Shakti Internation

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EDITORIAL BOARDCHIEF EDITOR

DR. PAVAN MISHRAProfessor and Group Director

Rajeev Gandhi Management Institute, Bhopal

INDIA

MANAGING EDITORDR. SONIYA RAJPOOT

LecturerSmart Ash ok Technological Institute, V idisha

INDIA

EDITORIAL TEAM

DR.SAMEER SHARMADirector

People's Institute of Management & Research,Bhopal, INDIA

DR.KAMRAN SULTANFormer Director

Pt. Jawaharlal Institute of ManagementVikram University, Ujjain, INDIA

DR. MANORAMA SAINIReader& Head, Humanities Department

Smart Ash ok Technolog ical Institute, Vidisha ,INDIA

SAMEER ELWIN BHAGIRATHI735 Queen Street East Toronto, Ontario,

CANADA

ADRIAN FARLEYManaging Director

Farley & Associates Ltd (UK ImmigrationSpecialists), LONDON

MAHIMA AGOCHIYABusiness Development, Advisor at McMaster

University Toronto, Ontario, CANADA

ADVISORY BOARDDR. ARUN K.TRIVEDI DR. P.K. MISHRA

Manag ing Director ProfessorGlob al Business Deve lopment Consu ltant C.R.I.M., Barkatullah University, Bhopal

At Vorse Solutio ns (UK) Limited, LONDON Ex-Vice Chancellor (DAVV. Indore), INDIA

DR. NAGESHWAR RAOProfessor

Pt. Jawaharlal Institute of ManagementVikram University Ujjain,

Ex-Vice Chancellor(Open University Allahabad),INDIA

DR. JAVAID AKHTARProfessor

Ex- Former Chairmen & DeanDepartment Business Administration, Aligarh

Muslim University, Aligarh , INDIA

DR. RAJ KUMARProfessor

Faculty of Management StudiesBanaras Hindu University, Varanasi, INDIA

DR. VIVEK SHARMADirector

CRIM Barkatullah University, Bhopal, INDIA

DR. K.K. SAXENAHead & Professor

Deptt. of Management StudiesIIT Kanpur, INDIA

DR. Y.S.THAKURHead & Professor

Faculty of Management StudiesDr. Harisingh Gour University, Sagar, INDIA

DR. P.K. CHOPRADirector

VNS Institute of Management, Bhopal, INDIA

DR. L.P. PATERIYAHead & Professor

Deptt. of Humanities &Social ScienceGuru Ghasidas University, Bilaspur, INDIA



Vol-I , Issue-II , Apri l - Sep. 2013 ISSN : 2319-5444

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Shakti International Journal of Management Research and Development

Managing Director Message

Dear Editorial board members, contributors and subscribers,

It's indeed a matter of great satisfaction, to persue the second issueof " Shakti International Journal of Management Research & Development".

There are a lot of challenges which the growing economies face inthe realms of basic necessities in life. Management can play a very distinctrole in bringing about such changes. It is very important that differentstakeholders unite and collaborate on issues which confront the society.One of the key objectives of research should be its usability and application.This journal attempts to document and spark a debate on the research focusedon Management in context of emerging geographies. The sectors could range from education,energy, environment, health care , transport, shelter, manufacturing and service areas. Thekey focus would however be the emerging sectors and research which discusses applicationand usability in societal or consumer context whether individual or industrial.

I would like to thank all the editorial team members, reviewers and initial team which hashelped in making this journal a successful. We hope that the research featured here sets upmany new milestones. We have had an overwhelming response from some very eminent Editorsand researchers globally to support as Editorial Team. I look forward to make this Endeavourvery meaningful.. I extend my congratulations and best wishes to all who have made theircontributions as paper contributors and editors of this journal. Wish you all, the very best infuture.

Devesh AryaManaging Director

Ret. Administrative OfficerSamrat Ashok Technological Institute

(Engineering college)Vidisha (M.P.) INDIA

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Vol-I, Issue-II, April- Sep. 2013 ISSN : 2319-5444

CHIEF EDITOR

"Shakti International Journal of Management ResearchDevelopment" is a refered journal it is published bi-annually.

Its objective is to accomplish lots of milestones in terms of definingand redifining paiadigms to achieve excellece in the area of ManagementResearch.

Annual subscription and life (Next five years) is 3000/- in India and$300 for overseas Subscription. The detailed subscrption rate can be foundin the website ( www.shaktipublication.org) and also at the back of journal.

Views expresed in articale and paper are those of the respective authors. Neighter the journal not Shakti Publication can accept any responsibility for, nor do they necessari ly agreewith the views expressed in the article and paper.

All copy rights are respected. Every effort is made to, but shakti international journal ofmanagement research and development does not accept any responsibility for any inadveitentommissinos.

Except as authorized, no part of the material published in Shakti International Journal ofManagement Research and Development may be reproduced or stored in any retrieval systemsor used for commercial or other purposes. All right reserved.

Reprint service is available and copies may be obtained on prior permission for limitededition.

DR. PAVAN MISHRACHIEF EDITOR

Prof. and Group DirectorRajeev Gandhi Management Institute, Bhopal

INDIA

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AN EXPLORATORY STUDY ON TECHNOPRENEURS WITH SPECIALREFERENCE TO PROFESSIONAL WEBSITES

DEVELOPERS IN TRICHY REGION

BYDR. J. MOHAN RAJ

Associate Professor, Department of Management StudiesM.A.M. B-School, Siruganur,

Trichy- 621 105Cell No. 9443770015

[email protected]

ABSTRACT:

Technopreneurs using the technology and designing of professional website to experts, executivesand physical evidence in the expertise area help us to attract the customers. Nowadays service sector businessenvironment was perfect market structure and everyone wants to compete with others by quality, price and

communication. Professionals are accessing internet get the information for business planning and publicusage were also increased and to received the services from the professional entity business.

KEYWORDS -Technopreneurs; Network; Market; Segmenting.

INTRODUCTION :Technopreneurs is a person who dares to be different in carrying on the unexplored methods and

passionate enough to succeed in the venture and life. They do things differently faces the challenges strivehard and get the success. They take every challenges and failures as important stepping stone and go aheadwith a continuous improvement to do the things differently. Technopreneurship is a process of designing andengineering the prospect of him/her to the globe. Because this world is in the palm of every person so theperson one who is having the skills of dynamic and challenging thoughts, innovative and creative global

ideas, unending sources of information, cope-up with the technology and modernization, dare to face thefailures and converting pains into gains only can afford to become as technoprenurs.

Successful technopreneurs like Micro Soft's- Bill Gates, Apple Computers- Steve Jobs, Google- SergeyBrin & Larry Page and Infosys- Narayanamoorthy. They have faced lot of troubles and his education is tosolve real time problems made them as steps and the world to look upon them as technopreneurs. Thuswhen in a country there is going to be like this of technopreneurs that country's economy level will automaticallyraise up.

In the same way in India the technology entrepreneurs are booming up with their incredible ideas,converting them into new opportunities and solving the problems of young people. Government of India hasstarted funding for the technological skills among the youngsters to solve the unemployment problems.

Entrepreneur Development Cells in each Districts of the States, Promoted District Industries Centre in all theStates, asking the banking sectors to provide / lend loan facility and subsidy to entrepreneurs, helping them topromote their products in the local & world wide market by SEZs in different states. New entrepreneurs andtechnopreneurs are coming up in our country to achievement of Vision 2020.

Profile of Trichirappalli District has more potential business opportunities in industrial sector andservice sector. Majority of the Professionals in these region needed website for the business in terms ofpromotion recorded the activities and it is a physical evidence for the achievements in his field. Technopreneursusing market gap to start the venture by designing of websites to professionals in the district and futurebusiness projections through order processing and tap the regional target customers. Customers knowledge

mailto:[email protected]





gathering through internet and identify the best professionals for quality service.

OBJECTIVES :

- To Promote untapped creativity among innovators

- To promote financial assistance for technological innovators

- To assist the technopreneurs in networking and forge linkaging with other constituents of theinnovation chain for commercialization of their developments

Innovators like technological entrepreneurs creativity play a vital role in promoting the products amongthe customers. So awareness of the creativity has to be made among the entrepreneurs and by that theyhave to become outstanding performers. In order to come to that position the untapped creativity ideas haveto be kindled right from the entrepreneurs. Andrall E. Pearsopn (1989), reveals that the entrepreneurs have toconstantly look for ways to change every aspect of their business like providing values for competitiveperformance in the working environment. Pamela McCauley (2013) differentiated the innovation in servicesector and in the industrial sector.

Technopreneurs getting assistance form the banks and other support ing organizations for theundertaking ventures it will reduce the risk makes lot of different in the innovation. Jan W.Rivikin, NicolajSiggelkow (2006), and James B.Ang (2010) explore the technopreneurs, financial deepening and intellectualproperty protection on the accumulation of knowledge. Financial liberalization must benefit on the technologicaldeepening.

Robert G King, Ross Levine (1993) endogenous growth model based financial systems evaluateprospective entrepreneurs, mobilize savings to finance the most promising productivity- enhancing activities.By this they have told that financial systems are important for productivity, growth and economic development.

Derek L.Hansen, Ben Shneiderman, Marc A.Smith (2011), highlighted new product or service thenetworking concepts of social media are very important in the technopreneurial activities and it has been

brought out by that this new innovative brought out has to be sent to the passionate users of social media inthe forms of e-mail, blogs, microblogs, Face book, Twitter and connected with link, public messages and inthe competi tive world posit ive thinking beyond the limit is a vital role. When an innovator starts to thinkoutside of his organization his thinking level is being boosted up either by his influencers, family members,friends or even right form the consumers whom he has met.

A country which is trying to improve its economic conditions it must encourage the youngsters tobecome as technopreneurs. Here the government should create a platform between the Educational Institutionsand to the Society. They must ask the youngsters to think that what is need it is taking place in the society?Which is more important and urgent? How can it be made? To whom we have to interact with related to this?Thus the government has to kindle the youngsters to think based on learning based economy.

IMPORTANCE OF PROFESSIONAL WEBSITES :Today in this competitive environment having website for the business is a mandatory one. Because

several companies have started to provide web based advertisements and by that they attract the customerstowards their product and hit the market. So in this competitive world having the Professional Website is verymandatory one. But having website is not enough rather it should be Informative, Influenceive, Attractive,Catchy, Appealing, navigable and never forgettable. In order to sustain all these factors having well equippedweb designers are needed. Well equipped designers only can provide the best Professional website for thecompany.

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Avail high quality web designing services that includes new website designing as well as redesigningwebsites . It is necessary that a good website design contains top quality graphics which gets loaded quickly;and is simple to navigate. Hence, you need to assure that your website is search engine friendly, suitable formany browsers, easy to navigate, fully optimized for faster downloads and even resolution compatible. Apartfrom this why that we have to go for the professional website is, everyone has started to go to net and startedto carry on online purchasing, online payments, e-shopping and so on. So the electronic shopping method is

been followed by the people. At this juncture it is the time to prepare for the company to go for the Professionalwebsite.

A professional web design company can design websites that are not only visually striking, but alsohighly functional. This adds a distinct element to your online presence, and serves as a marketing tool for yourbusiness. There are approximately 970 millions Internet users, 15% of the world's population. Thus it is amost efficient way to get potential customers from all over the world through internet marketing.

The importance of this professional website can be brought as following:

- It is a proven fact that an aesthetically designed website can promote your brand in an effectivemanner.

- The professional website designed imparts a long lasting effect and prompt web design servicesto can satisfy your marketing requirements at affordable rates.

- Today many people use the internet to buy and sell a wide range of products or services. Henceyour website acts as the appropriate medium for performing online business. A good web designeasily draws the attention of the potential customers and also enhances their interest in yourwebsite.

- Having a website means your business is open and reachable round the clock and throughoutthe year. Your web site is your online shop and it is open for 24/7. Website transmits your messagein a few seconds.

- Websites have no boundaries as far as place or region or country is concern. It is international.If you have a website, then you have something international that overcomes the limits betweencountries and continents.

- Through website designing you will get identity, global presence and good business channelonce you make entry in the World Wide Web and promote the website through web marketing.

- Business without website means you are running business without having your visiting card;you can say your website as your visiting card or business card. Thus based on these aspectsthe technopreneur has to learn more about the market, need to be flexible and willing to changethe image of both the stakeholders and the product itself in the market.As a technopreneur identifythe market for your product or services. Bring value proposition to the business. Start asking thequestion like To whom is this proposition of value? Will the proposition reduce costs? Will it addvalue to what is already out there? Will it serve as a replacement technology or eliminate theneed for something? What is the potential market value of the proposition to investors? Thus

they have asked the questions, make it simple, segment the market for their business, distributethe product and analyses the position.

Thus by all these methods the technopreneurs must bring social change by their ultimateobjective of marketing and by their influence with the help of Target audience as their focus,segmenting the market, using the 4P's, analysing the competition and by monitoring theenvironment.

CONCLUSION :




CHALLENGES OF HR MANAGEMENT IN MULTICULTURAL,MULTIRACIAL, DIVERSIFIED WORKFORCE IN SOME

MULTINATIONAL CORPORATIONS OF INDIA AND ABROAD

BY

Ms. Richa GuruAsst. Professor Management,

Career Institute of International Management, Bhopal (M.P.), IndiaEmail id : [email protected]

Mobile no: +919584487873, 08390470431

ACKNOWLEDGEMENT

My Acknowledgement is to Mr. Manish Rajoria, Vice Chairman of Career Group, Bhopal who alwaysencouraged me in my pursuit for excellence and Prof. Pradeep Jain, Director Career Group, Bhopal and Dr.Ajay Khare, Director CCM, Bhopal for guidance and support. My special thanks to Dr. B.D. Pandey, Professor,Sadhu Vaswani College, Bairagarh for their thoughtful and constructive comments and suggestions on thispaper. I also thank Prof. Shakoor Khan Who Provided support and guidance in completing this researchpaper.

ABSTRACT

Recruitment and promotion policies promoting gender, age and ethnic equality are important ingredientsof international HRM policies and practices by international collaboration across demographic and culturalboundaries for team formation in diverse communities and meeting challenges of reconciling conflictingidentities. This advancement has been driven largely by globalization and sustainability imperative that havedemanded continual innovation and creativity to establish competitive advantage and long term viability ofinterventional organizations.

As communities grow and develop it is assumed that individuals within the community gain an improved

quality of life and usually economic measures are used to establish progress .A universal index of poverty,deprivation or quality of life is necessarily limited and proved unsatisfactory when personal circumstancesare not fully understood in multicultural and multiethnic group workforce in multinational corporations.

Regarding research methodology and research design, the study is a qualitative one and analysis isbased on the data collected by interviews and observation method. Interview questions which respondentsreplied

1) How to manage demand and supply of talent? Is talent hunt continuous should be there inorganization?

2) What new responsibility should be there from HR to CEO in current changed business world?

3) How to manage change in working environment?4) Is there need for tech smart workforce & CEO for enhancing quality of work life?

The responses have been tabulated analysed and interpreted and conclusion has been drawn forsocial relationships and professional networks across cultural and demographic boundaries.

The conclusion has been reached that new technology has been served as an enabling factor thathas made it possible for human capital to be developed shared and applied in new ways and at an immense

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scale and pace collectively under the term the essentials for construction and redefinition of identities andinter identity empathy and communication for multicultural teams in the workplace. Multinational Corporationare the platform where different cultures, exposure to more varied social situations and attitudes towardsreligion are examples of diversity dimensions that are not visible on the surface and instead require inquiry toestablish as areas for further research and practice.

KEYWORDS: International HR, Strategic Management, Multicultural, Multiracial, conflict Resolution.

