Efficiency Reward Management in British Airways

Efficiency Reward Management in British Airways Competition in the airline industry has gone global and the market and industry dynamics have necessitated the need for companies to make concerted efforts streamlined towards ensuring that high quality goods and services are offered in the market at competitive prices. This has resulted in the adoption and implementation of several tools and strategies by British Airways geared towards the aforementioned goals attainment. One of the strategies that have been soundly embraced by British Airways is the effective and efficient management of human resource department in regards to the selection, recruitment and satisfaction of employees. This has been attained through an emphasis on work site wellness program within the company. These initiatives are aimed at enhance performance management within the company. Company Overview Stiff competition has pushed the airline industry to attain very high levels of service quality to their customers. British Airways has been left outside the bracket in this push to smoke away competition and remain a top provider of airline services. The market expectation levels are expected to improve with the increase in the complexity of travelers demands. British Airways has recognized that employees from its most prized assets and has attached the capacity to improve its performance on the ability to effectively and efficiently manage its of human resource department. The pivotal challenge faced by the company is its inability to become a truly transnational airline. The recent economic crunch, political uncertainties in the Middle East and managerial problems have negatively on its ability to improve on its current performance. However, despite the above challenges, Yahoo Finance (2010) illustrates that net profit for the company has improved from 72m Pounds in 2003 to $438 m in Pounds in 2007 and the earnings per share increased from 6.7 pence to 37.2 pence within the same period. Efficiency Reward Management in British Airways Reward management Chew and Teo (1991) state that a reward system expresses what an organization values and is prepared to pay for; it is governed by the need to reward the right things in order to convey the right message about what is important in terms of expected behaviors and outcomes. The importance of HRM has increased with time and the need to properly manage people is becoming a central focus within organizations today. This has precipitated competition amongst various organizations seeking to portray the best skills in peoples management. This has defined a new role for line managers whose roles in organizations have shifted from the traditional supervisory role to more advanced people resource management. To effectively take efficient steps in the recruitment and selection, employee relations, reward management, appraisal and performance reviews, line managers must receive the support of the HR specialists. The above discussions illustrate the high levels at which British Airways as gone to enhance high levels of performance through better rewards management. Reward systems within organizations are always based on how ones value to the organization. It is concerned with both financial and non-financial rewards and embraces the philosophies, strategies, policies, plans and processes used by organizations to develop and maintain reward systems. Most organizations make use of the term compensation to refer to pay or remuneration. There has been a noted problem with the term compensation in that it means rewards to the employee is only for making amends for the distasteful fact people have to work to make a living. In the analysis of Chew and Teo (1991) proposition for most people work is, in the main, a source for disutility, and they therefore require payment to compensate them for the time they devoted towards it. While this argument is true in its literal sense, it however fails to provide a complete definition of pay philosophy. This is because pay philosophy should take into consideration one competence and contribution, not just compe nsation simply because some none has worked for it. In appreciating that employee rewards takes into deep consideration of the organizations integrated policies and practices, rewards are best given according to market worth of an employee. In addition to that, the ones contribution, skills and competence should also form central measurements under which rewards systems can be based. The rewards scheme runs through the culture and philosophies of an organization and is developed within its framework with the aim of maintaining the best levels of pay, benefits, compensation and other forms of rewards. According to Carter (1988), reward system consists of financial (fixed or variable pay) and employee benefits, which together comprises the total remuneration. In addition to that, rewards system also encompasses non-financial components that include (recognition, praise, achievement, responsibility and personal growth). The non-financial components of rewards system also include performance management systems (Lafferty McMillan, 1989). The combination of the two; financial and non-financial rewards forms the total reward system. Deeper analyses of the reward systems reveal that it has five more components that include processes, practices, structures, schemes and procedures (Heskett, Sasser and Hart, (1990). The successful design, development and implementation of management decisions are very complex and at times daunting tasks for many managers especially when managing the most prizes assets of organization-employees. Usually, managers will be faced with daily problems that require the application of tools that will ensure for the successful operations irrespective of the sectors they manage such as the identification of the objectives of the organization, alternative means of achieving the stated objectives and the selection of the means that accomplish the objectives in the most efficient manner. The first process in the decision making process will entail the