Video game industry analysis Essay Example for Free

Video game industry analysis Essay History The history of video games goes as far back as the 1940s, when in 1947 Thomas T. Goldsmith, Jr. and Este Ray Mann filed a United States patent request for an invention they described as a cathode ray tube amusement device. Video gaming would not reach mainstream popularity until the 1970s and 1980s, when arcade video games, gaming consoles and home computer games were introduced to the general public. Since then, video gaming has become a popular form of entertainment and a part of modern culture in most parts of the world. There are currently considered to be eight generations of video game consoles, with the seventh and the eighth concurrently ongoing. Early Founders During the golden age of video games in the 1970s, it was a rush to the start to see which company and which programmer could create a video game and platform that could trump the rest. However, most large video game manufacturers can trace their roots far before that decade, reaching back into the early 1900s or even the late 1800s. While some video game companies, such as Nintendo and Sony, would begin their economic pursuits in other fields, companies like Atari and Sega were created with an eye toward producing the ultimate gaming system. The first major video game company to come into being was Nintendo, which would eventually make video games popular again in the 1980s. Nintendo is a Japanese company that was created in 1889 and was originally named the Marufuku Company. In 1951, this company, which manufactured Western-style playing cards in Japan, would take the name Nintendo, meaning â€Å"leave luck to heaven. In 1891, the Philips Company, owner of Magnavox and an important frontrunner in the video game production race, was established in the Netherlands. In 1947, another major video game icon was founded under the name Tokyo Telecommunications Engineering Company. After the founders realized this name was too cumbersome to say and remember easily, they modified the Latin word sonus (meaning sound) to form the company name Sony. Sega was founded in 1952, under the name Service Games, as a company that provided coin-operated games and jukeboxes to American servicemen in Japan. It would not be until 1972, well into the beginning of video games, that Atari was formed as a cooperative partnership between leading video game programmers Nolan Bushnell and Ted Dabney. First Video Games and Platforms The idea for an interactive video game was first conceived of by Ralph Baer, an engineer with an airborne electronics company, in 1951. Commissioned to design a television for the company, Baer believed the TV could be more marketable to consumers if it contained a type of interactive game (Kent 2001). His idea was shot down by the company, but other engineers and programmers would not let it settle for long. The first official video games, a table-tennis type game and a computer space game, were developed in 1958 and 1961, respectively. These early video games proved to be the necessary catalyst for game programmers and were the early predecessors of the popular arcade games Pong and Space Invaders. Pong, created by the Atari Company in 1972, turned into an incredible success in arcades and led to the creation of the first home video gaming system, the Magnavox Odyssey. After the moderate success of the Odyssey, several video game companies would follow with their own home gaming systems in 1976 and 1977, including the Atari Video Computer System (VCS). Video Games Take Off By 1978, home video game consoles were beginning to sell well, and more competitors had entered the market. Nintendo of Japan released its first video game that year, a simplistic version of the board game Othello that was marketed in arcades. The popular toy makers Mattel and Milton Bradley also entered the video game scene in the following two years with a hand-held video game unit from Milton Bradley and the Intellivision by Mattel, the first video game console to offer true competition to Atari. During this golden age of video games in the late 1970s, the two leading contenders, Magnavox and Atari, both tried to add competition to the home computer market. Magnavox released the Odyssey 2, a programmable video game console that included a built-in keyboard, while Atari began selling its own personal computer designed to rival Apple. However, most consumers connected Atari only with video games, and the computer system was widely disregarded. During this time period, Atari also released its first home version of the popular arcade game Space Invaders, leading to a massive increase in sales for the VCS game console. As video gaming entered the 1980s, two incredibly popular games that would revolutionize the industry were created. Pac-Man, created by Namco in 1980, became the best-selling arcade game of all time and the first video game that was popular with both males and females. The later version, Ms. Pac-Man, would also prove to be immensely popular at arcades. The next year, in 1981, Nintendo of America created Donkey Kong for arcades. While the hero of Donkey Kong was originally named Jump man, this name was later changed to Mario and he would become an icon in years to come as a key video game hero. Unfortunately, as video games began to take off in the early 1980s, the market quickly became flooded with multiple consoles and games, and the industry experienced a market crash in 1984. Industry Growth Along with increasing Internet and broadband penetration throughout the world, online and mobile gaming represents the greatest push in the video game growth. The implication of this increase in accessibility to technology is many developing countries -specifically the BRIC economies (Brazil, Russia, India and China) – are now becoming major players in the industry. As online and mobile gaming becomes more affordable, video gaming becomes more accessible to developing countries. Though console gaming currently represents the largest market in the industry, its growth is projected to slow down in the upcoming years, from a 10. 9% growth between 2003 and 2008, to a 5. 5% between 2008 and 2013. In 2008, Europe, the Middle East, and Africa (EMEA) represented the largest video gaming market share (35. 