How to Become an Event Planner
Some of you may be wondering why learning How to Become a Party and Event Planner would be of interest to anyone. But, if have always dreamed of owning your own business and having the freedom that comes along with it, then you will definitely be interested in the event planning industry. Worldwide, the annual sales generated in the party, business, and event planning industry exceed $500 billion dollars (Source: International Special Events Society). Anyone entering into this industry has a wide range of options available to them and a huge market to tap into.
Estimated start up costs:
The start-up costs of becoming a party and event planner are relatively low but they will depend upon what services you intend offering. For most, the essential equipment includes: cell phone, laptop, business cards, Yellow Pages ad, and a good organizer of some sort. If you intend on offering catering as one of your event planning jobs, then clearly you will need a fully stocked kitchen but it is possible to outsource this function if you are coordinating the entire event. Bare bones start-up costs including a rough estimate for liability insurance would be less than $2500 if you did your homework and found some deals along the way.
Recommended experience, skills, and training:
Although college degrees are available for an event planner, most of the entrepreneurs within the industry do not have one. The majority of business owners started out in catering or business meeting planning and expanded into event planning. However, many owners have attended classes and attained certification. In addition to education, learning how to become a party and event planner includes experience in the following areas: marketing, accounting, management, and sales.
Marketing tips:
To obtain credibility as a competent event planner, it is imperative that you present a professional image at all times. All of your invoices, e-mails, business cards, and correspondence should bear your company logo and have continuity in visual presentation. You will probably see good results from joining networking groups and the local chamber of commerce. Word-of-mouth will be critical in the early phases while working with the public but you will need a completely professional image and marketing strategy to land the corporate accounts.
Creating a website and filling it with a lot of useful content will land you a high ranking in the search engines and provide you with a powerful marketing tool to help promote your business. Be sure to include a link to this website in all of your e-mails and correspondence as a cheap but effective way of driving traffic to your site. Finally, use direct mail campaigns to local businesses that include some kind of promotion or discount for using your services.
Financing sources:
Learning how to become a party and event planner takes years of experience and a knack for organization but it does not require a lot of start-up capital. This is very fortunate because most banks are not going to loan you the money anyway if you are a brand new business. But, if you already own a catering business and are merely seeking to diversify your services, then your local bank is definitely an option. For everyone else, consider your friends and family if you do not already own a computer or have the cash.
Income Potential:
The income potential of learning for an event planner is only limited by your ability to sell yourself and your services to the clients. With over $500 billion dollars out there up for grabs, there is no reason why you cannot see six figures within the first three years. Like any business, however, you will only be successful if you deliver unparalleled service time and time again. But, if you love planning an event and seeing people happy, then becoming a party and event planner is for you and a way towards financial independence.
Internet Marketing – Advantages and Disadvantages
Everyone seems to be jumping on the internet marketing bandwagon lately. In the race to get their business online, many successful businesses forget to ask themselves some tough questions about what they are doing, what their expectations are and what their plan is to meet those expectations.
The internet can be a powerful tool that can put you on solid footing with bigger companies. On the other hand, the other companies may have more money to pay for advertising. Here are a couple of things to keep in mind as you analyze your internet marketing strategy.
Advantage of Internet Marketing
- your store is open, 24 hrs a day, 7 days a week. Further, your customers are worldwide in reach, and can shop anytime that they want to
- the cost of spreading your message is next to nothing. Emailing your subscription base is more oftne cheaper than sending a letter through the mail
- updating your subscribers can be done almost instantly through email. Visitors to your website can get up to the minute information on each visit. If you are having a sale, your customers can start shopping at the discounted prices literally as soon as they open their email
- if you have an information sensitive business, such as a law firm, newspaper or online magazine, you can deliver your products directly to your customers without having to use a courier
Disadvantages of Internet Marketing
- online marketing is not free. The cost of software, hardware, wed site design, maintenance of your site, online distribution costs and of course, time, all must be factored into the cost of providing your service or product.
- slightly over 50% of households shop online. While that number will continue to grow, you are reaching less than two out of three households.
- the internet is still regarded as a source of information gathering for the majority of your customers. Of the number of visitors to your site, the vast majority of visitors who are motivated to buy will do so in person. Many people prefer the live interaction when they buy. If you have a small business with one location, this may deter customers from buying.
