Introduction
Can anyone imagine what will happen to Malaysia after a few more decades? Debt crisis in Malaysia is getting more severe due to lack of management among individuals. Serious debt crisis might lead to bankruptcy to our country. Nation leaders should lead others away from debt. If this scenario continues, Malaysia might follow the footstep of Greece, Spain, Italy, and Portugal. Debt crisis can be avoided by providing trainings and courses to the employees, improve individual personal finance management and filtering candidates in hiring process.
Background Paragraph
Debt crisis is becoming common and faced by most citizens in Malaysia. Between June 1997 and January 1998 a financial crisis swept like a brush fire through the "tiger economies" of SE Asian. Over the previous decade the SE Asian states of Thailand, Malaysia, Singapore, Indonesia, Hong Kong, and South Korea, had registered some of the most impressive economic growth rates in the world. Their economies had expanded by 6% to 9% per annum compounded, as measured by Gross Domestic Product. This Asian miracle, however, appeared to come to an sudden end in late 1997 when in one country after another, local stock markets and currency markets imploded. When the dust started to settle in January 1998 the stock markets in many of these states had lost over 70% of their value, their currencies had depreciated against the US dollar by a similar amount, and the once proud leaders of these nations had been forced to go cap in hand to the International Monetary Fund (IMF) to beg for a massive financial assistance. (W.L.Hill, n.d.)
Providing sufficient trainings and courses to the higher management team. Courses such as leadership and motivational program will all...
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...s, many future problems can be reduced and hence help in improving the organization profits. Therefore, we can see that filtering the employees’ recruiting process is essential. Because good employees can bring up a good organization, at the same time good organization generate good profit and able to produce good GDP to our country as well and hence we can hedge against budget deficit that which will eventually lead to debt crisis.
Conclusion
In a nutshell, debt crisis should be treated immediately with actions such as providing sufficient training and courses, improving individual’s personal finance skill, and filtering the recruiting of employees’ process in order to prevent it from extent. The upcoming generations should have given more awareness towards this issue. If no immediate actions are taken, I believe in future the debt crisis will get worse.
The National debt has been a reality since the years of independence in United States of America, as by the year 1776; leaders were still financing wars in the fledgling nation through borrowing. The practice that saw the debt grow to above $75 million after the American Revolutionary War of between 1775 and 1783, and considerably increased to $120 million over the decades. It was until President Andrew Jackson era that the debt shrank to zero and this has been the only time United States has been a free debt nation. Over 200 years later, after country inception, crash in stock markets, failed investments by big companies, unemployment rising rates, and tech bubble bursting, the federal
This paper provides an overview of the crisis, outlines the major causes of the crisis, examine alternative solutions to the problem
Back in 1997, there was the financial crisis occurred in Asia. Thailand was one of the countries that also got the effect from that incident (This financial crisis was spread around Asia especially Taiwan Indonesia and Malaysia). Thai Baht was astoundingly depreciated from 25 baht per US dollar to 43-48 baht per US dollar. Depreciating of Thai currency also had impact on the external debt of Thailand. External debt of Thailand was increased from 29,300 million US dollar to 82,600 US dollar in 1996 and became 109,300 million US dollar in 1997. 22.5 percent of the External debt was from government and 77.5 percent from private sectors.
According to Noe (2012), most experts believe that the most important human resource decision makes by a leader is deciding who to hire. Manager manages the recruitment and selection process. Selection for the best candidates for the job is very important in an organization because the performance always depends on employees, the recruiting and hiring is costly and the legal obligations like mismanaging hiring has legal consequence. The main aim of employee selection is to achieve person-job fit which is identifying the knowledge, skills, abilities (KSAs), and competencies that are central to performing the job. The objective of effective selection is to decide who the right people are, by matching individual characteristics (ability, experience, and training) with the requirements of the job (DeRue & Morgeson, 2007; Kristof -Brown, Zimmermam, & Johnson, 2005). The manager will do checking for reliability and validity of the interviewer. In PPNJ Poultry & Meat Sdn Bhd, the people who manage the recruitment and selection process is the Human Resource department or staffs.