3%). In 2013 it is projected the Asia-Pacific region will be the leader in both growth and market share. The projection is market share in EMEA and North America will decline, while it is expected to increase in Latin America. The video game industry in the BRIC economies has developed in parallel fashion to these countries’ general economic expansion. It is projected the BRIC countries will have increased market share in future years. Market size The Video Games are a cultural phenomenon that is growing ever more prominent among young and old alike. They have become an integral part of the mass media culture and have been in existence for nearly as long as the television. While the video games of today are growing ever more detailed and lifelike, early video games like Pong, Space Invaders, and Pac-Man were equally impressive and highly entertaining at their time. From their earliest years to the complex video game landscape of the twenty-first century, video games have developed into enchanting, alternate worlds that have captured the hearts of millions of players. As of today, it is estimated that video game consoles represent more than 25% of the worlds general-purpose computational power. Also they were banned in China since June 2000 and now China is seeing explosive growth. Market size from 2003 to 2013 in $billions REVENUE FOR 2012. Size of global traditional video game market revenue, excluding mobile games on smart phones and tablets: $70 billion, up from $65 billion in 2011 Size of global video game market revenue, including mobile games on smart phones and tablets: $78. 5 billion for 2012 Retail software revenue: $28 billion, down from $29. 5 billion in 2011 Online revenue, including digital delivery, subscriptions, Facebook games: $24 billion, up from $18 billion in 2011 (Source: DFC Intelligence) CONSOLE MAKERS Microsoft Corp * Xbox 360 launched in the United States: November 2005 * Xbox consoles sold: 67 million. * Kinect motion sensors sold: 19 million Major initiative: Microsoft is expected to show off new entertainment features of its Xbox 360 and a new version of Halo. Sony Corp * PlayStation3 launched in the United States and Japan: November 2006 * As of March 31, PlayStation3 units sold: Over 63 million units * As of June 6, 2011, Sony Move motion sensors shipped: 8. 8 million units Major initiative: Sony is expected to push new games to boost sales of the Vita and PlayStation 3. Nintendo Co Ltd * Launched Wii in the United States: November 2006 * Wii units shipped: More than 95 million * DS units shipped: More than 151 million. * 3DS units: More than 17 million Major initiative: Nintendo will finally unveil the first home console in six years at E3. Device is expected to feature HD graphics, a special tablet controller and motion sensors. SOFTWARE PUBLISHERS Activision Blizzard Annual revenue: $4. 8 billion Top franchises: Call of Duty and World of Warcraft Electronic Arts Inc Annual revenue: $4. 1 billion Top franchises: The Sims and Madden NFL Take-Two Interactive Software Annual revenue: $826 million Top franchises: Grand Theft Auto and Red Dead Redemption Ubisoft Annual revenue: 1. 06 billion euros Substitute Products. Substitute products for games maybe songs from music industry, movies from movie industry, and television programs from television industry which people also sought fun and entertainment. There have not been so many problems with the substitute products because video game industry is uprising. According to a writer for Fortune, music sales have been falling in recent years, the movie going experience hasn’t change that much and network TV is on the skids. Political Determinants Unlike many other industries, the gaming industry isn’t universally affected by political determinants. Political determinants are generally specific to a country. While violence and sexual content of games are common themes of discussion, how they are handled varies from country to county. Social and Environmental Factors Social Factors Video games have an enormous place in society – most kids are exposed to video games in some sort of capacity growing up. Just like other technological mediums, there are both positive and negative social issues related to video gaming. Some Positive Effects of Playing Video Games Video games have proven to be effective tools for children’s learning when used appropriately as they impart specific attitudes, skills and behaviors on the player. For example, some video games have helped to teach children how to effectively deal with their asthma and diabetes. Further, in a study with college students, playing a golf video game improved students’ actual control of force when putting, even though the video game gave no bodily feedback on actual putting movement or force. Video games have also been shown to increase surgical skills for doctors, and research has more broadly proven that people can learn iconic, spatial, and visual attention skills from video games. [1] Some Negative Effects of Playing Video Games. Research has shown that video games can lead to negative effects on children’s physical health, including obesity, video-induced seizures, and postural, muscular and skeletal disorders, such as tendonitis, nerve compression, and carpal tunnel syndrome. Additionally, the amount of time spent playing video games has been shown to have a negative correlation with academic performance. [2] But even more prevalent, is that playing video games has been shown to have a positive correlation with antisocial and aggressive behavior. Violent video games are most commonly defined as games where the player can intentionally harm the other characters. Not only do a majority of video games today fall under this definition, but a recent study established that the majority of 4th to 8th grade students prefer violent games. [3] Environmental Factors E-Waste Almost 50 million tons of electronic products are discarded every year, and the figure continues to grow as the lifespan of new devices continues to shrink. According to the environmental organization Greenpeace, that estimated amount of e-waste generated every year put into containers on a train would be enough to circle the globe! In fact, up to five percent of all municipal solid waste worldwide is this electronic waste (e-waste). Such is the magnitude of this e-waste that it now ties with plastic packaging in number; yet electronic waste is much more hazardous. While mobile phones and computers are the main causes of this ever-increasing waste as they are replaced on average more frequently, video games and video game consoles contribute significantly to e-waste. [1] http://www. mediafamily. org/facts/facts_effect. shtml [2] http://www. buzzle. com/articles/effects-of-video-games-on-children. html [3] http://findarticles. com/p/articles/mi_m0816/is_6_21/ai_n9772319/.

