A Renaissance Timeline With Major Events

Organizational Contextual Dimension Culture - 773 Words

What is Organizational Culture? Organizational culture is a set of shared values, the unwritten rules which are often taken for granted, that guide the employees towards acceptable and rewarding behavior. The organizational culture exists at two distinct levels, visible and hidden. The visible aspect of the organization is reflected in artifacts, symbols and visible behavior of employees. The hidden aspect is related to underlying values and assumptions that employees make regarding the acceptable and unacceptable behaviors. Artifacts: These are visible components of culture, they are easy to formulate, have some physical shape, yet its perception varies from one individual to another. 1-Rituals and ceremonies: New hire trainings,†¦show more content†¦Control/Decision: Management by nature is about control, the difference is how it enforces it. Well defined guidance, job description and authority of taking decisions are formal methods of control, while team or collective decision making is a social or cultural method of control. The functional or divisional structure encourages formal control while process or network structures promote a culture of employee empowerment. Responsibility: The authority of decision making is closely related to issue of responsibilities. The culture of responsibility is measured by observing whether the individuals are expected to take responsibility of their decisions or there is a collective responsibility in case of team decisions. Assumptions: Both the artifacts and the values give rise to assumptions the employees make about the organizations culture. Finally, it’s the assumptions that govern how an employee determines the right behavior and feels about his job and career, how the culture actually operates within the organizational system. Failures: The implication of failure is the most influential assumption that every employee derives from all the artifacts, stories, myths and values. The fear of failure and how it would be perceived determines the actual empowerment felt by the employee; the stated values vs. practicedShow MoreRelatedPlaza Inn Essays1169 Words   |  5 Pages E-mail: sammar@bloomu.edu OR soniaz23@aol.com 3. Department: Department of Management 4. Course Number: 93.362 5. Course Title: Organizational Design 6. Credit Hours: 3 7. Prerequisites: 93.344, Principles of Management 8. Catalog Description: This course discusses the difference between micro and macro perspectives in the study of organization and provides a macro view inRead MoreThe Impact Of Globalization On The Business Environment1356 Words   |  6 Pagesopportunities and barriers (Papulova Papulova, 2006). 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Implications of BREXIT

Question: Discuss about the Implications of BREXIT. Answer: Introduction The European Union was a body of 28 countries formed post World war II to enhance economic co-operation. It was started with the idea that countries who trade with each other would less likely war against each other. The perks of being a member of the European Union is having the ability to move around freely and also the movement of goods were made easier among the member countries. They operate as one nation! BREXIT, similar to GREXIT, is an abbreviation used for Britain exiting the European Union. It was a significant event in the world economy that is believed to affect a number of aspects relating to UK. The terms Britain and Exit is merged to form the word BREXIT. Such an exit happened due to a vote. A vote was held on the 23rd of June this year for deciding whether UK is to leave the EU. 52% of voters supported in favor of the exit. Over 30 million people voted for this (Wheeler and Hunt, 2016). Now it is important to cite the reason behind such an enormous vote support for the BREXIT. Why did a larger number of the population opt out of EU? I believe the reason is job opportunities. Immigration allowed the lower level, unskilled labourers to get jobs in UK where as the qualified lost on those opportunities. . The population of EU workers in Briton reached a historic high of 2.15m. The major focus of BREXIT currently is to do exactly that, cut on immigration and restrict it to highly skilled immigrants so that jobs requiring lesser skill can be enjoyed by the UK citizens. (FT Reporters. 2016) Theresa May expressed her dissatisfaction on the decision to exit the European Union membership but she said that she would respect the decisions of the people on the subject. Theresa May has set up a new government department which will be headed by David Davis, the campaigner for Leave to handle the BREXIT issue. Scotland and Northern Ireland as well voted to remain in the EU, therefore future implications may divide England and Wales from Scotland and NI. Since majority of voting had been done in favor of BREXIT, there was an exit situation of the British from the European Union. This signifies that in the forthcoming months both the leaders of Europe and Britain will be on a negotiating term for the departure of Britain (Fels, 2016). This exit will be affecting the British economy in a massive way. This will also have an impact on the various immigration policies of the nation. Years will be taken for the entire consequences to be clear (Lee, 2016). Since, this is not a legal binding the Britishs vote for leaving the EU can be overturned or blocked in certain ways. As per the Article 50 of the Treaty of