INTRODUCTION

Human resource Management(HRM) Tradition has replaced the old conflict based bargaining as theroles of union and government have declined due to globalisation with its compelling competitive drive. Thisis because management have to be flexible and also the large presence of multinational corporations (MNCs)and their HRM Practices such as Total Quality Management (TQM), empowering, learning, and organizationshave transposed the traditional approach to human resources.1990 and after words, it turned flexible andorganic instead of bureaucratic and mechanistic. They introduced employment Practices that include a set ofvalues and orientation like discipline, punctuality, meritocracy, rationality individualism, equalitarianism, risktaking, creativity inter personnel relationship. But last few years the country has been senior executives orviolence and workforce resembled as a more than an important part of society as earlier.

Managing people at work is part of MNCs work culture. It was an Indo-Japanese Venture in Ghaziabadwhere HR Executive (having a gun licence) fired in the air to frighten mob of workers leading to generalmanager (GM) being beaten to death. As government competes for foreign direct investment (FDI) it findsunion end conflict embracing in industry Forums. Hence a 1000 strong work force of GM General Motors ofstrike failed to get union registration till they were affiliated to one political party. Even for contract labour thereis a proposal to mandate payment of wages in bank account. Stress the silent killer performance related pay,high pressure target, bell curve performance rating system has led to substance abuse.

Contrast the above with the allegations of discrimination based on gender being levelled against wallmart in the US Supreme Court. An Indian CEO was warned and fine being levelled on him by the European

commission for the disturbing his European chief financial officer to prevent victimization.

REVIEW OF LITERATURE

IMPLICATIONS OF DIFFERENT COMPANY STRATEGIES AND STRUCTURES FOR INTERNATIONALHRM

To operate in an international environment a human resource department must engage in a numberof activities like, human resource planning, staffing, training and development, compensation, performancemanagement and industrial relations. In this portion of literature review we will discuss the role of IHRM orimplications for IHRM in context of different types of strategies and structures.

HUMAN RESOURCE PLANNING

We use the concept of HR policy in generic sense for a wide range of policies, procedures andprocesses, which aim at managing, discipline, motivating and rewarding employees in work organization.IHRM here link the understanding of HR policy to a wide range of company values & strategies, i.e. HR ismore or less integrated in the company culture. It suggests that HR policy not only is a question abouteducation and training of employees, but also aim at managing the relation between employer and employeesand development of reflexive workforce (Kettunen, 1998). Moreover, it suggests, that success of HR policy isclosely connected to organization and competence development.

The challenge is to establish an agenda that motivates employees to become involved and committed

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to company strategies. The main task of IHRM is making and implementation of HR programme whichenable a firm to be successful globally.

STAFFING, RECRUITMENT, SELECTION AND PLACEMENT

The difference between failure and success depends how well organizations select, train and manage

their employees. For international staffing Perlmutter's (1969) classic study has described three differentapproaches, ethnocentric, polycentric and geocentric. Companies follow ethnocentric staffing approach wouldmostly appoint parent company nationals. In this type of approach the nationals from parent company dominatethe organisation at home and abroad. While companies follow the polycentric approach appoint mostly nationalsfrom host countries, and companies follow geocentric approach appoint the best persons regardless of theirnationality.

Now linking these different types of staffing approaches to Bartlett and Ghoshal (2000) organizationalmodels as discussed earlier. Global and (up to some extent) international organisational models followethnocentric approach, multidomestic polycentric and transnational geocentric approach.

International HRM is concerned with ethnocentric staffing policy because in ethnocentric policy the

recruitment and selection are made at headquarters and subsidiaries have limited autonomy. So, in globaland international models the selection of expatriates, their training, preparation and placement for internationalrole and the control of human resource in diverse and dispersed population of host countries is the main andcrucial role of IHRM. In this processes the IHRM faces a lot of implications like cultural differences,communication problem, relocation and remuneration.

TRAINING AND DEVELOPMENT

Multinational companies recognize that human resources play an important role in developing andsustaining a competitive advantage in today's highly competitive global business environment (Brewster,2000). The training and development of the human resources perform a variety of purposes such as toacquire and transfer knowledge, to manage foreign subsidiary and to maintain communication coordinationand control between subsidiaries and headquarters. In global and a bit in international organisational modelstraining originates at headquarters and corporate trainers travel to subsidiaries. To remain globally competitivethe IHRM must identify employees with global potential and provide them various training and developmentopportunities. While in multidomestic and transnational organizational models the training and developmentsactivities carry out on local basis.

COMPENSATION AND REWARD

After selection, training and development of employees, another implication for IHRM is how tocompensate employees in multinational companies. International compensation can be defined as the provisionof monetary and non monetary rewards, including base salary, benefits, long and short-term incentives,valued by employees in accordance with their relative contributions to MNC performance. Its broad HRMpurpose is to attract, retain and motivate those personnel throughout the MNC currently and in the future

(Harzing & Ruysseveldt, 2005). In multinational companies the IHRM is mainly concerned with thecompensation and reward of employees in global and international structure models, because in global andinternational models the compensation and reward system is develop and administer in headquarters. Whilein multidomestic and transnational structures compensation and reward system is developed in differentunits and regulated by local HRM. Compensation and reward system for international expatriate is muchmore complex. The IHRM looks into various things like foreign services premium, hardship, relocation,education and home leave etc, when giving compensation to international expatriate.

PERFORMANCE MANAGEMENT




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existing employees are the best brand ambassador; they can act as a great source to propagate virtues of theorganisation they have work with".

Ganesh, CEO of D&B narrated that, Organizations need to plan their recruitment strategy with similarcare as they plan their marketing ones and therefore, it can't be left to HR alone. The senior managementneeds to build comprehensive strategies that define what kind of people they would like to attract, their keymotivations, the organizations value preposition for target audience and the best channels to reach out tothem" and he further said that at D&B we are concerned with the fundamental skills, aptitude and culturalfitment than the degree of resemblance in a candidate's current job profile, people have an amazing ability toacquire new skills, when given the right attitude. Such an approach can widen the talent pool for an organization.In this Globalization era HR Must constantly update their knowledge and of the changing desires and expectationof job seekers and accordingly demonstrate the organisation's pluses.Raghavendra K (TOI Ascent Feb 2013),pointed out that ,"We feel that individual look forward to much more than the hygiene factors of a competitivecompensation package and working conditions. Some of the key parameters would be to identify an organizationthat will help them to become better individual, both professionally and personally, an organization takes careof its learning orientation, one that provides ample opportunities of both lateral and vertical growth and executesall employees' practices in a fair and transparent manner". There is a continuous need of talent hunt becausein this Business focussed world every MNC is ready to cater talent for coping with Competition. Multinational

corporations need proper planning of HR Practices like recruitment, staffing, T&D, working conditions andCompensation packages.

Globalization has compelled MNCs to give space to professionals, thus question was asked:

Q2 What New Responsibility Should Be There From HR To CEO In Curren t Changed Business World?In Current Corporate Scenario there is need for good "people Managers" and there are many successful

CEOs that were a good People Manager. More recent examples of Narayan Murthy,KV Kamnath,DeepakParekh, Kumar Manglam Birla,Ratan Tata have displayed a heavy inclination towards human resources and"people Skills". Similarly Vineet Nayak Feb 2013 propagated the 'People First' philosophy and led HCLTechnologies to newer level.

T.V. Rao (TOI Ascent) Feb 2013 classified HR Managers into five distinct categories based on the work theydo. And he explained the reasons "Why most people in HR don't make it to the top because they have notgroomed themselves to becoming HR-driven business manager ".he focus on making HR a business partnerin his fifth level of HR classification. Here Managers realise that there can be no business without talentedpeople at all levels and particularly at the top. They believe in the philosophy that people make business andtherefore, "business-driven talent management is essential. The focus shift from tangible to intangible andfrom immediate and short term performance goal to building long term capabilities and from quarterly resultto intellectual capital building and shareholder value enhancement.

Q3 How To Manage Change In Working Environment?Narasimha Rao (TOI Ascent) Feb 2013 concurs, "While introverts suffer from underselling themselves,

extrovert suffers from overselling themselves. Organization must take adequate care in applying systems insuch a way that the real talent does not go unnoticed, regardless of the personalities." Rao also feels thatorganization should focus on developing their leaders to handle diversity effectively. MNCs must focus on thistype of leadership which can get and utilize potential from their talent pool. Nagrajan Balanaga, (TOI Ascent)Feb 2013, said "Introvert typically derive energy from within; reflect upon their thoughts and resulting ideasfor solutions have immense depth and value".

We can say invisible employees that need a particular type of leadership style which can make himvaluable resource for organization and its growth .In globally competitive era organization need transformational




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of transformational leadership and collectivistic cultures, The Journal of Leadership Studies 2(No.4), 3-18.

• Dorfman, P. 1996. International and cross-cultural leadership, In: Punnett, B.J., and Shenkar,O.,eds., Handbook for International Management Research, MA: Blackwell Publisher, 267-349.

• Doz Y, Santos J, Williamson P. 2001. From Global to Metanational: How Companies Win in the

Knowledge Economy. Harvard Business School Press: Boston, M A.• Doz, Y.,Wilson, K., Veldhoen, S., Altman , G., 2006. Innovation: Is Global the Way Forward? A

joint study by Booz Allen Hamilton and INSEAD.

http://www.boozallen.com/media/file/Innovation_Is_Global_The_Way_Forward_v2.pdf.

• Kotter, J.P. (1990b), "What leaders really do", Harvard Business Review, Vol. 68 No. 3, pp. 103¬12.

• Organization Behaviour, K. Aswathappa, Himalaya Publishing House.

• Pucik, V. (1992), "Globalization and human resources management", in Pucik, V., Tichy, N.M.and Bennett, C.K. (Eds), Globalizing Management. Creating and Leading the CompetitiveOrganization, Wiley & Sons, New York, NY.

• Roberts, K., Kossek, E.E. and Ozeki, C. (1998), "Managing the global workforce: challenges andstrategies", Academy of Management Executive, Vol. 12 No. 4, pp. 93- 119

• Stopford, J.M., Wells, L.T. (1972) Managing the Multinational Enterprise: Organization of the firmand ownership of the subsidiaries, New York, Basic Books.

• Times of India,Ascent,Feb 2013.

http://www.boozallen.com/media/file/Innovation_Is_Global_The_Way_Forward_v2.pdf

http://www.boozallen.com/media/file/Innovation_Is_Global_The_Way_Forward_v2.pdf




INTERNATIONAL ENVIRONMENTAL AGREEMENTS (IEAS) &THE FREE RIDER ISSUE

BYDr. Arun Kumar Trivedi

Strategic Business Consultant,India and UKwww.globaltrivedis.com

Ankita TrivediIndependent Analyst in Sustainable and Responsible Investments, India and UK

International Environmental Agreements (IEAs) as the name suggests are formed internationally totackle global problems. Since there is no global government to intervene, IEA's are prone to free-rider problems.The global environmental climate change problem is an appropriate example.

The climate around us is changing. According to the sources, the average temperature on the planet

has increase by 0.74 degrees Celsius and the sea level has risen by 10 centimetres since 1990. It is aproblem that is not bound to one region, country or continent specifically but affects each and everyone livingon the planet earth. Since it has so many agents involved, reaching a consensus can be challenging to saythe least. International agreements are analogous to contracts in domestic law: they merely stipulate what theparties to them must and must not do. In order to reach a mutually beneficial decision, there are lots ofviewpoints that need to be considered. IEAs are difficult to establish since the countries might have conflictinginterests. One nation's development might be hampered by the decision another nation would like to take. Athird party cannot enforce international agreements, unlike contracts. They must be self-enforcing . Here, welook at the role of IEAs, the need for them and the problems faced. In this article an effort has been made toexamine various ways to deter the problems and draw conclusions.

IEAs involve five stages: Pre-negotiation, Negotiation, Ratification, Implementation and finally Re

negotiation. The process is complex and not linear. International environmental agreements generally dealwith public goods. The problem being, such resources are shared resources between people and communitiesand are bound to be over exploited. The agreements therefore, will rely on volunteerism. Game theory providestools for increased understanding of the way international agreement is reached. Public choice theory on theother hand, suggests that proper understanding of institutional settings allows for relatively straightforwardnet-benefit maximising models to account for a rich and complex range of policy outcomes such as governmentnegotiations during international agreements.

There are various kinds of International Environmental Agreements- Chemical Weapons Convention,Kyoto Protocol, Montreal Protocol, Western Regional Climate Action Initiative and others. It is important toobserve that some prove to be successful while others don't. The Montreal Protocol is the most successfulIEAs while there are others like Coral Reef Management, which do not even account in the political agenda.

One of the reasons suggested is that the IEAs needing the least effort from participating agents are mostsuccessful. It is the law of least ambitious program- where international management can be established onlythrough agreement among all significant parties involved, and where such a regulation is considered only onits own merits, collective action will be limited to those measures acceptable to the least enthusiastic party.

Here an important question is why are International Environmental Agreements needed? As it hasbeen mentioned earlier, IEAs deal with global problem that are either public goods or common resources.Open access areas that are not owned by any one individual, company or country face a lot of problems e.g.a forest area. This resource is likely to be over used as there is no extra cost of using the resource and the

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http://www.globaltrivedis.com/




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consequence cannot be easily blamed on any one party. Since the resource is not owned there are no propertyrights and so maintaining it is in nobody's interest. There is no incentive to do so. This results in market failure.Secondly, it has often been seen that especially in developing countries, government fails to regulate andmaintain the environment. Even if property rights are assigned, corruption and bribery are more tempting tothe state because they provide immediate gains i.e. increase in monetary wealth while maintaining theenvironment is a long-term goal. Thirdly, there is the problem of transboundary pollution wherein damage is

done in or by one nation but the cost is borne by another. It is difficult to establish costs and who exactly toblame if for example air pollution is created in an oil fired power station in country 'A' but transports thousandsof miles away to country 'B' and people in country 'B' are affected.

This problem is also linked with globalisation which links nations together to trade goods and servicesand so during the process of production and transportation a lot of pollution is created which floats around indifferent directions. All these problems call for a solution and IEAs are often seen as interventions that canprove to be potential solution agreements.

Lastly, there is the thought of sustainable development and to care for future generations. In order tomake sure the future generation has enough resources to use, we have to control and manage our resourcesat present.

The problem of free riding exists when someone/some country consumes more than their fair shareof a public resource. It also exists when it bears less than a fair share of the costs of production. It often leadsof non-production or under-production of the public good or over use of common property resource. In otherwords, it results in Pareto inefficiency. In relation to International Environmental Agreements, the free ridersare those agents who do not ratify a cutting down of carbon emissions, for example, but gain from the overallreduction done by other nations. It is better for a country not to participate in an IEA that other countries all signup to because non-participating incurs no costs yet still benefits. The problem being that net benefits or payoffs of remaining participants might have altered. Nations need to be provided with specific incentives to joinin and not free ride. They can be either carrots (side payments) or sticks (enforcement). Deep agreementswill always be more difficult to agree on than broad agreements and hence free riding can be a problem in theformer type.

The problem of free rider can be deterred in a few ways if not many. It can be prevented by makingthe agreement non-participant in such a way that it is undesirable to remain outside the agreement. Tradesanctions are most frequently used in such cases. The net benefits in should exceed the net benefits out.Making the agreement non-compliance in a way that penalties are credible can also prevent the free riderproblem. Leakages should be avoided or entry of new participants must be examined critically. Enforcementis another way to deter the free rider problem and is seen to be an important one. It requires credible enforcementmechanisms like carrots-incentives or sticks-punishment. Issue linkage and side payments are carrots of theenforcement mechanism. Linking IEAs to another issue with excludable benefits is known as issue linkage.Debt for nature swap is a well-known example of such a mechanism wherein developing countries that owea lot of money to developed countries can swap the debt on the agreement of conserving their natural resourcewhich very often they have in abundant but is tempted to destroy on their way to development. Side payments

do not necessarily have to be monetary. It is the payment that the victim pays to the polluter for the costs itincurs in abating pollution. It can be seen as the opposite of polluter pays principle. On the other hand, traderestriction is the stick of the enforcement mechanism. It deters the free rider problem by punishing the nationwho free rides. Trade restrictions can be enforced to protect the regional and global environment. However,lifting the threat of trade restrictions may reduce the effectiveness of these alternatives. There are otheralternatives like exclusion from participating in meetings, denying further loans and suspending technical aid.However, it is important to mention that the encouragement of creation of incentive mechanism to ensureparticipation and compliance is a major challenge for parties negotiating IEAs. Multiple agreements togethermight prove a bigger incentive for countries to join in and not free ride as at least one issue might be important




for each nation. Stressing the logic of collective action continuously can also prove the point of free riderproblem and draw countries to participate in the agreement instead of free riding.

