Identifying Pivotal Talent Positions Management Essay

Identifying Pivotal Talent Positions Management Essay Talent managementis fundamentally HR process which many modern organisation practice to attract, recruit, develop and retain their workforce to achieve competitive advantage. In todays globalised word where companies are stressing for new practices for skilful workforce, talent management become vital for organisation success. Despite the larger number of practitioners and academics trying to define the Talent management, it lacks clear meanings and systematic approach to back its theory. Talent management faces many challenges in practice, as critiques believe its a rebranding of HR practices. Organisation develops their strategies to achieve their objectives and goals. To achieve these strategic goals organisation human capital plays key role. Organisation integrates and aligns its talent management processes with business strategies to create a pool of successful talented worker and then utilise these talent to obtain competitive advantage in overwhelming globalised competition. Talent management practices help identify potential leadership, develop skills, attract talent from external market and create employer image as part of its business strategy. Concept of Talent Management Talent management has received the interest of most practitioner and academics among all HR practices. This has significant increased since the group of consultant from McKinsey came up with the phrase War for Talent in 1997. There has been a recent paradigm shift from traditional HR strategy to talent specific in todays competitive environment. Considering the significant shift the notionof talent management remains valuable. The organisations competitive advantage of its human capital is arguably more important. Talent management can be divided in to key areas of activities and process which systematically help to identify the key positions in any organisation, that can contributes towards the competitive advantage of it. Creating different human resource architecture to create a pool of talented incumbent employees that can fulfil these key positions. It will be vital to clarify that key positions are not limited to top management but it can be lower management, different operations unit or the part time. There is not prà ©cis or set definition of talent management;Author has to make many assumptionswhile defining it. As Aston and Morton described that there isnt a single consistent or concise definition (Aston Marton, 2005). Key function of talent management is to attract, recruit and retain the talent. According to Hartley (2004) its spread of wide range of activities for instant succession planning, employerperformance and management etc. And Creelman (2004) The process of attracting, recruiting and retain talented employees Knez et al (2004) had similar thought that its continuous process of external recruitment and selection and internal development and retention. Talent management generally highlights the selected individuals through carefully set the selection process and activities and they are referred as talented individual. Which are seen as key element in the success of an organisation. Lastly extending the issue to retain these talents. For example HSBC has talent review process for their senior managers that help them to clarify their goals and give business an external view of potential managers. Talentmanagement means differently for different people. For some its managing or finding the best talent in an organisation and for some its recruiting and developing talented people. Talent management aspect that should be included an organisation talent management practice. Performance management Leadership development Workforce planning/identifying talent gaps Recruiting Talent Management for the Twenty-First Century As the 21stcentury unfolds, radical changes happening in todays business and workforce. Companies once dominated by America and Europe now has more ownership across globe. There has been growing urgency and attention on HR practices to continuouslyengage and retains employees.Companies are going beyond traditional approaches in practice to retain their well-performing employees. Employee retention is king. And employee engagement is not far behind. Coos of the nations fastest growing companies overwhelmingly cite retention of key workers as the most critical factor to plan for in the next year ahead (PricewaterhouseCoopers, 2004). Similarly demographic changes occurrence are increasing, there are more young people in developing nations who are educated and skilful which has lead the global movement for job as more and more companies seek skilful labour for their varied positions. There demands had created scope and impact for the hunger for skilled workers everywhere. These changes can be summarised in following points Increasing number of young population More global companies operations Increase in outsource and offshore Need for Competitive edge Spread of ownership in other regions Hence globalisation has increasing made difficult to hire, retain and develop talented employees for businesses. Companies are in search for new practices for hiring and then developing, motivating and converting into strategic assets. Furthermore companies need to integrate and align its talent management processes with business strategies to create a pool of successful talented worker and then utilise these talent to obtain competitive advantage in overwhelming globalised competition. The key agenda of companies to attract and retain key talent, which can key factor in organisation influence and effectiveness. A Theoretical Model of strategic Talent Management Strategic talent management deals with all the employees within an organisation. Strategic TM focuses on identifying and creating the pool of talented employees then develop these talents to occupy key positions. Identifying pivotal talent positions