The Implementation Of Performance Management

The Implementation Of Performance Management Performance management is one of the tools human resource managers can employ to engage employees and teams to achieve their goals and motivate them to achieve high levels of organizational performance. Nowadays, HR managers are faced with a variety of competition and business environments that are constantly changing individuals values and lifestyles. Hence, the HR mangers need to understand the processes that can help employees achieve the goals set by their organizations. Aim The purpose of this report is to evaluate human resource management, in particular, performance management by focusing on three general purposes namely, strategic, development, and administrative. Arguments are made outlining the advantages and disadvantages of implementing performance management systems. Furthermore, sources of performance information used to evaluate the sales assistance of ANZ Bank are examined. Finally, an evaluation of the fairness of performance management is provided. Relevant literatures will be reviewed and discussed to support the ideas presented within this document. Scope This report discusses, evaluates and in some cases, criticizes existing researches dealing with performance management and also shows the relationship between different researches toward performance management, including the advantages and disadvantages of implementing this system. Also, evaluations of the performance information that can adequately measure the performance of ANZs sales assistance along with the fairness of performance management systems are provided. The General Purposes of Performance Management Commonly, the purpose of Performance Management is to achieve an organizations goals or objectives. For instance, Walters (1995) states performance management is the process of improving the quality and quantity of work finished and aligning all the activities involved with an organizations objectives. Similarly, Armstrong (1998) recommenced performance management as the strategic and integrated approaches to deliver the successful to organization by improve the performance of employees by developing the capabilities of teams and individual contributors. Moreover, William (2002) states that performance management targets individuals within an organization and aims to direct and improve their performance and ultimately enhancing the organizations objectives. Schuler, Fulkerson and Dowling (1991) claimed that Performance management is an essential business driver to help businesses achieved desired results. Generally, Performance Management is an ongoing process that needs to be monito red throughout the year. The Performance Management purposes, which mainly includes areas such as, strategic, developmental, and administrative. Thus, the overall expectations and performance objectives are reviewed as following: 2.1 Strategic Purposes: Armstrong (1999) pointed out that the important features of PM are goal setting and feedback coupled with the development of individual characteristics as well as the development of organizations strategies. Utilizing the ideas presented within several literature reviews, the major roles of Strategic Performance Management can be classified as follows: (i.e. Atkinson, 1998; Dumond, 1994; Sink, 1991; Martinsons et al, 1999; and Neely, 1998) Overlooking the process of strategy implementation by assessing if the strategy is being put into practice as planned. Managers and higher-level personnel issue objectives and goals and not only ensure that these strategies are implemented but also that the contents of the strategy are up to date. The position check and selection employees by looking at whether the result of performance expectation is achieved University of California, Berkeley introduced the communication process that includes clarifying expectations, setting objectives, identifying goals, providing feedback, and evaluating results. Consequently, to help employees understand and meet the company goal provided the clearly of direct communication by pass the information to employees about the expectation of individual to be achieved, and also provides the feedback including benchmarks performance in difference department, teams, individual by report as the whole regarding their performance with respect to expected goal have been consider. Documentation process that enable line manager and employees to see the performance management as a part of daily workplace behavior. 2.2 Development Purposes: Performance management is an ongoing process. After a set of work objectives and organizational goals are agreed upon, the HR start with a clear agreement based on the strategy, goal, measure, and performance goal to be implemented. Organization coaching and developing process by evaluation of employees attention to these strategies and point out employees strength and weakness when the employees not perform well as they should. Therefore, the performance management seeks to improve these employees performance. Moreover, organization has to ensure the employees achieved the measurement results through the feedback so employees know where they stand. De Cieri et al. 2008 suggested that to build a performance culture by establish the process to encourage performance management feedback each day rather than the process that occurs throughout the year. As the result, the reviewed of performance annually more likely distorted and forgotten in order that organization should progress monito r regular and provide employee feedback after each particular event finished. At the end of performance period, assessment is made against objectives, means or behaviours demonstrated. Plus, new objectives for the next performance period maybe established (The University of California, Berkeley). Furthermore, Kaplan and Norton (2001) argued that employees at level need to learn the principles of the system, its measures, tools and procedures. Thus, the organization encourage improvement and learning by provided valuable information to help identify individual training need to improved employee performance and build up the potential of employee for further advancement. Moreover, Performance management system focuses on the skills that are required to perform a particular job and training will help employees to achieve that skill employee will get training that are required and have better positions and compensation offers within the organization. 2.3 Administrative Purposes: De Cieri et al. 2008 described the studied of PM can help the organization in particular to administrative decision making such as salary, promotion, retention, and termination and recognition of individual performance. The organization can define employee salary toward their performance, the person who greater performance will get the greater salary. The successful of performance management process (well-conceived and well-implemented) can motivate employee through financial with the compensation and also can motivate by non-financial reward such as positive feedback and opportunities to development (Armstrong, 1999). Thus, the reward can motivate employee via their efforts that rewards can be financial and non-financial by basically rewards provide base on the organization ability to pay and legal regulation as the company take the action by use the performance measure to calculate the rewards. As the result, it can say the reward can motivate and encourage building short term and long term incentives of engage performance. As the result, compensation can motivate the person to perform well by the good compensation package will increase the employees productivity and satisfaction level of the employees. In additional, some organizations award the salary and bonus base on their performance. Armstrong and Baron (1998) demonstrate that performance can be affected by several of factors, all of that should be taken into account when managing, measuring and rewarding performance. 