Therefore, to conclude, the issue of free riding is bound to be around as long as InternationalEnvironmental Agreements exist due to the sheer nature of agreements. The agreements are difficult toestablish due to various domestic and international factors. At the end of the day, only agreements that arepolitically feasible will be internationally co-operated. There is no world government to intervene and theagreements are voluntary in nature. There are incentives to free ride not just for developing countries but alsofor anybody and everybody. However, effective enforcement and monitoring along with non-participatory andnon-compliance incentives, the problem can be reduced to minimum if not eliminated or be deterred. Restrictingunderlying incentives and restructuring relationships among countries in a mutually preferred way (debt fornature swap) can prove to be successful. Besides these ways- providing a reason for all countries to cometogether to bargain, provide incentives for all parties to comply with the agreement and deter third partyentries are also ways to dissuade the free rider problem.

REFERENCE

• Barrett, S. (2005b) Environment and Statecraft, Oxford University Press, Oxford

• Bretteville-Froyn, C. (2007) "International Environmental Cooperation: The Role of PoliticalFeasibility", in Atkinson, G. et al. (eds.) Handbook of Sustainable Development, Edward Elgar,Cheltenham.

• Dimitrov, R.S. (2005) Science and International Environmental Policy (Lanham: Rowman &Littlefield)

• http://www.direct.gov.uk/en/Environmentandgreenerliving/Greenerlivingaquickguide/DG_072885

14

http://www.direct.gov.uk/en/Environmentandgreenerliving/Greenerlivingaquickguide/DG_072885

http://www.direct.gov.uk/en/Environmentandgreenerliving/Greenerlivingaquickguide/DG_072885




15

A STUDY ON THE IMPORTANCE OF EMPLOYEE RETENTION STRATEGIESWITH SPECIAL REFERENCE TO BIG BAZAAR, BANGALORE

BYGeetanjali Sharma

Assistant professorManagement Department, New Horizon College of Engineering, [email protected]

ABSTRACT:

HRM came to prominence during the 1980's when it became apparent that traditional managementstyles could no longer remain in an ever changing business environment. Out went the evolving businessneeding strategies.HRM is all about the need to utilize employee as the most vital resource of any business,and how they must be used to gain competitive advantage in the market place. The success or failure of acompany in today's competitive environment depends to a great extent on the quality of human resourcepossessed at a particular point of time. There are companies which are called super performance such as

Infosys, Wipro, Bio-con, Dr. Reddy's Lab, Ranbaxy, Glaxo and host others while there are certain otherscompanies which are called poor performance HRM came to prominence during the 1980's when it becameapparent that traditional management styles could no longer remain in an ever changing business environment.Out went the evolving business needing strategies.

HRM is all about the need to utilize employee as the most vital resource of any business, and howthey must be used to gain competitive advantage in the market place.

The success or failure of a company in today's competitive environment depends to a great extent onthe quality of human resource possessed at a particular point of time. There are companies which are calledsuper performance such as Infosys, Wipro, Bio-con, Dr. Reddy's Lab, Ranbaxy, Glaxo and host others whilethere are certain others companies which are called poor performance.

The paper examines the importance of employee retention strategies adopted by companies in orderto have competitive edge over other firms. The paper analysis the impact of retention strategies adopted bybig bazaar ,Bangalore Future group.

KEYWORDS : Tradional management,Business startegies,Empyee retention,Competitive advantage.

INTRODUCTION:

In Today's competitive environment, organizations' are learning organizations', where knowledge iscreated, disseminated, shared and utilized for the overall benefit of the organization and individuals. Thecompanies' effectiveness completely depends on its people.

The corporate world, in any country, is emphasizing on the health of human resource employed intheir organization. The employees are treated as an important asset in the organization and the rules of the"human resource management" and "human resources" (HR) have largely replaced the term "personnelgame have changed for the better and such is the momentum and significance acquired by HR. The termsmanagement" as a description of the processes involved in managing people in organizations

HRM is the strategic and coherent approach to the management of an organization's most valuedassets - the people working there, who individually and collectively contribute to the achievement of the






objectives of the business.

The Human Resources Management function includes a variety of activities and key among them isdeciding what staffing needs exist and whether to use independent contractors or hire employees to fulfillthese needs; recruit and train the best employees, ensure they are high performers; dealing with performanceissues; and ensuring the personnel and management practices conform to various regulations. Activitiesalso include managing the approach to employee benefits and compensation, employee records and personnelpolicies. HRM is seen by practitioners in the field as a more innovative view of workplace management thanthe traditional approach. Its techniques force the managers of an enterprise to express their goals withspecificity - so that they can be understood and undertaken by the workforce - and to provide the resourcesneeded for them to successfully accomplish their assignments. As such, HRM techniques, when properlypracticed, are expressive of the goals and operating practices of the enterprise overall. HRM is also seen bymany to have a key role in risk reduction within organizations.

The HRM function and HRD profession have undergone tremendous change over the past 20 to 30years. Many years ago, large organizations looked to the "Personnel Department" mostly to manage thepaperwork around hiring and paying people. More recently, organizations have begun to consider the "HRDepartment" as playing a major role in staffing, training, and helping manage people so that the people andthe organization are performing at maximum capability in a highly fulfilling manner.

EMPLOYEE RETENTION:

Effective employee retention is a systematic effort by employers to create and foster an environmentthat encourages current employees to remain employed, by having policies and practices in place that addresstheir diverse needs. A strong retention strategy, therefore, becomes a powerful recruitment tool.

Retention of key employees is critical to the long-term health and success of any organization. It is aknown fact that retaining the best employees ensures customer satisfaction, increased product sales, satisfiedcolleagues and reporting staff, effective succession planning, and deeply embedded organizational knowledgeand learning. Employee retention matters as organizational issues such as training time and investment, lostknowledge, insecure employees, and a costly candidate search are involved. Hence, failing to retain a keyemployee is a costly proposition for an organization. Various estimates suggest that losing a middle managerin most organizations costs up to five times his salary.

Intelligent employers always realize the importance of retaining the best talent. Retaining talent hasnever been so important in the Indian scenario; however, things have changed in recent years . In prominentIndian metros at least, there is no dearth of opportunities for the best in the business, or even for the secondor third best. Retention of key employees and treating attrition troubles has never been so important tocompanies.

In an intensely competitive environment where HR managers are poaching from each other,organizations can either hold on to their employees tight or lose them to competition. For gone are the dayswhen employees would stick to an employer for years for want of a better choice. In India, there are fewsectors where the attrition level is much larger compared to other sectors, for example, IT sector andBPO; whereas, there are organizations like Air India, HAL, DRDO, BARC where the attrition is muchlower - nearly 5% or less than that.

Clearly, the only way out is to develop appropriate effective retention strategies.

16




tell us again and again that what they want most are challenging, meaningful work, good bosses, andopportunities for learning and development" (as cited in Kaye, 2000, p. 9). Modern corporate structure hasbecome so multi-layered that often employees do not ever see the fruit of their labors. Newstrom and Pierce(2002) agree: "Companies are being stymied...often by their own structure. McKinsey studied one companywhere the new product process required 223 separate committees to approve an idea before it could be putinto production" (p. 113).

(Clarke, 2001). Clarke highlights that "...a pat on the back or a word of praise after they have worked hard todeliver for the company goes a long way toward building individual and group morale" (p. 1). Paris (2002)agrees, stating that "...incentives provide the 'golden handcuffs' that keep employees from getting away" (p.52)

TITLE OF THE STUDY:

"A study on the Importance of employee retention startegies with special reference to Big Bazaar,Bangalore"

NEED OF THE STUDY:

The study was mainly conducted to identify what are the retention strategies that have been adoptedby Big Bazaar to retain their employees in the organization, and to know whether the employees are aware ofthe retention measures undertaken by Big Bazaar and the employees opinion.

OBJECTIVES OF THE STUDY:

• To identify the causes of attrition in big bazaar

• To understand the retention policy of big bazaar

• To identify the challenges to retain the employees.

RESEARCH METHODOLOGY:

METHOD OF RESEARCH- Description research was used.

TOOLS USED FOR DATA COLLECTION: A questionnaire was structured together the primary information.

SOURCES OF DATA COLLECTION:

The data has been collected from both primary and secondary methods have been used in collectingdata from BIG BAZAAR.

PRIMARY DATA- It was collected by interviewing the HR manager and randomly to the employees of thecompany. The data was collected through personal interview with the employees of the organisation. Discussionwas held in a day's time with the employees.

SECONDARY DATA- it was collected from,

• General library research source like HRM book.

• Advertising journals like magazines and newspaper.

Internet : Big Bazaar web sit e, Naukrihub.com, managementparad ise .com, ibef.org,

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http://naukrihub.com/

http://managementparadise.com/

http://ibef.org/

http://ibef.org/

http://managementparadise.com/

http://naukrihub.com/




business.mapsofindia.com,cnbc.com.

TOOLS AND TECHNIQUES:

The first hand information was collected by interviewing the HR manager regarding the strategies followed bythe company to retain and motive the employees to stay in the company.

A questionnaire was formulated and circulated to the employees of the company. Hence the survey method isthe tool used here for data collection.

SAMPLING DESIGN:

• Sample unit: Employees working in BIG BAZAAR in Lido Mall

• Sample size: 60 employees

• Sampling technique: Random sampling

• Sampling method: Probability sampling

• Place of study: Lido Mall, Bangalore

ANALYSIS AND INTERPERTATION

A. TABLE SHOWING THE OVERALL EXPERIENCE OF EMPLOYEES IN THE INDUSTRY

Sl. No Particulars No. of respondents Percentage

1 Good 34 57

2 Satisfactory 8 13

3 Normal 6 10

4 Ok 12 20

Total 60 100

ANALYSIS:

The above table showing the overall experience in the industry of respondents, indicate that 57% ofthe respondents are have a good experience,13% of the respondents have a satisfactory experience, 10% ofthe respondents have a normal experience, 20% of the respondents are ok with the industry experience.

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GRAPH: 1

SHOWING THE OVERALL EXPERIENCE OF EMPLOYEES IN THE INDUSTRY

Overall industry experience

Good

• Satisfactory

Normal

• Ok

INTERPRETATION:

Job satisfaction also depends upon the number of years of experience. The above question was put forwardto find out the overall industry experience and found that 57% of the employees have high industry experience,which also lead to their satisfaction level.

B. TABLE SHOWING THE VALUE ADDITIONAL FACTORS FROM THE COMPANY TOWARDSEMPLOYEES CAREER

Sl No. Particulars No. of respondents Percentage

1 Yes 30 50

2 No 27 45

3 Somewhat 3 5

Total 60 100

ANALYSIS:

The above table showing the value additional factors towards respondent's career indicates that 50%of the respondents have value additional factor towards their career, 45% of the respondents do not have anyvalue additional factor towards their career, 5% of the respondents feel that there is somewhat value additional

factor towards their career.

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• Yes

• No

Somewhat

INTERPRETATION:

Employees join organization in the belief that the company where they are working would providethem with opportunities for value additional factors towards their career and provide opportunities for theiroverall development in the industry, the above question was put forward to identify whether the employeeshave opportunities for a enhanced development in their career, it was identified that 50% of the employeeshave a better career development support from Big Bazaar.va

C. TABLE SHOWING THE REASON FOR JOINING BIG BAZAAR


1 Good job 10 17

2 Good company 19 32

3 Timings 7 12

4 Good future 8 13

5 To earn and learn 2 3

6 Salary 9 15

7 Better option 4 7

8 Good service for customer 2 3Total 60 100

ANALYSIS:

The above table showing the reasons why employees joined Big Bazaar, indicates that 17% of theemployees joined because of good job, 32% of the respondents joined because of good company name, 12%of the respondents joined because of timings, 13% of the respondents joined for good future, 3% of therespondents joined to earn as well as learn, 15% of the respondents joined because of good salary, 7% of the

21

GRAPH: 2

SHOWING THE VALUE ADDITIONAL FACTORS FROM THE COMPANY TOWARDS EMPLOYEE'SCAREER

Valu e ad d i t io n a l f ac to r to w ard s ca r ee r

5%




respondents joined because this was a better option, 3% of the respondents joined because the companyprovides good service to the customers.

GRAPH: 3

SHOWING THE REASONS FOR JOINING BIG BAZAAR.

INTERPRETATION:

Employees join organization for various reasons. The above question was put forward to find out thereasons why employees joined Big Bazaar and found that 32% of the employees have joined Big Bazaarbecause of the good brand image that it has built for itself in the market.

D TABLE SHOWING WHETHER THE EMPLOYEES ARE PROVIDED OPPORTUNITIES FOR PERSONALDEVELOPMENT


1 Good 47 78

2 Average 9 15

3 Poor 4 7

4 Very poor 0 0

Total 60 100

ANALYSIS:

The above table showing whether the employees are provided opportunities for personal developmentindicates that, 78% of the respondents have good opportunities for personal development and 15% of therespondents have average opportunities for personal development and 7% of the respondents have pooropportunity for personal development.

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Good job

• Good company

Timings

• Good futu re

To earn and learn

• Salary

Better option

Good service

INTERPRETATION:

Employees desire for opportunities for their personal development from their professional life. Theabove question was put forward to identify whether the employees are provided opportunities' in their job atBig Bazaar for a personal development and it was identified that 78% of the employees are been providedopportunities for a personal development.

E TABLE SHOWING THE MOTIVATIONAL FACTOR FOR WORKING IN BIG BAZAAR


1 Time 12 20

2 Money 25 42

3 Environment 20 33

4 Others 3 5

Total 60 100

ANALYSIS:

The above table showing what are the motivational factors are indicate that, 20% of the respondentsare motivated due to the flexible timings, 42% of the respondents are motivated due to the salary, 33% of the

respondents are motivated due to the working environment and 5% of the respondents are motivated due toopportunities like learn and earn factor.

23

GRAPH: 4

SHOWING WHETHER THE EMPLOYEES ARE PROVIDED OPPORTUNITIES FOR PERSONALDEVELOPMENT




GRAPH: 5

SHOWING THE MOTIVATIONAL FACTOR FOR WORKING IN BIG BAZAAR

Motivational factor

• Time • Money • Environment Others

INTERPRETATION:

Employees are motivates to stay in organisation for various reason. The above question was putforward to identify the major factor that motivates employees to stay in Big Bazaar. It was identified that 42%of the employee's motivational factor to stay and work is the salary factor

FINDINGS :

1 It was found that the retention strategies adopted by the employers and managers in big bazaarincluded :

A . Value additional factors which contributed towards their career development.

B Motivational factors which included time, monetary benefits and good working environment.

C .opportunities' available for personal development and growth..

2 The employees work ing in Big Bazaar have a good experience work ing in Big Bazaar and theiroverall experience working in the retail industry is also satisfactory.

3 Majority of the employees have been associated with Big Bazaar over and above six months as theBig Bazaar situated in Lido mall was started on May 28th of 2010.

4 The attrition rate in Big Bazaar has come down from 15% to 9% from the date of its commencement.

5 Majority of the employees working in Big Bazaar are fully committed to stay and grow in Big Bazaar

for a long period of time and are satisfied with their job role.6 Majority of the employees are been supported by Big Bazaar for their enhancement in their career.

7 Majority of the employees are satisfied with the supervision and feedback provided on their work asits provided opportunity for personal development and advancement in their job position.

