Strategic human resource management Essay Example | Topics and Well Written Essays - 3250 words

Strategic human resource management - Essay Example Strategic human resource management ensures that human resource management aligns human resource goals with overall business objectives. The force behind strategic human resource management is the growing need for firms to align their human resource strategies with the general business structure of overall goals In the contemporary market characterised with intense competition, most organisations have diverted from conventional perception of human resource as passive resource that can be manipulated to get things done. Organisations now understand the importance of human resource in the competition-plagued market and treat their workforce as crucial source of competitive advantage. Many firms have realized that there is likely to be no organisation in absence of employees. Human resource practices are thus perceived to be geared towards supporting overall objectives of the firm. This paper explores strategic human resource management of Burger King in Vietnam. Company Background Burg er King, often referred to as BK, is a multinational corporation headquartered in Florida, United States. Burger King’s roots can be traced back to Insta-Burger King, a restaurant chain in Florida founded in 1953. When Insta-Burger King was riddled with financial problems in 1954, David Edgerton and James McLamore, Miami-based franchisees, purchased the restaurant and gave it the now popular name, Burger King. The company has changed ownership severally since then with present owners focusing on restructuring to restore the company’s glory. By 2012, the company had approximately 12,700 outlets located in 73 nations. Burger King has basically relied on franchise business approach to grow globally and seek presence in many parts of the world. Burger King’s licensing of franchises differs from one location to another and depends on regions. Some franchises are categorised as master franchises and are mandated to sell the company’s sub-licenses. The companyâ €™s rapport with its franchises has never been smooth, leading to occasional legal challenges (Phi, 2012). Burger King became interested in Vietnam market in 2011 when the company collaborated with IPP/Blue Kite Vietnam. The company proceeded to establish its initial restaurant in Vietnam in 2012. Vietnam is perceived to be one of the most crucial markets for the company in Asia-Pacific (Phi, 2012). Through franchising, Burger King engaged with IPP group/BKV to ensure faster growth of the company in Vietnam (Phi, 2012). BKV in the strategic partnership was seen as a potential contributor in many crucial areas of the company. BKV was anticipated to provide employee training and development, finding strategic locations, and marketing of Burger King Brand among other roles. On the other hand, Burger king would ensure organisational as well as structural advancement while at the same time providing proficiency and assistance on its global operating system (Phi, 2012). Strategic Huma n Resource Management of Burger King in Vietnam The contemporary market is increasingly becoming competitive and consumer behaviour is also becoming very sophisticated. As such, firms which operate internationally are faced with the challenge competing on global scale. International human resource managers are tasked with the daunting role of developing workforce teams that can work in diverse business environments (Armstrong & Baron, 2002). In order to counter the growing global challenges in international business arena, strategic international human resource management is inevitable. Strategic international human resource management (SIHRM) can be referred to as the process whereby an international firm strategise on how to create and implement business policies and traditions for effectively managing its workforce on global scale(Armstrong, 2008). Strategic intern

Inflation and the Money Supply Essay Example | Topics and Well Written Essays - 2000 words

Inflation and the Money Supply - Essay Example Most of the economists indicate that one of the principal reasons of inflation is the unreasonable growth in money supply. The sources of this theory lie with Monetarist economists. Milton Friedman observed that, "Inflation is always and everywhere a monetary phenomenon," (Milton Friedman, 1987). The theory of inflation takes up the Quantity Theory of Money to propose that if the amount of money in the economy grows faster than the growth in the level of possible output, then this will affect upon the prices. In other words if the money supply grows too fast there will be inflation. The broad aim of this essay is to bring out the knowledge of the basic theory concerning the relationship between the growth of money supply and inflation in an applied context. This will demonstrate a clear understanding of both narrow and broad measures of the money supply and their linkages with relevant macroeconomic variables. Through analysis of relevant macroeconomics data which is taken from official data sources, a qualified conclusion concerning the relationship between inflation and money supply growth for a country is arrived. The main policy implications of the findings for the conduct of monetary policy are also carried out. The classical theory of monetary policy defines money as a medium of exchange. Money is utilized to carry out the dealings and it is indifferent in its affect on the economy. It cannot manipulate the real variable quantities like income, output and employment. On the other hand, the economy can determine the monetary variables like price level and monetary wages. Consequently the classical economists stated that price level is the function of money supply. This was explained with the help of the quantity theory of money. The level of prices will be double the quantity of money was the conclusion which they derived. Therefore any alterations in supply of money will affect the price proportionately. It is symbolised by the equation of exchange: MV=PY: Where M= supply of money, V= velocity or the number of times money turns over per time in the purchase of final output Y, P= price level of output Y. MV= PY is an identity element and hence can be written as MV= PY. This formula states that the amount of money multiplied by the number of times each unit of money on the average is expended to purchase final output at any given time. It is again multiplied by the price level of those goods and services that is PY. As Y constitutes GNP, P is the price level of the goods and services developed Y, and V is the number of times the money supply is used to purchase goods whose value is PY then GNP = C+I+G= MV= PY. The above theory can also be represented as: MV = PY, where V is the velocity of money. It is alleged to evaluate how often the money stock turns over in each period. It can also be written as: V = nominal GDP/nominal money supply, i.e., V = PY/M. MV = PY is treated as an identity and not an equation, since by the definition of V, it must always true. When there are alterations in M, P, or Y, then V may have to adapt. Empirically, the V in the identity above is not required to be a constant. If we assume that V is a constant, then we have the QTM, which can be tested empirically. The new version of the QTM is