Francis Bacon Pioneering Scientific Philosophy - 1513 Words

Francis Bacon: Pioneering Scientific Philosophy Francis Bacon demonstrated true brilliance in a time where people were finally starting to be curious about the world. His life, the late 1500s and early 1600s, was a time where previous scientific discoveries were being reformed and new discoveries were being introduced. Francis Bacon, a visionary for his time, was submersed in many events and influenced by many people, which in return allowed Bacon to produce some of his greatest theories and notions in many scientific fields. Francis Bacon produced many ground breaking discoveries made in many scientific fields, including; natural philosophy (or as referred to today as natural science), justice and law, and government. The first English circumnavigation performed by Sir Francis Drake could have opened many doors to many scientific fields, not only natural philosophy. Firstly this great event could have allowed natural philosophers, like Bacon, at the time to catalog and explore many unheard of plants and animals. As for social sciences, this could have been an opportunity to see how other populations ran their government, which in turn could have even sparked an earlier and more rapid scientific revolution. Drake gave all scientists alike, including Bacon, hope for things such as new plants, animals, people, culture, and most importantly new knowledge. (Gale Group) Another event which had shaped Bacon’s theories and the society surrounding him was the Protestant Reformation.Show MoreRelated was there a Scientific Revolution In The Early Modern Era?2170 Words   |  9 Pages Was There A Scientific Revolution In The Early Modern Era? The expression The Scientific revolution is a controversial term in itself. 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No part of this book may be reprinted or Read MoreDeveloping Management Skills404131 Words   |  1617 Pagesaccept new goals, new ideas, new approaches?† â€Å"How can I invigorate those who feel outdated and left behind?† â€Å"How do I help the ‘survivors’ of a downsizing pick up the pieces and move on?† â€Å"How do I help people with very different agendas and philosophies work together, especially during periods of high stress and uncertainty?† Anyone tempted to dismissively argue that the answers to these questions are â€Å"common sense† would do well to recall Will Rogers’ pithy observation: â€Å"Common sense ain t commonRead MoreManaging Information Technology (7th Edition)239873 Words   |  960 Pages000,000 2,500–1,000,000 Large business general processing Server in client/server applications Large Web server Widest range of applications Supercomputers $1,000,000–$100,000,000 250,000–3,000,000,000 Numerically intensive scientific calculations Very large Web server Client/server applications involve dividing the processing between a larger computer operating as a server and a smaller machine operating as a client; this idea is explored in depth in Chapter 5. b CAD

Unbiased Report Exposes the Unanswered Questions on Research Paper Writing Service

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Labor Economics Skill Based Pay Systems

Question: Discuss about the Labor Economics Skill Based Pay Systems. Answer: Introduction The organizations operating at the large scale are concerned about managing the labor problems. This involves management of pay and performance of the employees. The pay and performance are correlated to each in the positive manner. This implies that when the employees get higher pay, it is generally assumed that their performance will also be higher. On the other hand, when the employees get pay less than the average market rates, it is normally observed that their performance also goes down (Hill Jones, 2009). Further, there are other adverse situations that may arise in the firm paying low wages such as high employee turnover, labor strikes, outrage etc. Further, from the organizational view point, when the firm pays higher wages, it incurs high cost which reduces its profits. However, the increased cost due to high wages may be compensated by increased productivity of the labor. Thus, it is crucial to maintain an adequate balance between the pay and performance to achieve the lo ng term goals of the organization (Hill Jones, 2009). This report is focused on carrying out the discussion in the pay and performance related theories and issues. The discussion in this report extends to efficiency wage theories which aim to assist in striking out proper balance between the pay and performance of the employees. Further, the report also provides practical application of the theories in resolving the pay and performance related issues. The theoretical knowledge is of no use unless it has been applied to make the things work in the practical environment. Therefore, the efficiency wages theories as discussed in this report have been practically applied to resolves the conflicts. Background of the organization Fair Work Commission Australia The Fair Work Commission Australia was established in the year 2009 with the primary aim of providing for administration of the