Cross Cultural Human Resources Management Essay

Cross Cultural Human Resources Management - Essay Example After spending valuable time at the Resort as the trouble shooter and discussing various dimensions of resort work and its improvement, with the employees and other members of the staff, listening to all complaints of customers of the once-well-run resort, Patrick Dowd came to the conclusion that the problem plaguing the resort is that of inadequate and inefficient application of International Human Resource Management. In his Report to Jim Johnson, Patrick Dowd would make suggestions in the following mode, depending on his knowledge of International Human Resource Management and application of pertinent theories to the present case. International Human Resource management focuses on Human Resource Management practices across the countries mainly in multinational firms, or in organisations where people of different cultures work. There is very little difference between Internal Human Resource Management and Cross Cultural Human Resource management as both deal with the problems posed by employees drawn from various cultures. There is no definite criterion or stringent guidelines for cross cultural management. It alters according to the cultures involved and the requirements under given circumstances, as the circumstances and situations decide the rules. Here cultural diversities are accepted and honoured, not defied, and an attempt is made not only to avoid cultural clashes, but also to find a suitable way of functioning without challenging the cultures involved. Here exists no desire to see all cultures look identical and the 'lesser' cultures adopt the ways of the 'better' culture. Today the context of human resource management is constantly changing with the new and persistent demands of globalisation. Human resource management of today has a global sense based on the new trend of global business. Businesses like the West Indies Yacht Club Resort, even though not a particularly overwhelming international business house in the accepted sense, welcomes guests from all parts of the world and employs people from different background and age group. When the Resort came under clouds, both the General Manager Jim Johnson and Patrick Dowd, the chosen consultant felt that this was a case of cross cultural human resources mismanagement. British Virgin Islands are not really called 'happening' places, but quiet places where resorts were built for people who need relaxation. Local people still are living in a cocooned culture hardly being exposed to international ways of living. It is difficult to find employees with exemplary educational background and efficient motivity in the islands. Efficient staff had to be drawn from different cultures and places, mainly from United States main land. British Virgin Islands, so remotely placed and lacking all diverse academic facilities for growing up children, and entertainment or business facilities for grown ups, people usually either got bored, or felt inadequately equipped for the future, frequently resigned in search of better pastures and none of the employees stayed for a long time. This created an impossible situation for the Resort of perpetually training new people; getting adjusted to them and getting them adjusted to the Islands. When the management heaves a sigh of relief that the new unfamiliar staff is trained enough to handle the situations, the well-trained staff decides to move and management had been frustrated on this issue for a long time. The resort was famous

An analysis of the financial crisis and collapse of Lehman Bros Essay

An analysis of the financial crisis and collapse of Lehman Bros - Essay Example An analysis of the financial crisis and collapse of Lehman Bros. Many of the investment strategies designed to improve the liquidity position of major banks and ensure asset growth had lost the majority of their value and companies such as Lehman Bros. were unable to find appropriate buyers for many derivatives that were backed by the high volume of home mortgages granted to higher-risk consumer segments prior to 2007. As aforesaid, the inter-dependency within the international banking system led to a crisis when asset values on certain derivatives plummeted, when major banking institutions could no longer successfully meet their debt obligations, and even sizeable financial bailouts both internal and from government were insufficient in sustaining banking operations. The main contributors to the financial crisis of 2007-2010 was not largely attributable to improper or lax regulatory forces, it was a product of poor banking leadership and inappropriate investment strategies within the financial institutions’ business models. This essay describes the catalysts for what drove the financial crisis, focusing specifically on the role of Lehman Bros. in facilitating the problem. Research has identified that the mechanisms creating the financial disaster included the derivatives market, investor and executive-level behaviour in the financial markets, poor auditing systems responding proactively to observable or quantitatively-supported market trends, and the growing consumer adoption of adjustable rate mortgages being offered by major banking institutions. ... The main contributors to the financial crisis of 2007-2010 was not largely attributable to improper or lax regulatory forces, it was a product of poor banking leadership and inappropriate investment strategies within the financial institutions’ business models. This essay describes the catalysts for what drove the financial crisis, focusing specifically on the role of Lehman Bros. in facilitating the problem. Research has identified that the mechanisms creating the financial disaster included the derivatives market, investor and executive-level behaviour in the financial markets, poor auditing systems responding proactively to observable or quantitatively-supported market trends, and the growing consumer adoption of adjustable rate mortgages being offered by major banking institutions. The Adjustable Rate Mortgage (ARM) Consecutive and recurring drops in the national interest rate in the United States and the United Kingdom occurring between 2001 and 2006 in an effort to stave off a perceived, impeding economic recession created a favourable environment for home ownership. When the Federal interest rate is lowered, it affects the published prime rate by which financial lenders establish an appropriate interest rate on home mortgages. In 1982, the prime rate in the United States was set at a record of 19 percent (Fedprimerate.com 2013), a period where the country was emerging from a period of intense inflation increases and previous economic recession. Home mortgages generated between 1982 and 2000, therefore, were significantly profitable for lending institutions as they were able to justify loan generation to diverse consumer