8 Majority of the employees are motivated to stay in Big Bazaar due to the salary factor and the support

24




CONCLUSION:

Big Bazaar is one of the top retail player in India. It has its presence nationwide and has around 145stores as of January 2011. The company mainly attracts people by the reputation earned over the years. Thereputation enjoyed by the company is responsible for motivating the effective personal's to enter into theorganisation and contribute to the growth of Big Bazaar.

The HR division provides service in recruiting the right candidates and initiating activities to retain theemployees in Big Bazaar. The HR division has worked on reducing the attrition rate and has successfullyensured in bringing down the initial attrition rate from 15% to present 9% in Big Bazaar which is located inLido Mall.

The study was carried on to identify the retention strategies adopted by Big Bazaar and the employee'sopinion on it. It was identified that majority of the employees were not aware of the retention steps undertakenby Big Bazaar to retain its employees. But the employees working there enjoy their work and are satisfied withtheir job role

25

that it is providing to its employees to earn and learn through Shiksha program.

SUGGESTIONS:

• The company can provide the employees with non-monetary benefits as incentives.

• The company should give more importance for the referral program as it would motivate the employees

to refer a friend to join Big Bazaar and some form of incentives been given to the current employee.• To initiate activities where there can be interaction among the employees between departments for

better work environment.

• The company should conduct exit interview for employees to know the reason why they are leavingBig Bazaar and identify any reasons that would motivate them to stay back in Big Bazaar.

• To have rotational shift for the employees as its one of the reason why the employees are leaving BigBazaar.

• Big Bazaar should motivate the employees to enroll themselves to the SHIKSHA program , as thiswould benefit them in completing their education and also retain employees for a long period of timein Big Bazaar.

• The company should provide weekly awards for the employees for their overwhelming performanceand reward them with some coupons.

• The company should create awareness regarding the retention policy and the activities done by BigBazaar to satisfy the employees and retain them in Big Bazaar.

• There must be regular feedback done from the employees to know their opinion regarding the workso as to reduce the attrition rate form the present rate of 9%.

To conduct activities where the employees feel that Big Bazaar is very much concerned towards theiremployees and their well being during their period of work in Big Bazaar




REFERENCES :

BOOKS

• Robert A Baron and donn Byne,social Psychology understand ing human interaction, Prentice Hall.

• R.S Diwedi human relations and organizational behavior,oxford and IBH publishing Co ,Pvt .Ltd ,3rdedition.

• Uma sekran:Organizational behavior,Tata Mcgraw Hill.

• V.S.P. Rao, Human resource management, Excel books, New Delhi, second edition 2009.

WEB - RESOURCES

• http://www.wikipedia.com

• http://www.bigbazaar.com/

• http://www.chillibreeze.com

• http://www.indianground.com

• http://retention.naukrihub.com • http://www.citehr.com

• http://www.managementparadise.com

• http://www.ibef.org/industry/retail.aspx

• http://business.mapsofindia.com/india-gdp

• http://www.cnbc.com/Retail_s_Hottest_Emerging_Markets_2010

http://csi.mckinsey.com

26

http://www.wikipedia.com/

http://www.bigbazaar.com/

http://www.chillibreeze.com/

http://www.indianground.com/

http://retention.naukrihub.com/

http://www.citehr.com/

http://www.managementparadise.com/

http://www.ibef.org/industry/retail.aspx

http://business.mapsofindia.com/india-gdp

http://www.cnbc.com/Retail_s_Hottest_Emerging_Markets_2010

http://csi.mckinsey.com/

http://csi.mckinsey.com/

http://www.cnbc.com/Retail_s_Hottest_Emerging_Markets_2010

http://business.mapsofindia.com/india-gdp

http://www.ibef.org/industry/retail.aspx

http://www.managementparadise.com/

http://www.citehr.com/

http://retention.naukrihub.com/

http://www.indianground.com/

http://www.chillibreeze.com/

http://www.bigbazaar.com/





RECRUITMENT AND SELECTION PROCESS WITH REFERENCE TORECRUITMENT CONSULTANCIES

BYBarkha Gupta

Assistant ProfessorUIT-RGPV, Bhopal (M.P.)

[email protected]

ABSTRACT :

As we know that recruitment has been regarded as the most important function of personneladministration, so for that private agencies and consultancies is a good source of recruitment. This study hashelped me to understand what is a consultancy and what work they done. They are expert or professionaladvisor and they have ability to consult other. Job description and typical work activities are the main activitiesthat are performed by the recruitment consultant.

My study is based on primary and secondary data both. The main objective of the project is to studythe recruitment and selection Process in "excel consultancy services (An ISO 9001: 2000 company)". Thisstudy help to understand how they recruit and select the candidates for the clients and satisfy the client's needfor provide them good candidates. For the research paper I gathered the main information by primary data.

KEYWORDS- Recruitment, Selection, Recruitment process, Recruitment consultancy

INTRODUCTION-

The human resources are the most important assets of an organization. The success or failure of anorganization is largely dependent on the caliber of the people working therein. Without positive and creativecontributions from people, organizations cannot progress and prosper. In order to achieve the goals or performthe activities of an organization, therefore, we need to recruit people with requisite skills, qualifications andexperience. Recruitment is understood as the process of searching for and obtaining applicants for jobs, fromamong whom the right people can be selected . Many human resources practitioners spend a great deal oftheir time engaged in activities associated with the recruitment and selection of staff. This can range fromone-off recruitment episodes to major recruitment campaigns carried out to recruit and select replacementstaff, staff with specialist skills, trainees, graduates, etc

Recruitment is the process of locating and encouraging potential applicants to apply for existing oranticipated job openings. It is actually a linking function, joining together those with jobs to fill and thoseseeking jobs. Therefore every organization should recruit the most suitable and competent persons on thebasis of the needs and nature of the job . In other words, right men should be recruited taking into considerationthe long term needs of the organization and they should be placed on jobs for which they are the mostsuitable. Fro the recruitment of the employees consultancies also play a major role, they help the organizationto find out the right person for the organization.

27






• using sales, business development, marketing techniques and networking in order to attractbusiness from client companies

• building relationship with clients

• developing a good understanding of client companies , their industry, what they do and theirwork culture and environment.

• Advertising vacancies appropriately by drafting and placing adverts in a wide range of media(e.g. newspapers, websites, magazines)

• Headhunting- identifying and approaching suitable candidates.

• Completing a search of the candidates database to find the right person for the employer 'svacancy

• Receiving and reviewing applications, managing interviews and short listing candidates.

• Requesting references and checking the suitability of applicants before submitting their detailsto the employer

• Briefing the candidate about the responsibilities, salary and benefits of the job in question• Preparing CV's and correspondence to forward to clients in respect of suitable applicants.

• Organizing interviews for candidate as requested by the client

• Informing candidates about the results of their interviews.

• Negotiating pay and salary rates and finalizing arrangements between client and candidates.

• Offering advice to both clients and candidates on pay rates, training and career progression.

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CONSULTANCY CHIEFLY PERFORM THE FOLLOWING ACTIVITIES:

1. Job description

2. typical work activities

1. JOB DESCRIPTION-

A recruitment consultant is responsible for attracting candidates and matching them to temporary orpermanent positions jobs with client companies. The jobs may vary from entry level roles to directors andexecutives.

Recruitment consultants work with client companies, building relationships in order to gain a betterunderstanding of their recruitment needs and requirements. They attract candidates by drafting advertisingcopy for use in a wide range of media, as well as by networking, headhunting and through referrals. Theyscreen candidates, interview them, do background checks, and finally match candidates to their clients.

Consultants also provide advice to both clients and candidates on salary levels, training requirementsand career opportunities.

2.TYPICAL WORK ACTIVITIES-

A recruitment consultant's role is demanding and diverse and involves:




THEORETICAL FRAMEWORK

Recruitment has been regarded as the most important function of personnel administrat ion, becauseunless the right types of people are hired the organization cannot achieve its objectives. This is the secondstep in the process of procurement of the employee the first being the manpower planning. Recruiting makesit possible to acquire the number and types of people necessary to ensure the contained operation of theorganization. This is a liking activity bringing together those with jobs and those seeking jobs .

RECRUITING INTERNALLY OR EXTERNALLY

INTERNAL RECRUITING-

Recruiting from among the existing workforce offers many advantages. Seeing your employees atwork on a day-to-day basis will enable you to evaluate their particular strengths and weakness accurately andchoose the most suitable person for the position.

INTERNAL SOURCE OF RECRUITMENT- personal recommendations, notice boards, newsletters,memoranda

EXTERNAL RECRUITING-

When a company is involved in large expansions and is more oriented towards achieving high growthand high market share, with more focus on quality of the product and high customers satisfaction then it isinevitable for any organization to go for external recruiting is nothing but recruiting the people organizationfrom outside the company. It will help company to make best use of other sources that are lying outside theorganization like for example campus recruits is an effective and efficient way of recruiting when a companywants new minds that are more creative and go-getters for any task.

EXTERNAL SOURCE OF RECRUITMENT-

Word of mouth, notices, job centers, television, education institutes, the press, radio, private agenciesand consultants

PRIVATE AGENCIES AND CONSULTANTS-

There are various types of private organization that can help to find the right person for a particular job. Employment agencies exist in many town and cities. Some handle all general vacancies from junior untosupervisory level while others specialize in various occupations such as accountancy, clerical or computerpersonnel and marketing or sales. Since they maintain a register of job seekers, they initially attempt to findapplications from this list. A short list will be drawn up by reading through applications and conducting interviewson client organization's behalf. Although fees vary, it is expected to pay around 10 to 15% of the annual salary

offered if a suitable person is found for the job. Recruitment agencies are similar to employment agencies inthe services that they offer.

SELECTION-

The selection procedure is concerned with securing relevant information about the applicant. Thisinformation is secured in number of steps. The objective of selection process is to determine whether anapplicant meets the qualifications for a specific job and to choose the applicant who is most likely to perfo rmwell in that job.

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RECRUITMENT AND SELECTION PROCESS IN EXCEL CONSULTANCY SERVICES-

At Excel Consultancy Services , they not only provide recruitment consultancy services to their clientsbut also give the applicants a perfect platform to get their dream jobs. They can help their client to get suitablecandidates, cultivate them and retain them.

Development

TDiagram Exercise

IStretched Production

TIntroduction Interview

"i"Short List Invention

TClosure

TFollow Up

DEVELOPMENT-

In the development stage, they evaluate the needs and requirements of their clients to determine therequires set of skills, understand organizational behavior and relationships. This forms an integral part of theircustomer-focused recruitment services. Working as a cohesive team with their client, they identify the requiredexperience and other characteristics, which are necessary for the successful candidate.

They select those candidates , who fit in well with the company's plan. In order to ensure the bestrecruitment online of a suitable candidate, they give prime consideration to the company's existing businessactivities, business plans, work- culture, structures, systems and future plans. They concentrate on the jobdescription, its key result areas, opportunities, career implications, location, salary and benefits.

DIAGRAM EXERCISE-

Being an efficient recruitment agency, during the diagram exercise, they perform industry specificdesk and field research on companies and relevant people so as to identify the key competencies. It includes

job title, principal accountabilities, key result areas (KRAs), authority to be infested, external/ internal contacts,

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RESEARCH METHODOLOGY-

THE STUDY- The study is comprehensive, in the study of recruitment & selection of differentconsultancies who work with different sectors , and also analysis of various factors of that influence thesatisfaction level is done.

THE DESIGN -

The study is conducted to find the information regarding the recruitment & selection of the candidatein the organization so to facilitate the purpose and the design of the study is exploratory.

GATHERING THE INFORMATION-All the information collected on the basis of questionnaire duly filled by every member of the

organization.

TOOLS FOR DATA COLLECTION-

PRIMARY DATA- the data collected by using methods such as observation, interviews andquestionnaires etc. are called primary data.

33

reporting procedures and supervisory relationships, working conditions/ environment, job specifications,compensation package, location and other necessary details.

STRECHED PRODUCTION-

The ground research is one of the primary aspects of effective recruitment online services. It provides

them a long list of qualified candidates, who are worth pursuing. After this process, they start the search toidentify the suitable candidates either from their own exhaustive database, headhunting or throughadvertisement recruitment.

INTRODUCTION INTERVIEW-

For introduction interviews, they select the possible candidates on the basis of prior work experience,qualifications, strength and weaknesses and the ability of candidate to fit into the work- culture and ethics ofthe client organization. The potential candidates are conducted and interviews will be conducted to find outtheir interest and suitability. They deploy the necessary expert assessment after the screening of candidatesby drawing up competency profiles through the most innovative proprietary plateform. During this phase, ourconsultants keep on uploading the client of the progress achieved.

SHORT LIST INVENTION-

The preliminary interviews result in shortlisting of highly qualified candidates.

CLOSURE-

The closure stage consists of negotiation & offer, follow-up/ progress.

FOLLOW UP-

Understanding the importance of follow up/ progress phase, we keep in touch with the candidate untilthe time he/ she joins the company.




SECONDARY DATA-

Secondary data is data collected by someone other than the user. For this research secondary datawas collected from the books, journals, and websites and through the interaction with the individuals in theorganization

DATA ANALYSIS AND INTERPRETATION-Data interpretation based on questionnaire that filled by the recruiters of Excel Consultancy Services.

1. EXPERINCE OF RECRUITERS AT EXEL CONSULTANCY SERVICES-

CONCLUSION- Fresher ratio show that Excel Consultancy provide chance to fresher so that organizationwill come up with new progressive ideas for implement the policies of the organization of recruiting.

2. NO. OF DAYS WORKED WITH CURRENT CLIENT BY THE RECRUITERS-S

NUMBER OFDAYS WORKED

NUMBER OF RECRUITERSWORKED WITH CURRENT CLIENT

20-40 0

40-60 6

60-80 8

80-100 4

100 and above 2

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CONCLUSION- There is only 30 % of recruiter who work with above 80 days with client. And other who are

not, they should be trained properly so they able to satisfy clients.

3. SOURCES USED FOR RECRUITING-

Sources Respondents

Portals 9

Existing database 8

Reference 5

Headhunting 4

CONCLUSION- Graphical data show all the respondents used more than one source to recruit the candidatefor clients.

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4. METHOD OF SELECTION ADOPTED IN THE PROCESS OF SELECTION

Rounds of Interview Respondents

Telephonic round 8

Personal Information Round 9

Aptitude Test 0

Group Discussion 4

Screening round 3

CONCLUSION- It was found that all respondents have used more than one method of selection. Majority ofthe respondents have adopted either Personal Information Round or Telephonic Round or both for shortlisting and selecting the candidate for further interview process.

5. PARAMETERS FOR SELECTING A CANDIDATES-

PARAMETERS Respondents

Communication Skills 9

Qualification 15

Confidence 12

Knowledge 10

Convincing Skills 4

Language Skills 5

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CONCLUSION- It found that all the parameter chose by the recruiter. Some recruiter use more than threeparameter.

6. CANDIDATES ATTENDING THE FINAL ROUND OF SELECTION-

% OF CANDIDATES ATTENDINGTHE FINAL ROUND OF SELECTION

No. of Respondents

100-85% 5

85-70% 8

70-55% 4

55-40% 3

Below 40% 0

Conclusion- Graphical data show that more than 70% of candidates attend the final round interview it showthat organization have good manpower.

FINDINGS -

Data has been collected from all 20 employees working in the Excel Consultancy Services, ITRecruitment firm. The questionnaire consisting of 10 questions was intended to know the process of recruitmentand selection of candidates. It was also meant to know the effective source of recruiting and pattern ofselection.

• Analysis of data collected as above reveals that 100% of the employees working at the consultancyhave specialization in Human Resource Management as all the people who are engaged in as a

recruiter were MBA's.• Only 60% of the employees ware having experience before joining and other 40% are fresher. It

shows that the organization providing the chance to fresher.

• The study shows that those recruiter who was highly experienced they can handle more then 8clients at a time and those who are just fresher they handle only 2 clients at a time because theywant that first they know the few client deeply .

