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Effects of Free Trade Agreements on Trade and Growth in US

The Effects of Free Trade Agreements on Trade and Growth in American Countries: Evidence from the Gravity Model Approach Trade as a driver of growth and development is a concept that has been addressed from different perspectives or approaches for scholars and policy-makers. However, an integrative path was sealed with the creation of the World Trade Organization as the main tool to promote a more accessible and clear way to commerce between nations and was further strengthened by bilateral and multilateral FTAs, which continue developing and growing. In the current political scenario, the discussion between supporters of globalisation and detractors provides a compelling framework to study the real effects that Free Trade Agreements cause on the economic performance. While the first group affirms that FTAs enhances the markets and therefore, the economic growth and employment, the second group argues that the global market is damaging the small domestic economies. The present paper covers the increasing effects on trade that are expected by countries that engage in Free Trade Agreements, including bilateral or multilateral ones within American countries, in the context of the three central multilateral trade agreements in the continent (NAFTA, MERCOSUR, and The Pacific Alliance) and other relevant bilateral agreements. The main question to be addressed is whether the positive effects predicted by economic theory on trade when countries eliminate fares and other barriers to trade as part of an agreement effectively happen in the current context of the Americas. The hypothesis is that the implementation of Free Trade Agreements has a positive and significant impact on the trade flows between the American countries. Section 2 includes the theoretical framework behind the relation between trade and FTAs, Section 3 presents the model specification, Section 4 shows the estimation of the model and the econometric tests, the limitations of the theoretical framework and the model specification are discussed in Section 5, and Section 6 concludes. The Gravity Model has its origins on Location Theory, as it was the main model to include the effects of distance on traded quantities. Isard and Peck (1954) acknowledged the importance of considering distance as a variable in trade analysis establishing the ground from which others such as Tinbergen (1962) and Pöyhönen (1963) would build the Gravity theory to explain trade flows between countries, conducting the first econometric studies based on the gravity equation. The Gravity Model has proven to be extremely successful in ordering the observed variations in economic transactions and movement of factors. It is also distinguished for its representation of economic interaction in a multi-country world, where the distribution of goods and factors is driven by gravity forces that are conditional to the size of economic activities at each location (Anderson, 2010). In this way, trade between countries is positively related to countries sizes and negatively related to distance. Moreover, as a widely used analytical framework, the model can incorporate adjusting variables such as FTA to indicate the existence of Free Trade Agreements between the objective countries (Yang and Martinez-Zarzozo, 2014). Tinbergen (1962) suggests an economically insignificant “average treatment effects” of FTAs. However, numerous studies, such as Frankel (1997) on MERCOSUR, find a significant positive effect in line with the expected results. These contradictory outcomes emphasise the fragility of the estimation of FTAs treatment effects and are a clear signal that robustness should be tested. One of the central issues to be explored is the exogeneity of FTAs, since the presence of them, if endogenous, can provide seriously biased results. Baier and Bergstrand (2007) provide several important conclusions to be taken into consideration. They observe that using the standard cross-section gravity equation provides a downwards-biased result. Secondly, attributed to this bias, traditional FTAs effects are underestimated by around 75%-85%. Lastly, the authors demonstrate that the best estimates of the effect of FTAs on bilateral trade are achieved from a theoretically framed gravity equation using panel data with bilateral, country and time fixed effects or differenced panel data with country and time effects. As it is suggested by extensive literature, trade flows are better explained by the Gravity Model, which propose the Newton’s Gravity concept to explain bilateral trade as an attraction force, influenced positively by the size of the economies involved in trading and negatively with the costs of transaction (Tinbergen, 1962 and Pöyhönen, 1963). As proxy variables of the size of the economy, the model uses GDP and population of both countries; and Distance between the countries as a proxy for transaction costs. Following the Newton’s Gravity Equation, the model estimates: Where is the trade flows between a specific country pair, in other words, is the sum of exports from country to country plus exports from country to country . is the gross domestic product in country , is the population of country , is the GDP in country , is the population of country , and is the distance between the capital cities (as major economic centres) of countries and . To avoid spurious effects due to inflation and currency exchange rates, the variables , and are measured in 2010 constant US dollars. Moreover, recent literature has implemented an augmented