identification of the problem. The problem in dealing with employee rewards for the optimum benefit of the organization must enhance the ability of the organization to effectively achieve its objectives. Ideally, successful identification of the problem will encapsulate trying to delineate answers to questions such as what coul d be the causes of the problem, where this is happening, how it is happening, when it is happening, with whom it is happening, and why it is happening (MacNamara, 2008). In essence, this should be followed by an in-depth analysis of the delineation of the complexity of the problem, verification of the understanding of the problem; prioritization and understanding the role to be played towards the redress of the problem (Collins, 1987). In recognizing the fact that an organizations performance depends primarily on the quality of its management and employees, line managers appreciate the role of reward in improving the quality of management through generous rewards. British Airways knows that rewards alone cannot play the sole role of management quality improvement but this process demands with it a number of other factors for it to be fully realized. This is because, the culture, values, and management style of an organization, together with its performance management and employee development programs are equally important (Bureau of Tourism Research, 1989).ÂÂ  It is therefore true that reward management forms an integral part of quality management but cannot stand alone in an organization in ensuring quality management. Reward management is one of the central management issue British Airways top management has over the year managed excellently. Effective reward management not only motivates the employees but also depicts harmonious management style the company is applying to capture and succeed in the market. In addition, the recruitment and retention of best talents take precedence in the business. According to Debrah (2005), The reward or compensation people receive for their contribution to an organization includes monetary and non-monetary components. Remuneration does not simply compensate employees for their efforts it also has an impact on the recruitment and retention of talented people. In this regard, reward management within British management calls for brilliant strategies to ensure that it succeeds. Towards this, the company has employed a number of strategies to help successful implement this program. These strategies include controlling reward, monitoring and evaluating reward theories, managing development of reward system, devolution of line mangers for responsibility for reward system (Hollings, 1998). Controlling reward British Airways has got a good reward management control strategy. Control offers the opportunity to plan and execute reward in a more organized and logical manner which reflect the spirit and mission of the company. According to Gabriel (1988), employers and managers should pay attention to their employees and special attention to the best employees. This is done to encourage good performers, to push them to greater heights. Positive recognition for people can ensure a positive and a productive organization. The recognition of outstanding performance aims to create an understanding of what behaviors might add significant value to the organization and to promote such behaviors. Awards- monetary and non-monetary should be given based on the achievements and accomplishments of workers. Effective reward management calls for effective and strategic management to ensure that the programs not only succeed but also offer a good platform for other companies to emulate. This is an entrenched culture within British Airways aimed at ensuring employee performance improvement. In controlling the rewards, the organization benefits a lot from such an initiative. The befits that come along as a result of reward control include offer of the best opportunity for strategic planning, ensures continuity of the reward system, it is effective in the process of the reward scheme evaluation. Monitoring and evaluating reward theories The process of monitoring and evaluating reward theories demand good management practices from the line managers. In British Airways, This process is ideally inclusive of the major parties to the problem and will involve holding a brainstorming session where the possible solutions to the problem are all presented and analyzed. Bowen (1986) has advised against passing judgment on the possible solutions as presented at the earliest stage of evaluating rewards so as to provide chance for possible solutions and errors that could be omitted. The selection of the reward within British Airways considers best alternative to resolving the problem is the next stage and is essentially where the possible solutions advanced are analyzed and dissected in details. In the selection of the best alternative, the line managers within British Airways takes into considerations the approach that is likely to resolve the problem in the long run, the most realistic solutions, the resources available, time a nd the risks associated with each alternative (McNamara, 2008). Managing the developing reward system Initiating a reward program in most organizations has been easy but managing and developing the rewards comes along with many challenges. This is because reward systems must be well developed and enhanced to reduce employee conflict (Irwin, 2003). In British Airways, this involves assessing how the situation will be once the reward has been initiated and looking for possible weaknesses within the reward scheme. This process is well handled within the British Airways by a pool of highly trained line managers. Essentially, this will entail a careful consideration of the best way to implement the new reward policies and procedures, what resources are desirable in terms of people, facilities and finances, time, who will drive the process, and the person in who will be responsible for the success of the plan. It is imperative that the action plan is communicated to all the stakeholders who will be affected by the