflects an existing trend in Brazil’s courts: employees suing their bosses over out-of-office work.

RUSSIA – Russian labor code is extremely employee friendly and it is almost impossible to terminate an employee. However, it allows any employee – regardless of seniority or nationality – quit a job after only 2 weeks’ notice and go to work for a competitor immediately. Moreover, Russian labor laws apply to all nationalities, meaning foreign employees (including expatriates) have the same rights than Russian employees. This is a standard practice in some EU countries required by EU labour law.

HR challenge #4: Managing the career expectations of Gen Y

INDIA – The Gen Y is writing the new code in Indian workforce. Mature enough to play crucial roles in companies, they can, however, be a nightmare for HR teams as they are more inclined to leave companies than any previous generation. Apart from the attraction and retention of Indian Gen Y, the biggest challenges today are communicating with them and offering them a rapid career evolution. In fact, the typical Gen Y Indian worker wants success to come to him/her fast and money faster.

As most of India’s high-potential workers (around 64%) and middle managers (around 55%) are Gen Y, the future of India – as well as companies operating there – rests on its ability to engage this generation.

CHINA – Chinese Gen Y makes up about 50% of current China’s workforce. Raised to succeed, they are more educated, talented and ambitious than the previous generations. As a result, their demands, values, and behavior at work are different from those of their parents. For example, their expectations for rapid advancement and career mobility are high and they place great emphasis on salary. If your company cannot offer them an exciting career path, they will move to another company in order to have a better career opportunity and increase their remuneration as well. Being promoted is the greatest motivational factor in their career. Unfortunately, it is not always possible. So it is imperative that HR teams find new ways to motivate them.

Of course, as a global HR professional, you will never be asked to resolve ALL these issues alone! However, your company deeply relies on your HR team to anticipate any people risks that can affect its development? By having a clear vision of the issues facing by other HR teams in emerging markets, you will not only improve your global HR knowledge but also be aware of the HR differences and similarities between these different countries in terms of HR challenges. As a result, you will be able to suggest better ideas and solutions to your HR team. Developing a global mindset will also help you become an integral part of the leadership team searching ways to reduce people risks in emerging markets.

Remember what Ulrich says “Modern HR must take on many roles to demonstrate competence and effectiveness”. And I am quite sure that – like any HR professional – your goal is to be better at what you do and demonstrate people that you can be a strategic business partner.

Source by Elisee Okonda Loma

Problems and Difficulties in Capital Budgeting

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Problems and Difficulties in Capital Budgeting

*Dr.P.Shanmukha Rao  **Dr.N.V.S.Suryanarayana

Capital Budgeting may also be defined as “The decision-making process by which a firm evaluates the purchase of major fixed assets. It involves firm’s decision to invest its current funds for addition, disposition, modification and replacement of fixed assets.

“Capital budgeting is concerned with the allocation of the firm’s scarce financial resources among the available market opportunities. The consideration of investment opportunities involves the comparison of the expected future streams of earnings from a project with immediate and subsequent streams of expenditure for it”. The problems in capital budgeting decisions may be as follows:

a)     Future uncertainty: Capital budgeting decisions involve long-term commitments. However, there is a lot of uncertainty in the long term. The uncertainty may be with reference to the cost of the project, future expected returns, future competition, legal provisions, political situation etc.

b)    Time Element: The implications of a Capital Budgeting decision are scattered over a long period. The cost and the benefits of a decision may occur at different points in time. The cost of a project is incurred immediately.  However, the investment is recovered over a number of years. The future benefits have to be adjusted to make them comparable to the cost. Longer the time period involved, greater would be the uncertainty.

c)     Difficulty in Quantification of impact: The finance manager may face difficulties in measuring the cost and benefits of projects in quantitative terms. For example, the new products proposed to be launched by a firm may result in increase or decrease in sales of other product proposed to be launched by a firm may result in increase or decrease in sales of other products already being sold by the same firm. It is very difficult to ascertain the extent of an impact as the sales of other products may also be influenced by factors other than the launch of the new products.

