Leadership vs. Management Essay

Leadership and management must go hand in hand. They are not the same thing. But they are necessarily linked, and complementary. The manager’s job is to plan, organise and coordinate. The leader’s job is to inspire and motivate. In his 1989 book â€Å"On Becoming a Leader,† Warren Bennis composed a list of the differences: the manager administers the leader innovates the manager is a copy the leader is an original the manager maintains the leader develops the manager focuses on systems and structures the leader focuses on people the manager relies on control the leader inspires trust the manager has a short-range view the leader has a long-range perspective the manager asks how and when the leader asks what and why the manager has his/her eye always on the bottom line the leader’s eye is on the horizon the manager imitates the leader originates the manager accepts the status quo the leader challenges it the manager is the classic good soldier the leader is his/her own person the manager does things right the leader does the right thing Leadership Attributes of a leader: Studies, and develops ideas and principles Innovates Resourceful and looks for solutions to problems Empathetic with a focus on people Inspires trust among stakeholders Understands the big picture Superior listening skills Courageously challenges the state of affairs, and asks why and what can be improved Looks for opportunities to develop strengths Develops a following A leader’s specific roles are determined through the four basic leadership responsibilities of directing, coaching, supporting and delegating. Specific responsibilities will fall into one of these four categories. In leadership practice, one must master skills in all areas in order to effectively lead others under their direction. Developing strengths in each of the four leadership roles allows a leader to read specific situations accurately and know what communication style is best applied. Directing Directing refers to how to keep work tasks and activities on the right track. A leader’s direction is what makes or breaks problem solving as well as determines the effectiveness of an approach to an assignment or task, the maintaining of momentum until its completion, and whether it is done by deadline. There are several ways to generate good direction techniques. These include: Explain things completely and include the ‘why’s’ Leaders learn early on that the best way to gain support and trust from their employees is to explain all things in their entirety. Once people understand why something is important or necessary, they generally rally to the call of that which needs to be done or addressed. Remain visible Leaders understand the power of their presence at all times. Nothing deflates the workforce’s motivation and desire to achieve more than to be left on their own with no visible means of support or direction. Objectively consider opposing points of view Leaders consider situations, problems and solutions from various viewpoints, as the input from as many individuals as possible expands their capabilities to effectively frame their direction. Coaching Coaching refers to when a leader knows where he or she wants to go and remains in control of the task but needs to lead others in developing a mutual support network. Coaching instils the desire to achieve and builds a dialogue bridge between the leader and those under his or her charge. This  motivates employees and positively changes attitudes toward the work assignment. To do this effectively a leader must make an effort to: Incorporate the word ‘we’ into all conversations Effective leaders eliminate the word â€Å"I† because it denotes a singular rather than cooperative effort. The very meaning of the term â€Å"coaching† implies a team effort. Listen for objections and areas of misunderstanding Effective leaders who coach well develop the skill of eliminating objections by developing an effective dialogue and creating clear and concise responses. Offer explanations addressing the ‘why’s, what’s and how’s’ of the problem or task at hand Good coaching depends upon complete understanding. Motivation and confidence comes from understanding the expectations a leader has of those involved in a given task, assignment or problem solving situation. Supporting Managers cannot be effective leaders unless they actively hone their supporting skills. People look warmly on leaders who actively work to support them emotionally as well as physically. When leaders actively work to support the people under their charge they: Acknowledge individual efforts with comments of praise and positive support Leaders are not afraid to say â€Å"thank you,† or â€Å"you’re doing a great job,† or whatever it takes to instil confidence in an individual. Disclose their own feelings openly and honestly Leaders are not afraid to reveal their â€Å"inner self.† Trust and loyalty are built on disclosing inward feelings, concerns and desires. Readily and honestly opening up builds encouragement and perseverance on both sides. Never hesitate to ask, ‘What’s wrong?’ Leaders allow themselves to get into the thick of a situation or task, and are quick to share the decision making responsibility, but know when to relinquish control in order to gain extra participation and involvement. Delegating Leaders know and understand their people. They know their strengths and weaknesses as well as what motivates and frustrates them. Effective delegating relies on the ability to select the proper person for the specific task or role. Leaders develop good delegation skills by: Briefing the delegate Leaders leave nothing to chance when they delegate. When delegating, it is vital to explain exactly what expectations the leader has of the delegated individual. Having confidence in the person they select Leaders do not select individuals for an assignment according to their job descriptions or the salaries they command, they look for people with the skills, abilities, perseverance and motivation to get the job done and done well. Not abdicating responsibility, but allowing individuals to decide a best course of action for themselves Leaders monitor and weigh these individual decisions, but never advance their own leadership position for a particular course of action unless they assess  it to be the best one. Understanding Theories of Leadership Trait Theory of Leadership Trait Theory of Leadership is based on the assumption that people are born with inherited traits and some traits are particularly suited to leadership. People who make effective leaders have the right (or sufficient) combination of traits and great leaders has some common personality characteristics. Traits/skills generally believed to be possessed by leaders can be classified into categories such as: Physical characteristics (e.g. age; height; weight; alertness; energetic); Background characteristics (e.g. education; social status; mobility; experience); Intelligence characteristics (e.g. ability; judgement; knowledge; clever {intelligent}; conceptually skilled; creative; knowledgeable about group task; intellectual breadth); Personality characteristics (e.g. aggressiveness; alertness; dominance; decisiveness; enthusiasm; extroversion; independence; self-confidence; authoritarianism; assertive; tolerant of stress); Task-Oriented characteristics (e.g. achievement needs; responsibility; initiative; persistence; ambitiousness; achievement-orientated; decisive; persistent; willingness to assume responsibility; organised {administrative ability}; Social characteristics (e.g. supervisory ability; cooperativeness; popularity; prestige; tact; diplomacy; adaptability; cooperative; dependable; tactful; persuasive; socially skilled; emotional stability and composure; good interpersonal skills). Look at the Social Characteristics above. Be honest with yourself and write down those characteristics you feel you have and those that you feel you still need to work on. Behavioural theories Behavioural psychology, also known as behaviourism, is a theory of learning based upon the idea that all behaviours are acquired through conditioning. Behavioural theories focus on how leaders behave and assume that leaders can be â€Å"made†, rather than born, and successful leadership is based on definable, learnable behaviour. Theory X and Theory Y Theory X and Theory Y framework proposed by McGregor in his classic book â€Å"The Human Side of Enterprise† (1960) consists of two alternative set of assumptions. Theory X perceives employees to be lazy, irresponsible and untrustworthy, while according to theory Y employees are approached as one of the most valuable assets of the company. Your management style is strongly influenced by your beliefs and assumptions about what motivates members of your team. If you believe that team members dislike work, you will tend towards an authoritarian style of management; on the other hand, if you assume that employees take pride in doing a good job, you will tend to adopt a more participative style. Theory X Theory X assumes that employees are naturally unmotivated and dislike working, and this encourages an authoritarian style of management. According to this view, management must actively intervene to get things  done. This style of management assumes that workers: Dislike working. Avoid responsibility and need to be directed. Have to be controlled, forced, and threatened to deliver what’s needed. Need to be supervised at every step, with controls put in place. Need to be enticed to produce results; otherwise they have no ambition or incentive to work. X-Type organisations tend to be top heavy, with managers and supervisors required at every step to control workers. There is little delegation of authority and control remains firmly centralised. McGregor recognised that X-Type workers are in fact usually the minority, and yet in mass organisations, such as large scale production environment, X Theory management may be required and can be unavoidable. Theory Y Theory Y explains a participative style of management that is de-centralised. It assumes that employees are happy to work, are self-motivated and creative, and enjoy working with greater responsibility. It assumes that workers: Take responsibility and are motivated to fulfil the goals they are given. Seek and accept responsibility and do not need much direction. Consider work as a natural part of life and solve work problems imaginatively. This more participative management style tends to be more widely applicable. In Y-Type organisations, people at lower levels of the organisation are involved in decision making and have more responsibility. Contingency theories Fiedler’s contingency model The Fiedler Contingency Model asks you to think about your natural leadership style, and the situations in which it will be most effective. The model says that leaders are either task-focused, or relationship-focused. Once you understand your style, it says that you can match it to situations in which that style is most