The first step of managing the strategic talent management is to identify the key position within an organisation. Most of the literature review suggest the key attention to identify the key performers and their development and retain but latest theories advocates that identifying the key position in organisation which has central role in organisational success. Developing Talent Pool The second step in strategic management is the developing the pool of incumbents talented people. Developing the talented people pool to fill the key positions identified in earlier step. However there are various method of creating talent pool depending on the organisational structure but one thing should be keep in mind that these are highly talented and incumbent people and key positions assigned to these people must utilise to the maximum capacity. There are two key elements to talent pool one that organisation should understand the importance of external labour market and secondly due to increasingly mobility of the external employer it is a possibility to high skill labour from external market. As Peffer and Leblebici (1973) argued that organisations facing the greatest threat from external sources aggressively recruited executives with experience from the external labour market. Create a differentiated HR Architecture There has been continues debate on linking between strategic HR practice and organisation. There is no set HR practice that can help identify or utilise the talent pool rather there are suggestion to apply methods of HR. Practicing the contingency HR practice depending on organisation structure. Lapak and Snell (2002) differentiate between four categories, knowledge based employment, job based employment, contract work and Alliances or partnership. In summary,some HR practices can be best suited for particular organisation but could have different impact on other industry. There is need to define HR practices to utilise the talent pool and appointment to key positions to have successful competitive advantage. Talent Management Challenges Talent Crunch Most companies are facing the shortage of talent employees. Attracting and retaining employee for company growth for all levels its a challenge for companies. For example Essar Group has grown to sixty thousand employees from twenty thousand in last 3 years and more then fifty percent of their employees tenure is less then two years. Creating Value Proposition Companies are finding difficult to create value proposition for their employees with four generations as work force. Its difficult for organisation to create value proposition for every employee with diverse needs, assumptions and preferences belonging to different generation group. Leadership in pipeline The shortage of robust leadership talent pool is biggest threat for organisations. There are not enough talented leaders to replace the existing or to fill the expansion of companies growth. Its becoming more difficult in globalised world to choose skilful leaders with required skills, leadership qualities, business knowledge and global diverse sensibility. Deloitte, for example has talent management and succession planning to improve and retain their employees to become future leaders. Transferring key knowledge and relationships Companies facing difficulties in transferring knowledge to other employees from people retiring or changing jobs. Its a greater threat from companies that are heavily embedded in tacit knowledge such as customer relation. Work/life Balance Issue Companies heavily investing on talent management in developing and retain their employees at mid-level of their careers, they need to consider responsibility of creating balance between work and life. There is fear of employee escaping the organisation pressure to develop skills can lead to high turnover. Redesigning Talent Management Practice Some critiques argue that there is a need to redesign the TM practices and program to attract workforce. The importance of young professional is critical for firms with fresh skills and talent. Father there is rethinking required to link the different roles and relations together to generate better outcome. Short tenure of talent Acquiring and retaining talented employees are critical to organisations. Companys competitive advantage is dependent on retaining the talented people at key positions. There is high turnover of employees in retail business due to market influence and an internal mindset. Gap, for example believes retaining employees for more then three years is key to future business success. Rebranding HR practices Three different prospective can be extracted from literature review. TM was defined and associated, as the part of HR process but defining does not help to understand how to manage talent. Some argue that managing, recruiting and staffing through Internet may require additional skillets for HR staff but it does not help in principle of improving the selection processbut it hep to rebrand the HR practices to keep them fresh as it does not help one to understand the strategic and effective importance of managing talent. Importance of Talent Management In todays competitive market the value of talent employee become the vital part of the organisation. Therefore telnetmanagement plays any important strategic role in an organisation. The organisation gets advantage of employees competence and productivity. They get strong association with organisation and often put best dedication at work, which ultimately shows result on organisation balance sheet. Further it enhancesemployee commitment and pride towards the organisational and it reduces staff turnover. Jack Wiley, executive director of Kenexa Research Institute, said, People have a fundamental need to know how they are doing and what the future holds for them, Organisation with talent management in practice produces competitiveworkforce to adoptchanging and competitive market. Recruit, develop and retain talent, which help