The Methods Of Recruitment And Selection Commerce Essay

The Methods Of Recruitment And Selection Commerce Essay Organizations are made up of two key resources: people and money. People, who consist as its workforce, are the most valued asset (Plumbley 1976). The knowledge, skills and commitment the workforce brings has to be utilized to its maximum to enable the organisation thrive. Plumbley (1985) suggests that the profitability and even the survival of an organization normally relies upon the calibre of the workforce, and it has been debated that the costs of ineffectual commercial viability can most likely be linked to a long period of ineffective recruitment and selection methods (Lewis, 1984; Plumbley, 1985; Smith and Robertson, 1993; Terpstra, 1996). More so the processes involved with recruitment and selection of employees, their management and availability of skills and knowledge will give an enterprise a firm business strategy. Recruitment and selection are crucial processes for a successful organization, as hiring the appropriate staff can improve and sustain organisational performance (Petts 1997). Recruitment is simply linking those with jobs and those seeking jobs; in effect discovering the potential of prospective applicants for actual or anticipated vacancies. According to Edwin B. Flippo, recruitment is nothing but a process of searching for prospective candidates for employment, stimulating and encouraging them to apply for a job. An adequate recruitment process would consist of such progressive steps: Job definition, Person specification, Creation of recruitment and selection techniques, review and shortlist and offer of employment based on agreed contract (Peel and Dale 2001:9). Figure Recruitment and Selection Process (Ward 2007) In reality, the entire recruitment process is more complicated than just encouraging people. It targets the purpose of attracting the most suitable people at that point in time (Dale 2003:50). Invariably the problem of selection not only involves allocating the right individual for the right job, but it also entails the efficacy of the methods employed in order to achieve that purpose (Dempsey 1955). The entire process of selection starts from an initial screening interview and concludes with a final employment offer. Figure The Selection Process (Montana, Charnov 2000:216) While carrying out the selection process, management must have an answer to the question: What is required by the job? As such, any criterion taken into account in employee selection must be a Bona fide Occupational Qualification (BFOQ), or job related criteria to avoid any form of discrimination that is an illegality and punishable (Montana, Charnov 2000). Case Study Review Company Profile Framley engineering is a relatively small sized organisation that designs, develops, manufactures and sells superior electronics. A large proportion (60%) of the companys revenue is derived from export markets; hence the company has a strong market interested in the unique products offered. The organizations existence is hinged on the vital recruitment of RD engineers who are pioneers of in house technology and responsible for launching new products for the market. The company consist of 520 employees, 57 being engineers. The company is expanding due to the periodical recruitment of qualified engineers that are essential to its existence. With the following SWOT analysis, the companys current situation can clearly be presented: Strengths Framley engineering is a small sized company in comparison to its larger competitors but holds a first mover advantage (FMA), where it has been able to gain time over its competitors; and time advantage generally and in the field the company operates is the surest way to gain market share (Lieberman, Montgomery 1988). Weakness Lack of an effective recruitment and selection strategy by the Human Resource department, as a result of the incompetence of the Head of Human Resources and departmental heads using inadequate interviewing and selection skills for recruiting new engineers. This could be detrimental as it could reduce the companys competitiveness in the market as its success is dependent on quality engineers. Opportunities Steadily expanding through employing qualified engineers and across-the-board low labour turnover. Threats The recruitment of people with no relevant skills or knowledge, who are unfit for the organization as highlighted by the Director of Engineering at Framley engineering. This can lead to increased labour turnover, increased costs for the organization and eventually lower the morale of the workforce. Examining the SWOT analysis of the case study, it can be gathered that a major setback for Framley engineering is its grossly incompetent Head of Human Resource and departmental heads. The heads of department clearly lacked interviewing and selection skills basing decisions on personal grounds and prejudices which could be interpreted as a form of discrimination, possibly stereotyping or assigning of traits to people based on their social background. Although stereotyping is a natural mental process that enables the mind filter and categorizes stimuli, it becomes a stumbling block when recruiters view the aged, obese, sex and ethnic minorities within intransigent boundaries, assuming them as less qualified for a post based on their affiliation to a social group (Levesque 2005). An example is the case of James Connor (Greenhouse 2003), who was offered a job as a cook by McDonalds. Connor was 6 ft. tall and weighed 420 pounds therefore the chain had to order a customized uniform for hi m in which during the time of its arrival, the chain had changed management and the new owners decided against employing Mr Connor on account of his obesity. Thus it can be assumed that the new owners commits the perceptual blunder of the halo effect (Klein 2004) in deeming that because of one insignificant negative characteristic, their total perception of him and his abilities is distorted negatively (McShane et al 2005:19). Furthermore the effects of poor recruitment decisions as observed in the case study include: wastage of time and money spent on advertising, shortlisting, interviewing, saying good bye and re-hiring; negative individual and team morale where existing staff have to compensate for the new persons lack of skill or productivity. A major pitfall is the direct costs with having to re-recruit, estimated by the CIPD as  £3,500 per employee on the average (Management and Standards Centre n.d.). Effective Recruitment and Selection Strategies Recruitment Recruiting is seen as a positive process of generating a pool of candidates by reaching the right audience, suitable for the vacancy (Leopold 2002). The initial progression of recruitment is to create a job analysis which is vital for both the organization and applicants. If the post is needed in the organization, a job description is then collated. A typical job description comprises of the job title, location and what the job key functions are principal duties the job entails and the part it plays in the success of an organization. Thereafter, based on the job description a person specification can be composed. In definition, a person specification is a process by which both the required qualities vital to undertake the post and the desirable qualities of the ideal candidate for the job are described (Torrington et al 1992). In line with the case study, a job description should solely be created by the Human Resource department at Framley engineering. Though it is recommended that the HR Head confers with the Director of engineering (for required skills), whom the new recruits will be reporting to; as their relative input into the job role will be imperative and such relevant details which should be included in the specification. The next level is choosing appropriate steps in recruiting the best applicant. In effect there are three channels by which an organizations can recruit suitable