Lit1 Task 1 Essay - 2041 Words

Peter Nero LIT1 –Task 1 A1a: The Sole Proprietorship is the most common business form in the U.S. It offers the advantages of no-cost, easy startup, and full owner/operator autonomy with regard to business decisions.  · Liability: The owner/operator of a Sole Proprietorship is subject to full and unlimited financial liability for the business. The owner and the company are legally the same entity. The company’s assets are legally the same as the owner’s personal assets.  · Income Taxes: The owner of a Sole Proprietorship pays taxes in the earnings of the company as personal income.  · Longevity/Continuity: Because the owner of a Sole Proprietorship and the business, are legally one and the same, when the owner of the business†¦show more content†¦Ã‚ · Location: Limited partnerships have to be formed in compliance with individual state laws. As long as the partnership is legal in a given state, the partnership may do business.  · Convenience/Burden: Limited Partnerships have extra requirements placed upon them to comply with state regulatory requirements. They must maintain a registered agent to represent them in the state in which they were formed. They are also required to file an informational report with the IRS of the profits passed to the general partners. A1d: A C-Corporation is a business form in which the ownership and the company are seen as legally separate entities.  · Liability: Ownership of a C-Corporation is vested in its stockholders, whose liability is limited to the amount of their investment. The Corporation is liable for all of its debts, and for the actions of employees acting as agents of the organization. Creditors may lay claim against corporate assets, but cannot reach stockholders’ personal assets. Additionally, stockholders have no claim against corporate assets.  · Income Taxes: The Corporation pays both state and federal taxes on its earnings. Excess earnings may be shared with stockholders in the form of dividends, on which the stockholder then pays taxes.  · Longevity/Continuity: C-Corporations can have a perpetual existence. The deaths of stockholders and employees will not cause it to cease operation. However, a stockholder vote can be called to close theShow MoreRelatedLIT1 Task 13125 Words   |  13 Pages(LIT1 Task 1) Sole Proprietorship: This is a type of business is where the business and the owner are one in the same. Sole proprietorship has its advantages and disadvantages just like every form of business. Sole proprietorship is one of the easiest types of business to create. You as the owner can name, organize and carry the business as far as you dream of it going. Sole proprietorship also can have risks; as the owner you cannot bring others into the business, so the responsibility ofRead MoreLIT1 Task 1 Essay1784 Words   |  8 Pagesï » ¿LIT1 Task 1A 1/10/2014 Sole proprietorship: Is the simplest and most common business structure. There is no legal distinction between the proprietor and the business, which means it is autonomous. You are entitled to all profits and responsible for all your businesss losses and liabilities. Liability- This falls directly on the owner. All debts, liabilities and losses fall on the owner. The owners assets can be used to alleviate the businesss debt. 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The operation of the business can be significantlyRead MoreA Brief Note On Labor And Employment Law1310 Words   |  6 PagesOctober 19, 2015 Robert W. Morley III Western Governors University Rmorle2@ wgu.edu Student ID 000460094 LIT1 – Task 1 – Labor and Employment Law Situation A Employee A has been employed with Company X for two years. Employee A’s spouse gave birth prematurely to twins. He requested leave to be with his spouse, which was granted. Employee A has been on leave for 11 weeks, and has asked to return to work, and to be paid the withheld salary from his 11-week leave. The previous department managerRead MoreLit Task 1 aB Essay2055 Words   |  9 PagesLIT1 – Task 1 (Part A) Sole Proprietorship: * Single Ownership - The single individual always owns sole proprietorship form of the business. 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Foreign Exchange Risk Management Policies - 630 Words

Andrew Marshalls paper Foreign exchange risk management in UK, USA, and Asia Pacific multinational companies has the a stated objective to simultaneously survey the foreign exchange risk practices of large UK, USA and Asia Pacific multinational companies (MNCs). The author seeks to determine of foreign exchange rate risk management policies vary internationally. To study this subject, the author used a questionnaire of MNCs, choosing the largest 600 questionnaires from the UK, USA, Australia, Hong Kong, Japan, Singapore and South Korea. A total of 179 usable responses were received and this was the basis of the paper. The questionnaire covered a number of different subjects, including the importance of foreign exchange rate risk management, the objectives of managing foreign exchange rate risk, the degree of emphasis on transaction risk, the degree of emphasis on translation risk, the degree of emphasis on economic risk, and whether the respondent manages translation risk internally. The questionnaire also sought to understand some of the techniques that firms in the different regions used, for example pricing strategy, operating hedges, and planning. Where economic risk was not managed, the author sought to find out why the company had chosen not to manage this type of risk. The sample consisted of the top 200 MNCs in the UK, the top 200 MNCs in the US, and the top 200 MNCs in the Asia Pacific region. These consisted of 100 Japanese firms, and small numbers of firmsShow MoreRelatedCase Analysis Of Audis1691 Words   |  7 Pagesby 1.14%. Also, comparing to the previous year, the AP balances increased in a much higher rate so I would highly recommend our team to have extra time to investigate the factors and reasons that affect the result of this year’s AP balance. 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L&D at Lloyds UK Lloyds Banking Group