new changes within and without the organization to limit the possibility of conflict and take into consideration all the divergent views. Communication within the British Airways values the culture and takes into consideration the major drive within the Airline industry which centrally aims at providing the best competitive work environment to the employees. Devolution for line managers The success of reward schemes and projects has to a large extent relied on the interests, support and commitment of the senior management within the British Airways. This is in order to ensure that everybody in the project team and indeed the whole employees are focused and committed. Most reward schemes within organizations are sometimes conceived, funded and developed without appropriate senior management involvement or approval. Naila (2009) has for example noted that some projects go forward without the management clearly conceptualizing what the project entails. A distinction between mere approval and commitment should be clearly discerned so that the projects run smoothly. According to Kerzner (2006), most projects fail when the senior management lacks a clear understanding and a paucity of the projects perceived benefits, risks and difficulties. This is fundamental because the management plays a central role in costs appropriations and budget allocations for project activities . This means that while the projects approval may actually have been acquired, in the euphoria of getting the projects approved; some of the risks may be ignored or glossed over. Efficient project cost management especially in the field of IT should however ensure that projects approvals are not based on hype and unrealistic calculations but on a framework that encapsulates a realistic assessment of the projects. These remain the central themes within British Airways that define its culture and its reward schemes. Interviews in selection and recruitment The most frequently used selection method in most organizations and companies, with British Airways being no exception, is the interview. The company employs this selection process in selecting and recruiting personnel in the top management positions such as departmental managers. Interviews occur when a candidate responds to questions posed by a manager or some other organizational representative. In an interview, common areas in which questions are posed include education, experience and knowledge of job procedures, mental ability, personality, communication ability, social skills as well as the knowledge of current affairs. The recruitment process within British Airways as a close nit process that enasure only the best is recruited. This is ullusterated below by Guemier and Lockwood (1989). Quality Performance Measurement The capacity to understands and measure performance of an organizational policies is crucial for the success of any business. These measures should include process performance and improvements that can be seen by customers. The importance of performance measurement is important to ensure that customer service is given, to set individual team and business objectives, highlight problems and failure in the processes, provide the needed stimulus for continuous growth and provide benchmark for establishing comparisons. To effectively carry out quality performance, an organization must understand the component of quality costs. These is because the capacity to show that quality system is effective, find more efficient ways of working and get it right from the first time are fundamental in the processes. Performance measurements include four quality costs such as prevention costs, appraisal costs, internal failure costs and external failure costs. Through the application of EFQM that recognizes the fact that there are many approaches to achieving sustainable excellence, British Airways has extensively made use of this non prescriptive framework to analyze its quality performance measurements. This process has been carried out using leadership in at the fore front while enablers include people, policy and strategy partnership and resources who are subjected through a process. The results for the performance of the reward policy within British Airways are then measured by peoples results, customer results and social results. These generate key performance results that are generated through three result components. The tool that was preferred for this process was Radar Scoring Matrix that was capable of covering all aspects of results, approach, deployment, assessment and review. The five poor causes of quality include wrong application of measurement tools, poor combination of enablers for the process, poor leadership, inability to establish a measurement process and failure to engage of all employees in the process. Conclusion The world over, organizations and business enterprises are experiencing major economic crunch and environmental upheaval such as deregulated industrial regulation systems, globalization, competition and technological advancement. These economic, social and political circumstances have precipitated a complex and sophisticated of overlapping and concurrent interventions that are radically changing the existing structures, cultures and job requirements. In response to this dynamic and rapid change, managers need to approach the selection and recruitment from a strategic perspective. Recruitment and selection strategies, process and policies should be integrated within the company human resource department and the organization culture. These have been entrenched in the operational culture of British Airways. In the Airline industry, there is need to streamline the operations to embrace the dynamic changes in selection and recruitment. These changes include new strategies on selection and outsourcing. British Airways has been successful and continue to gain more ground in the world market due to its strategic planning and management. This paper has given a comprehensive and in-depth analysis of the role of the human resource department in the selection and recruitment with special reference to British Airways.