galileo :: essays research papers

Galileo Galilei   Ã‚  Ã‚  Ã‚  Ã‚  Galileo was a mathematician transformed into an astronomer. He created the modern telescope based on a primitive model that originated in Amsterdam. Galileo disproved Aristotle's fundamental principles of the universe, which had been excepted throughout the centuries as common knowledge. According to this theory, no change could ever take place in the heavens, because everything in them was made of a perfect and unalterable substance called the â€Å"quintessence.† However, in October 1604, Galileo spotted a supernova and a new star was discovered and proved to be among the fixed stars, disproving Aristotle's theories.   Ã‚  Ã‚  Ã‚  Ã‚  Galileo’s telescopes were approved by the Venetian senators to be copied and openly sold. However, Galileo was threatened when Venice disapproved of telescopes being cheaply hawked on every street corner. He fled to Florence seeking protection under Cosimo de Medici. In Florence Galileo gained many allies on his sun-centered theory of the solar system of the universe. Between 1616 and 1624, Galileo remained content to study without publishing his findings. Galileo grew bolder due to his failing eyesight and by 1632 Galileo’s ideas had become common knowledge in Italian streets. Many authorities considered Galileo’s findings as dangerously heretical and seditious notions. Under pressure from the church, Cosimo de Medici withdrew his protection, as did Pope Urban VIII, the former Cardinal Barberini, who allowed his Cardinal Inquisitor to threaten Galileo with torture in order to exact a confession of heresy and recantation.   Ã‚  Ã‚  Ã‚  Ã‚  To the dismay of his close followers, Galileo recanted on June 22, 1633. The news was announced to his family and friends by the church bells of the Saint Marcus, followed by the town crier’s reading of the text of the recantation. Feeling betrayed, his disciples turned away from him. Thereafter until his death in 1642, Galileo remained a prisoner of the Inquisition, under house arrest, and under the watchful eye of his daughter, Virginia. Secretly, he worked at night on his scientific opus, the Discorsi. He hid his papers inside a globe and was able to get his work to the outside world after Andrea visited him, asking of his health. After admitting that he had recanted from a fear of torture, Galileo gave the manuscript to Andrea, who in 1637 conveyed it across the Italian frontier on his way to Amsterdam, where it could be published and circulated without reprisal from the church.   Ã‚  Ã‚  Ã‚  Ã‚  Galileo’s ideals came as a shock to the citizens of Italy and other nations.

Grennell Farm

Introduction Grennell Farm is a corporation that is engaged in the production of wheat. Located in Iowa, the 2,000-acre farm was established by Jeremiah Grennell more than 20 years ago. The sudden demise of its founder has led the farm to be transferred to the leadership of, Mr. Grennell’s niece and chosen heir, Denise Grey. She was informed of her inheritance early in 2010. Ms. Grey works as an AVP in the consumer credit of a large New York bank. With the huge distance between Iowa and New York, she is carefully studying the advantages and disadvantages of retaining the farm’s ownership.This case presents the basic business financial flows of Grennell Farm for the year 2009 and the events that she had to deal with regarding the management of the business. QUESTION # 2 The price per acre for the land was used as the basis for recommending whether Denise Grey should sell the land. Based on the comparison, it is advisable to sell 100 acres of Grennell Farm because the pri ce per acre of $2250 is significantly higher than the original price ($187. 0) and the appraised price ($1050). QUESTION # 3 It would also help Denise Grey to evaluate the farm’s profitability and sustainability based on the following risks, liabilities and responsibilities, many of which are unknown based on the information given in the problem. Examples as follows: Tax liability Revenue gains may not be monetary Risk of loss due to bad debts Replacement of buildings and machinery Responsibility for the next season’s (2010) expenses

The Kingdom Of Saudi Arabia - 2360 Words

The Kingdom of Saudi Arabia is currently facing one of the greatest challenges since its founding in 1932. With the Iranian influence spreading across the Middle East, the Saudi response to the war in Syria is only one of many interconnected battles against Tehran. They must balance their desire to see Assad fall with the need to silence the religious message emanating from Isis, as both of these threaten their political system and way of life. This challenge is all the more complicated by the falling price of oil and the wavering support of the United States. The reluctance of the Americans to get overly involved will leave it up to the Saudis to provide air support, and help fund and train their Arab allies in their fight against Assad and the Iranians beyond the borders of Syria. Meanwhile, with their largest historic budget deficit looming, it has yet to be seen if this will be possible. Saudi Arabia has a clear stake in the fighting in Syria; by overthrowing Assad, they are weakening Iran. Weakening Iran is of great importance as their influence is spreading across the Middle East and threatens Riyadh’s security. After witnessing Tehran meddle in Yemeni and Iraqi politics, the Kingdom feel their enemies could push their minority Shi’a population towards rising against the Sunni crown. Therefore Iran must be weakened so that they are not strong enough to spur a Saudi revolution. The fight against Iran has evolved throughout the war. Along with the battles in Syria, itShow MoreRelatedThe Kingdom Of Saudi Arabia877 Words   |  4 Pages In Saudi Arabia I am sure that there is probably more than one language spoken there but the number one language is Arabic. Did you know that the Kingdom Of Saudi Arabia has that biggest continuous desert, in the world. Saudi Arabia is a country located in the Middle East surrounded by water, and desert. Saudi Arabia is also known for being the 15th largest export economy in the world. Saudi Arabia is an amazing country. And I hope you enjoy these pages filled with more wonderful facts about theRead MoreThe Kingdom of Saudi Arabia1910 Words   |  8 Pages Introduction In the Kingdom of Saudi Arabia this is the most exciting era regarding medical genetics, where programs based on genetic counseling are widely spread amongst the region. Concerned about the fact that conceiving a genetically defected child in the Kingdom has become a common case amongst many families; many have shown interest towards this subject and has accepted genetic counseling the best and the most accurate method to detect genetic defects in premarital and prenatal stages. Read MoreThe Kingdom Of Saudi Arabia1498 Words   |  6 PagesThe Kingdom of Saudi Arabia is one of the most centralized countries in the Middle East. 