Fin Report - 1237 Words

Group: Chia Ching Ng, Li Jing Lu Professor William C. Johnson FIN 315 Final assignment: Portfolio Project December 6, 2012 Portfolio Project We changed our strategy after the first interim report. We realized that it is hard to use â€Å"bottom-up† approach to invest by looking into a particular stock to invest. Right now, we are trying to use â€Å"top-down† approach to invest in our portfolio. Top-down approach is a method of analysis that involves looking at the big picture first, and then analyzing the details of sector or industry then towards the company or stocks. By first analyzing the overall picture, such as a macroeconomic trend, we can start narrowing potential companies to invest. After conducting some economic analysis, our†¦show more content†¦According to the data and the graph we worked out, we have outperformed Nasdaq from 10/22-11/26 and ours outperformed both on 11/14. Please refer to our graph 1 for details. The reason we think Samp;P 500 and Nasdaq could be a good benchmarks is that there are many tech stocks, consumer goods and service stocks and energy stocks just as ours does. I think one of the reason our portfolio hasn’t performed well enough is because our portfolio has a potential correlations and hasn’t been diversified enough. The stocks we picked are all that we know about, which we think has the potential to grow in the future. We had Nokia, Apple, Google, Atamp;T, Cisco, Intel for Tech stock, and we had RDS, ETP, Duke, for energy, and Wells Fargoamp;co and Coca-Cola for consumer goods and services. There are some particular stocks that we’d like to talk about: I, Lijing Lu, actually believe that Nokia is going to perform well in two month when I first started trading because its release of Lumia 920. After its presentation and new conference in Oct, it confirms my belief, and that’s why I bought a great portion of Nokia. However, it didn’t perform well as I expected it to in the next 2 weeks. We were afraid that people lose faith in Nokia even with the help of Microsoft’s generous â€Å"donation†. On Nov. 6th, we saw that Nokia was picking up, and that’s when I decided to buy back Nokia again. ThoughShow MoreRelatedFins Report Government of Tropicalia3776 Words   |  16 PagesInternational Business FINS Report Government of Tropicalia Team-Members: Christian Blum Dominik Hungen Table of contents: 1. Introduction 2. Foreign Market Entry Modes and their consequences for the negotiations during FINS 3. (Inter-)Organizational Learning and Knowledge Transfer supported by a government 4. Trust and opportunism in strategic alliances * Theory * Trust and opportunism during the FINS 5. Conclusion Read MoreBuilding A Rocket1628 Words   |  7 Pageswhich one was the most efficient, and appealing out of all the rockets. After creating, and obtaining the results, this is how â€Å"my rocket† went. 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(Note: Please ensure that you areRead MoreInteractions Between Robotics And Biology1752 Words   |  8 Pagespectoral fins and actuated caudal fin for propulsion for turning and dynamic lift. 2D velocity fields around a free swimming freshwater 2 black shark fish in transverse (YZ) longitudinal and plane (XZ) are measured using digital particle pic velocimetry (DPIV). By transferring momentum to fluid, thrust genetrated by fishes. Thrust is created not only by its caudal fin, also using pectoral and anal fins, the contribution of which depends on the fish’s morphology and swimming actions. These fins too actRead MoreEndangered Animals Are Endangered Species1178 Words   |  5 Pagesdestroys the habitat (National Wildlife Federation). The most common Florida animal that has been a victim of habitat loss is the American alligator. The American alligator was declared as endangered in 1964 due to habitat loss (Houston). 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Zara It for Fashion Free Essays

string(52) " store to determine generate business intelligence\." Report Title: Zara: IT for Fashion Executive Summary: Zara is a fashion company founded by Amancio Ortega in Spain in 1975. It is part of Inditex holding company, a large fashion retail chain that operates five other clothing brands. Since its inception, Zara has been financially very successful as it contributes the most to Inditex’s overall revenue. We will write a custom essay sample on Zara: It for Fashion or any similar topic only for you Order Now Also, Zara’s fast growth is represented by its massive global presence; it has stores all over the world from Americas to Middle East to Europe, its principal market. In my analysis, Zara’s competitive advantage lies in its ability to mass produce a large range of highly demanded latest designer clothes faster than its other competitors in the industry. By virtue of being first in the market, Zara is able to gain a larger chunk of the revenue pie than its competitors. However, Zara’s financial success and global brand recognition hides many structural inefficiencies and wastages across its business units. My analysis shows that Zara’s main problem stems from its inability to value the importance of having the right information at the right time. This is evidenced by Zara’s hesitance