Immigration Needs to be Restricted in America Essay -- Argumentative P

Immigration Needs to be Restricted in America Illegal immigration will cost the United States $280 billion dollars from 1995-2004. And that only counts for the immigrants that enter this country illegally. What of the legal immigrants that come to the United States and find it harder than they thought it would be? Most of these immigrants just go on welfare. Legal immigrants participate in 20.7 percent of all welfare programs while native citizens only participate in 14.1 percent (Borjas). This costs the American public millions of dollars every year. At the turn of the century 40 percent of immigrants that came through Ellis Island had to go home. If the immigrants can't handle the work force, there is nothing for them to do but fall back on welfare (Lind). Opposing statistics show that Americans use welfare more than immigrants do. This argument doesn't work for the simple fact that most immigrants haven't been in this country long enough to qualify for Social Security. Therefore we must use the other data which clearly shows that immigrants use welfare more. Another problem that has risen from immigration is crime. In 1986, 28 percent of the arrests for drug possession were illegal immigrants (Stacy). This may not seem like an overwhelming number, but just think if the United States could drop drug trafficking by 28 percent this would be a tremendous step forward. The immigration problem has gotten so bad on the Mexican American, border, that the border patrol have what they call " War Wagons" which are armored vans with bulletproof windows. Guarding a border of a nation that we are at peace with should not be that big of a problem. Most immigrants that enter the country both legally and illegally are trying to fin... ...osing Viewpoints. San Diego: Greenhaven Press. Inc. 1998 pp. 84-88. Lind, Micheal. "Legal Immigration Harms American workers" Bender, David L. Immigration: Opposing Viewpoints. San Diego: Greenhaven Press. Inc. 1998 pp. 79-83 Borjas, George. "Immigrants Abuse the Welfare System." Bender, David L. Immigration: Opposing Viewpoints. San Diego: Greenhaven Press. Inc. 1998 pp. 97-102 Stacy, Palmer & Lutton, Wayne. "Illegal Immigrants Cause Crime." Bender, David L. Immigration: Opposing Viewpoints. San Diego: Greenhaven Press. Inc. 1990 pp. 90-95 Martinez, Roberto. "Illegal Immigrants Are Victims of Crime." Bender, David L. Immigration: Opposing Viewpoints. San Diego: Greenhaven Press. Inc. 1990 pp. 96-99 Lamm, Richard D. "The U.S. Should Limit Immigration." Bender, David L. Immigration: Opposing Viewpoints. San Diego: Greenhaven Press. Inc. 1990 pp.105-112