The 1997 Asian financial crisis was a disaster that obsessed much of Southeast Asian countries. The financial crisis began in July 1997, and rose to worldwide economic meltdown due to financial contagion. Thailand, Indonesia and South Korea were the most affected by the financial crisis. Hong Kong, Malaysia, and the Philippines also had abundant negative effects by the financial disaster. China, Singapore, and Vietnam were less affected, however, they also suffered from the crisis, which leads the citizens lost their faith of the economy at that period.
...ischer, Stanley. "The Asian Crisis: A View from the IMF." International Monetary Fund. Washington, D.C.: 22 Jan 1998. 30 Nov 2001 <http://www.imf.org/external/np/speeches/1998/012298.htm>.
However, the ministry of Finance has to deal with a scary budget deficit (about 50%), and a heavy debt (33 Billion dollars for a country with 17 Billion $ as GDP!!!!!)
Mortgages, car loans, student loans, and having children, are all situations that can drive families to the overwhelming doom of debt. Debt is mostly overlooked for the simple reason that it may be considered normal. Certain types of debt like car and mortgage payments are almost expected. Debt is sometimes very difficult to evade, especially if money is not managed sensibly. Many families accumulate debt due to overspending, medical bills, and unemployment.
Time will occur start with economic downturn, political unstable, lost of confident level of the investor for the reason of diseases that present that time. It is also possible that they are no more country we call Malaysia.
There are different factors that lead to debt crises, like Oil shock prices, which is when a price increase, then every single price for the product will increase. Everything depends on oil, the economy will not work well without petrol which is oil, for example shipments and transportation. If there was no shipments and no transportation then there will also be no exports and no import, which will also lead to no profit and that will cause debt crisis. Another factors that leads to debt crisis is interest rate developments, aggressive bank lending, mismanagement or corruption in LDC’s, like poor citizens in the country and the president owns the money to himself. There is also another f...
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.
Organisations seek to make use of people who will ‘healthy in’ with their organisation’s background; Recruiters participate a significant part in the achievement of an organization (Khandekar and Sharma, 2005). They basically proceed as a filter that when used correctly and only selects the finest candidates. In a frequently shifting business world, companies require to sign up people who are flexible, reliable, familiar, trustworthy and positive, thereby creating groundwork for finest atmosphere for recruitment and selection. To make certain the safest levels of employee’s recruitment, despite of the size or nature of the organisation, it’s key to have a obvious recruitment and selection method in place and is every time functional.
Recruitment and selection process are important and essential in the human resource management. Human resource management is a functional process that focuses on the management and recruitment of workers in an organization, also giving directions to workers in the organization. The purpose of recruitment and selection process are helping an organization to find the right person for the right position in a job, employees can know which person is suitable and needed in that specific position through the recruitment and selection process. Recruitment and selection process are about how an organization hire and choose workers during this process, employees are going to choose the most suitable workers and organize the most suitable work for them. (Gedaliahui & Shay, 1999)
Some of the major questions that are addressed in International Political Economy (IPE) are questions surrounding the debt crisis. Many people want to know how it happened, what made the crisis worse than it originally was, the factors that contributed to worsening it and the plans implemented to improve the situation. To answer this, the role played by Least Developed Countries (LDC) and Developed Countries (DC’s) needs to be evaluated.
It is important to recruit top talent for many reasons. According to Oracle, if an organization hires a top performer, then it is proven that 10 million can be added towards their revenue. This is only effective if the new hire is willing to stay longer than a year. Recruiting is very essential in achieving this goal, and that is why companies need to create some effective criteria for recruiting. Many organizations struggle to find and attract candidates according to Mpatterson. Therefore, organizations need to follow five steps to achieve maximum success in recruiting. These criteria involve position profile, strategic sourcing, systemization, calculated decisions, and on boarding.