Impact of human capital on financial performance of the insurance companies in Pakistan; State life efu. - Free Essay Example

Sample details Pages: 7 Words: 2104 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Topic: Impact of human capital on financial performance of the insurance companies in Pakistan; State life efu. Abstract Don’t waste time! Our writers will create an original "Impact of human capital on financial performance of the insurance companies in Pakistan; State life efu." essay for you Create order The focus of this study is to examine the significance of the human capital on the financial performance of the insurance sectors in Pakistan. The back bone of this study is the secondary data comprised financial statement of insuranceà ¢Ã¢â€š ¬Ã¢â€ž ¢s companies and literature review. The result will show the human capital effect will have a positive impact on the insurance companies. This paper will proceed as follows. The first section will cover the literature review on insurance company. Afterwards conceptual framework will be presented on the basis of conceptual framework and its constructs propositions will be covered. Finally discussion and significance of this study in practical and academic perspective will be presented. Keyword: Human capital (Independent variable), financial performance (Dependent variable). Literature review: In the most recent research suggest that human capital refers to the human capabilities, education, experience and skills and particularly the characteristics of top managers affect firm outcomes. (Finkelstein Hambrick, 1996;Huselid, 1995;Pennings et al., 1998;Wright, Smart, McMahon, 1995). Investment in human capital is widely believed to improve the performance of employees. [Arthur, 1994; Bishop 1994; Boselie, Paauwe and Jansen, 2001; Gelderblom and de konting, 1996; Huselid, 1995; MacDuffie, 1995]. Many researchers have tried to explain the importance of human capital in various industry sectors. The empirical literature expose that human capital is one of the important and valuable strategic assets. (Hayton, 2005). The internal structure capital contains innovation generated by the research and development teams, policies and internal environment etc. (Guthrie Petty, 2000). Human capital is very important which creates values for the organization. (Royal and Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Donnell,2008). The companies which have well and efficient stock of human capital have competitive advantage and these companies may have better capability to make strategic decision in turbulent business environment. Many multinational companies (MNCà ¢Ã¢â€š ¬Ã¢â€ž ¢s) has huge budget on employees in the form of professional training and workers compensation benefits to enhance the intellectual abilities. Furthermore, many firms have failed to invest on employees for enhancing the motivation and loyalty of workers which put their success and survival at risk. [De Pablos (2003)] Human capital has one of the import components of intellectual capital for raising the efficiency and effectiveness of employees. (De Pablos, 2003). Although human capital has many positive benefits, it represents costs to firms as well. For example, the value of graduates from the top institutions in the external labor market is likely high, particularly shortly after their graduations (Bierman Gely, 1995). Partners own the most human capital in a firm and have the largest stakes in using the firms resources to the greatest advantage. One of the responsibilities of partners is to help develop the knowledge of other employees of the firm, particularly its associates. For example, associates at law firms need to learn internal routines, the idiosyncrasies of important clients, nuances in the application of law, and more. Building associates knowledge necessitates that partners leverage their own knowledge, particularly their tacit knowledge (Baron Kreps, 1999). Tacit knowledge is revealed through its application and can only be acquired through its practice (Grant, 1996). Thus, transferring tacit ability is a slow and complicated process (Teece et al., 1997) that entails using the knowledge (Lei, Hitt, Bettis, 1996). Another researcher has said that human capital has positive relationship with firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. Companies which have better human capital efficiency have better financial performance. (Bontis et al. 2000). According to the resources, performance difference across firms can be attributed to the variance in the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s resources and capabilities. Resources are very valuable, unique and difficult to imitate can show the basis for firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s competitive advantage. (Amit Schoemaker, 1993; Barney, 1991). It is the human capabilities which increases or decreases the organizational performance especially the financial performance of the organizations. Leadership has an effect on the financial performance and the climate of the organizations (Bas A. S. Koene, Ad L. W. Vogelaar and Joseph L. Soeters (2002)). Severeral studies also have been conducted to measure the performance of the insurance compnies. For instance; Sloan, A and Conover, J.