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In the Kingdom of Saudi Arabia, for example, the Arabic language is the official language in the country, and the English language is the second languageRead MoreThe Modern Kingdom of Saudi Arabia Essay3146 Words   |  13 PagesIntroduction The modern Kingdom of Saudi Arabia was established by the King Abdulaziz bin Abdelrahman Al-Saud in 1932 (Al-Turaiqi, 2008; Albassam, 2011; BTI, 2012; Hamzawy, 2006; Peterson, 1984; UN, 2004). Saudi is a big country with 13 provinces (mintaqah) and 1,600, 000 km2 (Albassam, 2011; UN, 2004). Saudi has the largest reserves of oil in the world (UN, 2004). 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Owing to its geographical location, the intended nationally determined contribution (INDC) submitted by KSA identifies three climatic challenges - semi/ hyper aridityRead MoreEmergency Admissions For Diabetes, Kingdom Of Saudi Arabia1153 Words   |  5 PagesEmergency Admissions for Diabetes in Dammam, Kingdom of Saudi Arabia Introduction Diabetes mellitus has been identified as a major health problem in Saudi Arabia associated with the adoption of modern lifestyle that promotes poor eating and sedentary exercise habits (Elhadd, Al-Amoudi, and Alzahrani 2007). The indigenous Saudi Arabian population may also have a genetic predisposition to type II diabetes that is related to consanguinity. A review by Alqurashi, Aljabri, and Bokhari (2011) found that

Munchausen Syndrome A Mental Illness Essay - 1470 Words

Munchausen syndrome, also referred to as factitious disorder, is a mental condition in which sufferers cause or pretend to have physical or psychological symptoms that are not actually occurring. Munchausen syndrome is considered to be a mental illness because it is associated with severe emotional difficulties that are present with the illness. Due to the fact that there are no reliable statistics regarding the number of people in the United States who suffer from Munchausen syndrome, it is considered to be a rare condition to have. Even before getting its current name, this condition has been described since the biblical times. For example, sufferers of this syndrome during the Middle Ages went as far as scraping off their skin and putting leeches in their mouths to induce bleeding. This illness was named after Baron Karl Friedrich von Munchausen who lived from 1720 to 1797 and was known for claiming to ride cannonballs and traveling to the moon. The reason why I choose this psychological disorder was because it was brand new topic to me. I was very interested in the fact of not knowing anything about this topic previously so I was able to go into this research with a blank slate. After researching what this syndrome was, my main topic of interest was that Munchausen Syndrome is a largely unexplained phenomena, as it is both quite rare and difficult to diagnose. It is also practically impossible to treat, as most people will emerge with negative results. Most of theShow MoreRelatedMunchausen Syndrome By Proxy Is A Mental Illness And Form Of Child Abuse1856 Words   |  8 Pages Munchausen syndrome by proxy is a mental illness and form of child abuse that claims the lives of 9% of its victims (Heffner, 2004). It is defined as, â€Å"a psychological disorder in which a parent, typically a mother, harms her child (as by poisoning), falsifies the child s medical history, or tampers with the child s medical specimens in ord er to create a situation that requires or seems to require medical attention† (Merriam-Webster, 1977). In most cases, the mother is the abuser and plaguesRead MoreMy Search For A Mental Illness I Came Upon Munchausen Syndrome By Proxy1490 Words   |  6 Pages In my search for a mental illness I came upon Munchausen Syndrome by proxy which is a stem from regular Munchausen Syndrome. This mental illness was deep and caught my interest by the complexity of the disease and that cases that have been studied. The horrific cases of said mental illness caught my eye and I knew instantly I had to explore in depth the condition. 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If you dont know someone with the disease, I will tell you all about it. the disease isnt very big or popular anymore, because not a lot of women dont have this disease anymore. I have done a lot of research, and most of the diagnoses were done in the 1900s, but the disease is still around some places. This disease is mostly diagnosed to women, because most men dont feel the need to these kind ofRead MoreMental Health1329 Words   |  6 Pagesï » ¿Mental Health Essay Mental health is all about how we think, feel and behave. It refers to our cognitive, and/or our emotional wellbeing. It describes a sense of wellbeing. Mental health ‘problems’ or ‘difficulties’ are terms used to describe temporary reactions to a painful event, stress, or systems of drug or alcohol use, lack of sleep or physical illness. It can also be used to describe long-term psychiatric conditions, which may have significant effects on an individual’s functioning. SomeRead MoreMunchausen Syndrome : A Rare Mental Disorder And The Most Severe Type Of Factitious Disorder3346 Words   |  14 Pages Munchausen Syndrome Stephen Balka Medical Careers Institute â€Æ' Abstract Munchausen syndrome is a rare mental disorder and the most severe type of factitious disorder. Those afflicted with Munchausen syndrome fabricate or cause injuries and illness in order to seek attention even to the point of undergoing painful, intrusive and unneeded medical and surgical procedures. Psychotherapy is the main treatment option for Munchausen syndrome, however there are no standard therapies or medicationsRead MoreHistory Of Munchausen Syndrome By Proxy2014 Words   |  9 PagesHistory of Munchausen Syndrome by Proxy The term Munchausen Syndrome by proxy was named in 1951 by Asher after a well-known German Baron story teller (Campbell V, McDougall, Justice G., 2015). Munchausen Syndrome by Proxy was defined as an acute illness which is supported by dramatic and plausible history by Asher (Campbell V, McDougall, Justice G., 2015). Asher characterized Munchausen Syndrome’s condition as an intense desire to deceive people as much as they can in order to be the center of attentionRead MoreEssay on Munchausen Syndrome by Proxy: Sick Kid or Sick Parent?(4)1262 Words   |  6 PagesMunchausen Syndrome by Proxy: Sick Kid or Sick Parent?(4) In relating the details of Munchausen Syndrome by Proxy (MSBP), the initial reaction is usually shock, followed quickly by fascination. The reason for the latter is that the medical community has yet to make up their minds about what exactly MSBP is. The debate: psychiatric disorder v. child abuse. Essentially the arguments for both create a divide between the brain and behavior, though not relating the two. 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The term factitious disorders (FD) refers to â€Å"any illness deliberately produced or falcified for the sole purpose of assuming the sick role.   Patients waste valuable time and resources with lenthy and unnecessary tests and procedures at a cost, accor ding