matters related to workers pay. The commission has been set up under the special statue namely Fair Work Act 2009 (Australian government, 2016). The overall functioning of the commission is handled by the president of the commission with the assistance of administrative staff. The act contains all the provisions pertaining to the industrial relations between the workers and the employers. Further, Fair Work Commission also provides services of a tribunal in the matters related to the workplace relations. Apart from that the functions of the commission also include providing for the rules to set minimum wages, setting the fair process of bargaining, providing for conditions to be included in the employment agreement. Moreover, the commission is also involved in dealing with the disputes between the workers and the employers (FCW, 2017). Literature Review The theory of motivation states that positive attitude towards the work could be created among the employees by rewarding and praising them. Further, it states that the output of the workers largely depends upon the effectiveness of pay (Reilly, 2003). The pay and performance are directly related to each other. However, the impact of pay and performance on the firms profits is just opposite of each other. The pay to employees is the cost and thus, it reduces the profits and conversely, performance is output and thus, it increases profits. The crucial thing for a firm is to maintain adequate balance between the two to achieve the goals and objectives of the business. With the aim to explore the key concepts, ideas, and theories related to pay and performance, literature review has been carried as under: General Labour Supply and Backward Bending Labour Supply Curve The labour supply theory establishes the concept of labour hours that a worker would wish to work for a given level of wage rate (Dunlop Segrave, 2016). The concept is depicted graphically by plotting the wages rate on vertical axis and hours on the horizontal axis. There is a direct relationship between the wages rate and working hours. It has been observed that with the increase in the wages rates the number of hours also increases. However, this relationship can exist up to certain limit only because there are limitations on the working capacity of a worker. There comes a third factor, apart from the wages rate and working hours, namely labour leisure. Definitely a worker could earn more by working more hours, but then there has to be a cut in the leisure time (Dunlop Segrave, 2016). Thus, there must be a balance between working hours, leisure time, and wages rate to achieve the optimal performance output. The labour supply curve given below depicts these relationships: Figure 1: Backward Bending Labor Supply Curve (Smith, 2003) From the chart presented above, it could be observed that the labor supply curve is bending backwards. There are two crucial things in the formation of labor supply curve such as substitution effect and income effect. The substitution effect precedes the income effect (Smith, 2003). As per the principle of substitution effect, when the workers get increment in the wages, it allures them to work more. Therefore, with the increase in the wages, the workers are willing to increase the number of working hours. However, the substitution effect remains up to a certain limit and then it is replaced by the income effect. The arrival of income effect causes the labor supply curve to bend backwards. The income effect arrives when the wage rate has reached to the level where workers needs are satisfied. Since the wages rate has gone higher, now the worker can earn needed money in less time, therefore the number of working hours get decreased. The decrease in number of working hours with the inc rease in wages rate causes the labor supply curve to bend backwards (Smith, 2003). Efficiency Wage Theory: Shirking Model, Turnover Model, and Adverse Selection Model The wages efficiency theory provides crucial concepts that help in brining effectiveness in the performance through optimization of pay of the workers. This theory helps in exploring the ways to increase the output of the workers (Yellen, 2013). According to this theory, the firms can achieve improvement in the output of the workers by paying them at the rate higher than the average market rate. The term efficiency wages means paying the workers according to the individuals efficiency. This implies that there will be differentiation in the workers pay depending upon the efficiency. However, the modern efficiency wages theory states that paying the workers higher than the market clearing rate would benefit the firms not only in the form of increased productivity, but also in various forms. For example, it helps in avoiding the shirking of the workers resulting in reduction in the labor turnover. Further, as the labor turnover is low, thus, it also helps in reducing the labor recruitme nt and training costs (Yellen, 2013). The shirking model further extends the principles of efficiency wages theory by stating that paying worker more than the market equilibrium will help in avoiding employee from shirking (Cahuc, Carcillo, Zylberberg, 2014). The extra pay will induce them to work for the firm for longer time, which would be helpful in improving the productivity and reducing the costs. As per the shirking model, it is crucial for the firms to pay higher than market average to motivate the workers to make full effort. This model assumes that the firms have limited resources to deploy in monitoring the workers. Further, the fact is that the firms can not eliminate shirking even by deploying huge amount of resources. This is because monitoring and controlling can not change the attitude of the workers. In order to change the attitude of the workers, it is important to motivate them through rewarding them and paying them higher wages. It is crucial to note that paying higher wages to the workers would be le ss costly than spending on the monitoring and controlling measures (Cahuc, Carcillo, Zylberberg, 2014). The turnover model also advocates the efficiency wages theory. As per this model, the labor turnover is very costly for the firms. The labor turnover not only affects the productivity but is also causes additional cost to be incurred in hiring and training the workers (Deb, 2009). This model suggests that in order to avoid the costs of labor turnover, the firms have to pay wages higher than the market average. The inducement of higher wages is necessary to retain the employees for longer time period. Though, it is not necessary that the labor turnover would be eliminated in full, but certainly it would be reduced greatly by paying incentive to the workers. Further, the adverse selection model also states that the firms paying higher wages achieve higher productivity. The model prescribes that the firms paying higher wages are able to higher more capable workers. This model assumes that the ability of the workers and their pay directly relates to each other (Deb, 2009). Pay-Performance Structure The pay structure of the firms should such that promotes equality and stability in the long run and enhances workers efficiency. These objectives can be achieved by linking the pay with the performance (De Silva, 2017). The determination of the wages through government regulations need to be restructured by incorporating the performance as the crucial factor. The traditional system of wages determination took factors such as seniority, cost of living, and profits into consideration in deciding the wages of the workers. The linkage of workers performance with the pay was missing. Further, the consideration of long term impact on the profits was also missing in determining the wages rates. The firms used to focus on reducing the costs and improving the current profits. However, cutting costs to improve profits in the short run is dangerous for long term sustainability (De Silva, 2017). It is the established fact that sustaining long term growth in productivity is not possible without increase in the real wages rates. In the year 1980, Singapore changed the wages rate system to increase the wages rates (De Silva, 2017). The increase in wages rates by linking the wages pay to the performance is necessary to enhance productivity of the workers. Practical Application of Efficiency Wage Theory and Pay Performance Structures The essence of efficiency wages theory is that the firms should structure the wages rates by linking them to the performance of the workers. The theory states that the firms have to pay additional wages to retain employees for long time and achieve the long terms sustainability (Li, Liu, Li, 2008). However, implementing the system of pay that is based on performance measurement is not as simple as it might look like. In order to implement concepts of efficiency wages theory, the firm has to be equipped with effective evaluation measures. Further, the performance evaluation system of the firm should work in an unbiased manner. The parameters to evaluate performance of a class of employees should be applicable equally to all the workers in that particular class (Li, Liu, Li, 2008). The firms in Singapore are opting for the performance based wages systems so as to focus on optimizing the output and ensuring long term sustainability (DBS, 2014). The remuneration report of DBS bank discloses that the banks remuneration policy is aimed at attracting, motivating, and retaining employees. The bank seeks to link the pay of workers with their performance. The total compensation of the workers contains both the fixed as well as variable component. The fixed component comprise of salary while the variable component consists of incentives and bonus which are linked with the performance (DBS, 2014). Figure 2: DBS bank Pay Structure (DBS, 2014) The fixed salary offered by the company is competitive and comparable to the market average, which makes it attractive for the workers. Further, the DBS adopts analytical approach in fixing the salary by taking into account the factors such as market dynamics, skills, and experience. The fixed salary is reviewed for increment on an annual basis considering the market conditions. The bank makes every effort to retain the right talent through increments in the salary at