version of the gravity model to evaluate other variables of interest related to trade flows. In this way, besides to include more time-sections to the analysis, a dummy for implemented FTAs is added to the explanatory variables, taking a value of 1 if there exist a fully in force agreement and 0 otherwise. For the purpose of this paper, an FTA is considered if it establishes 100% free trade, because many cooperation agreements in the Americas consider only certain sectors for free trade, and these are not the focus of this research. Including the dummy variable, transforming the gravity model using Logarithmic function, to accomplish the linearity-in-parameters assumption, and including the time sections, the model to estimate is: However, it is strongly likely that this model has problems of endogeneity and thus, the estimators are biased due to sampling selection and omitted variable bias, how it is suggested by the literature. However, the logic behind this biasedness is different to the literature review. For Baier and Bergstrand (2007), the parameter of interest would have a negative bias because countries will be more interested in implementing an FTA when the benefits of it are greater. Therefore, the authors conclude that a possible omitted variable would be Tariff Barriers. In this scenario, Tariff Barriers are negatively correlated with trade and positively with FTA, generating a negative bias. This is not the case for America. On the contrary, progressive lower barriers and an improving in the diplomatic relationships have finally pushed the creation of Free Trade areas and agreements. That is why, in this case, we suggest that the bias for the sample would be positive, since the possible omitted variables would be lower barriers and good diplomatic relationships, affecting the FTAs and the trade itself positively. To solve this problem, the literature suggests the use of Fixed Effects Panel Data strategy because this model can control for country-specific and invariant-in-time unobservable variables. Therefore, the model to estimate is: Where will be the identifier for the 29 different country-pair units. Since the Fixed Effects model reacts only to variant-in-time variables, the variable Distance is dropped from the model. This estimation allows controlling by characteristics related to the specific country-pair like diplomatic relationships, trade openness, institutions, and so on. However, there could be variables related to unobserved characteristics in time like trade trends and generalised willingness to trade and sign FTAs. For this reason, it is recommended to use time fixed effects to avoid endogeneity, through the next model: Where will be the identifier for the 13 different time sections. Since the scope of this paper is to evaluate the effect of the FTAs on American countries, the three biggest trade agreements in the continent (NAFTA, MERCOSUR, The Pacific Alliance) were taken as a research target, and their members were chosen as the population. The countries included by Trade Agreement are presented in Table 1: Table 1. Multilateral Trade Agreements in America Agreement Country Start Date North American Free Trade Agreement (NAFTA) Canada 01/01/94 Mexico 01/01/94 United States 01/01/94 Southern Common Market (MERCOSUR) Argentina 15/08/91 Bolivia 28/02/97 Brazil 15/08/91 Paraguay 15/08/91 Uruguay 15/08/91 MERCOSUR – Chile Chile 01/10/96 The Pacific Alliance Chile 01/02/12 Colombia 01/02/12 Mexico 01/02/12 Peru 01/02/12 Source: Organization of American States (2016) However, if those countries were incorporated without taking into account other Free Trade Agreements between them or third countries, problems of sample selection bias would be created. For this reason, in addition to the mentioned free trade areas, bilateral FTA are considered, according to Table 2: Table 2. Bilateral Trade Agreements in the sample FTA Start Date Bolivia Mexico 07/06/10 Canada Chile 05/12/96 Canada Colombia 21/11/08 Canada Peru 29/05/08 Chile Mexico 01/08/99 Chile Panama 07/03/08 Chile Peru 01/03/09 Mexico Chile 01/08/99 Mexico Uruguay 15/07/04 Panama Canada 01/04/13 Panama Peru 01/05/12 United States Chile 01/01/04 United States Colombia 15/05/12 United States Panama 31/10/12 United States Peru 01/02/09 Source: Organization of American States (2016) As the model considers only one dummy variable, if a country-pair has two agreements in force (bilateral and trade area), it is considered the oldest one. Besides, it is important to point out that Venezuela (suspended member of MERCOSUR) was dropped from the list due to the lack of reliable information about trade flows. The information about bilateral trade flows was obtained from The World Bank’s World Integrated Trade Solution, and the other variables were constructed using information from the World Development Indicators. The database used to estimate the model has 29 country-pairs (cross-sectional units) and 13 time-sections since 1990 to 2014. The used database of bilateral trade drops 1996, leaving the database with one time-section less. Since it is one time-section of fourteen and according to our investigation, the missing information is not related to an event influencing trade flows and the time section is dropped for the entire observations, we have a low risk of biased estimators. Table 3 contains the descriptive statistics showed by the Statistical Software STATA® for the variables in levels: Table 3. Descriptive statistics of relevant variables (in levels) Variable | Mean Std. Dev. Min Max | Observations ID overall | 25.45435 19.18174 1 74 | N = 460 between | 19.36072 1 74 | n = 29 