candidates, there are: Internal, External and On-line recruitment. Internal recruitment involves advertising job posts on staff notice boards in staff rooms or announcing in staff meetings. Acknowledged by Leopold (2002), internal recruitment enables staff to progress within the organization through promotion to a new area, thereby providing them with valuable experience elevating them to a higher level in a similar role. For example, Tesco adopts internal recruitment calling it an Internal Talent Plan where it lists current employees looking for a move either on the same level or on promotion. The advantage of internal recruitment is that the manager is aware of the candidates capabilities thus avoiding the error of employing an external candidate who may not be motivated to commit to the development of the organization. In contrast, a significant obstacle of internal recruitment is that it may introduce a sense of indifference within the organization. Wherefore sometimes it is preferable to employ externally which could increase competition for promotions and improve appraisals, as employees will not feel as though they are in their comfort zone, knowing the organization employs internally. External recruitment involves recruitment agencies, job centres, referrals and new paper adverts. External recruitment is when a candidate is recruited from outside the organization as the candidate may bring creative ideas or skills needed. In relation to Framley engineering, the company employs externally, which is appropriate for its size, structure and field they operate in being the recruitment of RD engineers. The company needs outside experience which brings an injection of fresh and innovative ideas. Though this technique maybe costlier, it is essential to keep the company in operation as it is reliant on the quality of engineers and in house technology. The last recruitment technique is online recruitment which is a cost effective method for organizations as it shares information between candidates and recruiters, and information gathered can easily be updated. Though its major drawback is that it attracts series of unsuitable candidates and recruiters spend a lot of time extracting suitable ones (Beardwell 2007). Framley engineering should adopt this cost effective method as part of their recruitment policy though to fully utilize the method, recruiters must be in regular contact with potential candidates so that they are not lost to competition. Another example is Hong Kong airline Dragon Air, a subsidiary of Cathway Pacific Group which employs 1400 cabin crew staff. The airline uses online recruitment for costs and time saving as candidates submit their resume in fixed format through the internet. They also employ third party agencies such as Monster.com where data is consolidated and analysed by the quality of the candidate. Thi s has proved effective in employing the right workforce and can be emulated by Framley. In correlation, the next step in hiring applicants is assessing the adequate candidate for the post through sifting applications (Armstrong 2007). The sifting process encompasses classifying abundant applicants into probable, possible and unsuitable groups (Beardwell 2007). This is achievable through the comparison of different resumes and passing promising candidates to the selection process. Unsatisfactory should be notified in writing soonest according to CIPD directives (Beardwell 2007). Another technique that can be used in sifting applications is Bio data, which is the collation of data that consists of demographic information such as education, sex, age, educational qualifications, employment history, and hobbies etc. points are awarded according to their relevance to the post and data collected is scored by the bio data survey. The points accumulated determine applicants who can proceed to the next stage (Armstrong 2007). Selection Selection can be interpreted as the process of picking the appropriate candidates both inclined and capable to fill the post. Several selection techniques can be used to recognize the most suitable candidate for the post by reducing the pool (Leopold 2002). The several techniques could be: psychometric tests, assessment centres, interviews, references amongst others (Beardwell 2007). The most widely used technique is interviews as expressed by Torrington (2002), as a controlled conversation with a purpose. There are three types of interviews namely: individual interview, selection board and interviewing panels, the most common one being the individual interview which is more or less face to face. This allows close contact between the interviewer and interviewee, but may result in partial decisions based on personal grounds like depicted in the case study. It is glaring that the departmental heads did not comprehend the whole process of recruitment. They lacked the training required to enlighten them about the importance of the recruitment process and creating a strategy to effectively deal with hiring the right people, equal opportunities, minimizing costs from wrong hiring, and more importantly to identify marginal performers prior to hiring. Definitely, untrained and incompetent recruiters combined with inappropriate selection techniques will result in a workfo rce not being sufficiently qualified for the post they hold, which suffocates an organization as it gradually gets crushed under the pressure of rehiring adequate employees that forms the backbone of the company; as in this case Framley engineering. A much fairer method which may eradicate preconceived judgements is a panel interview, likely involving two line managers and one personnel manager to interview a single candidate. This allows fair discussions with a view from different angles. The last method is selection board interviews which is usually larger and more formal, and might have someone on the board more influential than others whose decisions might influence others on the board. This kind of interview enables people involved to make decisions on candidates according to relevant points. Framley engineering should adopt the panel interview method as it is more dynamic and candidates are assessed in a fairer manner as set of questions asked will be based on individual experiences. Other selection techniques is assessment centres, which entails candidates going through a series of exercises while being observed by assessors what skills were demonstrated, their capabilities and if they are suitable for the job to enhance the development of the organization (Fowler 1992). Tasks performed at assessment centres are psychometric tests, group, job and individual exercises (Porter 2001). However, although this method gives a look into how people would perform in groups which would be an advantage to organizations that require staffs to work in groups, it is among many techniques and the best way to understand and select a suitable candidate is through interview. Moreover the process can be very costly as it requires a lot of resources, hence mainly used by larger organizations therefore not suitable for Framley engineering. However, another technique which might be useful to the case study is using references. References are personal and accurate information gathered about applicants. This would enable the company know who they are recruiting. The downside of this method is that candidates can get anyone to write up a personal reference as Armstrong (2007) rightly pointed out that personal references are of course evidently useless as all they indicate is that the candidate has at least one or more friends. Thus, references should only come from Human resources and not from a previous manager or former workmate as they will be biased and conjure up a brilliant reference which is not beneficial as the organization needs to know the calibre of applicants they are recruiting. For an organization to adopt the best approach to recruitment and selection there are several external and internal