to invest in suitable technological infrastructure that collects, analyzes and interprets valuable data to make the most effective decisions. Furthermore, Zara’s organizational structure is plagued with disjointed business units that fail to understand the relationship between two separate units within the organizations. This faulty organizational structure has not only severely hampered Zara’s ability to garner synergies among its business units but also has become the source of lost revenue due to inefficiencies and wastages. Finally, the culture of making important business decisions within Zara by its management based off of gut feeling rather than a well analyzed business information, patterns and statistical method, greatly dangers Zara’s competitive advantages over its competitors. I would recommend Zara to tackle its two biggest problems– a) absence of modern technological infrastructure and b) lack of collecting, storing and sharing infrastructure needed to generate vital business information to make quality decisions. This recommendation entails the use of Windows based new POS system for all the Zara stores. Also, the use of cloud computing to collectively store all its data that could be used in generation vital business information. Furthermore, I would recommend the use of tablets instead of handheld computers to increase efficiency and communication capability in all of Zara stores. I would broadly divide the structural problems with Zara into two categories: 1. Outdated Technological Infrastructure The biggest problem within Zara is that they lack appropriate technological infrastructures that aid in the decision making process. I absolutely disagree with Sanchez’s argument that Zara does not need to fix something, in this case its POS system, if it is not broken. He also argues that upgrading the POS systems would make it more complicated. In my analysis, Sanchez’s argument fails because he sees Zara’s current comparative advantage in various market segments as a permanent thing rather than something that is constantly changing. Secondly, by opting for simplicity, Zara is sacrificing efficiency and effectiveness. Ultimately, the absence of the suitable infrastructure that can collect, analyze and interpret data to aid Zara’s commercials, store product managers and store managers to make quality decisions, makes Zara vulnerable to fall behind its competitors. Below are the few examples, where Zara’s lack of advanced technological infrastructure hurts them and possible solutions. First, Zara’s outdated technological infrastructure is inhibiting its speed and decision making ability throughout the organization. Zara is a company that depends heavily on capitalizing on new fashion trends rather than on expensive advertising campaign. Thus, it is imperative for Zara to correctly identify new market trends and execute manufacturing orders before its competitors. But it is unlikely that commercials at Zara will be able to consistently predict the new fashion decision without analyzing relevant data to derive information and business decisions. They may guess the new fashion designs correctly few times, courtesy of their experience, but in general their prediction will miss the target more often than not. So, unless Zara updates its archaic infrastructure that can efficiently collect data, help managers develop patterns and better understand the market, they will be forced out of the market. Second, Zara’s ability to forecast and analyze its performance under various market situations is handicapped by its old infrastructure. Most businesses that are successful take into account and analyze all the possible scenarios that can affect them before making critical decisions. Usually called event-driven analysis or simply, what if analysis; it gives a business a sense of all the possible opportunities and threats out there in the market. However, a business mostly requires a large amount of data that they need to analyze in order to conduct a successful what if analysis. In Zara’s case, they lack that data gathering and sharing ability because of their old infrastructure. So for example, Zara has no clue how their revenue is going to be impacted if Benetton opens up a hundred new stores in Madrid. This is serious problem for Zara because it may be losing market share but they have no accurate way of verifying it. Furthermore, Zara’s dependence on MS-DOS based POS system is threatening its viability as a business at a store level and limiting its expansion opportunities. Mainly because Microsoft has discontinued its support for MS DOS and Zara’s suppliers aren’t willing to a long term contract that guarantees future supplies of MS DOS based POS, Zara is in a vulnerable position. Also, the situation within a Zara store, in terms data collection and sharing, is dangerously low. For example, a Zara store manager currently cannot access critical business information necessary for decision making. Even information on simple things such as the sales figure, the pattern of sales, and the number of unsold items are unavailable to the store manager. Rather a Zara store manager currently has to rely on canvassing the store to determine generate business intelligence. You