in companys financial success. Having effective talentmanagement strategy helps organisation overcome the fear of losing talented employees, itshelp to have backup if not equally talented but replacement to develop the similar talent. Talentmanagement help create short term and long term backup plans. Organisations with various contract or permanent employees often search for replacements. Having backup plans with talent management reduces the losses of time and value spent on finding replacement or recruiting new staff. Continues practice of talent grooming doesnt allow the volume within organisation it creates equally or similar talented workforce. Grooming process increase employees qualities such as leadership, multitask, competence and knowledgebase. Talent management help define ethics and vlaues of workforce of the employees. Reason ethics are important for an organisation because for recent years many fast growing or big organisation being involved in ethical scandals. Understanding and implementing employees ethical values or considering in organisation culture shows workforce importance towards their employee. Talent monument not only important for organisation but it plays equally vital role for employees. Employees get a chance to develop and acquire new knowledge and talent, whichincreases their potential. Every employee understands the importance of new skills, which can leads to their future progress. Employees prefer to stay with organisation where they believe their skills being utilise and continue sly grooming under health talent management scheme. Many organisation demands the demonstration from all its function for their strategy value to organisation. There is growing pressure on HR for its strategic contribution. Financial resources may be the lifeblood of a company, but human resources are the brains. Its long been accepted that sound financial management is critical to business survival. This is especially true challenging economic times. However, having strong talent and sound talent management is queerly critical to business survival. To summarise the important points in bullet points Increase Revenue Improve Product Quality Increase Customer Satisfaction Reduce Cost Reduce Cycle Time Increase return on share hold investment IncreaseMarket share and capitalisation Business Strategy and Talent Management A business strategy of a company is its long-term planning or direction and steps it will pursue to accomplish those goals. A more formal definition can be: Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations. (Exploring corporate strategy, 2008) If we look at the reason behind the success and failure the organisation it ultimately come down to talent. Talent leads organisation to make decisions regarding where to invest in financialand human capital. This further leads to how to innovate, compete and how to motivate and achieve the business strategy? Right or wrong decisions are made, which result in success or failure and most of the time CEO of the company takes all the credit or blame depending on the outcome of the decision. Its the talent within an organisation that leads to execution and implementation of the business strategy. People are all there is to an organisation (Garry Hamel, 2003). Collins argues, Having the right people comes before having the right strategies. Rob Ben argues with their sixty years of combine experience of corporations and various business that CEO and senior executives worries as much about talent management as much they do about the financial of the company. This shows that talent management plays as important roles and financials do. Talent management is the central part of any business plan and its more desirable part of HR. Organisation needs talented people to meet the needs to deal with complex business needs. Since the 1990s the business expansion has significantly with low trade barriers, easy communications and company globalisations. Many companies expansion was based on globalisation into India and China. This change has lead to global talent competition across boundaries. There is an increase demand for talented people with shrinking pool of talented people this has increased the business concerns of expansion of their HR activities for the retention of the talent. HR is more strategically driven and company facing problems or lack of success in financial of it eventually leads to executive criticism and public scrutiny which leads to termination of CEO. Figures are not known but itsbelieved executive turnover is high in recent years. The high turnovers mean there could be fault in selection process. Some reasons could be the mismatch between CEO and the business situation and strategy; on other hand many deal effectively different complexity and strategic driven business. Many argue oppose to the above reasons they believe business and CEO face constantly changing businessenvironment and challenges, response should be fast enough to avoid missing the opportunity. This shows the important of HR and talent managementprecisely in business strategy. Since 1990s it been mortgaged that connection between talent management and business strategy has its routes in two trends. The emergence of talent as strategic resource and competitive advantage. The evolution of the Human Resources functions as a strategic business partner (Rob Ben, 2009) Conclusion Given the high level interest shown by different quarters from academics to practitioners and from employer to business itself, talent management is still not reached on concisedefinition and practise. Talent Management has been discussed and pursued heavily between practitioner and press without being linked systematically and peer-review. It has been widely define and discussed which has not potentially contributed to the understanding of concept. Some commentators argue that its been used to rebrand the HR practices of recruitment process to cater the needs of demographic changes.

