Human Resource Management And Construction Industry

†¢ Introduction: There are different types of businesses operating all around the world for improving the living standards of human kind, whereas construction industry is providing efficient structures for domestic living, travel and business purposes. The construction industry is considered very risky field of operation due to more physical labour required for completing the projects. There are different stages of construction projects, whereas large number of workforce is completing these stages of construction projects. The management of employees is important for any kind of organisation, whereas human resource management plays vital role for managing diverse employees in their organisation. There are different theories and models of human resource management, whereas some models are directly applicable for construction projects. Also, there are three key focuses of human resource management in construction industry such as human focus, resource focus and management focus. (Wilkinson et al., 2012 ). The management focus is important for managing both employees and resources in construction industry. Therefore, this report is providing complete information about different models and theories of HRM in general, whereas management focus is described in detail to analyse the merits and demerits of human resource management. †¢ Human Resource Management in Construction Industry: Human resource management (HRM) plays vital role in construction projects by providing efficientShow MoreRelatedHuman Resource Management : A Rapid Rate Of Globalization Of The Construction Industry Across The World2703 Words   |  11 PagesRecent years have seen a rapid rate of Globalization of the Construction industry across the world. 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Why Are the Good Allowed to Suffer From Senecas On...

It is perhaps one of the most frequently asked questions of all time: if there are gods who have control over humans’ lives, why do they allow good followers to suffer? How can there be any justice in that kind of world? Philosophers and thinkers like Seneca and authors of the Bible have debated and written about these questions since ancient times. Perhaps because hardships affect every person, many people continue to debate the same topics today. Seneca writes extensively about the topic of suffering in his essay â€Å"On Providence,† which is contained in The Stoic Philosophy of Seneca. Likewise, Paul writes about how to face hardships in his letters to the Romans and the Corinthians, and the book of Job in the Old Testament contains†¦show more content†¦Although they provide different rationalizations for why gods allow humans to suffer, Seneca and writers in the Old Testament and New Testament all agree that suffering is always beneficial in the end. The writers agree that without suffering, humans would not be able to live successful lives. Seneca writes, â€Å"[Hardships] benefit the individuals to whose lot they fall, and, in the second place, they benefit the whole body of mankind† (â€Å"On Providence,† 32). Humans are at least partially responsible for this positive outcome, however. He further writes, â€Å"[Good men] must not shrink from hardship and difficulty or complain of fate; they should take whatever befalls in good part and turn it to advantage† (â€Å"On Providence,† 30). By identifying the greatest men who are best able to turn their sufferings into positives, the entire community will improve, according to Seneca. Without suffering hardships, humans are not able to live the best lives possible for them. Seneca uses soldiers as an example; â€Å"[T]hough those who returned from the fray unhurt may have fought as well,† he writes, â€Å"the man who brings back a wound is more respected† (â€Å"On Providence,† 37). In life, those who face the hardest struggles and still live productive lives should be honored and stand as an example to the whole community. Similar to Seneca’s belief that all suffering is beneficial, Christian writings in both the Old Testament and the New Testament

Economic Crisis in East Asian Country Free Essays

A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, loose government regulation, and corruption. We will write a custom essay sample on Economic Crisis in East Asian Country or any similar topic only for you Order Now Due to East Asia†s large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nations (Sanger 1). The East Asian crisis has affected almost all of the Asian ations, but the three hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailand†s slowing economy, excessive debt, and political instability devalued the baht as they fled for market-driven currencies like the American dollar. Indonesia†s economy soon fell soon after when the rupiah hit a record low against the U. S. dollar. Indonesia is plagued by more than $70 billion worth of bad debts and a corrupt and inefficient government. Thailand and Indonesia also suffer from being overbuilt during real estate booms that Reven2 were the result of huge influxes of cash by optimistic foreign investors. South Korea faltered under the weight of its huge foreign debt, decreasing exports, and weakening currency (Lochhead 4-5). Other major countries touched by the crisis are Japan, China, Malaysia, and the Philippines. Japan†s economy is burdened by $300 billion in bad bank loans and a recession. Chinese banks may carry bad banks loans of up to $1 trillion. The banks lend 66% of China†s investment capital to state-run industries that only produce 12% of China†s industrial output (Manning 2). Malaysia and the Philippines are both faced with devalued currencies and lowered stock markets The implications of the Asian financial crisis are many. A declining Asian economy will reduce demand for U. S. and other countries† exports. The devalued currencies of East Asia will make Asian imports seen cheap and will lead to increased American imports, thus increasing our trade deficit (Lochhead 2). A worldwide banking mergency could result if the embattled Asian economies failed to pay back their loans to the U. S. and other countries (Duffy 2). If the Asian economies fall further, in a desire to raise cash, they might sell the hundreds of billion dollars of U. S. treasuries they now own, leading to higher interest rates and an American recession (Lacayo 2). An article in the Economist reported that the Asian economic turmoil and the layoffs that may result, could instigate increased discontent and possibly give rise to violent strikes, riots, and greater political instability (1-2). Reven 3 Since the financial tumult causes instability in the world market, several solutions have been proposed designed to restore the health of the Asian economy. The International Monetary Fund is offering $60 billion in aid packages to Thailand, Indonesia, and South Korea (Lacayo 1). The aid will be used for converting short-term debt to long-term debt and to keep currencies from falling lower in the world market (Passell 2). Lower currency values make repaying loans to other nations more difficult (Sanger 1 ). The aid packages are tied to measures that will ensure that the recipient countries reform their economies. Some of the measures the nations must follow are increasing taxes to decrease budget deficits, ending corruption, increasing banking regulation, improving accounting information so investors can make better decisions, closing insolvent banks, selling off inefficient state enterprises, and increasing interest rates to slow growth and encourage stability (Lacayo 3). Hopefully these market reforms will allow East Asia to improve its economic outlook. Since most of the Asian nations have balance budgets, low inflation, cheap labor, pro-business governments, and high savings rates, the long-term outlook for these countries is very good (Marshall 1). The financial crisis, instead of destroying the Asian tigers, will merely serve as a much needed lesson in debt management, orderly growth, competent accounting practices, and efficient government. Considering the size of Asias contribution to the world economy, a rapid recovery will be greatly anticipated. How to cite Economic Crisis in East Asian Country, Essay examples