Broken Family - 3761 Words

Socrates Philosopher Socrates was a classical Greek Athenian philosopher. Credited as one of the founders of Western philosophy, he is an enigmatic figure known chiefly through the accounts of later classical writers, Wikipedia â€Å"Personal background† Born: 469 BC, Athens, Greece Died:399 BC, Athens, Greece Full name: Socrates Nationality: Greek Era: Ancient philosophy Region: Western philosophy School: Classical Greek Main interests: Epistemology, ethics Notable idea: SocraticMethod, Socratic irony Influenced: Most subsequent Western philosophy; more specifically, Plato, Aristotle, Aristippus, Antisthenes Spouse:Xanthippe Children:Menexenus, Lamprocles, Sophroniscus Aristotle Philosopher Aristotle was a Greek philosopher†¦show more content†¦While the philosopher seeks always to rid himself of the body, and to focus solely on things concerning the soul, to commit suicide is prohibited as man is not sole possessor of his body. For, as stated in the Phaedo: the philosopher more than other men frees the soul from association with the body as much as possible. Body and soul are separate, then 2 .CRITO BY: PLATO The dialogue begins with Socrates waking up to the presence of Crito in his prison cell and inquires whether it is early in the day. Crito informs Socrates that it is indeed early and that he, Crito, chose to let Socrates sleep in peace, especially given Socrates current distressful circumstance of awaiting his own execution. Crito explains that he admires the peaceful manner in which Socrates has heretofore lived and the level of calm that Socrates displays in the face of death. Socrates replies that it is only fitting that he react in such a manner given his age and expresses surprise that the guard has let Crito into his cell at such an early hour. Crito informs Socrates that he is well-acquainted with the guard and has done him a certain benefaction. Crito relays bad news to Socrates. He tells him that there are eyewitness reports that the ship has come in from Delos, and that tomorrow Socrates will be executed. Socrates rebuffs the report, saying he has had a dream - a vision of a woman in a white cloak telling him that on theShow MoreRelatedEssay On Broken Family1027 Words   |  5 Pagest a broken family has on juveniles. A broken family refers to a family that has gone through a separation, abandonment or divorce leaving the children with only one parent instead of the much needed two. In the beginning of a divorce parents tend to argue non-stop and just have a sense of despair around the household. Children around that type of atmosphere can get confused and blame themselves for such arguments and the overall unhappiness. 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Echica March 2010 ABSTRACT The Family is an essential factor for a human’s whole-being, everything about a man, his background, attitude, all of his achievements, his honor and dignity , relies on the structure of the family a man lives in with. 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Substance Abuse And Mental Health - 2045 Words

Substance abuse and mental health issues affect millions of adolescents and adults in the United States. An estimated 24.6 million individuals aged 12 or older were current illicit drug users in 2013; including 2.2 million adolescents aged 12 to 17. In 2013, 60.1 million individuals aged 12 or older were past month binge drinkers, including 1.6 million adolescents. In Kansas, the percentage of people over the age of 18 with mental illnesses is about 18.2% which is similar to the national average (Substance Abuse and Mental Health Services Administration, Center for Behavioral Health Statistics and Quality, 2014). Mental health disorders and substance abuse can have a significant impact on the health of individuals, their families and their communities. These disorders are among the top conditions that cause disability and carry a high burden of disease in the United States, resulting in significant costs to families, employers and publicly funded health systems. By 2020, mental health and substance use disorders will surpass all physical diseases as a major cause of disability worldwide (SAMHSA, 2014). In addition, drug and alcohol use can lead to chronic diabetes and heart disease. Addressing the impact of substance use alone is estimated to cost Americans more than $600 billion each year. Preventing mental health/substance use disorders and related problems in children, adolescents and young adults are critical to Americans’ behavioral and physical health. BehaviorsShow MoreRelatedMental Health And Substance Abuse805 Words   |  4 PagesDual diagnosis In mental health and substance abuse, we must understand which problem is first. When working with individuals who are experiencing substance abuse problems to counteract the effects of a mental illness will attempt to treat themselves, instead of seeking out proper medical care. 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Superannuation Retirement Schemes Time Value of Money - Sample