within | 0 25.45435 25.45435 | T-bar = 15.8621 | | Exports overall | 4.55E 10 1.22E 11 1.45E 08 6.13E 11 | N = 460 between | 1.01E 11 4.22E 08 4.75E 11 | n = 29 within | 3.63E 10 -1.67E 11 2.48E 11 | T-bar = 15.8621 | | GDP_Exp overall | 1.02E 12 2.25E 12 9.96E 09 1.62E 13 | N = 460 between | 2.40E 12 1.37E 10 1.30E 13 | n = 29 within | 3.60E 11 -1.94E 12 4.21E 12 | T-bar = 15.8621 | | Pop~Exp overall | 6.71E 07 7.28E 07 2738125 3.19E 08 | N = 460 between | 7.16E 07 3324953 2.86E 08 | n = 29 within | 8255115 3.64E 07 9.97E 07 | T-bar = 15.8621 | | GDP_Imp overall | 6.78E 12 6.55E 12 9.96E 09 1.62E 13 | N = 460 between | 6.28E 12 1.61E 10 1.38E 13 | n = 29 within | 1.50E 12 2.71E 12 1.00E 13 | T-bar = 15.8621 | | Pop~Imp overall | 1.68E 08 1.31E 08 3201604 3.19E 08 | N = 460 between | 1.31E 08 3310046 2.95E 08 | n = 29 within | 1.42E 07 1.31E 08 2.00E 08 | T-bar = 15.8621 | | FTA overall | 0.5043478 0.5005254 0 1 | N = 460 between | 0.4360526 0 1 | n = 29 within | 0.2546286 -0.453985 1.393237 | T-bar = 15.8621 | | Distance overall | 3690.712 2529.406 213.02 8483.39 | N = 460 between | 2533.405 213.02 8483.39 | n = 29 within | 1.55E-12 3690.712 3690.712 | T-bar = 15.8621 However, since the estimations are calculated using a logarithmic transformation of the continuous variables, the descriptive statistics of the variables in natural logarithm are presented in Table 4: Table 4. Descriptive statistics of relevant variables (in logarithm) Variable | Mean Std. Dev. Min Max | Observations FTA overall | 0.5043478 0.5005254 0 1 | N = 460 between | 0.4360526 0 1 | n = 29 within | 0.2546286 -0.4539855 1.393237 | T-bar = 15.8621 | | lexports overall | 2.25E 01 1.84E 00 1.88E 01 27.14178 | N = 460 between | 1.64E 00 1.98E 01 26.85607 | n = 29 within | 5.17E-01 2.10E 01 23.84729 | T-bar = 15.8621 | | lGDP_ex overall | 2.65E 01 1.66E 00 2.30E 01 30.41464 | N = 460 between | 1.69E 00 2.33E 01 30.18564 | n = 29 within | 2.28E-01 2.58E 01 27.04886 | T-bar = 15.8621 | | lGDP_im overall | 2.77E 01 2.795514 2.30E 01 30.41464 | N = 460 between | 2.719438 2.35E 01 30.25019 | n = 29 within | 1.94E-01 2.70E 01 28.17505 | T-bar = 15.8621 | | lPop_ex overall | 1.75E 01 1.11E 00 1.48E 01 19.58041 | N = 460 between | 1.12E 00 1.50E 01 19.47142 | n = 29 within | 8.70E-02 1.72E 01 17.64414 | T-bar = 15.8621 | | lPop_im overall | 1.80E 01 1.821994 1.50E 01 19.58041 | N = 460 between | 1.826536 1.50E 01 19.50204 | n = 29 within | 8.05E-02 1.78E 01 18.19405 | T-bar = 15.8621 | | ldista~e overall | 7.89E 00 9.17E-01 5.36E 00 9.045865 | N = 460 between | 9.10E-01 5.36E 00 9.045865 | n = 29 within | 0.00E 00 7.89E 00 7.891049 | T-bar = 15.8621 Although using pooled OLS with the database will generate problems of endogeneity discussed further below, OLS estimation is made to have the first approach to the gravity model. Table 5 shows the obtained results: Table 5. Gravity Model estimated by OLS lexports | Coef. Std. Err. t P>|t| [95% Conf. Interval] lGDP_exp | 0.6340649 0.0394767 16.06 0 0.5564848 0.7116451 lGDP_imp | 0.4512511 0.0464715 9.71 0 0.3599247 0.5425775 lPop_exp | 0.2196251 0.0606458 3.62 0 0.1004432 0.3388071 lPop_imp | 0.5049373 0.0726212 6.95 0 0.362221 0.6476536 FTA | 0.5136195 0.0689928 7.44 0 0.3780338 0.6492052 ldistance | -0.9256142 0.0407673 -22.7 0 -1.005731 -0.8454978 _cons | -12.68833 0.7146799 -17.75 0 -14.09283 -11.28383 With a , the model behaves according to the literature and all variables are statistically significant using any level of significance. The variables measuring the mass of the economies are positive and distance is negative. Additionally, the variable of interest FTA is positive and statistically relevant, showing tha
ASIA 100 Roger Williams University Confucianism in story of Virgin Widows Essay.

Consider how Confucianism, Confucian texts, family relationships, education figure into the story of Qingyu in Virgin Widows. How do Confucian values affect the behavior of specific characters in the text? Is it possible to determine the author’s view of the impact of Confucianism in this earlier time period (ironic? critical? complimentary?)? If you choose this topic, you should also quote directly from the Analects. Length: 750 words minimumHave an introduction in which you clearly identify the text(s) & author(s) and state your thesis/approach to the topic; several paragraphs in which you elaborate your argument; and a conclusion (i.e., a beginning, middle, and end). Make your points clearly and logically; you must support your points with direct quotations from the text! MLA formatMust use quotes from Virgin Widows and The Analects of Confucius, along with other outside sources you wish.
ASIA 100 Roger Williams University Confucianism in story of Virgin Widows Essay

Instructions Introduction The Patient Protection and Affordable Care Act (generally referred to as the Affordable Care Act, or ACA) is the most monumental piece of U.S. federal health policymaking in nearly 50 years. It reorders not only many aspects of the health insurance and healthcare delivery systems but also long-standing relationships that underpin those systems. Yet beyond the sheer scope and content of the ACA and the policy trade-offs that led to its passage lies another story: its implementation and subsequent effect on the lives of tens of millions of Americans. In addition, there no doubt will be legal rulings in state and federal courts across the country that will alter the trajectory of the law and its implementation. (Teitelbaum

Oberlin College Apply the Behavioral Modification Model Analysis Paper

Oberlin College Apply the Behavioral Modification Model Analysis Paper.