Economic Analysis - 795 Words

A lot has changed over the past year in The United States (U.S.), the US has a new President, the Republican party leads with most seats in Congress, and the U.S. Economy is on the rise. The first two factors have a hand in how well the economy is doing. With a new president in office, there have been some recent changes to policies and government regulations. Currently, a new tax reform is being proposed for the 2017 tax year, which looks to cut 1.5 trillion dollars towards business and individuals (Rappeport Kaplan, 2017). The tax break for individuals and businesses will influence the U.S. economy in one form or another. In the following pages the current state of the economy will be discussed, explore an environmental scan of today’s†¦show more content†¦64). With the individuals and organizations receiving a higher tax return under the new tax reform bill it provides marketing departments an opportunity to sell them their products. There are five sources used to evaluate the environmental scan: social, economic, technological, competitive, and regulator forces (Kerin et al., 2016). The demographics of the consumer enables the marketing team to target specific groups for higher sells (Kerin et al., 2016). With technological advancements products that were once out of reach of the average consumer are now obtainable. Together with the economy on the rise, companies have seen an increase in sells with their products. Today’s market is filled with competition between businesses in every sector. Although this may be true, organizations that practice poor social and environmental responsibilities can suffer loses in revenue and consumer loyalty (Kerin et al., 2016). Under the new tax reform bill, small business will receive more of a return on their taxes which encourages more individuals to start their own business in the future (Rappeport et al., 2017). Interpreting and identifying trends are easier for marketing departments when the ec onomy is strong because individuals are not just buying the necessary items. Future Markets Future markets with the continued growth in the U.S. economy should have an increase in consumer spending. Government involvement and federal regulations can hinder orShow MoreRelatedArticle Analysis for Economics1636 Words   |  7 PagesUniversity of Phoenix Principles of Microeconomics ECO/365 Professor James Harris III Aug 7, 2008 Article Analysis The article that will be used for this analysis is â€Å"Supply, demand, and the Internet-economic lessons for microeconomic principles courses† by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. Another subject that will be discussed is the identification of factors that lead to the changesRead MoreEconomic Analysis ( Ks ) Essay1230 Words   |  5 PagesEconomic Analysis (KS) The Federal Reserve reports in the Beige Book that was most recently published on April 15, 2015, that throughout the twelve Federal Reserve Districts, which include, Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansa City, Dallas, and San Francisco, economic expansion continued to grow within most regions. Consumer spending is on an upswing in Boston Philadelphia, St. Louis, Minneapolis, and San Francisco, who allRead Moreeconomic analysis on colgate2493 Words   |  10 Pagesanalyse the main economic factors on Colgate-Palmolive Company. Upon analysing the business’ operating market, demand and supply, the report focus on the company’s main sector, which is a wide range of toothpaste products. 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Manage Remuneration and Employee Benefits Theory of Compensation Stra

Question: Discuss about the Manage Remuneration and Employee Benefits for the Theory of Compensation Strategy. Answer: Develop organizations remuneration strategy Remunerationis still a critical issue in the managing of human resource. How organizations remunerates its staff has an impact on its capacity to interest the right staffs and to motivate them to remain focused on critical business administration. Remuneration is what staffs get in exchange for their work. It also helps to strengthen important organization culture and fundamental standards and to enable the accomplishment of its business strategy objectives (Stone, 2008, p.4) Employment is of a different type. However, the remuneration of employees is a factor that has always not been communicated officially or even feasible for human resource departments and has its cons. For instance, it has this method of compensation in which paymentis through unit price produced by an employee. If remuneration adopted by an organization does not support their vision, direction goaland culture, they may need to close down business. The teams ideas, leadership, and goal drive the business. Objectives of the proposed remuneration strategy Supports business and human resource strategy. Attract and motivates staffs in their duties. Provides incentives first performance Reward past performance Provide the best return expenditure Design the best rewarding system for workers Staff remuneration and compensation structure Remuneration benefits Overtime compensation Future income reviews/increases Life insurance Paid holidays vacations Company day-care facilities List of Legislations considered in the remuneration strategy Fair Work Act 2009:This act creates a national workplace relations system that is fair to working people, promotes productivity, flexible for business and economic growth. Workplace Relations Act 1996 : It t provides the continuation of the federal award system which provided a minimum set of terms and conditions for employment