Question: Discuss about the Superannuation Retirement Schemes for Time Value of Money. Answer: Introduction This report is based on a companys case study named UniSuper Ltd. This company provides various superannuation retirement schemes for its employees which are distinguished in nature. Two of the most prominent schemes are Defined Benefit Plan (DB) and Investment Choice Plan (IC), also known as Defined Contribution Plan. Such schemes have gained importance in previous years because these investments are aimed at securing ones future and non- working part of their life. The report is based on identifying factors that affect an employees decision to choose a particular scheme and the impact of these factors in selecting the amount of contribution to such schemes. For this context, Defined Benefit Plan and Investment Choice Plan are discussed in detail. The most important factor to be considered while choosing any one of them is the time value of money. It will also be discussed that how will time value of money influence decision- making process of employees. The potential returns or retirement savings that are derived from these schemes are of utmost importance. Some researchers have also argued that the time value of money concept render Defined Benefit Plan ineffective when compared to investment returns from other schemes. This will be discussed further. The underlying case study of the company, UniSuper Ltd. suggests some retirement plans for its employees which will be discussed. The report also consists of ascertaining the most preferable retirement plan for an employee (Jefferson Preston, 2005). Factors Affecting Superannuation Contributions Generally, employees save some part of their salary to be used for their retirement. Superannuation is one of the ways for employees by which they can fulfil this purpose. In such schemes, employer contributes some percentage of employees salary to the fund and the rest is deducted from employees gross salary. Sometimes, there is a contribution from government authorities as well. How much an employer, employee or third party (government) will contribute depends on various factors. Few of which are discussed below. These factors also depict which scheme an employee is likely to choose. Regulations by government In Australia and even in other countries, there are regulations by government which compel employers to contribute a minimal amount to employees superannuation funds. Research studies in Australia show that people working there tend to have a greater life expectancy than before. In addition, they are inclined to retire at an earlier age. This implies that there is a critical need for them to manage super funds for their retirement. Currently, the rate is 9% of the employees salary which is to be contributed by the employer compulsorily. However, few small- scaled employers are exempted from this regulation (Worthington, 2008). Age of employees It has been studied that older people tend to contribute more to such funds as they have relatively higher saving instinct. Reason may be that young people are more reluctant to save, instead they believe in spending. However, elderly people have a more mature thought process which asks them to save for comfortable and luxurious future (Hurnard, 2005). Income groups Another factor affecting superannuation contributions is the income group in which employees fall. An employee from low income group is likely to contribute a little amount to super funds because he has other obligations to fulfil. And, with his low income, he can satisfy only the most urgent ones. On the other hand, a high- income group is likely to contribute a greater share to super funds (Drew Stanford, 2003). Risk appetite If the employees risk appetite is high, he/ she will invest Investment Choice Plan and vice versa (Brown et al., 2004). Time value of money considerations When time value of money is considered, Defined benefit Plan is likely to lose value in future, which is discussed below (St John, 2009). Definite Benefit Plan (DB) These plans are sometimes called as qualified pension plans. It is one of the most common retirement plans. A major part of such funds is contributed by the employer. In such a scheme, amount to be contributed by employer and final amount credit to the employee is calculated using some mathematical formula. The formula goes as follows. Retirement benefit = benefit from salary * term of employment * lump- sum factor * average service fraction. The name of this scheme includes the word defined because the way to calculate employers contribution is known well in advance. There are some regulations even for the time and amount of withdrawal by employee. These schemes also provide a tax benefit to the employee (Scott, 1994). Investment Choice Plan (IC) Investment choice plan is another scheme for employees to save for their future and retirement. Like any other superannuation scheme, there is an employer- employee contribution in this scheme as well. However, computations are a bit different. The funds are invested in various financial assets. Employees have a facility to choose type of financial asset in which their fund can be invested based on their risk appetite and return required. The retirement benefits of employees comprise of the gains of their funds which are invested in various financial instruments after deducting any administration or management overheads. The company under study provides four options for employees. First are secure funds in which funds are invested in fixed income bonds of Australia. These are least risky, but provide low returns. Secondly, they have stable funds mostly invested in fixed income securities but also spare some part for equity shares. Trustees selection fund is another type in which inve stment in both risky and secure assets is balanced. The highest return giving, but the most risky fund is share fund with a large exposure to equity market (Poterba et al., 2007). Time value of money- The concept Time value of money illustrates the financial impact on money value that gradually deteriorates due to inflation and other economic factors like interest rates. It is also known as discounted value of money. The amount of money that one is having today will not have the same value after five years. It is illustrated by an example. I have AUD 210 and I have to buy 15 CDs worth AUD 14 each. After five years, the price of a CD rises to AUD 15 from AUD 14. Now I will be able to buy only 14 CDs with the same amount of AUD 210. This means that value of AUD 210 has depreciated