The "Ancient Story" very much reminded me of my experience at my current internship within a financial company. I am currently interning in the Wealth Management department with a team of three others. One being the Managing Director of the group who in ranked in the company's "Top Ten Wealth Managers" for having a large amount of assets under management. I often idolized individuals in the financial industry and looked at them with great prestige. However, interning within the industry and observing their weekly behavior, I do not observe individuals in Finance with such high regards as I did prior. The majority of the employees begin counting down the hours as soon as they enter the building. Most are visibly stressed and do not seem to hold their own position in such high regard. I was just recently told that I have the opportunity to hold a position there upon graduating. However, I would only be allowed to stay there for two years because they feel there are greater possibilities for me. Since their job requires discussing investing opportunities with their clients, an overall positive attitude is required. However, once they are done conversating with clients they resume to their un-motivated behavior. The saying, "money isn't everything" is very apparent within this industry. I believe that the majority of the employees were influenced by the Herzberg's "satisfying factors", such as recognition of a prestigious company in the industry, responsibility of large amounts of others belongings, and achievement recognition when acquiring new, high asset clients. These factors influence their performance within the company and give them the drive to go to work daily, regardless of their feelings towards their career industry. I also feel that these factors reinforce and motivate them to remain within the company and not change careers. Overall, the individuals working within the wealth management department all feed each other positive energy. Regardless how they feel about their activities at their workplace, they keep each other laughing.
I would influence employees to view their career in a brighter light because overall they are assisting others stay financially stable in such a unsteady economic environment. Their human needs shown in Maslow's Hierarchy are for the most part being more than satisfied. For instance, their lower-order needs are all being met. They have such friendly co-workers that they even spend time outside of work together, they interact with pleasant customers, and the teams supervisor is extremely accommodating. The financial industry has remained very unstable within the past four years, however wealth managers will always be needed. Very few individuals know the best IRA plans to invest within or which is the next up and coming stock. Therefore, they have high job security in comparison to other financial industries. They also receive safe working conditions and very fair compensation and benefits. Their physiological needs may not be as satisfying as social and safety needs, but they are still very apparent in their careers. Their higher-order needs are also met through esteem, they hold high responsibility. There may not be great room for advancement to a higher position, however they do receive praise and recognition. Also, participation in decision making is apart of their daily objectives and challenging work is definitely administered. Overall, they should view their positions in a greater positive light. There are many individuals that primarily have "lower-order" needs or barely at all. Working within a corporation where both your higher-order and lower-order needs are met is extremely fortunate. They are greatly satisfying others by making them profits in a time of economic instability and have the majority of satisfier factors within their career.
Wednesday, November 28, 2012
Saturday, November 24, 2012
Individual Behavior
Although I feel all of the "Big Five" personality traits are important characteristics to be instilled in a manager, I believe that conscientiousness should be the most prominent. It would seem logical that a manager acquires dependable, organized, and task focused characteristics, however that is not always the case. Many of times I have had managers who were the complete opposite of conscientious and were totally inconscientious. For instance, how I discussed in my previous blog, I had worked in a resturant that was poorly managed. My manager at one period of time was gifted with all inconscientious qualities - careless, impulsive, and not achievement oriented. When the resturant would get very busy and hectic, employees would not be able to rely on her to fix the issue at the time.This would lead to further disorganized and careless behavior from the employee end, due to her not being achievement oriented and assisting the staff at time of need.
Being able to depend on a higher authority especiality in the resturant business is very essential. Employees are often not allowed to preform tasks on their own. For instance, changing or editing and order often requires management approval. If the manager is careless, this will eventually impact customer service, and portray the server as being inefficient. In conclusion, unlike the remaning "Big Five" personality traits, which contain more positive qualities on both sides of the spectrum, inconscientious qualities are rarely positive in an individual; especially in a leadership role.
Being able to depend on a higher authority especiality in the resturant business is very essential. Employees are often not allowed to preform tasks on their own. For instance, changing or editing and order often requires management approval. If the manager is careless, this will eventually impact customer service, and portray the server as being inefficient. In conclusion, unlike the remaning "Big Five" personality traits, which contain more positive qualities on both sides of the spectrum, inconscientious qualities are rarely positive in an individual; especially in a leadership role.