Assumptions in capital budgeting:

The capital budgeting decision process is a multi-faced and analytical process. A number of assumptions are required to be made. These assumptions constitute a general set of conditions within which the financial aspects of different proposals are to be evaluated. Some of these assumptions are:

  1. The certainty with respect to cost and benefits: It is very difficult to estimate the cost and benefits of a proposal beyond 2-3 years in future. However, for a capital budgeting decision, It is assumed that the estimates of cost and benefits are reasonably accurate and certain.
  1. Profit motive: Another assumption is that the capital budgeting decisions are taken with a primary motive of increasing the profit of the firm. No other motive or goal influences the decision of the finance manager
  1. No Capital Rationing: The Capital Budgeting decisions in the present chapter assume that there is no scarcity of capital. It assumes that a proposal will be accepted or rejected on the strength of its merits alone. The proposal will not be considered in combination with other proposals to consider the maximum utilization of available funds.

The next step in the capital budgeting process is to various proposals.  The methods, which may be used for this purpose such as, payback period method, Rate of return method, N.P.V and I.R.R etc. The project should be accepted if NPV is positive it should be clear that the acceptance rule using NPV method is to accept the investment project if its net present value is negative (NPV CASH OUTFLOW).  The positive net present value will result only if the project generates cash inflows at a rate higher than the opportunity cost of capital.  A project may be accepted in NPV = 0.

The internal rate of return (IRR) method is another discounted cash flow technique, which takes account of the magnitude and timing of cash flows. Others terms used to describe the IRR Method are yield on investment, the marginal efficiency of capital, the rate of return over cost, time adjusted rate of internal return and so on. The concept of internal rate of return is quite simple to understand in the case of one-period projects. The IRR is calculated by interpolating the two rates. The accept project rule, using the IRR method, is to accept the project if its internal rate of return is higher than the opportunity cost of capital (r>k) note that k is also known as the required rate of return or cut-off rate. The project shall be rejected if its internal rate of return is lower than the opportunity cost of capital.

The project study is undertaken to analyze and understand the Capital Budgeting process in power sector, which gives mean exposure to practical implication of theoretical knowledge. To know about the company’s operations of using various Capital Budgeting techniques. To know how the company gets funds from various resources.

The financial management is essentially concerned with the planning and controlling of the financial resources of a firm. It expresses the procurement of funds along with their efficient use in order to maximize the firm’s benefit. The assets have two broad classification viz.,

Source by S.R.PADALA & NVS SURYANARAYANA

What a CEO Expects from HR

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What a CEO Expects from HR

We were in the field of HR have always been involved in the functions of recruitment, selection, induction, training and development, grievance handling, employee counseling, industrial relations and have felt that by fulfilling the duties and responsibilities as assigned our position in the organization is perceived to be quite stable. If one views it from the global perspective, the HR functions have undergone perceptible change and if these changes are not taken cognizance of the department simply ceases to exist.

With a bigger salary structure, perks, compensation benefits, the CEO expects/wants the HR leaders to redefine their roles and their contribution to an enterprise. How often do you find the Vice President of Human Resources involved in discussions of new markets, acquisitions, and shareholder value? Not often. With HR “transactional” areas like benefits, compensation, recruitment, and training are increasingly outsourced; the role of senior HR officials is evolving change in a new dimension. Today, CEOs want HR professionals with enthusiasm for the business, a strong presence among their peers, professional compatibility with top executives, and down to earth savvy. In other words, the CEO expects the department of HR to be a revenue center apart from taking adequate care of people who are skilled, educated, talented & knowledgeable.

However, some employees still believe that HR is the place to get free therapy, happiness, corporate welfare. CEOs, on the other hand, expect HR professionals to build organizations systems, processes, methods to the company extremely competitive. They want a balanced report card on how the organization attends to employee satisfaction and retention.

CEOs expect the HR professionals to sit in their offices not to discharge routine / monotonous functions but come out with exemplary ideas to make the enterprise more productive and innovative. They do not want a trendy fad or catchy training session. The CEO also wants to know who the upcoming stars are and how they are being developed and retained. Business units expect HR people to staff their areas adroitly with a combination of full time, part time and help from outside. Finding, keeping, rewarding and measuring results people produce is a singular criterion of success for some HR of business units.

Often HR pros are perceived as only able to deal with the softer side of the business because they are diplomatic, typically positive in outlook and gracious. Others are mocked as the “people police” who demand proper paper processes.

The CEO, by contrast, requires an advisor who tells him or her what the key people issues are, and who rigorously influences him or her with solutions. Sometimes this uncommon role means unfamiliar accountability and risk. The CEO, however, needs HR to add value to every function in the company, rather than merely define by reducing headcount.

In response to the customer expectations, the pace of change, employee demographics, the need to hold on to intellectual capital and support global human resources needs, HR professionals have a definitive strategic role, have gained more attention, been asked to do more, and are partnering with management to frame competitive strategies.