(1998) collected that operational status of insurers do not reflex the profitability of being insured but public coverage have little bit impact on profitability of insurance companies. In addition, insurance companies must have to diversify their investment and use effective hedging techniques which help them to create better financial revenues. In turn, these competing advantages produce positive returns (Peteraf, 1993). Most of the less factual tests of the resource-based view that have been conducted have backing positive, straightforward effects of assets (cf.Miller Shamsie, 1996;Pennings, Lee, van Witteloostuijn, 1998). However, scholars argue that resources form the basis of firm strategies (e.g.,Barney, 1991) and are critical in the implementation of those strategies as well (Schoenecker Cooper, 1998). Performance is the important function of the organization to manage all the resources of the organization in different ways and to gain the competitive edge (Sri Iswati, Muslich Anshori, 2007). To convert the performance of the organization into monetary terms is called financial performance. Researcher defined intellectual capital as a knowledge that can establish the value of the organizations (Edvinsson and Malone, 1997). Firm performance, was defined as the ratio of net income to total firm revenue. These data were derived from a profitability index reported annually by theAmerican Lawyer, the API, which is the ratio of profits per partner to revenue per lawyer and is à ¢Ã¢â€š ¬Ã…“an expression of how effectively a firm converts revenue into partner profitsà ¢Ã¢â€š ¬Ã‚  (Brill, 1987: 16). The effect of firm size was controlled through the dependent variable (profits adjusted for total revenues). However, we included three other variables to control for their potential effects on firm performance, our dependent variable. These were large corporate clients, clients in new markets, and mode of market entry. Learning complex forms of knowledge requires face-to-face communications between partners and associates (Lane Lubatkin, 1998). Thus, partners must work with associates to transfer tacit knowledge. Junior and senior employees (associates with one or more partners) are assigned to teams that work on major projects for clients (Maister, 1993). In this way, the partners knowledge and capabilities are leveraged and associates also gain tacit and, often, firm-specific knowledge. Therefore it is very important link between the utilization of human capital and the performance of the organization (Lahteenmaki et al, 1998; Baird And Meshoulan, 1998). Just like other intellectual capital the capabilities of the human resource or the strategic human resource cannot be seen on the balance sheet (Tomer, 1987; Analoui, 1998b). Background of Insurance: The concept of insurance, according to (Gollier C., 2003), involves capital from many insured firms in order to pay for deficits which can occur to these things. The purpose of insurance is to protect the financial stability of an individual, company or other stuff in the case of deficit. Insurance can be explained from view point of discipline, including laws, economics, history, actuarial science, risk theory and sociology. It is equitable transfer of the risk from one object to another, in transaction for a premium. (Rejda, 2008). History of insurance is very old, in other words insurance appears to have some sort of link with human society. Romans and Greeks started the origins of health and life insurance back in 600 AD when they established guilds called à ¢Ã¢â€š ¬Ã…“benevolent societiesà ¢Ã¢â€š ¬Ã‚  which look after the families who lost their relatives. (John, 1961). A researcher found a significant relationship with the financial performance of the organization and the sturutural capital in Malaysian firm and concluding that the investment in intellectual capital especially in the structural capital grows the competitive edge of that firm (Bontis et al., 2000). Internal structural capital therefore includes items such as strategy, patents, and brand names. Finally relational capital captures relationships with third parties, such as customers and suppliers (Bontis, 2001). If IC is linked to firm performance, firms and investors would benefit from this disclosure. However other barriers to disclosure exist such as the cost of obtaining information on intangibles, or the perceived loss of competitive advantage with disclosure (Vergauwen et al., 2007). Financial performance is the main objective and the main tool of every entity. So every firm wants to increase its financial performance by different ways. By financial performance we mean that it is the monetary measuring of the results of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s processes and operations e.g. return on equity, assets, investment etc (Business Dictionary). However, the number of multinational firms slips from 77 in 1947 to 25 in 1972 due to political unpredictability and separation of East Pakistan (Talha, 2007; Khan, 2007). Insurance in (Pakistan): The government of Pakistan inaugurated the office of insurance in April 1948. The main aim of this sector is to check the affairs related to the insurance sector. Main features of insurance ordinance, 2000: The insurance business has been divided into two main divisions, Life Insurance Business; and Non-Life Insurance Business. Each of these two divisions has further been divided into various categories. Funds for the life insurance and as well as for the non-life insurance firms have been jumped from Rs. 100 million to Rs. 150 million and from Rs. 40 million to Rs. 80 million appropriately. Punitive provisions for conflicts the insurance laws have been made stricter. Plan has been made for the firms of an Insurance Ombudsman who shall have the right to examine mal-administration of insurance firms and to amend grievances of the insurers. Provision has been made for the constitution of an Insurance Tribunal which shall have civil as well as scandals. Administration of the insurance law has been made more sufficient by giving to the Commission powers of investigate and issuance of directives. The minimum solvency margin has not been fixed and is to be prescribed under the rules from time to time. Limited provisions have been made for the development of a small conflicts resolution committee for speedy settlement of minor cases. For the last few decades, Pakistani life insurance companies have shown positive result which not only creates the employment opportunities but also increase the business activities in the economy. However financial statistics has shown that in Pakistan the growth of life insurance companies as these firms comprises 52% and 69% share of all (life plus non insurance life) insurance markets in the form of net premiums. (Insurance Year Book, 2007) In addition the premium result was jumped by 36%, therefore it shows remarkable progress in life insurance department of Pakistan. (Insurance Year Book, 2007) In Pakistan insurance sectors act as financial intermediaries. Insurance companies includes private and public that involves the companies which provides life, marriage, health and many other forms of insurance. Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial sector has revealed the positive flexibility to a face macroeconomic environment and global developments. (State Bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s Financial Stability Review 2008-09). The size of the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial sectors that are Banks, Non-Bank Financial Institutions, Microfinance Sectors, and Central Depository of National Savings, the Insurance area, and financial providers, in terms of things or assets, has shoot up to Rs 8.2 trillion during the end of June 2009 from Rs 7.1 trillion in the end of December 2007. The record analyzes the developments in 2008 and during the first six months of 2009 (State Bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s Financial Stability Review 2008-09). Further this analyze insure us that the insurance underwriting cycle may play a vital role in influencing insurance premium growth rates. (Chen et al. 2009) has expressed that profitability of insurance companies decreased with the increased in equity ratio. In addition, insurance industries must have to diversify their investment and use effective hedging techniques which will help them to generate better financial revenue. For the last few decades, Pakistani life insurance companies have shown positive result which not only creates the employment opportunities but also increase the business activities in the economy. However financial statistics has shown that in Pakistan the growth of life insurance companies as these firms comprises 52% and 69% share of all (life plus non insurance life) insurance markets in the form of net premiums. (Insurance Year Book, 2007) In addition the premium result was jumped by 36%, therefore it shows remarkable progress in life insurance department of Pakistan. (Insurance Year Book, 2007) In the consideration of life insurance industry is an important debate for the regulators and rules makers to support the sector in achieving their goals so that desirable result can be achieved in the sector of insurance sectors in Pakistan. The focus in this research is on the performance effects of human capital, the leveraging of that capital and as well as the interaction of human capital with the firm strategy. Moreover, this research contributes the mutual expertise ideas on the resource based view of the organizations. Specifically, it will target the effects of human capital on organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance and importantly, illuminates how resources, such as human capital, moderate the relationship with service and geographic diversification strategies and firm performance.