the rate higher than the average market rate (DBS, 2014). Further, the variable part of compensation comprises cash bonus and incentives which are linked to the performance of the workers on individual basis as well on group/department basis. The bank maintains adequate system for performance evaluation which is crucial to implement the performance linked compensation policies. For the bonus eligibility, the workers performance is evaluated based on the balanced score card methodology (DBS, 2014). The balance score card helps in linking the performance measurement with the organizations overall goals and objectives (Niven, 2010). Further, the bank also offers awards to the workers on achieving the target output. In addition to this, the bank also provides deferred incentives or rewards in the form of shares to retain the talented employees. The share based incentives accrue over the years because these are given to retain the employees. The benefits of linking the pay of workers to their performance are enormous. The firms can make differentiation points by adopting a superior pay performance structures. The quality and quantity both are affected positively when the workers are kept motivated and interested in their job. DBS has been able to get a competitive edge by retaining skilled and experienced workforce and the primary reason for this retention of the skilled and experienced has been the pay performance structure of the bank (DBS, 2015). However, there are various challenges in implementing the pay performance system within a firm. The meaningful evaluation of the performance is always the biggest challenge. Further, it is not sure that performance of every worker will improve because everyone does not get motivated by money (Li, Liu, Li, 2008). Recommendations and Comments Based on the findings of the report, it could be recommended to the Fair Work Commission Australia to adopt a suitable pay performance structure that promotes equality and motivates the worker to work efficiently (Wilkinson et al., 2009). The commission should set the wages rates keeping a portion fixed and other as variable. The variable portion of the wages pay should be directly linked to the performance of the workers. Further, the firms should implement incentive policies on same lines as implemented by DBS bank. The firms should also have adequate mechanism for making effective evaluation of workers performance. In this regards, it is recommended that the firms should adopt balanced score card strategy as the mechanism for performance evaluation (Wilkinson et al., 2009). Conclusion The discussion carried out in this report revolves around the issue of fixing the pay of workers based on the performance. In this regards, the report provides discussion on the efficiency wages theory and various concepts connected with this theory such as employee shirking and employee turnover. The efficiency theory is based on the belief that the firms paying higher wage only can sustain in the long run. The firms can retain the workers for longer time by paying them higher wages than the market equilibrium rate. The retention of workers is important to reduce labor turnover and enhance the workers efficiency. Further, the reduction in the employee turnover also reduces the recruitment costs such as hiring cost and training cost. Therefore, it is crucial to implement the performance based pay to achieve the long terms goals and objectives of the firm. References Australian government. 2016. Fair work act 2009. Retrieved March 12, 2017, from https://www.legislation.gov.au/Details/C2016C01108 Cahuc, P., Carcillo, S., Zylberberg, A. 2014. Labor Economics. MIT Press. DBS. 2014. Remuneration Report of DBS of 2014. Retrieved March 13, 2017, from https://www.dbs.com/annualreports/2014/pdfs/governance/dbs-2014ar-remuneration.pdf DBS. 2015. DBS Group: How we create value. Retrieved March 13, 2017, from https://www.dbs.com/annualreports/2015/how-we-create-value/index.html De Silva, S. 2017. An introduction to performance and skill-based pay systems. Retrieved March 13, 2017, from https://www.ilo.org/public/english/dialogue/actemp/downloads/publications/srspaysy.pdf Deb.T. 2009. Managing Human Resource and Industrial Relations. Excel Books India. Dunlop, J. Segrave, M. 2016. The Theory of Wage Determination. Springer. FCW. 2017. About us. Retrieved March 12, 2017, from https://www.fwc.gov.au/about-us Hill, C. Jones, G. 2009. Strategic Management Theory: An Integrated Approach. Cengage Learning. Li, Y., Liu, W., Li, H. 2008. The Theory of Pay Effectiveness. International Journal of Business and Management, 3(6), pp. 93-96. Niven, P.R. 2010. Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. John Wiley and Sons. Reilly, P. 2003. The link between pay and performance. Retrieved March 12, 2017, from https://www.employment-studies.co.uk/system/files/resources/files/mp18.pdf Smith, S.W. 2003. Labour Economics. Psychology Press. Wilkinson, A., Bacon, N., Redman, T., Snell, S. 2009. The SAGE Handbook of Human Resource Management. SAGE. Yellen, J.T. 2013. Efficiency Wage Models of Unemployment. American Economic Association, 74(2), pp. 200-205.