Sunday, November 18, 2012
Leadership
The "foundations of leadership" are unfortunately not instilled in all individuals. I believe some are more attuned to being a great listener or follower of rules, rather than a leader. To successfully lead a large group of people or an organization requires a great skill set. To successfully diversify your leadership position requires even a greater one. Besides the four foundations of leadership - power, vision, traits, and style; I believe one must attain competence/knowledge in the subject matter, un-biased point of views, as well as being an innovator of ideas.
As I mentioned earlier, it requires a very valuable skill set for one to successfully lead an organization in a profitable direction. I feel it is very difficult for that same individual to transfer their knowledge and innovation to a different field. For instance, an Account Executive in Advertising/Marketing requires creative, thoughtful media ideas for clients. Contrarily, a Managing Director on Wall Street requires creative, thoughtful ideas as well, however in the financial market. These two fields vary tremendously and it is extremely difficult for one to be a great leader in both these diverse categories. Basic business management skills are not sufficient to run a corporation effectively and positively. A leader requires expertise in the subject matter.
I feel the re-positioning of roles in an industry is extremely prominent in Banking. CEOs of employees of investment banks use their expertise of the subject and tend to transfer to multiple firms within their careers. This is portrayed in the role of Barclays' Group Finance director, Chris Lucas who was previously employed by PriceWaterHouseCoopers LLP prior to bringing his expertise in financial services of Barclays. "Chris joined the Board on 1 April 2007. Chris came from professional services company PricewaterhouseCoopers LLP, where he was UK Head of Financial Services and Global Head of Banking and Capital Markets. Chris has worked across financial services for most of his career, including three years in New York as Head of the US Banking Audit Practice of PricewaterhouseCoopers LLP". [Barclays.com]
This is also very prominent among the fashion industry. Leaders in all positions in high end retail seem to be continuously using their skills of expertise in numerous corporations. Such as, Prada's previous CEO of North America only held the title for two years before taking his skills elsewhere. Prior to having control of the corporations decisions in North America, he was the CEO of the Italian high-end jewelry company, Bulgari. Recently however, the fashion house - The Row has hired Mr. Kress as their Chief Operating Officer of the company. "Kress has been at Prada since 2010, having previously served as the CEO and managing director of Bulgari. The selection of such a powerful player from a high-profile brand is a bold move for The Row" [HuffingtonPost.com]
Although, I am sure not all leaders in one organization are unsuccessful when transferring their expertise to a different industry, it is however more often the case. This is portrayed within Samsungs' CEO, Kun-Hee Lee whom was extremely successful within Samsung, but unfortunately lacked success within a different industry. "Samsung’s CEO Kun-Hee Lee was so successful with electronics that he thought he could repeat this success with automobiles. He invested $5 billion in an already over saturated auto market. Why? There was no business case. Lee simply loved cars and had dreamed of being in the auto business." [Forbes.com]
Sources:
http://www.huffingtonpost.com/2012/01/26/the-row-hires-prada-ceo_n_1234310.html
http://www.forbes.com/sites/ericjackson/2012/01/02/the-seven-habits-of-spectacularly-unsuccessful-executives/
As I mentioned earlier, it requires a very valuable skill set for one to successfully lead an organization in a profitable direction. I feel it is very difficult for that same individual to transfer their knowledge and innovation to a different field. For instance, an Account Executive in Advertising/Marketing requires creative, thoughtful media ideas for clients. Contrarily, a Managing Director on Wall Street requires creative, thoughtful ideas as well, however in the financial market. These two fields vary tremendously and it is extremely difficult for one to be a great leader in both these diverse categories. Basic business management skills are not sufficient to run a corporation effectively and positively. A leader requires expertise in the subject matter.
