History of Pension Funds
In tradition, welfare of the elderly was the role of the family unit.
However, during the twentieth Century the population began to grow in
the UK and USA and the “elderly became a serious problem that only the
apparatus of the state was able to help” [1] Problems raised when the
state was no longer able to provide support to the elderly due the
elderly becoming older, improvements with medicine, improvements in
general standards of living and so on, which led to the role of
financial institutions. I.e. the creation of pension funds which has
now become one of the largest financial institutions in the USA and
UK.
Information about Pension Funds
Pension plans an “agreement by a sponsor to provide income to
participants upon their retirement.”[2] This is where it uses pension
funds as the financial intermediary to manage the assets and pays the
benefits of a pension plan. Pension funds are typically sponsored by
employers whereby Meir Kohn[3] had looked at an important question:
“Why do workers and firms find it beneficial to enter into this sort
of arrangements?” they have suggested that the employers acts as
financial intermediaries because a firm using a pension plan can use
it as an incentive device as “the pension acts as a performance bond
posted by the worker.” Therefore, it gives the employees the
motivation to work hard and to not quit the job and move on to the
next so easily. As moving to a new job would result in losing what
they have already saved up. An advantage for the firm is that it gives
the “firm a reputation for taking care of its employees” and so the
firm would “find it easier...
... middle of paper ...
...oundations of Financial Markets and Institutions,
p. 159
[7] www.ibm.com/annualreport2002
[8] Fabozzi et al, Foundations of Financial Markets and Institutions,
p. 16
[9] Fabozzi et al, Foundations of Financial Markets and Institutions,
p. 17
[10] Howells & Bain, Financial Markets and Institutions, p. 11
[11] http://www.bbk.ac.uk
[12] taken from www.ft.com
[13] Financial times article (1)
[14] Financial times article (1)
[15] taken from ADDRESS?????
[16] Financial times article (2)
[17] Financial times article (3)
[18] Financial times article (4)
[19] Financial times article (5)
[20] interview taken from
http://bernie.house.gov/documents/articles/20030910193639.asp
[21] Financial times article (6)
[22] Financial times article (6)
[23] appendix 1 and 2
Claire Cole was an employee of the city of Salem, Massachusetts for many years. She began her work for the Salem department of public works in 1975, with the responsibilities of answering telephones, filing paperwork, typing, photocopying, and assisting with the payroll activities. Claire Cole also became a member of the contributory retirement system in 1976. Claire Cole worked for the city of Salem for 25 years before receiving news that would alter her life forever. The Contributory Retirement Appeal Board appealed on behalf of Cole, by stating that the accident occurred because of the stress that was caused by her termination. The Retirement Board attempted to counter suit, by stating that contributions should not be received because the accident did not happen while Cole was on the job. The ruling is later overturned and Claire Cole is entitled to compensation of the benefits. Unfortunately, Claire Cole was deceased upon the announcement of the final ruling. Although Cole was deceased, the benefits were granted to her estate.
Landon, Alf, History Maters: The U.S. Survey on the Web, I Will Not Promise the Moon”: Alf Landon Opposes the Social Security Act, 1936 by Alf Landon, (October 15, 1936), Accessed January 16th, 2014, http://historymatters.gmu.edu/d/8128/
Social Security is on the verge of taking care of the baby boomers generation. This means that it will be paying more benefits than taxes it receives. In lay-man’s terms it means it will be spending more money than it is making. I think that you should pay into your own private retirement account for you to reap the benefits in the future. Not for you to pay into a cluster of workers money for current elders to benefit from. You need to take care of your own future and not rely on other people’s responsibility. “…people began to think retirement funding as a right…and so…started saving less” (Klay & Steen). That being said, people of a certain age should be “grandfathered” into this meaning, people of the age of say 40, still get the normal social security retirement money but anyone younger must start abiding this new reform. If you get married, keep paying into your own unless your spouse is not working. If that is the case then pay the same amount BUT put half into your own and half into your spouses. If the other spouse is working however, they should pay into their own account and you into your own.
Similar to other professions and/or social issues, there has been tremendous growth within the history of the human services field. There are different specializations that fall under this professional spectrum such as mental health, social work, and crisis intervention as well as several others. Dating back to the 1700s, individuals have been providing services and resources to those in need. Although each era may has placed different emphasis on specific areas, the general operation still remained the same. For example, the age of systems era and the professionalization of human services era focused on different issues but yet shared collective objectives.
Most people dismiss anything having to do with death out of fear. The uncertainty some associate with death has caused Funeral Service to be a particularly taboo subject in society. One may assume funeral directors are the sketchy personalities enthralled with death, but that couldn’t be further from the truth. Over the years, Funeral Service has progressed and become a larger industry. Funeral Service has changed in its history over time, affecting the education required, and the job they do today.