Argumentative Essay On Fast Food - 2000 Words

The fast food industry provides quick, cheap, and easy access to foods that in the customers opinion, is very delicious, and affordable, however this food which millions of people around the world are constantly consuming, could actually cause major health problems, and weight gain in the long run. Major fast food companies throughout the world know what they are doing when it comes to marketing towards all types of people. Some people will find numerous different things to blame for the epidemic of fast food making individuals overweight. 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The Two-Minute Speech Free Essays

Lasting roughly over two minutes, the Gettysburg Address is one of the best known speeches in American history. In the Gettysburg Address, author Abraham Lincoln puts hope into the hearts of Americans of a new nation brought up from the ashes of the American Civil War and the noble men that fought to preserve its belief in liberty and the equality of all men. We will write a custom essay sample on The Two-Minute Speech or any similar topic only for you Order Now Lincoln’s words deliver a sense of unity and wholehearted purpose among Americans in his Gettysburg Address. In the first paragraph, Lincoln states his belief that â€Å"all men are created equal†, an allusion to the Constitution. He is asserting that freedom of all men, including slaves, is backed by the law of the land. Lincoln never uses the words â€Å"I† or â€Å"you† to address his audience, but instead uses â€Å"we†, â€Å"our†, and â€Å"us†, to establish ethos and connect with the crowd before him and Americans in general–the North and the South. Moreover, he repeatedly says â€Å"we† throughout his speech to emphasize his goal for unity. In the third sentence of the third paragraph, Lincoln uses parallelism in â€Å"little† vs. â€Å"long† and â€Å"we say† vs. â€Å"they did† to make a point that the fight to defend their country’s values of liberty and freedom from their soldiers will not be forgotten. Again he reveres their nobility in the first sentence of the same paragraph , repeating â€Å"we cannot† in front of â€Å"dedicate†, â€Å"consecrate†, and â€Å"hallow† (â€Å"this groundâ€Å"), using hyphens between each statement to create emphasis. Lincoln builds up to his ultimate message, the climax of the paper: That Americans shall make it their duty to see that the rights of man which Union soldiers so righteously defended shall never again be neglected. He goes on by addressing â€Å"the great task remaining before [them]†, which is â€Å"that†¦we† give as much devotion to the cause as those who died for it, â€Å"that we highly resolve that these dead shall not have died in vain†, and â€Å"that this nation†¦shall have a new birth of freedom†, creating, with this use of anaphora, and intensity that makes his listeners feel proud while also giving them a sense of purpose/cause. Finally, Lincoln uses asyndeton to close off his speech by affirming that government â€Å"of the people, by the people, for the people, shall not perish from the earth†, promising a  brighter future. Lincoln’s Gettysburg Address reassured Americans that their soldiers did not die in vein, for the freedom and liberty of man would never cease to be defended. How to cite The Two-Minute Speech, Papers

Teaching Integrated Marketing Communication

Question: Discuss about the Teaching Integrated Marketing Communication. Answer: Introduction The purpose of this report is to analyze the case study namely Cadbury Picnic- Rebuilding the Brand. In this case, Cadbury has implemented a marketing communication plan in order to rebuild the 58 years old brand Picnic. The previous marketing campaign for this product was Deliciously Ugly. Thereafter, Picnic, its not Picnic was the marketing campaign implemented by Cadbury in order to communicate with the consumers. This report will evaluate the implemented marketing communication plan and will identify the key issues of the same (Chitty 2011). Moreover, this report will consist of efficient recommendations in order to mitigate the potential issues of this communication plan. Here, two academic articles will be evaluated in order to give theoretical justification of the marketing movement. Case Summary According to the case study, Australian consumers consume 4.7 kg confectionery annually. Therefore, it can be said that confectionary market of Australia is one of the popular snack food in Australian market. In this market scenario, Cadbury Pty Ltd has 47 per cent market share in chocolate confectionary market. The case study emphasizes the oldest brand of Cadbury namely Picnic and its marketing communication strategy. Previously, the company was conducting marketing communication with the tag line of Deliciously Ugly. However, during the five years span of 2000 to 2008, the brand losses its sales and eventually declined by the target market (Chitty 2011). Three market forces such as competition, distribution channel and changing trend of snacks products influenced the reason behind this sales fall. In order to rebrand the product, Cadbury has implemented a new marketing communication strategy with the tag line Picnic, its not Picnic. This marketing communication was focused to build an emotional attachment with the targeted consumers. Here, Cadbury encourages the consumers to make their own television advertisements while having Picnic. The product was difficult to consume, as this is not an on the go kind of chocolate stick. This marketing communication was initiated in order