• Recruiters who are experienced and having good convincing power they also work as businessdevelopment officer.

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• There are only 6 recruiters who work with above 80 days with client. And other who are not, theyshould be trained properly sp they able to satisfy clients. Study shows that the less experienceemployees are able to work a few days with one client because they joined recently whileexperienced employees can have the ability to develop the business with the client for longerperiod.

• It was found that it depends on the basis of efficiency of the employees that how many line up ofcandidates they can provide to the client and how many finally reach for the interview.

• It was also found that all that recruiter who has good networked with companies they usedreferences as the source of recruitment. And fresher was mostly used database because theydon't have sufficient knowledge about working with portals like naukri.com, monster.com andtimes.com. Only few of them have used Headhunting as a source of recruitment as it requirestact and lot of thinking capability.

• It was found that selection process was based on two rounds of interview at the excel consultancyservices. First round taken by recruiter then final interview taken by clients. And it depends onclients also that how many interview round they conduct. Mostly all recruiter used telephonicround and only few used screening round for selecting the right kind of people.

• It was found that communication skills, confidence, job related knowledge, qualification are themajor criteria for choose the candidate and in case of specific location where local language isrequired then language skill have on first priority.

• As per the recruiters at excel consultancy services 70-85% of the candidates sent by them haveattended the final round of selection by clients. And only few said that the candidates who attendedthe final round were around 55-70%. It is shows that organization has the good employees becausethe final round selection is more than 70%.

SUGGESTIONS -

• Proper data must be maintained by each recruiter about the candidates who are not short listed

at any of the stage of recruitment. As this will increase the database, which could be referred towhen ever future requirement occurs for the similar or different job profiles.

• Organization has so much workload so they required more employees to balance the workload.

• Before selecting the employee more emphasis must be laid on whether he/ she is capable ofdoing that particular job or not and whether he/she fulfills the minimum criteria to do that job .

• The observation show that only some recruiter work for long time other switch the consultancyvery quickly so do some things for retain them i.e. provide bonus and performance and potentialappraisal timely.

• Proper training should be provided to all the recruiters either fresher or experienced and applysome strategies to enhance their ability so they are able to satisfy clients and maintain the long-term relationship.

CONCLUSION-

This research helps me to fulfill my research objective. It helps to know how recruitment and selectionprocess complete and how recruiter completes their target to recruit candidates for client according to client'srequirement. My meeting with recruiter and observation help to know what type of problems they face andhow they cope up with this.

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http://naukri.com/

http://monster.com/

http://times.com/

http://times.com/

http://monster.com/

http://naukri.com/




FIXED ASSETS ANALYSIS OF OIL CORPORARION OF INDIA:A COMPARATIVE STUDY OF IOCL AND BPCL

BYDr. Vivek Sharma

Director, C. Rajagopalachari Institute of Management,Barkatullah University, Bhopal

Ms. Mamta PatidarResearch Scholar, Department of Commerce,

U.T.D., Barkatullah University, Bhopal

ABSTRACT-

This paper focuses attention on specific aspects of entrepreneurial decisions relating to investment intotal fixed assets i.e. to review the strong point and limitation of fixed assets in the business, the study isbased on Oil Corporation of India, a comparative study of IOCL and BPCL for the period of ten years 2001 to2010. Fixed asset management can help to improve the strength and growth of your organization by tracking

wasteful investments. It also helps to reduce wasteful spending and improve more profitable and productiveinvestment and also help in making long and short term goals easier and more profitable for your organization.Some statistical tools are used to judge the efficiency of the fixed assets in the business.

INTRODUCTION:

An analysis of fixed assets is nothing but a particular process of identifying the points of strength andweaknesses by properly establishing a relationship between fixed assets and some other variables either inthe balance sheet or the profit and loss account. Such analysis can be undertaken by the management of thefirm, or any party outside the firm, i.e. owners, creditors, investors, research scholars etc.

It is essential that these attributes and other issues relating to Fixed Assets (FA) be understood

unmistakably, so that the criteria for recognition of fixed assets and determination of costs are correctlyapplied and appropriate values therefore are presented and disclosed in the Financial Statement. Further,determining whether an item of expenditure represents an assets, (tangible, or intangible) or represents anexpense can have a material effect on the result of operations reported by an entity. Similarly, impairment invalues of assets items should also be recognised.

OBJECTIVE OF THE STUDY:

1. To evaluate the financing pattern of fixed assets

2. To examine the impact of fixed assets on sales and judge to the strength & weakness of the concern.

3. To assess longterm efficiency & performance of the companies.

4. To give suggestion for best financing method and efficient utilisation of fixed assets

METHODOLOGY OF THE STUDY:

The study is mainly based on secondary data. Annual reports of last ten years have been usedextensively. The data from these reports have been analyzed using appropriate financial and statistical toolswith a view to evaluate the performance of the company. The tools used are ratio analysis & correlationcoefficient

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41

COMPANY PROFILE:

INDIAN OIL CORPORATION LIMITED

Indian Oil is India's flagship national oil company with business interests straddling the entirehydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products toexploration & production of crude oil & gas, marketing of natural gas, and petrochemicals. It is the leadingIndian corporate in the Fortune 'Global 500' listing, ranked at the 125th position in the year 2010. With over34,000-strong workforce, Indian Oil has been helping to meet India's energy demands for over half a century.With a corporate vision to be the Energy of India, Indian Oil closed the year 2009-10 with a sales turnover ofRs. 271,074 Crore and profits of Rs. 10,221 Crore. At Indian Oil, the operations are strategically structuredalong business verticals - Refineries, Pipelines, Marketing, R&D Centre and Business Development - E&P,Petrochemicals and Natural Gas. To achieve the next level of growth, Indian Oil is currently forging ahead ona well laid-out road map through vertical integration— upstream into oil exploration & production (E&P) anddownstream into petrochemicals - and diversification into natural gas marketing and alternative energy,besides globalization of its downstream operations. Having set up subsidiaries in Sri Lanka, Mauritius andthe United Arab Emirates (UAE), Indian Oil is simultaneously scouting for new business opportunities in theenergy markets of Asia and Africa.

With facilities at multiple locations and ever-expanding market opportunities, Indian Oil is poised tobecome an integrated energy company with steady forays into Oil Exploration & Production, Petrochemicalsand Renewable Energy.

BHARAT PETROLEUM CORPORATION LIMITED

Bharat Petroleum Corporation Limited (BPCL) is engaged in the petroleum industry in India. Duringthe fiscal year ended March 31, 2010 (fiscal 2010), the aggregate refinery throughput at BPCL's Refineries atMumbai and Kochi and that of its subsidiary company, Numaligarh Refinery Limited (NRL) was 23.03 millionmetric tons (MMT). The Company is engaged in downstream petroleum sector, which consists of refining andmarketing activities. BPCL holds 61.65% interest in NRL as on March 31, 2010. Bharat PetroResourcesLimited (BPRL) is a 100% subsidiary of the Company. The exploration and production activities of BPRL and

its subsidiary companies extend to 26 exploration blocks where they hold participating interests (PI). Of this,nine blocks are in India and 17 are abroad. Besides India, BPRL has blocks in Australia, Brazil, East Timor,Indonesia, Mozambique and the United Kingdom

RESULTS AND DISCUSSIONS:

FIXED ASSETS TURNOVER RATIO

This ratio depicts the adequacy of sales in relation to investment in fixed assets. It shows whetherfixed assets being efficiently used. An increase in the ratio is to be welcomed, whereas a decrease in the ratiowill show the idleness of fixed assets. Formula used for the calculation of fixed assets turnover ratio is:

DATA ANALYSISIOCL also shows a satisfactory situation during the whole period of study. It demonstrates middling

trend of 5.45 till the end of the period. The company faced fluctuation but within an edge. The coefficient ofvariable is 12.66 and the coefficient of correlation is 0.925, so the condition is acceptable for the company.

The fixed assets turnover ratio of BPCL shows increasing trend during the selected period of study. Itwas 9.07 in 2001, shows particle fluctuation in between and the highest reached upto 13.77 in 2009 and 11.20in 2010, shows that the company has try to manage its ratio throughout the study period. The coefficient ofvariable is 25.17 and the coefficient of correlation is 0.910.




RATIO OF FIXED ASSETS TO FUNDED DEBT

The ratio determines what parts of fixed assets are financed by long-term funds and what part byowner's funds. It is very essential to know that, how much fund we are having as long term and short term,therefore to know the efficiency and sufficiency of long term funds, the ratio of fixed assets to funded debts iscalculated. This ratio also acts as complementary measure to resolve safety for the lenders.

DATA ANALYSIS

IOCL maintained the average trend during the period of study. It was 1.07 in 2001 & 1.41 in 2010 & itdoes not show any variations during the decade. It ratio was more than 1.07 in the whole period, whichreplicates that the fixed assets are totally invested by the long-term debt. The coefficient of variable is 25.34and the coefficient of correlation is 0.923.

This ratio shows the amount of longterm funds was invested in fixed assets. As per analysis it is saidthat the ratio is 1.24 in 2001 & decline upto 0.53 in 2010. During the first five year the ratio lies between 1.24to 2.15 times i.e., fixed assets were totally invested by longterm debt but in the last five years it start declining& came down to 0.53 in 2010. The coefficient of variable is 60.47 and the coefficient of correlation is 0.893

RATIO OF FIXED ASSETS TO NET WORTH

Fixed assets to net worth is a ratio measuring the solvency of a company. This ratio indicates theextent to which the owners' cash is frozen in the form of fixed assets, such as property, plant, and equipment,and the extent to which funds are available for the company's operations.

DATA ANALYSIS

The ratio of fixed assets to net worth of IOCL does not show any fluctuations during the study period.It was 1.38 in 2001 & 1.24 in 2010. This shows that increase in fixed assets are then net worth, whichsymbolize good sign for the business. The coefficient of variable is 12.10 and the coefficient of correlation is0.971.

BPCL also reflects increasing trend during the first five years but in second half period it revealedsteady decline. It was 1.26 in 2001 and reached upto 0.89 in 2010, shows declining trend in the last five yearsbut were within the edge and the condition was also acceptable for the company. The coefficient of variableis 23.15 and the coefficient of correlation is 0.929.

RATIO OF DEPRECIATION TO SALES

The ratio of depreciation to sales is used to calculate the amount of sales consumed in depreciationcharged by the company. As fixed assets helps us in producing income for long period, in this process theassets lose their values in the form of depreciation, depreciation is charged on fixed assets at a specified rateand time, in order to enjoy the full economic life of fixed assets and when the value of the fixed assets become

nil, new investment can be done

DATA ANALYSIS

Depreciation of IOCL is hiking nonstop and sales is also showing fluctuations, it reduce pace up in2003 then had continuous rise till 2009 but suddenly fall down in 2010. Whereas depreciation show increasingtrend during the past ten years. The ratio shows growth in the first five years however from 2006 onwards itstart declining and try to recover in 2010. It replicates that the company should try to enhance its sales in orderto improve its depreciation. The coefficient of variable is 9.96 and the coefficient of correlation is 0.965.

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The depreciation of BPCL is rising continuously during the whole period as compared to sales. Salesduring ten years shows fluctuations, it declined in 2002 but after that it start growing till the end, but when welook at the ratio it shows that it shows that in the first four years it rise upto however from the next yearonwards it dwindle. Therefore the company should try to increase sales in order to recover appropriatedepreciation. The coefficient of variable is 9.76 and the coefficient of correlation is 0.978.

FIXED ASSETS TO CAPITAL EMPLOYED RATIO

The ratio of fixed assets to total capital employed is calculated to know the proportion of capitalemployed financed in fixed assets.The higher ratio is indication of more investment in fixed assets and if theratio goes down it is a indication of under utilizing of funds in fixed assets. Therefore no optimum level is therefor this particular ratio, the company has to maintain balance between fixed assets and capital employed.

DATA ANALYSIS

As the ratio of fixed assets to capital employed is seems that it is more than 50% during the past tenyears. That means more than 50% of capital employed is invested in fixed assets and the trend is maintainedtill the end of the period. The company shows ups and downs but within a limit. It try to maintain its positionduring the decade, therefore it can be said that the company should try to maintain its ratio during the decade.The coefficient of variable is 11.92 and the coefficient of correlation is 0.977

The ratio of fixed assets to capital employed shows enormous fluctuations during the decade it was62.74% in 2001& fall down to 33.31% in 2010. This is entirely half of the ratio as in the beginning. It rise in thefirst five years but from the next year onwards it start declin ing, which is not apposite situation for thebusiness. Such situation may rise because of more investment in current assets. The coefficient of variable is39.01 and the coefficient of correlation is 0.918, so the company should try to maintain balance between itsinvestment and assets.

CONCLUSION:

The fixed assets performances of Oil Corporation of India are judged with the help of ratio analysis,standard deviation and correlation coefficient. The fixed assets turnover ratios of both the companies arerunning in the smoother direction representing an average throughout the period, in relation with funded debtIOCL represents average performance during the whole period but on the other hand BPCL shows very muchfluctuation and the ratio lies upto 0.53 at the end of the period as par the rapport with net worth is concernedIOCL remains average throughout the period, BPCL shows fluctuations, it shows rise in first half and revealeddeclining trend in the second half of the period, and the relationship with capital employed of IOCL showsaverage performance during the decade, but on the other hand BPCL shows very much vacillations, so BPCLneed to keep up equilibrium between its investment and assets.




TABLE NO.1

SELECTED RATIOS RELATING TO FIXED ASSETS ANALYSIS

INDIAN OIL CORPORATION LIMITED

YEAR SALESTO

FIXEDASSETS

RATIO

FIXEDASSETS

TO FUNDEDDEBTSRATIO

FIXEDASSETSTO NETWORTH

RATIO

RATIOOF

DEPRECIATIONTO SALES

FIXEDASSETS

TO CAPITALEMPLOYED

RATIO

2001 5.56 1.07 1.38 7.86 60.47

2002 4.80 1.26 1.56 9.50 70.10

2003 4.93 1.74 1.33 10.10 75.70

2004 4.97 2.24 1.18 10.50 77.70

2005 4.88 1.85 1.24 10.50 74.20

2006 5.75 1.31 1.18 9.34 62.30

2007 6.32 1.39 1.08 8.98 61.10

2008 6.45 1.18 1.02 8.87 54.80

2009 6.24 1.17 1.20 8.33 59.50

2010 4.64 1.41 1.24 10.45 63.70

Mean 5.45 1.46 1.24 9.44 65.96

Std. Dev. 0.69 0.37 0.15 0.94 7.86

Coefficient of

Std. Dev.

12.66 25.34 12.10 9.96 11.92

Coefficient ofCorrelation

0.925 0.923 0.971 0.965 0.977

Source : WWW.ICAEW .COM

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http://www.icaew/

http://www.icaew/




TABLE NO. 2SELECTED RATIOS RELATING TO FIXED ASSETS ANALYSIS

BHARAT PETROLEUM CORPORATION LIMITED

YEAR SALES

TOFIXEDASSETS

RATIO

FIXED

ASSETSTO FUNDEDDEBTSRATIO

FIXED

ASSETSTO NETWORTH

RATIO

RATIO

OFDEPRECIATIONTO SALES

FIXED

ASSETSTO CAPITALEMPLOYED

RATIO

2001 9.07 1.24 1.26 7.8 62.74

2002 7.55 1.46 1.40 9.75 71.42

2003 7.63 1.94 1.34 9.40 79.27

2004 7.26 2.77 1.27 9.45 87.30

2005 7.65 2.15 1.31 8.88 81.31

2006 11.41 0.89 0.82 8.88 42.75

2007 12.68 0.78 0.83 7.88 40.20

2008 12.76 0.63 0.82 7.88 35.70

2009 13.77 0.49 0.87 7.26 31.72

2010 11.20 0.53 0.89 8.93 33.31

Mean 10.09 1.29 1.08 8.61 56.57

Std.Dev. 2.54 0.78 0.25 0.84 22.07

Coefficient of

Std. Dev.