5 Stages of Grief

Kubler-Ross Model of 5 Stages of Death Daniel Redwood, D. C. (1995) mentioned the 5 stages of death was introduced by Elisabeth Kubler-Ross in the book On Death and Dying (1956). The 5 stages of death is also known as Kubler-Ross Model. According to this model, there are 5 stages that a person will face when he or she is going through death or is about to lose someone they love or have just lost their loved ones. The 5 stages are Denial, Anger, Bargaining, Depression and the final stage is Acceptance (as citied in Elisabeth K. B. , 1956).The 5 stages will be further explained as below. The first stage is ‘Denial’. In this stage, people who are about to die or have lost their loved ones will be very numb and they will find that there is no purpose in life. Besides that, during this stage, one will not be able to focus in their life and will usually lose their hope. Through being in denial, one will be able to cope and thus making survival to be possible once again. Being in the denial stage also protects them from being overwhelm with the anxiety that they are about to die or have lost their loved ones.Another important reason why one will be in this stage, is because they are unable to accept the reality that they are about to die or have lost their loved ones ( Elisabeth K. B. , 1956). The second stage of death is ‘Anger’. In the ‘Anger’ stage, one will usually be feeling very angry because they got that particular sickness or because they have lost their loved ones. They feel angry because they feel it’s not fair for them to fall sick or for their loved ones to fall sick. This is mainly due to the reason of belief that they have lived a balanced and healthy life. Therefore, they should not easily fall sick and face death.During this stage, the person will usually have a targeted person to release their anger. Usually, the person who is facing death due to some terminal illness will release their anger towards the doctor who is treating them, immediate family members or the person who is taking care of them. According to Axelrod, J. (2006), doctors usually becomes the targeted person because the doctor was not able to find a cure or treatment for the illness that the person is facing. This may be due to the stereotype that doctors should be able to treat and cure all of their patient’s sickness.Family members and the immediate person who is taking care of the person who is facing death becomes the targeted person because the person who is facing death will usually be filled with anger and disappointment due to the fact that they are about to leave their loved ones and not be able to ever see them again. After the ‘Anger’ stage, comes the ‘Bargaining’ stage. According to Elisabeth, K. B. (1956), just before we are about to lose our loved ones, the bargaining stage comes in the form of ‘doing anything and everything’ to spare the life of your loved ones, so that we are able to see them survive and continue living.The bargaining usually involves spirituality, where one will look towards a higher Being for miracle to take place. After a loss, bargaining will appear in the form of â€Å"What if.. † or â€Å"If only.. † statements. This is because, we would wish if we could have return to the past and change things so that we would not have lost our loved ones. The next stage is ‘Depression’. Elisabeth, K. B. (1956) mentioned right after the ‘Bargaining’ stage, we will step into the present state. Feeling of emptiness, sorrow and grief will be very deep and at times unbearable.During this stage, one will feel as though this depression will always be there. Elisabeth, K. B. (1956) also state that the stage of depression is normal when one has lost their loved ones. Finally, we will go through the ‘Acceptance’ stage. During this stage, we have finally accepted the reality and able to live in the present. We may not like the reality, however we have learned to accept. We have finally made a way to be able to continue living our life and move on. Instead of denying the past, one will be able to change, grow and continue living

The Problem of Homeless Veterans in US

The Problem of Homeless Veterans in US Introduction There are several veterans who are homeless in the United States of America and are estimated to range between 130, 000 and 200,000 at a given one night. Homeless veterans represent a fifth of all homeless people in America. There are also those veterans who struggle to meet the excessive rent burdens and this has worsened their homelessness.Advertising We will write a custom essay sample on The Problem of Homeless Veterans in US specifically for you for only $16.05 $11/page Learn More There is also a growing concern regarding the status of the veterans in the future. Women veterans and those with disabilities are becoming increasingly isolated and are likely to become homeless. This is a common characteristic of those veterans from Iraq and Afghanistan. Demographics The records at the department of Veteran affairs in the US indicate that majority of the homeless veterans are males, and only four percent are females. Majority of them are single, from poor and disadvantaged backgrounds. Approximately, forty-five percent of them suffer from one form of disability or the other and nurse the effects of drug and substance abuse. These homeless veterans are those who served in World War II, Cold war, Vietnam war, Korean war, Panama, Grenada and Lebanon. Female veterans are likely to be married but most of them end up suffering from psychiatric problems (National Coalition for the Homeless 1). Programs and Policy Issues Various attempts are made to ensure that veterans who are homeless acquire homes. The department of veteran affairs is responsible for funding temporary housing for the homeless veterans. These programs include: shelter and a two year transitional housing that is funded by the grant and their per diem program, long-term care through domiciliary care for the homeless veterans and imparting of some skills such as Compensated Work Therapy. However, these programs do not meet the required demand or the existing needs. There is also the Department of Housing and Urban Development that have collaborated with the HUD-VA to offer supportive and housing programs that can connect the housing choice to the vouchers with the VA case management system and services. The HUD program mainly targets the veterans. The addition of extra vouchers by the government was considered to be a major boost. Veteran assistant staff has been collaborating with local coalitions in various states to ensure that the homeless veterans are guaranteed of their security and safety by providing shelter, food, clothing and other forms of assistance (Todd 21).Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More The response by homeless veterans gained prominence in the 1980s when the Congress realized that veterans were unrepresented in the data of homeless persons. The National Coalition for Homeless Veterans was established to provide services and support to the increasing number of homeless veterans (Perl 18). Conclusion The needs and the demands of the homeless veterans are similar. The National Coalition for Homeless Veterans Affairs advocates for effective programs, and they suggest for community based non-profit organizations like veterans helping veterans group to spearhead the process. It has been shown that veterans can be successfully assisted to acquire homes. The government needs to take proactive action to curb the menace of having so many veterans being homeless. Long term planning will make it possible for the veterans to be provided with social amenities and health care. The government also needs to actively examine the issue of wage disparity as it directly contributes to homelessness. Unless these are addressed, the tragedy of veteran homelessness will be an unending mess plaguing the American communities. National Coalition for the Homeless. Homeless Veterans. National Coalition for the Homele ss, 2009. Web. nationalhomeless.org/factsheets/veterans.pdf. Perl, Libby. Veterans and Homelessness. New York, NY: DIANE Publishing, n.d. Print. Todd, Ernest. Homelessness: Is Society Looking the Other Way? New York, NY: Nova Science Publishers, 2005. Print.