factors to be taken into consideration before an ideal strategy can be formulated. Such factors shall be analysed furthermore. Internal Factors Foremost is the size of an organization as this determines what strategy to adopt. An organization with between 200 and 500 employees, as is the situation in the case study, would need to adopt a best use of techniques mentioned here. However much smaller firms with 50 plus employees do not require adopting all techniques mentioned as it is inadequate, time consuming and counterproductive due to relatively high costs. For example assessment centres are not needed by smaller firms as this would be expensive, and instead use of practical methods such as interviews and paper application. But assessment centres are invaluable to larger organizations recruiters will need to narrow down the large number of applicants as effectively used by corporations like British Gas that uses assessment centres where they use 90 statements in all and applicants are rated as amber, green or red. The colour grading shows the attitudes applicants have towards team building and people, therefore it goes to show which roles are best suited for an individual. Green and amber applicants are put forward unto the last stage while red ratings are not taken any further. The financial position of an organization also plays a crucial role as it has a major impact on the recruitment and selection policies an organization chooses. If a body is financially buoyant it can apply all the techniques but if otherwise can prove a weakness for organizations as strict budgets means limitations to techniques that can be employed to attract potential applicants. Consequently, it can be determined that when taking into consideration the internal factors, firms need to conform to their internal factors when choosing what recruitment and selection method to adopt. It can be seen that not all organizations can adopt the best practices due to size and financial constraints, however it is clear that all businesses can adopt the basic of recruitment and selection being interviews and applications. External Factors Political factors (macro environmental factors) such as government policy and legislation on race, sex and discrimination represents an important function in recruiting and selection methods, as organizations have to abide by laws that have been passed by government. Hence in reference to the case study, departmental heads and subsequently the head of HR may have to employ methods such as Bio data to prevent any discrimination laws from being broken as this could lead to the business closure and legal proceedings. Forces within the external labour market may play a role in firms recruitment and selection shortages. In the field where Framley engineering operates, there is competition for recruitment of RD engineers, thus the business might have to look outside the shores of Britain for suitable engineers, which would be an advantage since 60% of its revenue is derived from exports. A mix of foreign expertise could be beneficial for creating innovative products to suit the export market. This as well could be a complicated process as cross-border legalities must be adhered and exhaustive background checks must be carried out. It is apparent when analysing external factors, there are a series of conditions that influence organizations in choosing the most suitable technique. What is constant in external factors is that business climates and market forces are rapidly evolving, more so businesses need to adapt in order to remain competitive. For example companies such as Tesco who frequently uses labour from Eastern Europe countries will have a change in their recruitment and selection policies which results in the need to adapt to the changes in macro environmental factors (as mentioned above). Conclusion An organization that does not promote a best practice procedure will not only recruit ineffectively but put the business at a risk of closure due to failings of the Human resources department. There must be a close rapport between Human resources department, departmental heads and the Director of engineering, to ensure the techniques used and the person specification fits the job role. Particularly, utmost care should be taken to when interviewing for the recruiter to adopt a neutral position in order to avoid such mistakes like the halo effect, stereotyping and preconceived judgements. It is lastly imperative that interviewers are properly trained and heads of HR are accountable to either successes or failures of recruitment and selection policies.

“Is College Worth the Money?” by Daniel S. Cheever, Jr. Essay

In this day and age, the cost of a college education is more than most middle-class families’ yearly salary. In today’s job market, a lack of having a college education makes it difficult to land an entry level position. The discussion of college cost comes and goes but is a major question in the minds of parents and potential college applicants around the nation. In Daniel S. Cheever, Jr’s article, â€Å"Is College Worth the Money†, Cheever urges people to look at other factors when judging the value of a college education rather than its cost. To begin with, Cheever brings home the point that college tuition is rising at an exponential rate. Over the last 20 years, undergrad tuition at Havard has risen over twenty thousand dollars, outpacing the consumer price index. Cheever makes a valid point, by only focusing on one institution, is this indicative of all colleges across the board? By attending Harvard University, one could argue that one is paying for the prestige of the school rather than the quality of the education. Cheever also points out; parents are willing to take out $100,000 to pay for a highly educated graduate that, by the end of a working, career will make one million dollars more than someone who didn’t get a higher education. Taking cost out of the equation, what does that investment yield for the student? The final statement that Cheever makes, â€Å"Parents and students will demand a proven and verifiable outcome that measures the outcome on their investment† is a bleak conclusion. It is no t indicative of the students that go for a good time and not the quality of their education. Cheever makes bold claims throughout his essay that he seems to fail to back up. Though Cheever lacks depth in his essay, he makes many agreeable statements as to what we should consider in valuing a college education.We should look deeper into what a college brings to the table, more than just the prestige it has acquired. Having a after-grad services would definitely play a factor in how we judge a schools value. During the schooling years though, being able to become an economically productive and community minded citizen will aide anyone who attends, even if they decide to leave town, or even the state, after graduation. Cheever brings great ideas to the table, even if  just briefly touching each subject, he still makes the question, â€Å"Is College worth the money?† a tough one to answer. With all these great tips, asking is college worth the money is still a difficult decision. Ultimately, it falls to the students and parents seeking higher education to make the decision. Everyone is different, different upbringings, different theologies and requirements about what a school should do for them. If answering a generic question, â€Å"Is College worth the money?† is as easy as Cheever makes it out to be, why hasn’t the discussion stopped? There may never be a direct answer, but it has some basic guidelines based on Cheever’s essay. If you need any more information though, you’re better off calling each school you’re interested in and asking the same questions and seeing which school is the best for you. Reference Cheever Jr., Cheever S. â€Å"Is College Worth the Money?.† The Blair Reader. Ed. Laurie G. Kirszner and Stephen R. Mandell. Boston: Pearson, Prentice-Hall, 2014. 113-115. Print.