and helps in maintaining relations at work place Workplace Agreement Act 1993: This is an individual written agreement on terms and conditions of employment between an employer and employee in Australia, under the Workplace Relations Act 1996. Evidence for research on market rates and comparison with other organization According to the government of Australia education department the salaries of a teacher starts at level 2.1 with $66 and reaches to level 2.9 with experience. It is shown in the table below Level Salary as in Dec2015 (per annum) 2.1 $66,475 2.2 $72,937 2.3 AU$79,824 2.4 AU$82,953 2.5 AU$86,206 2.6 AU$89,584 2.7 AU$93,096 2.8 AU$96,744 2.9 AU$100,536 Table 1: Salary as in Dec2015 (per annum) (Source: www.decd.sa.gov.au) The salary range of some of the private educational Institute in Australia is given below: Name Starting Salary(per annum) George Brown College AU$92,312 Humber College AU$ 60,807 Trinity College AU$ 67,407 Marist College AU$65,000 Table 2: Salary of few private colleges in Australia (Source: www.decd.sa.gov.au) Table 2 shows highly competitive rates of different educational institute for the teachers. However the rates vary on the basis of their brand name and facilities provided. The Sai Educational Institute need to compete with them to get quality teachers at competitive price. Motivate employees through proposed strategy The remuneration strategy will motivate the employees as it has given importance to incentives and rewards for the employees. The strategy has taken care of the working conditions of the employees and desires to provide them benefits for their hard work. The employees medical care and family trip, life insurance and other related benefits are taken care of in the strategy. It will motivate them to work better and improve their performance. The Institute has also provided good learning environment in the institute by providing informative library and easy access to resources for their research works. All this benefits will surely motivate the employees and will make the workplace desirable for them. Proposed strategy linkage with organizational strategic objectives. Universalistic approach indicates that some human resource activities such as incentive pay, is always better than others and that all organizations should implement these good practices (Pfeffer, 1994) The basic theory of contingency is that, for any organization to be effective policies must be consistent with the business policy of the organization. (Schuler and Jackson, 1987) Basic salary Every employee should receive his or her salary in time; this should correspond with the pay agreement and policy. The college strives to offer fair consideration remuneration and incentives to all staffs undertaking the contribution to the college. The college aim to achieve this by means of development of appropriate reward and incentives mechanism which are guided by: Fairness and equity (both internal and external) Guarantee to pay equity and gender balance The competitive environment inside which the organization works Balanced against the industrial and wider employment scheme offered tothe team. Health and wellbeing programs for staff members. Factors to consider when developing a remuneration strategy Budget Allocation The strategy should have an approach on how to allocate funds into salary and benefits. They should have clear guidelines on how much will be spent on wages and the percentage to be devoted toremunerations and other incentives. Budget allocation eases control of labor, healthcare and other miscellaneous costs that may arise. Develop Salary Ranges Developing salary ranges makes sure that employee pay is competitive with other organizations. For organizations to remain competitive, scaling of jobs within the same industry must be done so as to determine the kind of work done and be able to establish salary ranges that match with the job descriptions. Set a plan Having a plan on how the payments will be administered to provide for individual pay increases. Performance-based increases, promotions, raises for time spent with the organization or general increases to compensate for the changing economic factors and to remain competitive. Communication Communicate the plan to staff members. Describe how the program works so that expectations are defined. Communication will help build goodwill and good relations with your employees. Appraisals Perform employee performance evaluations under the plan. Explain how workers efforts relate to pay and provide responses to help employees understand job responsibilities and required expectations. Implementation of a Remuneration Strategy This is known a the turning of policies and plans into actions to achieve strategic objectives and set goals. The implementing of strategic plans is very critical more than the implementation of the strategies. Incentive compensation payments are based on achievement of a fixed set of objectives, formula or criteria. If results are realized, payment is made and if not, payment is not effected. The following steps will be considered in the successful implementation of the remunerations strategy. Have a detailed understanding of the knowledge and the background that the plan intends to support. Analysis of the firms professional goals, mission, and aims, the Human resource approach, and the reward philosophy. These forms the basis of the firmsorganization framework that the motivation benefit strategy will be aligned to and reinforced. Identifying core causes that drive the need for improving performance, cooperation, or employee commitment. It can be done by challenging whether there is a problem with payment methods, or any other factors that need more input. Identification of the businesss key tactical objectives. Know the areas that need improvement and allocate different weights to thetargets centered on impact, meaning, and your degree of self-relianceand the ability to measure results. Form a combined set of both fiscal and strategic objectives.There needs to be a range of economic and policy performance and compensation level and a payout opportunity that is consistent with the performance value and meaningful to staff. Define clear objectives for staff. The workers need to understand the goals clearly so that they have clear measures which will impact the sales and ensure production cost are lowered and profits achievable Remain engaged. The plan should be an ongoing process; It should be reviewed each and every year inline with the business settings and new goals and objectives. Communication channels. Use