Martin the Warrior †Book Review Essay

Martin the Warrior – Book Review Essay Free Online Research Papers Martin the Warrior Book Review Essay Fantasy novels come in many different genres. These genres are followed by many authors due to great appeal of that genre. Fantasy novels are a form of fiction in which magic or warriors are involved. Martin the Warrior by Brian Jacques is a great example of a sword and sorcery novel. Each animal in Martin the Warrior has his own special talent that makes he or she more capable of than others. Martin is a warrior mouse that has great strength and battle sense like no others. When in trouble he not only uses his strength but also his intelligence to sort everything out. Badrang the Tyrant, on the other hand, is a villainous leader that is all-powerful. All who follow him fear him greatly. Sword and sorcery novels are very creative. The setting in Martin the Warrior creates a whole new world. The book is set in a fictional county called Mossflower. Marshank, which is where Badrang the Tyrant reigns, is a fort heavily guarded by archers and sword wielding villains. The setting is full of adventure. There are woods, caves, streams, and forts, all involving great creativity and adventure. Sorcery is in the Martin the Warrior. There is a magical rabbit named Tibbar that makes others disappear. Afterwards he tells Badrang, You see when Tibbar the magic rabbit performs magic, it is real! He also manages to pull a string from one of the captains ear when the captain asks Oh magical rabbit please come and show me more magic tonight. The use of magic is in sword and sorcery novels. All the creatures use medieval weaponry. Some creatures such as Martin and Badrang use the sword. Then there are those who use slings and bows. Then there are those such and Tibbar who uses magic as his weapon. No machinery whatsoever is involved. Fort Marshank is built like a castle with many sentry towers and heavy gates. Weaponry is not like today, with the use of guns and bombs. Martin the Warrior is a natural sword and sorcery novel. The books use of animals as characters and medieval weaponry and magic makes you think how if it was outlined by the definition of sword and sorcery novel. Martin the Warrior is a good sword and sorcery novel. Research Papers on Martin the Warrior - Book Review EssayHarry Potter and the Deathly Hallows EssayComparison: Letter from Birmingham and CritoMind TravelEffects of Television Violence on ChildrenBook Review on The Autobiography of Malcolm XThe Project Managment Office SystemWhere Wild and West MeetHonest Iagos Truth through DeceptionThe Masque of the Red Death Room meaningsTrailblazing by Eric Anderson

Telecommunications Industry Essay Example | Topics and Well Written Essays - 1250 words