K. Wayne a Vice President of HR offers this advice: * Know not just what the company does, but how it does it. * Observe how colleagues in other departments report their performance. * Strive to quantify all facets of HR to determine what works and what doesn’t.

Outcomes CEOs expect are a well-executed HR strategy, an efficient corporate infrastructure, an increase in employee commitment and capability, and organizational renewal. To successfully deliver on these goods, HR is advised to know the CEO well and tide over the obstacles to getting the resources they need to solve their company problems.

To have full credibility HR initiatives are the collaboration with senior executives putting their influence behind the initiatives. CEOs and other executives need credible HR partners who know the dynamic intersection of business results, customer expectations, and people performance.

To borrow from an unattributed source, the “real” HR professional has this profile:-

  • The brains of Einstein.
  • The Charisma of Kennedy.
  • The negotiating skills of Kissinger.
  • The marketing skills of Iacocca.
  • The soul of Mother Teresa.
  • The stamina of Jackie Joyner-Kersee.

To conclude, the HR in the new millennium has gone in for a big change and the HR professionals who are people managers need to adapt to change quickly, correctly before they could consider changing the mindset of their employees.

The said write up has been written by Iyer Subramanian. Presently, working with Bombay Chamber of Commerce and Industry, Ballard Pier, Mumbai. E Mail: iyerpdkgnm@yahoo.com

Source by Iyer Subramanian

Protect Yourself in a Volatile Job Market

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There have occurred dramatic changes in employer and employee relationships, which have been impacted by the current financial crises in the economy, the effects of technology on the job searching, and the outsourcing of jobs to foreign counties. These changes all had a significant impact on employee stability and employment trends for the future job seeker.

In today’s volatile employment market many of us will find ourselves unemployed at one and/or probably several times in our work life in the future. Recognizing this fact will help us prepare for job volatility in the future by planning to take steps to ensure we are prepared for it.

In previous years there was far more stability in jobs. Our fathers and mothers were hired, trained, developed and promoted by the same company for the most part. A lifetime of service, loyalty meant a pension and a gold watch. With unemployment reaching 15 million, according to the Department of Labor, and an average turnover rate in normal times of 10 to 12 % few people will see gold watches in the future.

In the past, occasionally there was a company that found itself in trouble and had to reduce staff, but that was the exception.  In times such as these, our raises may have been reduced or eliminated, but we could still bring home a paycheck and be certain that we had a job to go to.

In today’s job market, however, that certainty has been replaced by uncertainty, the assurance of stability has been replaced by fear and instability. These are not the temporary challenges of an economic downturn; they are the permanent conditions of our current and future world of volatile employment.  This reality leaves all of us with one choice.  We can adjust to job volatility by acquiring the skills and knowledge necessary to survive and prosper in this environment, or we can be its victims.

What It requires is the one thing most of us hate to do change our thinking. We must face up to the new realities of current employment conditions. We must now make our work and employment goals based on what is best for our careers, families and our profession.

We must take care of our own careers because employers won’t do it for us anymore. We can no longer feel secure in thinking businesses are financially secure and healthy. We must be more protective and proactive in how we view our careers. More specifically individuals should employ the following types of actions that minimize their chances of being out of work.

  • Always have an updated resume, keep updating your resume with accomplishment and be in touch with your references for possible changes of employment or new phone numbers.
  • Review your career goals every 6 months to make sure you’re on track.
  •  Begin a relationship with a good recruiter you trust, someone that is aware of your work background, skills, and experience. Provide them with a profile of your needs and a position. This way whenever an opportunity does arise you will be made aware of it.
  • Always keep up with your personal and social network of work-related friends to find opportunities for a new position.
  • Stay alert for opportunities on the internet from preferred employers and or your favorite job board. Many job boards today will alert you when a position fits your ideal job profile.
  •  Be prepared and interview ready for practice so that you can respond when the right opportunity presents itself and give an effective interview.

In these ways, you may not be insulated from a volatile job market, but you will be better prepared to deal with it if it happens to you.

David Claeys is the author of this article and author of ‘A Job Seeker’s Guide’ that can be found at www.thejobsweekersguide.com. David has been providing advice, assistance, and encouragement to candidates in their job search efforts for more than two decades. He is CEO of a Southern California based staffing firm.