EU states the process for the member state for withdrawing from the EU will need 2 years for both the sides to come into a conclusion. The new Prime Minister of Britain Theresa May was against the BREXIT from EU but said that she will abide by the wishes of her people. The consequences of BREXIT is still under strict speculations. A lot of debate is happening as in what will such an exit practically signify on two primary issues. One, how will the British firms undergo their business operations in EU and secondly, what restrictions on European Union nationals have in order to live and work in the United Kingdom (Wheeler and Hunt, 2016) Impact of BREXIT on British citizens in EU countries It is believed that BREXIT may have a huge impact on Britons living in EU countries. A leading barrister told Lords panel that UK may have to consider compensating for the Britons if they lose certain rights as a result of BREXIT. The perks of being a part of the European Union may be foregone if the decision to exist finalises from both Britain and EU. BREXIT implications are massive on the 1.3 million odd Britons who live abroad as well as the 3 million odd non-British people who live in the UK. It is a huge price they have to pay for BREXIT. There seems to be an incredible uncertainty surrounding BREXIT. The demands of other EU states may prove expensive for UK especially for Britons who might want to use Spanish or French healthcare. They may not get the considerations that they were getting prior to BREXIT. There seems to be a lack of knowledge in the government of UK about the repercussions of BREXIT. Lowe told the Lords justice subcommittee, There is very little evidence of people knowing what they are trying to do,. Briton enjoyed a number of benefits as a result of being a part of the European Union such as work permit, residence, retirement and its benefits, voting in local elections and their access to health and welfare systems which is going to be affected greatly following BREXIT. Except for a few rights such as the right to own properties and contractual rights which would protected by the International law, most other rights are going to be affected. The Leave campaign has given unambiguous affirmation that any new development in the immigration system will not affect non-britons currently living in the UK or Britons living in Europe or British retirees in Spain. EU citizens who own properties in the UK would be granted indefinite staying permission and will not be differentiated no matter what the decision for immigration is. However there is going to be plenty of restrictions on visas or work/ resident permits once the leave vote is sanctioned. An automatic right to go to the UK and work would cease. However, according to sources if UK decides to walk out of the EU then they would naturally lose their benefits that are enjoyed by the EU citizens. The IRISH Prime Minister said that UK will cease to benefit from the European Union Market if it ceases to become a member of the EU (Payton, 2016). The uncertainties of the negotiation are quite frightening. Will UK still be able to enjoy some of the rights of the EU citizens without being a member of the European Union? This is a daunting question that has not been answered. Article 50 in the Treaty of the European Union clearly states that once a member exits the EU there will be no rights acquired, so the obvious answer would be a no. The claim that the Vienna convention on the law of treaties would ensure enjoying rights of the EU while living in an European Union country is bogus. Following the Exit, non Britons would need to show more than their passports as proof of residence in the UK. There is expected to be a lot of inconvenience after the Exit is final (Caroll, 2016). Effects of BREXIT On June 27th the value of pounds fell to 1.315, the lowest since the year 1985. This year mid February, Britains currency crashed down to $1.38 following Boris Johnsons decision to join the BREXIT campaign. The decision to exit European Union will weigh massively on the UKs economy and financial conditions. Post vote for BREXIT, Britain has fallen to the sixth position in the list of worlds largest economies. Governor Mark Carney said that banks are ready to give 250 billion pounds to the markets for a financial boost however the economy and markets may face some uncertainties until it overcomes the BREXIT blues. UKs economy has already slowed down and may witness a recession if the vote to leave European Union succeeds. Pressure on Pound: As a result of the pound prices falling down, people who travel on holidays to foreign countries may require to pay a higher exchange rate for pounds. Foster. A. And Batchelor. T. (2016). UK lost their AAA rating as a result of BREXIT which will now cost the government on external borrowing. The government of UK would have to shell out more money in order to borrow whereas they were enjoying a good price option when they had the AAA rating. The bank of England has decided to cut down on its interest rates from 0.5% to 0.25%. This has been the first deduction since the year 2009. Financial Markets The uncertainties of forex and financial markets have been evident after the event of BREXIT. The GBP pairing with many other foreign currencies saw a weakening process post BREXIT (Capital Economics, 2016). Official trade statistics show that about half of UK goods are exported to EU countries. Therefore Exports may see a decline in the coming months and years following BREXIT (Jindal, 2016). Impact