effective. Fiedler’s model consists of 3 primary elements: Leader-Member Relations – This is the level of trust and confidence that your team has in you. A leader who is more trusted and has more influence with the group is in a more favourable situation than a leader who is not trusted. Task Structure – This refers to the type of task you’re doing: clear and structured, or vague and unstructured. Unstructured tasks, or tasks where the team and leader have little knowledge of how to achieve them, are viewed unfavourably. Leader’s Position Power – This is the amount of power you have to direct the group, and provide reward or punishment. The more power you have, the more favourable your situation. Fiedler identifies power as being either strong or weak. There are some criticisms of the Fiedler Contingency Model. One of the biggest is lack of flexibility. Fiedler believed that because our natural leadership style is fixed, the most effective way to handle situations is to change the leader. He didn’t allow for flexibility in leaders. Hersey-Blanchard Situational Leadership The Hersey-Blanchard situational leadership theory states that instead of using just one style, successful leaders should change their leadership styles based on the maturity of the people they’re leading and the details of the task. Using this theory, leaders should be able to place more or less emphasis on the task, and more or less emphasis on the relationships  with the people they’re leading, depending on what’s needed to get the job done successfully. We will look at situational leadership more close later on. Transformational Leadership The leadership style called â€Å"transformational leadership† is often the most effective approach to use. Transformational leaders have integrity, they inspire people with a shared vision of the future, they set clear goals, they motivate people towards these goals, they manage delivery, and they communicate well with their teams. Transformational leaders are inspiring because they expect the best from everyone on their team as well as themselves. This leads to high productivity and engagement from everyone in their team. In many organisations, both transactional and transformational leadership styles are useful. Transactional leaders (or managers) ensure that routine work is done reliably, while transformational leaders look after initiatives that add new value. It’s also important to use other leadership styles when necessary – this will depend on the people you’re leading and the situation that you’re in. Tannenbaum and Schmidt’s continuum The Tannenbaum and Schmidt Continuum is a simple model of leadership theory which shows the relationship between the level of freedom that a manager chooses to give to a team, and the level of authority used by the manager. As the team’s freedom is increased, so the manager’s authority decreases. This is a positive way for both teams and managers to develop. Over time, a manager should aim to take the team from one end to the other, up the scale, at which point you should also aim to have developed one or a  number of potential successors from within your team to take over from you. When examining and applying the Tannenbaum and Schmidt principles, it’s extremely important to remember: irrespective of the amount of responsibility and freedom delegated by a manager to a team, the manager retains accountability for any catastrophic problems that result. Delegating freedom and decision-making responsibility to a team absolutely does not absolve the manager of accountability. That’s why delegating, whether to teams or individuals, requires a very grown-up manager. If everything goes well, the team must get the credit; if it all goes horribly wrong, the manager must take the blame. This is entirely fair, because the manager is ultimately responsible for judging the seriousness of any given situation – including the risks entailed – and the level of freedom that can safely be granted to the team to deal with it. This is not actually part of the Tannebaum and Schmidt Continuum, but it’s vital to apply this philosophy or the model will definitely be weakened, or at worse completely back-fire. Here are the Tannenbaum and Schmidt Continuum levels of delegated freedom, with some added explanation that should make it easier to understand and apply. 1.The Manager decides and announces the decision The manager reviews options in light of aims, issues, priorities, timescale, etc., then decides the action and informs the team of the decision. The manager will probably have considered how the team will react, but the team plays no active part in making the decision. The team may well perceive that the manager has not considered the team’s welfare at all. This is seen by the team as a purely task-based decision, which is generally a characteristic of X-Theory management style. 2.The manager decides and then ‘sells’ the decision to the group The manager makes the decision as in 1 above, and then explains reasons for the decision to the team, particularly the positive benefits that the team will enjoy from the decision. In so doing the manager is seen by the team to recognise the team’s importance, and to have some concern for the team. 3.The manager presents the decision with background ideas and invites questions The manager presents the decision along with some of the background which led to the decision. The team is invited to ask questions and discuss with the manager the rationale behind the decision, which enables the team to understand and accept or agree with the decision more easily than in 1 and 2 above. This more participative and involving approach enables the team to appreciate the issues and reasons for the decision, and the implications of all the options. This will have a more motivational approach than 1 or 2 because of the higher level of team involvement and discussion. 