the plan as one way of communicating with staffs by providing feedback. Acknowledge the small and big wins and any other reinforcement or results achieved. Salary Package for Academic and non-academic staff The salary package for Academic and non-Academic staff includes basic pay, dearness allowance, house rent allowance, leave travel allowance, employer provident fund and children educational allowance Salary details of Academic Staff Amount Basic Pay AU$50,000 Dearness Allowances (5% of BP) AU$1,750 House Rent Allowances (10% of BP) AU$ 3,500 Leave travel allowances (3% of BP) AU$ 1,050 Employer Provident Fund( 5% of BP) AU$1,750 Children Educational Allowance(6% of BP) AU$2,100 AU$60,150 Table 3: Salary Package of Academic staff per annum Source: Author Salary details of Non-Academic Staff Amount Basic Pay AU$20,000 Dearness Allowances (5% of BP) AU$1,000 House Rent Allowances (8% of BP) AU$ 1600 Leave travel allowances (1% of BP) AU$ 200 Employer Provident Fund( 3% of BP) AU$600 Children Educational Allowance(3% of BP) AU$600 Total AU$24,000 Table 4: Salary Package of Non-Academic staff per annum Source: Author Outline the steps to implement the proposed remuneration strategy successfully. A company that has salary structure is able to manage their salary spending. It is also a good way of maintaining current employees and makes hiring and recruitment of employees easier. The following can guide in the implementation of a good salary structure. Establish value for every position in the firm When determining avalue for every position in the company, market prices have to be considered. Research on different organizations and how they pay for like jobs will help in establishing where Sai Educational Institute competitive posture The competitive position of a Sai Educational Institute is its global salary level compared to the market average across the scale jobs. The wage rates should be comparative to prices of other competitors. Compensable leverage This is how much more or less pay rate increases in your company, overall, as compared to the market rate increase for higher-paid positions in the organizational ladder. It helps in striking a balance between paying salary increases to staff when they get promotions. Outward inequalities Determine if some of the employees salaries are inconsistent with the firms relationship in the market across all the jobs. When the salaries are inequitable, it will be perceived as unfair Development of salary structures Decide if the salaries will be specifically based on minimum and maximums or if you will have pay grades whereby multiple positions are grouped together with same range Outline how you will review and update the remuneration strategy Review recent methods of reviewing salaries Interview workforce and management to scale how workers perceive the organization Come up with a way of reviewing salaries Define salary ranges that suit the firm Conduct workshops and training and integrate them with the human resource systems Considered factors and procedures during the review of the remuneration strategy The factors and procedures that should be that should be considered and followed when reviewing the remuneration strategy are discussed below: The pay review policy should have linkage with HR process so that the business needs are met. Planning should be done in advance about the review dates and effective connection should be made between the functions of HR, rewards, finances and business. Data should be gathered on inflations and cost of living of the country so that dearness allowance can be changed accordingly. The procedure of calculation should be simple with keeping in mind the requisite requirements. The management tools and technical back-ups should be used for completing the procedures effectively. The review of previous process should be done to understand it better The roles and responsibilities of the concerned people should be clearly defined in the procedure so that no loopholes emerge. The risk of reducing the incentives should be minimized and rewards should be given importance. Conclusion A firms strategy is a critical factor for a company, and it can last four many years. If an organization does not monitor the efficiency of the approach, it may lead to failure instead of success. There may be deviations in the result, which can be corrected as time goes. Normally, it is easy to fix errors is differences are found early Superannuation Superannuation is a savings plan whereby funds accumulateover a given periodto provide an income during retirement. It allows money to be reserved aside on a fixed interval basis for a specific duration of time. The money can be invested activities that will earn interest or in projects. The objective of this scheme Facilitate consumption smoothing over the course of a persons life. To help people manage financial risks during retirement. Help a person to be fully funded from savings To provide income in retirement Invest resources in the best interests of superannuation fund members Be straightforward and efficient, and provide safeguards to people during retirement. Method of implementation Employer contributions Compulsory superannuation guarantee (SG) contributions amounts must be paid to a selected pension fund for their workers at a rate of 9.5% of their earnings. Personal contributions Voluntary contributionscan be made by people towards their superannuation and in return get they get tax benefits for doing so. Benefits to employees A person's funds are combined with other investors, letting them make investments which are impossible for a single investor. Having a person's savings inaccessible for a set period is an attractive benefit to the individuals who might be drawn to "dip" into their superannuation fund. Itsa tax effective way of saving. Superannuation is the best tax effective way of saving for a longer duration. Governments have a concern about people who will retire without savings and depend on the government for support. Due to that, they have developed ways to encourage people to save within Super funds. Recent changes $1.6 million limits on the total amount of super that can be transferred into a tax-free retirement account The annual concessional contributions limit reduced to $25,000 and allowing catch up contributions of good caps over five years for balances of $500,000 or less A lifetime cap of $500,000 will be applied to after-tax concessions on super to reduce the capacity for superannuation to be used for capital accumulation effective immediately and backdated to 