Cross ultural ommunications Essay Example | Topics and Well Written Essays - 2000 words

Cross ultural ommunications - Essay Example The committee will then be undertaken through a rigorous training to satisfactorily prepare them for the task. The discussion will entail the steps that will be involved in formation, modalities of establishing the committee charter and the strategies necessary in ensuring that the committee accomplishes a long term goal of greater diversity. The steps that will be involved in preparation of the diversity committee will be member selection, planning for the preparation program, selecting trainers and facilitators, and training. Table of Contents Executive Summary 2 Table of Contents 3 Step 1: The President Needs to Clearly Identify the Current Situation of Diversity in this Bank and Develop Clear Objectives 4 Establishing the Committee Diversity Charter 5 Step 2: Invite the Managers and Key Team Leaders to Come for a Meeting to Brain Storming the Ideas and Discuss Workplace Diversity Improvements 6 Step 3: Send Employees Surveys or Ask for Feedbacks about Diversity at Work and how th ey would like the Diversity Program to be in the Future 6 Step 4: Talking To the External Audiences 6 Step 5: Send Emails to All Key Managers of Each Department to Come For the Formal Meeting to Share, Contribute the Ideas for Diversity Program and Create the Diversity Committee 6 Creating the Diversity Committee 7 Member Selection 7 Planning for the Training Program 8 Selecting Trainers and Facilitators 8 Training 10 Conclusion 11 Recommendations 12 Appendix 14 Cross Cultural Communications for Leadership Management Formation of a hiring and network diversity committee is an integral contributor in jumpstarting the diversity imitative in a business institution. This requires ample training of the committee members on diversity management and cross cultural communication within the organization. This will help them to boost the company’s goal of addressing both the customer and employee diversity concerns. The diversity concerns are related to the bank’s recent globali zed status and increase in the student customer base who demands banking services in remote areas. Cross cultural communication is an eminent competency for all business leaders aspiring to succeed in business. They should possess the ability to establish successful teams and connect people in an organization. As the new president of Omni bank, establishment of cross cultural competency will require the input of an effective committee capable of improving the general business diversity. The crucial strategies of the committee include the establishment of collaboration, trust and instilling a sense of belonging among the bank employees. Steps that will be involved in the creation of the committee will be: Step 1: The President Needs to Clearly Identify the Current Situation of Diversity in this Bank and Develop Clear Objectives Before commencing the actual preparation and formation of the committee, the president should; 1. Review the bank’s policies, objectives and goals to i dentify their role in supporting the workforce diversity. This will ensure that the training conforms to the stipulated objectives and that they address the loopholes that exist in the management of diversity. This will offer the guidelines on the review of recruitment and retention of the committee members, recognition and incentives, promotion and performance management. 2. Cultural audit of the bank will then be

The use of the Historical Cost convention and the accrual concept for Essay

The use of the Historical Cost convention and the accrual concept for stewardship and for decision making - Essay Example It is this purchase price which is referred to as the "historical" cost. An extension of this discussion will lead to interesting questions. The asset must be shown in the books at the purchase price. It is not to be shown at the market value. This is done to ensure a "true and fair" picture of the financial position of the firm. It is commonly noted that the asset which is purchased by the company will increase/decrease in value over time, because of market forces. In such a case, the correct representation of the asset will lie only in showing them at their original, historical cost. Showing the asset at its market value will portray the asset at a value which may be inflated or deflated, as the market forces may be. This will defeat the purpose of financial accounting, which involves giving a "true and fair" view of accounts. In such a case, as per the historical cost principle, the value of this land will be $50,000 in the books. Showing it at the inflated price of $80,000 will be against the accounting principle of prudence2, and it will inflate the profits of the firm, which may influence prospective outsiders. We know that Assets less Liabilities equals equity. So, greater the assets, greater the equity. However, since investors, creditors and other outsiders need to know the accurate information, which can be provided only with an accurate stewardship, there has to be a method that makes the selection of asset-value uniform. And that method is the historical cost principle. Not only does the historical cost convention make the value of assets uniform and unambiguous - as the cost of acquisition is shown as the asset value - it makes the whole process of number crunching an easier one. Evaluating the assets at their market value allows a lot of ambiguity to creep in. Since market value is always subject to volatility, the value of assets would always be subjective. The historical cost principle, in such a situation, evaluates the assets at the cost of their acquisition, making the value objective and uniform3. In such a case, the historical cost convention is particularly useful for stewardship. As discussed earlier, the historical cost convention requires the asset to be valued at its acquisition cost only. This means that only the money which we have actually spent is to be shown in the books. An inflated value of the assets goes against the principle of prudence. Stewardship, which plays the important role of communication of information to outsiders, involves presenting the financial position of the firm as accurately as possible, and of course, keeping in mind all norms. The historical cost convention enables this function to be done with vital ease. Upon employing the historical cost principle, the books of accounts present an impartial view of the financial position of the business concern. This naturally, helps prospective outsiders make a fully informed decision,