- easier to have outdated information on your site, thus timing of updates is critical
- there is no replacement for good old fashioned customer service. The majority of internet marketers lack customer service and inquiry response programs. As a result, many online visitors to your site will already have painted your site as poor service before they have even contacted you. The majority of websites also have poor navigation, which makes it difficult for your visitor to find what they are looking for. Many sites were created with a marketing view, not a customer service point of view.
- is your site secure? Does your customer know this? There are many incorrect stereotypes about the security of the internet out there. As a result, many of your visitors will not want to use their credit card to make a purchase. The fear of having their credit card info stolen is a clear and present danger in the minds of your visitors
- there is a lot of competition for your product already out there. By the time your visitor finds you, they have already been clicking many links. Unless they can find what they are looking for quickly, they are gone.
- many web visitors expect something for free. What do you have to offer them?
There are many other pros and cons of internet marketing. Its important for you to consider each when creating your internet marketing strategy. Each of the disadvantages can be overcome, but only if you view the customer experience from the eyes of your customer, not as an internet marketer.
Small Investment, Small Risk, Business Opportunities Do Exist
The thing investors truly want is an opportunity that costs little to get in but offers big returns and the risks of not getting those returns are small. Typically, 9 out of 10 business opportunities fail. This statistic is quite a well known government statistic. What it means is that if you tried a business attempt 10 times over your life time, there is a good chance that one of them would give you a home run.
But what if you focused on opportunities that were no investment or little investment? The typical approach by most people is to work very hard, get some credit with the bank, save a large amount of money as a deposit and then buy some “going concern” like a diner or a coffee shop that outlays $60,000 to $100,000.
How many times can you make a business attempt if the entry costs are so steep? There is no room for error, either you make it work or lose everything. Typically this type of investment is their first attempt and their capacity and sophistication as a business person is very low. Attempting such high risk endeavors can be hazardous to your health!
Now lets consider business opportunities that only cost a small amount of money, but the returns are expected to be excellent. You could attempt a hundred such opportunities and by the statistic, 10 of the 100 would be winners for you. Playing the odds this way is a smart thing to do.
Some of the best opportunities cost under $1000 and often they can lead to passive income and are able to be reproduced, which can make the project scale-able as you succeed. For example soda vending machines provide quite a cheap way to start a business and the outlay is quite small. The only work you have to do is travel out and clean, restock and collect the money out of the machine.
There are many such possibilities. You could take out some small retail space, making sure your zoning is correct and buy a few used washing machines and a dryer from the auctions. This can be done quite cheaply and the work is only 10 minutes a day collecting the money out of the machine and mopping the floors. You could build up a string of your automated laundry shops across the nation. The point is to be frugal with your investment funds and not be extravagant, like it will be your one and only business attempt.
How to Buy a Food Concession Trailer
Have you ever developed a craving for carnival food? You know, that delicious food which includes corn dogs, cotton candy and funnel cakes. If you like the foods sold mostly at county and state fairs then you are not alone. Millions of people love this food and you can make big money by selling it to them. The first step to selling carnival food is you will need to purchase a concession stand or a food concession trailer.
There are all different types and sizes of food concession trailers including everything from stationary concession stands to mobile catering trucks. You must first decide on the type and size food concession which will serve your needs. This will in part be dependent upon the type of food product that you will be selling. Whatever types of food you sell, the trailers may come with refrigerators, freezers, ovens, fryers and sinks. Select a food product which you will be comfortable working with because you will be spending a lot of time in the food trailer. If you do not like working around hot oil then do not consider French fries, fried dough or anything which requires a fryer. Choose a food, beverage or snack product which has a nice mark up and the potential for creating a profitable business.
Should you buy it new or used? This is a big question. As you know, starting a new business venture is expensive. You want to cut corners wherever you can and purchasing a used concession trailer is an easy way to save thousands of dollars. One of the pitfalls of buying a used food trailer is that it will either have no warranty or a very limited one. New trailers, like a new car, comes with a warranty usually based on a time period of a year or more. Some vendors of new trailers offer financing and the appliances of a new trailers come with their own factory warranties.
You can have your trailer customized. The customization could simply be the way the outside is painted, including the graphic designs, awnings and skirts or interior customizing which includes the flooring and other fixtures . Once again, it is a lot less expensive to get a standard concession trailer rather than a customized one. However, you may want to think about how a customized exterior can really set you apart from your competition. It is a terrific way to advertise your business too when pulling the trailer along the highways that you travel. It could very well be worth the extra money to customize the trailer’s exterior.