Cobblers Scam - Free Essay Example

Sample details Pages: 10 Words: 2860 Downloads: 6 Date added: 2017/09/14 Category Advertising Essay Did you like this example? [pic] THE GREAT COBBLER SCAM The boot may well be on the other foot now. The shoe that pricked A lot of scams are being discovered in India. It looks like the corruptions in India can never come to an end. If one corruption is exposed another one start somewhere. It reminds me one of the biggest multi million dollars scam in Indian history which was nicknamed The Great Cobbler Scam. The people involved in this racket were Saddrudin Daya, former sheriff of Mumbai and owner of Dawood Shoes, Rafique Tejani, owner of Metro Shoes, Kishore Signapurkar, proprietor of Milano Shoes, and Abu Asim Azmi, president of Samajwadi Partys Mumbai unit and partner in Citywalk Shoes, Beside them various officials of banks and financial institutions were also involved in this multi million dollars Cobbler Scam. The Banks whose officials were involved in this scam are: Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co- to eliminate, Cooperative Bank and Bank of Bahrain and Kuwait. Don’t waste time! Our writers will create an original "Cobblers Scam" essay for you Create order This scam cost the Government of India around $600 million US dollars. This was one of the worst scam in India that cheated the poorest people of the society and benefited a lot of rich and elite people. Background of the scam (Episode I) MUMBAI: When Hemlatha Nikshe received a Rs 1 lakh loan recovery notice from Sant Rohidas Leather and Leather Workers Development Corporation addressed to her deceased husband Gautam Traimbak Nikshe, she was perplexed. According to the notice, Gautam had stood guarantee to a loan taken by Bhaskar Sadashiv Jharekar, a complete stranger to her. Hemlathas confusion turned to utter shock when she saw the date on which her schoolteacher husband had stood guarantor—December 13, 2004, a good two years after his untimely death. Little did she know that her family had been ensnared in a scam, very similar to the one that came to be known as the cobbler scam of 1997, where well-known footwear companies used cobblers co-operatives to suck out more than Rs 1,000 crore in loans meant for their members. Hemlatha rushed to her husbands friends for help. When they asked around, they found that many more people had received similar recovery notices from the corporation. Episode II) The citys Civic Authority and Leather Workers Development Corporation have to cobble up an explanation for a scam of Rs 35 lakh. A government scheme launched to give loans to cobblers earning less than Rs 55,000 a year seems to have been pocketed by middlemen who forged and stole documents to get these loans with help from Bombay Municipal Corporation (B MC) employees. Whats worse is that some unsuspecting Mumbaikars woke up to the scam after receiving big loan recovery notices as they had been made guarantors. One such man is Bhondawe Dhyaneshwar. A clerk in the BMCs health department, Bhondawe and his wife are hassled with the stress of an unfamiliar debt. Dhyaneshwar received a letter from the Leather Industries Development Corporation of Maharashtra (LIDCOM) last week, asking him to pay a loan of Rs 1 lakh in the capacity of a guarantor. The loan was taken by one Giriraj Sherkhane in August 2004, as a part of a state government scheme to give funds to impoverished cobblers. Unfortunately for Dhyaneshwar, he never consented to being a guarantor and moreover, hes never ever met Sherkhane. The letter mentioned Giriraj Sherkhanes name stating hes taken a loan of Rs 1 lakh. It also states my name as a guarantor. I read that and was stunned, Dhyaneshwar says. There are 64 people like the Dhyaneshwar who have received notices to repay a loan they never agreed to be guarantors for. Surviving on a meager salary, they wonder how they landed into this mess. To find out more, CNN-IBN tracked down Giriraj Sherkhane the beneficiary of t his loan from a chawl in Dharavi. He confessed not ever having known Bhondawe Dhyaneshwar. He is my witness, but doesnt know that he is one, Sherkhane said. Worse, he also admitted to paying someone in the citys municipal corporation to forge signatures and get the documents needed to process the loan, notarized documents like surety letters and photocopies of ration cards among other things. LIDCOM officials have conceded that the man behind this scam is Nana Shankar Loke, a BMC clerk. Transferred two years ago from this office in Chembur because of suspected mal-practices, nobody knows where he currently works. From the meeting with BMC officials, their employee has managed to get false documentation, U G OAK, Managing Director LIDCOM. Meanwhile, Dhyaneshwar and his family wait in anticipation of some good news. Although theyve been told they wont have to pay a penny, theyre worried about what might come in their next mail. (Episode III) Sohin Daya, son of a former Sheriff of Mumbai, was the main accused in the multi-crore shoes scam. Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested for creating several leather co-operative societies which did not exist. They availed loans of crore of rupees on behalf of these fictitious societies. The scam was exposed in 1995. The accused created a fictitious cooperative society of cobblers to take advantage of government loans through various schemes. Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted. Vigilant agencies exposed shoe scam MUMBAI, June 1: The unearthing of the Rs 1600-crore cobblers scam that closed in on bigwigs of the shoe industry was expected, caused as it was by three agencies working towards its exposure. Officials of the Brihanmumbai Municipal Corporations octroi department had lodged complaints about raw materials being brought into the city on a large scale. These materials had octroi concessions as they were brought in lieu of the cooperative societies. On the basis of the complaints, the police carried out its own investigations, and a diligent officer in the office of the Registrar of Cooperative Societies decided to do a complete survey of registered societies in Mumbai. Immediately after taking charge in 1995, Sudhir Thakre, the joint registrar of the Cooperative Society for Mumbai division, ordered a survey of the registered societies. Our officers, especially auditors of each of these societies complained that most of these societies did not exist at the registered addresses furnished to this office, Thakre said in an exclusive interview to Express Newsline, narrating the process of investigation into the big business way to success through fictitious cobbler societies. Thakre decided to survey all the societies that had been formed. Normally, since most of the cobblers were poor and illiterate, we did not like to harass them with too much inspection. This leniency on the registrars part was misused by the businessmen, he admitted. The BMC, meanwhile, complained to the police about huge consignments of raw materials (used for the purpose of shoe-making) being brought into Mumbai. Worth around two crore, these materials obtained octroi concessions. The police started making their own investigations, and both the agencies got suspicious when all the cobblers societies were found missing. ’ A clearer picture emerged by January 1996 when flying squads with the registrar were given specific orders to follow a society to its very last. A report on prima facie evidence was made for the police by March 1996. My boys worked for five months, sometimes without the societies themselves realizing it, and by August 1996, we got the complete picture, he said. DCP Sanjay Pandey, who had taken over the Economic Offences Wing, then approached him asking for details, since he too was working on the case. By September 9, a report of 80 to 90 pages was ready for the police. Till then, we had completed 19 raids and 51 societies were being investigated. Economic Offences Wing wraps up probe MUMBAI, June 14: The Economic Offences Wing (EOW) of the crime branch has completed its investigations in the multi-crore cobbler scam, the trial of which is scheduled to start soon. Eighty-six persons, including Saddrudin Daya, former sheriff of Mumbai and owner of Dawood Shoes, Rafique Tejani, owner of Metro Shoes, Kishore Signapurkar, proprietor of Milano Shoes, and Abu Asim Azmi, president of Samajwadi Partys Mumbai unit and partner in Citywalk Shoes, have been charged for allegedly siphoning off government funds to the tune of Rs 1000 crore. Various officials of banks and financial institutions have also been named in the charge sheets. In all, five charge sheets have been filed before the metropolitan magistrate. The first one, filed in July, named Daya nd his