with time. This is the time value of money (Halperin, 1996). Issues affecting decision- making process in context of time value of money The time value of money concept significantly affects the decision- making process of employees when they choose which policy or scheme would be better for their retirement. If an employee chooses Defined Benefit Plan, then he/ she might forego some value of their money in future. We have already discussed that due to time value of money concept, the value of money degrades in future to a certain amount due to inflation and interest rate forgone, had they invested money in some banking product. So, the amount that employer contributes to the super fund of Defined Benefit plan is devalued in future and employee ends up with lesser amount. Besides that, in Investment Choice Plan, the employee will receive money adjusted to time value because returns from various investments will be adjusted according to inflation and interest rate movements of the market, i.e. real returns will be there. Hence, this factor is keenly considered before making a decision on which scheme to choose. So, time value of money affects the choice of employees regarding retirement schemes. This study shows that Investment Choice Plan is better to invest. But not all employees invest in this scheme. The reason is risk factor and certainty factor. IC plan inhibits a greater risk and is not suitable for a risk-averse person. Secondly, returns in IC plan are not stable enough. Sometimes you get a high amount and at other times, a lesser amount is earned. This uncertainty makes employees reluctant to invest in IC Plan (Vidler, 2004). Potential investment returns and retirement savings Potential investment returns, in context of Investment Choice Plan are the returns that can be earned from the pool of investments a fund has undertaken. It depends on the risk appetite of an individual and type of assets he/ she has invested in. Whereas in context of defined benefit Plan, retirement savings is the appropriate term since it simply saves a part of salary to be used in future. However, studies show that DB plan gives more consistent returns and even higher returns than IC plans. Reason being IC plans is subjected to market risk. This affects the overall average return earned by them (Munnell et al., 2015). Impact of time value of money on investment returns of Defined Benefit Plan (DB) Before we check the impact on any particular scheme, present- future value considerations should be understood in general. In context of our case study, if an employer promises today a retirement benefit worth AUD 200 to be paid for next 15 years of service, then we can say that future value of payment is AUD 200*15, which is AUD 3000. But in time value of money concept, the future value can be calculated as Future value * (1-(1/ 1+interest rate) ^ no. of years)/ interest rate. The present value in this case is AUD 2074, instead of 3000. This shows that employee will get less in real terms, if he chose to invest in Defined Benefit Plan. Hence, we can say that a person investing in such a scheme will forego potential investment returns that could be earned while investing in some other scheme (Hariga, 1995). Retirement investment products at UniSuper Ltd. Besides two major retirement schemes discussed above- DB plan and IC plan, the company UniSuper Ltd. provides a wide range of retirement and pension plans. We have already discussed the range of IC plans in which an employee can invest his fund according to the amount of risk exposure he wants (Disney Johnson, 2001). Apart from that, there are many pension plans well. Few of which are discussed below. Index- linked pension plans: In these plans, returns are related to some inflation index to provide real returns to employees. And, if employee dies, the fund is transferred to his dependants. Single life index- linked plans: It is same as above, but it is for employee only. The amount is not transferred to dependants (Bodie, 1989). Allocated pension funds: These schemes allow an employee to withdraw the amount before retirement, if they have some urgent need. Roll- over pension funds: These funds give the facility to change the type of fund they have invested in, if they want so in future (Choi et al., 2002). The most attractive investment plan based on risk/ return and time value of money The attractiveness of a retirement plan depends on an individuals risk appetite. Besides that, time value of money is another important concept to be considered to ascertain the relative attractiveness of the plans. Based on time value of money, the most attractive plan is IC plan. It is substantiated by an example. An employer contributes AUD 100 for next 5 years to the employees super fund of Defined Benefit Plan. The interest rate foregone is say 5%. So, in future, employee will get AUD 500. But according to time value of money, actual future value of the fund should be as follows. An annuity of equal payments of AUD 100 for 5 years with interest rate of 5% will have a future value calculated as future value= amount * (((1+interest rate) ^ no. of years) 1)/ interest rate. This gives future value of AUD 552.56. But employee will receive only AUD 500. However, this opportunity cost will not be incurred in IC plan because they provide real returns (adjusted for inflation) based on market performance. Based on risk appetite, following plans will be attractive for different class of people. Employee group Type of retirement plan or scheme Highly risk- averse Secure funds Risk- averse Stable funds Risk- neutral Trustees selection funds Risk- loving Share funds Real returns required having dependants Indexed- pension funds No dependants but require real returns Single- life indexed pension funds Require money before retirement Allocated