Psychological Contract: Work-Life Balance in Retail

Psychological Contract: Work-Life Balance in Retail Title: A contemporary analysis of the concept of work life balance and the effects of the psychological contract within the business. Geared towards retail. A compiled list of the 6 main sources of information that could be used with justification as to why they are relevant and a paragraph on key theories/models, analysis tools that would be used in this dissertation. A total of around 600 words. With regard to the paper recently completed, this addendum represents some further thoughts and resources which would be required to expand the work into a wider study. There are three themes which would need to be pursued in a more detailed examination of this topic. The nature of the generic Psychological Contract. The nature of the Psychological Contract in the Retail Sector, and its relationship with marketing. The nature of HRM and SHRM (Strategic Human Resources Management) in the Retail Sector. These themes would need to be explored across a range of material, beginning with secondary sources, and ideally extending into qualitative primary research involving HR professionals, and retail staff themselves. The six main related secondary and primary sources. Guest, D.E., and Conway, N., (2004), Employee Well-being and the Psychological Contract: A Report for the CIPD, Chartered Institute of Personnel and Development, London. This source is essential because it provides an insight into both the agreed definitions of the psychological contract within the HR profession, and the application of that model in their vocational practice. Buchanan, D., and Huczynski, A., (2006), Organizational Behaviour: An Introductory Text, Prentice Hall/Financial Times, London. This source is essential as a prà ©cis of the relevant motivational theories, work of Herzberg, McGregor, Maslow, Adams, Vroom, Porter and Lawler. Analysis of the implications of McGregor’s X and Y theories of reward/coercion, and Herzberg’s concept of extrinsic and intrinsic rewards, as set out in Brooks, I., (2003), Organisational Behaviour: Individuals, Groups and Organisation, 2nd Ed, FT-Prentice Hall, London, and Fincham, R., and Rhodes, P., (2005), Principles of Organisational Behaviour, 4th Edition, Oxford University Press, Oxford. Within the extrinsic and intrinsic reward model, extrinsic rewards may be thought of as those of material considerations and working conditions, whilst intrinsic rewards are more honorific and interpersonal. Hofstede’s cultural dimensions index, as set out in Hofstede, G., (2003), Cultures and Organizations: Intercultural Cooperation and its Importance for Survival, Profile Business, London, and Gerte Hofstede Cultural Dimensions Website, INTERNET, available at http://www.geert-hofstede.com/hofstede_dimensions.php?culture1=95culture2=18#compare [viewed 26.10.08], would need to be employed to assess the different motivational models and tolerances which are increasingly visible in a multi-cultural workforce, and a globalizing retail sector. This would have to take account of Hofestede’s ideas of power distance, collectivism/individuality, long or short-term orientation, masculinity/femininity, and uncertainty avoidance. A comparative study of employee relationships between retail workers in Waitrose and the John Lewis partnership, and an other large retail group, i.e. Tesco’s, Woolworth or Argos. The rationale for this is that the John Lewis group is the only one to deploy an extensive profit sharing remuneration scheme with its employees. Comparative primary study of attitudes between retail employees and customers of the John Lewis partnership, and another, non-profit sharing retail group in the UK. To be carried out through a combination of†¦ questionnaires comprising binary yes/no responses and written answers to set questions. A small number of in-depth and semi-flexible individual interviews. Key theoretical approaches here would be evolved around a balance of phenomenological and positivist research formats, to obtain qualitatively useful data, which could also support statistical models with a possible wider application. McGregor’s extrinsic/intrinsic scale model questionnaire could be employed to lend a positivist dimension to the attitudinal data produced. This paper outlines some key themes in contemporary retailing HRM, focusing particularly on the significance of the psychological contract within the business, and the concept of work life balance. It argues that contemporary economic and trading conditions have tended to expose the way in which both issues are treated in the retail sector, and attributes this to continued trends for tertiary and part-time employment patterns. As Hooley et al. observe, ‘†¦Well developed marketing resources (assets and capabilities), when deployed in the marketplace, can lead to superior market performance. Satisfied and well motivated staff (a prime marketing asset), for example, can make a significant contribution to creating satisfied and loyal customers’ (Hooley et.al., p.21). At boardroom level however, contemporary pressures on costs may impinge upon staff CPD and retention. In the first instance, it may be helpful to foreground the concept of the psychological contract itself. As Sonnetag observes, ‘There is relatively consistent empirical evidence for a positive relationship between specific aspects of individual well being and.performance.’ (Sonnetag, p.4110 ). One way in which this symbiosis between employee motivation and output can be achieved, is through a management style which exceeds the formal terms of the contractual obligation in terms of an equitable relationship. As Williams indicates. ‘..this interpersonal aspect to fairness reminds us that there is a social basis to the exchange relationship between employer and employee and we might expect this to be part of the psychological contract.’ (Williams,1998: p.183). The concept of the psychological contract rests on the idea that workplace relationships inevitably develop beyond those encapsulated in explicit frameworks, hierarchies, and job descriptions. It is there fore perfectly feasible for management to de-motivate staff even though they are formally empowered to do so – by breaching ‘informal’ or psychologically accepted principles. As Guest and Conway point out, ‘†¦built on the three pillars of fairness, trust and delivery of the deal between organizations and employees, a positive psychological contract is the best guarantee of good performance outcomes.’ (Guest and Conway, 2003: p.vii). There is much empirical evidence to suggest that retail employers are acting to redress percived inadequacies in this area. For example, as Murray reports, fast-food giant McDonald’s has acted to improve its image since the term ‘McJob’ entered the Oxford english Dictionary, denoting ‘†¦an unstimulating, low-paid job with few prospects†¦Ã¢â‚¬â„¢ (Murray 2008: n.p.) Part of the response has been to initiate CPD programmes which combine flexible working arrangements with learning programmes to develop staff skills and accreditation. Other retail management and service sector managers also see this as the route to recruit and retain the best staff. As Jack Constantinides, vice-president HR and business partner for Monster for Europe West and Prague explains, ‘People are looking for more from their job than just a chunky pay package – including job satisfaction, career prospects, training, benefits and crucially work-life balance’. (Murray 2008: n.p.). This suggests that, where costs will allow, more mature businesses may see the creation of value as the route to business stability through intrinsic as well as extrinsic employee reward. However, contemporary trading conditions may militate against the expenditure of such on-costs, at least for the time being. As Taylor reports, ‘The disclosure last week that Marks and Spencer wants to reduce redundancy benefits for staff has sparked union fears that the retail group is preparing the way for large-scale job cuts.’ (Taylor 2008: n.p.). MS are obviously not the only high-profile high street victims: As Kilgren and Braithwaite observe of the troubled Woolworth chain, ‘Up to a third of the 1,000 retail division staff at head office may lose their jobs†¦ PwC, auditor to Woolworth’s, pointed to material uncertainties which may cast significant doubt about the companys ability to continue as a going concern.’ (Kilgren and Braithwa ite, 2008: n.p.). When discussing the issue of work life balance amongst retail employees, it is arguably unhelpful to regard this couplet as representative of a homogeneous and undifferentiated employee group. In a sector strongly associated with casualized, part-time, and often female labour, it is important to recognize the way in which different social groups may derive a satisfactory relationship between their home and working lives. As Kirby observes, ‘At a time when female â€Å"returners† are set to become an increasingly significant element in the UK workforce, British retailing remains highly dependent on part-time female labour. At the same time, working conditions appear not to be as attractive as they might be. Pay remains low and career prospects and training opportunities are poor, especially for part-time employees†¦Ã¢â‚¬â„¢ (Kirby 1993: p.205). It is at this point that the psychological contract and work-life balance are arguably drawn closer together, a point which may be reinforced by considering the motivational theories of Adams. As Huczyinski and Buchanan explain, ‘Adams proposed that we compare our rewards (pay, recognition) and contributions (time, effort, ideas) with the outputs and inputs of others. Equity thus exists when these rations are equal. Rewards can include a range of tangible and intangible factors†¦Inputs similarly relate to any factor that you believe you bring to the situation†¦Ã¢â‚¬â„¢ (Huczyinski and Buchanan 2007: p.249). In other words, employers face a range of competing challenges when balancing employee satisfaction with business objectives. Bibliography Braithwaite, T., and Kilgren, L., ‘Woolies plans job cuts in bid to reduce its costs’, Financial Times, 18 September 2008, INTERNET, available at http://www.ft.com/cms/s/0/96ef9e80-8519-11dd-b148-0000779fd18c.html, [viewed 14.10.08], n.p. Murray, S., ‘Staff want more than just their pay packet’, Financial Times, 8 July 2008, INTERNET, available at http://www.ft.com/cms/s/0/eafbdc08-46af-11dd-876a-0000779fd2ac.html, [viewed 14.10.08], n.p. Bromley, R.D.F., and Thomas, C.J., (ed), (1993), Retail Change: contemporary issues, UCL Press, London. Guest, D.E., and Conway, N., (2004), Employee Well-being and the Psychological Contract: A Report for the CIPD, Chartered Institute of Personnel and Development, London. Hooley, G., Saunders, J., Piercy, N., (2004) Marketing Strategy and Competitive Positioning (3rd Edition) Prentice Hall, Essex Kirby, D.A. ‘Working conditions and the trading week’, in Bromley, R.D.F., and Thomas, C.J., (ed), (1993), Retail Change: contemporary issues, UCL Press, London, pp.192-207. Sonnetag, S., (ed), (2002), Psychological Management of Individual Performance, John Wiley and Sons, Chichester. Stacey, K., and Rigby, E., ‘Retail supply chain begins to turn rusty’, Financial Times, 8 Oct 2008, INTERNET, available at http://www.ft.com/cms/s/0/a67ef3ae-94d3-11dd-953e-000077b07658.html [viewed 14.10.08], n.p. Taylor, A., ‘Inquiries on how to shed staff soar’, Financial Times, 25 Aug 2008, INTERNET, available at http://www.ft.com/cms/s/0/6c8bed96-723c-11dd-a44a-0000779fd18c.html [viewed 15.10.08], n.p. Van der Lippe, T., and Peters, P., (2007), (eds), Competing Claims in Work and Family Life, Edward Elgar, Cheltenham. Williams, R.S., (1998) Performance Management: Perspectives on Employee Performance, International Thomson Business Press, St.Ives.

