The Importance of Essay Introductions Samples

The Importance of Essay Introductions SamplesIf you want to write an essay, you need to start by thinking about the importance of essay introductions samples. Many students will rush through writing an essay without even looking at samples and then will give up in frustration. The students who put in the effort will find out that not all essays are created equal.Writing an essay requires you to think of your essay as a narrative. The truth is that every essay is different and you should have something that appeals to you that will allow you to focus on the central narrative. This will keep you focused on the message that you want to send to your reader and not get distracted by aspects of the essay that you will not even read.Writing an essay will require you to get the desired tone and voice that will make your writing easier to follow. As you will know, this is something that you can not just think about in your head. The more you practice, the better you will become at it.There ar e many essay samples that are available online. You can always do a research on what to write and then write it out. You will then get to see how it reads in a fictional situation, making it much easier to do. Many people enjoy doing this because you get to see how you will present the facts, which will help you think more clearly and problem solve.One of the most popular essay samples available is the essay samples of the Declaration of Independence. This is perhaps the most famous essay. This is why you will find this particular essay sample is widely used. You will be able to see that it does not read like the typical essay you find in most courses. It reads a bit more professional and this is very important.Some of the essays that you will see are one hundred different topics. For this reason, you can get a wide variety of essays, which will keep you interested and at ease. Many of the popular essay samples contain the names of other famous writers and authors, giving you an opp ortunity to meet them. This is an easy way to meet some of the great people in the world.The best essay samples will contain some positive statements. This will keep you going and writing. By doing this, you will be able to relate to other students, which will give you a feeling of belonging and hopefully, bring you back for more.

Risk Management At The Hospital Industry Essay - 1842 Words

Risk Management Introduction This risk management plan is directed at the Hospital industry which centres its attention at patient safety and risk management programming. Its main focus is on the issue of patient safety which is perhaps, the main concern at the Health Centres and Hospitals. The assignment would focus on the risk management plan which covers risk identification, analysis, response planning, monitoring and control as well. So as to consider the safety of the patients, the management devices a risk management plan basically a contingency plan for the Hospitals so as to formulate a distinct risk management strategy. In the hospitals; doctors, nurses, patients and other employees are frequently uncovered to contaminations and infections. There are various internal as well as external influences which make it necessary to implement risk management in hospitals and health care centres. RISK MANAGEMENT AND QUALITY Risk management has always been neglected by almost all kinds of organisations and only after a major accident occurs, the organisation become very serious and take proper steps in order to ensure their safety. Hospitals are the place where people come to be safe and healthy. Now the first duty of the hospital becomes to be self-protected and ensured of their safety, only then can they cater what they are meant for. Hospitals have huge footfall and the chances to any miss-happening is more in it compared to other organisation, inShow MoreRelatedRisk Management Systems Are Designed1453 Words   |  6 PagesRisk Management Systems are designed to do more than just identify the risk. The system must also be able to quantify the risk and predict the impact of the risk on the project. The outcome is therefore a risk that is either acceptable or unacceptable. The acceptance or non-acceptance of a risk is usually dependent on the project manager’s tolerance level for risk. If risk management is set up as a continuous, disciplined process of problem identification and resolution, then the system will easilyRead MoreMeasuring the Performance at Patton-Fuller Hospital785 Words   |  3 Pagesmeasuring the performance at Patton-Fuller Hospital. The first objective is a strong and efficient adherence to the stated fiscal budget of the hospital. The second is efficient and measured management of the workforce. The third metric to look at is prevalence of malpractice lawsuits and other reactions that stem from shoddy care. Methodology In terms of budgetary concerns, the hospital must constantly evaluate and assess the budgetary structure of the hospital and execution of that budget. ExamplesRead MoreFinancial Statements From Health Management Associates861 Words   |  4 PagesIntroduction Hospitals, like any other business need profits for sustainability. With minimum knowledge of the logistic, one may easily assume hospitals are about patient care not profits. While patient care is paramount and the primary focus of the business, there are overhead cost, debts need to be paid, and employees need to be paid. While healthcare providers are providing excellent care to the patients, management is ensuring sufficient resources are incoming to maintain operation. The managementRead MoreHealthcare Risk Management ( Hrm )1216 Words   |  5 Pages Healthcare risk management ( HRM) began in The late 1970s, when hospitals are facing a malpractice crisis (Kavaler Alexander, 2014). According to Kavaler and Alexander (2014), it is estimated more than 140,000 Americans die from medical errors and the cost ranges between $17 billion and $29 billion each year in the United States (Kavaler Alexander, 2014). In this essay, the student will explain a healthcare risk management program, evaluate the program for compliance with the American SocietyRead MoreInvestigating The Failure Rates And Mean Time On Repair Statistics1167 Words   |  5 Pagesway of equipment maintenance management strategies from the relevant industry experience and to check if they have the potential to improve the availability of hospital equipment in critical conditions and to reduce the harm to patients by using the equipment’s in proper conditions by not playing with their lives. METHODOLOGY This study was conducted by examining the maintenance management strategies of critical hospital; equipment’s or machines in a group of hospitals in a particular area or regionRead MoreCloud Computing Impacting Health Care988 Words   |  4 Pages Cloud Computing Impacting Health Care Introduction In comparison to other industries, the healthcare industry has under-utilized technology to improve the efficiency of operations. Healthcare systems are still dependent on written medical records which limits consultation with other medical players. Additionally, despite the substantial evidence in the sector of patient safety, there is little attention in regards to appropriate systematic approaches to help solve the issue (AbuKhousa Al-JaroodiRead MoreHealth Care At The United States939 Words   |  4 Pagesthe most complex industries in our country. Over the past fifteen years patient safety has been the forefront in healthcare organizations and keeping the patient safe when they arrive at the hospital is very crucial (Alijani, Kwun, Omar, Williams, 2015). In order to do this hospitals’ need to know different