When buying a trailer, you can go directly to the manufacturer for a new one but I suggest buying them at a discount. Do not overlook auctions for finding concession trailers for sale. You might be able to pick up a new or used concession trailers at online auction sites and government repossession auctions. Always be careful to inspect (where possible) or ask all of your questions prior to placing your bid. Make sure that you are buying from a reputable person who has feedback above 95 percent positive. Most auctions sell the trailers as is, which means that you cannot get your money back if the trailer is not what you thought it was. Questions to ask are; how old is it?…How much use did it have? What was is used for? And how old are the appliances?
If you have always wanted be in your own business and if you love carnival food, why not turn it into a profitable venture. Selecting the correct type of food product and buying either a new or used concession trailer is the foundation for your successful business. Paying a discount price for your food concession will save you thousands of dollars, which can be used for food equipment or customizing your trailer. Those tasty foods like funnel cakes not only put a lot of calories into you system but they put even more cash into your pocket.
Make Money Right Now Free – Here Are Some Opportunities
People are always under the impression that working from home or online will always involve a certain amount of investment. Well that’s not true. There are lots of opportunities waiting for you to make money right now for free. Some online websites demand a small amount of money calling it registration fees. But there lots of other sites as well which don’t really need any kind of investment.
Opportunities like content writing and teaching absolutely don’t demand any investment. When it comes to writing all one needs to have is an Internet facility, time and the basic determination to write. The same is required when one is into teaching. There are lots of teachers who take up this profession from home itself. They have to have their knowledge in place and they need to have the art to handle and discipline students. There is absolutely no need for any kind of investment.
With so many different opportunities available, a person has to choose one that will suit him the best. Most of these jobs don’t require a person to quit his current profession. An individual according to his available time and preference can get into a job that he thinks he can do.
Most jobs today need the appropriate educational qualifications and the right attitude to work. An individual can be successful if he is satisfied with his job. There are several options to make money right now free, but a person needs to be inclined towards the job. With a little planning and lots of hard work, making money is very easy.
The e-Marketing Plan – Brief Overview and Working Scheme
I. Summary of a marketing plan
The marketing planning (concretized in the marketing plan) is an essential organizational activity, considering the hostile and complex competitive business environment. Our ability and skills to perform profitable sales are affected by hundreds of internal and external factors that interact in a difficult way to evaluate. A marketing manager must understand and build an image upon these variables and their interactions, and must take rational decisions.
Let us see what do we call a “marketing plan”? It is the result of the planning activity, a document that includes a review of the organization’s place in the market, an analysis of the STEP factors as well as a SWOT analysis. A complete plan would also formulate some presumptions on why we think the past marketing strategy was successful or not. The next phase shall present the objectives we set, together with the strategies to achieve these objectives. In a logical sequence, we will further need to evaluate the results and formulate alternative plans of action. A plan would consist in details of responsibilities, costs, sales prognosis and budgeting issues.
In the end, we should not forget to specify how the plan (or plans) will be controlled, by what means we will measure its results.
We will see how to build the marketing plan, what is its structure: after we will see how to build the traditional marketing plan, we will take a look at the e-marketing plan and see how the unique features of the internet will require some changes in the approach of writing a marketing plan.
But, before we continue, we must understand and accept that steps of the marketing plan are universal. It is a logical approach of the planning activity, no matter where we apply it. The differences you meet from a plan to another consist in the degree of formality accorded to each phase, depending on the size and nature of the organization involved. For example, a small and not diversified company would adopt less formal procedures, because the managers in these cases have more experience and functional knowledge than the subordinates, and they are able to achieve direct control upon most factors. On the other hand, in a company with diversified activity, it is less likely that top managers have functional information in a higher degree than the subordinate managers. Therefore, the planning process must be formulated to ensure a strict discipline for everyone involved in the decisional chain.
II. The general marketing plan
The classical marketing plan would follow the following scheme of 8 stages:
1. Declaring the mission: this is the planning stage when we establish the organizational orientations and intentions, thus providing a sense of direction. In most cases, this is a general presentation of the company’s intentions and almost has a philosophic character.