3.0 Arguments For and Against the Implementation of Performance Management Argument For: Increasing Productivities A key aspect of performance management is training and developing new techniques that can help organizations improve individual, team and organizational performance. For example, ANZ develop their employees to be successful in their roles, by hosting training programs in a wide range of areas such as developing inspiring leadership qualities, providing learning and development opportunities and by developing and retaining talented employees who want to undertake challenging assignments. As a result of all these programs, trained sales assistance units are able to market new products online to increase customer convenience and satisfaction (Corporate Responsibility Review, 2008). As online functionality improves with time and effort, customers are provided with concise and timely information such as interest rates, currency exchange rates and so on, resulting in an increased number of customers utilizing these services and higher s productivities. Produce Meaningful Measurement of Employee Performance Performance management can help ensure that employees receive a fair appraisal based on their performance, by using various methods to evaluate employees. Organizations then inform employees of the results, in the form of constructive feedbacks. Organizations also take efforts to improve aspects of employees productivity by providing clear information of what is expected of them and align these expectations with the overall company goals and targets and also by hosting quality training and development programs. Consequence, the measurements are useful for organization setting standards for comparison with similar organizations or previous years (Hyndman and Anderson, 1997) Increased Retention Rate Performance management systems are implemented not only to evaluate employee performance but also to understand the basic needs of employees. It helps senior mangers to understand what employees are looking for, in terms of job satisfaction or how he/she is performing in their respective jobs. It helps to increases retention rates in organizations. Employees are aware of what is required of them and focus their output according to these specifics. For instance, ANZs business strategy of recruiting and retaining employees has resulted in an increase in the number of employees from 8,810 to 9,245 between 2008 and 2009 (ANZ, 2010). Performance management also can help ensure that employees receive equitable treatment because performance management appraisals are based on results. Analysing these results can lead to enhanced job satisfaction, increased productivities and so on. Additionally, performance management can facilitate ongoing, constructive communication between supervisors and employees, all the while focusing on achieving organizational goals and targets. Armstrong and Baron (2003) also suggest that the successful implementation of performance management systems can result in desirable culture changes and avoid problems such as, lack of understanding and enthusiasm. Against: High Cost Recently, organizations have been forced to cut down cost due to the global economic crisis. The decision of whether or not to train employees has been a consequence of this phenomenon. Even though training is the best way to retain and maintain employees, the effects of economic recession have led to organizations cutting down on training programs. During periods of economic recession, organizations are faced with a higher than normal rate in employee turnover. (Glance, Hogg and Huberman, 1997). External Factors Performance management frameworks and systems do not directly take into consideration external factors such as, global recessions or natural calamities. As such, when such a scenario does arise, performance management system may have to undergo heavy modifications to compensate. Unrealistic Performance Targets Sometimes organizations are desperate to achieve organizational goals and as a result, unrealistic performance levels may be set for employees. These targets are often difficult and unattainable, and as a result, dissatisfied employees may decide to leave their jobs. Actual Performance versus Target Performance Failing to effectively implement performance management systems may give rise to a lapse between actual and target performances. A managers inability to conform to procedures such as conducting regular meetings to discuss employees performance and providing them with necessary training may lead to a breakdown in the entire system. Therefore, an employees lack of understanding of what is precisely required of them can greatly impact an organizations performance as a whole. 4.0 An Evaluation of the Performance of ANZs Sales Assistance Like any successful organization, ANZ bank takes its corporate responsibilities very seriously by adopting responsible business practices and by reporting and updating their Corporate Responsibility (CR) Performance. ANZs CR Reporting follows the guidelines set by the global best practice standards. In 2008, ANZ Bank implemented a new, streamlined approach, known as the Global Performance Management Framework, to facilitate enhanced monitoring of their employees performance and to utilize their personnels full potential. As such, the simplified and globally homogenous approach they adopted utilizes a concept known as balanced scorecard, which measures and evaluates the performances of their employees across four main company objectives, namely, Financial, Customer, People and Process, and also the benchmarks of behaviour and risk/compliance that are exhibited throughout the year. The Performance Management at ANZ is divided into three stages: Performance Planning, Performance Coaching and Performance Assessment. Performance Planning: This stage involves setting clear and measurable objectives and targets at lower levels of the organization. Strong emphasis is placed on the impact that achieving these goals have on the organizations broader business goals and priorities. Employees and managers are unified under a common set of highly ambitious, yet realistic and achievable goals from the beginning so that each individual understands the importance of his/her role and how he/she can contribute to the overall success of the organization. One of the key focuses of this stage is ensuring that employees have a clear understanding of the behaviour and risk/compliance standards expected of them. Performance Coaching: At this stage of Performance Management, managers conduct regular meetings with employees to coach and develop them. Managers are required to evaluate employees performance and appraise their current status in respect to the performance levels expected of them by conducting mid-year performance discussions. A key aspect of this stage is to ensure that managers provide employees with sufficient support and learning opportunities that can enable them to succeed at their roles. Performance Assessment: At this stage, higher level personnel provide lower level employees with an evaluation of their performance at the end of the year. The outcomes of this stage are linked directly with the companys remuneration and rewards schemes. (Corporate responsibility review, 2008) Following these guidelines, the Performance Management Framework provides each individual within the organization with a clearly defined set of objectives and goals and ensures that they understand precisely what is expected of them. Sales assistance involves handling routine client enquiries in all segments of the companys objectives. Therefore, the tools and instruments employed in maintaining the organizations new Performance Management Framework, can effectively evaluate the performance of sales assistance in ANZ Bank, especially when coupled with detailed and informative annual CR Reports. In addition to providing annual performance reports, ANZ also maintains a Corporate Responsibility website and issues annual CR Interim reports and monthly Corporate Responsibility updates to stakeholders. The information contained within all these reports and updates can adequately evaluate the performance of personnel, and more importantly, provide detailed information on specific branches of the companys departments, like sales assistance. ANZ has been reporting on its CR Performance since 2004. Each year, the organizations goals and work programs include high-priority issues involving their industry, customers, employees and the community. According to the 2008 CR Report, by September 2008, ANZ had witnessed the first rise in customer satisfaction statistics in over six months. The organization had set six customer-oriented goals: Implement a new Personal Division policy and processes to assist retail customers facing financial difficulty Maintain their position as the number 1 Lead Bank for major Corporate and Institutional clients Achieve Equator Principles reporting for 100% of ANZs Project Finance transactions Continue to improve their retail customer satisfaction and match the performance of community and regional banks Meet or exceed the performance standards set out in their Customer Charter and conduct a review of its commitments Implement Institutional social and environmental lending policies for forests, mining, energy and water. The first three goals in the above list were successfully achieved, while the latter three goals were partially satisfied. There were five employee-oriented goals set by the organization for the year 2008, and only one of these goals placing women in managerial positions in Australia and New Zealand was unattained, although, the actual statistics only marginally trailed the target figures. The goal of employing 100 Indigenous Australians, as part of the Indigenous Employment Strategy was successfully accomplished, as 106 Indigenous trainees were employed by ANZ in 2008. The three other set goals that were partially achieved are: Closing the gap on pay differential between men and women at all levels of the organization, Reducing their Lost Time Injury Frequency Rate by a further 20% in Australia and New Zealand and report performance globally, and improve their performance in the ANZ Engagement and Culture Census. Of the four community-oriented goals that were set, all four were successfully accomplished. The goals included: Release ANZs bi-annual financial literacy research, Meet their financial literacy and inclusion program targets, Achieve 70,000 hours of staff volunteering across the Groups and 15% participation in payroll giving, Achieve the commitments in our Reconciliation Action Plan including staff training, financial literacy and assisting to build the capacity of Indigenous organizations. The figures and outcomes in these reports provide adequate information towards evaluating the performance of various branches in various departments. 