I feel the re-positioning of roles in an industry is extremely prominent in Banking. CEOs of employees of investment banks use their expertise of the subject and tend to transfer to multiple firms within their careers. This is portrayed in the role of Barclays' Group Finance director, Chris Lucas who was previously employed by PriceWaterHouseCoopers LLP prior to bringing his expertise in financial services of Barclays. "Chris joined the Board on 1 April 2007. Chris came from professional services company PricewaterhouseCoopers LLP, where he was UK Head of Financial Services and Global Head of Banking and Capital Markets. Chris has worked across financial services for most of his career, including three years in New York as Head of the US Banking Audit Practice of PricewaterhouseCoopers LLP". [Barclays.com]
This is also very prominent among the fashion industry. Leaders in all positions in high end retail seem to be continuously using their skills of expertise in numerous corporations. Such as, Prada's previous CEO of North America only held the title for two years before taking his skills elsewhere. Prior to having control of the corporations decisions in North America, he was the CEO of the Italian high-end jewelry company, Bulgari. Recently however, the fashion house - The Row has hired Mr. Kress as their Chief Operating Officer of the company. "Kress has been at Prada since 2010, having previously served as the CEO and managing director of Bulgari. The selection of such a powerful player from a high-profile brand is a bold move for The Row" [HuffingtonPost.com]
Although, I am sure not all leaders in one organization are unsuccessful when transferring their expertise to a different industry, it is however more often the case. This is portrayed within Samsungs' CEO, Kun-Hee Lee whom was extremely successful within Samsung, but unfortunately lacked success within a different industry. "Samsung’s CEO Kun-Hee Lee was so successful with electronics that he thought he could repeat this success with automobiles. He invested $5 billion in an already over saturated auto market. Why? There was no business case. Lee simply loved cars and had dreamed of being in the auto business." [Forbes.com]
Sources:
http://www.huffingtonpost.com/2012/01/26/the-row-hires-prada-ceo_n_1234310.html
http://www.forbes.com/sites/ericjackson/2012/01/02/the-seven-habits-of-spectacularly-unsuccessful-executives/
Thursday, November 15, 2012
HRM
I began working as a hostess in a seafood restaurant located in Edgewater, New Jersey in the summer of 2009. The restaurant is rather popular in the summer, due to its scenic view of Manhattan. A few of my friends were working there at the time and it was a more pleasurable working environment. The restaurant is rather large and has a large bar area, which leads to the main floor dining area. There is also outdoor seating, which has a beautiful view of Manhattan, as well as a banquet/party room located on the second floor. This is a very large area for a hostess to have control over, especially when there is only two individuals working at the hostess stand. For the majority of the time, there would be three individuals at the hostess stand. One would have control over phone reservations as well as the waiting list (if one was needed at the time). The second person would be referred to as the "greeter" and would greet the patrons as well as inform them of the waiting time. The third person was referred to as the "seater" and would seat the patrons in order of the waiting list, as well as do a mental table check. This is where the flaw occurred, it was very difficult to seat the patrons and parties of guests as well as pay close attention to what tables were about to cleared or were on their last course. Due to the large area of the restaurant, it is not an easy task to seat individuals on the second floor as well as the outdoor patio, while attempting to hurry back to the host stand to seat the next waiting guests.
After bringing this to the attention of management, they agreed to hire an additional hostess for Friday and Saturday evenings. Unfortunately, this further worsened the situation. I would often find the fellow "seater" approaching the same table I was bringing my party to as well. There was a very big gap in verbal communication. Although this only happened a few times, it was a few times too many. Communication between the hostesses was also lacking in other areas. When the restaurant approached high levels of waiting times - greater than an hour, it became very chaotic. We would find ourselves cleaning the table areas, in order to reduce the wait times, and seat the agitated guests. This caused further confusion between one another. When we left our designated roles, it applied further pressure on our co-workers. For instance, if the "greater" left the host stand, the "seater" would have to seat, as well as greet customers. It is very easy to become forgetful and panic in this type of high pressure environment. Hiring of an additional host was not the efficient solution to the restaurants dilemma, hiring additional staff was needed. If additional bus boys (cleaners of the restaurant tables) were hired, hostesses would not feel the pressure to clean the tables themselves, as well as leave the host stand.
Unfortunately, it was more of a management issue. Very poor management was exercised at the restaurant and we would often be managing ourselves in times of need. There was a lack of communication between ourselves as hostess as well as with the restaurant staff. Due to the size of the restaurant it was very difficult to communicate with fellow employees. I tried to convince management that walkie-talkie headphone devices were needed and it would be very sufficient to communicate with each other through it. However, being a corporately owned restaurant, upper management did not approve. Thankfully, I left the restaurant and its stressful nights behind last summer. The money being made was not worth the aggravation as well as working holidays. Management should hire additional bus boys, as well as contribute themselves more to the guests. Being available to the staff and guests is extremely important in this working environment.