4.The manager suggests a provisional decision and invites discussion about it The manager discusses and reviews the provisional decision with the team on the basis that the manager will take on board the views and then finally decide. This enables the team to have some real influence over the shape of the manager’s final decision. This also acknowledges that the team has something to contribute to the decision-making process, which is more involving and therefore motivating than the previous level. 5.The manager presents the situation or problem, gets suggestions, then decides The manager presents the situation, and maybe some options, to the team. The team is encouraged and expected to offer ideas and additional options, and discuss implications of each possible course of action. The manager then decides which option to take. This level is one of high and specific involvement for the team, and is appropriate particularly when the team has more detailed knowledge or experience of the issues than the manager. Being  high-involvement and high-influence for the team this level provides more motivation and freedom than any previous level. 6.The manager explains the situation, defines the parameters and asks the team to decide At this level the manager has effectively delegated responsibility for the decision to the team, albeit within the manager’s stated limits. The manager may or may not choose to be a part of the team which decides. While this level appears to gives a huge responsibility to the team, the manager can control the risk and outcomes to an extent, according to the constraints that he stipulates. This level is more motivational than any previous, and requires a mature team for any serious situation or problem. (Remember that the team must get the credit for all the positive outcomes from the decision, while the manager remains accountable for any resulting problems or disasters. This isn’t strictly included in the original Tannenbaum and Schmidt definitions, so it needs pointing out because it’s such an important aspect of delegating and motivating, and leadership.) 7.The manager allows the team to identify the problem, develop the options, and decide on the action, within the manager’s received limits This is obviously an extreme level of freedom, whereby the team is effectively doing what the manager did in level 1. The team is given responsibility for identifying and analysing the situation or problem; the process for resolving it; developing and assessing options; evaluating implications, and then deciding on and implementing a course of action. The manager also states in advance that he/she will support the decision and help the team implement it. The manager may or may not be part of the team, and if so then he/she has no more authority than anyone else in the team. The only constraints and parameters for the team are the ones that the manager had imposed on him from above. (Again, the manager retains accountability for any resulting disasters, while the team must get the credit for all successes.) This level is potentially the most motivational of all, but also potentially the most disastrous. Not surprisingly the team  must be mature and competent, and capable of acting a t what is a genuinely strategic decision-making level. Leadership Styles Some basic leadership styles: Directive Frequently described as autocratic. Tells people what to do and expects them to jump to it. Participative Seeks input from others and participates in the decision-making process. Laissez-Faire A hands-off approach allowing for both initiative and the latitude to determine process to effect an outcome Adaptive A fluid style that takes into consideration the context of the environment and the individual being led. Using the techniques of Leadership Situational leadership ® Situational Leadership ® is a concept developed by Paul Hersey, an internationally recognised leading authority on training and development in leadership and management and Kenneth Blanchard, an American author and management expert. Generally when referring to the concept it is safer and correct to show the name as a registered protected trademark as it relates  to business and products by Hersey and Blanchard. Looking at ‘Directive Behaviour’ whereby the leader gives clear defined and detailed instructions, and ‘Supportive Behaviour’ where the leader gives people the freedom to make decisions and support them in their efforts, Hersey and Blanchard moved away from the idea of shifting on a line between the two and consider good leadership as a combination of both. The idea is that the way of combination will vary according to the person being dealt with by the leader, and the situation on which that person operates, hence the term – Situational Leadership ®. The notable features of this model are briefly that the model: focuses on followers (individual team members), rather than wider workplace circumstances; emphasise that leaders should change their behaviour according to the type of followers; proposes a progression of leadership adaptation in response to the development of followers. By combining high and low levels of each