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Source by David Claeys

Importance of Leadership

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Effective leadership form the backbone of a successful business, as the companies to use its resources efficiently allows. Although it is more prominent in the world, playing the same rules and various other fields including politics, is applicable. An organization, which acknowledge the importance of leadership development, staff have a positive attitude, which in turn reflects on their performance displays. On the other hand, an organization characterized by a lack of leadership affect a negative work environment, which in turn, results in poor performance of employees. Before we move on the importance of good leadership, we take a brief look at the meaning of the concept. What is leadership? Words lead to socially influence people to accomplish a particular task to the process are mentioned. In the fast-paced world where we thrive today, the traditional definition of the term has been left far behind. Both short-term goals with long-term goals of an organization. In order to these goals, management appointed leaders who make a team towards success and the ability to receive guidance. Even the concept of leadership in the 21st century that leadership is synonymous with the power to remove is not related. Set goals for today’s politicians, rather than working to get the team to get to work with the team believe in itself. Importance of Leadership in Management When it comes to business management, leadership of an organization plays an effective role in meeting the objectives set. Responsibility to the top strength and weaknesses of human resource management and to use them effectively to achieve goals set by the organization identified as the brass is on people working. Most of the cases, the failure of a business firm’s leadership failure which could be attributed to his holding the reins. Inability of leaders to develop an effective strategy and more importantly, it is applied, can only lead to diminishing returns in human resources as far as investments are concerned. Decision making, leader to inspire and guide your team toward success than has. As a CEO of an organization, the person that posted their strengths, weaknesses, they are subject to problems, coordination between the two departments in a company by their lack of understanding, etc. to promote the morale of employees expected to A perfect recipe for disaster, and therefore, to lead coordination between two or more departments shoulder the responsibility of a company said. In order to get things staff have a working environment friendly to management and leadership at the level it only when people know its importance can be done is to make. Importance of Leadership Development Many leadership development program soaring popularity, the world’s most prestigious institutions offered by some, today’s corporate world highlights the importance of the concept. Contrary to popular belief that some people are born leaders, develop leadership qualities in yourself is all. Some opt for management courses to develop leadership skills in themselves, while others learn from their experiences. One has to understand that effective leadership is not just restricted, for ordering. Even different diplomacy, understanding, future outlook, including a bit of grit and toughness as well as leadership qualities are included. A good leader does not give orders to his team members creates a vision, and leads to no goal. At the end of the day, understand the importance of leadership skills is essential, whether you are a company with ten people or ten departments, each with a hundred people involved are running a company. Leadership skills in an organization of available resources and set goals to achieve maximum efficiency play an important role.

Source by Foram

Corporate Social Responsibility for Sustainability

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As a business owner or a CEO, you have the number one goal for your company of becoming and remaining profitable to survive and succeed.

To achieve profitability and success, you need quality capital and talented people.

To attract quality capital, you need to differentiate yourself from your competitors and demonstrate to your investors that your ideas and business-model are worth their money. In other words, you have to prove that you deliver a great value and create a win-win success.

To attract talented people, especially millennials (the representatives of the Generation Y who are very advanced on technology, digital media and communications and who can bring this value to grow your bottom-line), you need to also differentiate yourself from competitors and develop a value proposition to high-potential talent that will meet their expectations and motivate their creativity and innovation, so that they can produce more effectively and efficiently to ensure your business’ vitality.

How do you do all that? What steps can you take as the decision-maker to make your company more attractive to the potential investors, talented professionals, and other stakeholders? I have the answer for you, and it is Corporate Social Responsibility, which reflects your triple bottom-line:

People Profit Planet

Profit – what is the positive impact your company is making on the economy as a whole? how many jobs do you create? how do you provide capital and investments for the community to build roads and schools?

People – how much does your company care for human rights? how do you ensure healthy work-environment? how do implement best labor-practices to improve your employee’s well-being? what is your level of performance on product responsibility: does it help people or does it hurt them?

Planet – where does your waste go? what steps do you take to reduce your waste and improve your enterprise’s efficiency? how do you contribute to bettering our environment and saving the planet?

These three components of your triple bottom-line are being measured by Key Performance Indicators (KPIs) that are a part of Global Reporting Initiative (GRI). You may have heard of that document referred to as the G3 report also known as “Ecological Footprint Reporting”, “Environmental Social Governance (ESG) Reporting”, “Triple-Bottom-Line (TBL) Reporting”, and “Corporate Social Responsibility (CSR) Reporting”. Experts believe that by 2020 all businesses will be reporting not only on their financial performance but also on their sustainability performance. Today, well-known companies like Coca-Cola, Ford, Volkswagen, Citigroup, Barclays, Nike, Adidas and many other global businesses use the GRI framework not only to showcase that they are a valuable member of the community but also prove to the shareholders that their companies are forward-looking and ready to fulfill the high expectations.