Question: Write an essay on LD at Lloyds. Answer: 1. Introduction UK Lloyds Banking Group is a major financial institution in British (Schoenmaker, 2014). The organization is currently undergoing a major restructuring and in the interest of increasing cost to income ratio is laying off 9000 employees. The layoff is of the physical branches that are barely used due to revolution of online banking. The organization has committed to improve their IT services to ensure that the negative impact of a reduced workforce is effectively reduced. Also, to ensure that the negative impact stays minimum, Lloyds have decided to support the front line managers through LD programs. To succeed in the same, the learning needs of the line managers need to be addressed (Senge, 2014). The below report analyzes methods to identify LD needs, the context in which LD needs arise, how LD effects organizational performance and compares various techniques and methods of learning. Furthermore, an understanding of how these needs can be met and validating the effectiveness of the same in reported below For the case of Lloyds the report identifies coaching and induction as the best way to meet the learning needs of line managers. The other learning methods such as mentoring and shadowing have been considered but rejected as the same are not effective with a reduced workforce. The needs would be majorly met through focus groups, observation and discussion, online training and on job experience, keeping in mind the limited availability of branch staff and management (Liben, 2013). Also, the above LD plan is initially deployed only in selected branches of Lloyds to test the increase in performance data and accordingly reconfigure the LD plan if required 2. LD needs 2.1 Methods to identify LD needs Organizations are increasingly recognizing the need for human resource development. Learning and Development is one of the key methods to ensure efficient workforce. The LD program designed should be aligned to the business needs and priorities to achieve value. Also, the program should be cost-efficient delivering performance improvement and effective career development. Hence, it is no wonder that organizational requirements and priorities have to be initially identified to understand LD requirements (Moon, 2013). Organizational Requirements at Lloyds: Develop skills of the existing workforce to ensure minimum negative impact of the layoff Develop an efficient LD practice to ensure that the organizational restricting does not affect the financial output of the organization To be the best bank for customers Ensure customer satisfaction by providing quick and efficient services To ensure minimum errors and complaints that may lead to damage of reputation (Kolb, 2014) Note that all the above mentioned requirements are fulfilled by Line mangers and hence enhancing their skills is crucial. Need analysis can be made through Document research: Reviewing the various documents on business plans, goal statements, critical issue reports, staffing reports and so on. Interviews: Talking to both senior and junior employees to understand what they need to achieve the companys goals Observations: Watching how tasks are being done and how they can be changed to meet the business requirements Surveys: Collecting requirements through questionnaire Group discussion: Conducting discussion groups. (Edwards, 2013) In case of Lloyds all the above method analysis techniques have to be optimally implemented to understand the programs that need to be developed to support line managers to work in a limited workforce environment. 2.2 What leads to LD needs LD needs are required in cases where an improvement in the skills of the employees of the organization is needed. LD is present in Lloyds at all levels as learning is a continuous process that leads to efficient employees and management, also ensure professional development. The below are some of the contexts where the requirement of LD is high Organizational Restructuring: A change in the organizational design and business process is one of the key factors that raise the need of LD. To redefine how an organization works, the employees of the organization should be trained first to be change ready and later be ready to learn and understand the processes in place (Robbins, 2013). Layoffs: When a reduction in workforce is seen, it is obvious that the remaining employees would have to compensate for the loss. To make sure that the impact of layoff is kept to minimum, the existing workforce has to be trained and their skills need to be sharpened (Guthrie, 2014). Performance Improvement: To ensure increase in productive levels of employees Professional development: To ensure all round development of employees Cost-effective labor: To help employees perform multiple tasks at one go. An efficient and skilled employee would be able to work quickly and be effective at assisting a customer. The knowledge acquired through various learning activities would help the employee, deal with the customer in an improved manner, ensuring that the customer is satisfied. All this inevitably leads to improvement in the organizational performance, as organization itself is made up of employees and the development of an employee directly effects the organizational performance. 