Health Information Confidentiality Assignment Example | Topics and Well Written Essays - 500 words

Health Information Confidentiality - Assignment Example In addition, through implementing breach notification requirements, patients protect their identity if a breach occurs (Hebda & Czar, 2013). The benefits of collecting the confidential data of patients are more than the risks. It is important for the health care providers to conduct a review of the appropriate utilization and protection to ensure that patient data is protected (Davies & Collins, 2006). Improved technology and the current development of security software have made it possible for health care organizations to protect the private data of their patients and reduce the risk of data breaching. The major purpose of HITECH in to develop a nationwide electronic health records network that would allow for proper linking of health care professionals in ensuring quality health care for all citizens. The Act aims at promoting investment into information technology and thus promotes safety, quality health care, and efficiency in health management (Davies & Collins, 2006). The new HITECH notification requirements include notification of patients in the occurrence of an unsecured breach. In case the breach has an impact on more than 500 individuals, then there is need for the HHS to be aware (Institute of Medicine, 2009). Such notification will allow for automatic posting of the name of the entity that is carrying out the breach on the HHS website. The local media also have to be notified considering various conditions. These requirements are greatly effective in ensuring that the patients are kept up to date of any breach and that the involved entities are brought to book. This allows for timely counteraction of a breach and securing of patient data. The use of portable PHI could result in HIPAA violation involving the breaching of individual private data. Portable devices such as mobile phones store data on the devices, either in the SIM card, memory card, or

Plastic Bag Essay Example | Topics and Well Written Essays - 1500 words

Plastic Bag - Essay Example In her book called Everything Is a Human Being, Alice Walker states, â€Å"While the earth is enslaved, none of us is free’’ (Walker 666). Accordingly, she suggested so long as the earth suffers, then each and every person, together with other living creature will suffer.As such, it is therefore essential for us to take actions to protect the Earth. To reverse the gains made in polluting the earth, a piece of legislation was enacted in August 2014. The law induced a ban on all plastic bags mostly used to pack commodities in chain retail stores was enacted. California was the first state to put to work the legislation. In this case, a large number of stalls complied with the directive. The bill,accented by Governor Jerry Brown, will be valid from July 1, 2015. Consumers are not able to get normal commodities in plastic bags in accordance with the provisions. The ban on the aforementioned traders has will soon trickle to other small scale traders such as convenience stores and other small food retailers after one year. the use plastic bag has been discredited for causing economic losses, damages the environment and ecosystem, and is harmful to human health, the authority will continue to engage in the throughout the united states since the use of plastic bags It is estimated that each and every American uses one plastic paper per day. As such, apart from the use of plastic bags by traders, the law also focuses on activities around producing plastic bags and dealing plastic bags trash involve high economic cost that add burden to the society. In addition, we regular reuse our plastic bags, we just throw them as a trash after one-time use.Approximately $10 million of the New York City money goes to send 100 thousand tons of plastic bags that are dumped as general trash in the landfill of South Carolina, Ohio and Pennsylvania every year. According to the deputy commissioner in charge of satiation in New York states that, â€Å"Plastic shopping bags are an

Epistemology - Cognition Essay Example for Free

Epistemology Cognition Essay â€Å"I have found that such an object has always been attended with such an effect, and I foresee, that other objects, which are, in appearance, similar, will be attended with similar effects†. This foretells that with knowledge, our society may be able to associate a certain aspect/detail with an object, but that does not necessarily mean it will always happen. Therefore, Hume, who starts out as an empiricist, has arrived at the conclusion where an individual may not have knowledge at all, of skeptic doubt. This is explored through the three epistemology questions, the process he did take, and what the reader thinks on the matter. According to Hume, with his process of thought with empiricism, thinks knowledge is possible. He believed that all information about the world comes through experience. The contents of consciousness are what he calls perceptions. [†¦] include our original experiences [impressions] [†¦] sense data [†¦] â€Å"internal† world composed of the contents of our psychological experiences [†¦] also include what he calls ideas, or the contents of our memories and imagination. With this approach to whether knowledge is possible, it is clear that he thinks knowledge is possible through experience; through real experiences, sense data, psychological experiences and ideas. It states that one does not have innate ideas with us such as our senses or emotions, that an individual must experience these actions first in order to recognize what they must be. If one does not experience such actions, they are what he calls ideas, â€Å"the copies of them [impressions]† (The Search for Knowledge 69). He also states that, â€Å"We can deny any matter of fact without falling into a logical contradiction. The fact that we feel confident about certain facts of the world is merely the result of our expectations, which are based on past experience† (The Search for Knowledge 70). This theory is called Hume’s Fork, where it is between the relation of an idea and a matter of a fact. This says that society may be sure about our surroundings, but they are not certain. Ideas do not tell us anything about the world, but only our thoughts of what they may be, and matters of facts are knowledge per say, but are not always certain as well. Basically, it shows that one cannot be certain of the world around us, as it may change. With the question of the role of reason within the possibility of knowledge, he believes that, â€Å"We can learn nothing about what lies outside the subjective contents found within our experiences. † (The