pension funds Want to change the type of scheme later Roll- over pension funds (Blake, 2000) References Blake, D., 2000. Does it matter what type of pension scheme you have? The Economic Journal, 110(461), pp.46-81. Blake, D., Cairns, A.J. Dowd, K., 2006. Living with mortality: Longevity bonds and other mortality-linked securities. British Actuarial Journal, 12(1), pp.153-97. Bodie, Z., 1989. Pensions as retirement income insurance. Brown, K., Gallery, G., Gallery, N. Guest, R., 2004. Employees' choice of superannuation plan: Effects of risk transfer costs.T. The Journal of Industrial Relations, 46(1), pp.1-20. Choi, J.J., Laibson, D., Madrian, B.C. Metrick, A., 2002. Defined contribution pensions: Plan rules, participant choices, and the path of least resistance. Tax Policy and the Economy, pp.67-114. Disney, R. Johnson, P., 2001. Pension systems and retirement incomes across OECD countries. Edward Elgar Publishing. Drew, M.E. Stanford, J.D., 2003. 322 A review Of Australia's compulsory superannuation scheme after a decade. Halperin, D.I., 1996. Interest in Disguise: Taxing the" Time Value of Money. The Yale Law Journal, 95(3), pp.506-52. Hariga, M.A., 1995. Effects of inflation and time-value of money on an inventory model with time-dependent demand rate and shortages. European Journal of Operational Research, 81(3), pp.512-20. Hurnard, R., 2005. The effect of New Zealand Superannuation eligibility age on the labour force participation of older people. New Zealand Treasury., 5(9). Jefferson, T. Preston, A., 2005. Australia's other gender wage gap: Baby boomers and compulsory superannuation accounts. Feminist Economics, 11(2), pp.79-101. Munnell, A.H., Aubry, J.-P. Crawford, C.V., 2015. 15-21 Investment Returns: Defined Benefit Vs. Defined Contribution Plans. Boston College. Poterba, J., Rauh, J., Venti, S. Wise, D., 2007. Defined contribution plans, defined benefit plans, and the accumulation of retirement wealth. Journal of Public Economics, 91(10), pp. 2062-2086. Scott, T.W., 1994. Incentives and disincentives for financial disclosure: Voluntary disclosure of defined benefit pension plan information by Canadian firms. Accounting Review, pp.26-43. St John, S., 2009. The annuities market in New Zealand. Wellington: Ministry of Economic Development, For the Capital Markets Taskforce Report. Vidler, S., 2004. Superannuation: choice, competition and administration cost. Journal of Australian Political Economy, 53, p.27. Worthington, A.C., 2008. Knowledge and perceptions of superannuation in Australia. Journal of Consumer Policy, 31(3), pp.349-68.

Using Teams at the Engineered Materials Business Unit Essay Essay Example

Using Teams at the Engineered Materials Business Unit Essay Essay Amalgamate Products is a multibillion-dollar company headquartered in Atlanta. Georgia. which specializes in a big choice of merchandises and services. It is a planetary company with many locations around the universe. The company consists of a really little staff. and its organisational construction is really decentralised. with each concern unit held accountable for its ain P A ; L. In the early 1980’s the corporation began its scheme of geting several new companies. In 1999. Consolidated Products purchased a concern unit. Engineered Materials. from Andreas Manufacturing. Engineered Materials was the smallest of the five companies that were portion of the Consolidated Products acquisitions during the last two decennaries. Amalgamate Products recognized the differences in the company and its new acquisition from the beginning and understood that challenges would ensue in the integrating procedure. Engineered Materials brought along its civilization from Andreas Manufacturing. which was an old school manner of thought and rigorous hierarchal organisational construction. Over the past few old ages. it has focused its attempts on seeking to alter and incorporate the civilization of Engineered Materials in order to suit into the entrepreneurial manner of the overall company. Unfortunately. its attempts were non successful. In 2003. the company’s gross revenues consequences had decreased by eight per centum. while many of its rivals had gained over five per centum. We will write a custom essay sample on Using Teams at the Engineered Materials Business Unit Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Using Teams at the Engineered Materials Business Unit Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Using Teams at the Engineered Materials Business Unit Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Effective leading and cross-functional squads are ever of import factors within a company to derive success. An effectual leader is critical when it comes to running a company. It is highly of import for an effectual squad leader to possess great communicating accomplishments to be able to pull off several employees or squad members. Besides. a team leader must demo assurance when taking determination and giving out orders to his or her employees. Others look up to person that is confident and that provides the motive to act upon each and everyone one of its staff members to endeavor for success. At the same clip. a team leader should ever be respectful to others and ever cognize when to take the incrimination when something goes incorrect. Even though there is a strong relationship between leading and cross-functional squad leaders. leading it is non the lone of import feature in a cross-functional squad. A cross-functional squad leader must be able to put ends and aims for squad members to carry through. Since employees from different sections of a company are acquiring together to work as a group. it is highly of import for a squad leader to construct upper direction sponsorship and support. to be able to supply all the resources necessary for the