Telecommunications Industry - Essay Example Popular link protocols for local area networks (LANs) appeared in the 1970s. AT&T was the first biggest telecommunications company. In 1913, AT&T committed to dispose its telegraph stock. The Telecommunication Act of 1996 changed the regulation and opened the market for competition. AT&T continued to act as the leader, establishing standards for others to follow. In 2000s, the telecommunication industry saw a lot of mergers and reorganizations. Bell Atlantic and GTE combined to form Verizon. Lucent Technologies hived off its enterprise solution group into a new company. Cisco, Nortel Networks, and DSL started making names in voice and data communications and the Internet business. The telecommunications industry is growing at a fast pace. New technology is bringing in new opportunities, and telecommunication companies are catching up fast. The convergence of the computer, Internet, and cellular phones, along with the increased access options through fiber optic, wireless, satellite, and DSL is leading to a continuously connected global community. Information exchange takes place with the push of a button, and the most remote locations are now accessible through the satellite or cellular. This high speed growth is creating new companies, which are further getting merged into the major telecom entities. Some of the large Some of the largest international telecommunications companies known for innovative technology and products are AT&T, British Telecom, Deutsche Telekom, NTT, SBC Communications, Verizon Communications, Vodafone, and WorldCom. Venture Capital and Start-up Financing Activities Venture Capital (VC) investment is when a third party takes equity in a company. A strong, self-sustaining, and vibrant VC industry is a critical factor to create an enterprise culture in which emerging entrepreneurs get encouragement to take risks and build successful businesses. Private sector funding is crucial to enable government policies. Venture capitalists have always backed the high potential telecommunications business. The top VCs, as listed in Forbes.com include Promod Haque (Norwest Venture Partners), Vinod Khosla and Tom Perkins (Kleiner Perkins Caufield & Byers), David Strohm (Greylock), Lawrence Sonsini (Wilson Sonsini Goodrich & Rosati), and Paul Chamberlain (Morgan Stanley). One of the most successful VC backed start up company would be Cisco Systems (Mayer and Kenney 2004). Industry Statistics The VC industry plays a major role in the U.S. economy. In 2007, USA saw a VC investment of $29.4 billion in 3,813 deals. The investment in telecommunication industry stood at $2.1 billion dollars from 290 deals, though it decreased from $2.6 billion (301 deals) in 2006. As against this, the Life Sciences sector (Biotechnology and Medical Device industries together) received a VC investment of $9.1 billion in 2007 (862 deals). Software investing was flat at $5.3 billion in 905 deals. Internet-specific companies got $4.6 billion from 748

Piracy and different aspect of piracy clause in the Charter Party Essay

Piracy and different aspect of piracy clause in the Charter Party contract - Essay Example Reported cases of these terroristic activities run across the globe. From the shores of Africa and South Asia to the waters of North and Latin Americas, piracy remains one of the critical concerns of most nations and still present an extreme endangerment and precariousness to travelers, especially those engaged in business. The internationally-recognized governing body for matters relating to the law and order of the sea, the United Nations Convention on the Law of the Sea defined piracy as the illegal acts of violence committed towards the crew or passengers of a private ship (United Nations Convention on the Law of the Sea, 1982). These acts include but not limited to boarding, extortion, hostage-taking, kidnap-for-ransom, robbery and murder. This undeniable risk prompted a certain initiative, for both ship owners and merchants to craft an insurance coverage that would guarantee them peace of mind and ultimately, protection. â€Å"Attack by pirates or any attempt of theft is covered by this policy that works around the gravity of damage to the aggrieved party† (Global Marine Practice, 2010). This agreement is subscribed in the charter party, in the form of a clause specific about piracy. A written contract shall be entered upon by both the ship owner and the merchant (charterer) signifying their commitment to responsibility when piracy occurs. Theoretically, however, charter clauses on piracy are generally centered on preventing and minimizing the hazards that ships may encounter when at sea. The Baltic and International Maritime Council (BIMCO), the world-renowned shipping organization, instituted two widely-accepted supplementary charter clauses concerning piracy: the War Risks Clause for Voyage Chartering of 2004 or simply, the VoyWar 2004 and the Piracy Clause for Time Charter Parties of 2009. These governing rules are the ones implemented in almost all members of the shipping industry. The War Risks Clause for