Purpose of Statement Essay

Adam Koehler Statement of Purpose After taking a multitude of computer science courses over my academic career I have perceived that most of the courses tend to build a student’s knowledge of computer science outward, broadening familiarity over several areas of computer science rather than creating a concentrated depth of knowledge in any one topic. Pursuing a master’s degree in computer science will allow me to more fully develop my knowledge in two areas of particular interest to me: artificial intelligence and computer graphics. By studying these areas in depth, I hope to resolve the disparity between having a wide scope of computer science knowledge and having a more concentrated understanding of a single computer science field. Artificial intelligence is the foremost area of interest that I wish study further. The attraction of artificial intelligence for me lies in its breadth of applicability, both as a method of problem solving in itself and in a symbiotic integration with other areas of computer science. A broad spectrum of applications exist within the artificial intelligence field, ranging from intelligent non-player controlled characters in computer game software to a ubiquitous computing solution that intelligently reacts to a variety of users. This diversity is one of the main reasons that I feel compelled to pursue artificial intelligence further. While I have striven to develop my understanding of artificial intelligence during my undergraduate education, the choreographed requirements of a bachelor’s degree have restricted my research to only a minute sample of artificial intelligence’s applications. During my exposure to the field, I have often been unsatisfied with the level of interaction artificial intelligence displays in response to prompts of varying complexity. I do not believe the field has been developed to its potential in any regard, and feel that considerable progress can be made to improve the interactive experience that users have with an artificial intelligence application. This genuine intrigue combined with my curiosity for the subject matter and the limitless potential of the field are the reason why I wish to pursue a greater depth of knowledge in artificial intelligence. Through the education gained in pursuit of a master’s degree, I hope to be able to enrich the authenticity of many artificial intelligence experiences, from computer games, to interactive toys and beyond. While artificial intelligence holds the most intrigue for me, a secondary area of interest is computer graphics. Akin to artificial intelligence in that I have only touched on the subject during my undergraduate career, I hope to explore the areas of two and three dimensional rendering more acutely. While I have always enjoyed the freedom of creative expression, and embrace its value in many aspects of problem solving in computer science, the rigidity of programming has precluded my pursuit of many artistic interests. I feel that a more in-depth review of the field of computer graphics would be very fulfilling for me, both for its creative liberties and for its application to other areas of computer science. Specifically with regard to my interest in artificial intelligence, I envision graphics applications such as an artificially intelligent avatar, with body and facial expressions that can create more engaging interaction between two users. It is also important to understand just how quickly the field of computer graphics is changing within computer science. I believe that a deeper appreciation for the state-of-the-art in computer graphics will only help me in all future computer science pursuits, and I look forward to the new challenges while pursuing my master’s degree in computer science. My undergraduate education has prepared me for the depth and commitment required of graduate research in the field of computer science. Two projects I have participated in would be research with the Embedded XINU team, and a senior design project also involving the XINU operating system. While participating on the Embedded XINU team I have chosen to aide in the research and development of an external analysis tool for embedded systems development. Personally, I have researched integrating the front end system with the debugging system, developed by another team member, via an open source debugging software. Once complete, it will allow users to access many debugging features, such as single stepping through code, breaking at a certain point in the code, and continuing the execution of the code from the breakpoint. The senior design project involves the creation of a software program to allow users building a XINU operating system to directly use computers with a Windows operating system installed. Currently, a direct or remote connection to a UNIX variant needs to be used to aide development. Both projects have allowed me to see the considerable amount of work and research that goes into software development projects. Each of the projects is team oriented; with tasks split down so that one or more researchers can contribute. The groups function with relative autonomy, without daily guidance of a professor, although guidance is provided on a semi-periodic basis. Overall, these projects have provided useful experiences allowing me to understand both graduate and undergraduate level research and implementation. In addition to these two XINU based projects, I have also completed several course-based projects that assimilate the entire semester’s work into a cohesive project. One such project was a language interpreter written in Scheme that interprets primitive operations including add, subtract, Boolean not, and, or, and xor; as well as complex statements such as variable assignment, print statements, procedure declarations and calls and simple type checking. This and several other projects have helped me develop a wealth of knowledge in the computer science field, and have certainly broadened my interests. However, they have lacked depth in certain areas that I feel truly drawn to exploring. Through graduate studies I hope to explore the fields of artificial intelligence and computer graphics more fully, and negotiate the requirements of intertwining the two more seamlessly than today’s efforts produce. My ultimate goal is to produce meaningful work that combines the acquired in-depth knowledge of both the artificial intelligence field and the computer graphics field, while building on the solid foundation I have created in my undergraduate pursuits.

