G-8 Says World Economic Prospects Still Weak Essay

G-8 Says World Economic Prospects Still Weak - Essay Example ng to the improper banking regulations that existed in European countries along with the United States and Japan. As per the article, measures have been formulated in order to curb issues in relation to budget deficits and develop strong banking union through the implementation of efficient fiscal policy amid G8 nations for effective growth of world economy. These nations have worked collectively in order to strengthen the banking rules which would underpin the whole of the Euro zone. Additionally, the implementation of these changes in structure along with principles in relation to banking policies is perceived to enhance the economic conditions on a global context. The banking sector of European nations, the US and Japan are required to modify or reform their banking practices and systems with the objective of developing world economy and banking union (CNBC LLC, 2013). Factors to be Discussed The discussion will emphasize relevant studies that are parallel to the common economic e vents which include recession and inflation. One of the primary objectives of this research would be to analyze the moves that will be made for building a proper banking practice towards a strong banking union. The highlighting factors would be to analyze the underpinning issues that are seemed to trouble the overall banking system. Moreover, the various reforms and modifications in the banking principles and systems will be studied which are to be implemented by Japan and European nations. Along with all the other nations, the economic condition of the United States will be analyzed as well. 2.0 Discussion on the Economic Problem Issue The financial crisis situations had adversely impacted the banking operations and principles in an immense manner on global perspectives. Various reforms and policies have been implemented within banking sector with the aim of enhancing its operations and reviving the economic conditions. Cause of Problem The main factors related to the discussed iss ue in the article include the extensive economic growth of other countries and structural reforms that seemed to put the European countries under extreme pressure. The main areas of concern were identified to be the reformation of banks and its various policies in order to improve the financial policies of the European countries and G8 nations. The major cause of the problem was that the output was not delivered according to the requirements of the banking customers. Funds collected through banks were not allocated in an orderly manner which resulted in improper regulations of the banking functions or operations (International Monetary Fund. European Dept., 2013). Impact on Economy, Society or Even Political Stability The problems related to financial policies and reformation in banking sector seemed to have drastic effects on the economical, societal and political fronts which were a crucial problem for the Euro zone countries. The situations relating to the above factors were very drastic. The nations on the economic front got adversely affected because of the inappropriate banking regulations and various fiscal policies that were unable to ascertain the monetary standards of the nations. The main point of concern was the ineffective performance of the banking sector. The countries were planning to design various policies and regulations in relation to the

Intrinsic Compensation Research Paper Example | Topics and Well Written Essays - 2250 words

Intrinsic Compensation - Research Paper Example It is often expensive for an organization to hire new and skilled employees. Moreover, the frequent recruitment and retrenchment of employees may also have a significant impact on the current employees and on the organizational energy and motivational level. Additionally, by ignoring the issue of compensation, it does not go away or get better with the passage of time but will require valuable time and money to fix the system (Salanova & Kirmanen, 2010). In the highly dynamic business environment, successful organizations are constantly engaged in regular planning and evaluation of their compensation and performance appraisal systems. Thus, compensation system is a critical factor that directly influences the performance of the employees and the organization. Accordingly, an organization should ensure that it has clear and visible compensation system that is being regularly communicated to its employees which further acts as a motivational factor for the organization (Salanova & Kirm anen, 2010). Intrinsic Compensation According to Hamel (2008), â€Å"intrinsic compensations are derived from the workplace itself and are valued internally by the employee. These include opportunities for personal growth, quality of work life, job satisfaction, challenges, personal and professional development opportunities, a sense of belongingness, freedom to act visionary leadership† (Hamel, 2008, pp. 3). In other words, intrinsic compensation can be defined as those activities which have an influence on the intellectual, emotional and physical wellbeing of organizational employees. In the present highly dynamic business environment, intrinsic compensation plays a crucial role in motivating and retaining skilled employees in an organization. Intrinsic compensation deals with the employees critical psychological states of mind that is attributed to employees’ job performance. Intrinsic rewards such as autonomy in decision making, often acts as a motivational factor that seeks enhanced contribution from the existing employees of an organization. The greater employee satisfaction strengthens their engagement in an organization and helps an organization to retain talent within the organization (Allen, 2008). Intrinsic Compensation as a Motivational Factor Intrinsic compensation is derived from the satisfaction that an employee gets from performing their assigned tasks competently. An employee who is engaged in meaningful work tasks based on self defined goals and social norms is often motivated to perform exceptionally well and further develops an inherent interest for the assigned tasks. According to motivational theory of Maslow’s Hierarchy of Needs, employees are highly motivated when their all the needs are effectively satisfied. In relation to this, when employees are satisfied they get the feeling of success from their work which in turn results in high employee motivation to perform their work in a better way (Salanova & Kirmanen, 2 010). Furthermore, healthy work environment is another mode of intrinsic compensation which adds to high motivational level among the workforce.