25.17 60.47 23.15 9.76 39.01

Coefficient ofCorrelation

0.910 0.893 0.929 0.978 0.918

Source : WWW.ICAEW .COM

REFERENCES:

• Gupta S.P., "Management Accounting", Sahitya Bhawan Publication, pp- 560. (2004)

• Hampton J. John, "Financial Decision Making", Prentice-Hall of India Pvt.Ltd. New Delhi.(1997).

• Jain P., "Financial Management", Pointer publishing Jaipur,1991

• Khan M.Y. & Jain P.K2., "Financial Management", Tata Mc Grew-Hill Publishing CompanyLimited New Delhi., (2007).

• Kothari C.R., "Research Methodology", New Age International (P) Ltd. Publisher, (2008).

• Rajeswari N., "Liquidity management of TamilNadu Cement Corporation Ltd Alangulam-acase study, The management accountant, May (2000).

• Reddy G. Sudarsana, Dr. Reddy S Raghunatha, Dr. Reddy P. Mohan, "Financing Pattern andUtilisation of Fixed Assets in Large Scale Paper Industry In Andhra Pradesh- A Study", the

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http://www.icaew/

http://www.icaew/




thinking and knowledge, should be great teachers of their subject and would thereby naturally impart educationof a higher quality to their students. Sadly, this is rarely true in India because the type of "research" typicallyundertaken is hardly "landmark" in nature and only rarely is accepted for publication in the top internationalpeer-reviewed journals. Also the definition of "research" seems to be synonymous with "publication" whichleads to all sorts of inimical behaviour aimed at ensuring acceptance by journals with a high "impact" factor,and then managing the "citation" process thereafter, rather than the subject and quality of the research itself.

Also, great researchers do not necessarily make great teachers, and often there is an inverse correlationbetween the two! From a student's perspective, it is the delivery of the teaching which is critical and it is hardto see how a "research-oriented" faculty contributes to this in the short span of 2 years the students spend inthe institution.

Of course, any good teacher does constant "research" to update one's course material so that itremains contemporary and in touch with prevailing industry realities. But this type of effort does not fall withinthe traditional definition of research, although it contributes the most to the teaching effort and to the deliveryof a contemporary education. Perhaps such course-related research should be documented by faculty membersin terms of literature surveys undertaken, seminars attended and course outlines modified, so that it qualifiesas part of the legitimate research required to be undertaken each year.

Also, if a B-school feels that research is an important ingredient in its "mix", it can and should create2 cadres of faculty - a Teaching cadre and a Research cadre. The former would have the primary task ofdelivering the courses on offer to the students and undertaking the associated "research" to keep their coursescontemporary and updated - in fact, in some sense, they would be customers of the "basic" research conductedby others. The latter would focus primarily on high quality, path-breaking research in their chosen areas;teaching would be optional, not mandatory. With such a clear demarcation, faculty would be recruited basedon their strengths in Teaching or Research and their workload would be defined, and performance appraised,accordingly.

This type of demarcation would also help attract industry practitioners to the teaching profession. At aB-school, more so than in any other academic institution, practitioner-faculty are vital for imparting educationgrounded in the reality of business. Student feedback on courses run by practitioners is almost always posit ive,since the emphasis is less on theory and more on practice, less on concepts and more on skills.

I am not implying that practitioners naturally make good teachers. Merely having industry experiencedoes not mean that one has the capability to impart that knowledge to the students. Frequently,practitionersneed to go through faculty development courses, case study workshops, etc. so that they can master thepedagogy required to run courses in a B-school. Also, verbal communication skills, personality traits and aninnate ability to engage students, are critical faculty requirements to ensure an effective learning outcome;and these skills are distributed evenly among practitioners and academicians alike.

What creates hurdles for the entry of practitioners into B-schools is the expectation of performance inareas where they have had no prior experience or training (research, publications, etc.), and the mandatoryrequirement for a Ph.D. before they can be appointed as a Professor. Recruiting criteria for faculty as prescribedby the University Grants Commission (UGC) & the All India Council for Technical Education (AICTE), whichare the regulating authorities for B-schools in India, appear to be actively designed to discourage the entry ofpractitioners into B-schools.

I am not going to argue about the merits or demerits of a Ph.D. degree and how it contributes to

48




Biographical Sketch:

Prof. Tarun Pasricha is an alumni of IIM-Bangalore (PGP 1977-79) and an Economics (Hons.) graduatefrom St. Stephen's College, Delhi. He has over25 years of corporate experienceat senior levels, primarily inthe FMCG industry in India& abroad. Since 201 1, he has been a full time faculty in the Marketing Area at theGoa Institute of Management where he offers the following courses: Marketing Execution, Markstrat &Leadership SQ-The Vedic Way.See full profile at: http://www.gim.ac.in/gim_faculty_profile.php?facid=135

49

enhancing the teaching ability of faculty in a B-school. Suffice it is to say that it is a qualification more suitablefor a career in research , as opposed to teaching. I absolutely do not denigrate or belittlegenuine scholars whohave undertaken seminal theses in many fields, and I have immense respect for their achievements, but it isalso true that, in many cases, the quality of doctoral dissertations in India and the dubious reputation ofuniversities which have granted them, cast doubt on the credibility of this qualification itself.

UGC/AICTE need to recognize the difference between the requirements of teaching & research andprescribe norms for each of the cadres separately. Current Student: Teacher ratios should apply to teachingfaculty only, and it should be left to academic institutions to employ as many research faculty as they deem fit.UGC / AICTE also need to revert to earlier recruiting norms which accepted industry work experience atvarious levels in lieu of a Ph.D. For example, to qualify for an Associate Professor without a Ph.D., at least 10years of relevant industry work experience at senior levels could be prescribed; similarly, for Professors andSenior Professors, the norms could be higher requiring perhaps 15 and 20 years of experience respectively.

I do not want to give the impression that research has no value or should not be undertaken by anacademic institution. In many countries, B-schools are generously funded through endowments and tuitionfees are not the only source of revenue. This is true for some of the leading B-schools in India too. In such ascenario, the institution could legitimately accord equal importance to both teaching and research, and acquireand employ resources accordingly. In fact the reputation of many a leading B-school has been built through itsresearch output, both in terms of volume and quality. By making path-breaking contributions to managementknowledge and thinking, such B-schools have attracted top students to their hallowed portals.

I do want to argue however that teaching as a function should not be relegated to second place. Theprime expectation of a student joining a B-school is to acquire the necessary knowledge and skills whichwould enhance one's employment/career prospects, and a high standard of teaching is vital in this pursuit.

I am also advancing an opinion that it is rare to find a good teacher who is also a good researcher. Itappears to me that the attitude and orientation required for these two pursuits are quite different and attemptsto force faculty members to undertake both these activities will result in a disservice to at least one of them.

And finally, I am in favour of a larger number of practitioners as teaching faculty in B-schools andrecommend removing the various hindrances placed in their path, so that the prime objective of a B-school -imparting a business-oriented education to its students - is achieved.

I am conscious that some of the comments I have made in this article may be dismissed as naiveopinions of an academic "outsider". My motive, however, is merely to attempt to define (or promote a debateon) faculty roles in the context of a special type of academic institution, namely a B-school. I also wish toadvance a point of view on the utility of practitioners as teaching faculty in B-schools and suggest ways inwhich their involvement can be encouraged. Finally, I wish to state that is my deep and abiding respect for theacademic profession which motivated me to take up a full time teaching assignment, which I view less as anoccupation and more as a vocation, less as a career and more as a calling.

http://www.gim.ac.in/gim_faculty_profile.php?facid=135

http://www.gim.ac.in/gim_faculty_profile.php?facid=135




BUSINESS ETHICS IN TODAYS COMPETITIVE ENVIRONMEMT

BYAmit Agrawal

Research ScholarBarkatullah University, Bhopal

Dr. Dharmesh JainReader , MBA Department

SATI , Vidisha (M.P.)

ABSTRACT-

An Ethical Issue is problem, situation or opportunity that requires a person to choose from amongseveral actions that may be evaluate as right or wrong, ethical or unethical. In business, such a choicegenerally involves comparing monetary profit against what may be appropriate conduct. It also keeporganizations in ethical dilemmas because of alternatives constitute 'right action" by applying different yardsticks

/ viewpoints. It means where the decision - maker has to choose between not only right and wrong but alsoright and right as well. Ethics relates to what is good or bad, and having to do with oral duty and obligation.Businesses must develop a social contract in order to create longevity in the marketplace; those companiesthat do not have a system to use power wisely often lose it at some point in time. Profit maximization, marketleverage and global competitiveness must take an equal precedence with ethical behavior and corporate

governance. Corporate stakeholder responsibility is the obligation of decision makers to protect and improvethe welfare of societal stakeholders along with the interests of the company.

KEYWORDS- : Ethical, organizations, duty, Development.

INTRODUCTION-

Henry ford said that "A business that makes nothing but money is poor kind of business". Are thecompanies/organizations, following business ethics is questionable in present competitive scenario. Ethicsshould be followed by the industries, but it is not a choice between profits and ethics, but profits in an ethicalmanner. Just to protect a company's brand and reputation," closely followed by the desire to "do the rightthing," Ethics in business refers to the application of day-today moral or ethical norms to business. BusinessEthics are the principles and standards that determine acceptable conduct in business organizations thatinvolves corporate culture of values, programs, enforcement and leadership. Ethics relates to what is good orbad, and having to do with oral duty and obligation. Ethics has a much wider scope, and includes evaluationof moral standards of an individual or society, to see whether these standards are reasonable or unreasonablein concrete situations and issues.

OBJECTIVES-

Today it is the time of high competition, and increasing day by day. If a company cannot cop-up withsuch situation, it will be out of market. So where are the ethical issues? There are various things needs tomanage for following business ethics, such as ethics towards environment, employees, legal bindings,workplace, marketing, financial and consumers etc. Sometimes following business ethics cannot satisfyevery person/community/rules/principles. Industries are compromising in some manners

METHODOLOGY-

Designing a model to evolve Indian competitiveness requires a delicate acknowledgement of thecurrent business environment along with a positive approach to future development. Businesses must connectthe fibers between profit maximization, stakeholder optimization and locally ethical competitiveness in orderto create sustainable growth. Companies must analyze stakeholder priorities to develop a strategy forstrengthening competitiveness. Understanding the potential of an organization starts with creatinginterdependency on economic environmental and societal levels.

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RESULTS AND DISCUSSION-

Ethical behavior enhances the image of an organization. Written standards of conduct, training, methodsof reporting and disciplinary repercussions lead to long-term and sustainable business practices. Creating acode that defines proper decision making will give all stakeholders a model that is, at best, a path for successand competitiveness, while also shifting power dynamics within an organization. While competitiveness isthe responsibility of all stakeholders, ethical behavior starts at the top because enforcement begins and endsthere

Developing countries face different type pressures than the developed. Many emerging markets are just economical growth centers with a large population. Secondly, due to economic and political reformsmany of these markets are generally undergoing. Growing economies, emerging markets not only contributeto the world economy but are also raising participants in the world's political and social affairs. Withoutchange at the organizational level, the global competitiveness of India will not be able to sustain continuedgrowth.

This ethical infrastructure perpetuates not only divides the rich and poor, but also creates companiesthat are not equipped to expand and compete within the global marketplace. Many Indian companies faceenormous pressure to grow in the challenging global economy. In such an environment, Indian enterprisesthat want to make their position in international arena need to have solid ethical governance policies andprocedures .since global customers and partners understand the implications of associating with companiesthat lack functioning systems designed to protect and promote stakeholder interests. Companies that do notseek to maximize the stakeholder value chain, from populous masses to shareholders and leadership willfind a lack of competitiveness in the between the emerging and developed world. Strategic ethical optimizationis the most sustainable competi tive driver an organization can add to its arsenal. Creating an ethical frameworkfor Indian businesses to maximize competitive strength in the multinational marketplace establishes thefoundation for the private sector to improve the lives of a growing population by closing the economic divide.

Globalizing Indian companies have two options. One is to remain local and reactive, waiting for thetightening of regulations and societal norms, thereby remaining uncompetitive and contributing nil to the

people's quality of life. On the contrary, companies can proactively champion an advanced era of businessethics by creating a localized standard worthy of carrying across borders.

As a nation, India is rapidly growing. Private sector enterprises have successfully identified opportunitieson the local and global marketplace. Over the past five years healthcare has seen 20 percent growth a year,due mostly to India's growing population, but also the advancing quality of life that distills from per capitaincome increases. Over the past 15 years, Indian companies have established hubs of global services ininformation technology; this sector contributed 90 percent to Indian GDP growth in 2009. TATA recently beganselling a four-passenger car for the equivalent of US$ 2,050, making an economically viable vehicle forIndia's growing middle class.

India, more so than any other emerging nation, strongly exhibits all of these characteristics. GDP

growth in India has averaged 6.1 percent over the last decade and 9.4 percent between 2006 and 2007. Thereal GDP growth averaged 8.6 percent since 2003 and is expected to grow by an average of 9 percent a yearthrough 2012.1 The sun certainly shines upon India, but the path to long-term success lacks definition. India'scompetitiveness as measured by the World Economic Forum ranked 48th in 2008 and slipped to 51st in2010.2 Though a broad-spectrum measurement, the indication speaks volumes. It is through thecompetitiveness of a nation that businesses add value to economies, changing income levels and the qualityof life for its people. Creating a competitive business environment is key to meeting the unmet needs ofIndia's people by strengthening companies, enabling the middle class to expand. As in other emerging markets,India's public sector size in comparison to the growing population has created a gap that cannot possibly




53

CONCLUSION-

In a nutshell Recreating corporate Personality with a responsible framework allows Indian businessesto maximize competitive strength in the multinational marketplace. ethics can be taken as corporate socialresponsibility. It is commitment by business to behave ethically and contribute to economic developmentwhile improving the quality of the life of the workforce and their families as wel l as of the local community andsociety at large.

REFERENCES-

• http:// aircindia.net.dmta.biz

• www.academia.edu

• http://www.siemens.co.in

• Indian Ethics: Classical Traditions and Contemporary Challenges, Volume 1 edited byPurusottama Bilimoria, Joseph Prabhu, Renuka M. Sharma

http://www.academia.edu/

http://www.siemens.co.in/

http://www.siemens.co.in/

http://www.academia.edu/




CSR: CREATING NEW RESOURCES FOR BUSINESS ?

BY

Dr. Ranchay BhatejaAssoc.. Prof,Department of Management Studies, KIET, Ghaziabad- 201206, UP,

E mail- [email protected]

Dr. Deepa,ChaudharyAsst. Prof,Department of Management Studies, KIET, Ghaziabad- 201206, UP,


Mr. Ajay ChaudharyAsst. Prof,Department of Computer Applications, Dr KN MIET., Modinagar,


ABSTRACT

In this competitive world, where resources are scarce and pressure immense on organizations todeliver value to their stakeholders, corporate globally are increasingly adopting Corporate Social Responsibility(CSR) to deliver multiple payoffs to the organizations. CSR is the new measure of corporate culture, thebinding component between different departments, and a key determinant of a company's innovation policy.It is an actively managed, an integral part of company strategy, and a hard factor for company success. Itimpacts the nature of competition, foster the development of sustainability related innovations, and facilitatethe emergence of new, more successful, business models. As companies are forced to become more sociallyand environmentally responsible CSR will move into boardrooms and tighten its influence on decision-makingprocesses. For the future world of business, CSR is clearly not a short-term phenomenon , but a trend drivennecessity. This paper examines how social responsibility is an important concern of corporations and community

a like.

KEYWORDS: Business models, CSR, Company's innovation, Sustainability.

INTRODUCTION

"Corporate Social Responsibility is about meeting more demanding social and environmentalexpectations while improving business performance."