Search for Knowledge 71), therefore reason cannot be established as the primary source of knowledge. He clarifies his reasoning with the principle of induction and the uniformity of nature. The principle of induction is basically assuming that, for example, since the sun has risen yesterday, it shall rise today and rise tomorrow. Society makes the connection that when an event occurs more than once; one will believe that it shall again happen. The uniformity of nature is where the belief of the laws of nature will continue to commence, therefore it should be still commencing in days to come. Another way he delivers this statement is through the theory of being constantly conjoined. He states that, â€Å"Causes and effects are distinct events† (The Search for Knowledge 73). It can be said that when do an action, there is an equal consequence that follows. If you take the example of where you light up a candle with a match, and then touch the flame, you experience a burning sensation where you have touched said flame. If one repeats this process, one comes to the conclusion that since this has happened in the past, it will most likely be the same or similar in the future. With the third epistemology question of whether reality is represented as it really is, he declares that, â€Å"The only certainty we can have concerns the relationships of our ideas. But since these judgments concern only the realm of ideas, they do not tell us about the external world† (The Search for Knowledge 78). As a result, one can determine that reality cannot be represented as it really is due to the fact that one cannot gain any knowledge from the outside world from our ideas. Ergo, in the world, a person may experience objects such as desks, but this person is uncertain if they are connected to an external world. Hume raises that, â€Å"Impressions are always data that are internal [†¦] hence; we have no data about what is external† (The Search for Knowledge 75). It clarifies his reasoning that society believes that they live in an external world, or that there may be one, but one does not have sufficient explanation as to why this is true. As well, an individual must also question the fact of the self. Hume affirms that, â€Å"If all we can know are sensory impressions or our internal psychological states, then we can never experience the self† (The Search for Knowledge 76). With this in mind, people are certain that they cannot experience a self because it is not a true experience such as a color, which can be experienced. There is no foundation for experiencing the self, as all one has are beliefs, assumptions and ideas, which are never certain. In a few words, Hume is specifying that as a person, one cannot step outside our bodies to see ourselves; that a person can only believe that there is a self. Going back to where knowledge is possible, in the beginning, Hume does believe knowledge is possible with perceptions and impressions. With his thought process, the reader can determine that he has progressed from the thought process of empiricism to skeptic doubt and skepticism, questioning if society has knowledge at all. He believes that in the start, society has knowledge through what he calls perceptions; which consists of the senses, the memory and the psychological states. Overall, society must have experiences if it has developed these sources of knowledge. This in turn concludes that an individual can have knowledge through experience. Since Hume believes that this is the only knowledge an individual can have, he comes to the realization where, â€Å"If all we know are the contents of experience, how can we know anything about what lies outside our experience? † (The Search for Knowledge 70-71). This expresses that one cannot have knowledge, since the foundation he has set is only for our internal thoughts. From this, he describes his thought process of skeptic doubt through causal relations and knowledge of the outside world and self. This clarifies that a person can believe something will always happen but is never certain (causal), and stating that they cannot step outside the world they have created to see what will happen outside of such (external world and self). The reader must have an assessment on the matter of Hume’s empiricism and his process towards skeptic doubt. Dealing with Hume’s empiricism, I believe that his thought process is very vague and has various doubts of its own. The idea of perceptions cannot be knowledge to begin with, because it is what we have and think, but does not necessarily mean other people in society think this same way as well. Therefore, he has already led himself into skepticism, because he cannot explain thoroughly why this is knowledge. What he explains as experience, which is where we obtain this knowledge, is unsatisfactory because the experience he says is mostly reasoning such as sense data and psychological states. For that reason, his thought process in the beginning can also be confused with rationalism, since most of what he verbalizes is knowledge that can only be discovered through reasoning and not experience. Looking at his progression towards skepticism, he believes that we cannot have knowledge because all that we have is our internal world to base our beliefs on. It is shown that through the principle of induction and the uniformity of nature, we will have the reoccurring thought that, â€Å"The future will be like the past† (The Search for Knowledge 71). With this basic in mind, we are automatically assuming every event that happens in our lives will happen or not happen again, because of past experiences. With this amount of information, it is not sufficient enough to say that we always be certain it will again happen. It all comes back to the fact that since we only have our world to experience, and since there is no way to step outside and look at the external world or the self, we are never certain of anything. Hence, we have no knowledge at all because knowledge is classified as true, justified belief and our ideas and thoughts are not. This is a strong case, and therefore, I believe with his knowledge towards skepticism, but I do not necessarily believe in skepticism. Beyond a shadow of a doubt, Hume has answered the three epistemological questions with very strong points; first as an empiricist, who then leads to a skeptic. Overall, the opinion of the reader is satisfied, because even though Hume has a very doubtful thought process of empiricism with the idea of perceptions and ideas, he then breaks down his theory with the fact that this so-called knowledge is the only source of knowledge an individual can possibly have, therefore it is not knowledge. Knowledge is worth nothing unless you can practice it.