2.3 Learning Methods and techniques In the context of Lloyds, four main learning methods are identified. Coaching: It is a one-on-one discussions of employees to understand the learning needs and focuses on improving performance and development skills of individuals. The coach observes, listens to what the line manager is doing and guides him to align his work to the business requirements (Crane, 2014). Coaching is usually done by an experienced managers who themselves are trained in delivery the business requirements Mentoring: It is extremely similar to coaching and hence the words are used interchangeably. However, mentoring usually involves highly skilled managers who have focused experience on a particular job and are expert in one key area (Johnson, 2015). These managers guide the line manager to improve the skills of line managers. Shadowing: It is more of an on job training where the trainee follow the trainers to observer how the trainer work on various tasks and handle customers Material Learning: This method provides documents written on various business process and the trainee has to read through all of them and give a written test to improve skills Of the above mentioned methods Coaching and Mentoring are considered by Lloyd as these can be done even if focused group setup. Due to the reduce in workforce shadowing is not ideal and material learning is time consuming 3. How are LD needs met 3.1 LD Interventions To meet the LD needs, Lloyds can use two main methods of learning intervention. Induction: Induction is the process of helping the employees get accustomed to the new environment of work. The induction program comprises of orientation, where the expectation from the employee and the business requirements are clearly explained. All the key policies, functions, an introduction to senior employees and so on are done to help the employees understand their role in the organization (Kutsyuruba, 2015). At Lloyds orientation would be done to all the new front line managers to set expectations and goals, and provide them a socializing platform with their mentors. The available training programs, LD policies, departmental organization, performance management system etc., would be detailed to the employees E-learning: One other effective learning intervention is e-learning. An e-learning portal can be established to provide formal training, through recorded sessions by various managers, online documentation, webinars, virtual learning environments and so on. The major advantage with e-learning activities is that the training sessions can happen from anywhere around the world and it is not necessary to gather groups in one place (Marquardt, 2014). E-learning followed by coaching and mentoring will provide a complete LD program for the line managers of Lloyds. 3.2 Understanding the learning methods efficiency The LD program has induction as its first action, where the line managers are explained their roles and responsibilities, the business requirements and are informed regarding the various LD programs both mandatory and optional they would have to undergo, to achieve organizational goals. The second step is to conduct e-learning sessions, where all the basic material that helps the employees understand how things work and how they need to work to ensure customer satisfaction. Several classes on soft skills are also delivered as a part of the activity (Robles, 2012). Then the line managers has focused group discussions with the senior management to understand if all the formal learning needs have been fulfilled. The line managers are then divided into smaller groups and are coached by senior managers as a part of on job training. In case a line manager requires additional intervention mentoring is done. 4. Conclusion The LD practices of coaching and mentoring when combined with induction programs and e-learning activities can prove to be highly beneficial especially in contexts where a reduction in workforce is seen. However, this strategy is designed based on the business requirements at Lloyds. The same may not be true for all organizations and hence, a critical need analysis should be done to develop LD programs for individual organizations. 5. References Crane, T.G. and Patrick, L.N., 2014. The heart of coaching: Using transformational coaching to create a high-performance coaching culture. Edwards, G., Elliott, C., Iszatt-White, M. and Schedlitzki, D., 2013. Critical and alternative approaches to leadership learning and development. Management Learning, 44(1), pp.3-10. Guthrie, J.P., Li, P. and Meschke, F., 2014, January. Layoffs, Affective Human Capital, and Firm Performance. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 15663). Academy of Management. Johnson, W.B. and Ridley, C.R., 2015. The elements of mentoring. Macmillan. Kolb, D.A., 2014. Experiential learning: Experience as the source of learning and development. FT press. Kutsyuruba, B. and Walker, K., 2015. The Role of Trust in Developing Teacher Leaders Through Early-Career Induction and Mentoring Programs. Antistasis, 5(1). Liben, L.S. ed., 2013. Development and learning: conflict or congruence?. Psychology Press. Moon, J.A., 2013. Reflection in learning and professional development: Theory and practice. Routledge. Marquardt, M.J., 2014. Building the learning organization: Mastering the 5 elements for corporate learning. Nicholas Brealey Publishing. Robbins, S., Judge, T.A., Millett, B. and Boyle, M., 2013. Organisational behaviour. Pearson Higher Education AU. Robles, M.M., 2012. Executive perceptions of the top 10 soft skills needed in todays workplace. Business Communication Quarterly, 75(4), pp.453-465. Schoenmaker, D. and Peek, T., 2014. The state of the banking sector in Europe. Senge, P.M., 2014. The fifth discipline fieldbook: Strategies and tools for building a learning organization. Crown Business.