of BREXIT in the Long Run Considering the current conditions UKs decision to restrict the flow of immigration may affect their access to the free market. It is unlikely that UKs policies would allow free flow of immigrants. This will heavily affect the low-wage sectors such as agriculture. However it will benefit those who require high- skilled labourers, since UK will encourage immigration of high skilled labourers. BREXIT has not affected the prices of property and there seems to be a rise in its prices. Trade Given the current global economic conditions it is less likely that BREXIT has been the cause for the fall in the pound values. Global economy is not seeing some good times overall. Existing EU may have been a big deal a decade ago, however at present it doesnt show any disastrous impact. Financial Services The financial services are most likely to be affected following a BREXIT compared to other sectors. UK would lose the right to influence the single market rules. However in the long run Briton could broker trade pact with growing markets which can help the financial service sectors by paying dividends. Foreign Investment There are concerns that foreign investments may dry up following BREXIT but foreign nations do not invest only because of UKs membership with EU (Capital Economics, 2016). Foreign investment may see a negligent fall since there are uncertainties but if UK is able to maintain favourable terms with the EU then they could regain foreign direct investments (Jindal, 2016). Impact of BREXIT on the World Economy To the Financial markets the news of UK exiting the European Union came as a shock. The impact of the shock was brisk and unanticipated. Even though the shock may die down but there are huge implications on the macroeconomic and geopolitical aspects of the world. BREXIT is definitely going to impact other weak member nations of European Union who were already feeling the uncertainties and may finally decide to exit too. Along with BREXIT there are assumptions that Scotland may also exit from the Great Britain as a result of the EU and UK divorce. The process of UK exiting EU is the first ever instance and does not have any precedence of the exit therefore a number of details need to be worked out in the next two years following the departure since the Treaty of Lisbon includes a general timetable outlined. How these details are going to impact world economy is still a very big question. Due to BREXIT the value of pounds fell which led to the increase in the market rate of dollar prices. A sharp increase in the US dollar price may put added pressure on USs manufacturing sector. Exports would be affected as a result of increase in dollar prices. Due to uncertainties surrounding EU nations and the UK, capital will flow towards other nations such as USA and Japan. This will invite investments which will lead to an increase in the dollar and yen prices. This is not a very good scenario for both the nations. On one hand they receive a boost in capital but due to a rise in dollar prices, their exports get affected in a large manner. Japan has been facing decades of deflation and have only recently started to reinflate and restore the economic conditions. A decline in exports will highly effect their economys growth. The rise in dollar prices in USA might put pressure on China to decrease their yuan lower in order to maintain a balance in the markets. Otherwise the exports of China as well can be affected. USA remains to be the most stable economy at the moment and this will enable USA to expand more compared to other economic regions. However stability does not mean that USA is immune to negative global pressures. The uncertainty spread between USA and EU has increased which will turn the macro picture in favour of USA versus European Union. (Insights. B. 2016) Let us look at a more positive approach to the BREXIT in the short run: Post the BREXIT news, not much has changed. UK still remains to be a member nation of European Union therefore exports to Eurozone countries will not be affected currently. Furthermore the employees from European Union member countries can continue to work without any restrictions on their passports so far. In real sense the fall in stock market on the day of BREXIT news is not something one should worry over. According to the FTSE 100 index the British stock market was down by 3.2% which was considerably higher than the levels in mid June which shows that investors do not assume that BREXIT will affect corporate profits in the coming months. However the currency markets show the imminence of bigger problems. There has been a 7.6% drop in the pound prices against US dollars. This is 21 times more compared to the 0.35% exchange rate in 2012. In the coming months the economic activity will be more obvious than the financial markets. British firms may make major decisions on whether to invest in capital assets or hire people. People who have a business deal with UK may face uncertainties surrounding the EU and UK relationship. There may be a decline in economic activity since the world is waiting to see the relationship status between EU and UK. This phenomenon is not going to be seen only in UK but also in other countries. In the wake of a low confidence in business activities and global uncertainties, recession is a major threat in the UK, USA and other European countries. Additionally there is very little response from central banks who are the first ones to respond in times of economic calamity. (Irwin.N. 