methods of safety approaches. Risk management in healthcare involves patients’ rights, patient safety, patient satisfaction, compliance, and quality of c are. Risk management is an essentialRead MoreThe Affordable Care Act ( Aca )817 Words   |  4 PagesThe Affordable Care Act (ACA) legislated in 2010, has changed the United States health care industry. In addition to universal healthcare, one of the principles of the ACA is the ideal of accountable care. Specifically, adopting an Accountable Care organization (ACO) for Medicare beneficiaries under the fee for service program. An ACO seeks to hold providers and health organizations accountable for not only the quality of health care they provide to a population, but also keeping the cost of careRead MoreComparative Summary Essay example1460 Words   |  6 Pagespolicies unique to each financial environment, identified financial management practices prevalent in the financial environment, and explained why effective financial management is more difficult in health care than in other industries. The first one is Health Management Associates, Inc. founded in 1977 to own, lease and manage hospitals throughout the United States (Health Management Associates, 2011).   Today HMA operates fifty nine hospitals in fifteen states with approximately eighty eight hundred licensedRead MoreHealthcare Risk Management ( Hrm )1106 Words   |  5 Pages Healthcare risk management ( HRM) began in the late 1970s when hospitals are facing a malpractice crisis (Kavaler Alexander, 2014). According to Kavaler and Alexander (2014), it is estimated more than 140,000 Americans die from medical errors and the cost ranges between $17 billion and $29 billion each year in the United States (Kavaler Alexander, 2014). In this essay, the student will explain a healthcare risk management program, evaluate the program for compliance with the American Society

Alderson Broaddus University ACT, Tuition, Admit Rate

Alderson Broaddus University has moderately selective admissions; in 2016, the university admitted 41 percent of applicants. The university has a simple application, and decisions are based largely on a students high school course work, GPA, and SAT or ACT scores. Most admitted students have grades in the A or B range, and average standardized test scores. Interested students are encouraged the visit the campus and talk with an admissions counselor before applying. Admissions Data (2016): Alderson Broaddus University  Acceptance Rate: 41 percentTest Scores -- 25th / 75th PercentileSAT Critical Reading: 430 / 510SAT Math: 440 / 520What these SAT numbers meanACT Composite: 18  / 23ACT English: 16 / 22ACT Math: 17 / 22What these ACT numbers mean Alderson Broaddus University Description: Alderson Broaddus University, also called A-B, is a four-year, private, American Baptist university located in Philippi, West Virginia, about an hour south of Morgantown. It is a small college of about 600 students, and students get a lot of personal attention supported by an impressive 8 to 1 student / faculty ratio. A-B offers a wide range of majors, and high achieving students should look into the Honors Program. Students are highly involved outside of the classroom -- A-B is home to numerous student clubs and organizations, intramural sports, and a fraternity and sorority system. Popular co-curricular activities include music, theater, arts, forensics, a newspaper, and a radio station. On the athletic front, the A-B Battlers compete at the NCAA Division II level. The Battlers will be joining the Great Midwest Athletic Conference (G-MAC) in 2013. Enrollment (2016): Total Enrollment: 1,052  (981 undergraduates)Gender Breakdown: 54 percent male / 46 percent female95  percent full-time Costs (2016- 17): Tuition and Fees: $25,350Books: $1,000 (why so much?)Room and Board: $7,990Other Expenses: $2,822Total Cost: $37,162 Alderson Broaddus University Financial Aid (2015- 16): Percentage of New Students Receiving Aid: 100 percentPercentage of New Students Receiving Types of AidGrants: 99 percentLoans: 84 percentAverage Amount of AidGrants: $18,278Loans: $9,216 Academic Programs: Most Popular Majors:  Athletic Training, Biology, Elementary Education, Nursing, Business Administration, Music, Psychology, Music Education Graduation and Retention Rates: First Year Student Retention (full-time students): 55 percent4-Year Graduation Rate: 39 percent6-Year Graduation Rate: 49 percent Intercollegiate Athletic Programs: Mens Sports:  Football, Lacrosse, Soccer, Wrestling, Basketball, Baseball, Track and Field, GolfWomens Sports:  Swimming, Soccer, Softball, Tennis, Volleyball, Basketball, Golf, Track and Field Data Source: National Center for Educational Statistics If You Like Alderson Broaddus University, You May Also Like These Schools: Students interested in applying to other colleges in West Virginia should also check out Marshall University, Shepherd University, Davis Elkins College, and West Virginia University. These schools range in accessibility, but all of them admit at least half of those who apply  each year. For those interested in a school affiliated with the American Baptist Church, be sure to check out Eastern University in Pennsylvania, Bacone College in Oklahoma, Franklin College in Indiana, and Linfield College in Oregon.

international marketing - 7154 Words

Introduction to Organizational Behavior 1. Define Organizational Behavior (OB)? Answer:- Organizational Behavior is the study of individuals and their behavior within the context of the organization in a workplace setting for the purpose of applying such knowledge toward improving an organization’s effectiveness. 2. Define and provide a workplace example for each of the four management functions described by Henri Fayol? Answer:- a. Planning: - Is a process that includes defining goals, establishing strategy and†¦show more content†¦Organizationalmembers in a weak culture find it difficult to identify with the organization’s core values and goals. As a result components or different departments within such an organization uphold different beliefs that do not necessarily address the core goals of the organization. Weak cultures have a negative impact on employees because they are directly linked to increased turnover. In essence, the fundamental strength of the organization’s culture is determined by how weak or strong it is. 4. Identify and describe the seven (7) primary characteristics that capture the essence of an organization’s culture? Answer:- There are seven primary characteristics that capture the essence of an organization s culture. These characteristics are measured on a scale of high to low and provide a composite picture of an organization s culture. This becomes the basis for the feelings of shared understanding that members have about the organization, how things are done in it, and the way members are supposed to behave. i. Innovation and Risk Taking:-The degrees to which employees are encouraged to be innovative and take risks. ii. Attention to Detail:-The degrees to which employees are expected to exhibit precision, analysis, and attention to detail. iii. Outcome Orientation: - The degree to which managementShow MoreRelatedInternational Marketing4703 Words   |  19 PagesMateschitz, marketing guru, and Chaleo Yoovidhya, the owner of the Red Bull formula. Categorized as an energy drink, Red Bull was initially designed to â€Å"treat jet lag and boost energy for truck drivers† (Hollensen, 2012). In todays era, Red Bull is commonly used as an energy drink; like coffee, and as a mixer in alcoholic drinks, like Red Bull Wings and the Jà ¤gerbomb. This aligns with the companys focus on the younger generations of partygoers and post-secondary students.    