5.0 Evaluation of the fairness of performance management One of the most important functions of human resource management is Staff Performance Management. As discussed earlier, ANZ Bank employs a management tool known as the Global Performance Management Framework to monitor, evaluate and enhance the performance of its employees. One of the key aspects of Performance Management is to formulate a set of goals and priorities that serve as targets and guidelines for employees to better understand their respective roles and how each individuals performance impacts the organization as a whole. The employee performance management system encompasses the following basic aims: Direct employees in order to achieve the objectives in the various departments and branches present within an organization. Appraise, evaluate and monitor the performance of employees and enhance communication between employees and management personnel. To provide pathways and formulate schemes for developing employees. Throughout this report, various research materials are sited supporting the fact that performance management, if implemented properly, can ensure an organizations success. This section of the report attempts to link performance management with other Human Resource Management functions to ascertain and evaluate the fairness of performance management. Figure 1: The link between Performance Management and other HR Functions For a performance management system to be effective and functional, certain elements are normally incorporated into the system: Open and fair Oriented towards the competency of employees An ongoing process (HRM civil service bureau, 1999) Open and Fair This element of the performance management system seeks to achieve fairness in performance appraisal by encouraging employees to be outspoken and constructive in their feedbacks. Additionally, managers are also encouraged to be open and objective in their appraisals of the employees. The following methods can be instrumental in accomplishing this: Formulating comprehensive and detailed objectives and targets. Encouraging higher-level employees to conduct discussions with employees pertaining to their performances and providing counselling and training when necessary. Making equal opportunities available to all staff members, in terms of promotions, remuneration and rewards packages and training and development. Forming a panel, whenever possible, to facilitate fairness in performance appraisals. Oriented Towards the Competency of Employees The competency of employees can be broadly classified into two sub-categories; core competencies and functional competencies. Competency relates to the knowledge, attributes, attitude and skills that are required for an employee to succeed in his/her role. Core competencies include a set of skills necessary for an employee to satisfactorily perform his/her duties in their respective departments. Functional competencies include specific sets of skills required by an individual to perform his specific role in the organization. Making use of a system that is competency-oriented greatly enhances the beginning stages of performance management, where goals and objectives are formulated. Employees at different levels of the organization are able to understand what is required of them due to the well-structured job requirements that align each individuals role in the organizations chain of command. An Ongoing Process Performance management systems are an ongoing endeavour that requires constant attention and monitoring. Failing to maintain set standards on a regular basis may lead to a decline in the quality of the companys performance and output. This process involves: Performance planning: This stage involves the appraiser and the appraised, in that, the former informs the latter of the responsibilities and objectives they are required to satisfy, by setting realistic, precise and quantitative targets as comprehensive guidelines for them to follow. Coaching and development: Here, particular emphasis is placed on giving recognition to good performance and providing helpful feedback and guidance to employees. Recognizing noteworthy performances can be a good way of boosting morale and encouraging employees to strive for excellence. Providing continuous counselling and advice can ensure that employees are up to date in the organizations ongoing quest for success and retaining the level of success, once it is achieved. Interim review: An interim review aims to evaluate employee performance. It is a formal interview or discussion where the evaluating personnel identifies performance results and undertakes appropriate actions, assesses development and training programs, identify any shortcomings or barriers that prevents employees from reaching their full potential and make modifications to the objectives required of the employee. Human Resources personnel bridge the gap between employers, managers and employees. Therefore, in addition to their other tasks, HR personnel can ensure the fairness of the employee performance appraisal procedures by understanding the employees concept of fairness and encouraging helpful feedback from employees, thus facilitating better communication between higher-level personnel and lower-level employees.. A fair and transparent system promotes and encourages employees to perform at their best, as the possibilities of achieving promotions and benefit packages are ever present and realistic. Conclusion Obviously, PM is one of the most important functions of HRM which links individuals objectives and organization goals. Thus, PM can be a very effective and efficient management tool if applied properly. An organization should provided its employees with the clear information of the organizations aims, job expectations and motivate employees to perform better by focusing on the desired results, improving communication, and developing the skills and attitudes of employees to better enable them to achieve organizational goals. Moreover, the implementation of performance management frameworks can be both advantageous and disadvantageous for an organization. Analyzing ANZ banks sources of performance information shows that the implementation of a solid PM framework, coupled with their globally recognized reporting methods enables the organization to adequately evaluate the performance of ANZs various departments and sectors, including the sales assistance unit. Finally, fairness in evalua ting and appraising employees performance within an organization can motivate employees to enhance their performance. Organizations can achieve this by providing equal opportunities for their employees towards promotion options, access to remuneration and rewards schemes, training/counselling/mentoring/advising, providing clear, concise information and specifying job tasks and so on. 7.0 Recommendations Organizations should continue to review their strategies regularly by focusing on performance management. Organizations should strive to take actions that can facilitate improvements and employee training and also focus on the development of strategies to justify any gaps, if present, between the organizations actual performance and target goals. Fairness plays an important role in motivating and guiding employees. Although, the concept of fairness may vary from one individual to another, there are certain ideologies, however, that remain constant. For example, it is commonly understood in a workplace that an employee should be rewarded based on his/her performance within the organization. The aspects of fairness that may vary from one individual to another are feelings of how one was treated by his/her employer or manager in regards to a particular scenario. Therefore, it is important for managers and employers to ascertain how their employees perceive fairness. This can be accomplished by providing employees with questionnaires that will enable them to express their take on fairness. This will help higher level personnel to understand their employees more intimately and tailor their remuneration and rewards packages and training opportunities accordingly. In performance management, the employees are subject to be reviewed by their managers. Employees will directly receive feedback from the members of their team. The team members will observe each other and then report to managers when performance problems occur. Subsequently, the managers should combine the feedback gained from their team members and then undertake the necessary corrective measures.