2. Establishing current objectives: it is essential for the organization to try to determine with preciseness the objectives to be reached. These objectives, in order to be viable, must be SMART. SMART is an acronym and stands for “Specific”, “Measurable”, “Attainable”, “Realistic” and “Timed”. The objectives must also convey the general organizational mission.
3. Gathering information: this stage is based on the concept of marketing audit. After performing the audit of the macro-environment by analyzing the STEP factors (social, technologic, economic and politic), we should turn the focus upon the immediate extern environment (the micro-environment) and analyze the competitive environment, the costs and the market. Finally, we will conclude with the SWOT analysis, by this way we will have a general view upon the internal environment compared to the external one. The SWOT analysis combine the two perspectives, from the inside and from the outside, because the Strengths and the Weaknesses are internal issues of an organization, while the Opportunities and Threads come from the outside.
4. Re-formulating objectives: after the close examination of data gathered in the previous stage, sometimes it is needed to re-formulate the initial objectives, in order to address all the issues that might have come up from the previous stage. The distance between the initial objective and the re-formulated objective will be covered by appropriate strategies. We must ensure the re-formulated objective is SMART as well.
5. Establishing strategies: several strategies are to be formulated, in order to cover the distance between what we want to achieve and what is possible to achieve, with the resources at our disposal. As we would usually have several options, we should analyze them and chose the one with more chances to achieve the marketing objectives.
6. Plan of actions: consists in a very detailed description of the procedures and means to implement the actions we want to take. For example, if the strategy implies a raise in advertising volume, the plan of actions should establish where the advertisements will be placed, the dates and frequency of the advertising campaigns, a set of procedures to evaluate their effectiveness. The actions we plan to take must be clearly formulated, measurable, and the results must be monitored and evaluated.
7. Implementation and control: consist in the series of activities that must be performed in order to run the marketing plan in accordance to the objectives set by the marketer. At this stage, it is critical to gain the support of all members if the organization, especially when the marketing plan is due to affect the organization from its grounds.
8. Performance measurement: constitutes the last but not the less important stage of the marketing plan, since we can achieve only what we can measure. In order to measure the performances achieved through the marketing plan, we need to constantly monitor each previous stage of the plan.
The marketing plan that has a feedback cycle, from 8th stage back to the 4th. That is because sometimes during the planning process, we might need to perform stages 4 to 8 several times before the final plan can be written.
III. The e-marketing plan
The e-marketing plan is built exactly on the same principles as the classical plan. There is no different approach, but there might be some formal differences given by the uniqueness of the internet environment. Many of these differences come from the necessity to ensure a high rate of responsiveness from the customers, since the e-world is moving faster and requires faster reaction from its companies, compared to the traditional offline marketplace.
Even though it is perfectly acceptable and is a common practice to use the 8-stage classic model for the e-marketing plan as well, you might want to consider the simplified version proposed by Chaffey, who identifies four major steps to build the e-marketing plan:
1. Strategic analysis: consists in continuous scanning of the macro- and micro-environment. The accent should fall on the consumers’ needs that change very rapidly in the online market, as well as on surveying the competitors’ actions and evaluating the opportunities offered by new technologies.
2. Defining strategic objectives: the organization must have a clear vision and establish if the media channels will complement the traditional ones, or will replace them. We must define specific objectives (don’t forget to check if they are SMART!) and we must also specify the contribution of the online activities to the organization’s turnover.
3. Formulating strategies – we do that by addressing the following essential issues:
- develop strategies towards the target markets;
- positioning and differentiating strategies;
- establish priorities of online activities;
- focus attention and efforts on CRM and financial control;
- formulate strategies for product development;
- develop business models with well-established strategies for new products or services, as well as pricing policies;
- necessity for some organizational restructuring;
- changes in the structure of communication channels.
4. Implementing strategies: includes careful execution of all necessary steps to achieve established objectives. It could refer re-launching of a website, promo campaigns for a new or rewritten site, monitoring website efficiency and many more.
Note: a common strategy to achieve e-marketing objectives is the communication strategy. The steps to built a coherent communication plan will be presented within a further article.
IV. The e-marketing plan (sample titles)
1. Executive Summary
a. overview upon present conjuncture;
b. key aspects of the strategic e-marketing plan.
2. Situational Analysis
a. characteristics of the e-market;
b. possible factors of success;
c. competitors’ analysis;
d. technological factors;
e. legal factors;
f. social factors;
g. possible problems and opportunities.