After bringing this to the attention of management, they agreed to hire an additional hostess for Friday and Saturday evenings. Unfortunately, this further worsened the situation. I would often find the fellow "seater" approaching the same table I was bringing my party to as well. There was a very big gap in verbal communication. Although this only happened a few times, it was a few times too many. Communication between the hostesses was also lacking in other areas. When the restaurant approached high levels of waiting times - greater than an hour, it became very chaotic. We would find ourselves cleaning the table areas, in order to reduce the wait times, and seat the agitated guests. This caused further confusion between one another. When we left our designated roles, it applied further pressure on our co-workers. For instance, if the "greater" left the host stand, the "seater" would have to seat, as well as greet customers. It is very easy to become forgetful and panic in this type of high pressure environment. Hiring of an additional host was not the efficient solution to the restaurants dilemma, hiring additional staff was needed. If additional bus boys (cleaners of the restaurant tables) were hired, hostesses would not feel the pressure to clean the tables themselves, as well as leave the host stand.
Unfortunately, it was more of a management issue. Very poor management was exercised at the restaurant and we would often be managing ourselves in times of need. There was a lack of communication between ourselves as hostess as well as with the restaurant staff. Due to the size of the restaurant it was very difficult to communicate with fellow employees. I tried to convince management that walkie-talkie headphone devices were needed and it would be very sufficient to communicate with each other through it. However, being a corporately owned restaurant, upper management did not approve. Thankfully, I left the restaurant and its stressful nights behind last summer. The money being made was not worth the aggravation as well as working holidays. Management should hire additional bus boys, as well as contribute themselves more to the guests. Being available to the staff and guests is extremely important in this working environment.
Sunday, October 14, 2012
Planning for My Future Career Endeavors
1. Objectives:
a- Receive all A's in my five current classes
b- Graduate from Baruch in May 2013
c- Obtain a career or get accepted into a legal and compliance training program within a financial firm
2. Personal Strengths and Weaknesses:
a- Receive all A's in my five current classes:
Strengths:
1. I was always an individual who was more successful when being very busy, I am able to allocate my time effectively.
2. When I find a topic interesting, I tend to devote more time to it. Which, I find myself currently doing in my International Business classes.
3. I have lengthy breaks in between my Monday and Wednesday classes, which I use my time to complete classwork.
Weaknesses:
1. I am currently taking five classes at Baruch, extra-curricular Italian lessons four hours per week, interning fourteen hours per week, a member of Baruch's Wall Street Club, as well as working on Saturdays from 10am - 6pm; which leaves little time to do my school work to the best of my ability.
2. I have the tendency to leave tasks to the last minute, when I feel more pressure to complete something is when I mostly get it done.
3. The work load is some of my classes is more than I expected and will take up more effort and time to complete to receive an "A" for.
b- Graduate from Baruch in May 2013:
Strengths:
1. I have the motivation and drive to want to finish college as soon as I can.
2. I have my courses planned out and know which classes to take and when to take them (inc. Winter and Summer Session 1).
3. I am able to allocate my time effectively towards school, while remaining busy in other areas of my life.
Weaknesses:
1. I have to take a winter class, five Spring 2013 classes, and two summer courses in order to graduate.
2. I have extremely little room for failure. If something interferes with one of my classes, which results failure, it will delay my graduation.
3. My father pays my out-of-state tuition and I do not receive any form of financial aid or compensation, which can be very difficult at times when it is time to pay the bill.
3. Obtain a career or get accepted into a legal and compliance training program within a financial firm:
Strengths:
1. I have partaken in three internships in prestigious organizations, which shows that I am active outside of school.
2. I am a student of Baruchs' Zicklin School of Business, which is very relevant in New York as well as a member of the Wall Street Club.
3. I have recently discovered my interest in legal and compliance which gives me the ability to narrow my focus when applying to jobs/training programs.
Weaknesses:
1. I am a Marketing Major - not a finance major, which may put me at a disadvantage in comparison to other applicants.
2. My first two internships were in the Marketing/Corporate Communications departments, so I do not have as much experience as others applicants do.
3. There is great competition in this field as well as a certification must be obtained in order to work within legal and compliance.