Red Bull’s marketing strategyRead MoreInternational Marketing1975 Words   |  8 Pagesthe model of the international marketing task displayed in the text, which of the following reasons demonstrates the most important difference between the international marketer s task and that of the domestic marketer? (Points: 1) The international marketer must deal with at least two levels of uncontrollable uncertainty instead of one. The international marketer must rely on at least two levels of controllable certainty instead of one. The international marketer is neverRead MoreInternational Marketing3435 Words   |  14 PagesA firm s international marketing program must generally be modified and adapted to foreign markets. This international marketing program uses strategies to accomplish its marketing goals. Within each foreign nation, the firm is likely to find a combination of marketing environment and target markets that are different from those of its own home country and other foreign countries. It is important that in international marketing, product, pricing, distribution and promotional strategies beRead MoreImpact Of Marketing On International Marketing1194 Words   |  5 PagesIntroduction 1 Company background and situational analysis in the context of international marketing environment 1 Impact of culture on international marketing strategy 1 Current marketing strategies of the corporation by taking into account the context of marketing research 2 Companies international market selection and entry strategies and marketing mixes 2 The influence of Electronic and digital marketing in an international context on the company’s current and future activities 2 Future directionsRead MoreMarketing Analysis : International Marketing1340 Words   |  6 Pagesin generation ,faster communication high end technology ,improved transport system are making international market more approachable. When businesses looking for global position then hunger give them brand awareness and cost effectiveness. The main process of international marketing is start from the domestic marketing to international marketing and after that try to reach global marketing. Global marketing always refers to the globalization. When its about identical product standardization is importantRead MoreInternational Marketing3763 Words   |  16 PagesChapter 78 – International Market selection and Entry Approaches to market selection ↠ incremental entry vs simultaneous entries ââ€" ¦ incremental → usually for small companies with fewer resources that wants to lower their risk preclude economies of scale. ââ€" ¦ simultaneous → extensive resource thus, resulting in higher operating risk, may decide to leverage across asia pacific area, facilitate economies of scale. ↠ Concentrated approach vs diversified approach ââ€" ¦ concentratedRead MoreMarketing Analysis : International Marketing1749 Words   |  7 Pages Midterm Report Individual Assignment Patrick Marco International Marketing - LMIB2 3rd November 2014 Professor David James Marketing is one of the most fundamental aspects in any business success. In fact it is what you say and the way you say it whilst trying to explain how a certain product or service is, giving your target audience reason why to use or purchase it. Marketing can be a bunch of things, whether promotion, an ad, a brochure or a press release. It can simplyRead MoreInternational Marketing1398 Words   |  6 PagesCase Study Mid Term: International Marketing Research at the Mayo Clinic Minashki Sinanan Summary The Mayo Clinic is a well-known health care provider that treats international and domestic, upper class society. An example of their consumer base is the President of the Republic of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, who was seen at the Rochester clinic in New York. Founded almost a Century ago by the â€Å"Mayo† family, these world renowned physicians travelled the world comparingRead MoreMarketing Principles : Marketing And International Marketing3590 Words   |  15 Pages Topic Marketing Principle: A In-depth Marketing Study Written By: Rahima Student ID: Module Name: Marketing Principles Submission Date: 1st April, 2015 Executive Summary: In the assignment I discussed about the marketing principles. I discussed the efficient domestic marketing and international marketing process in the whole assignment. In task 1 I discussed about the marketing and marketing elements. In task 2 I discussed about the macro and micro environmental factors of theRead MoreMarketing Analysis : International Marketing2073 Words   |  9 Pagesinternational marketing can include all these activites incluing licensing,importing and exporting, and franchising or the full direct entry of one country into another country for business objectives. This is achieved by one country exporting other countries’ products into its own business environment; it can also enter on franchising terms or through licensing in the country of interest, or direct investment in the foreign country. Market mix development involves product promotion, product pricing

PG Always / Whisper - 1719 Words

PROCTER amp; GAMBLE Always/Whisper Problem Procter amp; Gamble is faced with the decision to change the name of their feminine pad/napkin products from â€Å"Always† to â€Å"Whisper†. The Singapore operation increasingly depended on Pamp;G Japan, which used Whisper since Pamp;G was blocked from using Always. The strategies for name change come in three alternatives: (1) the name change would be introduced swiftly; (2) the name change could be phased in for different items at different times; and (3) Whisper products could be introduced and co-exist with Always. Analysis To better evaluate the case, Pamp;G’s marketing mix will be used to identify the internal and external factors that will affect the business. Customer The customer for this†¦show more content†¦Pamp;G Singapore was strong in the catamenial market with a projected market growth of 20% per annum. This was higher than any of Pamp;G’s consumer products. The Singapore market was where the feminine pad â€Å"always† became an initial success. This gave the Singapore executives of Pamp;G an opportunity to change the name of the feminine pad from â€Å"always† to â€Å"whisper† because of its initial success in Japan. What the Pamp;G executives failed to factor in is that the cultures in both countries differ and that consumers (in Singapore) may react negatively with a change in name of the product from â€Å"always† to whisper†. With a change in the name of the product this would also entail in changing the positioning, target and strategy of the product. Modifications in packaging and marketing communication mix will be required under this strategy. Alternative Options A brand’s name is one of the most important factors to consider in introducing a product in the market as this would affect how consumers perceive the product itself. â€Å"Always† in the mind of a consumer may refer to a product being â€Å"reliable† while the name â€Å"Whisper† may signify being â€Å"tactful† as women having their menstruation are usually discreet about the condition. People from all walks of life may have different interpretations of the two names. Below are the three alternatives that Pamp;G will choose from: 1. Change the name based in any of theShow MoreRelatedCompare and Contrast Essay: Brave New World Versus 19841675 Words   |  7 PagesCompare and Contrast Essay Juan Ignacio Pazmià ±o English 11 â€Å"We cant be confined to one way of thinking, and that terrifies our leaders. It means we cant be controlled. And it means that no matter what they do, we will always cause trouble for them.