2016) Even though there is a major uncertainty around the globe, UK government has remained hopeful about the economy. David DAvis desires global free trading in order to help exports and the manufacturing sector, as well as invite cheaper imports. He wants speedy trade deals since European Union trading processes according to him took years to formalise. This will enhance better trading relationships with trading partners of United Kingdom There may not be any new regulations from the European Union at the moment. Eventually Davis plans to strategise regulations to help business. Complying with business regulations of EU is momentarily impairing global competitiveness which he hopes will end soon. Davis envisions a growth in the exports of United Kingdom post exit from European Union. Therefore he feels that government must play an active role in increasing exports. Furthermore, Davis does not wish to make any negotiations on the immigration scenario of UK. In order for UK to enjoy the benefits of free market they need to allow free movement of labour into UK however Davis is very particular about UKs stand on immigration and says that UK will not give-in come what may. (Arrends. B. 2016) Conclusion Following BREXIT many economists had predicted a significant impact on UKs economy post the Referendum. It was also believed that consumer confidence may be greatly affected as a result of the uncertainties in the economy however nothing of that sort has happened so far, revealed the Office for National Statistics. Though the service sector figures have not been obtained by ONS, which contributes to almost 75% of the countrys economy, CIPS surveys have shown that consumer spending has not been affected as assumed by few, after the news of BREXIT broke out. In fact there has been a quick rebound in the manufacturing sector as noted by CIPS. A fall in pound has encouraged more tourists resulting in a hike of 7.1% in flight bookings after the vote. Though the value of pound had fallen against dollar price post the vote, by September 22nd it bounced back. Sterling is 0.4% higher against the dollar, It is however the small and medium sized businesses that have been pessimistic about the future. UK has been facing a trade deficit for some time now. The prices of materials and fuel purchased by manufacturing companies have risen to 7.6%. UK businesses are experiencing inflationary pressures. Even though UKs services abroad are higher than the imports, the rate of export of goods still remains lower than the rate of import of goods. A fall in the pound price may now be beneficial for exports as goods will be available at a cheaper price post BREXIT vote. In conclusion, only time can be the best judge about the real implications of BREXIT on United Kingdom or the world at large. The years that follow the actual exit will give us a better view of UK and global economy. The impact of Greece and Britain exit is something we all look forward to. Well, we hope that the economic conditions of UK will be recovered eventually and the country will flourish as expected by the people of UK. References Timothy., L. (2016), BREXIT: what happens when Britain leaves the EU, Retrieved from: https://www.vox.com/2016/6/23/12021222/BREXIT-what-happens-next Brian., W. (2016). BREXIT: All you need to know about the UK leaving the EU, Retrieved from: https://www.bbc.com/news/uk-politics-32810887 Carroll., L. (2016). Would Europeans be free to stay in the UK after BREXIT? The Guardian Foster., A. and Batchelor., T. (2016). EU referendum 2016: How has BREXIT affected the pound? Retrieved from: https://www.express.co.uk/finance/city/658338/BREXIT-EU-Exit-How-Affect-Pound-UK-Economy Jindal., A. (2016). BREXIT Impact Rise and Fall of the British Pound Explained. Retrieved from: https://www.financemagnates.com/forex/bloggers/BREXIT-impact-rise-fall-british-pound-explained/ Arrends. B (2016, July 14) Opinion:Britains new BREXIT minister has already made up his mind about the EU. Retrieved from https://www.marketwatch.com/story/britains-new-BREXIT-minister-has-already-made-up-his-mind-about-the-eu-2016-07-13 Wheeler., B. and Hunt., A. (2016). BREXIT: All you need to know about the UK leaving the EU. Retrieved from: https://www.bbc.com/news/uk-politics-32810887 Payton., M. (2016). UK will not have access to the EU market if it ends free movement, says Irish Prime Minister. Independent FT Reporters. (2016). BREXIT and Immigration- The vital Questions. FT Capital Economics. (2016). The economic impact of BREXIT. Retrieved from: https://woodfordfunds.com/economic-impact-BREXIT-report/ Rivera., L. (2016). UK House Prices: pace of growth slows but property prices are still rising post-BREXIT. Retrieved from https://www.homesandproperty.co.uk/property-news/buying/uk-house-prices-pace-of-growth-slows-but-property-prices-are-still-rising-postBREXIT-a104506.html Fels., J. (2016). What is BREXIT impact on Global Economy? Retrieved from: https://www.barrons.com/articles/what-is-BREXITs-impact-on-global-economy-1467124800 Bird., M. (2015). Economists can't decide whether leaving the euro would be a disaster or a blessing for Greece. Retrieved from: https://www.businessinsider.in/Economists-cant-decide-whether-leaving-the-euro-would-be-a-disaster-or-a-blessing-for-Greece/articleshow/47709101.cms Insights. B. (2016, June 29) The Potential Impacts Of BREXIT On The Global Economy. Retrieved from https://www.forbes.com/sites/baininsights/2016/06/29/the-potential-impacts-of-BREXIT-on-the-global-economy/#7bb8f6c420e0.