3. The e-Marketing Objectives
a. product profile;
b. target market;
c. sales objectives.
4. The e-Marketing Strategies
a. product strategies;
b. price strategies;
c. promotion strategies;
d. distribution strategies.
5. Technical Issues
a. website content;
b. website “searcheability”;
c. logging security (for customers and staff);
d. customer registration procedure;
e. multimedia;
f. autoresponders;
g. order forms and feedback forms;
h. access levels to online resources;
i. credit card transactions;
j. website hosting;
k. website publishing;
l. technical staff (size, requirements)
6. Appendix
7. Bibliography
The Challenges of Human Resource Management
Introduction
The role of the Human Resource Manager is evolving with the change in competitive market environment and the realization that Human Resource Management must play a more strategic role in the success of an organization. Organizations that do not put their emphasis on attracting and retaining talents may find themselves in dire consequences, as their competitors may be outplaying them in the strategic employment of their human resources.
With the increase in competition, locally or globally, organizations must become more adaptable, resilient, agile, and customer-focused to succeed. And within this change in environment, the HR professional has to evolve to become a strategic partner, an employee sponsor or advocate, and a change mentor within the organization. In order to succeed, HR must be a business driven function with a thorough understanding of the organization’s big picture and be able to influence key decisions and policies. In general, the focus of today’s HR Manager is on strategic personnel retention and talents development. HR professionals will be coaches, counselors, mentors, and succession planners to help motivate organization’s members and their loyalty. The HR manager will also promote and fight for values, ethics, beliefs, and spirituality within their organizations, especially in the management of workplace diversity.
This paper will highlight on how a HR manager can meet the challenges of workplace diversity, how to motivate employees through gain-sharing and executive information system through proper planning, organizing, leading and controlling their human resources.
Workplace Diversity
According to Thomas (1992), dimensions of workplace diversity include, but are not limited to: age, ethnicity, ancestry, gender, physical abilities/qualities, race, sexual orientation, educational background, geographic location, income, marital status, military experience, religious beliefs, parental status, and work experience.
The Challenges of Workplace Diversity
The future success of any organizations relies on the ability to manage a diverse body of talent that can bring innovative ideas, perspectives and views to their work. The challenge and problems faced of workplace diversity can be turned into a strategic organizational asset if an organization is able to capitalize on this melting pot of diverse talents. With the mixture of talents of diverse cultural backgrounds, genders, ages and lifestyles, an organization can respond to business opportunities more rapidly and creatively, especially in the global arena (Cox, 1993), which must be one of the important organisational goals to be attained. More importantly, if the organizational environment does not support diversity broadly, one risks losing talent to competitors.
This is especially true for multinational companies (MNCs) who have operations on a global scale and employ people of different countries, ethical and cultural backgrounds. Thus, a HR manager needs to be mindful and may employ a ‘Think Global, Act Local’ approach in most circumstances. The challenge of workplace diversity is also prevalent amongst Singapore’s Small and Medium Enterprises (SMEs). With a population of only four million people and the nation’s strive towards high technology and knowledge-based economy; foreign talents are lured to share their expertise in these areas. Thus, many local HR managers have to undergo cultural-based Human Resource Management training to further their abilities to motivate a group of professional that are highly qualified but culturally diverse. Furthermore, the HR professional must assure the local professionals that these foreign talents are not a threat to their career advancement (Toh, 1993). In many ways, the effectiveness of workplace diversity management is dependent on the skilful balancing act of the HR manager.
One of the main reasons for ineffective workplace diversity management is the predisposition to pigeonhole employees, placing them in a different silo based on their diversity profile (Thomas, 1992). In the real world, diversity cannot be easily categorized and those organizations that respond to human complexity by leveraging the talents of a broad workforce will be the most effective in growing their businesses and their customer base.
The Management of Workplace Diversity
In order to effectively manage workplace diversity, Cox (1993) suggests that a HR Manager needs to change from an ethnocentric view (“our way is the best way”) to a culturally relative perspective (“let’s take the best of a variety of ways”). This shift in philosophy has to be ingrained in the managerial framework of the HR Manager in his/her planning, organizing, leading and controlling of organizational resources.