Chapter 10 Mayhem at the Ministry

Mr. Weasley woke them after only a few hours sleep. He used magic to pack up the tents, and they left the campsite as quickly as possible, passing Mr. Roberts at the door of his cottage. Mr. Roberts had a strange, dazed look about him, and he waved them off with a vague â€Å"Merry Christmas.† â€Å"He'll be all right,† said Mr. Weasley quietly as they marched off onto the moor. â€Å"Sometimes, when a person's memory's modified, it makes him a bit disorientated for a while†¦and that was a big thing they had to make him forget.† They heard urgent voices as they approached the spot where the Portkeys lay, and when they reached it, they found a great number of witches and wizards gathered around Basil, the keeper of the Portkeys, all clamoring to get away from the campsite as quickly as possible. Mr. Weasley had a hurried discussion with Basil; they joined the queue, and were able to take an old rubber tire back to Stoatshead Hill before the sun had really risen. They walked back through Ottery St. Catchpole and up the damp lane toward the Burrow in the dawn light, talking very little because they were so exhausted, and thinking longingly of their breakfast. As they rounded the corner and the Burrow came into view, a cry echoed along the lane. â€Å"Oh thank goodness, thank goodness!† Mrs. Weasley, who had evidently been waiting for them in the front yard, came running toward them, still wearing her bedroom slippers, her face pale and strained, a rolled-up copy of the Daily Prophet clutched in her hand. â€Å"Arthur – I've been so worried – so worried -â€Å" She flung her arms around Mr. Weasley's neck, and the Daily Prophet fell out of her limp hand onto the ground. Looking down, Harry saw the headline: SCENES OF TERROR AT THE QUIDDITCH WORLD CUP, complete with a twinkling black-and-white photograph of the Dark Mark over the treetops. â€Å"You're all right,† Mrs. Weasley muttered distractedly, releasing Mr. Weasley and staring around at them all with red eyes, â€Å"you're alive†¦.Oh boys†¦Ã¢â‚¬  And to everybody's surprise, she seized Fred and George and pulled them both into such a tight hug that their heads banged together. â€Å"Ouch! Mum – you're strangling us -â€Å" â€Å"I shouted at you before you left!† Mrs. Weasley said, starting to sob. â€Å"It's all I've been thinking about! What if You-Know-Who had got you, and the last thing I ever said to you was that you didn't get enough OW.L.s? Oh Fred†¦George†¦Ã¢â‚¬  â€Å"Come on, now, Molly, we're all perfectly okay,† said Mr. Weasley soothingly, prising her off the twins and leading her back toward the house. â€Å"Bill,† he added in an undertone, â€Å"pick up that paper, I want to see what it says†¦Ã¢â‚¬  When they were all crammed into the tiny kitchen, and Hermione had made Mrs. Weasley a cup of very strong tea, into which Mr. Weasley insisted on pouring a shot of Ogdens Old Firewhiskey, Bill handed his father the newspaper. Mr. Weasley scanned the front page while Percy looked over his shoulder. â€Å"I knew it,† said Mr. Weasley heavily. â€Å"Ministry blunders†¦culprits not apprehended†¦lax security†¦Dark wizards running unchecked†¦national disgrace†¦.Who wrote this? Ah†¦of course†¦Rita Skeeter.† â€Å"That woman's got it in for the Ministry of Magic!† said Percy furiously. â€Å"Last week she was saying we're wasting our time quibbling about cauldron thickness, when we should be stamping out vampires! As if it wasn't specifically stated in paragraph twelve of the Guidelines for the Treatment of Non-Wizard Part-Humans -â€Å" â€Å"Do us a favor, Perce,† said Bill, yawning, â€Å"and shut up.† â€Å"I'm mentioned,† said Mr. Weasley, his eyes widening behind his glasses as he reached the bottom of the Daily Prophet article. â€Å"Where?† spluttered Mrs. Weasley, choking on her tea and whiskey. â€Å"If I'd seen that, I'd have known you were alive!† â€Å"Not by name,† said Mr. Weasley. â€Å"Listen to this: ‘If the terrified wizards and witches who waited breathlessly for news at the edge of the wood expected reassurance from the Ministry of Magic, they were sadly disappointed. A Ministry official emerged some time after the appearance of the Dark Mark alleging that nobody had been hurt, but refusing to give any more information. Whether this statement will be enough to quash the rumors that several bodies were removed from the woods an hour later, remains to be seen.'.Oh really,† said Mr. Weasley in exasperation, handing the paper to Percy. â€Å"Nobody was hurt. What was I supposed to say? Rumors that several bodies were removed from the woods†¦well, there certainly will be rumors now she's printed that.† He heaved a deep sigh. â€Å"Molly, I'm going to have to go into the office; this is going to take some smoothing over.† â€Å"I'll come with you, Father,† said Percy importantly. â€Å"Mr. Crouch will need all hands on deck. And I can give him my cauldron report in person.† He bustled out of the kitchen. Mrs. Weasley looked most upset. â€Å"Arthur, you're supposed to be on holiday! This hasn't got anything to do with your office; surely they can handle this without you?† â€Å"I've got to go, Molly,† said Mr. Weasley. â€Å"I've made things worse. I'll just change into my robes and I'll be off†¦.† â€Å"Mrs. Weasley,† said Harry suddenly, unable to contain himself, â€Å"Hedwig hasn't arrived with a letter for me, has she?† â€Å"Hedwig, dear?† said Mrs. Weasley distractedly. â€Å"No†¦no, there hasn't been any post at all.† Ron and Hermione looked curiously at Harry. With a meaningful look at both of them he said, â€Å"All right if I go and dump my stuff in your room, Ron?† â€Å"Yeah†¦think I will too,† said Ron at once. â€Å"Hermione?† â€Å"Yes,† she said quickly, and the three of them marched out of the kitchen and up the stairs. â€Å"What's up, Harry?† said Ron, the moment they had closed the door of the attic room behind them. â€Å"There's something I haven't told you,† Harry said. â€Å"On Saturday morning, I woke up with my scar hurting again.† Ron's and Hermione's reactions were almost exactly as Harry had imagined them back in his bedroom on Privet Drive. Hermione gasped and started making suggestions at once, mentioning a number of reference books, and everybody from Albus Dumbledore to Madam Pomfrey, the Hogwarts nurse. Ron simply looked dumbstruck. â€Å"But – he wasn't there, was he? You-Know-Who? I mean – last time your scar kept hurting, he was at Hogwarts, wasn't he?