The Two Books, Coined by the Theologians

The Two Books Module 3 The Two Books, Coined By The Theologians Gloria J. Farmer HTH-505-0101: Systematic Theology I Instructor: Professor Peter Conlin March 19, 2013 The Two Books – Page 1 God’s objective for self-revelation is that mankind comes to know Him better. From the beginning of creation, God’s plan â€Å"was to create a people among whom he could dwell and with whom he could be in relationship† (Hill & Walton, 2009, p. 23). Mankind has no excuse for not knowing God and establishing a relationship with Him because â€Å"everyone naturally has a general idea that there is a God† (McGrath, 2011, p. 5), based upon His eternal power and divine nature. His glory is declared in the heavens, the work of His hands is proclaimed in the skies, (Psalm 19; Romans 1:20) and â€Å"the order, intricacy, and wonder of creation speak to the existence of a powerful and glorious Creator† (Got Questions, 2013). Moreover, â€Å"people everywhere posses s general knowledge of the existence of God as the Creator of heaven and earth, and they understand His righteousness, and that He administers punishment to the wicked, etc.However, â€Å"people do not have a clue of God’s plans concerning mankind, the benefits of His blessings, our deliverances from sin and death, and the plan of salvation—which denotes true knowledge of God (McGrath, 2011). The Two Books that God reveals Himself to humanity include, â€Å"General Revelation and Special Revelation. â€Å"General revelation refers to the general truths that can be known about God through nature. Special revelation refers to the more specific truths that can be known about God through the supernatural† (Got Questions, 2013). General Revelation was not the catalyst that was designed to teach us our obligation towards God and our proper relationship to him as our creator. It was not designed to guide us in morality even if the fall of man had not occurred in the Garden of Eden† (Preacherwin’s, 2008). It is through General Revelation that God’s revelation of Himself as God, and the righteous judge is seen. Also, through General Revelation man is seen as a sinner standing under The Two Books – Page 2 God’s divine judgment.The clear message of general revelation and what is derived from it–natural theology (e. g. , Romans 1 and 2), encounters the problem of fallen man perverting its clear message. Nature, human history, and human nature (internally—via conscience) denote the three primary categories of general revelation (Apologetics, 2013). â€Å"God manifested or revealed Himself through Special Revelation in three major categories that include: miraculous events, divine speech, and visible manifestations. Special Revelation is redemptive or salvific in nature and is communicated in both words (e. . , Scripture) and acts or actions. It must be revealed/initiated by God alone. Christ and the Sc riptures respectively are the supreme examples of Special Revelation† (Apologetics, 2013). Having said this, The Two Books, coined by the Theologians, present an intertwining role of Special Revelation (Scripture) and General Revelation in the theological task of discovering God. As we explore General Revelation in the area of Science and the Bible, we must note that there is some information that General Revelation tell us and does not tell us.According to VandenBerg, (2010), there are two beliefs among the Christian community concerning scientific knowledge and the Bible. For example, â€Å"there are Christians who reject the knowledge in the areas of evolution, cosmology, and insist that the biblical accounts of creation and cosmology must be read in a woodenly literal fashion. They assert that it is not necessary to harmonize the Bible and science because, for the most part, the scientific academy is wrong.Furthermore, some Christians insist that what the Bible says about the origins of the universe does not, in fact, cannot, contradict what science has discovered. Contrasting those in the first group, those in this group tend to affirm the discoveries of science while seeking to harmonize them in some way with the biblical text. The Reformed tradition, tends to fall into line with the The Two Books – Page 3 latter group† (p. 16). However, â€Å"Because God is the author of both books—the physical world and the Bible—so the argument goes, there can be no disagreement between them.The basic premise for science and the Bible is that God has provided two sources of knowledge for human persons: nature and the Bible (VandenBerg, 2010). Scientists contend that the problem with General Revelation is not that data is interpreted incorrectly with regard to any particular scientific subject that is being studied, but the problem is that the author of the data is distorted (VandenBerg, 2010). A critical analysis of General Revelatio n calls into question what is being revealed.At first glance, â€Å"there is common understanding of what God is revealing about himself. However, the theological jury is still out deliberating a revelatory verdict† (Howard, D. , 2010). One point is agreed upon concerning General Revelation by those who embrace this Doctrine of Revelation is that knowledge about God is revealed concerning His existence and character (Howard, D. , 2010). â€Å"Agreement also exists that the knowledge revealed consists of particular attributes of God or a â€Å"broad outline