† (Roth, 2012) Victoria Roth describes the way people act in a society, individuals are different from one another, and therefore have different beliefs, ideas, and thoughts. When a ruler comes into power, he wants to make the whole community thinkRead MoreAn Essay on Procter and Gamble Company4030 Words   |  17 Pages The Procter amp; Gamble Company, also known as Pamp;G, is an American multinational consumer goods company headquartered in downtown Cincinnati, Ohio, USA. Its products include pet foods, cleaning agents and personal care products. Prior to the sale of Pringles to Kellogg Company, its product line included foods and beverages.[2] In 2012, Pamp;G recorded $83.68 billion dollars in sales. Fortune magazine awarded Pamp;G a top spot on its list of Global Top Companies for Leaders, and rankedRead MoreSanitary Napkins Situational Analysis13655 Words   |  55 Pagesstatistics, trade associations, trade press, company research, trade interviews, Euromonitor International estimates October 2006 Competition Over the years, more established brands, such as Johnson Johnsons Modess and Carefree, Procter Gambles Whisper and Kimberly-Clarks Kotex-Newtex, have become increasingly niche, as their target audience is comprised of more affluent consumers. Constant advertising of these brands has made them very popular. However, their high prices are alienating some consumersRead MoreThe American Reaction to Richard Cobden: An Economy of Fear Essay1604 Words   |  7 PagesIntroduction Though Anglo-American relations are not currently hostile, they were not always this way. This paper will explore the free trade beliefs of Richard Cobden, and show that Americans who rejected his ideas did so out of ignorance and fear. The paper will begin with a description of Cobden’s context and beliefs and then move to an analysis of American Anglophobia and Anglomania and governmental responses to Cobden. Context Trade liberalization in Great Britain signaled an era of intenseRead MorePop Culture: Music is a Positive Influence1167 Words   |  5 Pagesinfluence good morals, respect, allowing differences, health, and much more. Music can come in many forms and categories and music is very good for the world. Music is that one friend that will always be there and will never judge us. It changes and has a huge impact on lives tremendously. There will always be that one song that can make a person get up and go. Sometimes, when we are sick it helps to take away some of the sorrow, pain, and it comforts us the best way it can. (White) A person canRead MorePG Corparate10304 Words   |  42 PagesStatement (Actual) 4 Mission Statement (Proposed) 4 Vision Statement (Proposed) 5 Slogan (Proposed) 5 The CPM Matrix of Pamp;G Company 6 External Factor Evaluation (EFE) Matrix for Procter and Gamble (Pamp;G) 9 The I/E matrix for Procter and Gamble (Pamp;G) 14 Internal Factor Evaluation (IFE) Matrix for Procter and Gamble (Pamp;G) 16 A SWOT Matrix of Pamp;G Company 21 Strengths 23 Weaknesses 23 Opportunities 24 Threats 24 The FOUR strategies 25 The SPACE Matrix 26 CalculationRead MoreMaterialism in the Rocking Horse1884 Words   |  8 Pagesfamily and calls attention to the modern world’s lack of values (Thornton 77). The house in this story symbolizes an obsession with money. It whispers the family secret, â€Å"There must be more money† because the parents are accustomed to having wealth, yet they are unable to produce it. They live beyond their means, and the walls of the mysterious house whisper this dark secret. The children hear it and know it, but do not speak of it. The parents feel it and know it, but do not speak of it. The houseRead MoreProcter Gamble Case Analysis3828 Words   |  16 Pagesstill remains in Cincinnati. PG had been a late globalizer. But after World War II, PG began its international expansion in earnest. By 1980, PG was operating in 23 countries and reporting over $20 billion in annual sales. As its global expansion progressed, PG continued to modify its structure and internal processes to maximize global leverage. Various initiatives were launched to facilitate exchange of knowledge and best practices across the company. In 1998, PG’s earnings per share (EPS)Read MorePG Business Strategy Analysis4963 Words   |  20 PagesPG OUTLOOK Three billion times a day, PG brands touch the lives of people around the world. This happens because PG provides branded products of superior quality and value to improve the lives of the world’s consumers. This results in leadership sales, profit and value creation, allowing employees, shareholders and the communities in which we operate to prosper. In 1837 William Procter and James Gamble formed a humble but bold new enterprise. What began as a small, family-operated soap and candleRead MoreA Critical Analysis of PG’s Chinese Competitiveness6349 Words   |  26 PagesIntroduction 1 2.0 Pamp;G’s Competitive Operation in China 2 3.0 Pamp;G’s Competitive Position in Markets 6 3.1 Using Porter’s five forces model 6 3.2 SWOT analysis 8 3.3 Strategic group Analysis 8 4.0 Cross-Cultural Management 9 4.1 Hofstede framework 9 4.2 Trompenaars cultural dimensions 11 4.3 Edward Hall cultural dimensions 12 5.0 Corporate Social Responsibility of Pamp;G 13 5.1 Triple bottom line of Pamp;G’s CSR 13 5.2 Carolls pyramid of Pamp;G’s CSR 14 5.3

7 ps with reference to Taj Hotels free essay sample

This gracious turn-of-the century hotel is located 32 km from the airport and minutes away from Mumbais commercial, shopping and banking districts. The Taj Mahal Hotel has an old-world Heritage Wing and a contemporary Tower Wing. The hotels premium suites have been used by royalty and Heads of State. Taj believes that the their core product is space. This space is supplemented with the services they provide like the restaurants, health club, banquets, discotheque, bar, business centers etc. Their other supplementary products also include travel arrangements, ticketing, airport pick-ups, sightseeing etc. The hotels various other departments like the house keeping, front office, food and beverage, room service and maintenance, all provide the supplementary services to the customer. A few of the Facilities and Services offered are as follows:- Types of Accommodation 582 centrally air-conditioned rooms including 49 suites. Tower Wing Rooms: With easy access to the Business Centre, these contemporary rooms offer guest amenities like Internet connectivity, 2-line speaker phones with international direct dial facility and voice mail. Mini bar, personal safe, channel music and television with satellite programmes. A complimentary in-room fax can be provided on request. Guests have a choice of rooms that overlook the city or face the Gateway of India and the Arabian Sea. Heritage Wing Rooms: These rooms are renowned for their architecture and exude an aura of old-world elegance. Each corridor in this Wing resembles an art gallery, and the design, decor and furnishing ensure that no two rooms are alike. Guests have a choice of rooms that overlook the city or pool or face the Gateway of India and the Arabian Sea. Taj Club: Located on the top floors of the Heritage Wing, Taj Club is designed for the discerning business traveler. Guest amenities and services include complimentary airport limousine transfers, private check-in at the Club desk, in-room fax, personal safe, a complimentary bottle of wine, valet service and complimentary deluxe Continental breakfast. Taj Club guests can also enjoy complimentary tea/coffee throughout the day and cocktails during the Cocktail Hour at the Club Lounge. Taj Club also offers guests exclusive Meeting Rooms and a Business Service Unit on the Club Floor. Suites: Choose from elegantly appointed Junior Suites, Executive Suites, tastefully decorated Large Suites, newly renovated Luxury Suites or spacious, plush Grand Luxe Suites. The