Corporate Social Responsibility starts with you – the CEO, the business-owner, the decision-maker. In other words, it starts with your personal social responsibility, which is one of the most important Emotional Intelligence competencies. To improve your personal social responsibility and gain a different perspective on your business and mission, ask yourself this question: “If tomorrow I am no more, what would I regret, what would I want to have had accomplished?”. Maybe it’s making a positive difference through volunteering (which will also help increase your brand loyalty). Maybe it’s something else. Think about it and act upon your conclusions. Then, you will see many opportunities to improve your Corporate Social Responsibility and perhaps you will look into joining the GRI community.

By utilizing the GRI reporting tools, you will demonstrate your organization’s authenticity and commitment to transparency, which will allow you to stand out from the competition and attract the desired capital and talent to grow your business and ensure its success. It will also enable your brand to close a credibility gap and expand its horizons.

Source by Anna Stevens

Rules For Market Timing Success

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There are several critical factors needed to be a successful market timer.

Money does not accumulate in your account without some work on your part. In fact, market timing means pitting your emotional skills against those of the tens of thousands of other traders.

Most individuals who invest in the stock market lose money. Many are not aware of that. Most investors and traders follow the majority (the herd) which usually buys and sells at just the wrong times. They buy at tops, sell at bottoms, make emotional trading decisions based on news events.

The “herd” does this for a reason. At the time they make their decisions, they “think” they are right! Emotions are powerful persuaders.

This means, for “you” to be successful, you must be able to see past those urges to buy and sell, which will happen to you just as they happen to everyone else. If you can do this, you can succeed at market timing.

But do not despair. Successful timing is not hard. You just need to follow certain rules of trading. Here are some important (critical) rules for market timing success.

You Must Have An Edge

We have discussed this in previous comments. You must have a proven trading “edge” that puts you into profitable positions.

FibTimer strategies define “trends” and trade them, in both advancing and declaring markets, with great success.

Research shows that the financial markets trend about 80% of the time. Our strategies exploit that knowledge. We care nothing about what newscasters say, what the latest economic indicator is.

This is our edge. The “trend” is where the profits are, and that is where we are.

Disciplined Execution

Having an edge is great, but if you can not stick to the strategy that uses it, you will not be profitable. The urge to follow the crowd is strongly powerful.

For example, let’s say the market is in the mind of a two-day super rally. You just KNOW the current sentiment is correct. You can feel it.

But your timing strategy is not letting you follow the crowd, so you exit the strategy and go your own way.

You have just joined the “herd.” All too common, and usually it results in a loss.

Effective Money Management

The most common error made by new market timers is to place too much money into a single aggressive strategy right away.

All timing strategies have losses. Good strategies keep those losses very small. But aggressive timing strategies are, as their name implies, “more” volatile than more conservative strategies, and drawdowns can be more frequent. “FibTimer has battle-tested timing strategies which have gone through every kind of market condition imaginable.”

A new market timer, faced with several small losses in an aggressive strategy, is very likely to be an ex-market timer.

They could have beat the market if they had stayed the course, but the aggressive nature of the strategy that they caused them to panic and leave.

They could have followed a conservative strategy more in line with their emotional ability to trade. Fibtimer has them too. The number of trades does not indicate huge profits. You do not need to trade aggressively to win.

Good timing strategies, such as those followed by FibTimer subscribers, control losses and keep them small. They will also identify trends and keep you in those trends until the end, thus capitalizing on as much profit potential as can be realized.

There is an old saying, “keep your losses small and let your profits ride.” If your timing strategy does this, you will be profitable.

You Must Have A Plan

This is where FibTimer enters the picture. We have battle-tested timing strategies which have gone through every kind of market condition imaginable, including the bear market of 2000-2002 which chopped 80% off the Nasdaq and 50% off the S & P 500.

By using our “edge” (trading trends) we are able to effectively profit in both up and down markets while controlling losses in volatile sideways markets.

Commitment

You must have a determination not to quit when things are not going your way. Those who succeeded in any endeavor have made a commitment to seeing it through both good times and bad.

We began timing the markets all the way back in the early 1980s. It was trial and error back then, but we had committed to profiting from the financial markets, and that is exactly what we did.

The same commitment, and following time-tested strategies such as those used at FibTimer, are the keys to success.

Source by Frank Kollar

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