of what He is like. The attributes of God that are considered to be revealed are those described in passages such as Psalm 19:1-6, Romans 1:18-32, and Acts 14:17. Psalm 19:1-8, according to Demarest, indicates that God â€Å"as Elohim—the eternal, omnipotent, wise, and good Creator and Sustainer of all that is—revealed via general revelation† (Howard, D. 2010). â€Å"Knowledge obtained from general r evelation is not considered salvific in nature, because it lacks salvation knowledge. Knowledge disclosed in general is only about God as The Two Books – Page 4Creator and other â€Å"general† divine attributes, not God as Redeemer and other salvific knowledge. There is no knowledge of redemption or the Redeemer given in general knowledge, because the precise purpose of general revelation is to declare â€Å"the glory of the Creator and give general guidance to the creature,† not to reveal Jesus Christ. Furthermore, humans do not obtain salvific knowledge from general revelation, they have true and accurate knowledge of God’s existence, his attributes, and moral law (Howard, D. , 2010). The task of discovering God is incomplete without Special Revelation (Scripture).The intertwining role of Special Revelation (Scripture) and General Revelation reveal â€Å"two different media that in different ways point to the same messenger—the divine Creator an d Revealer. To the degree that the content of the message is the same—â€Å"God’s invisible qualities his eternal power and divine nature† (Romans 1:20)—the truth that both books speak the same language and point to the same God must be stressed. At the same time, the truth that natural theology has no saving capacity, that to know our sin and salvation we need the additional special revelation given in Scripture, must never be overlooked.The two Books are not in the first place about the Bible and science but about God and his relation to us as Creator and Redeemer in Jesus Christ† (Bolt, J. , 2011). Special Revelation can be categorized in the following way. â€Å"Theophany (God makes Himself known to the prophet while the prophet is awake and aware of such taking place; Visions (God makes Himself known (not physically) to the prophet who is awake and aware of what is taking place; Dreams (God makes Himself known to a prophet who is asleep); In H is Son—Jesus Christ (Jesus is the ultimate manifestation of God given not just to the prophets, but The Two Books – Page 5 o all people. Jesus is also the perfect image of the invisible God and the object of all Special Revelation. All of Scripture, not just the Gospels, points to Jesus)† (Preacherwin, 2008). Without the Two Books, (General Revelation and Special Revelation), mankind would be deprived of the â€Å"intimate manifestation of God’s special Revelation to his people, revealing Christ and uniting in Christ all of these separate forms of Special Revelation.Scripture reveals Christ in his fullness for God’s people and thus, the completed canon of Scripture is given to us as the capstone upon which our faith is held together† (Preacherwin, 2008). References Apologetics. (2013). Explain general and special revelation using examples. Retrieved March 19, 2013 from http://www. apologeticsinfo. org/outlines/ Got Questions. (2013). What is general revelation and special revelation? Retrieved March 19, 2013 from http://www. gotquestions. org/general-special-revelation. tml Hill, A. E. & Walton, J. H. (2009). A Survey Of The Old Testament. Grand Rapids, Michigan. Zondervan. Howard, D. (2010). A critical analysis of general revelation. Criswell Theological Review, 8(1), 53-75 Preacherwin’s. (2008). Forms of Special Revelation. Retrieved March 19, 2013 from http://preacherwin. wordpress. com/2008/04/21/forms-of-special-revelation/ VandenBerg, M. L. (2010). What General Revelation Does (and Does Not) Tell Us. Perspectives On Science & Christian Faith, 62 (1), 16-24

The Challenges Of The Private Sector Business Essay - Free Essay Example

Sample details Pages: 6 Words: 1797 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? Private sector organisations are ones that are owned by private individuals or groups and is not controlled by the state. the main purpose of private sector businesses is to generate revenue and create profit. Other private sector business aims include furthur growth, increasing market share and maximising sales. Don’t waste time! Our writers will create an original "The Challenges Of The Private Sector Business Essay" essay for you Create order By contrast, establishments that are part of the state are part of the public sector; private, non-profit organizations are regarded as part of the voluntary sector and do not fall in to this sub heading. There are a number of organisations under the private sector. The main types of businesses in the private sector are: Sole traders are individually run businesses. These include plumbers, painters, accountants and hairdressers. They are responsible for the overall running of their business and their is no distinction between the individual and thier business. Unlike other types of organisations you do not have to register your business with anyone. Advantages of being a sole trader is the freedom to make your own decisions as you are your own boss which may be very motivating. As a sole trader you also keep 100% of the profits. Controversially the disadvantages equally weigh the