IMT G Horizon 11 by Zigu MBA

IN THIS EDITION

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Foreword !!– !!"#$%&&#"'()'*)'(+,-.! !

Role of HR in Fostering an Ethical Work Place -

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Human Resource Management: A function that counts – ;")'<+.046'(=>8'

Young HR Leaders: Catalysts for Change –

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Managing the Emotional Wellbeing of Employees '– ' 2,0?'(.0+5.6'D>=8(' '

Effect of Technology on HR Dynamics – !(AE"0B0' :0B0-#E040,6'==C'*-E' '

Balancing Organisational Policies and Employee Issues 'F'8")'(AB0,'8A5.%"B%%6'D7>'=,3+0'G13)' !

Managing Workforce Diversities – !8&)'2,+5&.0':#/6' ;0/04H0-.'I3AJ01+#,04'=,&1+1A1%! !

Difficult bosses at the Work Place !– !8")'2H.+&.%5'

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ROLE OF HR IN FOSTERING AN ETHICAL WORK PLACE

Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness, that most frightens us. These lines speak volumes about the fear that threatens the powerful business houses today around the world. With the avalanche of corporate scandals that have rocked the market, the corporate warriors realized how poor is their understanding in ethics in comparison to finance, marketing, production and logistics. Business Ethics can be defined as "obedience to the unenforceable". But in a more crystallized form one can term Business Ethics as the application of a moral code of conduct not only to strategic but also to operational management of a business.“Business ethics” usually means one of the three things: (1) avoid breaking the criminal law in one’s work-related activity; (2) avoid actions that may result in civil law suits against the company; and (3) avoid actions that are bad for the company image.

Khyati Adlakha MBA(HR) 2nd Year SCMHRD

In the past, the horrendous impact of corporate greed or lack of

Ethics and religion must not stay at home when we go to work. - Achille Silvestrini, Cardinal of the Roman Curia

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business ethics has not only destroyed many companies but has left stockholders and employees in a state of despair. Business debacles such as Enron, WorldCom, Tyco and Satyam conclude what is wrong with our corporate system. Inflating profits, hiding a billion dollars in debt and manipulating the energy market are only a few crimes Enron has on its list. Telecommunications giant Worldcom committed the largest accounting fraud in history by orchestrating an $11 billion scheme that drove the company into bankruptcy. Fifteen employees at HealthSouth, once the largest U.S. operator of rehabilitation hospitals, pleaded guilty for overstating earnings by $2.5 billion. News Corp regards the public trust - a company’s most valuable asset. But the irony is the company’s recent presence in the news for tanking the stock valuation by $7 billion in a single four-day period. Satyam’s inflated balance sheet sends tremors across the whole world leaving the stakeholders in a state of shock. A recession-fuelled spate of bribery and corruption is set to keep frauds at a record high in the coming times. Hard times will definitely drive more people to investment scams and supply chain fraud, making another world record of white collar crimes. As companies look to increase topline growth and reduce the operational costs in the current stressed economic environment, bribery and corruption offences by employees will definitely haunt companies across the globe in coming times.

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"In the past, the horrendous impact of corporate greed or lack of business ethics has not only destroyed many companies but has left stockholders and employees in a state of despair."

Ken Lay, Jeffrey Skilling, Andrew Fastow, Bernie Ebbers, Dennis Kozlowski and Ramalinga Raju are few common names that represent only a small percentage of the executives who have abused their posts of power to commit corporate fraud. Their actions have sent a clear message to the corporate world that committing fraud is acceptable as long as it makes the company seem profitable. These actions showed that ethical tone was not set at the top. As they say, if ethics are poor at the top, then that behavior is trickles down the organization. Hence, not only is the top of the ladder suffering from unethical syndrome but also are the middle management and the staff. When employees behave unethical one can blame the CEO, but in a huge organization even CEO pushes oversight to others. Murdoch stated publicly that he can’t closely monitor the actions of 53,000 individual employees worldwide. So, a million dollar question

Management is doing things right; leadership is doing the right things. - Peter Drucker