finest suites at The Taj Mahal are the luxuriously appointed Presidential Suites. Each of these suites is decorated with original paintings and antiques that transport guests into a world of regal luxury and grandeur. Grand Luxe and Presidential Suite guests can also avail of a personal Valet Service. Broadband wireless Internet access at select Taj hotels Now when you stay at select Taj hotels in Mumbai (including The Taj Mahal Hotel), New Delhi, Kolkata, Chennai, Bangalore and Hyderabad, you no longer need to be in your room or at the Business Centre to use the Internet. Multiple hot spots located across the hotels lets you get onto the Internet from almost any place in the hotel quickly and without plugging in! Whats more, there is a Cyber Butler on call, should you need any assistance with getting connected. Facilities and Services Swimming pool, fitness centre and spa, beauty parlour, barber shop, travel desk, car rental, pastry shop, book shop, shopping arcade, currency exchange, doctor-on-call and babysitting. Complimentary use of steam, Jacuzzi and gymnasium at the fitness centre for all guests. Arrangements for golf, badminton, squash, billiards, tennis and table tennis on request. 24-hour room service and laundry service Place and Time As far as place is concerned, all the Taj services and facilities are provided at one point. To ensure timely delivery of their services, they have set processes in place and incase of failure or delay of service, they have built in contingencies and trained their staff to communicate the delay to the customer in the right manner. One of the incidents that Mr. Vivek Sah, the Training Manager at Taj provided us with to explain this concept further is of the implementation of the contingency plan during the breakdown of the elevator. In case of breakdown of the elevator, the Room Service makes use of the elevator in the other wing to ensure timely delivery to the customer. They also have complaint management systems where they encourage customer feedback. Each of their feedback form is numbered and hence if any feedback form is missing, the staff is held liable for it. This is to ensure that the management views every feedback form. To ensure standadization in their services, they have Standard Operating Procedures (SOP), e. g the food that is served in the restaurant will be of the same quality and taste at any given day and time. Process In order to ensure that the core product and the supplementary product is developed and delivered in the right manner and at the right time, the hotel has formed certain set processes. When the room is being prepared for customer check-in , the house-keeping department make sure that all the room amenities are provided as per the check list. For e. g. certain room amenities like 3 embroidered laundry bags, 2 closed slippers with logo, 2 shoe bags, etc. are provided by The Taj Mahal Hotel. Infact the processes are so specifically laid down that hotel staff are even advised on what to say and what words to use while talking to a customer. The following example will illustrate this better. When a customer asks for something to be done instead of saying â€Å"no problem, the staff is taught to say ‘ most certainly’. The Taj Blueprint When the service provider comes in contact with the customer, he needs to surpass the customer’s expectations, for which a blue print is made and followed by the service provider, in this case the Taj Mahal Hotel. Dinner Service Sequence Procedure 1 Greet Guests Entrance Host(ess) / Manager 2 Smile using appropriate salutation,correct posture,eye-contact and guest name where possible. Entrance Host(ess) / Manager 3 Smoking/Non-smoking preference to be confirmed. Entrance Host(ess) / Manager 4 Assist guests to their seats. Restaurant Host(ess) / Manager 5 Unfold the napkins, ladies first Restaurant Captain 6 Suggest the Dinner buffet, and describe the buffet highlights specials etc. Table Captain / Manager 7 Present the food menu along with the beverage list/ wine menu, if A La Carte is desired by the guest. Suggest daily specials and advice non availability`s, prior to food orders. Table Captain / Manager 8 Suggest bottled water and offer wine by glass. Table Captain 9 For wine service, appropriate glassware to be present on the table. Table Captain / Server 10 For all orders, serve ladies first Table Captain / Server 11 Clear plates accordingly before guests return after second helping from buffet. Table Captain / Server 12 For A La Carte orders, plates to be cleared only after all complete their meal. Table Captain / Server 13 Replenish the cuttlery accordingly. Table Captain / Server 14 Napkins to be folded neatly in half and placed on the left arm-chair, when guests leave for second helping. Table Captain / Server 15 For A La Carte orders, offer dessert menu and describle items. Table Captain / Server 16 Offer tea / coffee after entree and side plates are cleared. Table Captain / Server 17 Always maintain table top clean, before resetting the table Table Captain / Server 18 Place bill folder with cheque on table for signature, as per guest convinience Table Captain / Server 19 Thank all guests using their names respectively. Table Captain / Server / Host(ess) / Manager 20 Bid farewell. Restaurant Captain / Server / Host(ess) / Manager 21 Upon guest departure, clear table immediately. Table Captain / Server Productivity The Taj as a hotel does not compare itself to only Indian hotels, but even with the hotels internationally as it claims to have â€Å"World Class Quality†. In order to ensure that its inputs are transformed into desired outputs, they provide extensive training to their employees irrespective of the field they come from. The Taj Mahal hotel has various quality tools to enhance quality. This involves every department, as they have to make sure that the raw material as well as the finished product is of top quality. At The Taj, it is the responsibility of the purchase department to make sure that the raw materials are purchased at the Right Time, Right Place, Right Cost and from the Right Source, in order to avoid any hindrances in their productivity and quality. Taj has developed enormous credibility in terms of trustworthiness being the oldest brand of hotels, with the reputation of being World class and honest service provider. Security, Communication and understanding the customer psychology are special assets the Taj management has mastered with time. People People here mean the customers, employees, management and the society. It is the final customer who is to be satisfied and this can be done only with the help of the employees, who are directed and guided by the management. In the end the final motive of Taj is to provide consistently and relentlessly an Indian experience of warmth and hospitality by anticipating and exceeding guest expectations. They also provide various customer services such as ‘The Taj Inner Circle Group’, ‘Taj Advantage’ and ‘Taj Epicure’. In order to ensure the productivity of their employees they provide them with various facilities such as medical help, consultation, traveling facilities, perks and bonuses. The employers here each have their own lockers in which they keep their uniforms and other belongings, they also have bunkers with small beds so that the employees working in shifts can catch some sleep if need be. In spite of the fact that human resources management is such an integral part of the service industry of which hotels form a major part, its role has begun to be acknowledged only recently. The Taj Group of Hotels is probably one of the first Indian hotel chains to have recognised and respected the significance of HR in the hospitality industry. Says K S Srinivasan, GM-corporate