3. Plan of Action:
a- Receive all A's in my five current classes:
1. Devote more time to my studies
2. Use my breaks in between classes to the best of my ability, avoid distractions
3. Complete school work/projects ahead of time so I don't feel as much stress to complete them at the last minute.
b- Graduate from Baruch in May 2013:
1. Go out less and focus more time on my classes and extra curricular activities, I can enjoy time with friends after this hectic year is over.
2. Prepare my class schedule prior to the registration date so I do not lose opportunities in classes that I have to take in order to obtain my degree.
3. If I feel that my work load is too much, then I have to rank my tasks in order of importance (school and interning coming first) and drop an extra-curricular activity.
c- Obtain a career or get accepted into a legal and compliance training program within a financial firm:
1. Improve and edit my resume and cover letter to the best of my ability.
2. If I am unable to do a second term of interning at Merrill Lynch, apply to another financial firm so I can build up my resume as much as possible.
3. Attend as many networking events at Baruch as possible. The greater amount of connections and the more companies see you attending their events, the greater opportunities you will gain.
a- Receive all A's in my five current classes
b- Graduate from Baruch in May 2013
c- Obtain a career or get accepted into a legal and compliance training program within a financial firm
2. Personal Strengths and Weaknesses:
a- Receive all A's in my five current classes:
Strengths:
1. I was always an individual who was more successful when being very busy, I am able to allocate my time effectively.
2. When I find a topic interesting, I tend to devote more time to it. Which, I find myself currently doing in my International Business classes.
3. I have lengthy breaks in between my Monday and Wednesday classes, which I use my time to complete classwork.
Weaknesses:
1. I am currently taking five classes at Baruch, extra-curricular Italian lessons four hours per week, interning fourteen hours per week, a member of Baruch's Wall Street Club, as well as working on Saturdays from 10am - 6pm; which leaves little time to do my school work to the best of my ability.
2. I have the tendency to leave tasks to the last minute, when I feel more pressure to complete something is when I mostly get it done.
3. The work load is some of my classes is more than I expected and will take up more effort and time to complete to receive an "A" for.
b- Graduate from Baruch in May 2013:
Strengths:
1. I have the motivation and drive to want to finish college as soon as I can.
2. I have my courses planned out and know which classes to take and when to take them (inc. Winter and Summer Session 1).
3. I am able to allocate my time effectively towards school, while remaining busy in other areas of my life.
Weaknesses:
1. I have to take a winter class, five Spring 2013 classes, and two summer courses in order to graduate.
2. I have extremely little room for failure. If something interferes with one of my classes, which results failure, it will delay my graduation.
3. My father pays my out-of-state tuition and I do not receive any form of financial aid or compensation, which can be very difficult at times when it is time to pay the bill.
3. Obtain a career or get accepted into a legal and compliance training program within a financial firm:
Strengths:
1. I have partaken in three internships in prestigious organizations, which shows that I am active outside of school.
2. I am a student of Baruchs' Zicklin School of Business, which is very relevant in New York as well as a member of the Wall Street Club.
3. I have recently discovered my interest in legal and compliance which gives me the ability to narrow my focus when applying to jobs/training programs.
Weaknesses:
1. I am a Marketing Major - not a finance major, which may put me at a disadvantage in comparison to other applicants.
2. My first two internships were in the Marketing/Corporate Communications departments, so I do not have as much experience as others applicants do.
3. There is great competition in this field as well as a certification must be obtained in order to work within legal and compliance.
3. Plan of Action:
a- Receive all A's in my five current classes:
1. Devote more time to my studies
2. Use my breaks in between classes to the best of my ability, avoid distractions
3. Complete school work/projects ahead of time so I don't feel as much stress to complete them at the last minute.
b- Graduate from Baruch in May 2013:
1. Go out less and focus more time on my classes and extra curricular activities, I can enjoy time with friends after this hectic year is over.
2. Prepare my class schedule prior to the registration date so I do not lose opportunities in classes that I have to take in order to obtain my degree.
3. If I feel that my work load is too much, then I have to rank my tasks in order of importance (school and interning coming first) and drop an extra-curricular activity.
c- Obtain a career or get accepted into a legal and compliance training program within a financial firm:
1. Improve and edit my resume and cover letter to the best of my ability.
2. If I am unable to do a second term of interning at Merrill Lynch, apply to another financial firm so I can build up my resume as much as possible.