As suggested by Thomas (1992) and Cox (1993), there are several best practices that a HR manager can adopt in ensuring effective management of workplace diversity in order to attain organizational goals. They are:
Planning a Mentoring Program-
One of the best ways to handle workplace diversity issues is through initiating a Diversity Mentoring Program. This could entail involving different departmental managers in a mentoring program to coach and provide feedback to employees who are different from them. In order for the program to run successfully, it is wise to provide practical training for these managers or seek help from consultants and experts in this field. Usually, such a program will encourage organization’s members to air their opinions and learn how to resolve conflicts due to their diversity. More importantly, the purpose of a Diversity Mentoring Program seeks to encourage members to move beyond their own cultural frame of reference to recognize and take full advantage of the productivity potential inherent in a diverse population.
Organizing Talents Strategically-
Many companies are now realizing the advantages of a diverse workplace. As more and more companies are going global in their market expansions either physically or virtually (for example, E-commerce-related companies), there is a necessity to employ diverse talents to understand the various niches of the market. For example, when China was opening up its markets and exporting their products globally in the late 1980s, the Chinese companies (such as China’s electronic giants such as Haier) were seeking the marketing expertise of Singaporeans. This is because Singapore’s marketing talents were able to understand the local China markets relatively well (almost 75% of Singaporeans are of Chinese descent) and as well as being attuned to the markets in the West due to Singapore’s open economic policies and English language abilities. (Toh, R, 1993)
With this trend in place, a HR Manager must be able to organize the pool of diverse talents strategically for the organization. He/She must consider how a diverse workforce can enable the company to attain new markets and other organizational goals in order to harness the full potential of workplace diversity.
An organization that sees the existence of a diverse workforce as an organizational asset rather than a liability would indirectly help the organization to positively take in its stride some of the less positive aspects of workforce diversity.
Leading the Talk-
A HR Manager needs to advocate a diverse workforce by making diversity evident at all organizational levels. Otherwise, some employees will quickly conclude that there is no future for them in the company. As the HR Manager, it is pertinent to show respect for diversity issues and promote clear and positive responses to them. He/She must also show a high level of commitment and be able to resolve issues of workplace diversity in an ethical and responsible manner.
Control and Measure Results-
A HR Manager must conduct regular organizational assessments on issues like pay, benefits, work environment, management and promotional opportunities to assess the progress over the long term. There is also a need to develop appropriate measuring tools to measure the impact of diversity initiatives at the organization through organization-wide feedback surveys and other methods. Without proper control and evaluation, some of these diversity initiatives may just fizzle out, without resolving any real problems that may surface due to workplace diversity.
Motivational Approaches
Workplace motivation can be defined as the influence that makes us do things to achieve organizational goals: this is a result of our individual needs being satisfied (or met) so that we are motivated to complete organizational tasks effectively. As these needs vary from person to person, an organization must be able to utilize different motivational tools to encourage their employees to put in the required effort and increase productivity for the company.
Why do we need motivated employees? The answer is survival (Smith, 1994). In our changing workplace and competitive market environments, motivated employees and their contributions are the necessary currency for an organization’s survival and success. Motivational factors in an organizational context include working environment, job characteristics, appropriate organizational reward system and so on.
The development of an appropriate organizational reward system is probably one of the strongest motivational factors. This can influence both job satisfaction and employee motivation. The reward system affects job satisfaction by making the employee more comfortable and contented as a result of the rewards received. The reward system influences motivation primarily through the perceived value of the rewards and their contingency on performance (Hickins, 1998).
To be effective, an organizational reward system should be based on sound understanding of the motivation of people at work. In this paper, I will be touching on the one of the more popular methods of reward systems, gain-sharing.
Gain-sharing:
Gain-sharing programs generally refer to incentive plans that involve employees in a common effort to improve organizational performance, and are based on the concept that the resulting incremental economic gains are shared among employees and the company.
In most cases, workers voluntarily participate in management to accept responsibility for major reforms. This type of pay is based on factors directly under a worker’s control (i.e., productivity or costs). Gains are measured and distributions are made frequently through a predetermined formula. Because this pay is only implemented when gains are achieved, gain-sharing plans do not adversely affect company costs (Paulsen, 1991).