† â€Å"I'm sure he wasn't on Privet Drive,† said Harry. â€Å"But I was dreaming about him†¦him and Peter – you know, Wormtail. I can't remember all of it now, but they were plotting to kill†¦someone.† He had teetered for a moment on the verge of saying â€Å"me,† but couldn't bring himself to make Hermione look any more horrified than she already did. â€Å"It was only a dream,† said Ron bracingly. â€Å"Just a nightmare.† â€Å"Yeah, but was it, though?† said Harry, turning to look out of the window at the brightening sky. â€Å"It's weird, isn't it?†¦My scar hurts, and three days later the Death Eaters are on the march, and Voldemort's sign's up in the sky again.† â€Å"Don't – say – his – name!† Ron hissed through gritted teeth. â€Å"And remember what Professor Trelawney said?† Harry went on, ignoring Ron. â€Å"At the end of last year?† Professor Trelawney was their Divination teacher at Hogwarts. Hermione's terrified look vanished as she let out a derisive snort. â€Å"Oh Harry, you aren't going to pay attention to anything that old fraud says?† â€Å"You weren't there,† said Harry. â€Å"You didn't hear her. This time was different. I told you, she went into a trance – a real one. And she said the Dark Lord would rise again†¦greater and more terrible than ever before†¦and he'd manage it because his servant was going to go back to him†¦and that night Wormtail escaped.† There was a silence in which Ron fidgeted absentmindedly with a hole in his Chudley Cannons bedspread. â€Å"Why were you asking if Hedwig had come, Harry?† Hermione asked. â€Å"Are you expecting a letter?† â€Å"I told Sirius about my scar,† said Harry, shrugging. â€Å"I'm waiting for his answer.† â€Å"Good thinking!† said Ron, his expression clearing. â€Å"I bet Sirius'll know what to do!† â€Å"I hoped he'd get back to me quickly,† said Harry. â€Å"But we don't know where Sirius is†¦he could be in Africa or somewhere, couldn't he?† said Hermione reasonably. â€Å"Hedwig's not going to manage that journey in a few days.† â€Å"Yeah, I know,† said Harry, but there was a leaden feeling in his stomach as he looked out of the window at the Hedwig-free sky. â€Å"Come and have a game of Quidditch in the orchard, Harry† said Ron. â€Å"Come on – three on three, Bill and Charlie and Fred and George will play†¦.You can try out the Wronski Feint†¦.† â€Å"Ron,† said Hermione, in an I-don't-think-you're-being-very-sensitive sort of voice, â€Å"Harry doesn't want to play Quidditch right now†¦.He's worried, and he's tired†¦.We all need to go to bed†¦Ã¢â‚¬  â€Å"Yeah, I want to play Quidditch,† said Harry suddenly. â€Å"Hang on, I'll get my Firebolt.† Hermione left the room, muttering something that sounded very much like â€Å"Boys.† Neither Mr. Weasley nor Percy was at home much over the following week. Both left the house each morning before the rest of the family got up, and returned well after dinner every night. â€Å"It's been an absolute uproar,† Percy told them importantly the Sunday evening before they were due to return to Hogwarts. â€Å"I've been putting out fires all week. People keep sending Howlers, and of course, if you don't open a Howler straight away, it explodes. Scorch marks all over my desk and my best quill reduced to cinders.† â€Å"Why are they all sending Howlers?† asked Ginny, who was mending her copy of One Thousand Magical Herbs and Fungi with Spellotape on the rug in front of the living room fire. â€Å"Complaining about security at the World Cup,† said Percy. â€Å"They want compensation for their ruined property. Mundungus Fletcher's put in a claim for a twelve-bedroomed tent with en-suite Jacuzzi, but I've got his number. I know for a fact he was sleeping under a cloak propped on sticks.† Mrs. Weasley glanced at the grandfather clock in the corner. Harry liked this clock. It was completely useless if you wanted to know the time, but otherwise very informative. It had nine golden hands, and each of them was engraved with one of the Weasley family's names. There were no numerals around the face, but descriptions of where each family member might be. â€Å"Home,† â€Å"school,† and â€Å"work† were there, but there was also â€Å"traveling,† â€Å"lost,† â€Å"hospital,† â€Å"prison,† and, in the position where the number twelve would be on a normal clock, â€Å"mortal peril.† Eight of the hands were currently pointing to the â€Å"home† position, but Mr. Weasley's, which was the longest, was still pointing to â€Å"work.† Mrs. Weasley sighed. â€Å"Your father hasn't had to go into the office on weekends since the days of You-Know-Who,† she said. â€Å"They're working him far too hard. His dinner's going to be ruined if he doesn't come home soon.† â€Å"Well, Father feels he's got to make up for his mistake at the match, doesn't he?† said Percy. â€Å"If truth be told, he was a tad unwise to make a public statement without clearing it with his Head of Department first -â€Å" â€Å"Don't you dare blame your father for what that wretched Skeeter woman wrote!† said Mrs. Weasley, flaring up at once. â€Å"If Dad hadn't said anything, old Rita would just have said it was disgraceful that nobody from the Ministry had commented,† said Bill, who was playing chess with Ron. â€Å"Rita Skeeter never makes anyone look good. Remember, she interviewed all the Gringotts' Charm Breakers once, and called me ‘a long-haired pillock'?† â€Å"Well, it is a bit long, dear,† said Mrs. Weasley gently. â€Å"If you'd just let me -â€Å" â€Å"No, Mum.† Rain lashed against the living room window. Hermione was immersed in The Standard Book of Spells, Grade 4, copies of which Mrs. Weasley had bought for her, Harry, and Ron in Diagon Alley. Charlie was darning a fireproof balaclava. Harry was polishing his Firebolt, the broomstick servicing kit Hermione had given him for his thirteenth birthday open at his feet. Fred and George were sitting in a far corner, quills out, talking in whispers, their heads bent over a piece of parchment. â€Å"What are you two up to?† said Mrs. Weasley sharply, her eyes on the twins. â€Å"Homework,† said Fred vaguely. â€Å"Don't be ridiculous, you're still on holiday,† said Mrs. Weasley. â€Å"Yeah, we've left it a bit late,† said George. â€Å"You're not by any chance writing out a new order form, are you?