3. Attend as many networking events at Baruch as possible. The greater amount of connections and the more companies see you attending their events, the greater opportunities you will gain.
Wednesday, October 3, 2012
Crisis Management: Costa Concordia Shipwreck
On January 13, 2012 an Italian cruise ship holding 4,200 passengers reportedly ran aground causing the ship to capsize off the coast of Giglio, Italy. The captain of the ship is still currently awaiting trial for the deaths of 32 passengers, as well as the injuries of many others, and the abandonment of his crew and ship. Also effected was the town of Giglio's economy due to the lack of tourism from the ships water pollution, contaminated beach grounds, and loss of sea life.
Once the ship reached aground passengers and crew were immediately taken ashore by lifeboats and some even swam to the nearby island. Helicopters, medical, and rescue crews were immediately called on sight to help as many victims as possible. Rescue divers also attended the scene to search within the ship for missing victims. After days of searching the ship for trapped survivors, actions were taken to further prevent an environmental disaster. Shortly after, the majority of the ships "heavy fuel was removed". When the de-fueling was completed, plans to remove the ship were implemented - it will be re-floated and removed whole. The salvage operation has begun in June, however it will take up to twelve months and 300 million dollars to remove the ship.
Timeline for the further removal of the ship wreckage:
In this disaster, the captain of the ship was at blame for the ship capsizing. The captain was later arrested for manslaughter, failing to assist passengers, and failing to be the last to leave the ship. He is currently under house arrest and awaiting trial.
Regardless of the captain for being at the root of this crisis, I do believe that the fellow crew members of the ship did for the majority abide by the six rules of crisis management. After realizing that a crisis was initiated, crew members immediately instructed passengers to put on their life jackets. Life boats were also released and passengers were instructed to move to a specific area of the ship. Also, professional divers were called on site to rescue passengers that were trapped. In this specific crisis, waiting cannot be a strategy. The Costa Concordia is the size of slightly more than two football fields and is now known as the largest ship to capsize.
This situation was also highly unfamiliar, it was the route of numerous cruise ships that would tour this same route everyday. Members of the crew and passengers would also never imagine this to happen, which caused for much distress. Some members of the crew were reported for not properly dictating instructions for safety. The last two rules for crisis management do not greatly apply to this specific crisis. However, just days ago the crew of the Costa Concordia was awarded the "Seafarer of the Year" award for their bravery and skilled response because the number of fatalities could have been greatly higher.
http://www.nytimes.com/2012/01/16/world/europe/italian-cruise-ship-accident-raises-questions-about-crew-and-captain.html
http://www.reuters.com/article/2012/01/23/italy-ship-idUSL5E8CN3WV20120123
http://www.cnn.com/2012/07/05/world/europe/italy-cruise-ship-captain/index.html
Once the ship reached aground passengers and crew were immediately taken ashore by lifeboats and some even swam to the nearby island. Helicopters, medical, and rescue crews were immediately called on sight to help as many victims as possible. Rescue divers also attended the scene to search within the ship for missing victims. After days of searching the ship for trapped survivors, actions were taken to further prevent an environmental disaster. Shortly after, the majority of the ships "heavy fuel was removed". When the de-fueling was completed, plans to remove the ship were implemented - it will be re-floated and removed whole. The salvage operation has begun in June, however it will take up to twelve months and 300 million dollars to remove the ship.
Timeline for the further removal of the ship wreckage:
| July 31, 2012 | Site inspections of the ship and its position. | |
| August 1-31, 2012 | Securing of the wreck to ensure on-going safety and stability. | |
| September - November 2012 | Installation of caissons on left side of vessel and construction of submarine platforms. | |
| December 1, 2012 | Rotation of the wreck begins with the installation of boxes on its right side. | |
| January 15, 2013 | Ship to be up-righted above waterline. | |
| January 31, 2013 | Ship delivered to an Italian port for processing according to regulations. | |
| April 30, 2013 | Cleaning and replanting of marine flora expected to be completed. |
In this disaster, the captain of the ship was at blame for the ship capsizing. The captain was later arrested for manslaughter, failing to assist passengers, and failing to be the last to leave the ship. He is currently under house arrest and awaiting trial.