Role of ICE in Tourism Industry

Role of ICE in Tourism Industry The Tourism industry today is highly competitive and generates considerable income for every destination of interest, and has arguably become economically indispensable. In the last decade, the structure and operational aspects of the industry have been undergoing significant changes in an attempt to keep up with Social and Economic developments as a result of the fast dispersal of the Internet and increasing E-Business; all of which have impacted on the demand for tourism products and the manner in which they can be obtained. Information and Communication Technology (ICT) is being used in a multitude of overlapping activities within the Tourism sector, ranging from internal organisational functions to external communication between different parts of the industry, as well as facilitating how employees of the industry perform their jobs and how consumers experiences are enhanced. In other words the application of ICT is affecting the entire Tourism Value Chain (Buhalis, 2003). Its fair to say that in light of this, the continuous development of ICT has profound implications in the way the industry managed. With the implementation of new forms of ICT, an innovative type of E-Tourism has emerged that is radically transforming the Tourism industry on a world wide scale; the effects of which are discussed in more detail on the pages that follow. Since the early 1960’s when the first Computer Reservation Systems (CRS) was introduced, which according to Fesenmaier (2000) changed the way Tourism Operators conducted business in the sector; four interrelated eras can been identified (Frangialli, 1998). The Data Processing era in the 1960s; Management Information Systems era in the 1970s; Strategic Information Systems era in the 1980s and the Emerging Network era in the 1990s. Since their introduction many of these systems have been changed from their original appearance, new tools have emerged to take advantage of the benefits introduced by these systems, not least of all the Emerging Network era where the internet has significantly enhanced the operational aspects of the sector in general. It is fair to argue that the Internet has had considerable impact on the application of Tourism management, as people are able to obtain all their travel information and services at home via the Internet. The distribution of travel and tourism products using the Internet has bought about significant cost advantages for providers of Tourism services, and increased customer satisfaction as they provide a full service to their consumers. It is unquestionable, this revolutionary development is accountable for much of the technological developments at the heart of the industry today (Poon, 1993) which has evolved as a result of the Network era, identified above, and has led to further developments in the form of Mobile Commerce (M-Commerce). Keen and Macintosh (2001) stress that M-Commerce is marking the start of a fifth era of innovation and will continue to extend the way Tourism organisations conduct business. Moreover, according to Keen and Macintosh (2001), those who adopt new ICT and those who manage partner relationships more dynamically, will expand their market share even further by taking advantage of new developments. Just as CRS changed the way Travel Operators conducted their business, technologies, such as WiFi and WiMax [same as Wi-Fi only on much larger scale] are now changing the way Operators communicate with consumers. Academics such as Kalakota, (2001) suggest that Wi-Fi and M-Commerce, are key technological developments with wide-ranging benefits to the tourism industry. Wi-Fi stands for wireless fidelity and in simple terms means that computers, peripherals and connectivity to the Internet no longer need to be connected physically, creating a completely wire free system. The benefits of such a system include the costs of setting up are reduced as cabling is expensive, disruptive and not always possible. Wi-Fi allows wider networks, because it does not need to be limited to those machines which are physically linked, fostering greater mobility as people are no-longer restricted to working only at their desks. As a result of these reasons, the cost of creating Wi-Fi networks in places like coffee shops for example are low, which has lead to the creation of many new â€Å"Wi-Fi hotspots† encouraging visitors to linger and spend more on refreshments for example. Hotels are also taking advantage of the benefits and offering Wi-Fi services to all its guests at next to nothing. Furthermore, the implications for major visitor attractions are equally exciting. For example visitors to museums could use along their own Wi-Fi enabled device and access the museum website in their own language and obtain information on exhibits and so on. Service providers are building nationwide networks of Wi-Fi hotspots that can be accessed for a fee, and it is this partner relationship within the Tourist sector which needs to be managed more dynamically, and Tourism organisations need to nurture this relationship in order to provide the services consumers are expecting. A key example of this partner relationship can be witnessed at Heathrow Terminal 1, Paddington station, selected Hilton Hotels, as well as many pubs, as examples of Organisations who have paired up with Wi-Fi service providers, and taking advantage of this Technology. According to Aramberri (2001), these