Randy Pausch’s Last lecture presentation

1. Randy Pausch’s Last lecture presentation is about achieving your childhood dreams, enabling the dreams of others, and how you can achieve your dreams or enable the dreams of others. Mr. Pausch had several childhood dreams these included: being in zero gravity, playing in the NFL, Authoring an article in the World Book Encyclopedia, being Captain Kirk, winning stuffed animals, and being a Disney Imagineer. He achieved his first dream of being in zero gravity when he was a professor and his students were taking part of a space ship demonstration.He did not achieve his dream of being a NFL player; however as a kid he was enrolled in football. He states that football taught him so many things, such as hard work, the fundamentals, and experience. He learned that when you’re screwing up and no one bothers to say anything to you that means that they stopped caring. He received an opportunity to write an article for the encyclopedia on virtual reality. He also won lots of bi g stuff animals for his family. Randy Pausch had done so well for himself in the virtual reality world that Captain Kirk came to meet him, and lastly he was able to work as a Disney Imagineer.Lastly, he ends his lecture with some important advice. He states to be good at something; it makes you valuable. He states to work hard, find the best in everybody; no matter how you have to wait for them to show it, and be prepared† â€Å"luck† is where preparation meets opportunity. I agree with his advice, one should not stop dreaming and striving for excellence. One should have fun, take chances and never give up. I feel that Mr. Pausch wanted to leave his family with one last positive legacy. 2. My childhood dreams were to be in NASA and go to space, have a family, to be wealthy and have my own island.I believe it is important to achieve your dreams; it keeps one striving for a goal and distracts one from seeing the negatives in his or her life. A dream defines you. 3. What I ’ve learned from my experiences with failure is that when one has a will there is a way. It gave me the opportunity to learn that I have people that will be there for me and help me understand that I’m not alone and that they will be with me through every step of the learning experience.4. The important life lessons I have learned so far are: that this is my ife and it’s up to me how I choose to live it, I have the right to choose my own destiny, I have also learned that family is more important than money, I have learned that nothing can buy you more happiness than a child and marrying the perfect woman, and always look on the bright side. 5. My last lecture would be about how to live life to the fullest. The five points I would communicate to others are: 1. Love and accept everyone including yourself 2. Laugh and be happy 3. Make a bucket list 4. Don’t hang onto the past 5. Don’t give up