read "Zara: It for Fashion" in category "Papers" Similarly on the hardware side, a Zara store managers over reliance on an outdated handheld computer is putting the prospective revenue of the Zara’s business at tremendous risk. Currently, a Zara store manager uses a hand-held computer with a very small screen, probably with poor image quality, to analyze information about the new clothing designs and then decide. In an artistic industry as fashion where people care about even smallest of small details, the store managers are asked to value and to decide their portfolio of new clothes using a device that is inadequate. Furthermore, the store managers have to rely on a dial up connection, which has a host of issues frequently, to link up with the office at La Courna once every night. With the store managers facing â€Å"hard deadlines† to post their orders and they having to rely on a dial up connection to send that important order, the pressure on the store managers must be very high. Possible Solutions: First, at a store level, Zara can choose from Windows, Unix or Linux based POS to replace all of its outdated MS-DOS based POS. In my analysis, a new POS based on Windows OS is the best solution for Zara’s current needs. First, the regular OS upgrades provided by Microsoft eliminate Zara’s concern about its OS being outdated. Zara can also leverage Microsoft’s variety of well tested software packages to aid in the collection, storage, analysis and interpretation of business information. Furthermore, with windows Live software such as SkyDrive, individual Zara store can store all its vital data in the cloud and share it among commercials and store product managers in different locations. Also, one benefit of using Microsoft OS is that almost all big software developers use MS OS as their primary platform. This ensures that Zara will not be disadvantaged due to incompatibility of major software. While on the other hand, licensing and maintaining fees for Windows can be expensive. Also, the issue with security may be a big concern for Zara as it uses Microsoft OS which has a history of being vulnerable to hacking, virus infection and so on. Second, Zara should upgrade to new POS terminals rather than reprogramming the new OS to fit the old hardware. First, there can be a problem if old hardware is not compatible with the new OS despite re-writing and customizing the new OS. Furthermore, the old hardware may fail to fully utilize the capabilities of the new OS system. More importantly, it may be faster for Zara to replace all the POS than reqrite the program for the old hardware. But the criteria for the new POS system should be that it should be able to store and communicate data to the central office at La Courna and to the store manager. Finally, an android based over an iOS based tablet could be a reasonable alternative to the current use of handheld computers. Because android tablets are more compatible with the Windows OS, which was the OS of choice for Zara, I would recommend an android tablet. Also, android tablets provide Zara store managers the ability to access critical business information from the cloud and easily communicate with the central office to place orders, evaluate new fashion designs, and send or receive critical business information from La Courna. Also, these tablets are compatible with a host of different spreadsheet and document applications that a Zara store manager could rely on to get vital business information before making purchase decisions. 2. Bad Business Practice: Random Decision Making, a Culture inside Zara. In my analysis, the culture inside Zara of allowing lower management to take important decisions such as production schedule and stock distribution based on their gut feeling and yet not checked by senior management, is simply too dangerous. Any business management student can attest that delegation of higher responsibilities to junior staff members and independent decision making is positively correlated with higher performance and returns, and I am all up for it too. However, research also has shown that in terms of decision making, the best decisions are made when experiences of managers are combined with their analysis of business information. While currently in Zara, decisions are solely based off of experience with no use of business information to draw inferences about pattern and trends. The primary two problems with such method are that those decisions tend to random and also, heavily biased towards personal preference and beliefs. A company like Zara cannot afford bad decision when its comparative advantage lies in producing clothes of the future. Below are the few examples of random decision making within Zara which have resulted in wastage and time lag and possible solutions to eradicate them. First, the decisions about Zara’s production based on random experiences can be very costly. Currently Zara’s store product managers, who decide what new design is approved in Zara, largely rely on their random observations of what people are wearing and conversations with Zara store managers to predict the next big fashion hit. However, decision making on the basis of experience alone tends to produce more misses that hits. And