developments have changed the way Tourism Organisations operate, as these developments have led to consumers demanding more services, and changed the end to end process that restricted the services provided by organisations before the Network Era. In other words new ICT has both facilitated more demanding consumers, but also enabled Operators to heighten the travelling experience. Thus, in order to compete for market share Travel operators need to find new and innovative ways in applying ICT to the services they are offering. A key example of this can be illustrated with location-based services (LBS) which refers to information services accessible through a mobile handset, based on geographical location. According to Kpper, (2005) Tourism is among the first industries taking advantage of LBS, despite some doubt concerning the compatibility of some devices, with regards to operating systems, data formats, and limitations in user interfaces. In other words at present there is no generic LBS that could run on any device. In addition with regards to the application of ICT across the industry, it is now faced with a number of challenges. The Internet allows consumers to obtain information concerning their choices, it is still difficult to judge the credibility of this information, and in the absence of sufficient regulation, consumers still are concerned with the risks. Furthermore, there are still some areas in the Tourism industry that are not actively involved in the utilisation of ICT, and one the key developments through the eras identified above has been the complete utilisation of that system across the entire sector, and there is a risk given the pace of technological development that some aspects of the industry may get left behind. This would reduce the competitiveness of the industry and remove one of the key drivers for change within the sector. In summary ICT, particularly in the form of M-Commerce as a result of Wi-Fi enabled services has had profound implications for the operation of the tourism industry in three main areas. Firstly it has radically altered the way in which information is transmitted throughout the industry. Hence, it changes and challenges the way in which Tourism services are delivered and requires that Operators find new ways to satisfy tourists’ needs and that the needs are satisfied on demand. Secondly, the use of ICT is driven by the development of complex demands, as well as by the rapid expansion and sophistication of new products, such as the development of LBS, which as a result has enhanced the need for a wider network of Operators to include other businesses which traditionally do not form part of the Tourism sector such as service providers and mobile handset producers. Finally ICT has gone some way to bridge the distance between consumers and suppliers. It changes the best operational practices in the industry and enables innovative Operators to take advantage of the emerging tools and get closer to consumers. In conclusion ICT is a strategic tool used to enhance profitability and competitiveness of the Tourism sector and the future destination and competitiveness of the sector depends upon the successful implementation and management of this fifth technological era. References Abowd, G. D., et al. (1997): Cyberguide: A mobile context-aware tour guide, ACM Wireless Networks, vol. 3, no. 3, pp. 421-433. Aramberri, J. (2001): The host should get lost: paradigms in tourism theory, Annals of Tourism Research, vol. 28, no. 3, pp. 738-761. Buhalis, D., 2003, eTourism: Information Technology for strategic tourism management, Pearson. Fesenmaier, D., et al., Eds. (2000): Information and communication technologies in tourism, Springer. Fodness, D. and B. Murry (1997): Tourist information search, Annals of Tourism Research, vol. 24, no. 3, pp. 503-523. Guerley, W. (2000), â€Å"Making Sense of the Wireless Web†, Fortune, August 15. Available at: www.fortune.com Kalakota, R., and Robinson, M. (2001), M-Business: The Race to Mobility. New York: McGraw-Hill. Keen, P., and Mackintosh, R. (2001), The Freedom Economy: Gaining the M-commerce Edge in the Era of the Wireless Internet. Berkeley, CA: Osborne/McGraw-Hill. Kpper, A (2005), Location-Based Services: Fundamentals and Operation: Fundamentals and Application. John Wiley and Sons Ltd. 2nd Edition Laudon, K., Traver, C., 2002, eCommerce: Business, technology, society, Addison Wesley, Boston. Moore, K., et al. (1995): Behavioural conceptualization of tourism and leisure, Annals of Tourism Research, vol. 22, no. 3, pp. 67-85. Snepenger, D. J., et al. (1990): Information search strategies by destination-naive tourists, Journal of Travel Research, vol. 29, no. 3, pp. 13-16. Tribe, J. (1999): Economics of Leisure and Tourism, Butterworth-Heinemann, London. V.K. (2002), Global M-commerce – Business Opportunities for Wireless Data Services; in World Market Series

Influential Event :: essays papers