squad. Besides. by adding positive squad kineticss with clear and broad communicating. a cross-functional squad leader can be able to accomplish the team’s ends. All these features of leading and cross-functional squad leaders will assist work out the issues in Amalgamate Products. Issues such as employees non being committed to their assignment. or non understanding squad ends. will no longer be a battle within the organisation. Therefore. Amalgamate Products can go even more successful and go on to turn as a company. In any cross-functional squad it is of import to be able to hold the right resources available at all times in orde r to be successful. doing certain that everything is in topographic point before a squad starts working together. Therefore. sing resources and logistics plays an of import function when it comes to a cross-functional squad. Some of the inquiries that cross-functional squad leaders should reply before piecing a group together are: Do you need dedicated squad infinite? Does the squad necessitate a budget? Does the squad member have entree to all the information from the different sections involved? Is a shared country needed for hive awaying information? These are some of the of import issues that can impact the effectivity of a team’s public presentation. By doing certain that upper direction is back uping and patronizing the team’s activities. a cross-functional squad leader would be able to supply the resources necessary to be able to public presentation successfully as a squad. When a company purchases a new division. it is of import that they provide change direction in order to do the passage go swimmingly. In this instance. the new Engineered Materials division is holding som e issues with the new squad based direction manner. One manner to assist passage this division is to supply preparation to the employees. First. you would desire to interview the employees and roll up informations on precisely why they are holding jobs within their squads. We would so desire to take analyze the information and understand which ailments can be fixed by direction. and which ailments are due to the deficiency of preparation in the squads. We would so take all of the factors that can be influenced by preparation and interrupt them up into classs. When analysing the instance. we decided that there are many countries that should be explained better and need extra preparation in order to hold an influence on the squad members. The first measure in the preparation procedure that we decided on would be implementing a wages system that would incentivize the members so that they will non hold the feeling that it is non in their occupation description. They should informed that the squad procedure is portion of their occupation a nd that they will each be held accountable for public presentation. Management besides should put up squad edifice exercisings for each squad. The squads do non cognize each other really good and hence they do non hold assurance in the other members. If the squads were to be involved in exercisings that help to construct relationships among them. so the members would work better together. The squads should be advised on what the ends are for them. Then the direction should include the benefits to accomplishing these ends. The squad members will respond otherwise if they are introduced to benefits that are individualized and non merely company benefits. There should be a scheduled clip for the squads to run into. and the squad public presentation should be evaluated. Management should hold a meeting that every squad member is required to go to. During this meeting. they should discourse the benefits to holding a squad based direction system. Management should besides portion positive experiences that other companies have had that would assist act upon the importance of the construct. During this meeting. companywide ends should be discussed. All employees are funny about what they are working towards in every section. It helps to supply an overview of the vision and what they are endeavoring towards. Whenever squads meet their ends. they should be announced throughout the whole company. Each member of the squad should be given acknowledgment. Last. the direction needs to be cognizant of what the squads need to be successful and should supply them back up to promote them to work difficult towards the ends. Our confer withing squad has decided that if the Consolidated direction follows our suggestions and gathers a farther apprehension of what it takes to construct and keep the squads. they should hold a successful execution of the squads. As we have stated. the company needs to work on doing the members understand the importance of the squad determinations. and they should besides supply them extended preparation. The squad leaders should be provided specific developing on how to take a group successfully. The squad leader must hold full committedness towards the squad. and must work with the members to come up with the best thoughts. Developing a squad typically goes through four phases. The squad goes through organizing. ramping. norming. and executing. The Engineered Materials division is presently in the storming phase. Once equal preparation and apprehension is provided. the company will travel onto the following phase. Transfering a concern from a hierarchal direction manner to a squad based manner is non easy. and takes clip. Plants Citedâ€Å"Setting up a Cross-Functional Team. † – Team Management Skills from MindTools. com. N. p. . n. d. Web. 02 Nov. 2012. â€Å"Managing Cross-Functional Teams. † – Team Management Training from MindTools. com. N. p. . n. d. Web. 02 Nov. 2012. â€Å"Bruce Tuckman: Forming Ramping Norming Performing Team Development. † Businessballs. com. N. p. . n. d. Web. 01 Nov. 2012. .