† said Mrs. Weasley shrewdly. â€Å"You wouldn't be thinking of restarting Weasleys' Wizard Wheezes, by any chance?† â€Å"Now, Mum,† said Fred, looking up at her, a pained look on his face. â€Å"If the Hogwarts Express crashed tomorrow, and George and I died, how would you feel to know that the last thing we ever heard from you was an unfounded accusation?† Everyone laughed, even Mrs. Weasley. â€Å"Oh your father's coming!† she said suddenly, looking up at the clock again. Mr. Weasley's hand had suddenly spun from â€Å"work† to â€Å"traveling†; a second later it had shuddered to a halt on â€Å"home† with the others, and they heard him calling from the kitchen. â€Å"Coming, Arthur!† called Mrs. Weasley, hurrying out of the room. A few moments later, Mr. Weasley came into the warm living room carrying his dinner on a tray. He looked completely exhausted. â€Å"Well, the fat's really in the fire now,† he told Mrs. Weasley as he sat down in an armchair near the hearth and toyed unenthusiastically with his somewhat shriveled cauliflower. â€Å"Rita Skeeter's been ferreting around all week, looking for more Ministry mess-ups to report. And now she's found out about poor old Bertha going missing, so that'll be the headline in the Prophet tomorrow. I told Bagman he should have sent someone to look for her ages ago.† â€Å"Mr. Crouch has been saying it for weeks and weeks,† said Percy swiftly. â€Å"Crouch is very lucky Rita hasn't found out about Winky,† said Mr. Weasley irritably. â€Å"There'd be a week's worth of headlines in his house-elf being caught holding the wand that conjured the Dark Mark.† â€Å"I thought we were all agreed that that elf, while irresponsible, did not conjure the Mark?† said Percy hotly. â€Å"If you ask me, Mr. Crouch is very lucky no one at the Daily Prophet knows how mean he is to elves!† said Hermione angrily. â€Å"Now look here, Hermione!† said Percy. â€Å"A high-ranking Ministry official like Mr. Crouch deserves unswerving obedience from his servants -â€Å" â€Å"His slave, you mean!† said Hermione, her voice rising passionately, â€Å"because he didn't pay Winky, did he?† â€Å"I think you'd all better go upstairs and check that you've packed properly!† said Mrs. Weasley, breaking up the argument. â€Å"Come on now, all of you†¦.† Harry repacked his broomstick servicing kit, put his Firebolt over his shoulder, and went back upstairs with Ron. The rain sounded even louder at the top of the house, accompanied by loud whistlings and moans from the wind, not to mention sporadic howls from the ghoul who lived in the attic. Pigwidgeon began twittering and zooming around his cage when they entered. The sight of the half-packed trunks seemed to have sent him into a frenzy of excitement. â€Å"Bung him some Owl Treats,† said Ron, throwing a packet across to Harry. â€Å"It might shut him up.† Harry poked a few Owl Treats through the bars of Pigwidgeon's cage, then turned to his trunk. Hedwig's cage stood next to it, still empty. â€Å"It's been over a week,† Harry said, looking at Hedwig's deserted perch. â€Å"Ron, you don't reckon Sirius has been caught, do you?† â€Å"Nah, it would've been in the Daily Prophet,† said Ron. â€Å"The Ministry would want to show they'd caught someone, wouldn't they?† â€Å"Yeah, I suppose†¦.† â€Å"Look, here's the stuff Mum got for you in Diagon Alley. And she's got some gold out of your vault for you†¦and she's washed all your socks.† He heaved a pile of parcels onto Harry's camp bed and dropped the money bag and a load of socks next to it. Harry started unwrapping the shopping. Apart from The Standard Book of Spells, Grade 4, by Miranda Goshawk, he had a handful of new quills, a dozen rolls of parchment, and refills for his potion-making kit – he had been running low on spine of lionfish and essence of belladonna. He was just piling underwear into his cauldron when Ron made a loud noise of disgust behind him. â€Å"What is that supposed to be?† He was holding up something that looked to Harry like a long, maroon velvet dress. It had a moldy-looking lace frill at the collar and matching lace cuffs. There was a knock on the door, and Mrs. Weasley entered, carrying an armful of freshly laundered Hogwarts robes. â€Å"Here you are,† she said, sorting them into two piles. â€Å"Now, mind you pack them properly so they don't crease.† â€Å"Mum, you've given me Ginny's new dress,† said Ron, handing it out to her. â€Å"Of course I haven't,† said Mrs. Weasley. â€Å"That's for you. Dress robes.† â€Å"What?† said Ron, looking horror-struck. â€Å"Dress robes!† repeated Mrs. Weasley. â€Å"It says on your school list that you're supposed to have dress robes this year†¦robes for formal occasions.† â€Å"You've got to be kidding,† said Ron in disbelief. â€Å"I'm not wearing that, no way.† â€Å"Everyone wears them, Ron!† said Mrs. Weasley crossly. â€Å"They're all like that! Your father's got some for smart parties!† â€Å"I'll go starkers before I put that on,† said Ron stubbornly. â€Å"Don't be so silly,† said Mrs. Weasley. â€Å"You've got to have dress robes, they're on your list! I got some for Harry too†¦show him, Harry†¦.† In some trepidation, Harry opened the last parcel on his camp bed. It wasn't as bad as he had expected, however; his dress robes didn't have any lace on them at all – in fact, they were more or less the same as his school ones, except that they were bottle green instead of black. â€Å"I thought they'd bring out the color of your eyes, dear,† said Mrs. Weasley fondly. â€Å"Well, they're okay!† said Ron angrily, looking at Harry's robes. â€Å"Why couldn't I have some like that?† â€Å"Because†¦well, I had to get yours secondhand, and there wasn't a lot of choice!† said Mrs. Weasley, flushing. Harry looked away. He would willingly have split all the money in his Gringotts vault with the Weasleys, but he knew they would never take it. â€Å"I'm never wearing them,† Ron was saying stubbornly. â€Å"Never.† â€Å"Fine,† snapped Mrs. Weasley. â€Å"Go naked. And, Harry, make sure you get a picture of him. Goodness knows I could do with a laugh.† She left the room, slamming the door behind her. There was a funny spluttering noise from behind them. Pigwidgeon was choking on an overlarge Owl Treat. â€Å"Why is everything I own rubbish?† said Ron furiously, striding across the room to unstick Pigwidgeon's beak.