to encourage the consumers to try it. They would consume the product while a commercial conversation. This marketing movement was initiated in order to promote personal experience of the consumers. The potential threat of this marketing communication was consumers may not entertain the companys approach of making own advertisement. Thus, the company could have face difficulties due to lack of commercial contents. Key Communication Issue The previous marketing communication of Cadbury was Deliciously Ugly, which was proven to be successful in competitive market. However, the changing trend of snack products has led Picnic to the declining stage of product life cycle. The key issue has been emphasized in this case study is increasing market competition. During this period, Snicker was the biggest competitor of Cadbury Picnic. Marketing communication is a process of communicating with the consumers with relevant information (Dahl, Eagle and Low 2015). The major issue with Picnic that it was not an on the go chocolate bar. People may face difficulties to have Picnic while they are walking or attending a business conference. However, quality and flavor of the product was not at all an issue for the consumers. In this situation, it was difficult for Cadbury to maintain sustainable profitability for the product. Other Communication Issues According to the case study, there were many challenges that have prevented Picnic from conducting sustainable business. The first issue was it is not an on the go chocolate bar and consumers faces messy issues while consuming the product. The ingredients were used in this product makes it sticky and unmanageable. Consumers may like the taste and quality of the product, as it was much better than other products. In order to gain competitive advantage, it is highly important to maintain the product quality (Hollensen 2015). However, the products key features prevented a regular purchase. The second issue of the marketing communication was promotional activities. Here, the company had implemented a low pricing strategy in order to retain new and existing consumers (Samu and Wymer 2014). However, providing random promotional offers were tend the consumers to purchase the product at low price. In this era of competitiveness, confectionary industry gives combo purchase offers, which is a globally acknowledge communication strategy. However, Cadbury was not able to provide such promotional offers sue to the previous agreement with Schweppes. In order to overcome the potential challenges, the company has implemented the next marketing communication strategy, which is known as Picnic, its not Picnic. This marketing campaign was focused to encourage the consumers to make their own commercial advertisement. Here, there was a potential threat, which may have led the company towards shortfall of commercial advertisement (Petersen, Kushwaha and Kumar 2015). Linking with Lecture Topic In lecture topics, the move to the digital platform is the most relevant discussion with this case study. In this case, Cadbury has faced a set of potential issues with its primary marketing communication strategy (Luxton, Reid and Mavondo 2015). Therefore, the company has implemented the new marketing communication strategy in order to communicate with the target market. The transition of marketing communication from traditional to digital process shows that it directly relevant with the lecture topic Digital and Social Media, Chapter three and four. Here, the use of digital marketing has been emphasized. The goal of Cadbury was to encourage the consumers to make their own TV advertisement while having a Cadbury Picnic chocolate bar. In this case, the potential issues were promotional activities, market competition and trend of confectionary products. Therefore, the marketing movement of the company was initiated in order to reach to the consumers with innovative strategy. Here, the consumers need to have a computer with webcam and a piece of Picnic bar. In this manner, they would be able to share their personal experience, when they are having Picnic chocolate. The consumers will be able to create web link of the TV advertisement and can post the link onto the social media website in order to attract audience (Berthon, Pitt and Watson 2015). Therefore, it directly linked with the lecture topic, which discusses about the digital marketing through social media platform. The concept illustrated in this lecture topic is the process of utilizing the digital platform in order to influence mass audience. In order to influence mass audience, it is highly important to identify the most efficient online platform. Here, the company has selected television and social media as the most appropriate social media platform (Gong and Tsai 2016). Through these digital platforms, the company has given opportunity to the consumers to share their personal experience while having Picnic chocolate. Academic Article Links The purpose of this journal article is to examine the integrated marketing communication. Moreover, this journal article emphasizes the concept of integrated marketing communication and process of social media marketing (Dahl, Eagle and Low 2015). On the other hand, the given case study of Cadbury shows that the company has utilized digital marketing strategy using television and social media website. The aim of the company was to communicate with the consumers of Picnic chocolate in order to build an emotional attachment with the consumers (Kim 2016). Therefore, it can be said that the theoretical