Influential Event Experience is what you receive when you don’t get what you want." I remembered my father’s words as I tried to postpone the coming massacre. Like during the fall of the Roman Empire, my allies became enemies and my foes turned into partners. In fast and furious action with property changing hands again and again, I rested my fate on the words of one man, hoping he would rescue me from this dangerous tailspin. Don’t these experts realize the heartbreak they’re inflicting on my young life? While the uncertainty of tomorrow’s attire is the most pressing concern for many seventeen-year-olds, I must worry about much greater issues! It’s August 31,the market is down over 300 points and the value of my stock portfolio is falling fast. Usually, whenever I mention the words stockbroker or investment other students snicker that I’m actually interested in â€Å"that stock market stuff." My interest in investing began when as a naà ¯ve freshmen I learned that my assistant JV basketball coach Tom Wingfield worked with Dean Witter as a stockbroker. Over the course of the season, I expressed interest in his job, and we became inseparable. Tom became my mentor, and I absorbed every word he spoke. Almost immediately, I became infatuated with the market and wanted to invest every penny I have. To the delight of my fifteen-year old brother, before school I even found myself opening the newspaper directly to the business section, giving my brother first rights to the sports page for the first time in his life. Hoping to soon enter the market, I worked at a nearby retirement home for several months and earned a little money. To help me buy more stock, my father agreed to match any amount of money I invested. I told Tom about the plan, and he thought it was fantastic. The next day, I had a stock portfolio and dreams of retiring by age 30. Three years have elapsed since that fateful November morning, and every two weeks I religiously place part of my retirement home paycheck into the market. Every small-time investor probably dreams of making a million dollars; I was no different. I pictured my meager investments taking off and my becoming a professional trader. August 31 quickly jolted me back to reality, and I was reminded of that infamous expression my father told me. No one really plays the market for experience; that’s just what people say after losing money.

Charles Schwab Case Essay -- essays research papers

Charles Schwab, a Stanford MBA, founded Charles Schwab & Company in 1971 in California. The company quickly established itself as an innovator. A defining moment came with the 1975 â€Å"May Day,† when Schwab took advantage of the new opportunities deregulation offered. Schwab would not provide advice on which securities to buy and when to sell as the full-service brokerage firms did. Instead, it gave self-directed investors low-cost access to securities transactions. From the late 80s to the early 90s, before the commercial use of the Internet, Schwab used technology to increase efficiency and quality and expand its services. Schwab’s innovations harnessed technology to the solution of business problem. As Schwab’s President and co-CEO David Pottruck put it, â€Å"we are a technology company in the brokerage business.† Schwab introduced TeleBroker, a fully automated telephone system that allowed customers to retrieve real-time stock quotes and place orders. Schwab also leveraged its back-office operations with SchwabLink, a service to provide fee-based financial advisors with back-office custodial services and the capability for RIAs to plug into Schwab’s computers to trade. The RIA market became an important source of revenue for Schwab. By 2000, Schwab had 5,900 affiliated RIAs, who controlled about 30% of Schwab's assets, up from zero in 1987. Merrill Lynch viewed these RIA’s as a â€Å"virtual sales force† for Schwab: â€Å"We don’t compete with the discounters. We do compete with Schwab. They have essentially built a Merrill Lynch by proxy.† Schwab introduced the Mutual Fund OneSource program in 1992, enabling customers to purchase no-load mutual funds without paying commissions. The vast majority of OneSource assets were in non-Schwab funds, except the Schwa bFunds money market, the only money market fund offered to OneSource customers. Funds were ranked and presented to Schwab customers based on objective characteristics (e.g., sector, investment style, or management fees) and performance. Customers could use their Schwab account to buy or sell more than 1,100 mutual funds from about 200 third-party fund families without paying any fees, and the transactions were integrated into their Schwab account statements and reports. Schwab serviced these accounts, aggregating all OneSource trades into a single daily transaction that was communicated electronically to the pa... ...s value proposition. Schwab customers could trade through Schwab’s branch offices, through representatives at call centers, via automated telephone services, over the Internet, and over wireless devices. Schwab sought to take advantage of synergies between the Internet and its traditional channels. For example, Schwab planned to hold over 13,600 online investing seminars in 2000 in its branches for those not comfortable with Internet technology. Looking at the market share in Figure. 1 below, Schwab was the leader in 1999. However, in today’s world competition has gotten even more competitive. Fidelity and Vanguard have become household names in today’s market. Fidelity with their proven customer service, range of mutual funds, stocks, and Retirement plans is well balanced diversified credible firm with a proven track record. Vanguard is one of the newer but fast growing firms. Vanguard trademark is for low commission and expense ratios fees. Vanguard has the lowest fees in the industry and makes a big difference if one is a long-term investor. In conclusion, Fidelity and Vanguard are the tier 1 firms in the industry with Vanguard having the potential to be #1 in the near future.