Vodafone Acquire Hutch free essay sample

Merger is defined as combination of two or more companies into a single company where one survives and the others lose their corporate existence. The survivor acquires all the assets as well as liabilities of the merged company or companies. Generally, the surviving company is the buyer, which retains its identity, and the extinguished company is the seller. Acquisition in general sense is acquiring the ownership in the property. In the context of business combinations, an acquisition is the purchase by one company of a controlling interest in the share capital of another existing company. Purpose of Mergers Acquisitions (1) Procurement of supplies: 1. To safeguard the source of supplies of raw materials or intermediary product; 2. To obtain economies of purchase in the form of discount, savings in transportation costs, overhead costs in buying department, etc. 3. To share the benefits of suppliers economies by standardizing the materials. (2) Revamping production facilities: 1. To achieve economies of scale by amalgamating production facilities through more intensive utilization of plant and resources; 2. We will write a custom essay sample on Vodafone Acquire Hutch or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page To standardize product specifications, improvement of quality of product, expanding 3. Market and aiming at consumers satisfaction through strengthening after sale Services; (3) Market expansion and strategy: 1. To eliminate competition and protect existing market; 2. To obtain a new market outlets in possession of the offeree; 3. To obtain new product for diversification or substitution of existing products and to enhance the product range; (4) Financial strength: 1. To improve liquidity and have direct access to cash resource; 2. To dispose of surplus and outdated assets for cash out of combined enterprise; 3. To enhance gearing capacity, borrow on better strength and the greater assets backing; (5) General gains: 1. To improve its own image and attract superior managerial talents to manage its affairs; 2. To offer better satisfaction to consumers or users of the product. (6) Own developmental plans: The purpose of acquisition is backed by the offeror company’s own developmental plans. A company thinks in terms of acquiring the other company only when it has arrived at its own development plan to expand its operation having examined its own internal strength where it might not have any problem of taxation, accounting, valuation, etc. (7) Strategic purpose: The Acquirer Company view the merger to achieve strategic objectives through alternative type of combinations which may be horizontal, vertical, product expansion, market extensional or other specified unrelated objectives depending upon the corporate strategies. Types of Mergers (A)Vertical combination: A company would like to takeover another company or seek its merger with that company to expand espousing backward integration to assimilate the resources of supply and forward integration towards market outlets. The acquiring company through merger of another unit attempts on reduction of inventories of raw material and finished goods, implements its production plans as per the objectives and economizes on working capital investments. (B)Horizontal combination: It is a merger of two competing firms which are at the same stage of industrial process. The acquiring firm belongs to the same industry as the target company. C)Circular combination: Companies producing distinct products seek amalgamation to share common distribution and research facilities to obtain economies by elimination of cost on duplication and promoting market enlargement. (D)Conglomerate combination: It is amalgamation of two companies engaged in unrelated industries like DCM and Modi Industries. The basic purpose of such amalgamations remains utilization of financial resources and enlarges debt capacity through re-organizing their financial structure so as to service the shareholders by increased leveraging and EPS, lowering average cost of capital and thereby aising present worth of the outstanding shares. BACKGROUND Vodafone India, formerly Vodafone Essar and Hutchison Essar, is the second largest mobile network operator in India after Airtel. It is based in Mumbai, Maharashtra and which operates nationally. It has approximately 146. 84 million customers as of November 2011. On July 2011, Vodafone Group agreed terms for the buy-out of its partner Essar from its Indian mobile phone business. The UK firm paid $5. 46 billion to its Indian counterpart to take Essar out of its 33% stake in the Indian subsidiary. It will leave Vodafone owning 74% of the Indian business, while the other 26% will be owned by Indian investors, in compliance with Indian law. On 11 February, 2007, Vodafone agreed to acquire the controlling interest of 67% held by Li Ka Shing Holdings in Hutch-Essar for US$11. 1 billion, pipping Reliance Communications, Hinduja Group, and Essar Group, which is the owner of the remaining 33%. The whole company was valued at USD 18. 8 billion. The transaction closed on 8 May, 2007. It offers both prepaid and postpaid GSM cellular phone coverage throughout India with good presence in the metros. Vodafone India provides 2. 