Regardless of the captain for being at the root of this crisis, I do believe that the fellow crew members of the ship did for the majority abide by the six rules of crisis management. After realizing that a crisis was initiated, crew members immediately instructed passengers to put on their life jackets. Life boats were also released and passengers were instructed to move to a specific area of the ship. Also, professional divers were called on site to rescue passengers that were trapped. In this specific crisis, waiting cannot be a strategy. The Costa Concordia is the size of slightly more than two football fields and is now known as the largest ship to capsize.
This situation was also highly unfamiliar, it was the route of numerous cruise ships that would tour this same route everyday. Members of the crew and passengers would also never imagine this to happen, which caused for much distress. Some members of the crew were reported for not properly dictating instructions for safety. The last two rules for crisis management do not greatly apply to this specific crisis. However, just days ago the crew of the Costa Concordia was awarded the "Seafarer of the Year" award for their bravery and skilled response because the number of fatalities could have been greatly higher.
http://www.nytimes.com/2012/01/16/world/europe/italian-cruise-ship-accident-raises-questions-about-crew-and-captain.html
http://www.reuters.com/article/2012/01/23/italy-ship-idUSL5E8CN3WV20120123
http://www.cnn.com/2012/07/05/world/europe/italy-cruise-ship-captain/index.html
Thursday, September 27, 2012
Ethics In Action: "Will India ever be able to tackle corruption?"
Mr. Jayaswal and Mr. Dadra both had their ethical behaviors tested. It seems in India that in order to prosper and succeed, you have to behave in a manner that many Americans would consider unethical. Politicans tend to have a negative conotation regardless of their country of origion. However, politicans cultural values in India far surpass the negativity of the United States'. It is very apparent that Indian businessmen are aware of what it takes to succeed in India, regardless of how their behavior is percieved. “If you were in his position, you would do the same thing,” the businessman said, asking not to be identified because his company also received coal fields and did not want to draw attention to himself. “In this country, it’s difficult to survive. Whoever has a master key wants to eat up all of India. Whoever doesn’t have a key is struggling to survive.”
Mr. Jayaswal doesn't believe he did anything "unethically". However, others would view him negatively for having ownership of natural resources and using them to benefit himself financially rather than India's overall prosperity. Mr. Jayaswal also probably views the situation as, if I do not have ownership of a coal mine, someone else will, and they will gain financially instead of myself. The Indian government, including Mr. Dadra also had their ethical behavior tested. The Indian government did not use competitive bidding for ownership of the country's coal mine. Instead, they based their decision on the popularity of applicants. They could have originally sold the mines to electrical companies or individuals who were willing to better India.
Mr. Jayaswal is known as an individual who likes to flaunt his assets and who has also prospered increasingly in recent years. Having light on this corruption scandal proves to others who were doubtful of Mr. Jayaswal's recent upcoming success, that he is involved in the scandal with India's government. It perceives him as an untrustworthy individual who is only concerned about himself, rather than using his financial gains to better the 300 million currently living with no electricity in India. However, other businessmen that own coal mines like himself, understand how the road to success works in India.
I believe Article 23 is most prevalent to Mr. Jayaswal's moral reasoning - "Everyone has the right to work, to free choice of employment, to just and favorable conditions of work". I think Mr. Jayaswal views owning a piece of India's natural resources and profiting from them are his form of "work". Also, how he builds his network of relationships with fellow Indian politicians and government officials is part of his road to success - those being his form of working conditions.
"Despite a strong legal framework, the anti-corruption agency is perceived as ineffective." [Globalintegrity.org] If India's government is majorly involved in corruption, it will be very difficult to turn the system around unless the current government is evoked and new officials are instated. However, I do feel that citizens of India are making the Indian government aware that they are extremely unhappy with the government's denial of India's current and ongoing problems. That because of their awareness, led the government to reclaim four coal fields from companies that did not make sufficient mining process. If the Indian government continues to act in that manner, coal mining owners will feel the need to use the mines in a benefical way to the country of India.
http://www.globalintegrity.org/report/India/2011
http://www.nytimes.com/2011/08/18/world/asia/18iht-letter18.html
Mr. Jayaswal doesn't believe he did anything "unethically". However, others would view him negatively for having ownership of natural resources and using them to benefit himself financially rather than India's overall prosperity. Mr. Jayaswal also probably views the situation as, if I do not have ownership of a coal mine, someone else will, and they will gain financially instead of myself. The Indian government, including Mr. Dadra also had their ethical behavior tested. The Indian government did not use competitive bidding for ownership of the country's coal mine. Instead, they based their decision on the popularity of applicants. They could have originally sold the mines to electrical companies or individuals who were willing to better India.