associates. The second was filed in September, with Signapurkar and his associates as the accused; the third, filed in December, mentioned Tejani and his associates; the fourth one, file in February 1998, mentioned the involvement of the Meredia group and associates; and the fifth and final charge sheet filed on June 9, 1998, mentioned the role played by Abu Asim Azmi and his associates. Officials of the Maharashtra State Finance Corporation, Citibank, Bank of Oman, Dena Bank, Development Credit Bank, Saraswat Co-operative Bank, and Bank of Bahrain and Kuwait were also charge sheeted. The scam broke out in 1995, exposing the racket which had led to the siphoning of huge government funds. The modus operandi of the accused was to float a cooperative society of cobblers to avail of soft government loans through various schemes. One of the schemes was the refinance scheme of Khadi and Village Industries Commission (KVIC), which enabled a cobbler to avail a loan of Rs 25,000 per annum for three years at a low rate of interest, provided he was member of a cooperative society. The loans were issued by commercial banks refinanced by the Small Industries Development Bank of India. The products, manufactured by cobblers who availed of bank loans, were granted sales tax exemption on turnover up to Rs. 50 lakh. The KVIC was authorized to scrutinize loan applications of cobblers and recommend sanctioning of loans. Several bogus societies of cobblers were formed only for the purpose of availing loans. Investigations revealed that most shoe retailers and some construction companies like the Meredia group provided guarantees to individual cobblers for raising loans. Police alleged that most of the retail outlets in the city were instrumental in forming bogus societies of cobblers to avail loans. The scam came to light when Rauf Memon, an employee of Dawood shoes, lodged a complaint with the crime branch in 1995, alleging he was threatened by gangster Ejaz Pathan on behalf of Daya. During interrogation by the police, Memon revealed all he knew about the scam. Finally, the case was handed over to the EOW. Police erred in sealing shop premises: Court Mumbai, Aug 19: The Bombay high court on Tuesday ruled that the police have no power to seize immovable property or to freeze bank accounts under the provisions of section 102 of the Criminal Procedure Code (Cr PC). This uling renders the action of the Mumbai police of sealing the shops, factories and office premises of the accused involved in the multi-crore shoe scam as illegal. The judgment was given by a division bench comprising Justice VP Tipnis and AB Palkar while allowing 14 petitions and applications. Saddrudin Daya (Dawood Shoes), Rafiq Abdul Malik Tejani (Metro Shoes), Kishore Shignapurkar (Milano Shoes) and Abu Asim Az mi (City Walk) who is main accused in the cobbler scam along with others had filed these applications. It was wrong on the part of the police to seal the premises. As a matter of fact, there is hardly any justification for the police to seal several offices, factory and shop premises even assuming that what the police wanted to do was to seize the movable articles inside the premises. The action of sealing premises is not justified, the HC ruling said. The bench further stated that the way in which the properties have been sealed, and in some cases the properties have been sealed without preparing the list of goods, shows that the police have acted in casual, improper and careless manner. Several shops have been closed since last November and hundreds of employees are rendered jobless. Against this background the judges said they see no justification for the police action and the manner in which it has been taken. The judgment sets aside all previous orders passed by the additional chief metropolitan magistrate, SN Chimdade, and observes that much inconvenience could have been avoided if the magistrate had dealt with the matter in accordance with the law. The bench also expressed surprise that the state did not file any affidavit in reply to all the applications and petitions made for reasons best known to them. Chimade had dismissed the petitions made by the accused and others, holding that the police have unfettered and unlimited powers under section 102 of CrPC to attach properties suspected to have been connected with the alleged crime. Although the high court has proved the police action illegal, it will not lead to the release of immovable properties as the bench said that they had only laid down the law with regard to the scope of section 102 and the power o f the police hereunder. The bench refused to go into the merits of each case. The persons concerned will have to make a formal application to the competent court and the magistrate will pass appropriate orders in each case in view of the law laid down. In case of movable property, the bench said the accused can be permitted to sell their goods or a public auction can be held and proceeds can be deposited with the court. The high court has directed the petitioners to make applications before the magistrate before August 28. The applications will be disposed of by October 15. Court orders stay on shoe auction Mumbai, December 11: The proposed auction to dispose off nearly 78,900 pairs of shoes belonging to two shoe companies owned by former sheriff of Mumbai and main accused in the multi-crore rupee cobbler scam, Saddrudin Daya, scheduled for tomorrow has been postponed following an application filed before the court by bankers of the shoe companies. Chief Metropolitan Magistrate M L Gilani, issued a stay on the auction after the bankers to Big Deal and Dawood Shoes owned by Daya, Saraswat Co-operative Bank on Wednesday, and Bombay Mercantile Co-operative Bank on Thursday, raised a number of issues before the court today. Accordingly, the court ruled that the auction be postponed till the issues were resolved. According to Dayas counsel, Majeed Memon and Abbas Kazmi, the shops owned were hypothecated to the two banks that had moved the co-operative court the order of which was in their (banks) favor. According to Memon, Dayas properties were seized by the police, before the banks moved the co-operative court and in their petition before the co-operative court, they did not make the State of Maharashtra a party, therefore the application of the banks stands vacated. Memon said that he would file a written say tomorrow challenging the stay. The auction was decided as all parties felt that prolonged storage would damage the shoes, after an order was passed by Justice Vaidyanatha of the Bombay High court. The money raised from the auction would be put in the fixed deposit of a nationalized bank while the receipts would be retained by the court. Present scenario Perhaps the silence around the scam today has something to do with the fact that close associates of Maharashtra chief minister Sushilkumar Shinde were also involved in the scandal. One of them is now personal assistant to Shinde. Files on the multiple cases of the shoe scam, sources say, are gathering dust on court shelves. Ask Majid Memon, one of the defense lawyers for main accused Sadruddin Hasan Daya (former city sheriff and socialite) and Abu Asim Azmi (now a Rajya Sabha MP and Samajwadi Party leader), he agrees. ‘‘Yes, the files are gathering dust. We do not know when the process of recording of evidence in the case will commence although crore are involved in the scam. ’’ At present, the shoe scam is in a queue of cases waiting to be taken up by the court of the 19th additional chief metropolitan magistrate. All the accused are out on bail. It wasn’t always this unsung. Detected in 1995, this Rs 1,600 crore case involved over 40 persons and was investigated for almost two years. Investigations revealed that bogus records and documents were prepared. The signatures of government officers in the co-operative department and sales tax were found to be forged. The charge sheet says: ‘‘It is also revealed that the leather societies were initially registered with 10 to 15 members (cobblers) with authentic documentation. Later the chief promoter and promoters of the societies would get interested parties to admit 1000 to 5000 bogus members. Through the society these ‘members’ would apply to banks for loans to purchase leather and equipment. ’’ Officials of Bank of Baroda, Saraswat Co-operative Bank and the Bombay Mercentile Co-operative Bank are also facing charges for fraudulent manipulation of government funds. After the inquiry, Dawood, Metro, Milano, Citywalk and a host of other shoe shops were sealed. They opened only after a long battle. Today, fighting multiple cases with various government departments Daya has shut down Dawood Shoes. The others shoe shops are doing brisk business.