human resources, The Taj Mahal Hotel, Mumbai, â€Å"Functions like sales, marketing and HR are not hotel-specific, unlike those of chefs, housekeepers, bartenders, stewards and the like. They are, in fact, common to all businesses. † He asserts that HR, as a function, is like a partner in the business in any organisation and not a stand-alone function. It is the key to effective utilisation of the manpower that the hotel industry is so dependent on. And the Indian hotel industry is among the most labour intensive since the number of people serving guests is the maximum here. It is precisely for this reason that the significance of HR requires to be appreciated. It is not merely monetary rewards that employees seek today; the intriguing aspect is the learning experience that the job promises. â€Å"It is precisely with this very thought in mind that the Taj Group of Hotels, a Tata enterprise and one of the oldest hotel chains in the country, decided on a training programme for the operations trainees,† explains Srinivasan. Interactive sessions between the Taj management and the director of the Tata Institute of Social Sciences (TISS), a Tata educational and research institution, led to an interesting and comprehensive tailor-made course curriculum being chalked out. Thus was born the ‘Taj TISS HR Associate Programme’, a one-year course comprising four modules that are designed to give equal importance to and impart balanced knowledge of both the theoretical and the practical aspects of all HR-related functions of the hotel industry. After finalising the course details, the Taj made announcements about the course, offering interested trainees with two to three years of work experience an opportunity to apply. The response was encouraging and five trainees were shortlisted for the first batch of the training programme. Each of the four modules have four sections. The first stage consists of theoretical lessons, providing a sound background to the practical application of the knowledge required of them in the second stage. In the third stage, the students return to the Institute and their performance is evaluated by professors of TISS. In the fourth and final stage, grades are awarded. While practical training sessions for the first three modules have been organised at the Taj hotels across the country, the fourth modules practical sessions had students of the first batch working in Tata companies such as TISCO and Tata Consultancy Services (TCS). â€Å"This gave them a wider scope and more exposure, besides making them realise that HR skills in a service-specific industry like the hotels are much more challenging than their application in the manufacturing or any other industry,† observed Srinivasan. He said he himself had started off in the manufacturing industry and only later did he move over to the service industry. â€Å"I have been in the industry for over a decade now and am well-set here,† he added. The key to retaining staff and ensuring the success of any business organisation lies with the HR department and its effective functioning. Any organisation, including hotels, incur heavy expenditure on their employees, especially between the time of recruitment and the employees’ acquisition of the skills imparted during their training. It can be inferred, therefore, that a high employee turnover rate lowers the efficiency of the staff as a whole owing to their constant on-the-job training and skill enhancement. â€Å"An organisation must be able to create for itself a unique place and image in the minds of the employees, both present and prospective. This enables the employees to aspire to be a part of the organisation, giving it their very best,† says Srinivasan. â€Å"Though the training programme has and will continue to cost us money, we believe that it is truly worthy investment,† he added. â€Å"The Taj group,† says Srinivasan, â€Å"is an expanding organisation and we are a people-oriented company. What we need are people who can match our organisational standards. We are also looking to create and ensure a constant supply of good quality HR professionals, which is why we decided to impart training of an extremely specialised nature to our management trainees. I have observed them at the end of the programme and must say that they appear all charged up and raring to go,† he remarked. The Taj-TISS joint programme is expected to create a demonstration effect in the industry with more hotel groups placing additional emphasis on the HR training programmes. To be a successful HR professional, what is required most is the aspirants’ ability to challenge themselves as well as their colleagues. Only then can they get the very best from themselves and their team. â€Å"Challenges in the HR field are immense and since it is so people-centric, it is only obvious that professionals should have strong people-management skills,† explains Srinivasan. Besides this, a right attitude towards the job and life in general is extremely essential. â€Å"As a manager myself, what I would look for in an applicant would be the ability to fit into my organisation perfectly and be emotionally balanced, competent and above all, be a cultural fit, fulfiling the basic values that the Taj is known for,† concludes Srinivasan. Promotion and Education They carry out their promotions by the means of calendars, monthly letter to their ‘Inner Circle Customers’, informing them about their upcoming events and offers. Taj has television advertisements on popular channels like CNBC, and print ads in magazines and newspapers. Taj takes part in exhibitions like wherein they promote their holiday packages. They also have special offers during the â€Å"off-season† etc. Also The Taj is the only hotel chain to personify itself and in promotion campaigns and advertisements the Taj is often referred to as â€Å"She† The print ads for the Taj are :- Physical Evidence The Taj Mahal Hotel was built in 1903. The architect was Sitaram Vaidya. It had a very ethnic look to it, which kept up their image of providing an Indian experience of warmth and hospitality. They realized that modernization is the name of the game and had The Taj redesigned by Mr. Chambers, Mr. Wilkes and Mr. Bernard from Singapore. Some of the recent renovations that have been carried out at the Taj are The exterior has been given a new and modern look while still retaining the old world charm of the building. The entrance has splendidly carved bronze and glass doors Soaring onyx columns stretch to a luminous alabaster ceiling; while underfoot, rich hand-woven carpets set off a magnificent floor painstakingly inlaid with semi-precious stones. The eclectic mix of western contemporary style and traditional Indian motifs creates a veritable feast for the sense. The citys most exclusive restaurant, The Zodaic Grill provides a graceful setting for an intimate dining experience. Under a magnificent trompe loeil dome, they serve the finest gourmet cuisine complemented by an extensive wine list, as a classically trained pianist entertains patrons. Price and Other User Costs Taj realizes that their prices are high and not affordable by all, but this is due to various overheads that it incurs and the superior quality that it offers. For e. g. a roadside sandwich seller sells his sandwich for Rs. 10 as he has no overheads and has no quality standards to maintain, like the quality of the bread and the vegetables. But at The Taj, they serve the best quality and also incur overhead expenses. Also the target audience that the Taj caters to are the one’s who come to the Taj for it’s ambience and world class standards, therefore they say that their prices are justified as they help The Taj retain the exclusivity that it stands for.