Serandib Bank

CONTENT Page 1. Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 2. Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2 3. Problem Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. .3 4. Alternatives†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 5. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8 6. Implementations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Introduction This is the fourth assignment which I am forwarding as a case study for module 4 examination of Professional Qualification in Human Resource Management 75th Batch at the Institute of Personal Management Sri Lanka (IPM).The case is about the SerendiB Bank which was playing a successful monopoly game in the Bankers field where only two other local banks were held due to the Government regulations towards the implementation of foreign banks in the country. The SerendiB Bank was leading the country with a staff of 9,800 at the branches operating in each leading town island wide. Very recently; on its 50th anniversary, a new chief executive officer, Mrs. Maya Perera was appointed on her post who was just returned back to the country after serving 20 yea rs at two foreign Banks as a Top Executive.With the arrival of new CEO, many senior executives of the bank were unhappy with her new approach which is emphasized on followings. Cooperate vision and strategies/ businesses objectives for next five years Creating customer friendly process Introduction of latest technology Motivating internal staff through extrinsic motivation Promoting team work and achieving goals through team dynamics. The bank was delighting its success for next two years till the time of arriving two foreign banks and with that, suddenly it faced a narrow drop in all aspects.The bank lost its customers by 50% and the employee turnover was 22%. Finally the bank has close down its 22 branches and divest it two overseas operations. Executive Summary SerendibB Bank was practicing the seniority based promotions, non-financial rewards for individual efforts and also staff enjoyed the traditional banking activities. But, new CEO emphasized the impotency of introduction of latest technology while motivating the staff through extrinsic motivation and promoting team work and achieving goals through team dynamism.Also, CEO wanted to encourage people more towards the monetary rewards and as a result management introduced nearly a dozen of group incentives whilst statutory payments were paid in double over and above the legalized criteria. Although Bank achieved a higher growth rate in financial terms during the first two years tenure of new CEO, many senior executives were extremely unhappy with the CEO’s new approach. With launching of two new foreign banks, many senior staff members left from the SerendibB and joined with this new banks for better prospects and relieve with the newly introduce reward schemes.Within first six months, SerendibB lost over 50% of customer base and also drop in revenue. Further, SerendibB had to close down 22 branches and divested two overseas operations. This case study demonstrates the employee reward systems can h elp organizations to achieve their goals. However, Employers must first identify each objective clearly before developing tangible and intangible reward systems. Important goals such as employee retention and job satisfaction, performance improvement and employee motivation can be achieved by identifying the desired outcome of employee reward programs. . Problem Statement 1. The newly introduced reward management system does not fit to the requirements of the employees in the organization. The effectiveness of reward package is impacted by internal and external factors and it is important for employers to continually monitor, evaluate and adjust their rewards and benefits packages to ensure that they continue to meet employees' needs. Changes in the competitive landscape, in the economy, in employee needs and in demographics can all impact how effectively existing packages meet employee needs.Ongoing assessment of both internal drivers and external environmental impacts can help ens ure that companies' reward packages serve to drive retention in a positive way. But, New CEO of SerendibB Has changed the existing reward management system without doing a proper study. Therefore, change of existing reward management system is not suitable to entire organization and its requirement. 2. The newly introduced Reward Management system does not have the proper balance between the Financial and Non – Financial Rewards, individual and group rewards.Financial rewards and group incentives are one way businesses can show their appreciation to employees for hard work and dedication, but this should be just one piece of the compensation system. Non-financial rewards and individual incentives can carry just as much weight by empowering employees, as well as giving them a sense of accomplishment and of belonging. CEO of this bank always promoted the monetary rewards and the team work concept among staff. Therefore, rewarding system should be balanced among financial and no n-financial rewards as well as the Individual and the group incentives. . The Reward Management System is not consistent and sustainability. Employee reward systems can help employers achieve their organizational goals. However, employers must first identify each objective clearly before developing tangible and intangible reward systems. New CEO had taken a decision to pay in double the EPF,ETF and gratuity over and above the legalized criteria. But he hasn’t checked whether the organization can afford such a huge expensein the future. At the same time legal consultants also advised the top management not to grant excessive financial rewards.Therefore, such a reward managements system doesn’t have a sustainability, consistency and credibility 4. The Reward Management System does not catering the purpose. Employers must offer employee rewards that the company's employees find meaningful. Well-managed employee reward management system have tangible affirmative effects on the employer’s bottom line results such as Attraction, retention, motivation, engagement, return on investment. Throughout the case it doesn’t demonstrate the key values of reward management system.Further, Majority of the staff of the SerendibB bank left and joined with new foreign bank due to frustration. In that case SerendibB was failed to full fill the basic requirement of the reward management system. 