framework of this journal article is relevant with the given case study of Cadbury. The purpose of this journal article is to investigate the impact of various messages that can be sent via marketing communication. Here, the importance of efficient information has been evaluated (Samu and Wymer 2014). In case of Cadbury, the company has pass on the information about the product called Picnic. The company has highlighted the main attribute of the product in order to influence buying behavior of the consumers. In case of Cadbury, the company was facing issues about the products attributes (Fedorko et al. 2015). Consumers were found it difficult to consume Picnic chocolate bar due to its unmanageable attribute. Therefore, the company has simply pass on a message concerning the difficulties that consumers may face while having Picnic. The company has communicate with the consumers by stating that it is difficult to consume Picnic while working, but it would be fun to try it. Therefore, it can be said that this journal article and its findings are relevant with the given case study of Cadbury. Decisions Required The case study shows that market competition is the key issue of Picnic. Therefore, the company has taken the approach of changing the marketing communication strategy. The newly formed marketing communication strategy was for attracting the consumers towards the brand. The strategy was efficient, as it was a big success for the company (Segal and Giacobbe 2015). However, the company would improve the strategy by giving the opportunity to the consumers to make customized advertisement without tampering its originality. For example, the company would incorporate efficient auto customization through which consumers can record high quality video for the television advertisement. The decision of telecasting the advertisement on television was good. However, the company would have focus on the video quality in order to improve the brand image. In order to entertain all the consumers, the company has planned to telecast one advertisement for once. It helps the company to avoid repetitive telecasting of digitalized content. Here, the company would allow the consumers to share the video post through social media website (Bandyopadhyay 2016). However, the company has only given the opportunity to share the link of television advertisement through social media website. Allowing the consumers to post the video through their social media account would help the company to engage word-of-mouth marketing strategy, which is an efficient marketing communication strategy (Jrvinen, Tllmen and Karjaluoto 2015). In this manner, the company would be able to dominate competitors like Snicker and would gain competitive advantages in an efficient manner. Proposed Solutions In order to solve the potential issues of Cadbury, it would be beneficial to communicate with the consumers directly. Here, the company should conduct outdoor campaign with the current marketing communication campaign. The outdoor marketing communication would help the company to increase sales volume within short time span (Van Huyssteen, Strydom and Rudansky-Kloppers 2015). Moreover, the company should deliver a clear message to the consumers in order to emphasize key attributes of the product called Picnic. When it comes to the issue of market competition, the company should conduct efficient promotional offers. However, the company should not provide frequent offer of low pricing benefit (Raval 2016). The company should take step against the legal barrier for which the company is unable to provide combo offers. In this manner, the company would be able to introduce efficient promotional offers and at the same time, the company would be able to maintain profitability as well. The major problem faced by Cadbury was poor communication with the consumers. The previous communication strategy was repetitive and therefore, consumers are no more interested to buy the product. It is highly important to mention the cause behind which consumers should buy the product (Wu 2016). Therefore, the company should focus on the information or message of the marketing communication strategy. The company has given opportunity to the consumers to share the link of TV advertisement through social media platform (Sozinova and Fokina 2015). Here, the company should allow the consumers to share the video that they have created through the companys website. It would help the company to gain advantage continuously from the commercial videos effortlessly. Conclusion While concluding, it can be said that this case study is a good example of transaction from traditional marketing communication to contemporary marketing communication process. Apart from that, the use of digital platform in marketing communication has been emphasized in this case study. Apart from that, this case study shows that how marketers can enhance emotional attachment with the consumers in order to rebuild a particular brand. This marketing communication strategy was not just to make commercial advertisement. It was also for increasing sales of the product during the campaign. Therefore, it can be said that this case study shows the way in which communication with the consumers can be enhanced. Bibliography Bandyopadhyay, S., 2016. A Case Study of Teaching Integrated Marketing Communication Using an Innovative Group Internship Project.International Journal for Innovation Education and Research,3(2) Berthon, P., Pitt, L.F. and Watson, R.T., 2015. 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