Globalization and the World Economy Essay

Globalization is a powerful real aspect on the new world system, and it represents one of the most influential forces in determining the future course of the planet. It is described as having â€Å"many dimensions: economic, political, social, cultural, environmental, and security† (Intriligator, 2001). Globalization in the 21st century is inevitable. Increased globalization and international businesses are growing because technology is expanding rapidly especially in communications and transportation. According to Daniels, Radebaugh, and Sullivan (2007) countries are beginning to remove many international restrictions facilitating trade and commerce. Numerous governments have developed services to help conduct international business more easily. Consumers are becoming more knowledgeable about foreign goods and services and want them in their home country. Increased global competition has stimulated more companies to enter the international arena for selling goods and services. In most cases, improved political relationships among some of the major economic powers have made international trade more profitable. As the world shrinks because of the internet, improved communication and transportation more countries are cooperating on transnational issues related to business and commerce. Globalization has changed the scope and focus of business. The impact of globalization can be categorized generally in terms of distance, country, and culture. Our world is becoming increasingly interdependent because of globalization. Globalization did not just â€Å"happen†. It was driven and is being driven by a number of worldwide developments. Some of these developments have spanned many years, and some have occurred in a relatively short period of time. The first development was the end of the cold war. As stated by Brooks and Wohlforth (2000) the world changed in 1991 when the â€Å"Soviet Empire† collapsed. Mikhail Gorbachev’s policies helped to bring major political changes. With the removal of a threat of war, global interdependence could take hold. The second development is the world’s increasing population growth. This growth all but ensures a broad, expanding, worldwide market for goods and services, and an expanding workforce. The third development is the emergence of free markets on a worldwide basis. According to Ruggiero (1996), country after country is opening its borders to a freer flow of goods, services, technology, and capital. Many are forming regional trade blocks that facilitate investment and commerce in their local economies. The World Trade Organization (WTO), an international body that deals with the rule of trade between nations, is actively helping countries at all level of development with financial and trade agreement support. The fourth development has been the ongoing emergence of a worldwide technical and logistics framework. Daniels, Radebaugh, and Sullivan (2007) remark that tremendous strides in communications and transportation technology enable businesses to quickly know about and demand products and services developed in another part of the world. A worldwide telecommunications network is in place to facilitate global commerce, with millions of phones supported by satellites and fiber optic cables. An array of ships, planes, trucks and other logistical systems makes it possible to transport people and packages to almost any point in the world. The last development is the explosion of the internet on the world scene, which is playing a key role in aspects of global commerce. Kabuga (2000) argues that the arrival of the internet has speeded up globalization. This growth in internet usage on a worldwide basis has had a major effect on global business activities. The advent of the internet has allowed for rapid access to world markets. Knowing how to use the internet for globalization activities can be very beneficial for a company. In this dotcom economy, everything can be produced anywhere and sold anywhere. The internet has given many companies a new view on how to handle global business needs. Globalization is not just a â€Å"me too† trend. There are solid reasons why some businesses embrace the global path and others do not. Three solid business factors for globalization are expansion of sales, to acquire resources, and to minimize risk. Daniels, Radebaugh, and Sullivan (2007) claim that a company’s sales are dependent on two factors: the consumers’ interest in their products or services and the consumers’ willingness and ability to buy them. Higher sales mean higher profits, so increased sales are a major motive for company’s expansion into globalization. To acquire resources manufacturers and distributors seek out products, services, and components produced in foreign countries (Daniels, et al. , p18). Foreign sources may give companies lower costs, new or better products, and additional operating knowledge. To minimize swings in sales and profits, companies may seek out foreign markets to take advantage of business cycle differences among countries (Daniels, et al. , p18). International operations may reduce operating risk by smoothing sales and profits and preventing competitors from gaining advantages. When deciding how and where to conduct business globally, it’s important that companies have some knowledge of the target countries. According to Daniels, Radebaugh, and Sullivan (2007) political policies and legal practices, behavioral factors, economic forces, and geographical influences are key external forces that affect the way a company operates and the amount of adjustment it must make to its operations in a particular country. Knowing background information on the countries can help in two areas: communication and credibility. Knowing about the target country gives a common ground for talking with people from that country. This can open the door to effective communication. Knowing about the target country gives credibility when talking about the country to others, both within the organization and native to the foreign country. Another benefit of knowing about foreign operations is increased awareness of how to help an operation be successful. Without adequate knowledge, a company may not realize what it takes to succeed with a foreign operation or realize that an operation is in danger of failing. Globalization has sparked some of the most highly charged debates of the past decade, been the subject of countless books and cause of major demonstrations in Europe and North America (World Bank, 2000). Critics of globalization see it as a process by which power is taken from the poor and given to the rich and powerful, particularly to transnational corporations Aisbett (2004). Daniels, Radebaugh, and Sullivan (2007) have put these claims into three broad categories: threat to national sovereignty, growth, and growing income inequality. Globalization does not reduce national sovereignty. It does create a strong incentive for governments to pursue sound economic policies (International Monetary Fund, 2000). While globalization may confront government officials with more difficult choices, the result for their citizens is greater individual freedom. In this sense, globalization acts as a check on government power that makes it more difficult for governments to abuse the freedom and property of their citizens. Criticisms against globalization are really criticisms against economic growth. The assumption is that globalization brings more production or growth, which, in turn, brings both long-term and negative consequences (Daniels, et al. , p15). Growth and globalization have gone hand-in-hand; economic growth in the last fifty years has been faster than it was in earlier centuries. According to Krueger (2002), the impact of the faster growth on living standards has been phenomenal. We have observed the increased well-being of a larger percentage of the world’s population by a greater increment than ever before in history. Globalization offers greater opportunity for people to tap into more and larger markets around the world. In regards to growing income inequality people look at not only absolute achievement or improvement, but also at how well they do compared to other people, especially those in other countries. Thus, improvement in global well-being is of little solace to most people unless they, themselves, are doing better and at least keep up with others (Daniels, et al. , p15). Growing income inequality