Managing Gain-sharing
In order for a gain-sharing program that meets the minimum requirements for success to be in place, Paulsen (1991) and Boyett (1988) have suggested a few pointers in the effective management of a gain-sharing program. They are as follows:
A HR manager must ensure that the people who will be participating in the plan are influencing the performance measured by the gain-sharing formula in a significant way by changes in their day-to-day behavior. The main idea of the gain sharing is to motivate members to increase productivity through their behavioral changes and working attitudes. If the increase in the performance measurement was due to external factors, then it would have defeated the purpose of having a gain-sharing program.
An effective manager must ensure that the gain-sharing targets are challenging but legitimate and attainable. In addition, the targets should be specific and challenging but reasonable and justifiable given the historical performance, the business strategy and the competitive environment. If the gain-sharing participants perceive the target as an impossibility and are not motivated at all, the whole program will be a disaster.
A manager must provide useful feedback as a guidance to the gain-sharing participants concerning how they need to change their behavior(s) to realize gain-sharing payouts The feedback should be frequent, objective and clearly based on the members’ performance in relation to the gain-sharing target.
A manager must have an effective mechanism in place to allow gain-sharing participants to initiate changes in work procedures and methods and/or requesting new or additional resources such as new technology to improve performance and realize gains. Though a manager must have a tight control of company’s resources, reasonable and justifiable requests for additional resources and/or changes in work methods from gain-sharing participants should be considered.
Executive Information Systems
Executive Information System (EIS) is the most common term used for the unified collections of computer hardware and software that track the essential data of a business’ daily performance and present it to managers as an aid to their planning and decision-making (Choo, 1991). With an EIS in place, a company can track inventory, sales, and receivables, compare today’s data with historical patterns. In addition, an EIS will aid in spotting significant variations from “normal” trends almost as soon as it develops, giving the company the maximum amount of time to make decisions and implement required changes to put your business back on the right track. This would enable EIS to be a useful tool in an organization’s strategic planning, as well as day-to-day management (Laudon, K and Laudon, J, 2003).
Managing EIS
As information is the basis of decision-making in an organization, there lies a great need for effective managerial control. A good control system would ensure the communication of the right information at the right time and relayed to the right people to take prompt actions.
When managing an Executive Information System, a HR manager must first find out exactly what information decision-makers would like to have available in the field of human resource management, and then to include it in the EIS. This is because having people simply use an EIS that lacks critical information is of no value-add to the organization. In addition, the manager must ensure that the use of information technology has to be brought into alignment with strategic business goals (Laudon, K and Laudon, J, 2003).
Conclusion
The role of the HR manager must parallel the needs of the changing organization. Successful organizations are becoming more adaptable, resilient, quick to change directions, and customer-centered. Within this environment, the HR professional must learn how to manage effectively through planning, organizing, leading and controlling the human resource and be knowledgeable of emerging trends in training and employee development.
Green Accounting
In simple words Green accounting is kind of accounting that tries to factor the environmental costs within the financial outcome of the operations of a business. The decision makers have argued on the need of a revised method that includes green accounting because the Gross Domestic Product (GDP) ignores environment.
The idea was suggested in the 80′s by professor Peter Wood, although, the practice is still controversial. A fellow professor of the similar time, Julian Lincoln Simon, argued on the usage of natural resources that result in much wealth evident by the low prices of nonrenewable resources over the course of time.
To explain the subject further, let’s take a piece of red wood that is 300 years old, and that is cut and created into tables. Now the table building and logging adds to the GDP while absolutely no deductions is done at the cost of losing a tree and its non market services. Similarly the waste from a paper mill when dumped into river results in increased GDP but no cut is made for the cost of water pollution. On the contrary, water and air cleaned by the old forests and wetlands doesn’t add anything to the GDP.
But the accounting methodology within the US omits such environmental costs, to measure the economic activity of the nation. However, with many recommendations, now the national accounting system is on its way to correction.
The NIPA or the national income and product accounts also support the measurement of GDP. The three main aspects that are ignored by NIPA are:
* It counts over harvesting and pollution- causing industries as economic activity without deducting the environmental destruction done
* It ignores the depletion of the forests, oils, and other natural asset, and
* It also fails to acknowledge the services and goods provided by the wetlands, air, water and other ecosystems.
‘The Nature’s Numbers’, a book by the environmentalists, favor green accounting and proposes to extend NIPA for the inclusion of production activities and assets related to the environment and resources. It also suggests developing near-market and non-market accounts in parallel. This intelligent, carefully written weighty book offers a crucial boost to green accounting. This book will mark to be an asset in devising ways to protect environment without making a drag onto the nation’s GDP.