Welfare Reform in the Early Republic - 984 Words

Welfare Reform in the Early Republic In the beginning of the nineteenth century, the amount of poor Americans grew rapidly. People contributed to helping the poor because it was in their eyes seen as a moral obligation, a religious duty, or financial responsibility. At this time there were charities and government aid, however these werent sufficient enough to solve the problem. Between the drafting of the Constitution on 1787 and a financial depression starting in 1837, poverty was the most pressing social issue facing the united states. People at this time were very optimistic in the fact that they could eradicate poverty, and banish it altogether. This discovery or exposure of poverty made some people nervous. This brought about thoughts of race and class status, gender, and citizenship to name a few. This new emerging of a poor class created fear in people that the patriarchal society would fall. For Americans the incline of the urban poor meant the decline of their society, w hich is what ultimately made the old world undesirable. The idea of a poor class was the complete opposite of what this new world what supposed to be like. Nicknamed milk and honey, this was supposed to be the land of opportunity and wealth, however it wasnt turning out as planned. American adopted a system of watching out for the poor that dated back to fourteenth century Europe. This plan relied on stable communities, with a responsible leader. These leaders would look outShow MoreRelatedHow Did Poverty Represent The Problems Of An Expanding Nation During The Early Republic Period?1298 Words   |  6 Pages1. How did poverty represent the problems of an expanding nation during the early Republic period? The time between the writing of the U.S. Constitution in 1787 and the financial depression, beginning in 1837, saw poverty as the most significant social pressure in the United States. 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Should Minimum Wage Be Raised - 870 Words

Should Minimum Wage Be Raised? Minimum wage has always been a controversial issue. Many politicians use the argument of minimum wage for their own political propaganda. Some may argue minimum wage should be raised, while others believe it will have detrimental effects on our economy if it is raised. Surprising to most people, minimum wage earners make up only a small percent of American workers. According to the Bureau of Labor Statistics, minimum wage workers make up about 2.8% of all workers in America. â€Å"The majority of minimum wage workers are between the ages of 16 and 24. These are high school and college students† (Sherk 2). But high school and college students are not the entire percentage of minimum wage earners. When minimum†¦show more content†¦Next, another problem the rise of minimum wage poses is the rise of inflation. If employers are required to pay their employees more, then they need to do something to compensate for the extra money they are losi ng. With this in mind, employers would have to increase the prices of goods. But sometimes raising prices is not an option for employers. â€Å"If a business cannot simply pass along its new labor costs, it must somehow absorb them—by eliminating workers rendered unproductive by the new minimum wage, by replacing labor with more-productive machines, or by cutting production† (Intorduction 2). This brings back the issue of minimum wage causing a dramatic increase in unemployment. Sherk believes it is the wrong time to increase minimum wage, due to the fact that America is currently in a recession. The right time to think about raising minimum wage would be when the unemployment rate drops drastically. Sherk states â€Å"In 2007, Congress voted to increase the minimum wage, raising it in three $0.70 increments from $5.15 to $7.25 an hour. The final installment represents a 10 percent increase in the cost of hiring minimum wage employees† (Sherk 1). 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By definition, minimum wage is the minimum hourly wage an employer can pay an employee for work. (â€Å"MinimumWage.com†) America’s minimum wage was first introduced by President Franklin D. Roosevelt in 1938. That minimum wage was introduced as part of the FairRead MoreShould Minimum Wage Be Raised? Essay1596 Words   |  7 Pagesgovernment has so generously termed the â€Å"minimum wage†. In Missouri, the minimum wage has been set at a rather appalling $7.65 per hour while in other states there are wages starting as high as $10. Though arguably the economy is not as sluggish and terrible as it once was, $7.65 per hour will not help those who have children, no college degree and debts to pay. It is not only Missouri that has minimum wage laws, but every other state in America has minimum wage laws in place. 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Minimum wage refers to the smallest amount of money a worker can legally be paid in the U.S. It was first signed into law in 1938 by President Franklin Roosevelt in order to keep workers out of poverty and as it stands, the current federal minimum wage in the U.S. is $7.25 per hour. (United States Department of Labor). Today, while some are even questioning the significance of having a minimum wage at all, others

Bless Me Ultima Def Free Essays

Lopez 1 Tiffani Lopez Ms. Carlos Period 4 March 4, 2013 DEF Term: Pathos Definition: the quality or power in an actual life experience or in literature, music, speech, or other forms of expression, of evoking a feeling of pity or compassion. (http://dictionary. We will write a custom essay sample on Bless Me Ultima Def or any similar topic only for you Order Now reference. com/browse/pathos? s=t) Example: In Chapter 6 of Rudolfo Anaya’s Bless Me Ultima, Anaya uses pathos, â€Å"For the first time I would be away from the protection of my mother (Anaya51). Function: The pathos used on the above example is significant because it explains the amount of love and attachment Antonio has towards his mother, Maria. Related article: Arguments Made in Take the Tortillas Out of Your Poetry It shows how she big of an impact she is in his life. It also portrays the typical relationship between son and mother. In which, the mother is playing the protective, nurturing guardian. While her offspring –son (in this case) – is naive to the â€Å"real world. † In the text where it states that this would be the first time Antonio would be leaving his mother, can be compared to the baby bird leaving the nest. The character of Maria could relate to the nest and the baby bird to Antonio. The nest representing protection and security, and the baby bird represents fear and shyness. This Lopez 2 Comparison foreshadows how naive and timid Antonio becomes in the absence of his mother at school. This pathos sets up a mood of compassion. The mood is compassion because Antonio’s fear and angst is understandable. The author is arguing that Antonio wants mature and become a man, but is fearful because this is something completely new to him. The overall tone of this example of pathos is worried. The tone is this because you can sense Antonio’s worry for himself without his mother. The point of the pathos was to bring attention the importance of a maternal figure in Antonio’s life. The overall theme communicated by using this pathos is that life is a learning experience; learning something new, you learn scared. Plath’s point was to evoke concern whether Antonio will â€Å"survive† school. The pathos relates to the entire chapter 6 because throughout the chapter Antonio admits to wishing for his mother’s presence because he is lonely, but expected to become a man. Works Cited â€Å"Pathos. † Dictionary. com Unabridged. Random House, Inc. 03 Mar. 2013. Dictionary. com http://dictionary. reference. com/browse/pathos. Anaya, Rudolfo A. Bless Me, Ultima. New York: Warner Books, 1994. Print. How to cite Bless Me Ultima Def, Essay examples