In this assignment you will apply the behavioral modification model to this consulting scenario.Imagine that day care center that reports problems at lunchtime has asked you to consult. The center representative tells you that lunchtime follows outside play time. Children need to come inside, take off any extra layers of clothes they were wearing in the playground and put them away, wash hands, and sit at their proper places at the table. The school also requires children to clean up any spills they make and to be finished eating within 15 minutes. And of course, they want them to eat the food the school prepares. They report that they are having difficulty in getting children to the table, in dealing with disruptive behavior at the tables, having children eat the food, and having children finish in time to make it to the next activity.Describe how the behavior modification approach would be applied in each of the phases of the diagnostic stage of consulting described in the text. Be sure to explain each phase, and then how you would apply the model you’ve chosen. Finally, search the literature to identify at least one perspective that could be applied to support change in this scenario. Describe that perspective in a brief paragraph. Reflect on these two perspectives and tell which perspective you feel most comfortable with and why. Support your paper with at least two articles published in peer reviewed journals in the past five years.Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Oberlin College Apply the Behavioral Modification Model Analysis Paper

Brief History Of HBL Commerce Essay

java assignment help Stragtegic Human Resource Management helps an organization achieve productivity and effectiveness, by sharing the overall vision of the organization, sharing goals and objectives, and making sure that Human Resource is not just a department, but the whole organization speaks of HR as the core division, which means that organization is employee centered. Strategic HR changed a number of things in HBL. It updated the way plans were made, shifting to strategic plans, from a one-man show to bringing everybody on board, encouraging idea generation and sharing proposals, different departments sharing their plans of what to look for in the coming year and democratic decision making by appointing a Strategic Planning Division and appointing member from the Board of Directors that goes through each plan and then the CEO communicating the approved plan to the departmental heads. By this, the plan became not just an objective, but more of a bible. At HBL, after the privatization, a number of initiatives were taken, from right sizing and getting rid of lethargic employees, to introducing golden handshake schemes, from moving to performance management system to inducting young blood that brings in creative ideas. Concepts like employee engagement and job rotation became part of the policy, organization-wide rewards programs were introduced. An inevitable change in culture was also accomplished, it from the seniority based to performance based culture. Overall structure of the organization was also made flatter, removing additional levels and bureaucracy. INTRODUCTION TO HBL It is the prime Bank in country established in 1941 having a registered head office in Karachi. It was nationalized in 1974, but recently on 26th February 2004 it has been privatized by Government of Pakistan and is taken over by Aga Khan Fund for Economic Development (AKFED). They acquired 51 percent of shares of HBL. It is one of the largest Banks of Pakistan with 1439 branches, having total assets of Rs. 1,139,554,000, 5 million total number of customers helping in generating Rs 13 million profit currently. Brief History of HBL HBL established operations in Pakistan in 1947 and moved its head office to Karachi. Our first international branch was established in Colombo, Sri Lanka in 1951 and Habib Bank Plaza was built in 1972 to commemorate the bank’s 25th Anniversary. With a domestic market share of over 40%, HBL was nationalized in 1974 and it continued to dominate the commercial banking sector with a major market share in inward foreign remittances (55%) and loans to small industries, traders and farmers. International operations were expanded to include the USA, Singapore, Oman, Belgium, Seychelles and Maldives and the Netherlands. On December 29, 2003 Pakistan’s Privatization Commission announced that the Government of Pakistan had formally granted the Aga Khan Fund for Economic Development (AKFED) rights to 51% of the shareholding in HBL, against an investment of PKR 22.409 billion (USD 389 million). On February 26, 2004, management control was handed over to AKFED. The Board of Directors was reconstituted to have four AKFED nominees, including the Chairman and the President/CEO and three Government of Pakistan nominees. BUSINESS DIVISIONS AT HBL HBL has a wide array of customers, belonging to a wide range of business divisions, from individuals to corporate, from Islamic banking to commercial banking. They are divided into three main categories, as follows: Individual Customers Car, Home Loans Credit, Debit Cards Deposit Accounts BancAssurance Phone Banking FastTransfer Mutual Funds Salary Plus Business Customers Corporate Banking Commerical Banking SME Banking Global Treasury Investment Banking Cash Management Zarai Banking Asset Management Islamic Banking Deposit Accounts Financing Products Murabaha Diminishing Musharaka jarah Trade and Value added Services MISSION To make our customers prosper, our staff excel and create value for shareholders VISION “Enabling people to advance with confidence and success” VALUES Our values are the fundamental principles that define our culture and are brought to life in our attitudes and behavior. It is our values that make us unique and unmistakable. Our values are defined below: Excellence This is at the core of everything we do. The markets in which we operate are becoming increasingly competitive, giving our customers an abundance of choice. Only through being the very best – in terms of the service we offer, our products and premises – can we hope to be successful and grow. Integrity We are the leading bank in Pakistan and our success depends upon trust. Our customers – and society in general – expect us to possess and steadfastly adhere to high moral principles and professional standards. Customer Focus We understand fully the needs of our customers and adapt our products and services to meet these. We always strive to put the satisfaction of our customers first. Meritocracy We believe in giving opportunities and advantages to our employees on the basis of their ability. We believe in rewarding