Different forms of budgeting and their purpose

The intent of budgeting system is the set of processs used to function the demands of direction maps of planning and control that refers to the importance of communicating and motive as an facet of direction to which direction accounting should lend or develop. Budgeting systems have five ( 5 ) primary intents which include ; planning, easing communicating and coordination, apportioning resources, commanding net income and operations and measuring public presentation and supplying inducements. However, be aftering and control are the major activities in most administrations and budgets are at the Centre of these activities. The footings planning and control are used to propose that they mean the same thing, but they are two different constructs. Planing involves on persons who make up an administration to be after in front in other to accomplish those aims, whereas control involves in set uping budgets for different sections giving duties to single directors in the addition that the aims set down at the planning phase are all working toward that end through the parts of administration. Therefore, budgeting is important portion of planning and control because they both plan for the hereafter. A company public presentation determines by budgeting as a direction tool to back up motive, planning, communications and determination devising. Budget is a elaborate degree program which sets out, in money footings, where companies plan and maintain budget on either an accrual or hard currency footing. A budget is besides refers to as a fiscal footings or quantitative footings used to project future income and disbursals such as labour hours, stuff purchases, or units of gross revenues. Budgeting helps administrations implement specific schemes to run into ends and aims. Budgets are of class internal to the administration and like most direction accounting information, does non organize portion of the administration ‘s published fiscal statement. Hence, non everyone is responsible for fixing budgets, but everyone within an administration will be affected by them. ( Hugh Coombs, et.al, 2005, pg91 ) . Many senior direction duties are to enforce different budgets on different sections. Hence, if the readying of the budgets involves the employees in the administration at a lower degree so budgets is more likely to be accepted. These will do people work as a squad ensuing in increased motive. Employees will be more motivated with increase engagement and encouragement as this could besides be more good to hold a wages system such as addition on wages, publicities etc. All this will hold a large impact to the company and enables the company turn hence, if employees do n't acquire what they requested so, employees may disregard the system holding small importance to the concern and this could impact the aims of the company. In order to hold a successful budgeting, a good communicating should be efficaciously in order to run into marks and aims. Different types of budgets serve different intent. The type of budget includes maestro, capital, operating ( for income statement points comprised of gross and disbursals ) , fiscal ( for balance sheet points ) , gross revenues, capital, production and undertaking. These budgets are briefly explained below. Master Budget is the chief end product of a budgeting system. It is normally prepared yearly or quarterly. The maestro budget has three ( 3 ) constituents: the budgeted net income and loss history for the twelvemonth, the budgeted hard currency flow statement and the budgeted balance sheet. Operating and Financial Budgets the operating budget trades with how operations are carried out to bring forth an administration ‘s goods or services. The fiscal budget accent on how an administration will get fiscal resources during the budget period. Gross saless Budget is used to make company gross revenues ends that show the jutting gross revenues in units and the projected gross revenues gross. Capital Budget shows a anticipation of company demands in respect to capital assets, such as land, equipment, vehicles, edifices, and machinery. The capital budget helps the company program for acquisition and disposal of assets that include the usage of available hard currency or outside funding. Production Budget indicates the figure of units of services or goods that must be produced each budgeted period to run into gross revenues demands and to supply for the coveted stoping stock list. Undertaking Budget shows the anticipation of the costs associated with a peculiar company undertaking such as labor, stuffs and other related disbursals. The readying of budgets forces directors to believe about and program for the hereafter, which assumes to be the most of import characteristic of a budgetary planning and control system. This planning procedure encourages staffs from a administration to lend on regular footing to the formation of the overall program and to place possible troubles at an early phase. People ‘s personal budget allows them to cognize how much money they have to direct, how their financess are allocated to be after for the hereafter. A budget is tool usage to supply a agency of pass oning direction ‘s programs that guarantee all parts of the administration are kept to the full informed of the programs and of the policies. For illustration, if a household are traveling through a trouble with their budget, a good communicating will be a good tool to give a better apprehension of their budget. Furthermore, benefits of budget allow you to take the chance to cognize your exact fiscal place that kee ps the lines of communicating unfastened. Budgeting is one of the most of import direction constructs in modern concern administration. Harmonizing to Dawn ( 2003 ) , approximately 69 % companies in Europe still operate their twenty-four hours to twenty-four hours activities with formalistic traditional budgeting systems. This has develop the hereafter an administration and its environment, organizing activities and undertakings, advancing communicating between sections and actuating employees ( Webber & A ; Linder, 2005 ) & lt ; hypertext transfer protocol: //www.jcuedu.au/tldinfo/writingsskills/models/papers/ CO5103essay1.pdf & gt ; . Budgeting consumes excessively much clip and dearly-won to little concerns. For illustration, it could take 60 yearss for a large company to be after their budget.

Screening for Mental Health - 630 Words

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