Latham G.P and Pinder C.C. (2005). Work Motivation Theory and Research at the Dawn of the Twenty-First Century. Annual Review of Psychology 56.
In the 1980's, the nursing profession was transformed by World War two. The first known nurse during the early years of the Christian church was Phoebe a deaconess. Phoebe took care of both men and woman, in 323 A.D construction of a hospital has begun in every cathedral town. Nursing professionalized in the late 19th century. Larger hospitals set up nursing schools that attracted ambitious women from working-class back grounds. Till the early 1900s, nursing schools came to an end and was controlled by hospitals. The hospitals took control and no longer need book learning just experience, training and used the student nurses as cheap labor. In the late 1920s the women’s specialities in health care included 294,000 trained nurses, 150,000 untrained nurses, 550,000 other hospital workers most women and 47,000 midwives. The nation’s 3.1 million nurses work in diverse settings and fields and are frontline providers of health care services. Most nurses prefer to work in acute care settings. Nurses fill a wide variety of positions in healthcare. Florence Nightingale was not the first to put these principles into action it was a corp of educated women who informed and promoted it. Throughout the history, most sick care took place in the home and was the family, friends, and neighbors with knowledge of healing practices responsibility. In the 19th century, hospitals began to proliferate to serve those who were without the resources to provide their own care. Nursing care in these institutions differed enormously. The first physician was Valentine Seaman from New York. Seaman organized an early course of lectures for nurses who cared for maternity mothers. The outbreak of the civil war created an immediate need for nurses. About 20,000 wo...
Research has shown that motivation in an employee is an important factor which determines his performance. Motivation is the “driving force within individuals” (Mullins, 2007, p. 285). It is the concerned with finding out the reasons which shape and direct the behaviour of the individuals. The people act to achieve something so that they can satisfy some needs (Gitman and Daniel, 2008). It is important for the manager to understand this motivation of individual employees in order to inspire them and devise an appropriate set of incentives and rewards which would satisfy the needs that they have individually (Kerr, 2003). Once these needs are expected to be met in return for some specific behaviour or action, they would work more diligently to have that behaviour in them and to achieve that objective (Meyer and Hersovitch, 2001). Since it would lead to early and fuller achievement of the company objectives as the individual would work more diligently, it would lead to better organizational performance (Wiley, 1997).
Robbins and Judge define motivation by means of three elements. The first element is defined as being the process that account for an individual’s intensity which is concerned with how hard a person tries. The second element is direction that benefits the organization and the third element is persistence which is a measure of how long a person can maintain effort. Motivation is also driven by certain situations that vary between individuals and within individuals, at different times. (Robbins & Judge, 2007, p.186) These elements should not only be expected from employees but from managers as well.
Latham, G. P. (2007). Work motivation: History, theory, research, and practice. Thousand Oaks: Sage Publications.
Motivation is key in the workplace. It is developed from the collaboration of both conscious and unconscious principles such as the strength of desire or need, motivating force or reward estimation of the objective, and desires of the person and of his or her peers/co-workers. These elements are the reasons one has for carrying on a specific way. An illustration is an understudy that invests additional energy contemplating for a test since he or she needs a superior review in the class. The Inside and outside principles that animate want and vitality in individuals to be constantly intrigued and centered around their work, part or subject, or to try to achieve an objective.
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
Retirement comes early for most people. Early meaning that we are not ready for what comes with it. Most people would love to retire today, but unfortunately it is nearly impossible. It takes a lifetime for a person to become financial stable and adequately equip with assets that have been gained throughout someone’s life. Everyone must start young, in fact the sooner the better. Any money, or savings that can be applied today will always come with an enhanced future. So is it worth it to work harder and save now in order to possibly access a pleasant retirement? With out effort now we will be dependent on other sources in our retirement years, sources that may not come through for everyone who needs it. There are three ways to help Americans be better prepared now. These methods include saving money now, and investing in sources with returns. Do not become one of the millions of Americans who fall into government assisted retirement plans by lack of preparation and planning.
In this assignment I will be looking at the role played by the Personnel Management to Human Resource Management (HRM) for Sainsbury's and there historic developments. I will also be looking at how the existing HR function for Sainsbury's could be developed to work more effectively with the rest of the organisation.
Motivation is the force that transforms and uplifts people to be productive and perform in their jobs. Maximizing employee’s motivation is a necessary and vital to successfully accomplish the organization’s targets and objectives. However, this is a considerable challenge to any organizations managers, due to the complexity of motivation and the fact that, there is no ready made solution or an answer to what motivates people to work well (Mullins,2002).