for a company like Zara which heavily depends on rapid production of latest fashionable clothes, â€Å"fashion misses† can be extremely costly. The ideal situation would be to allow business managers to combine their experience with valuable business information to derive business strategies and then apply them to decisions about future fashion trends. Similarly, the approach of commercials within Zara to decide the allocation of replenishment, highly demanded clothes in SKUs or DCs and most importantly, newly designed clothes is misguided. The current practice within Zara regarding allocation is to divide the available stock among all the Zara stores who wanted it. The critical problem with this approach is that it ignores the concept of opportunity cost. For example, let’s assume that using a detailed analysis, a commercial within Zara concludes that a piece of clothing â€Å"A† is highly demanded in London than in Bahrain. With this information the Zara commercial can push clothing â€Å"A† completely towards stores in London where it is highly demanded at the expense of stores in Bahrain. Rather than allocating among all stores, the approach of using business information to decide which stores have higher opportunity will be better for Zara’s bottom-line. Conversely, when the demand for the clothes exceed supply the Zara’s commercials allocated by looking at past performances and previous supply records. Although, this method is significantly better than the simple allocation, it could be much better if the commercials used further scenario analysis using previous business information to check if the success of the stores were a one off events or whether previously unsuccessful stores have turned a corner. Possible solutions: Zara’s main problem stems from its lack of infrastructure that is able to collect, store and communicate data so that all the responsible individuals within Zara can use it to make good individual decisions. Among the myriad of a Network options with the aforementioned capability, In my analysis, could computing is ideal for Zara. The advantages associated with using the cloud is its scalability. In the near future, Zara aims to expand its stores and its operations to new locations all across the globe. With a cloud based software the increased need to collect, store and share data within the Zara network will be as easy as buying extra space from the a cloud hosting services. In addition, cloud computing almost infinite amount of storage to store and backup data. This will be ideal for Zara who has a large number of store spread across many continents. Furthermore, unlike a distributed network, with cloud computing Zara store managers, commercials and store product managers can share common application software directly from the cloud without having to purchase or physically transport the software. However, security of the highly sensible data is a big concern when using cloud computing. Unlike a distributive network, there remains a threat that a close competitor in the industry unfairly accesses critical business information such as Zara’s new clothes design or cost of production, supplier’s list, when using cloud computing. Final Recommendation: My final recommendation for Zara aims to tackle two big problems within Zara – a) absence of technological infrastructure and b) lack of collecting, storing and sharing vital business information to make quality decisions. My first recommendation for Zara is to build a sophisticated technological infrastructure across the company. Zara should replace its old MS DOS based POS with a Windows based POS with advanced features such as touch screens, bar code reader and credit card to increase the overall efficiency and speed of transaction. Also, the development of a customized software that automatically stores detailed data about the transaction such as type of design, time (days, months), and cost automatically from the POS system and saves it in a cloud space. Also, I would recommend the use of tablet, preferably android, for individual store managers so that they can have easy access to vital business information in real time and also be able to communicate with the central office and DCs. Furthermore, I would even suggest providing tablets to all commercials and store product managers so that they can have access to specific and vital information about all aspect of the business directly from the cloud. The analysis and interpretation of all the information will enable them to making production, future design decisions, and allocation decisions. My second recommendation for Zara would be to subscribe to a cloud computing service provider in order to store all relevant data from all its stores, its DCs and SKUs. Also, I would suggest Zara to build customized software that has the capability to correctly organize relevant data into different categories according to specific need of different management levels within Zara. Regarding the security issues with using a cloud computing, Zara can enforce cloud storage access password on the basis of seniority in the management hierarchy. So for example, a temporary sub-store manager cannot access the future clothes design for Zara while a commercial has a