type of behaviour we progress towards four distinct styles of leadership. Level Group type Developing D1 Low competence / High commitment D2 Some competence / Low commitment D3 High competence / Variable commitment Developed D4 High competence / High commitment Appropriate leadership styles for each development level: Development Level Appropriate Leadership Style D1 Low competence / High commitment S1 Directing (Structure, control and supervise) D2 Some competence / Low commitment S2 Coaching (Direct and support) D3 High competence / Variable commitment S3 Supporting (Praise, listen and facilitate) D4 High competence / High commitment S4 Delegating (turn over responsibility for day-to-day decision making) Directing:The leader provides specific instructions and closely supervises the task. This style is appropriate for people who lack skill but are committed and eager to learn or those who do not want responsibility and want clear, specific instructions. Coaching:The leader gives some direction and supervision because team members, although they have some competence and commitment, are still relatively inexperienced, therefore require further development. They need support and praise to boost their self-esteem. Their involvement in decision making assists with the development process. Supporting:Even though team members do not need much direction, good support by the leader is still necessary to motivate and boost confidence. Delegating:Team members are both competent and committed therefore leader can give them responsibility for decision making and problem solving with little supervision or support. Power in Organisation Leadership Leadership and power are closely linked. Powerful people are normally those that others follow, so they become the leaders. The five bases of power were identified by John French and Bertram Raven in the early 1960’s through a study they had conducted on power in leadership roles. The study showed how different types of power affected one’s leadership ability and success in a leadership role. They identified five bases of power: 1.Legitimate:This comes from the belief that a person has the formal right to make demands, and to expect compliance and obedience from others. 2.Reward:This results from one person’s ability to compensate another for compliance. 3.Expert:This is based on a person’s superior skill and knowledge. 4.Referent:This is the result of a person’s perceived attractiveness, worthiness, and right to respect from others. 5.CoerciveThis comes from the belief that a person can punish others for noncompliance. If you’re aware of these sources of power, you can†¦ Better understand why you’re influenced by someone, and decide whether you want to accept the base of power being used. Recognise your own sources of power. Build your leadership skills by using and developing your own sources of power, appropriately, and for best effect. Trust The first task of any leader is to inspire trust. Trust is confidence born of two dimensions: character and competence. Character includes your integrity, motive, and intent with people. Competence includes your capabilities, skills, results, and track record. Both dimensions are vital. The foundation of trust is your own credibility, and it can be a real differentiator for any leader. A person’s reputation is a direct reflection of their credibility, and it precedes them in any interactions or negotiations they might have. Behaviours you can adopt to build trust in yourself: Talk Straight Demonstrate Respect Create Transparency Right Wrongs Show Loyalty Deliver Results Get Better Confront Reality Clarify Expectation Practice Accountability Listen First Keep Commitments Extend Trust Bibliography The Wall Street Journal Article: What is the difference between Management and Leadership (last accessed 4 August 2013) (http://guides.wsj.com/management/developing-a-leadership-style/what-is-the-difference-between-management-and-leadership/) The Biz Coach Article: 10 Key Differences between Leaders and Managers (last accessed 4 August 2013) (http://www.bizcoachinfo.com/archives/8426) Techno Funcâ„ ¢ Article: Trait Theory of Leadership (last accessed 4 August 2013) (http://www.technofunc.com/index.php/leadership-skills/leadership-theories/item/trait-theory-of-leadership-2) Article: Behavioural Theories of Leadership (last accessed 7 August 2013) (http://www.technofunc.com/index.php/leadership-skills/leadership-theories/item/behavioral-theories-of-leadership) About.com – Psychology Article: Psychology Theories (last accessed 7 August 2013) (http://psychology.about.com/od/psychology101/u/psychology-theories.htm) Research Methodology Article: Theory X and Theory Y (last accessed 7 August 2013) (http://research-methodology.net/theory-x-and-theory-y/) Mind Tools Article: Theory X and Theory Y (last accessed 7 August 2013) (http://www.mindtools.com/pages/article/newLDR_74.htm) Article: Fiedler’s Contingency Model (last accessed 11 August 2013) (http://www.mindtools.com/pages/article/fiedler.htm) Article: The Hersey-Blanchard Situational Leadership ® Theory (last accessed 11 August 2013) (http://www.mindtools.com/pages/article/newLDR_44.htm) Article: French and Raven’s Five Forms of Power (last accessed 11 August 2013 (http://www.mindtools.com/pages/article/newLDR_56.htm) Slideshare Article: Fiedler’s contingency model to leadership (by Bhobotosh Debnath) (last accessed 11 August 2013) (http://www.slideshare.net/bhobotoshdebnath/assignment-on-2) Businessballs.com Article: Tannenbaum and Schmidt Continuum (last accessed 11 August 2013) (http://www.businessballs.com/tannenbaum.htm) The Build Network Article: Leadership styles to master (last accessed 11 August 2013) (http://thebuildnetwork.com/leadership/4-leadership-styles/) The Fast Track Article: The 5 Types of Power in Leadership (last accessed 11 August 2013) (http://quickbase.intuit.com/blog/2011/08/26/the-5-types-of-power-in-leadership/) Leadership Now Article: How the best leaders build trust (last accessed 11 August 2013) (http://www.leadershipnow.com/CoveyOnTrust.html)