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is - Who is accountable for employees’ unethical behavior? The top culprits that encourage employees for adopting unethical means are - the corporate culture, the monitoring policy, the compensation and incentives policy, the overstretched annual targets and the analysts’ expectations. Employees and executives in order to meet the analysts’ expectations, lead to manipulate the records. Compensation and incentive plans also encourage unacceptable, unethical, and illegal conduct. The policy of sweeping thousands of dollars in stock options each year, if financial targets are met, has forced many to cook their books. The degree of fear and pressure associated with meeting numerical goals and targets also play a major role in encouraging one to commit fraud. In the light of above mentioned points, it can be considered a child’s play to figure out who should be held accountable for an employee’s unethical behavior. The entity that is responsible for creating transparent and ethical corporate culture, the robust monitoring policy (that guides the employee behavior), the compensation and incentives policy and setting annual targets for employee is no one other than the Human Resource Department. The Ethical Corporate Culture: Human Resource Department of the organization is responsible for fostering the transparent and ethical Corporate Culture. No company can set a good example of business ethics till the time HR managers and senior leaders foster an environment where people feel comfortable to raise voice against unethical behaviors. The 2007 National Business Ethics Survey revealed that among employees, who recently reported misconduct, 43 percent went to their supervisors, 34 percent went to higherlevel managers, and 13 percent went to others such as HR managers or ethics officers. Only 3 percent used hotlines. Hence, HR should organize the regular activities that encourage open communication and transparency across the organization. HR should also try to enhance the trust among the employees by providing complete protection to whistleblowers. Anonymous feedback forms and surveys should also be conducted half yearly to measure the ethical health of the business. The key to transparent and ethical workplace lies in the continual reminder of ethics through robust conversation about ethics and policies. The Robust Monitoring Policy: Rather than starting from scratch, HR should borrow effective monitoring processes from other business functions like finance, supply chain, and risk management. Some of the monitoring approaches that HR should consider include the use of mystery shoppers,

If ethical leadership is not modeled from top then ever HR cannot save the company’s ship from sinking into the sea of business scandals.

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random sampling of employee actions, periodic audits, exit interviews to identify unethical behaviors, anonymous whistle blowing processes, and random employee and customer-investigator interviews. Technology solutions should also be added including real-time performance metrics, phone and computer monitoring and anomaly identification software. The Compensation And Incentive Policy: Companies for years have sought to align their compensation, incentive, and performance evaluation programs with individual and corporate goals. The research among compliance and ethics professionals conducted jointly by the Society of Corporate Compliance and Ethics and the Health Care Compliance Association revealed that compliance and ethics are not strongly tied to how executives and line employees are compensated. When it comes to bonuses, ethics and compliance plays an even smaller role. According to the survey, only 34% of survey respondents reported that compliance and ethics had some impact on the compensation process for executives but in the highly sensitive area of bonuses, compliance and ethics does not appear to be a factor for 76% of the companies. There is more work to be done in aligning compensation practices with stated commitment to compliant, ethical behavior. The inflated profits and cooked books in past will also make HR to rethink about providing stock options for C-Class Executives (CEOs, chief financial officers and other top executives). Drucker has emphasized that in contemporary societies, ethics or ‘sincerity’ of organizations is as important as their efficiency or performance. Thus, Drucker argues that a modern business ethic must be based on a clear understanding of fundamental relationships in organizations (such as employer and employee, superior and subordinate etc.) and must specify universally applicable rules of behavior for managers and employees of organizations. But who will specify those rules? Who will bring the clarity to the topic of modern business ethics in organization? Who will create a cadre of leaders that will do what they preach? It is not just HR that has to play an important role in keeping the ethics violation under check. If ethical leadership is not modeled from top then even HR cannot save the company’s ship from sinking into the sea of business scandals.

Daniel Jay Goleman Daniel Jay Goleman (born March 7, 1946) is an author, psychologist and science journalist. For twelve years, he wrote for The New York Times, specializing in psychology and brain sciences. He is the author of more than 10 books on psychology, education, science and leadership.