advantages as being a sole trader means sources of finance are limited as you are the only indiv idual able to raise money. Also as a sole trader you will have to work long hours and have limited holidays as closing the business could result in loss of customers which will lead to a loss in revenue creating a ripple affect which could harm potential profit. One of the main disadvantages of a sole trader is that as a sole trader, you are subject to unlimited liability meaning failure to pay off debts could result in personal assets e.g. your home being repossessed. Partnership, either limited or unlimited liability Partnerships usually consist of 2 à ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 20 people. This is widespread is professions such as accountancy and law. Unlike sole traders the responsibility and work load is shared and more finance can be raised from the partners. Also each partner can specialise e.g. if you have a legal practise one partner can specialise is marital law and one can specialise in tort law. However they are undifferentiated from sole traders in terms of partnerships being unlimited liability. Other disadvantages include sharing of profits between all partners, size is limited to 20 members and also disagreements between partners. Private Sector Limited Companies Owned and run by shareholders. Requires a Memorandum of Association (which includes name of company, address,objectives, type of activities, amount of capital to be raised, number of shares to be issued). Requires an Articles of Association (which includes the rights of shareholders, procedures for appointing directors, timing and frequency of company meetings, arrangements for auditing company accounts). Shareholders have a right to attend the AGM. Private Limited Company or LTD-limited liability, with private shares Private limited companies are owned by share holders and the owners can place restrictions on who the share ae sold to. Many people who own family run companied for instance can place restrictions to allow family members only to purchase share. In this case shares can only be sold privately and cannot advertise their share for sale. Private Sector Public Limited Companies This companies name ends PLC. There are around 500,000 companies in the UK but only 3% of them are public limited companies. Shares can be bought and sold on the stock market. Accounts must be published. Advantages limited liability;huge amounts of capital can be raised; economies of scale; domination of the market. Disadvantages setting up costs can be very expensive; an outsider can take over the company; competitors can take advantage of information in published accounts; Legislation control the way the organisation is operated; Companies may be inflexible due to their size. Public Limited Company à ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ shares are open to the public. Two examples are: Franchise à ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ business owner pays a corporation to use their name, receives spec for the business Workers cooperative à ¢ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ all workers have equal pay, and make joint business decisions Public limited companies like private limited companies are owned by share holders however no restrictions can be placed and shareholders can sell shares to whoever they like. One disadvantage in this is that companies my be subject to a take over by other shareholders if they start buying up shares in attempt to take control. Some share holders may want to resist this take over but can not stop other shareholders selling their shares. 1.2 Public Sector The Public Sector, sometimes referred to as the state sector is owned and run by the state (government) for their citizens. Their aim is to provide services needed by the citizens, regarless of income or wealth, for example health and education. These organisations are funded through taxation. The organization of the public sector can take several forms, including: Central government These include such services as defence, n ational health service, social security, prisions, police, universities. Local government These include primary secondary education, refuse collection, libraries, social services, council housing, parks and sport facilities Public corporation 1.3 non-profit sector. Non-profit sectors, the organisations in which fall into this category are different to both the private and public sectors, which has main objectives of turning a profit. Instead non profit organisations e.g. charitable organizations, trade unions and public arts organizations do not distribute its profits to shareholders or owners but use the money to meet goals. Ownership is the quantitative difference between for- and not-for-profit organizations. For-profit organizations can be privately owned and may re-distribute taxable wealth to employees and shareholders. By contrast, not-for-profit organizations do not have private owners. They have controlling members or boards, but these people cannot sell their shares to others or personally benefit in any taxable way. While non profit organisations are able to turn a profit known as a surplus, finance earned are retained by the organisation for its self-preservation, expansion and future plans. They are in most countries exempt from income and property taxation. Purpose Activities