Bank of America Business Analysis

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle sized market businesses and large corporations with a vast array of products and services. From multi-million dollar loans to thousands of ATM’s throughout the United States and overseas, Bank of America is among the world's leading wealth management companies’ and is a global leader in corporate business. Bank of America Business Capital provides asset-based credit facilities of $10 million or more throughout the United States, Canada and Europe for manufacturers, wholesalers, distributors, and service businesses. Bank of America is currently listed as number 5 on the Fortune Global 500 annual ranking of America’s largest corporations. However, they did not place within the top 100 of fortune 500 companies to work for in 2009 (CNN. com money magazine, 2009). Bank of America operates in more than 10 countries including regions in Europe, Asia, and Central and South America. With operations in such a wide range of selected countries Bank of America (BOA) has to deal with differing legal and cultural aspects which can relate to the amount of risk the management is willing to accept. This risk includes what is called systematic political risk. â€Å"As a rule, a country’s political processes do not treat foreign operations unfairly. If they did, few companies would hazard the investment† (Daniels et. al, p. 105, 2011). The differing market and legal systems, ranging from common law to theocratic law and a mixed system, etc could make room for trouble for BOA’s international business if the interpretation of the laws are not the same. Similarly, economic risk is the likelihood that certain events or changes in the economic status or a company or will cause drastic changes adversely affecting profits and other goals. The ability to measure and understand risk and determining which risk is acceptable is a key factor of success with any international business venture. This along with political risk will have to be managed forecasted effectively to judge the outcome of any changes to governmental, import, or export changes as they could affect the profits and or losses which could ultimately affect a company’s ability to repay a loan that was granted by BOA. Although the 2011 CFO Outlook reports that â€Å"U. S. companies overall are highly involved in foreign markets and are forecasting international sales growth in 2011† (2011 CFO Outlook), if I were a political consultant for BOA, I would highly caution them with respect to venturing into a country where they are not willing to accept our form of economic feasibility or where the GDP does not represent strength as it relates to longevity within the economy. It would be far too difficult to influence change within an entire culture just to add breadth to the organization. Furthermore, without the ability to measure and understand the end state of a cultural shift, the foreign business opportunity may be at risk of unacceptable losses especially where healthcare costs and costs of materials are concerned (2001 CFO Outlook). Bank of America is changing because its customers are changing. In the 2009 Financial Report Brian T. Moynihan, Chief Executive Officer and President of BOA said â€Å"There is nothing more important to our more than 280,000 Bank of America teammates and me than our belief that there’s a right way to do business — an approach that balances our responsibilities to all our stakeholders. This belief has guided our efforts as we’ve worked to help customers, clients and communities ride out the economic storm. † He also went on to say that the most pressing need is the overhaul of loan modifications. The pressing need for this is â€Å"to help families and businesses manage their monthly cash flow to get through the crisis. † However, BOA is making strides ahead of some of the other financial institutions. They repaid the Troubled Asset Relief Program (TARP) in December of 2009 although they reported a net loss applicable to common shareholders of $2. 2 billion (BOA 2009 Financial Report). This has proved to work fine for common law states but it would prove to be much more difficult in civil law or a mixed system and just about impossible in theocratic law system. BOA has a code of conduct or ethics as they call it as a significant part of their processes used to manage risk. They train their associates to mitigate risk and set high standards for their associates. This provides a framework for the associates to conduct themselves with the highest integrity in delivering products or services to their customers. â€Å"We instill a risk-conscious culture through communications, training, policies, procedures, and organizational roles and responsibilities. Additionally, we continue to strengthen the linkage between the associate performance management process and individual compensation to encourage associates to work toward enterprise-wide risk goals. † (Brian T. Moynihan, BOA 