Wealth Masters International – Scam Or Legitimate Opportunity
If you’re out shopping for a new company to sign on to, there are some very specific things that you need and want to know. Follow along for a review of Wealth Masters International.
Who’s Running the Company?
Kip Herriage founder and CEO of Wealth Masters International, a Texas based company, incorporated in 2005. Kip’s background is in the finance industry with 15 yrs spent on Wall Street. Karl Bessey, Predident and Co-Founder of WMI has a very different background. He was an underground coal miner in Utah for 22 yrs before becoming involved in the MLM industry.
Kip and Karl founded WMI with the vision “to create success and wealth in others, one person at a time.
What Is The Cost To Join?
Wealth Masters International is broken down into three courses: m1, m2 and m3. The m1 course is sold for $1495, m2 for $8495, and m3 for $12,995. You are not required to purchase the m1, m2,or m3 products to become a Consultant with WMI. You have the option of choosing to pay $149 to become a yearly consultant for WMI. If you decide on this option, you will be passing up your first 3 sales and the sponsorship of those people to your sponsoring consultant. Following the third sale and member pass up, the “newbie” is now “qualified” and enters the WMI Compensation Plan as a “Consultant”. The $149 fee is a small price to pay comparatively to the $20,000 price tag, but you are required to pass up your first 3 sales along with sponsorship. From there the business model is similar to that of an MLM company. If you are not qualified to receive certain percentages of your sales yet, then they are passed up to your sponsor.
Wealth Masters International recommends joining with their “platinum plus program” which consists of all three courses and is priced at $20,750.
What If Anything Makes This Company Stand Out From The Rest?
WMI is a new company without the long term backing of other companies. We are yet to see if they will even be around in 5 yrs or end up as the next online scam. A few of their products available are repairing you credit, education of the family, incorporating your business, etc. One major draw back is that the products are distributed by mail rather than completely online. Internet automation just cuts down on a lot of paperwork hassle. At this point the company consists of a lot of Big MLMer’s who have switched over to test the direct sales water.
So in the end what really stands out about this company is a couple of things. You DO NOT get to keep 100% of the commissions. You will be CONTINUALLY passing up money to your upline over and over again. But the truly shocking thing is the price tag to sign up. If you are going to spend $20,000 on a program, you better make sure that the returns are immediate, and that you have all the support in the world from your sponsor.
A Review of the DeTech Income Opportunity
For those out there that have ever been the victim of a home fire, even a small one, it can be difficult to explain the dangers that fires possess and the impact that they can have on a person’s life.
For those out there who are passionate about preventing accidental home fires or home fires due to hazard and those who have the communication skills to move people, looking into DeTech’s income opportunity may be worthwhile. It is a great way to combine your knowledge and passion to learn about home fire safety and your skill for persuasion, enthusiasm, and knack for communicating.
Be a Presenter of DeTech Products
For those out there who think they fit the bill for this, perhaps a position with the DeTech Fire sense Technologies is in order. The job of a consultant with the DeTech Fire sense Technologies Company is to help save lives and homes by educating people as to the dangers that home fires can present and present them with the best equipment to help them from having to deal with such tragic losses.
It’s a fact that fires kill; they kill people, they kill pets, they kill lifestyles, they kill hopes and dreams-they can kill any and everything in their path and they are not easy to see coming. By helping people realize what a positive impact that the appropriate fire safety equipment could have on their safety,
DeTech only offers state-of-the-art fire sense equipment, so any representatives that sell products can rest assured in the fact that they may be doing their part to help save somebody’s home and worldly goods-better yet their life.
Cure Ignorance
Many people who lose their livelihoods (or lives) due to home fires have done so because of some type of ignorance. Part of the DeTech mission is to educate people as to the dangers that home fires can present, and present them with the tools that they need to be as safe as possible.
This is not the type of income opportunity where you are required to sell diet pills or candles or cooking equipment. DeTech and their fire safety equipment addresses real-life issues that must be addressed, and when it comes to their lives people will listen.
Anybody interested in working for DeTech and creating some secondary income as a DeTech affiliate should definitely inquire on the website. A few dollars made here, a life saved there; it’s all in a day’s work with DeTech.