achievement and in providing first-class career opportunities for all. Progressiveness We believe in the advancement of society through the adoption of enlightened working practices, innovative new products and processes, and a spirit of enterprise. HUMAN RESOURCE AS A SOURCE OF COMPETITIVE ADVANTAGE Brief Introduction Human resource, being the pulse of any organization, is its most precious asset. And training plays a vital role in tapping and developing its potential to the utmost. With this key factor in mind, HBL pioneered its first training program in 1946, in which Muslim youth were recruited after an extensive tour of leading academic institutions. There are 78 employees in the HR department. According to Adnan-ur-Rehman Khan, Senior Manager, Human Resources at HBL “Worldwide, the practice is of having 100 to 1 ratio, i.e. to have one employee of HR department per 100 employees of other departments. In Pakistan, however due to low importance of HR as a strategic function, it is okay to have 1000 to 1 ratio instead.” Importance Bank is a service industry, automation cannot be done. Every activity has to be managed by human beings, a particular department is therefore unavoidable. Trust and loyalty can only be ensured by human beings. Banking involves money, which is why ensuring trust is extremely important. Housing 13,000 people is not an easy job. HR department at HBL deals with the factors associated with human beings like counseling, behavior management, motivation and job satisfaction. Since the organization is “heterogeneous, complex and large” a proper HR department exists to manage the diverse needs of large internal customers’. Catering to administrative and long term strategic needs of employees. Support functions are required in order to help employees work towards organizational goals. RECRUITMENT PROCESS Internal job posting: This is the most traditional method which most of the companies are following in which CV’s are being collected from company’s website and other sources and then after the filtration process desired individuals are called for the interview. HBL actually grooms and trained their employees in different departments and whenever there is a vacancy they always prefer their trained employees. This adds a lot to the current employees’ confidence and morale, which they have a better chance to be promoted and thus strive to achieve higher than expectations. Entry level hiring: fresh graduates for MTO’S and non MTO’S: MTO admission program is being conducted in 6-7 certified universities, students who have a GPA above certain level can apply. They are being passed through screening and interview processes and then HR team hire them. Non MTO’s are selected from B grade universities are passed from a testing process which is being outsourced, then they are also passed through an interview process and are shortlisted. Mid career: CV is being selected from the database of bank which points out the basic skills required for the job. After this HR team selects candidates who can perform these required tasks very effectively. These candidates are preferred to already have a career of at least 8-10 years so that they can understand the job demands properly. Cross function hiring: Hiring from different departments is also preferred as one of the recruitment method at HBL. For example while hiring for retail banking they also look into corporate banking’s department. Similarly hiring for HR department can be done from compliance and audit divisions. TRAINING AND DEVELOPMENT The bank’s Training Division has gained renown for its excellence and efficiency and was called upon to assist in training personnel for other upcoming baking institutions. With the passage of time this assistance became a testimonial of the bank’s valuable contribution towards establishing and developing of other commercial banks within the country where several trained Habibians went to work with senior, middle and junior levels. Word of its skills spread far wide which led to many international banks sending their personnel to HBL for training. Presently HBL manages full-fledged teaching facilities and support staff at Karachi, Lahore and Islamabad. The training programs are conducted with the latest aids and equipment and involve extensive training to new recruits, and existing staff with specialized courses that cater to the different cadre of personnel on topics of Management, Marketing, Selling, Accounting and Finance, Banking Law and Practice and Internal Procedure. Speakers from other prestigious institutes are also invited to deliver lectures. Methods used: On the Job training Coaching/Mentoring Group Discussions Outdoor training Rewards and Recognition For them “remuneration” is the key element of employee engagement. Two elements of remuneration: Annual salary Performance-related benefit Performance is more than just achieving financial objectives. As a bank they pride themselves at their unique culture and values Every employee receive a values rating that reflect how employee live at their values and culture, which influence their performance related awards. . Those with the lowest value ratings would receive no annual performance related bonus, even if they achieve all their financial targets. The rating criterion is as follows “A” is a role model. “B” is an exemplary. “C” lived value with more time. “D” needs to learn values. These ratings denote your bonuses as well as pay increments. These ratings are purely awarded on the basis of performance and as mention earlier for that key performance indicators (KPI) plays a significant role. Along with these ratings they also give rewards for some particular achievement as recently they have arranged a 3 day holiday trip to Malaysia for their remote banking employees for performing significantly well. Outsourcing HBL manages its workforce by “not hiring everybody.” S. Ali Raza Zaidi, VP, Personnel Division said “Now a days, there are companies that deal help in delivering services, which helps in keeping our workforce under control. Take credit card sales for example. These companies go for aggressive sales and telemarketing. There are not our employees, but bring us business and charge a fee for the service. In this way, HBL is also outsourcing some of the services, for which we don’t need to actually employee people. However, if supervisor is needed, that must be a company’s person.” INNOVATION AND RISK TAKING AMONG EMPLOYEES: They motivate their employees to be courageous and bold enough to raise their voice against the system and for the system. There is a leadership board on internet to which every person is accessible and writes whatever he thinks should be done to