2009 Financial Report). This is vitally important for the company to extend these ethics to the workforce overseas as the importation and adoption of the headquarters mindset will ensure that host nation workers will also adhere to the higher standards associated with conducting business with BOA. It is just a good business practice to ensure that wherever you operate, you share the same vision that will foster success and continued best practices. Although I did not find any social programs during my research on BOA, I did notice when I was in Panama that they have Panamanian and American workers employed. I would presume to say that, just as in any working environment the management would establish some sort of informal program amongst its workers. And seeing how BOA strives with its code of ethics this could be not far from the truth as bonds are made as the people work together daily. In conclusion, BOA has done quite well for themselves and that is directly attributed to the high standard set by the corporate office and CEO Brian T. Moynihan. As one of the world banking leaders it would do them well to continue to look toward the future of expanding and exploring other joint ventures locally and internationally. They would do well to guide their investment strategy and actions by monitoring the consumer deposits, credit card services, and investment management as an indicator of the overall economic status and potential growth of their joint ventures. References http://money.cnn.com/magazines/fortune/bestcompanies/2009/full_list/index.html

Construction Assignment Example | Topics and Well Written Essays - 250 words

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Insurance Term Paper Example | Topics and Well Written Essays - 1250 words

Insurance - Term Paper Example Economics defines insurance as a form of risk management, which is an equitable transfer of a loss from an entity to another and money is the form of exchange (Birds 54). An insurer is the company selling the insurance; the insured is the buyer of the insurance policy, whilst premium is the amount charged for a certain insurance coverage. An insured entity is protected from risks that may occur; however, the insured risk must meet the requirements for it to qualify as an insurable risk. Nevertheless, the insurance industry is flooded with many companies issuing different types of insurance at competitive rates. The insurance companies offer different types of insurance, for instance, auto insurance, health insurance, accident insurance, life insurance, and home insurance among others. The concept of risk is very important to insurance, as it is concerned with uncertainties. An insurance cover is usually designed to protect a customer against losses. Generally, clients choose certain covers that guarantee them a peace of mind and financial protection. For instance, life insurance is designed to assist loved ones incase of death of the insured; it is in form of payment to the beneficiaries – however, cases of suicide are not considered, (Holland, et al 65). The policyholder does not benefit from this type of cover, since it is active when he dies, hence benefiting his next of kin. Some critical illnesses are added to life insurance, and in this case, the policyholder will be paid a lump of money referred to as annuity and they are allowed to keep the money incase they recover. Car insurance is another common type of insurance since each driver is required to attain car insurance globally. Some types of Car insurance cover the third party incase of an accident and offer legal protection, but this depends on the kind of policy the insured has. Coverage may include the damage of the car, theft of the car, medical expenses and funeral

Business and Society Assignment Example | Topics and Well Written Essays - 2000 words - 2

Business and Society - Assignment Example Many authors are of the opinion that usually firms and large organizations focus on economic and environmental sustainability but they usually miss social sustainability (Freeman 2005). A community is not just about the environment rather the people living in the community are also of equal importance. The importance of social environment of any community or the organization is equally important as the physical environment of that particular community. Therefore, the companies should consider the social sustainability among its top focus priorities. It is one of the basic pillars for the social development in the society (Freeman 2005). A socially sustainable business definitely means a business, which is good in its operations and other related areas. By adopting the social sustainability practices, a business actually mitigates or reduces the amount of possible risks. These risks can be associated with the social and human issues related to the activities of the organization. For example if I have a site for my business which is unsafe for the labor working over here then it means that I am not fulfilling my responsibility of being socially sustainable. The worst situation will occur, if the workers may face any contingency because of that unsafe building. Therefore, we can say that a true sense of social sustainability is very much important and necessary for the company to be effective in the community. All of us are very much familiar with the term of work place ethics. The work place ethics may include all the ethical and moral values and codes of conducts, which must be fulfilled whenever we are working in any organization. If we consider the work place ethics from managerial point of view, then the provision of healthy and safe work place environment is also the responsibility of the managers. The work place or the working site should be designed in a way that people may not feel any hazard or harm in working here. This is the whole and sole