full access. However, I would not recommend Zara to get involved in selling clothes online. Zara’s comparative advantage lies selling clothes through it well designed and strategically located stores that span all over the world. Thus, unless Zara can build up huge storage and distribution centers, hire e-commerce specialists and figure out a new business model, I wouldn’t suggest Zara to go online. Within the current organizational framework, going online would do more harm than good. The implementation of these two recommendations will insure that all the members of the management team have all the vital business information in real time in order to make an informed decision. Also, it will insure that Zara’s stores serves dual function efficiently serving customer and also providing important data back to the head office in Spain. ——————————————– [ 1 ]. Stock Keeping Unit [ 2 ]. Distribution Centers How to cite Zara: It for Fashion, Papers

Event Tourism Impact On The Economy Samples †MyAssignmenthelp.com

Question: Discuss about the Event Tourism Impact On The Economy. Answer: Event tourism has become a globally significant factor that has a great impact on the economy, culture ad environment on the region where it has been arranged. Event tourism is a method of destination marketing orientation through which the marketers create events for attracting the tourists. This process includes facilitating and creating various types of events where the catalysts, image makers, animators and the place marketers (Gursoy, Milito and Nunkoo 2017). These cohorts manage the portfolios of events as the assets of that particular destination. Here the tourists are the core business for whom the destination events are created. From the aspect of demand, event tourism increases the propensity of travel for attending events both to the dedicated evet visitors as well as the tourists visiting vets while present in the same destination. The history of event tourism has its history in the ancient time when the Olympic games started in the ancient Greece. Later in the mediaeval age the religious people used to gather in the religious events arranged in a particular destination to follow their leaders. Afterwards, event tourism got its modern version in the 19th century with the beginning of the modern Olympic. The sports attracted the professional players around the world and with them the global audience gathered in the games village. As mentioned before, event tourism has a great impact on the economy of the region. This is due to the fact that the marketers hold different types of events for adding extra segment with the other natural attractions of the destination for the tourists (Getz and Page 2016). The regular tourists therefore select the destinations either according to the schedule of the events or attend special events beside enjoying the destinations. As the tourists are the chief focus of the event organisers, the infrastructure andtransportation management get special attention of the governments (Dogan and Aslan 2017). These industries directly subsidise the tourism industry hence affect the economy of the region. As the tourists visit the spot to attend the events, the hospitality sector which include the hotels and restaurants where the visitors stay and eat, gets benefitted. According to the variation of events there are mainly two types of events, one is for entertainment which include music festivals, royal occasions, weddings, carnivals, sports events and various types of fairs. Another type of events comprises of business summits, political campaignings, meetings, science seminars, medical clinics and educational conferences. According to the size of the events there are mainly of four types which are comprises of mega events, hallmark events, major and community events. Mega events have higher value and highest tourist demand hence get the highest media coverage. These have the most tourist attractiveness therefore take highest responsibility for development. The instance of mega events includes the football world cup, rugby world cup ceremonies and mega music festivals. The hallmark events include the celebrations with a fortnights duration (Tyrvinen, Silvennoinen and Hallikainen 2017). For example, The Atlanta Conference, Artificial Intelligence Conference Exhibition where the managers increase awareness and appeal for one particular notion yet manage the profitability of the tourist destination. Through these types of events, the destinations get benefit to demonstrate quality, tradition, culture and attractiveness to the visitors. Both mega and hall mark events offer the host venue an immense popularity and competitive edge than other places. Major and community events do not have such popularity and media coverage. They have medium tourist attractions. The visitors who attend such events are either the local people or the tourists present at that place at that time (Ouyang, Gursoy and Sharma 2017). These types of events do not have huge international visitors but can be more appealing to the brands operation who work in the local level. The economic expectations are much less from these events and seek less investments. These kinds of events mainly focus on