The catch word of the world economy is Globalization. Countries like India, which have huge population,high unemployment and generally people are poor is unable to fulfill the expected demand of the diversefraternity within and outside the parameters of the country. Structural reform and economic liberalization were

intended to promote integration of the Indian economy with the global economy. Globalization has brought achallenge as well as an opportunity before the Indian Companies. Indian Companies are now facing competitionfrom multinational corporations. This is a challenge. But there is an opportunity. Globalization does not simplymean allowing foreign capital and foreign technology in India. It also means creating Indian companies on aglobal scale, in terms of both investment and trade. India does not have a fair share of the world's reserves insome natural resources. We have cheap labour. Now we have access to international capital market. Thismay give the country a competitive advantage in international trade. Thus it is seen that industries have easyaccessibility to the Capital market. This has placed a whole new set of capabilities in the hands of consumersand businesses. Today consumers have:

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CSR PROCESS

4

STAGES OF CSR IN BUSINESS

STAGE 1 Introduction Introducing and understanding CSR concepts and how they may interactwith company values and business objectives/ goals.

STAGE 2 Exploration Understanding CSR implications in the business.

STAGE 3 Development Planning and creating a CSR strategy

STAGE 4 Implementation Putting CSR into practices

STAGE 5 Evaluation Measuring and monitoring performance looking for continuous progress.

MODELS OF CSR IN BUSINESS

Four Models of CSR can be identified in India:

• Voluntary commitment to public welfare based on ethical awareness of broad social needs: The GandhianModel.

• State driven policies including state ownership and extensive corporate regulation and administration: TheNehru Model.

• Corporate responsibility primarily focused on owner objectives: Milton Friedman Model

• Stakeholder responsiveness which recognizes direct and indirect stakeholder interests: The Freeman model.

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1. Desk and web based research:

• An initial search was conducted within the public domain to review the CSR reported practice of large Indiancorporations, which are acknowledged to be at the forefront of the engine of economic growth in India. Thiswas established through selecting leading growth sectors and reviewing the leading company in each sector.

• To augment this, a detailed search was conducted in business journals, market research sites, businessnewspapers, and publications to study their CSR activities, CSR strategy and identify metrics used by them(if any).

• This was followed by comparing these leading companies across sectors with the selected benchmark ofthe Tata group of companies (Indian Leadership Company) and with BP (in the International arena).

2. Questionnaires with students:

• A structured questionnaire was prepared and distributed to four leading graduate and post graduate institutionsin India.

• The data from completed questionnaires was entered into a spreadsheet for analysis as to what leadingpotential employees were looking for from companies in their job and career selection and if CSR wouldinfluence their choice.

RESULTS & DISCUSSIONS:

• CORPORATE REPORTING - DESK AND WEB BASED REVIEW

In summary the review highlighted the following:

Evaluation of CSR Themes of companies:

The 4 key themes for Indian CSR programs are related to Community, followed by education, environmentand Health.

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59

Setting Benchmarks

The group has been actively involved in facilitating the development of this concept in India by settingstandards and benchmarks. The group companies have shown the way by establishing a Tata Council forCommunity Initiatives to provide benchmarks for the enterprises of the group, which help to quantify theirefforts.

Financial Outlay

The group has played an active role in nation building and socio-economic development since theearly 1900s. A survey conducted by the website www.indianngos.com revealed that Tatas spent Rs. 1.5billion on community development and social services during the fiscal 2001-02 - the highest by any corporatehouse in India. Despite adverse economic conditions e.g. in the late 1990s, the financial commitment of thegroup towards social activities kept on increasing, from Rs 670 million in 1997-98 to Rs 1.36 billion in 1999¬2000.

Recognition

The dedicated CSR efforts by various Tata group companies have been globally recognized.Thedifferent group companies have received several awards for their fulfillment of social responsibility.

BP

As one of the leading energy providers in the world, BP believes in being pro-active to minimize theenvironmental impact of their quest for oil and gas. Predominantly guided by environmental and social concerns,BP's CSR initiatives have evolved over time - from taking on social responsibility for entire local communitiesin Iran to investing millions of dollars in renewable energy. BP's endeavors have always been more thanmere philanthropy.

Initiatives

BP gives prime importance to the safety of its employees and contractors along with the integrity andsecurity of the plants and equipment. A new organizational structure has been designed by the company todeliver better safety performance. BP has put Health, Safety and Environmental (HSE) management systemsand processes in place to ensure that there are no accidents, no harm to people and no damage to theenvironment.

BP takes active measures to develop community relations, entrepreneurship and educational facilities.It supports the Universal Declaration of Human Rights (UDHR) and follows the UDHR's statement that "everyorgan of society" shall strive to promote respect for the rights and freedom outlined. BP has framed its codeof conduct to protect and promote the human rights of its employees.

Financial Outlay

In 2005, BP community investment touched $95.5 million with nearly $50 million spent on

education.Since 2002, the budget for education investment has doubled and BP continues to invest around50% of its annual commitment on education. In 2004, BP made a commitment to spend around $500 milliontowards community investment in each five-year cycle.

http://www.indianngos.com/

http://www.indianngos.com/




QUESTIONNAIRE WITH STUDENTS

Summary of Student Questionnaire Results

A survey was conducted to seek the opinion of students on CSR to analyze if CSR could be a

Differentiating factor for any student to apply to a company or accept a job opportunity.

Q-1 What are your parameters of choosing companies?

Q-2: How would you define CSR?

Key themes emerging from definitions given:

• Improve company's image/ reputation

• Make shareholders happy• Score political points

• Payback to society

• Demonstrating concern for society and its upliftment

• Not causing harm social harm when deciding on new ventures and projects

• Welfare of the community and environment

• Being sensitive to the environment around

• Playing its part in society as part of a long term vision

• Improve the conditions of the country the company is working in

• All round economic development

• Moral responsibility

• Ensuring sustainability of future profits

• Social responsibility to be fulfilled in exchange for social resources it uses

• Silver lining for companies having an inherent desire to do something to contribute to society

• Helping the less fortunate part of society

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Q3: What do you think are the benefits (tangible and intangible) of doing CSR?

61

Enhance their goodwill and increase their market share

Responsibility to stakeholders

Mutual relationship - society and company benefit

Parameter for judging a company's performance and responsibilities

Helps increase awareness of social and economic problemsEmployee facilities and benefits, e.g. breaks

Improving education systems, lifestyle, poverty elevation

Using influence and resources to create awareness and participate in or initiate programmesfor social and environmental welfare

Gain feel good factor from people

Take into consideration ill effects of their actions on society at large

Not profit making - 'indulged in' to fulfil responsibilities which lie on the educated, capable,well-off section of society

Beyond legal obligation




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ON THE BASIS OF RESEARCH RESULTS:

BENEFITS OF CSR IN BUSINESS

Benefits of engaging in Corporate Social Responsibility are:

• Increased profit

• Access to capital• Reduced operating costs/increased operational efficiency

• Enhanced brand image and reputation

• Increased sales and customer loyalty

• Increased ability to attract and retain employees

• Reducing risk, and increased risk management

• 'Keeping up' with competitors and where the market is

CHALLENGES FOR CSR

CSR is picking up now as an area where companies are showing interest. However, it islimited to the big players; if the small players are doing it...there is not enough publicity.Unless more visibility is given to these programmes, it would be difficult to make it popularamongst corporates.

Social Consciousness is not priority for most corporate. To most organisations, it is a cosmetictool to ward off regulatory scrutiny. Organisations which believe in it however, will vouch thatit has stood them in good stead.

Organisations are getting competitive in whatever they do. Moreover, companies are beingclosely monitored under provisions like corporate governance and RTI Act which bind

organisations towards ethics and transparency. In such a scenario, future looks healthy andpeople in general can expect to derive benefits out of it.

CONCLUSION:

CSR clearly impacts our corporations, society, and educational organizations. It provides a powerfuldriver for sustainable productivity across national boundaries. the findings of the research studies included inthis report offer conclusive evidence that CSR needs to be placed at the heart of any business in order for itto deliver higher and sustained improvements in performance. In other words, the debate about CSR hasmoved from the anecdotal to the empirical.

Despite its complexities, the numerous sustainability initiatives point toward continued, positive impact. Infuture CSR will be act as the permanent fixture in the corporate landscape.

REFERENCES:

• Araujo, M. (2003) Creating business outcomes through Appreciative Inquiry and the unconditionalpositive question. Lisle, IL: Benedictine University, unpublished dissertation.

• Abreu, R. and F. David (2004) Corporate social responsibility: Exploration inside experience andpractice at the European level, 109-139, in D. Crowther and L. Rayman-Baccus, Eds. (2004),Perspectives on Corporate Social Responsibility, Burlington, VT: Ashgate.




• Bushe, G.R. (2005) When is appreciative inquiry transformational? Journal of Applied BehavioralScience, 41:2, 161-168.

• Calabrese, R.L. (2006) Building social capital through the use of an appreciative inquiry theoreticalperspective in a school and university partnership. International Journal of EducationalManagement, 20:3, 173-182.

• Carlisle, Y.M. and D.O. Faulkner (2004) Corporate social responsibility: A stages framework.European Business Journal, 16:4, 143-151.

• Carroll, A.B. (1983) Corporate social responsibility: Will industry respond to cutbacks in socialprogram funding? Vital Speeches of the Day, 49, 604-608.

• Carroll, A.B. (1999) Corporate social responsibility. Business and Society, September, 38(3):268-295.

• Carroll, A.B. (2004) Managing ethically with global stakeholders: A present and futurechallenge.Academy of Management Executives, May, 2004, 18:2, 114-120.

• Davis, K. (1983). 'An expanded view of the social responsibility of business'. In Beauchamp, T. L.

and Bowie, N. E. (Eds), Ethical Theory and Business, Englewood Cliffs, NJ: Prentice-Hall, 94-7

• McWilliams, A. and D. Siegel, (2001) Corporate social responsib ility: A theory of the firmperspective. Academy of Management Review, 26:1, 117-127.

• Perrini, F. (2006) The practitioner's perspective on non-financial reporting. California

• Robbins, N. (2000), Position Paper on Emerging Markets and Human Rights, Henderson GlobalInvestors

• Sunder, P. (2000) "Beyond Business: From Merchant Charity to Corporate Citizenship New Delhi:Tata Mcgraw Hills.

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CHOOSING THE RIGHT PEN: INCLINATION OFSTUDENTS DURING EXAMINATION

BYMR. AMIT TYAGI,

Associate Professor,Centre for Managementand Development, Modinagar. U.P.INDIA

Contact No. 09897814900Email: [email protected]

MS. MANI TYAGI,Associate Professor,

Krishna Institute of Engineeringand Technology, Ghaziabad. U.P INDIA

Contact No. 08171540944Email: [email protected]

ABSTRACT

Students pursue different professional courses from various institutes. Their performance is judgedfrom the answer sheets they write in the exams. For this purpose, the students use pens, which are availablein a wide variety in the markets. This paper seeks to explore the various aspects of pen that are taken intoconsideration by the students, while selecting a pen for the exams.

INTRODUCTION

The most important tool you have while writing your college/university exams is your pen. The marketfor pens in India is very vast and varied. Different categories of pens are available in the market. Theseinclude the ball pens, gel pens, pilot pens, ink pens, use and throw pens etc. A few important pen manufacturersinclude the Reynolds, linc, Cello, Montex and various other companies. In addition, these manufacturersproduce different brands of pen, keeping into consideration, the different needs of students. Price differentiationis also witnessed, in the pens, which are available from Rs.5 to Rs.100 or more. The main aim of this researchwork is to find out as to what are those aspects of pen, which are considered by the students, while selectinga pen for writing the exams. In this study, a sample of 100 students is used to analyze the student's attitudestowards the selection of pens.

OBJECTIVES OF THE STUDY

• To understand the student's relevance for pens, in achieving success in the exams.

• To determine the topmost consideration in the students mind, while selecting a pen for exams.

• To determine students choice of a particular brand of pen.• To understand the level of brand loyalty in students, towards a particular choice of pen.

• To determine the most essential feature of pen, that is expected by the students.

METHODOLOGY

Research Design: Descriptive and Exploratory

Sampling Method: Convenience Sampling

Sample Size: 100 students (Post Graduation students MBA/MCA)

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DATA COLLECTION

Primary Data:

Secondary Data:

Through Questionnaire consisting of 10 questions

Books and various Internet sites

RESULT DISCUSSIONS AND FINDINGS:

From the data collected from students through questionnaire, the following results were found out:

TABLE-1

1. The importance of pen in performing well in the exams:

Strongly Agree Agree Neutral Disagree Strongly Disagree

15% 75% 0 10 % 0

15% of the students strongly agreed that choice of pen is important in the exams.75% of the respondentsagreed that choice of pen plays an important role in performing well in the exams. Only 10% of the studentsdisagreed that choice of pen plays an important role in performing well in the exams. Thus, a majority of thestudents agree that choice of pen plays an important role, in performing well in the exams.

TABLE-2

2. Most important factor while selecting a pen for writing exams

Low price Easy availabi lity of refills Design and colour Speed Others

0 10% 0 70% 20%

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Low price Easy Design and Speed Others

availability colour

of refills

70% of the students considered speed as the most important factor in choosing a pen for the exams.20% of the students considered others factors while choosing a pen for exams. 10% of the students focus onthe availability of refills as an important basis while selecting a pen. Thus speed seems to be the mostimportant factor in the minds of the majority of students.

TABLE-3

3. Type of pen used by the students in examinations.

Gel pens Ball Pens Pilot Pen Use and throw pens

25% 50% 10% 15%

%age

Gel pens Ball Pens Pilo t Pen Use and

throw pens

25% of the students prefer the gel pens in the exams and 50% of the students prefer the ball pens inthe exams. Pilot pens and the use & throw pens have 10% and 15% preference respectively. Thus the ballpens seem to be the favorite choice of a majority of students in exams.

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Vol-I , Issue-II , Apri l - Sep. 2013 ISSN : 2319-5444

TABLE-4

4. Suitability for type of pens

Pen with cap Retractable pen

90% 10%

%age

• %age

Pen wi th cap Retracta ble pen

90% of the respondents prefer pen with caps in the exams. Only 10% of the respondents preferretractable pens in the exams. Thus pen with cap seem to be the favorite choice of the majority of students inthe exams.

TABLE-5

5. Student's preference for company's pen

Reynolds Cello Montex Linc Others

20% 50% 5% 15% 10%

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20% of the respondents prefer the Reynolds pen in the exams.50% of the respondents prefer thecello pens in the exams. 15% of the respondents prefer the linc pens in the exams. Only 15% of the studentsuse Montex and other pens during their examination. Thus, cello pens are the ones that are preferred by mostof the students.

TABLE-6

6. Brand Loyalty towards a Pen

Hard core loyal Soft core loyal Switchers

20% 55% 25%

20% of the respondents said they were hard core loyal towards a pen. 55% of the respondents saidthey were soft core loyal towards a pen and 25% of the respondents said they were switchers. Thus, amajority of students seem to fall in the soft core category as regards to pens.

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TABLE-7

7. Most important features sought in a pen

Transparent body Rubber grip Relative thinness Retractibility

35% 55% 5% 5%

55% of the respondents rated rubber grip as the most essential feature in a pen.35% of the respondentsrated transparent body, as the most essential feature in a pen.10% of the respondents rated retractibility asthe most important feature and according to remaining 10% of the respondents, relative thinness of a penwas most important. So the rubber grip seems to be most important feature in the minds of a majority ofstudents.

8.

TABLE-8

No. of differently colored pens used in the exams

One color only Two colors More than two colors

10% 75% 15%

70




%age

One color only Twocolo rs Moro than two

colors

75% of the respondents said they use two differently colored pens in the exams.15% of the respondentsuse more than two differently colored pens in the exams.10% of the respondents use only pen of one color inthe exams. So, a majority of students, use pens of two different colors, in the exams.