is said to be the Achilles Heel of globalization (Krueger, 2002). This characterization is misleading in several respects. There has been in the last century remarkable income growth, but it obvious that the progress has not been evenly dispersed. The gaps between rich and poor countries, and rich and poor people within countries, have grown. The richest quarter of the world’s population saw its per capita Gross Domestic Product (GDP) increase nearly six-fold during the century, while the poorest quarter experienced less than a three-fold increase (International Monetary Fund, 2000). As stated by Krueger (2002) â€Å"poor people are desperate to improve their material conditions in absolute erms rather than to march up the income distribution†. The focus should be on impoverishment than on inequality. Many have argued that these claims have exploited people in developing countries, caused massive disruptions to their lives and produced few benefits in return (World Bank, 2000). According to Daniels, Radebaugh, and Sullivan (2007) anti-globalization forces have protested meetings of international organizations and conferences, both peacefully and violently in recent years, as they press for legislation and other means to stop or slow the globalization process. Organizations against globalization see it as a new form of imperialism or as a new stage of capitalism in the age of electronics. Globalization has involved greater openness in the international economy, an integration of markets on a worldwide basis, and a movement toward a borderless world. Supporters point to the significant reductions in poverty achieved by countries, which have embraced globalization with the world economy such as China, Vietnam, India, and Uganda. â€Å"Globalization has had a significant impact on all economies of the world, with manifold effects† (Intriligator, 2001). According to an article on Freetrade. org (2007) for the less developed countries, globalization offers access to foreign capital, global export markets, and advanced technology while breaking the monopoly of inefficient and protected domestic producers. Faster growth, in turn, promotes poverty reduction, democratization, and higher labor and environmental standards. Because it expands economic freedom and spurs competition, globalization raises the productivity and living standards of people in countries that open themselves to the global marketplace. This growth in cross-border economic activities takes various forms such as International Trade, Foreign Direct Investment (FDI), and Capital Market Flows. In international trade, a growing share of spending on goods and services is devoted to imports from other countries. A growing share of what countries produce is sold to foreigners as exports. As stated by Daniels, Radebaugh, and Sullivan (2007) to meet their international objectives companies’ strategies require them to trade and transfer means of production internationally. When countries have fewer restrictions on foreign trade, it gives them the opportunity to gain economies of scale by servicing markets in more than one country from a single base of production. This trading and transferring of goods and services is what links countries economically. Several impacts of globalization on national economies deserve particular mention. One is the growth of foreign direct investment at a rapid rate. Foreign direct investment is on the rise around the world. It is now a competitive requirement that businesses invest all over the globe to access markets, technology, and talent. Attracting foreign direct investment has become a key part of national development strategies for many countries. They see such investments as bolstering domestic capital, productivity, and employment, all of which are crucial to jump-starting economic growth. While many highlight FDI’s positive effects, others blame FDI for â€Å"crowding out† domestic investment and lowering certain regulatory standards. The effects of FDI can sometimes barely be perceived, while other times they can be transformative. While the FDI’s impact depends on many conditions, well-developed and implemented policies can help maximize gains (World Bank, 2000). Capital market flows over the course of the past decade, companies’ in many countries (especially in the developed world) have increasingly diversified their portfolios to include foreign financial assets (foreign bonds, equities, loans), while borrowers increasingly turn to foreign source of funds, along with domestic ones. While flows of this kind to developing countries rose sharply in the 1990s, they have been much more volatile than either trade or FDI flows, and they have been restricted to a narrower range of â€Å"emerging market† countries (World Bank, 2000). Globalization has many advantages; properly executed it integrates world trade and financial markets, promotes economic growth, and provides opportunities for better education and living standards. It has already been noted that globalization has both positive and negative effects. Whether one sees globalization as a positive or as a negative development, it must be understood that it has clearly changed the world system and that it poses both opportunities and challenges. It is additionally clear that the above economic, political, social, cultural, environmental, and security developments that have led to globalization are still very active. I believe these trends toward greater globalization will continue to expand in the future.

Resulting trusts Free Essay Example, 1500 words

As explained by Norse J. in Re Cleaver, this difference determines whether or not a valid trust is created or not. If the words used impose an honourable duty there is no valid trust capable of enforcement. 5 Despite this argument, one must remember that the binding affect of the words used will be construed by the courts with reference to the certainty of intention. In Tana & Anor V Tana & Anor, the Chancery Division found that â€Å"certainty of intention is in many ways the most†important’of the three certainties. 6 Once the court is satisfied that the â€Å"declarant had the requisite intention it will strive to validate it. †7 Based on this precedent, it is very likely that Joe saying that he hoped that this money would help make Emily better will operate to convey his intention that a trust for the benefit of Emily’s medical care be created. Since only part of the trust fund was necessary for Emily’s care, the remaining funds will properly fall to Joe’s estate and revolve to Daisy. Exactly the same argument applies to Mary’s trust fund which was set up as an express purpose trust. We will write a custom essay sample on Resulting trusts or any topic specifically for you Only $17.96 $11.86/pageorder now The purpose for which the trust was established no longer exists once Mary died. 8 As a result the trust disolves and the remaining funds will revert to the settler’s estate and Daisy will take the funds as sole benefiary. Question Two Typically the disposition of any interest in realty must be evidenced in writing. Section 52 of the Law of Property Act 1925 provides that: â€Å"†¦all conveyances of land, or any interest therein are void for the purposes of conveying or creating a legal estate unless made by deed. †9 Common sense dictates that this requirement is necessary since realty unlike perosnalty cannot be physically delivered. However, the law recognizes that other interests in property can be transferred in the absence of the execution of a deed of conveyance. This is the difficulty with the ruling in Lohia v Lohia which establishes the abrogation of a resulting trust in respect of a voluntary convenyance. There is good law that beneficial interests in realty can be disposed of outside of a written disposition of the same. Sir Christopher Slade said the following with regards to the disposition of a beneficial interest in circumstances where the same has not been disposed of by deed: â€Å"In the absence of any declaration of trust, the parties respective beneficial interests in the property fall to be determined not by reference to any broad concepts of justice, but by reference to the principles governing the creation or operation of resulting, implied or constructive trusts which by s 53(2) of the Law of Property Act 1925 are exempted from the general requirements of writing imposed by s 53(1). †10 The imposition of a constructive or resulting trust is primarily a judicial function.