some particular group of people either art and music lovers or local businessmen who gather to exhibit their aptitudes. For example, Noosa food and wine festival and the Falls Art and Music Festival celebrated in Australia are major events which are mainly attended by the tourists present for vacation (Australia.com 2018). Woodford Folk festival is an example of community event where the people gather to share their knowledge about the Australian aboriginals. Here the culture, art, music and tradition of the communities are put up to showcase (Li, Hsu and Lawton 2015). The local talent gets exposed through exhibitions and celebrate their identities. As mentioned before that the event tourism has a far reaching effect on the local economy, it has direct contribute on to the GDP of the country. The stage services, decorations, catering services, accommodation services and transportation sector get direct advantage when a destination is selected for arranging event. Event tourism needs involvement of more people as the amount of tourist visit suddenly increases in a place for a little period of time. Hence carets scopes for employment which enhances the scope for improvement of lifestyle as well as per capita income of a family. Sometimes, there are music festivals, sports and other celebrations in which the demand of the traditional handicraft increases among the visitors. Handicrafts and souvenirs are potential for contributing in the economic growth of the country. In order to provide the international visitors all kind of facilities, the local and national governments collect taxes and get grants from their sponsors which are spent in improving the infrastructure of the destination so that the destination can be best fitted for more types of evets later (Arranz et al. 2017). However, in this case, often the destinations may not arrange proper facilities of accommodation and catering, then the international brand gather and arrange all necessities for the events and take away their share of profit without contributing anything in the national income. Events according to their size and popularity have a great mass movement either in local, national or international aspects. This movement has a great effect on the society and culture of the region. Through events, the tourists visit the destination place and communicate with the local people. By doing this, they exchange their knowledge that reflect their culture. Thus the cultural exchange start which has a positive effect on both the cultures. Different kinds of events attract different types of people hence the local companies get to know the culture and behaviour of the visitors and learn the tools for serving them accordingly. Through community events along with mega or hall mark events, the local artists or musicians get chance to showcase their events before the international visitors which may popularise them internationally. The events also effect the environment of the destination. Due to mass movement into one place suddenly increases pollution level as well as human wastes that affect the balance of the region greatly. Due to improving infrastructure such as buildings for accommodation for the international guests, transport system, stadiums and places for arranging the events lead to deforestation. This however, leads to increase the level of carbon emission which takes much time to be mitigated. However, in some cases, for international events, the agencies and governments take care of mending the defective infrastructure and drainage system along with forestation which reduce pollution. References: Arranz, N., Ubierna, F., Arroyabe, M.F., Perez, C. and Fdez. de Arroyabe, J.C., 2017. The effect of tourism education on students entrepreneurial vocation.Scandinavian Journal of Hospitality and Tourism,17(3), pp.312-330. Australia.com (2018).Concerts and Performances in Australia - Tourism Australia. [online] Australia.com. Available at: https://www.australia.com/en/events/concerts-and-performances.html [Accessed 24 Mar. 2018]. Dogan, E. and Aslan, A., 2017. Exploring the relationship among CO2 emissions, real GDP, energy consumption and tourism in the EU and candidate countries: Evidence from panel models robust to heterogeneity and cross-sectional dependence.Renewable and Sustainable Energy Reviews,77, pp.239-245. Getz, D. and Page, S.J., 2016. Progress and prospects for event tourism research. Tourism Management,52, pp.593-631. Gursoy, D., Milito, M.C. and Nunkoo, R., 2017. Residents' support for a mega-event: The case of the 2014 FIFA World Cup, Natal, Brazil.Journal of Destination Marketing Management,6(4), pp.344-352. Li, X., Hsu, C.H. and Lawton, L.J., 2015. Understanding residents perception changes toward a mega-event through a dual-theory lens.Journal of Travel Research,54(3), pp.396-410. Ouyang, Z., Gursoy, D. and Sharma, B., 2017. Role of trust, emotions and event attachment on residents' attitudes toward tourism. Tourism Management,63, pp.426-438. Tyrvinen, L., Silvennoinen, H. and Hallikainen, V., 2017. Effect of the season and forest management on the visual quality of the nature-based tourism environment: a case from Finnish Lapland.Scandinavian Journal of Forest Research,32(4), pp.349-359.