The Turn of the Screw Essay Example | Topics and Well Written Essays - 1000 words

The Turn of the Screw - Essay Example Hence, the prologue introduces the story as a long-kept secret that is about to be revealed. The secret as narrative strategy consists in the omission of information by the narrator, in order to maintain the narrative suspense among the readers, which can be compared to Douglas’s attitudes towards his audience. An atmosphere of mystery surrounds Douglas’s introduction of the story: his agitation, his reluctance to tell too many details (â€Å"You’ll easily judge†¦ you will† [24], â€Å"That will come out. I don’t anticipate† [28]) and his hiding of the governess’s manuscript before he decided to read it. From the prologue, it becomes obvious that the narrator is not only a subject who tells, but also a subject who allows herself/himself to remain silent. As soon as the narrator chooses â€Å"not to tell† everything, we notice that the great secret of the ghostly experience is made of a chain of â€Å"little† secrets, some of which are partially revealed (the cause of the former governess’s death, the reason of Miles’s expulsion from boarding school), whereas others remain untold, and the very ending of the story becomes a secret to the readers, that is, Miles’s death, a question that has generated a lot of interpretations among the scholars. Priscilla Walton assumes Miles’s death as a Pyrrhic victory of the governess’s over the ghost of Peter Quint, who possessed little Miles (315). She states that he died due to his conflict on sexualities. On the contrary, Teahan claims that Miles was strangled by the governess. The climax of the story coincides with the governess’s fatal â€Å"reading† of Miles: unable to tolerate the ambiguity of his failure to conform to her polarized stereotypes of the sexually innocent â€Å"angel† and corrupt â€Å"fiend†Ã¢â‚¬ ¦, she fixes his meaning by strangling him in a deadly literalization of the recurring metaphors of â€Å"seizing† and â€Å"grasping† that track her struggle

UAE Women leaders and Professional career development Research Proposal

UAE Women leaders and Professional career development - Research Proposal Example Hence; they will be having a real tool to develop themselves and they might achieve a successful career progression to reach a higher position in the existing workforce. The Inductive approach will be used in this research which is part of the Subjectivism research approach as the investigations will depend on building theory through small sample of people perceptions regarding the situation that will be discussed to understand the reality of the study and to get their feelings about what is going on in order to identify better the nature of the problem and analysing those data. The results will give some solutions for the study along with evidences that will provide a clear picture for the target people to accomplish their goals. The research design that is selected for the study is an exploratory research design, in order to understanding the things deeply. As explained by Zechmeister et al., (1997) survey research represents a general approach to be used when the research design is implemented. Survey research is the method of gathering data from respondents thought to be representative of some population using an instrument composed of close structure or open-ended items (questions). It is one of the most dominant forms of data collection in the social sciences providing for efficient collection of data over broad populations, amenable to self-administration, administration in person, by telephone, via mail and over the internet. The primary data is to be collected by conducting field research that involves face to face interviews, surveys, questionnaires and focused group interviews. Primary research involves the usage of primary data for the collection of data. Primary data are that information that is collected for the first time. The primary research will be especially useful since it will provide a guideline to the most current data available on this topic from UAE National women who are about to reach either supervisory or managerial positions and also from female who are about to enter the workforce. This will help to give an idea about what challenges they face and how they feel they will compare themselves with foreigners in the workplace. There are many advantages that have been identified in the use of the survey method. According to Babbie (2001), these advantages include: 1. One can collect a large amount of adapt in a fairly short time. 2. Surveys are easier and less expensive than other forms of data collection. 3. Questionnaire can be used to research almost any aspect of human perceptions regarding the variables under study. 4. They can be easily used on field settings. The secondary research method will include gathering data on the subject from different newspapers, magazines, online articles, press releases, academic journals, textbooks and other library books. Combining the knowledge gained from all these sources and both research methods will provide a lot of detail about the topic that can be used to develop suitable conclusions and