Marketing Marketing is the function of the business that is responsible for understanding customer needs and developing the right products, setting the right price and promoting and distributing products in the right way. Marketing ensures what is being provided is always a want and need. Market research new product development Purchasing Purchasing functions objectives are to buy at the most economic order the right quantity and quality for the right price from suppliers who are reliable and provide a good service. Through this they can ensure they can provide their organisation with an uninterrupted flaw of materials and services for company operations. They also have to find reliable alternative sources of supply. Determine needs, select the suppliers, negotiate the purchase and follow up on orders. Human Resources The pupose of the human resourse function is to assess the current and future capacity of a businesses future workforce needs and maximize the productivity of an organization by optimizing the effectiveness of its employees. Job design, Advertise job vacancies, select candidates, training and development, performance appraisal compensation, maintenance labour relations, Finance Production Hirachical strucutre Also known as the pyramis structure, the hierarchical structure means that with every level in the structure is a different level of authority. The structure houses fewer people at the top of the pyramid which can include job titles such as owner ceo and managing director. In hierarchical structures the chain of command runs from the top down and through each line dep artment. Employees at each level are managed by their line manager directly above them in their orgainsation function. Within hierarchical structures authority and responsibility is clearly defined and it is clear to see the promotion path for employees. Also there are specialist managers which could effectively be used as the hierarchical strucuter encourages this in terms of environment. Futhur more employees will be very loyal to their department within their orgainsation. However the organisation can be beauracratic and theirfore respond sloly to changing customer needs and thet market within which the orgainsation operates. Communication across various sections can be poor due to having to report to line managers especially horizontal communitcation. And departments can make decisions which benefit them rather than the business as a whole especially if there is inter departmental rivalry. Hehieraches may be tall with many levels of resposibilities or flat with fewer level s. https://faculty.vassar.edu/lenevare/2006/soci151/bureaucratichierarchy.htm The basic hierarchical structure of modern business enterprise (each box represents an office). Alfred Chandler, The Visible Hand, pg. 2. Matrix structure The matrix structure groups employees and resources in two ways simultaneously by both function and product. This structure can combine the best of both separate structures. A matrix organization frequently uses teams of employees to accomplish work, in order to take advantage of the strengths, as well as make up for the weaknesses, of functional and decentralized forms. An example if a organisation wanted to produce two products, a table and a chair. Using the matrix structure, this company would organize functions within the company as follows: a table sales department, a table customer service department, a table accounting, a chairsales department, a chair customer service department, a chair accounting department. Advantages of such structures are individuals can be chosen according to the needs of the project, the use of a project team wich is dynamic and able to view problems in different ways as specialist have been brought together in a new environment and project managers are sirectly responsible for completing a project within a certain time frame and budget. However the disadvantages are a conflict between line managers and project managers over the allocation of resources, if teams have a lot of independence than it can be hard to monitor and cost can be increased if more managers are created through the use of project teams. https://www.vertex42.com/ExcelTemplates/Images/orgcharts/matrix-organizational-structure.gif Divisional structure Also known as the product structure, the divisional structure groups each organizational function into a division. Each division within a divisional structure contains all the necessary resources and functions within it. Each divisional unit is responsible for a product, geographical area, or customer base. Each division has its own functions such as Finance, Marketing and research and development, Divisions can be categorized from different points of view. There can be made a distinction on geographical basis (a US division and an EU division) or on product/service basis (different products for different customers: households or companies). Another example, an automobile company with a divisional structure might have one division for SUVs, another division for subcompact cars, and another division for sedans. Each division would have its own sales, engineering and marketing departments. https://www.vertex42.com/ExcelTemplates/Images/orgcharts/divisional-corporate-organizational -structure.gif Tesco Vs Asda Similarities Differences Tesco (Matrix Strucutre) Asda (Divisional Structure)