improve the organizational effectiveness and then he is called to explain his idea in front of Board of Directors. This further elaborates the openness that is quite visible in the culture at HBL, where every employee is given confidence to speak what they feel is right and raise voice against anything that is bad, anonymity is of prime importance and HBL makes sure the whistle blowers remain behind the curtains. MOTIVATION AMONG EMPLOYEES: Motivating the employees is of primary importance to any organization. HBL follows below criteria: Compensate The salary and employee benefits your bank provides serve a major role in recruiting, retaining, and motivating staff. While salary and benefits are not the “most” important aspect of your jobs, they definitely contribute to recruiting, retaining, and motivating superior employees. The quest to compensate employees fairly is an ongoing challenge. If your bank pays employees too little, you may risk alienating and losing valuable employees. If you pay too much, you may be unwisely spending company resources. How much your bank can afford for employee salaries can determine the caliber of talent you attract to your organization. Performance Performance plays a significant role in motivating the employees. Performance of the employee can be judge by the employee himself. As in the beginning of the year targets are being set for the employees performance so by the end of the year employees themselves can see that what they have achieved and what more they can earn with their performance. Transition to Strategic HRM WHY SHRM? Strategic Human Resource Management practices enhance employee productivity and the ability of agencies to achieve their mission. Integrating the use of personnel practices into the strategic planning process enables an organization to better achieve its goals and objectives. With the advent of today’s economy where services contribute to a major share of the GDP and the fact that the service sector is essentially people centric, it is vital that the “people first approach” be accepted by the organizations for sustainable business strategy. The practice of SHRM demands a proactive and hands on approach by the management as well as the HR department with regards to the entire scope of activities ranging from staffing and training and development to mentoring and pay and performance management. Adnan-ur-Rehman Khan, Senior Manager, Human Resources “We’re not a small firm, we’re in fact one of the biggest banks of Pakistan, having experience that ranges to decades. With so much experience, the one thing which we learnt is that people are your most important, and irreplaceable asset. You want monetary gains, you cannot ignore the human resource of your firm. This is infeasible today, as it is in future. If you’re to go ahead, and really fulfill the vision, you have to trust your people. Invite them on the same platform, listen to their problems, and encourage them to speak their heart out. This essentially means that you welcome them on the big table, show them the big picture, share your mission, and treat your people like your stakeholders. Only in this way, by treating people as your strategic element, you can get the competitive edge against competitors.” STRATEGIC PLANNING AT HBL Planning process Strategic Planning Division is made up of Board of Directors which evaluates previous performances, current market trends and forecasts future potential on a yearly basis. BoD evaluates several proposals and modified goals. All the core departments of HBL are involved in the strategy formulation, the formation of following years’ strategy is a combination of inputs and proposals from departments like Marketing, Operations, IT, Finance and Human Resource. According to Adnan-ur-Rehman Khan, Senior Manager, Human Resources at HBL “The strategy is not just what the next year would be like, it is more like fulfilling the vision, which cannot be done without coordination of each department, responsibility and commitment of every employee of each division. The strategy is made when each department is on same page, one platform. This is what strategic planning means. The process, though extensive, only goes through with considerable consensus. The Strategic Planning Division votes on the proposals, and suggests recommendations if needed. After going through the extensive process of planning and strategizing, the plan takes the shape of a ‘bible’.” Policy making is done by feedback process i.e. input, process, output and feedback. Input is provided by the BoD and top management, and then they are circulated in the organization. Employees work according to these policies and then their pros and cons are observed for the future policy making. Significance of strategic planning: Planning out the future of any business is the best way to guarantee success. It seems difficult in beginning, but as the time goes by, a strategy is what helps a business move in the right (planned) direction. At HBL, once approved strategic plans become “bible” for the whole organization, every department is given particular goals to meet; every department comes up with its own strategy on how to achieve those goals. SBUs are also encouraged to come up with their own business strategy, since each business division has better understanding on deciding the action plan to meet targets. According to Adnan-ur-Rehman Khan, Senior Manager, Human Resources at HBL “every division is allowed to come up with its own strategy to meet the set targets, top management is flexible in this regard.” Types of Strategic Goals Strategic goals are monetary and non monetary. Monetary goals are highly centralized and cascaded down to businesses and interpret these goals to SBU’s and non monetary goals are transferred to support functions and support functions interpret them. Performance management system reviews the performance of SBU’s and support functions, if any discrepancy is found, departmental heads are taken to task. Monitoring Performance Management System Progress of implementation of strategic goals is continuously monitored, if any discrepancy is found between performance level and set goals, it affects performance appraisal process. If everything goes as planned, performance management eventually helps in the performance appraisal of employees. Performance Management’s core objective is manage talent, motivation, commitment of the employees towards the organization and its vision. They have very strong evaluation process in which the evaluation is started right away from the 1st day of joining to the bank. Right from the first day the immediate supervisor of an employee has a meeting with him and they both