Written and Psychological Contracts of Employment

The basic nature of employee-employer interaction is dictated by the nature of exchange in the employment relationship. An employment relationship is a contract based on a mutually agreed on, voluntary made exchange of promises. In this exchange, each party stands to gain if the exchange agreement is fulfilled and again, each party loses if it is not (Spielberger, 2008, p. 494)Advertising We will write a custom essay sample on Written and Psychological Contracts of Employment specifically for you for only $16.05 $11/page Learn More A contract is always born from between the employer and employee when the employee agrees the terms of employment in which case the acceptance may entail paperwork or just a word of mouth. There are three elements to the contract: offer, an â€Å"acceptance,† and consideration, which typically takes the form of a â€Å"promise by the employee to perform services in exchange for the promise by the employer to pay for su ch services† (Reid and Standryk, 2004) The employment relationship is usually documented in a contract of employment which can be a written statement contains certain terms and conditions regarding a given job. However, it necessarily does not have to be in writing, in which case it is called a psychological contract. The basic indication of the existence of an employment contract is the consent of both the employee and the employer to fulfill their obligations, with the former willing to work with expectation of compensation from the latter. It is from this contract that the basis for the relationship between the two parties is drawn, with the contract giving both parties certain rights and obligations called contractual terms, which should complement the rights enjoyed under the statutory labor laws, for example, the right to paid annual leave. Here, an introduction into the content and nature of the employment relationship is given, followed by a definition of the written c ontract of employment, expounding on the statutory rights, formation, and termination. In addition, the psychological contract of employment is discussed which includes its formation and breach. Key Differences between Written and Psychological Contracts of Employment The main difference between a written and psychological contract lies on how they are made such that, a written contract is always documented and provides duties and responsibilities in a generalized form, while psychological contract involves perceive obligation on the part of both employer and employee. In this case, a written contract will require have specific wording regarding the responsibilities of either party as well as terms of the contract while a psychological contract will only entail reasonable judgement about responsibilities one should undertake.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Robi nson (1996), Psychological contracts tend to be primarily subjective as they depend on what either party to the contract believes is contained in the promise, in which case both parties may have contradicting interpretation. On the other hand, written contracts are objective and clearly stated in the contract form such that both parties expect the same results from the contract. Due to the uncertainty nature of the psychological contracts, it is always difficult to resolve disputes, more so because evidence of agreement may not be categorically substantiated unlike in written contracts where signed and formalized documentation cannot be ignored. Psychological contracts are normally established informally through dialogue between the employer and employee on the role each of them can perform in the contract, without specifically outlining the details of the duties each party will perform. In the case of written contracts, the contract document will contain explicit outline of duties and expectations of the contract, which must be signed by the both parties, thus acting as compete piece of evidence in the event a dispute arises. Although it is important to provide all employees with written contracts, some assignments such as freelancer may not need written contracts. Breach of the psychological contract basically arises when either party to the contract feels that the other party has not fulfilled his obligation as promised. Since the magnitude of the breach may not be explicitly defined, the person who feels aggrieved will be affected psychologically and emotionally, with the response being loss of loyalty or loss of motivation, thus leading to general underperformance in the long run. Worse still, unresolved breach of psychological contracts may prove costly especially if there interference with the firm’s reputation as perceived by outsiders (Robinson, 1996). On the other hand, breach of written contracts is easily quantified, especially where either party fails to meet expectations, while resolution for the same is always included in the contract form. Formation of a written employment contract normally takes place upon the commencement of the contractual obligation, and according to the statutory requirement, the employer has the mandate to ensure the written contract form is provided to the employee not more than two months after the first day of employment. Therefore, any instance of holding the contract document, as is the case with some employers, is a violation of law, while the employee has the