5. The Reward Management System does not cater the requirements of the existing staffWithinfirst six months of opening the competitor banks, SerendiB lost over 50% of customer base and had to face huge drop in revenue. Also, many of the senior staff members joined the new foreign banks. By that moment, top management of the SerendibB bank well knew the reason behind.But, nobody take steps to change or enhance the existing rewarding system so that best fit for the existing employees and retain them with the SerendibB bank. Alternatives 1. SerendibBBank should come u p with incentive plans as follows for their employees in order to reward staffs who contribute the most to the profitability goals of the bank. This allows employees to reap the rewards to their business acquisition activities and helps to promote a sense of self-achievement and teamwork. a) Bank need to identify those products and services that it wants to concentrate upon based on product demand, pricing and risk analysis.For example, when a bank decides that too much of its assets are related to the condominium market, a shift toward other income producing real estate is made. Once the current year product and profitability goals are established, the various departments of the bank are informed of the products that the bank is going to pursue. b) It is recommended consult with staff and trade union and gets their ideas of a new incentive system. Also, management can conduct brief survey to get the ideas of staff. Provide clear choices in survey in order to get clear answers.Ask q uestions like â€Å"Would you prefer a cash reward or a personalized plaque for being employee of the month? † Employee surveys should also list a variety of monetary and non-monetary awards and ask employees to list their preferences. c) A bank profitability system takes each product that the bank offers and classifies it according to the responsible department and customer account. The various customer accounts are assigned to specific employee who manage the account and increase the business volume of the bank with the customer. The employees also acquire new customer accounts that generate profit.Therefore, a proper profitability system must be capable of tracking the progress of existing and new customer accounts by employee in order to reward the efforts of the employee through the incentive program of the bank d) Once the various income-producing goals are established for the bank, the acquisition incentive program is communicated to the departments involved. For examp le, if incentive payments are being offered for acquiring new real estate business loans, the program details what the employee needs to do in order to earn an incentive payment.The typical program involves the payment of an upfront fee to the employee of two percent for the original acquisition of new business and a five percent payment after the first year of operation from the ongoing business of the customer. This type of program tends to bring the operation of the bank together e) The continual monitoring of the profit and loss goals of the bank according to customer and assigned employee must be transparent and available to the relevant employee, as well as to the department supervisor. This allows for total follow-up and monetary remuneration.It also shows where adjustments need to be made due to problematic relationships. Furthermore, it provides the historical base for progress and motivation. f) Measure employee satisfaction of new or improved incentive plan by obtaining i deas of employees or implementing a survey and review exit interview information. In addition, analyze turnover rates before and after implementing the employee incentive program to measure the effectiveness of the new or improved rewards system. 2. Monetary incentives encourage employee compliance, rather than encouraging risk-taking, since most monetary rewards consider only employee performance.Employees may be motivated to perform in certain ways to achieve monetary rewards, rather than doing something because it is the right thing to do. This behavior can disrupt or end good working relationships among associates, since they have become competitors rather than co-workers, which ultimately disrupts the overall work environment. Non-monetary incentives have been used to reward employees for their good work by providing opportunities for training, flexible work schedules, improved work environments and sabbaticals.Therefore it is essential to take a good balance between non-moneta ry and monetary incentives as well as the group and individual incentives. Because it results in a more satisfying program to address the diverse interests and needs of employees. 