CONCLUSION:

Almost all the students (95%) agreed that choice of pen plays an important role, in performing well in theexams. The other important findings can be summarized as follows:

1. Topmost consideration, while choosing a pen for exams is Speed

2. Category of pens used to write the exams by most students is Ball pens

3. Type of pen used by most students in the exams is Pen with cap

4. Company's pen preferred by most students is Cello

5. Level of loyalty shown by most students, towards pen is Soft core loyal

6. Most essential feature, sought by students in a pen is Rubber grip

7. Two colors pen are generally used by most students for writing their examination.

REFERENCES:

• Kothari C.R. "Research Methodology: Methods and Techniques", New Age Publications(Academic), India Page no. (115-127)

• www.wikipedia.com

• www.google.com

• www.crazyengineers.com/threads/which-pen-to-use-in-exams-reviews-recommendations.37574/

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http://www.google.com/

http://www.crazyengineers.com/threads/which-pen-to-use-in-exams-reviews-

http://www.crazyengineers.com/threads/which-pen-to-use-in-exams-reviews-

http://www.google.com/




Vol-I, Issue-II, Apri l- Sep . 2013 ISSN : 2319-5444

Strongly Agree Agree Neutral Disagree Strongly Disagree

3. Which is the most important factor while selecting a pen for writing exams?

Low price Easy availabil ity of refills Design and colour Speed Others

4. Which type of pen you use for writing examination?

Gel pens Ball Pens Pilot Pen Use and throw pens

5. Which are the most important features you sought in a pen?

Transparent body Rubber grip Relative thinness Retractibility

6. Do you use different colour pen in exams?

One color only Two colors More than two colors

7. Which type of pen is most suitable and comfortable?

Pen with cap Retractable pen

8. Which pen do you prefer for writing examination?

Reynolds Cello Montex Linc Others

9. How do you rate your brand loyalty towards pen?

Hard core loyal Soft core loyal Switchers

10. Remarks

QUESTION NAIRE

1. Name

College

Course

Semester

2. Pen plays an important role in performance in University/ College Examination.

11.

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E- COMMERCE

BYNaresh Kanwar

[email protected]. 7354622462

ABSTRACT

E commerce or the electronic commerce comes in many flavours it is all together a unique anddifferent world where buyers and sellers come in contact with each other through electronic media i.e. throughinternet ,internet is that one word that connects with the entire world in just one click. The area and scope ofecommerce is very wide as compared to traditional world as it can process the data more quickly and moreefficiently. Now a day's almost all products are served through internet whether it is goods, furniture, musicetc.this helps in B2B and also give a wide range to marketing of products because when products are availableon global base no boundaries are decided, anyone can view and purchase the product.

INTRODUCTION

Electronic commerce is a type of industry where buying and selling of products and services isconducted over electronic system such as the internet or the other computer works .Electronic commercedraws on technologies such as mobile commerce, electronic funds transfer, supply chain management,internet marketing, online transactions, processing, electronic data interchange, inventory management systemand automated data collection system. This study aims to show the importance of e commerce in variousfields and how it has changed the lifestyle of people.

RESEARCH METHODOLOGY

The study is based on a survey and is carried out in a random sample survey, the study was carriedout with the help of a questionnaire which was distributed among local residents to know whether they like ecommerce or not.

TYPES OF E COMMERCE

• Business to commerce(B2C)

Business to consumers establishes the relationship between customer and business andprovide solution to make customer shopping experience safe secure and hassle free, by adopting this technique, business attain huge revenue , the business come with amazing feature called 'live chat option' with thisfeature consumers can speak directly to store owners to satisfy their query and to negotiate at some level ,this in return enhances the trust and confidence of consumers, which in result add to the brand loyalty .Business to consumers has provide benefit to consumer and to business owners, such benefits were notpresent in the absence of e commerce.

• Business to Business (B2B)It describes commerce transactions between businesses such as between a manufacturer

and wholesaler or between a wholesaler and a retailer. Such transactions are useful for both the businessesas they can buy and sell their product without wasting time and money, everything is possible with the help ofa click, the buyers and sellers are both benefited in terms of pricing quality, delivery of goods and availability.

• Consumer to consumer(C2C)

Electronic commerce involves the electronically facilitated transaction between consumers






through some third party A common example is online auction in which a consumer posts an item for saleand other consumer bid to purchase It .There are many sites now a day's available where consumers can putan advertisement of their product and or service Directly on the internet sites to view and buy by otherconsumers this concept is growing rapidly in India now a day.

• Consumer to Business (C2B)

Consumer to business is a business model where consumes create value and businessconsume value in other words A consumer makes a product or service than an organisation uses to competea business process or gain competitive advantage, it could be an idea for the growth of the business .Thecredit for the growth of this sector goes to Websites, blogs, videos and social networks. The model is againuseful for consumers and business as it save time And develop trust among each other.

• Business to employee (B2E)

There services are offered through intranet application to share information to the employeesof an organisation. This is a safer way of communication within the organisation.

• Business to government (B2G)

Government operates under own set of rules that may have to adhered by other businesses.

BENEFITS OF E COMMERCE

• Generates new business.

E commerce helps in generating new business because the area is now more wider, with thehelp of internet One can start his/ her business without any proper infrastructure and at the same time canreach a wider Audience. Small businesses can be started globally with a small budget on advertising andmarketing.

• Better knowledge of the product.

Present era is the era of awareness today's consumer is very much aware so before buyingany product or service consumers do a little research , they compare the price, quality, warranty, etc, these allare possible with the help of Internet as this is the tools where they can get a comparative study of theproduct, thus ecommerce provide better knowledge of the product.

• Improves transactions

E commerce is accompanied with high speed this results in faster transactions, transactionscan take place at anyPoint of time and at any place this give advantage to consumers as well as to retailersand wholesalers.

• High speed and quality.

E commerce is based on high speed technology, greater the speed more efficient the ecommerce, now a days Even the most successful and renowned companies believe that the key to successin not only the price factor or the Location of the store in the market to survive in the market quality is also veryimportant, the quality with which Goods and services are delivered for example if a person orders certainproduct through e commerce in some Areas of the city and if he receives the high quality product that is at thetime of delivery of the product,Product is in good position and on time, this will in result enhances the confidenceand loyalty of customer Towards the brand.

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A random small scale sample survey was conducted with 30 people, to know the use of e commerce in theirvarious

Activities .the result shows that 80% people believes that e commerce is useful and it has an impact in theirlives.

This is shown with the help of a pie

survey

LIMITATIONS OF THE STUDY

E commerce is a very vast subject it covers many areas and aspect, but in this paper we have only coveredtypes of

E commerce and its benefits.

CONCLUSION

To conclude we can say that e commerce is a vast ocean of marketing, as different rivers comes fromdifferent parts and Join the ocean in the same way different aspects and areas join the vast ocean of ecommerce marketing which is open 24*7 so that buyers can buy the product at any point of time, without anydelay and sellers makes the transaction without Any delay. The main factor supporting e commerce isundoubtedly the turnout of huge revenue, time plays a important role In the life of business, custom andcompetitors. E commerce eliminates the geographical barriers, now it is possible to Buy and sell the productno matter in which corner of the world you stay and work.To be in the race of competition And to survive in thehighly competitive market it is must that one should be part of the race.

REFERENCES:

WEBSITES:

• en:Wikipedia.org

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• iimihubpages.com

• www.webdesignvinsigh.com

• www.ganga.iiml.ac.in

• www.ecommercedevelopmentsolution.blogspot.in

• www.technopedia.com • www.ecommercetimes.com

http://iimihubpages.com/

http://www.webdesignvinsigh.com/

http://www.ganga.iiml.ac.in/

http://www.ecommercedevelopmentsolution.blogspot.in/

http://www.technopedia.com/

http://www.ecommercetimes.com/

http://www.ecommercetimes.com/

http://www.technopedia.com/

http://www.ecommercedevelopmentsolution.blogspot.in/

http://www.ganga.iiml.ac.in/

http://www.webdesignvinsigh.com/

http://iimihubpages.com/




AWARENESS LEVEL AND INVESTMENT PATTERN OF COMMODITYMARKET IN LUDHIANA CITY

BYPraveen Kaur

Assistant Professor, PCTE, Baddowal, [email protected]

ABSTRACT

This paper is pertaining to the field of Commodity market which is the place where raw and Primarycommodities are exchanged. This paper analyse the awareness level and investment pattern of commoditymarket in Ludhiana city. One of the interesting developments in financial market over the last 15 to 20 yearshas been the growing popularity of commodities. Study was performed on commodity traders and otherinvestors. Different types of commodities are existing in market and being used by traders as per theirawareness and the risk involved. I have analyzed the awareness level and investment pattern of commoditytraders and other investors through present scenario of commodity market in India.

INTRODUCTION

Commodities are pervasive throughout the world economy. On a global basis, commodities markets aremassive and trade in trillions of dollars on a daily basis. There is also much diversity.For example, investorscan invest in the following categories:

Agriculture: Includes corn, wheat, soybeans, cotton etc

Livestock: Includes live cattle, feeder cattle, pork bellies and lean hogs.

Precious metals: Includes gold, silver, and platinum.

Industrial metals: Includes copper, palladium etc.

Energy: Includes crude oil, unleaded gasoline etc.Commodity markets are markets where raw or primary products are exchanged. These raw commodities aretraded on regulated commodities exchanges, in which they are bought and sold in standardized contracts.

WHY COMMODITIES MARKET?

India has very large agriculture production in number of agri-commodities, which needs use of futures andderivatives as price-risk management system.

Fundamentally price you pay for goods and services depend greatly on how well business handle risk. Byusing effectively futures and derivatives, businesses can minimize risks, thus lowering cost of doing business.

WHY TRADE IN COMMODITIES?

1. Big market-diverse opportunities

2. Get to the sore

3. Huge potential

4. Exploitable fundamental

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83% of respondents have not invested in commodities ever.

If YES, Which exchange you prefer to deal with?

Fig 5: Chart showing the preferred commodity exchange

Analysis -As above table shows that 57% of respondents preferred to trade through MCX and only 43% of

respondents choose NCDEX as preferred exchange to trade.

(4)Which of the following product prefer by you for your investment?

Fig 6: Chart showing the preference regarding commodities

Interpretation- As we see that most of respondent gives first priority to Bullions and second priority to metals.Because one can expect maximum returns from such investment due to rapidly increasing prices of bullion inmarket. And after that they give priority to crops and Oil. But also some of people give his preference to otherproduct.

(5) What is your perception about commodity market?

Very Risky Risky Less Risky Total

11 5 0 16

Table 1: Table showing the perception of investor in commodities

Analysis -From the above mentioned table we can say that 68% investors think that investing in commoditymarket is very risky and 32% thinks that it is a risky market.

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(6) Which factor is considered while making investment decision?

Factors considered while decision makingspeculative

good return47%

liquidity32%

Fig 7: Chart showing the factors responsible for deciding the commodity

Analysis- From the above mentioned table we can say that 47% of the respondents consider good return asprominent factor to invest in commodities while making investment, 32% consider liquidity and remaining2 1 % consider speculative motive. (7) What about the outcomes of the investment?

PROFIT LOSS TOTAL

7 12 19

Table 2: Table showing the profit and loss level

Analysis -From the above mentioned table we can say that the investors who have invested in commodities,out of them only 37% of the people have gained profits and 63% people have suffered losses.

If PROFIT, How much return you have actually generated out of your investment?

Fig 8: Chart showing the profit and loss level

Analysis -From above data, this represents that 50% investors have generated approximately more than15% from their investment plan and 39% have generated more than 20% and remaining have gained morethan 10% returns.

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If LOSS, then would you continue to invest in commodities?

YES NO TOTAL

4 15 19

Table 3: Table showing the profit and loss level if investor continue investing

Analysis- As above graph represents that 79% of respondents do not want to continue the investment incommodities after bearing losses. Only 21 % would like to invest in it again.

RESEARCH FINDINGS

(1) It has seen seen that the awareness of commodity trading is still not there.

(2) Most of the investors prefer least risky investment which gives higher returns. That is whymajority (65% of sample) of people interested in investments other than commodity market.

(3) Very less number of people (only 19%) showed their interest in investment in commodity

market. Main reason for this is lack of awareness and incomplete information about commoditymarket.

(4) Bullion is most preferred commodity for investment. Because one can expect maximum returnsfrom such investment due to rapidly increasing prices of bullion in market.

(5) More than half of the investors have suffered losses resulting in negative feedback about thecommodities in the minds of other investors. Main reason for this is lack of awareness andcomplete information about commodity market.

(6) People who are interested in commodity investment showed more concern towards NCDEX.

(7) People like to invest in bank, insurance and real assets.

(8) The investors preferred to trade across MCX exchange.

CONCLUSION

People of India have the habit of saving lot of amount in different investment instruments. But thelevel of commodity investment is far lesser than the other modes of investments. As majority of Indian investorsare not aware of organized commodity market; their perception about is of risky to very risky investment.Many of them have wrong impression about commodity market in their minds. It makes them specioustowards commodity market. Concerned authorities have to take initiative to make commodity trading processeasy and simple. Along with Government efforts we should come forward to educate the people aboutcommodity markets and to encourage them to invest in to it. There is no doubt that in near future commoditymarket will become Hot spot for India. But for this to happen one has to take initiative to standardize andpopularize the Commodity Market. The sources of information for generating awareness about commodityinvestment such as newspapers, magazines and other websites, should be promoted.

REFERENCES

• Ahujanarender. (vol-1,issue 2,30th october 2006,). commodity derivatives market in india. internationalresearch journal of finaance and economics , 152-156.

• Bosesushismita. (vol-1 ,issue1,23rd may 2008). commodity futures market in india,A study of trendsin notional multi-commodity indices. I C R A bulletin money and finance , 125-158.

• Chaarlas.j. (vol-1,issue 9,1st april 2012,). an assesment of safety in investing commodity commodity

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derivatives of base medals treded in MCX. arabian journal of business and management review , 1¬11.

• Commodity trading can be prefitable in these conditions. (2009, april 5th). economics times .

• Economics Times. (20th june 2012).Almond futures extend gains, up 2.88 pc on strong demand,4.

• Journals Agnihotrianyarg, s. (june 2011). study of convergenceof spot and future prices in commoditymarket. international journal of multidisciplinary research , pg (101-113).

• Kumarbrajesh, p. (vol-25,issue 1,1st april 2011). price discovery in emerging commodity market:spotand future rrelationship in indian commodity market. Bozazici journal , 79-121.

• Sheebakapil, k. (vol 5,issue 2,23rd march 2010). commodity trading advisors for indian commoditymarket. international journal of emerging markets , 124-137.

• Srinastavaamit. (vol-2,issue-2,1st febraury 2012). commodity trading in india. asian journal of rearchin banking and finance , 145-153.

• Vashishtaashutosh, k. (issue 737,30th nov 2010). development of financial derivaatives market inindia-a case study. international research journal of finance and economics , 15-29.

WEBSITES

• http://commodities.in

• http://finance.indiamart.com/markets/commodity/

• http://www.commoditiescontrol.com

• http://www.mcxindia.com

• http://www.ncdex.com

MAGAZINES

• Business World (15th September 2008)• Business World (4th December 2009)

• Business World (12th December 2010)

• MCX Certified Commodity Professional Reference Material

http://commodities.in/

http://finance.indiamart.com/markets/commodity/

http://www.commoditiescontrol.com/

http://www.mcxindia.com/

http://www.ncdex.com/

http://www.ncdex.com/

http://www.mcxindia.com/

http://www.commoditiescontrol.com/

http://finance.indiamart.com/markets/commodity/

http://commodities.in/




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Example of References:Prasad, B. and Eresi. K.(1990), Working Capital Management in SSI-An Empirical Study, Journal ofAccounting and finance, Vol.IV, No. I. spring. pp.31-41.Saini, R.R., Kumar, P., Kumar, M. (2006). Sicknessin small-scale industries in India. Journal of managem ent Acco unti ng. www.icwai.org/icwai/ knowledgebank/ma26.pdf Sandesara, J. C. (1982). Incentives and their impact: Some Studies on SmallIndustry. Economic and Political Weekly,17(48): 27.

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