right to demand for the same without any form of intimidation.Advertising We will write a custom essay sample on Written and Psychological Contracts of Employment specifically for you for only $16.05 $11/page Learn More Under the written contracts, terms and conditions of termination are explicitly stated, which in most cases may include lapse of time, mutual agreement, one party giving notice of term ination or summary dismissal especially due to breach of terms. However, there are instances where legal redress may be sought especially when there is no ‘just cause’ for termination. Using Appropriate Theoretical Discussion, Identify How Psychological Contracts Can Be Broken By Employers Employees’ perceptions of employer psychological contract fulfillment/breach provide the basis upon which employees reciprocate. The assumption made here is that employees have delivered on the terms of their exchange so that the basis for employer reciprocation (i.e. employer fulfillment of obligations) exists (Conway and Coyle-Shapiro, 2006). One challenge arises on how to measure that the psychological contract has been breached, given that what one perceives as a breach may not necessarily appear as breach of contract to the other. For instance, some changes in the behavior of the boss concerning the relationship with employees such as refraining from routine morning greeti ngs or reverting to phone conversations instead of routine face to face discussions may appear as a breaking the psychological contract to the employee, but not to the employer. However, certain breaches of contract have far-reaching effect, thus should be addressed before they become detrimental to the firm. Poor human resource policies are likely to cause breach of psychological contracts from the employee’s perspective. In some cases, employees will perceive a broken psychological contract when promises made by the employer about human resource practices do not add up to what is actually delivered (Conway and Briner, 2005, p. 65). Employees require mentorship, guidance, and support from their boss while in the organization. Where such support is unavailable, employees feel that their social well-being is ignored and that the employer has failed to perform his part of psychological contract (Conway and Briner, 2005, p. 65). The ever-changing business environment including c ompetition in the labour market has forced organization to rethink their strategies, more so in human resources, with the primary aim being to improve employment relationship.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As a result of the dynamic climate, employment contractual relationships are becoming more and more threatened, while the hitherto security of tenure and reward for employee loyalty and performance is changing shape. Indeed, psychological contracts are becoming even more risky as most employers and employees alike are more likely to breach their part of bargain (Robinson, 1996). Oftentimes, employees will perceive that employers have broken their contractual obligation and will always react through reducing their level of performance, changing the way they behave in the organization, and always seeking an opportunity to leave the firm for another. Conclusion The world of business is rapidly changing, especially with globalization bringing about integration of both commodity and labour markets on a global level. In this case, competition has gone a notch higher, calling for organizations to restructure their internal resource policies, more importantly on human resources in order to attain a competitive advantage; indeed, organizations are â€Å"pressured to make rapid changes and accommodations to their workforce and employment policies† (Cappelli, 1999, Coffey, Cook, and Hunsaker, 1994). Moreover, it is becoming important for employers to appreciate the role played by employees in organizations’ performance and must find a balancing act on how they must â€Å"manage, renegotiate, and in some cases, violate the psychological contract that they have established with their employees† (Rousseau 1995). Nevertheless, it is paramount that organizations rethink on the effective way to fulfill their roles in psychological contracts in addition to formal written contract given that such contracts are almost inevitable, otherwise they will be always under financial and reputation risk. Reference List Cappelli, P., 1999. The new deal at work: managing the market-driven workforce. MA, Harvard Business Press. Coffey, R. E., Cook C. W., and Hunsaker, P. L., 1994. Management and Organizational Behavior. 3rd Edition. NY, McGraw-Hill/Irwin. Conway, N. and Briner, R. B., 2005. Understanding psychological contracts at work: a critical evaluation of theory and research. NY, Oxford University Press. Conway, N. and Coyle-Shapiro, J. A. M., 2006. Reciprocity and Psychological Contracts: Employee Performance and Contract Fulfillment. London, WC1E 7HX, UK. Web. Reid, R. B. and Standryk, L. E., 2004. The Written Employment Contract. Lancaster. Brooks Welch LLP. Web. Robinson, L. S., 1996. Trust and Breach of the Psychological Contract. Journal of Administrative Science Quarterly, Vol. 41. Web. Rousseau, D. M., 1995. Psychological contracts in organizations: understanding written and unwritten agreements. NJ, SAGE. Spielberger, C. D., 2008. Encyclopedia of Applied Psychology. 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