Mr. Jayaswal is known as an individual who likes to flaunt his assets and who has also prospered increasingly in recent years. Having light on this corruption scandal proves to others who were doubtful of Mr. Jayaswal's recent upcoming success, that he is involved in the scandal with India's government. It perceives him as an untrustworthy individual who is only concerned about himself, rather than using his financial gains to better the 300 million currently living with no electricity in India. However, other businessmen that own coal mines like himself, understand how the road to success works in India.
I believe Article 23 is most prevalent to Mr. Jayaswal's moral reasoning - "Everyone has the right to work, to free choice of employment, to just and favorable conditions of work". I think Mr. Jayaswal views owning a piece of India's natural resources and profiting from them are his form of "work". Also, how he builds his network of relationships with fellow Indian politicians and government officials is part of his road to success - those being his form of working conditions.
"Despite a strong legal framework, the anti-corruption agency is perceived as ineffective." [Globalintegrity.org] If India's government is majorly involved in corruption, it will be very difficult to turn the system around unless the current government is evoked and new officials are instated. However, I do feel that citizens of India are making the Indian government aware that they are extremely unhappy with the government's denial of India's current and ongoing problems. That because of their awareness, led the government to reclaim four coal fields from companies that did not make sufficient mining process. If the Indian government continues to act in that manner, coal mining owners will feel the need to use the mines in a benefical way to the country of India.
http://www.globalintegrity.org/report/India/2011
http://www.nytimes.com/2011/08/18/world/asia/18iht-letter18.html
Wednesday, September 19, 2012
Zara: A Global Success
Being a devoted customer at
Zara, it is greatly evident that they are at the top of the fashion chain. It is
rare when entering Zara that you see the same styles time and time again. This
approach to rapid turnover benefits them greatly. Customers feel they have to
purchase an item, even if they are unsure about it, knowing it will not be there the
next time they visit. However, the rapid turnover approach is also greatly
beneficial to the customer. Zara continuously sets the trend by showing
consumers the latest fashion in the market, you see a style on the runway and
within a few days it is on the clothing racks. Taylor, Fayol, and Weber's classical management approaches
are all relevant throughout Zara's retail operation.
Characteristics of Frederick
Taylor's theory are greatly shown throughout Zara. For example, Taylor's theory of
efficiency is shown throughout the ordering process. Store managers can reorder
popular items in less than an hour. Also, if a particular look or design is
unsuccessful, designers will quickly put together new merchandise. What makes
Zara even more efficient is their logistics operation through internalization.
Zara's parent company, Inditex
Group internalizes the supply chain as much as possible, which leads to "maximum
prosperity for the employer and the employee".
Additionally, Fayol's administrative principles are seen throughout the company. Coordination is greatly involved throughout the ordering and re-ordering process. Managers have great control in this area, they are aware of their customers wants and needs. Also, the company has great foresight in the fashion market. Inditex is continuing to prosper through Zara's profits. “The world’s largest clothing retailer, Zara owner Inditex, posted a 32 percent jump in first-half year profit on Wednesday, taking market share in its home market Spain and grabbing new customers online and in emerging markets.” [Rueters]
Not as relevant, but still apparent are Max Weber's bureaucratic beliefs in Zara's management. There is a clear process and procedural method when it comes to Zara's production. In regards to manufacturing the merchandise, whether it be cloth received from different distributors or Zara's own producer. Also, the designing and logistical departments each have their own individual tasks and processes on how to get merchandise to retailers as fast as possible.
Zara is continuously growing and is in the lead in terms of competition. "The emerging market expansion has allowed Inditex to grow faster than H&M and Gap Inc." [WSJ] Zara has taken globalization by storm, recently adding an e-commerce site as well as continuing to open stores in major cities and locations. "Inditex is adding stores in markets such as China as its domestic market faces its biggest economic crisis in decades. The company is also driving revenue growth by expanding sales via the Internet." [Bloomberg BusinessWeek]
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