Furnman Selz Case free essay sample

Global Human Resource Management Case Study Furman Selz LLC (A): A Tale of Two Acquisitions 1. What problems are Furman Selz and ING facing in December of 2000? In 1997 ING Barings acquired Furman Selz for $600 million in a purchase that was labeled as a â€Å"match made in heaven†. Although the basis for this company’s evaluation was quite optimistic, both parties believed in the significant future synergies between the two companies. However, a few months after the acquisition, differences between the two started to surface. ING installed Fernando Gentil to run the new company ING Barings Furman Selz together with Furman Selz’s Chairman Edmund Hajim. Gentil applied ING’s vision of becoming the leading financial services company and hoped for the ING Barings Furman Selz to become one of the top players in investment banking. This was further supported by the ING parent company in a meeting where they set the goal of moving ING Barings Furman Selz from current lower ranks (15th or 17th position) to a top 7 position. All this should be achieved without further investment but just by leveraging synergies, which in Hajim’s opinion was impossible and led to confusion among Furman Selz employees. Another issue occurred when ING informed Hajim about the planned tight integration of Furman Selz into ING Barings’ New York operations. This came as a surprise, as Hajim believed that during the acquisition talks both companies agreed for Furman Selz to remain independent. In his opinion the move was disadvantageous as the ING Barings’ overhead costs were well above those of Furman Selz and his company had a different structure of measuring success. Albeit his objections, Hajim eventually agreed to the move but subsequently withdrew from the leading role and let Gentil take over more responsibilities. ING’s non-cooperative behavior here could have also be foreseen earlier when they invited Hajim to Amsterdam right after the acquisition but didn’t put an effort into welcoming him in a way you would expect when his company just got acquired. Instead they just scheduled a one-hour meeting and didn’t want to strengthen the relationship between the two entities. In the wake of the merger, some Furman Selz executives were  promoted into leading roles of the new entity, but many of the regular employees were unhappy with the new situation. They felt betrayed by ING’s move to integrate both banks, others were dissatisfied to be in one boat with a commercial bank. Also the compensation schemes became insufficient, as there was no clear system anymore to assign profits to the source it stemmed from. Furthermore bonuses were misallocated which left many employees disappointed. Eventually in the years after the acquisition an exodus of the company’s top talent occurred. Hajim resigned from the co-chairman position and went on to lead ING Furman-Selz Asset Management and was very successful in this new role. Other key players also left the company, among them 16 of the 42 Furman Selz analysts. ING on the other side was struggling to get its operations in Europe under control. At the end of 1997 Arjun Mathrani was appointed as new CEO of ING Barings to get the investment banking acquisitions under control and integrate them into the company. But under the new management some unfortunate decisions were made in the following months. The head of markets laid off some bankers from the Latin American division, then he left the company himself two weeks after and subsequently the fired bankers were re-hired again for a much higher salary. Only for the whole Latin American unit being closed for good at the end of the month. Afterwards ING announced that it would open up another investment bank in Western Europe, which made many employees doubt ING’s commitment to ING Barings Furman Selz and subsequently they left the company. Discouraged by the parent company’s decisions, Mathrani stepped down as CEO and Marinus Minderhoud hesitantly took over until a replacement was found. After the next quarterly reports, which revealed poor performance, and due to the missing efforts of ING to find a new CEO, Minderhoud stepped down and David Robbins took over. In the following months ING announced a review of its investment banking operation and subsequently dismissed 1,200 employees. Although the three investment bank acquisitions ING made were all great performers in their markets, under their new parent company they all performed weakly. This is partly due to the re-focus on developed markets instead of providing services related to emerging markets where the entities had a lot of experience and a good standing. Another re-alignment in strategy dismissed the matrix organization of product line and market and instead assembled operations along four global,  client-focused business lines. While these moves appeared to correct the problems, employees still felt that ING does not have a clear strategy. This sentiment and the constant changes in management and strategy caused CEO David Robbins and another executive to leave the company as well. In 2000 ING Barings was the least profitable of ING’s groups leaving the management wondering if they should spend any more money on the integration of the acquisitions or completely leave investment banking. 2a. How was the acquisition by Xerox different than the ING acquisition? One of the biggest differences was the nature of the alliance itself. Both acquiring companies intended to leave Furman Selz as a separate organization. Nevertheless, ING broke its agreement and, 45 days after the acquisition, announced the total integration of Furman Selz. As a consequence, the second acquisition had a completely different impact on Furman Selz. While the acquisition from Xerox meant just a few adjustments and Hajim could still follow its own strategy, the acquisition by ING implied tremendous changes, with ING interfering in the strategic decisions of Furman Selz. In contrast to the time under Xerox, the management was not included in the decision making process. Thus, the employees of Furman Selz had to face several changes in strategy, without being able to influence the decisions, on top of having to cope with the integration itself. Another difference between the cases lies in the anticipated return from the acquisition on both sides. Xerox, on the one hand, enabled Furman Selz to grow and increase its book value by providing capital and the prominent name. In the case of the ING acquisition, on the other hand, Furman Selz expected a global reach as well as (increased?) capital. However, ING was not willing to invest (more) in the company but was expecting high growth rates. With the lack of both input from ING and higher growth rates from Furman Selz, expectations could not be met from both sides, in contrast to the acquisition by Xerox. During the integration process several changes had to be made, since ING was a commercial bank and insurance company while Furman Selz was an investment bank. As a consequence, the two companies had a completely different management style and structure, and adaptations had to be made regarding the costs, profits, compensations and HR. Because Furman Selz was left independent at the first acquisition fewer modifications had to be made in the company. Another important issue was the difference in company culture and leading style.  Whereas the first acquisition happened inside national borders the second takeover was a cross boarder acquisition. Hajim noticed the differences of the companies’ cultures when he was invited to meet the board of ING in Amsterdam. In contrast to Hajim the Dutch board had no interest in any interpersonal relationship and these cultural differences could be found throughout the whole communication process. Apart from the lack of interest in the personal opinions of Furman Selz’s management, the employees also had to face an intransparent management style after Furman Selz had been acquired by ING. Conversely, Xerox had a clear vision, which Hajim could communicate easily to the employees. Additionally, there was a fair and quantifiable compensation structure. The absence of these two factors after the second acquisition led to pessimism and several exits/resignations of talented employees. 2b. Was the Xerox acquisition successful? At that point in time, Furman Selz’s main objective for an acquisition was the search for new capital in order to cope with the increased costs of running the business. While Furman Selz was a privately owned company before the takeover, after the acquisition the financial risk was shifted towards Xerox. As a consequence Furman Selz was able to take riskier but lucrative business decisions and the expectations Furman Selz had prior to the acquisition were met. In addition, the name ‘Xerox’ gave Furman Selz more viability. Prior to the acquisition Furman Selz’s employees had to explain who they where, afterwards it was easier to make business deals because Xerox was a well-known company. As a result, the capital and the name allowed Furman Selz to grow more aggressively. Since Furman Selz was an independent subsidiary of Xerox, the company did not have to face major changes after the acquisitions. The only negative impact was the increased bureaucratic work like the necessity of monthly projection plans. Nevertheless, Hajim could follow his own strategy and had no problems with the board of Xerox, allowing for a reduction of changes in company structure and insecurity of towards the future. When Hajim and the management bought the company back, transforming it once again into a privately owned company, they did not have to make profound changes while gaining a strengthened company. During the time with Xerox the subsidiary grew constantly,  outperforming the industries average during the crash of American markets in 1987 and almost doubled the book value between 1987 and 1993 to $97 million. In conclusion, the acquisition was successful, considering the decrease in risk, and increase in capital, growth possibilities and low amount of changes, allow ing for a smooth transformation back to a privately owned company after 1993. 