Positive Accounting Research IFRS

Question: Discuss about thePositive Accounting Researchfor IFRS. Answer: Introduction This report consist several cases and deep facts on the particular article of positive research accounting. This article reflects the points which have been faced by companies in implementation of positive research accounting for summarizing, classifying and recording of financial aspects. This article provides range of theories and methodologies which are used to discussed significant consideration about how corporation could develop an effective positive accounting. It is evaluated that ontology and epistemology of positive accounting provides effective assessment of human behavior in the implemented accounting practice. Positive accounting research could be defined as part of scientific research which is used to recognize the cause and effect relations of the humans. This ontology and epistemology of positive accounting is the most evaluated part in this article which provides that if companies use positive research accounting then it would result into best practice for summarizin g, classifying and recording of financial aspects. This article provides all the critical drawbacks and problems faced in positive research accounting by humans due to their different human behavior. In the starting phase of this report overall finding theoretical arguments have been discussed in determined approach. Afterward, research questions have been used to reflect the main concern of humans in positive research accounting. After that, theoretical concepts provide a complete discussion which reveal human behaviors and their cause and effect relation with the accounting practice. In the end of this report conclusion has been drawn which reflects all the suggestions and recommendations about how humans uses positive accounting research with their cause and effect relation and how it could be made better with the given auditors disclaimer (Brown, Preiato, and Tarca, 2014). Summary of Article This article covers all factors which are used to determine the reciprocal behavior of humans in respect to accounting practice. Positive research accounting helps in overcoming all the problems and errors in accounting practice which have been faced by accountant and auditors throughout the time. This research identifies intellectual support system and academics which support to assess human behavior and their reciprocal behavior. This article put emphasis upon operational of self- interest of humans which is used to interact with each other through implied and expressed contract (Klemstine and Maher, 2014). This article provides how humans are facing problems in preparing accounting and auditing frameworks (Waymire, 2014). Positive research accounting article have reflected a view point that it accounting research practice should not be framed on rational judgment but also on personal judgment. This article provides that if humans are put under pressure to complete their accounting and auditing task then they could do that work quickly but there will be more chances of mistakes and errors (Brown, et al. 2014). In addition to this, it is suggested that behavior of free will allows accountant to take their independent decision to make effective use of classifying and recording of financial transactions in organizations Behavior of free will reflects that if one person take actions on the basis of Behavior of free will then it surely contradict with other persons view points and assumptions with the given set of accounting work. Undoubtedly, it is not easy to find comprehensive and casual theory and statements which could be used to reflect the human behavior and applicability of all applicable theories with the implication of human behavior. In addition to this, positive ontology and epistemology may also provide misleading facts and issues which influence human behavior and their cause and effect relation. This type of concern has been shown in this article du e to the existence of anomalies in the positive research accounting. Nonetheless, the main problem in positive research accounting is related with the understanding on particular facts and figures of set accounting rules. All the data used in positive research accounting has been collected thorough qualitative research process which helps in development of preliminary understanding of some phenomenon. Apart from that, researchers could evaluate the disclaimer and other remarks given by auditors to identity the drawbacks of in positive research accounting practice in particular organization. Hypothetical test in this article provides that there are several assumptions and uncertain data which have been used in article to justify the usefulness of in positive research accounting practice (Ahmed, Neel and Wang, 2013). By summarizing all the facts of this article it is evaluated that article contains a good understanding on human behavior and cause and effect relation in accounting practice of accountant and auditors. Therefore, some of the hypothetical test has been implemented in this article which helps understanding human behavior and their reciprocal behavior (Everett, Neu, Rahaman and Maharaj, 2015). Research Questions This article contains several facts and issues which are used to answers the following questions given as below. Which are the likely problems faced by accountant in positive accounting practice? What are successful factors in positive accounting practice? How positive accounting practice is different from intellectual program? How ontology and epistemology in current accounting practice is going to help researcher to make effective understanding on set accounting practice? Theoretical Frameworks This research has been prepared by considering various frameworks such as hypothetical test, decision making process of human and other qualitative frameworks. This research contains several theoretical frameworks and research program to evaluate the human behavior and their cause and effect relation in relation with positive accounting research practice. This research framework provides a standard set of program which could be used by accountant and auditors in their accounting and auditing practice (Engle and Hunton, 2015). As per the views of Fang, et al, 2014 it is reflected that this theoretical framework provide various interest test and behavioral concepts which are used in positive accounting research practice. It provides that organizations have been facing problems in human behavior and reciprocal behavior in accounting practice accompanied with several errors which could result into misleading accounting decisions of accountants. There are numerous documents either in Americana or international which reveals the models and frameworks which could be used to resolve issues such as errors and mistakes in positive accounting practice. There are several factors which could be used by auditors in its theoretical model which could be sued by accountant in following positive accounting research practice. In addition to this, these theoretical models assist auditors to develop a clear understanding with its auditing functioning. These developed theoretical frameworks provide how auditors could use basic concepts and models to understand the financial data of organization. The main emphasis in this article has been made on qualitative research frameworks which provide clear data regarding human reciprocal behavior. This Darwins theory of evaluation used in this article provides that there are merely two purpose of to deploy qualitative measurement in positive research. The first purpose of this