The Important Career Development on organization Research Paper

The Important Career Development on organization - Research Paper Example Individuals should take career development process seriously in order to progress professionally. Moreover, organizations should also consider it important to practice this process to bring out the best from their employees. (Iretire, 2011) illustrate that career development as a ladder towards success which helps every individual achieve his or her objective by following various steps. This process provides guidance to an individual since the start of his/her career beginning right from choosing the right educational institution, subject to organization. The Career Planning covers areas like choosing of an occupation, getting a job, growing in your job, achieving the desiired growth and eventually retiring. (Gutteridge 1986) argue that Career development is one of an integral component of human resource (HR) management in a workplace. Other components consist of company’s design, control, HR planning and evaluation. ... Moreover, employees today are very much concerned about their career than before. As the economy is growing, workers demands are also increasing both in terms of progress and personal growth. Organizations and companies that are not able to meet these needs and demands of their workers face increased employee turnover. Therefore, this research paper will discuss the importance of career development in an organization as it not only helps retain employees but also benefits employees by allowing them to fulfill their career related wants and needs. Various companies today are facing one common problem, i.e. employee retention. They are aware of the fact that replacing employees is a lot more expensive than retaining existing ones. Hiring new employees includes high cost of recruiting and training. High employee turnover not only effects the organization in terms of high cost but also have a negative effect on its effectiveness and efficiency. The most effected organizations are service oriented ones including firefighters and law-enforcement agencies that require highly trained, skilled and competent workforce. Many studies have been conducted to best address this problem and results have shown that career development programs can resolve this issue to a certain extent. Earlier, it was assumed that employee need a straight path to move up the ladder, (Werther & Davis, 1992) cite Career development is not just about moving ahead but is about achieving what is best for his/her career and suits his/her expertise. This will also enable employee to contribute positively in achieving company’s goal and objective. Implementing career development

Analysis of Tower Group ,Inc. (easy work, only two questions) Research Paper

Analysis of Tower Group ,Inc. (easy work, only two questions) - Research Paper Example OBPL was acquired by the company in the third quarter of the 2010 financial year. In the financial year that followed, 2010-2011, a progressive trend was realized in total revenues. Up to 21.8% increase in total revenues was recorded as at 31st December, 2011. This trend was as well associated with OBPL acquisition in the previous year. Net premiums and investment income also contributed to this positive trend. Reflection period of the acquisition was now longer than that of the previous financial year. On more specific grounds, $1789.8 million of premiums earnings were recorded in the year 2011. 2010’s figure stood at $1519.6 million. Another measure of financial operation success is operating costs. In order to realize maximum benefits, operational expenses should be minimized up to the point where profits are maximized. In the year 2010, operational costs stood at $497.7 million. In comparison to the previous year, operational expenses had gone up by 40.7%. However, this was expected due to the aforementioned acquisition of OBPL. Commercial Insurance segments were also restructured and improved technologically, thereby increasing the cost of operation. The scenario was not different in the year 2011. However, although there was an increase in operating expenses, the percentage increase in operational costs declined. In the year 2011, operational costs increased by 18.5%. This was as a result of an improved underwriting expense ratio that stood at 35.7% and 34.1% in 2010 and 2011 respectively. Taxation is an inevitable principle in the business environment that the company operates in. It is therefore a critical determinant of any given company’s financial welfare. Tax expense in the company’s context increased between 2009 and 2010. The increase was directly proportional to the total taxable earnings. Taxes applicable to the company are local and state taxes. From the tax perspective, it is evident that the