2c. What should ING and Furman Selz have done differently? In the process of creating successful alliances a good strategy is as crucial as the partner. However, during the Furman Selz takeover by ING the acquisition was agreed upon, without having defined a clear strategy or even a shared vision in the first place. Whereas Furman Selz expected capital and an increased global reach from the acquisition, ING saw the takeover as a small step towards gaining a foothold in the American investment banking market, leading also to divergent expectations for the following development. Even though the two parties had agreed on high growth rates during the negotiations, they did not speak about the specific terms. As a result, Hajim was severely taken aback when he learned that ING was not willing to invest additional money in the company. In order to avoid these conflicts the parties should have clearly defined/verbalized the terms and conditions during the negotiation period. Furthermore, Hajim should not have forgone the governance clause without any warranties. In the attempt to close the acquisition quickly Hajim acted naà ¯ve and believed in the word of ING’s board members. He should have insisted on a written governance clause assuring the independence of Furman Selz. One problem on the side of ING was to not includ Furman Selz’s management into the company’s decision making process. After settling the full integration ING should have taken Hajim’s concerns regarding the cost structure into account and paid more attention to potential problem during the integration of the two companies. Since the managerial style and structure of investment banks and commercial banks differ substantially, a lot of effort has to be invested in order to integrate one system into the other. Besides, special characteristics of Furman Selz, like the low cost structure, should have been considered to a higher extend. Also, during the integration, the two parties should have worked more closely together. By not cooperating enough they could not  exploit valuable synergies like the â€Å"cradle to grave financing† which was declined by Furman Selz’s employees. When ING broke the orally guaranteed agreement of leaving Furman Selz as an independent subsidiary so shortly after the acquisitions, Furman Selz’s employees felt betrayed. This feeling led to resistance during the integration process. The sudden change in strategy was followed by several strategic changes during the following years. The instable management style also led to insecurity and pessimism among Furman Selz’s employees. In contrast to that development, from the beginning onwards, ING should have worked on the satisfaction of the employees, as they sustain the knowledge in the company, Besides the already mentioned clear strategy this would have required a clear communication and an integration of Furman into the decision making process. Furman Selz’s employees did not know what ING was expecting from them. A good leadership from ING with an inspiring vision and effective communication would have been necessary to prevent their pessimism towards the future. Moreover, their resistance and unwillingness to work with ING colleagues could also have been avoided. Programs to foster the interaction between employees of both units should have been implemented in order to evade problems like the HR unit had to face. One of the problems of the acquisition was the exit of several employees. Several managers left the company after disagreeing with the ING board. Additionally, 16 out of 42 analysts left the company in two years. Between them were prominent research analysts like Maryann Keller. For an investment bank like Furman Selz these people are the most valuable asset. Thus, the retention of key talent should have been the focus during the integration process, for example avoiding the resignation of talented employees by giving clear incentives. One possibility would have been to establish a compensation structure, which is clear and easily quantifiable. Certainty about bonuses and a fair compensation structure relating to individual and team performances would have been necessary in order to avoid the brain-drain of Furman Selz’s key talents. 3. What should Furman Selz and ING senior management do? If we have a look at the most important success factors of an international acquisition namely retention of key talent, effective communication, executive retention and cultural integration we see that none of these  criteria are fulfilled in our case. A possible option for ING would now be to simply sell Furman Selz again, as the integration obviously has failed. ING’s vision is to become a leading financial services company in a growing and globalizing industry. To achieve this, however, it will be key to have a strong investment banking arm with a footprint in the US. Therefore, we will know evaluate the option to not sell Furman Selz. Clearly, if they decide not to sell Furman Selz they have to manage the turnaround and fix the problems which have occurred and which we have described in question 2. It seems to be that the cultures of an investment bank and a commercial bank are too big to merge them. As a consequence, we suggest to reverse the integration process of Furman Selz following a clear preservation strategy. It is true that many key people of Furman Selz have already left the company but we should not forget that the key person is still with the company, Hajim. With Hajim the Furman Selz employees associate â€Å"the good old times† when the company has been successful and a strong culture was in place. Hajim has not only proven to be able to grow the independent Furman Selz company but also the ING money management arm. We therefore suggest to name Hajim the CEO of ING Furman Selz. In order to communicate the independence of Furman Selz it will be useful to change the name to Furman Selz an ING company. With Hajim on top and the more independent name it should be possible to regain trust by employees and also by clients. Another action to rebuild trust and image would be to give Bernard Selz who is also still with the company a representative position in the firm. Not that the company will need his skills, but having him on board would definitely fuel a â€Å"back to the roots† spirit. During the failed integration process Furman Selz lost top talent especially within research one of the key departments within an investment bank. It will be key to become an attractive workplace again and hire new top performers. In order to reverse the integration and hire new people, Furman Selz will need a significant amount of capital. Capital was one of the reason why Furman Selz earlier wanted to be acquired by ING. Therefore, ING senior management should bring capital in the firm to make their venture a successful company again. During the MA process with Furman Selz ING senior management showed that it was very keen on integrating the company with the intention to leverage synergies. These attempts ended up in resistance and unfair compensation methods. We also  think that there is great potential for leveraging synergies between ING and Furman Selz but we do not believe in forcing people to take advantage of them. As a consequence, we advice to create inter-company functional synergy groups. These groups will meet on a quarterly basis and discuss opportunities for collaborating in certain areas. If and only if both ING and Furman Selz benefit from a collaboration they should do it. By giving Furman Selz choice resistance will be eliminated and employees feel that it is an advantage to be an ING company. Within the collaborative areas it is key to manage compensation right. Synergy groups will from the beginning clearly define who gets benefits from certain types of deals when both ING and Furman Selz were involved. One specific example is that we suggest to establish lead prices which can be fixed or dependent on the final deal volume. If Furman Selz refers a client to ING than it will be clear what ING has to pay the specific Furman Selz department and vice versa. Regarding compensation we also would like to mention that the performance of other ING businesses will not affect Furman Selz bonu ses anymore. By following this strategy we would solve the cultural and communication issues. As we probably will not be able to get all key people back, we will on the other hand be unable to solve key talent and executive retention. As a consequence it will be key to hire new talent who are able to replace the ones who have left.