75G services based on 900 MHz and 1800 MHz digital GSM technology. Vodafone India launched 3Gservices in the country in the January-March quarter of 2011 and plans to spend up to $500 million within two years on its 3G networks. COMPANY PROFILE Hutchison Essar (1992-2007) In 1992, Hutchison Whampoa and its Indian business partner – Max Group, established a company that in 1994 was awarded a licence to provide mobile telecommunications services in Mumbai and launched commercial services as Hutchison Max in November 1995. In Delhi, Uttar Pradesh (East), Rajasthan and Haryana, Essar Group was the major partner. But later Hutch took the majority stake. By the time of Hutchison Telecoms Initial Public Offering in 2004, Hutchison Whampoa had acquired interests in six mobile telecommunications operators providing service in 13 of Indias 23 licence areas and following the completion of the acquisition of BPL Mobile that number increased to 16. In 2006, it announced the acquisition of a company (Essar Spacetel — A subsidiary of Essar Group) that held licence applications for the seven remaining licence areas. Initially, the company grew its business in the largest wireless markets in India — in cities like Mumbai, Delhi and Kolkata. In these densely populated urban areas it was able to establish a robust network, well-known brand and large distribution network – all vital to long-term success in India. Then it also targeted business users and high-end post-paid customers which helped Hutchison Essar to consistently generate a higher Average Revenue Per User (ARPU) than its competitors. By adopting this focused growth plan, it was able to establish leading positions in Indias largest markets providing the resources to expand its footprint nationwide. In February 2007, Hutchison Telecom announced that it had entered into a binding agreement with a subsidiary of Vodafone Group Plc to sell its 67% direct and indirect equity and loan interests in Hutchison Essar Limited for a total cash consideration (before costs, expenses and interests) of approximately $11. 1 billion. Timeline 992: Hutchison Whampoa and MAX group establish Hutchison Max 2000: Acquisition of Delhi operations and entry into Calcutta (now Kolkata) and Gujarat markets through Essar acquisition 2001: Won auction for licences to operate GSM services in Karnataka, Andhra Pradesh and Chennai 2003: Acquired AirCel Digilink (ADIL — ESSAR Subsidiary) which operated in Rajasthan, Uttar Pradesh East and Haryana telecom circles and rebranded it Hutch. 2004: Launched in three additional telecom circles of India namely Punjab, Uttar Pradesh (West) and West Bengal. 2005: Acquired BPL Mobile operations in 3 circles. This left BPL with operations only in Mumbai, where it still operates under the brand Loop Mobile. 2007: Vodafone acquires a 67% stake in Hutchison Essar for $10. 7 billion. The company is renamed Vodafone Essar. Hutch is rebranded to Vodafone. 2008: Vodafone acquires the licences in remaining 7 circles and has starts its pending operations in Madhya Pradesh circle, as well as in Orissa, Assam, North East and Bihar. 2011: Vodafone Group buys out its partner Essar from its Indian mobile phone business. It paid $5. 46 billion to take Essar out of its 33% stake in the Indian subsidiary. It left Vodafone owning 74% of the Indian business. Vodafone Group Plc It is a British multinational telecommunications company. Vodafones main office is located in London, but the registered office is still in Newbury, Berkshire. It is the worlds second-largest mobile telecommunications company measured by both subscribers and 2011 revenues (in each case behind China Mobile), and had 439 million subscribers as of December 2011. Vodafone owns and operates networks in over 30 countries and has partner networks in over 40 additional countries. Its Vodafone Global Enterprise division provides telecommunications and IT services to corporate clients in over 65 countries. Vodafone also owns 45% of Verizon Wireless, the largest mobile telecommunications company in the United States measured by subscribers. Vodafone has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately ? 89. 1 billion as of 6 July 2012, the third-largest of any company listed on the London Stock Exchange. It has a secondary listing on NASDAQ. Vodafone acquires Essars Stake On March 31, 2011, Vodafone Group Plc announced that it would buy an additional 33% stake in its Indian joint venture for $5 billion after partner Essar Group exercised an option to sell the holding in the mobile-phone operator. The deal will raise Vodafone’s stake to 75%. Essar will exit the company after it implemented a put option over 22% of the venture. Vodafone exercised its call option to buy an 11% stake. In 2007, Vodafone granted options to Essar that would enable the conglomerate to sell its entire stake for $5bn, or to dispose of part of the 33 per cent shareholding at an independently appraised fair market value. In January 2011, Vodafone objected to Essar’s plans to place part of its 33% stake in India Securities, a small public company. Vodafone feared the move would give an inflated market value to Vodafone Essar. It had approached the market regulator SEBI and also filed a petition in the Madras High Court. The final shareholding pattern post this deal was not provided by the company as it was not clear whether Vodafones stake would exceed the 74 per cent FDI limit. Indian laws dont allow foreign companies to own more than 74% in a local mobile-phone operator. Vodafone has assured it will comply with local rules. Vodafone will have to sell that 1% to some Indian entity, or they’ll have to consider an initial public offering. Vodafone also said that final settlement is anticipated to be completed by November 2011. The completion of the deal would be subject to meeting certain conditions which include Reserve Bank of Indias permission as well as valuation of the deal.