discusses about the goals, objectives and what is being expected from him. They have key performance indicators through which the performance of each and every employee is being analyse. With the help of this key performance indicators and the discussion with the supervisor the employee had a clear idea and road map that what he has to do and what is expected from him. The goals are being set by the mutual understanding between the employee and his supervisor. This evaluation is being done on the semi annually basis. On the basis of this evaluation employees get their pay raise and ratings. The more rating points you earned the more pay increments you will get. Communication of Goals CEO communicates these goals to direct reporters i.e. departmental heads which are further communicated to functional heads who set their respective targets. For example: the functional head of retail banking sets their target to collect the deposits of Rs 25 million and now it is to be increased to 35 million by 2013. Retail banking allocates goals to its further 20 regions after a meeting with their respective heads. Regional heads might require more resources so HR department arranges for that as well (Example quoted by S. Ali Raza Zaidi, VP, Personnel Division, HBL). Policy Making and Risk Management Board Human Resource Committee (BHRC) includes chairman, president and one independent board member. These three members issue recommendations on HR Initiatives and policies. Similarly there are committees of compliance and risk which deals with the matters like compliance with government policies on employment, ethical issues, matters like sexual harassment and the like. STRATEGIC INITIATIVES Transformation from Public to Private In 2003, under the government of General Musharraf a commission called Pakistan Privatization Commission was formed, under the leadership of Shaukat Aziz HBL, along with many other companies, was privatized and 51% of its shares were sold to Aga Khan Fund for Economic and Development (AKFED). Right Sizing of Workforce: Earlier when HBL was a public organization its culture was lethargic, many people under burdened, all responsibilities were shared vaguely. When it went private one of the strategic decisions taken was of right sizing. From 31000 employees all over Pakistan, in 1997, the number was shrunk to around 10000 and it stands at 13000 as of 2012. The right sizing did not create an ethical issue because the nature of the organizational holding was changed. Workforce cut down to 13000, which increased the productivity level and motivation because the less-productive employees were laid off which increase individual work load but not so much as to over burden employees and helped organization cut down cost of additional employees that were not contributing enough. From Annual Confidential Report to Performance Management system. Initially HBL used to do the performance appraisal on annual basis and this process was called annual confidential report which was as the name suggests kept confidential to the top management only. After privatization bank moved towards performance management system which was by nature more transparent, open to input from various departments and was reviewed on a continuous basis to make sure that the performance of employees is in line with the strategies made at the top. Paradigm Shift to Growth-Oriented According to Adnan-ur-Rehman Khan, Senior Manager, Human Resources “While some organizations are strictly business oriented where the only thing that matters is money, on the other extreme there are people centric organizations which are primarily concerned with its workforce, HBL took a midway approach. The organization believes in welfare of its employees by channeling their efforts towards achieving monetary goals. Bank’s culture is such that it’s the people who bring in profits so it should be people who are benefits the most from the profit which cannot be done without organizational growth in the terms of greater market coverage.” Organizational Transformation by introducing Golden Handshake Scheme When the organization realized that the current workforce could not come with many creative ideas and lacked physical efficiency and could not cope with changing market trends due to resistance to change, HBL introduced golden handshake scheme. Under this scheme 25/55 rule was established i.e. the employees with 25 years of experience within the bank and 55 years of age were offered 5 months cumulative salary and their services were recognized as an honor to HBL. Inducting Young Blood Previously discussed golden handshake scheme helped HBL to induct young blood. Since youth is more inclined towards updating themselves with latest techniques, open to change, have superior physical strength and more creative mind, this strategy helped increase efficiency in the organization. This young blood equipped with the creative mind and greater insights of recent market trends helped te bank to grow in the face of fierce competition. Tracking Employee Demand and Supply Management at HBL is alert on upcoming vacancies, and how to fill them up. Whenever an employee is about to leave, he must serve the one month notice period, the company first looks at the internal pool of candidates, those who are most eligible to be promoted. If there is no replacement available in the current employees, the bank goes the through the external recruitment process (mentioned above in recruitment process). Employee Engagement Job rotation and transfer is done every 3 years according to the policy. The assignment should be changed for this purpose. Nobody is allowed to work more than three years on the same position, he is either promoted or his job is changed, job rotation is a key policy at HBL. Job rotation program is also there for Management Trainee employees who are being rotated to different departments after every 6 months. HBL derives following benefits from their job rotation policy: Explore the Hidden Talent Job Rotation is designed to expose employees to a wider range of operations in order to assist managers in exploring their hidden talent. In the process, they are moved through a variety of assignments so that they can gain awareness about the actual working style of the organization and understand the problems that crop up at every stage. Individuals Explore Their Interests: Sometimes, employees are not aware of what would like to do until they have their hands on some specific job. If their job is rotated or they are exposed to different operations, they can identify what they are good at and what they enjoy doing. Identifies Knowledge, Skills and Attitudes: Job Rotation helps managers as well as