2007. Performance Based Remuneration ( PBR) Performance-based remuneration provides companies with the flexibility to attract and retain great staff. Performance payments are one-off payments made to employeesbya documented performance-based compensation plan, based on set performance targets. Payment is non-recurrent and based on achievements within specific timeframes Outline the concept of performance based remuneration Research indicates that performance-based compensation leads to the opposite of the desired outcomes when it is applied to any work involving reasoning rather than physical skill. The objective of this remuneration strategy A performance-based plan employs objective criteria to decide the incentive to be paid. These ideas form precisely known goals that the organization must achieve to receive the benefit. It is objective oriented and designed to identify specifically and incrementally reward the top performers. Method of implementation in the organization PBR methods tie the reward directly to particular business goals and management objectives. Firms must deliver competitive pay for the people who show reults, and low pay for low performers.For companies to achieve, this, they need to match quantifiable and manageable performance targets to company objectives. The common variables include: - Equity - the quantity and amount to be paid is normally centered on a part of value additional as determined by the system measuring performance of workers. Improvement sharing The company may adopt a system of distributing a portion of results to employees, based on performance versus plan. Bonuses These are awards in form of cash paid to the employees for amazing accomplishments or other activity-related deliveries; Benefits to employees Increase in Earnings: - It allows employees to increase their income since they are in control of their earnings. Over holiday seasons, workers can increase production to earn more money. Benefits to employers The increase in retention: - There is a positive link between effort and performance, and employee retention is enhanced since the staff that performs best is rewarded for his/her efforts. This makes them retainable to an organization. Less Supervision: - Organizations that use PBR experience a decrease in the need to supervise their staffs since they know their work output translates to their pay. Disadvantages of this remuneration strategy Less Input by employees: -This makes employees to fear giving managers their contribution for changes. Employees shelve their ideas even if they think they are right for fear of reduction in earnings. Various firms value and depend on their employee's input in order to make decisions concerning the company. Conflict among employees: - A disadvantage of pay based on performance policies is that they can create conflict among workers. An employee may that a supervisor displays partiality to other staffmembers and assists them to attain bonuses. Distrust and conflict create hostile working environments, which lessenefficiency. Fringe benefits- These are additional benefits provided to workers other than usual payment in the form of salaries. They offer a measurable value to individual employees. Fringe benefits are not connected to the performance of workers since they are an indirect form of reward and are given to staff because they are members of the company. Outline the concept and objectives of fringe benefits They create and increase good working relations. They promote the welfare of They act as a form of security to employees Help to motivate the employees Employees health is protected. Benefits to employees Contributeto boosting the morale of workers and pride in a company. Employees who have personal life policies enjoy additional protection. Employees have a peace of mind which ensures increased productivity. Benefits to employers Helps attracts and retain high-performing employees: - Fringe benefits play a significant role in keeping present employees content with their work environment while maintaining the competition from poaching top talent. Financial advantages: - employers pay premiums which in turn are tax deductible as an insurance expense to the company. Recruiting Talent: - There is much competition among companies. Thus they may find it difficult to attract a workforce based on salaries alone. Fringe Benefits Tax (FBT) and calculating FBT Fringe benefits tax- This is atax that companies pay on certain benefits they provide to their workers. The family members of the employee may also be included. The benefit may be a top up to, or part of, the employees income. Calculating FBT Assume a company pays the manager $500,000 P/a and provides a car benefit with a taxable value of $30,000 during the 2015/16 FBT year. The $500,000 is taxed at the applicable PAYG withholding rate which is withheld and pays to the ATO. The $20,000 car benefit is taxed as follows: Taxable Value $20,000 Multiplied by Gross-up rate x 2.1463 Grossed-up taxable value $42,926 FBT Rate 49% FBT Payable (rounded) $21,033 References Leow, LP Murphy, S 2008, Australian master superannuation guide, 12th edn, CCH Australia, North Ryde, New South Wales. Balkin, D. and Gomez-Mejia, L. 1987. Toward a contingent theory of compensation strategy. Strategic Management Journal, 8, 169-182. Beal, D 2008, Superannuation and retirement income planning, John Wiley Sons, Milton, Queensland. Ellig, B. 1981, Compensation elements: market phase determines the mix. Compensation Review I Third Quarter, pp. 30-38. Gupta. C.B. 2005, Human ResourceManagement, Sultan Chand Publishers, New Delhi Kerr, J. 1985, Diversification strategies and managerial rewards: an empirical study. Academy of Management Journal, 28, pp. 155-179. Lawler, E. 1981, Pay and Organizational Development. Reading, MA: Addison-Wesley. Pay, wages and salaries | Department for Education and Child Development. (2016). Decd.sa.gov.au. Retrieved 1 August 2016, from https://www.decd.sa.gov.au/working-decd/working-department/pay-wages-and-salaries Pfeffer, J. (1994), Competitive Advantage Through People, Harvard Business School Press, Boston Schneier, C.E., Beatty, R.W., Baird, L.S. 1987, The performance management sourcebook. Massachusetts: Human Resource Development Press. Stroh, E.C. 2001, Personnel Motivation: Strategies to stimulate employees to increase performance. Politeia, 20(2), 5974. Wils, T. and Dyer, L. (1984). Relating business strategy to human resource strategy: some preliminary evidence. Paper presented at the 44th Annual Meeting of the Academy of Management. Boston, MA.