3. With the lost of customer base, SerendibB bank is in a terrible finance situation. Bank is still paying the statutory payments in double to existing employees due to wrong decision taken by its CEO. Therefore, it is necessary to immediately stop such extra payment (EPF,ETF; Gratuity)done by the bank to its employees and on behalf of employees. . SerendibB Bank need effective reward systems in order to attract employees to the bank keep their existing employees and maintain a satisfied workforce. The primary employee reward is usually pay. But, SerendibB has to offer a total reward system that includes good pay and other non-monetary incentives. Designing a total reward system is important task to be done by the bank to overcome the current problem it has faced. Therefore, bank can implement following to attract external people. a) Develop a competitive pay strategy.Benchmark (two foreign banks) the market pay scale for each compensated position in the organization. Once pay scales are determined, Deputy CEO can decide which positions should be paid at, below or above the average pay rate. Critical positions in the organization are often paid at higher rates to keep valuable employees and avoid wasting resources on employee searches. b) Establish work-life rewards. These rewards include paid or unpaid sick time, paid lunch and break times, childcare assistance, variable work schedules and other benefits that don't normally include pay, but are seen as valuable by employees.Organizations that are in a position that precludes paying traditional benefits can sometimes keep employees by offering these types of rewards c) Develop meaningful employee recognition programs. Many employees respond to simple recognition for a job well done. This can be as easy and spontaneous as a simple â⠂¬Å"thank you† or more organized as a monthly or quarterly recognition lunch or dinner. It's important that people who are recognized are truly outstanding workers. Depending on the profitability of the organization employees be recognized with anything from cash to event tickets to a certificate. ) Initiate a career development program. Many employees will stay at organizations that offer fewer benefits if they can see that there is possible job advancement available in the future. Offering management training programs that truly given employee a leg up on future career advancement can be viewed as a valuable reward. This can be a very low-cost reward system that keeps employees for the long-term. It's important to only offer training to employees who truly deserve it. 5. At this crucial time, it is important to retain existing employees.Therefore it is requires to offer them a short tem rewards such as meal allowances, bonuses, transport allowances, health and life insurance , and annual vacation in order to keep employees. Conclusion Most people work mainly or even exclusively for the money they earn. No employee refuses more money, whether it is a one-time reward or a permanent pay increase, but employee rewards need not always be monetary. Raises and bonuses are among the most potent workplace rewards. The importance of rewards in the workplace extends beyond providing increased pay.Therefore, it is important to starta proper reward system in the bank with the aim of getting below results to the SerendibB bank and overcomeexisting problems which bank is experienced now. Staff Retention Staff turnover is expensive. It costs a company from 120 to 200 percent of an employee's annual salary to replace him when he leaves. New hires often require considerable time to reach peak performance. Staffs who feel that the bank recognizes their efforts are less likely to seek jobs elsewhere than those who feel that they are taken for granted. Maintaining MoraleAt this moment staffs of SerendibBsuffer from low morale. This is especially due to unhappy with CEOs new approach towards the reward system. Providing rewards can boost morale and need not be much costly. Enhancing Performance Rewarding employees often improves performance on the job. Nonmonetary rewards often produce surprisingly sustained increases in staff productivity. Raises and bonuses also increase staff productivity. â€Å"Carrot† Versus â€Å"Stick† Motivation Bank staff is consisted with educated employees. Taking a â€Å"stick† approach to bank discipline is often counterproductive in motivating staff.Punishments, in the form of negative public recognition, can quickly disintegrate into a finger-pointing exercise among employees eager to keep the spotlight away from themselves. Therefore, it is very vital to have a effective rewarding system in SerendibB bank to speed up the recruitment process and as well as to retain the existing staff . Implementatio n Implementing an employee reward program is a great way to push workers to excel. Not only does a program generate results for the people who win awards, but it also tends to increase productivity and drive staff to give their most to the SerendibB Bank.Therefore, it is recommended to consider the below given areas when implementing and employee reward program to the SerendibB Bank. Director HR should take an initiative to implement a reward policy for the Bank so that it would be clear to the bank staff. Also, bank need to initiate a grievance handling system, so that staff can come up with any problem they have and look for a solution. If such is available staff might wait and see whether they can have solution before they go for drastic actions such as leaving form the bankCreate two lists of goals, one for the bank and one for the staff. Be clear on what the staff are expected to do within the program and what bank want to achieve by creating it. Increasing customers, improving staff morale or rewarding hard staff are all acceptable goals, as long as bankis clear on them. Decide on the type of prize that will be awarded. Prizes can be symbolic (an actual certificate or medal) or they can be material and focus on money rewards, special items or long-term rewards, such as more time off or a raise. Announce the timing of the reward system.It doesn't really matter bank plan on handing out awards on a monthly or quarterly basis, but it has to plan in advance. Management of SerendibBlet the staff know what to expect and when. Once announce the program, HR department of the bank can do updates throughout the month or quarter to show where the process is going and how everybody involved is doing. Designate a leader to keep track of the system. This could be a manager, a staff who is not participating in the program. Create a schedule or a follow-up system so bank staff can track themselves and make the process easier for the leader..