Darwins theory of evaluation is related with how users gather data from the general public for framing positive accounting research practice policies and rule. This provides assistant to auditors to evaluate accountant behavior i n preparing accounting information. (Dyckman and Zeff, 2014). This information later on used by auditors to identify and mitigate the possible errors and mistake in accounting practice developed by accountant (Li, 2015). However, it becomes hard to evaluate how realistic model of process could be constructed or other variable could be gauged in selected qualitative approach. It is observed that if auditors use realistic model approach then it would result into basic level of errors (Type-1 errors). There are following theoretical concepts and frameworks have been used to gauge the human behavior and their cause and effect relations with the positive accounting practice (Deegan, 2017). In addition to this, null hypothesis used in this article provides the basis to determine possible factors which influence of human behavior in positive accounting research accounting frameworks. Test statistic under the null hypothesis is based on the auxiliary assumptions. In the end, it could be sai d that these several theoretical frameworks and research program have been used to evaluate human behavior and their cause and effect relation in relation with positive accounting research practice (Slater, et al. 2014). Significant of Positive Accounting Research Positive research accounting provides a systematic framework which should be used by accountant and auditors in preparing and checking of financial statement of organizations. This research put emphasis upon the understanding of human behavior and cause and effect relation in accounting practice. This research identifies intellectual support system and academics which support to assess human behavior and their reciprocal behavior. It is evaluated that quantitative approach has assisted in gathering all the accounting data from the accountant to determine their reciprocal behavior with positive research accounting frameworks. In this research, researcher analyzed human behavior and their cause of actions with the particular set formats. Hypothetical test implemented in this positive research accounting helps accountant and auditors to identify errors and mistakes in accounting details of company. The main purpose of this positive research accounting may not really be to plus to our kn owledge of human behavior in accounting- related contexts but to provide readymade answers to accountant which could be solved with high manner (Guan, 2014). Limitation of Positive Accounting Research The main limitation of research and data collection in article is completely based on the primary and secondary data collection from various sources. All the research shown covers all the required data shown in the article given and other article which has helped to make adamantine study prepared on positive research accounting. Apart from that, in this article set format and accounting assumptions have been used which is not enough to identify shortcoming and drawbacks (Smith, 2014). On the other hand the research prepared on ontology and epistemology does not cover complete details to reflect required amount of information on the positive research accounting. Researchers have also used hypothetical test in this positive research accounting which also provides data and accounting frameworks based on assumptions and standards. There are several other limitations which have been noticed such as gathered data may not be appropriate, interpretation of information by different people and using of different models and frameworks. Therefore. It could be evaluated that there are several pros and cons of this article which must be taken into consideration in this research article (Bertomeu, Darrough and Xue, 2017). Conclusion This article provides deep understanding on ontology and epistemology of positive accounting which reflects that if companies use positive research accounting then it would result into best practice for summarizing, classifying and recording of financial aspects. This report gauged to provide effectiveness and limitation of positive accounting practice which determine cause and effects relation. This positive research accounting provides standard formats which have been used by accountant to record financial transaction in the books of accounts. This Standard set of format assist auditors to evaluate all the errors and mistakes in Positive research accounting practice. In addition to this, several theories and developed Positive research accounting models used in this article to put emphasis upon cause and effect relations of humans with their accounting practice. There are various models and assumptions have been followed in positive research accounting which assists in establishmen t of harmonization in reporting frameworks of organizations around the globe. Now in the end it would be concluded that, Test statistic under the null hypothesis is based on the auxiliary assumptions which is the main limitation of this article. positive research accounting emphasis upon the working behavior of accountant and auditors. If they provide their work by following set formats and issues then there will be less chance of errors and mistakes in financial data of organization. References Ahmed, A.S., Neel, M. and Wang, D., 2013. Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence.Contemporary Accounting Research,30(4), pp.1344-1372. Bertomeu, J., Darrough, M. and Xue, W., 2017. Optimal conservatism with earnings manipulation.Contemporary Accounting Research,34(1), pp.252-284. Brown, P., Preiato, J. and Tarca, A., 2014. Measuring country differences in enforcement of accounting standards: An audit and enforcement proxy.Journal of Business Finance Accounting,41(1-2), pp.1-52. Deegan, C., 2017. Twenty five years of social and environmental accounting research within Critical Perspectives of Accounting: Hits, misses and ways forward.Critical Perspectives on Accounting,43, pp.65-87. Dyckman, T.R. and Zeff, S.A., 2014. Some methodological deficiencies in empirical research articles in accounting.Accounting Horizons,28(3), pp.695-712. Engle, T.J. and Hunton, J.E., 2015. Retraction: The Effects of Small Monetary Incentives on Response Quality and Rates in the Positive Confirmation of Account Receivable Balances.AUDITING: A Journal of Practice Theory,34(3), pp.201-201. Everett, J., Neu, D., Rahaman, A.S. and Maharaj, G., 2015. Praxis, Doxa and research methods: Reconsidering critical accounting.Critical Perspectives on Accounting,32, pp.37-44. Fang, J., Haw, I.M., Yu, V. and Zhang, X., 2014. Positive externality of analyst coverage upon audit services: Evidence from China.Asia-Pacific Journal of Accounting Economics,21(2), pp.186-206. Guan, K., 2014. Corporate Growth, Audit Quality and Accounting Conservatism: Empirical Evidence from Public Companies in China.Journal of Accounting and Economics,5(005). Klemstine, C.F. and Maher, M.W., 2014.Management Accounting Research (RLE Accounting): A Review and Annotated Bibliography. Routledge. Li, X., 2015. Accounting conservatism and the cost of capital: An international analysis.Journal of Business Finance Accounting,42(5-6), pp.555-582. Slater, R.A., Koren, S., Ramot, Y., Buchs, A. and Rapoport, M.J., 2014. Interpreting the results of the Semmes?Weinstein monofilament test: accounting for false?positive answers in the international consensus on the diabetic foot protocol by a new model.Diabetes/metabolism research and reviews,30(1), pp.77-80. Smith, M., 2014.Research methods in accounting. Sage. Waymire, G.B., 2014. Neuroscience and ultimate causation in accounting research.The Accounting Review,89(6), pp.2011-2019.