According to Boards of Quantity Surveyors Malaysia (BQSM), currently, there are 345 registered quantity surveyor (QS) consultancy firms in Malaysia (BQSM, 2014). In order to remain competitive in the challenging construction industry, QS firms have to adopt the best strategy that suite them. Without proper planning, insufficient projects and remuneration will bring about bad cash flow and become eliminated eventually. Firm size is definitely affecting the choice of strategy used (Abidin, Nor’aini Yusof, & Adros, 2010). These firms may have different strategic orientation and affects the strategic planning process. Planning process will then bring impacts towards the firm’s decision in policy formulation and management style. Four types of categories are used to differentiate between these firms, which are the “Prospector”, “Defender”, “Analyser” and “Reactor” type. “Prospector” firms tend to be entrepreneurial, innovative and new opportunity oriented while “Defender” firms tend to defend the existing market. “Analyser” firms are the hybrid of “Prospector” and “Defender” types and may have relatively more stable and dynamic environment. The last type is the “Reactor” firm that have short term planning and changes continuously according to the latest needs (Hassan, 2010). In Malaysia, business sizes can be divided into two big groups, which are small medium enterprises (SME) and large companies. There are various definitions of SME that are widely used in Malaysia. Although different organisations have different ways of defining SME, most of them usually include annual income generated, number of full-time employees and/ or total fund available. A widely used definition of SME is by the Small and Medium Industries Development Corpo... ... middle of paper ... ...ularly to the fresh graduates can aid in reducing mistakes and preventing serious legal issues. A mentor without providing any feedback is not an effective mentor and the mentor-mentee relationship is considered as a failure (Hoffmeister, Cigularov, Sampson, Rosecrance, & Chen, 2011). Every mentoring relationship is unique itself as different person will have different encounters and experience. The job nature may be the same, which is as cost consultant; yet, other factors such as firm’s working culture, working environment, technological advancement, human resource that vary will change the need of mentoring. Lesson learned must be able to be applied effectively in order to provide useful and practical advice to the mentees. Mentoring process and procedure must be updated from time to time to maintain its relevancy and accountability (Karallis & Sandelands, 2009).
There is little scientific knowledge when it comes to mentoring effects on future outcomes; in addition posing confusion as to how these programs continue to emerge. A major component in regards to program effectiveness is in measurement or evaluation of its structure (Deutsch, N., & Spencer, R., 2009). This is done by conducting surveys, focus groups, and interviews (Deutsch, N., & Spencer, R. (2009); Karcher, M., & Nakkula, M. (2010); Diehl, D. C., Howse, R. B., & Trivette, C. M. (2011); Osgood, 2012; Williams, 2011). Studies gives the researcher insight into knowledge that otherwise wouldn’t be known, in order to understand mentoring reactions and relationship styles better (Karcher, M., & Nakkula, M. (2010); Christens, B. D., & Peterson, N. A. (2012); Diehl et al., 2011; Leyton‐Armakan, J., Lawrence, E., Deutsch, N., Lee Williams, J., & Henneberger, A. (2012); Meyer, K. C., & Bouchey, H. A. (2010).
One of the biggest pros is having access to an experienced person’s knowledge and contacts. Another big pro is the ability to get quick honest answers to your questions; also you can gain a different perspective not just the ones from your peers. Honest feedback is also a good pro in an excellent mentoring program because an individual can receive honest feedback on what they are doing well and what skills they are deficient in and how to improve. Honest and constructive feedback can be a win-win situation for everyone involved because the organization gains a well-rounded employee and the employee becomes more efficient in doing their job well (Lipman.2017). A good mentor can help mentees to set realistic and honest career goals and development especially if they have already been through the process. As the individual becomes more engaged and exposed within the organization this can foster a sense of pride and loyalty to the organization because they feel
He says that mentoring is something that leaders should do throughout their career since it is not only beneficial to themselves, but it is also beneficial to the person they are mentoring. It is important to identify and groom key players and use aggressive mentoring to not only lift up your employee, but it also improves the skills of the mentor. In today’s society, he has found that it is important to spend at least one day a month mentoring your key players including people who are showing great potential. Mentoring should be done at all levels of leadership, including junior managers. Mentoring is important at all levels of management in order to develop future leaders (Flaum,
The benefits of mentoring include enhanced performance not only for the individual but also for the mentor and the organization. Research has found that mentoring provides many benefits to the protégés. Such benefits include higher promotion rates, salary and compensation, and higher performance. Protégé’s tend to feel more in tune with organization’s way of thinking and doing things, more nurtured and supported during the promotion process and are generally more aware of the organizational
Coaching and mentoring are not about learning to do something the right way, but are about helping to lead an individual to find their own way of doing it practically and efficiently. Coaching and mentoring sessions are guided with theoretical models, which help focus both the coach and the coachee in attaining desired outcomes for problem situations. However, even with the aid of theoretical models not everyone can coach another person. The first and far most important attribute of a coach is the ability to build relationships with the coachee in that the coachee feels safe and trusting towards the coach, without the capability to interact with the client there may be a lack of progress or motivation. Another important skill of a coach is not to judge.