individuals identify their KSA (Knowledge, Skills and Attitudes). It can be used in determining who needs to improve or upgrade his or skills in order to perform better. This helps in analyzing training and development needs of employees so that they can produce more output. Motivates Employees to Deal with New Challenges: When employees are exposed to different jobs or assigned new tasks, they try to give their best while effectively dealing with the challenges coming their way. Satisfaction and Decreases Attrition Rate: Exposing employees to different tasks and functions increase their satisfaction level. Job variation reduces the boredom of doing same task every day. Moreover, it decreases attrition rate of the organization. Align Competencies with Requirements: Alignment of competencies with requirements means directing the resources when and where they are required. It assesses the employees and places them at a place where their skills, competencies and caliber are used to the highest possible extent. Career counseling when needed Employees who are not able to perform or want to leave the organization voluntarily they were given incentives which were added in their benefits. In other cases where employees with good performance are planning to leave the organization then they are provided with proper career counseling by the HR manager himself and his reservations are also sorted out to maximum extent. Employee as family To motivate the employee’s non monetary benefits are also there which includes gatherings, trips to foreign countries, picnics, visits, lunches and formal dinners. This helps the employees feel like part of the family, rather than just workers. This is essential in terms of relationship building, and increasing communication between the top management and other employees. CORPORATE STRATEGY According to Adnan-ur-Rehman Khan, Senior Manager, Human Resources “HBL follows the strategy of diversification, since it deals with different customers, in different markets. We have a different group of customers for Islamic Banking, different for Corporate Banking. We aggressively look for new divisions that have a high potential of growth. For example, we were the pioneers of Zarai Banking, which made our portfolio diverse.” HBL is suppose to be a heterogeneous, complex and large organization therefore there are multiple strategies used. Centralized approach is used for financial dealings is used. Top management is flexible in this regard that every function can devise its own business strategy. Core Divisions at HBL HBL’s pioneer division is Agri financing. They are market leaders and other banks are following HBL. The division deals in providing farmers with necessary financing. Second core division at HBL is Retail Banking. CULTURE AT HBL Seniority based culture to performance based culture When the bank was Public limited, the culture was more inclined towards “promotion comes with age and loyalty.” The transition to Private limited company ensured that the culture be changed performance based. The seniority now holds less weight as compared to actual performance, when it comes to performance appraisal. Employee Work hours and Overtime issue HBL has a very strict policy against overtime. Overtime is not appreciated much. Timings are followed strictly. Every employee is supposed to leave the office at 5.30 PM, the usual off time of the organization. If an employee is sitting late and working, he is obliged to answer as to what took him to register overtime. The culture is such that when more than 95% employees leave on time, including the top management, employees are generally demotivated to stay late as well. Responsiveness Customer responsiveness delivers an excellent customer experience. As a global research reported, 81 percent of banks with strong capabilities and competencies for delivering customer experience excellence are outperforming their competition. An effective customer response strategy enables a bank to deliver the highest standards of customer care at a time when the customer most needs it. That level of care makes an important contribution to customer satisfaction and long-term loyalty. Head of resourcing instead of head of recruitment. Outsourcing worker services, ANALYSIS OF ORGANIZATIONAL STRUCTURE The purpose of an organizational structure is to help in creating an environment for human performance. It is then, a management tool and not an end in its own. Although the structure must define the task to be done, the rules so established must also be designed in the light of abilities and motivation of the human recourse available. By analyzing the organizational structure of HBL presence of the following elements can be found in its structure. Transition towards flatter organization Another change in the private limited company was the removal of additional levels in the organizational hierarchy, this helped in reducing the communication gap between employees and management, and among

Special Project: Research/Planning Report

Special Project: Research/Planning Report. I’m studying for my History class and need an explanation.

Please access directions for the Special Project.
These directions include every stage of the project. The first six steps on the sheet relate to the Research/Planning Report, which is turned in at this link.
We have a wealth of material for your project at the Grossmont College Library (Links to an external site.).
Remember: A primary source is a source from the time period, written or created by someone who saw the events (such as a letter or a speech from someone involved in the events). A secondary source is a source (such as a history book or article) created by a historian, based on primary sources the person found in their research.
Special Project: Research/Planning Report

Writer’s Choice Essay

Writer’s Choice Essay. IN ENGLISH: Just research on Sor Juana Ines de la Cruz. NO BOOK NEEDED. Other sources like the poem and information on Antonio Quilles is provided. Write about Sor Juana Inés de la Cruz’s relationship with painting or music in the context of the Novohispanic society of her time. Analyze sonnet 44 “If the risks of the sea considered”. In your analysis you should consider the metrics and rhyme of the verses and the poem according to the study of metrics by Antonio Quilis. For your answer to add up to the 15 points at stake in this item, you must talk about the form of this sonnet (meter and rhyme, 4 points), but also about its content (4 points): What is Sor Juana saying? Your essay must be well written. (4 points) and must correctly quote Sor Juana and Quilis (3 points).’s Choice Essay

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