SMEs is abbreviation of the small and medium enterprises meanwhile the collectively called of small enterprises and mediums enterprises, it occupies a number of more than 95 percent of enterprises in the whole word. In Singapore, the percent of SMEs is reach up to 99 percent of the companies, it represent and epitome most of the companies in Singapore. The definition of SMEs in Singapore in term of their numbers of employees and annual sales turnovers, business turnover are not more than $1oo million or the number of employees is less than 200. They hire the seven out of ten employees in labor and also make contribution in the nearly a half of Singapore GDP.
Financial instruments have the capability to support and fund cultural/creative and conventional small and medium enterprises (SMEs), the real question is whether or not all financial instruments are applicable to all SMEs. A financial instrument is defined as, “a document that has a monetary value or represents a legally enforceable agreement between two or more parties regarding a right to payment of money” (BusinessDictionary.com). The different types of financial instruments can be viewed as numerous types of financial assets. Common types of financial assets can be categorized into bonds, shares, loans, and derivative financial instruments. Each financial instrument comes with its own risks and gains along with standard risks for all financial instruments. Each financial instrument has its pros and cons for supporting each SME.
Mentor orientation can be described as “Employees who have seniority… to oversee new hires for a certain time-period and are ultimately responsible for providing much of the training that will take place at work.” (Taylor, 2011) This enables newly hired employees to receive consistent support after the formal orientation and 3 days on the job training. The mentoring support should be planned based on the lessons in the formal orientation program identified above. Since supervisors must continue to do work-related tasks association with leadership at the job-site, mentors can direct, supervise and help new employees refine skills needed to become successful and productive.
The term ‘MSME’ is widely used to describe small businesses in the private sector. SME’s are the enterprise whose personnel numbers, capital investments, sales turnovers, or geographical coverage, loan size, etc. falls below certain limits. There is no specific definition for SME’s, every country follow different definition for the SME’s sector. In India, Government has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 which
The key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization’s goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept “strategic management”. All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. When viewing strategic planning from the highest level possible within a company, the planning function is the area that stands out as the most important area which involves a great deal of development and focus.
Small & Medium Enterprises are considered as a growth engine for developing economies. Importance of this sector cannot be neglected due to its utmost significance and contribution towards GDP growth and employment generation. SME sector in Pakistan is facing number of problems which acts as a hurdle in their growth. Major obstacles in the growth of SMEs include financial constraints, regulatory and fiscal constraint, infrastructure constraint and human resource constraint. These four factors are deteriorating SMEs growth in Pakistan. Sample firms have been selected from trading, manufacturing and services sector of similar size and capacity. Problems faced by SMEs are dimensions of the pointed out four major obstacles.
Identifying and settling down with a simplified uniform definition of SME can be quite an overwhelming Task. Firstly the criteria and threshold for the definition in not only different between developed and developing nations, It is most commonly segregated based on different combination of criteria’s, such as employment, turnover and even assets. Various country policies and economic sectors shape its characterization too. NOC 1
Generally speaking, SMEs in the trade sector is higher in both volume and growth. The growth of SMEs in service sector is high compared to the manufacturing sector although the volume is small this indicate that service sector is more sustainable than manufacturing sector.
Small, medium enterprises (SMEs) are largest types business in the world, making up an estimated 99.7% of business. According to the Federation of Small Businesses (FSB) there are nearly five million existing businesses in the UK as of 2013. SMEs are a key contributor towards economic growth in terms of creating more employment, stimulating innovation and promoting social unity. SMEs are responsible for 47% of private sector employment, yet despite such global present there is still no agreed definition of a SME (Storey 1994). Bolton (1971) attempted to define them through a statistical and economic analysis. Classifications which are based on criteria, such as number of employees or annual turnover, however, do not remain consistent across borders. Given their size, smaller companies tend to be more intent on survival rather than expansion and profit maximisation. Smaller sized firms have always felt that the current reporting framework for IFRS is tailored more for the needs of larger companies and that the heavy cost burden it imposes upon them may not be entirely justified. In response to these concerns, the IASB subsequently issued the IFRS for Small and Medium-sized Entities (IFRS for SMEs) in July 2009. This standard offers an alternative framework which can be adopted by entities in place of the already extant full set of IFRSs or local national requirement standards.(Holt 2010) This essay will critically evaluate the impact of the IFRS for SME’s and whether or not it stands as the most suitable framework available for SMEs to use.
This case study is about the achievement of SME Corporation which aimed to improve and build people’s welfare and restructure ethnic economic imbalance. Small and Medium Industries Development Corporation (SMIDEC) is a specialized agency that to stimulate the development of Small and Medium Enterprises (SMEs). The SMIDEC purpose in stimulate the SMEs is to develop Malaysian SMEs that capable and competitive to compete in global market. SMIDEC also provides various facilities to help SMEs which is infrastructure, financial assistance, advisory services, and market access and support programs.