HUMAN RESOURCE MANAGEMENT: A FUNCTION THAT ‘COUNTS’ Introduction

Human obsession with numbers started when the Sumerian scholars invented the Abacus. (of course it wasn’t called Abacus then). From the times when Aryabhat invented the zero we have come a long way, we have arrived in the era of Bottom-lines, Waist lines and number of dresses and shoes owned by Paris Hilton. This fixation with numbers has led us to count the number of runs and goals when the objective of it all is to play. World leaders today are selected by a difference of a few votes. Today’s corporate mantra seems to be, “If one can’t demonstrate value, one shouldn’t be there”. In most of the top organizations, the HR professionals are held responsible for the HR activities by the top management. So HR has to justify it’s worth as a strategic partner and not just a cost centre. HR Metrics reveal that linking HR actions to business strategies results in a remarkable increase in returns on total capital and powerfully positions the company for the marketplace victory. This article will broadly cover the following topics interspersed with relevant examples and explanations. •

Dr. Nihal Deepak Satam MBA 1st Year SIBM Pune

Staffing Metrics

The only vital value an enterprise has is the experience, skills, innovativeness and insights of its people. -Leif Edvinsson

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• • • • •

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Hiring Metrics Training and Development evaluation Employee Engagement Human Resource Scorecard HR Accounting

Staffing Metrics

Ptolemy used to teach his students that the sun revolves around the earth, it seems obvious. This seems to be the approach when it comes to staffing metrics. The most popular metrics relate to time, cost and quality. We take it for granted that producing these numbers will improve the staffing function in an organization. Quality seems to be the most important one. We have the metrics to establish quality of hire, quality of staffing etc. But most of them miss the point entirely, either because of a wrong use of the concept or a fundamental lack of understanding about what constitutes quality. In staffing, quality of hire has been interpreted to mean that hired candidates met the job requirements as specified in a job description. The problem with this approach is that there is no meaningful way to determine the level of match between the requirements and candidate’s skills. So the how do you measure quality.

"Today’s corporate mantra seems to be, “If one can’t demonstrate value, one shouldn’t be there”... So HR has to justify it’s worth as a strategic partner and not just a cost centre."

Quality focused hiring process

This process majorly concentrates on the ability of the organizations to create a system that provides the ability to collect two streams of data and analysing the relationship between them. This includes: 1) Predictive data regarding applicant suitability relative to the job and organizational environmentThis includes• Sourcing metrics- It helps to understand the impact of the sourcing phase of hiring process on important outcomes and measures such as ROI and job performance • Basic qualifications. • Experience. • Knowledge and skills. • Traits, talents and values

True motivation comes from achievement, personal development, job satisfaction and recognition. - Frederick Herzberg 2

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2) Performance data• Sourcing process performance- It measures the effectiveness of the sourcing component of the hiring process. They include time to hire, cost of hire etc. • Performance appraisal data. • Competency based development data- this is to gauge the potential for performance. • Intangibles- which includes commitment, satisfaction, etc.

Hiring Metrics The availability of the Metrics is growing in numbers. As a result, its importance and usage have increased for the HR professionals. The importance of recruiting and hiring the right people can’t be stressed. The HR professionals are no longer satisfied with the fundamental metrics which shows only the number of job openings filled. Let us now study the standard measures and the ones used by some success stories. Standard Measurements for Recruiting Effectiveness

A few examplesThe Saratoga Institute-(it’s the HR consulting wing of PricewaterhouseCoopers (PwC) Their latest set of hiring metrics: • • • • • • •

Ratio of total hires to total head count. Average relocation package Requisitions per recruiter. Average sign-on bonus Time to start-from requisition to start of job Time to fill- from requisition to acceptance of candidate. Number of job openings.

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Wachovia Corp. It’s a consumer banking and financial services company. They developed a few internal metrics for its HR process. One of the business policies was to divest workforce. And it was a duty of the HR manager to recruit a diverse set of successful candidates. The new metrics: • • • • • •

Number of Hires. Time to fill Percentage of diverse candidates Percentage of diverse hires. Interview to offer ratio Offer-to- acceptance ratio

Training and Development

The ever changing economies of today have led many organizations small or large to take a look at Training and Development. Every organization is raising the fundamental question of the return on investment on T and D activities. Constant accretion of skills, knowledge is a must in this world where technology is upgraded practically every day. New technology cannot be implemented successfully without training. Training and Development evaluation

What to evaluate is crucial to an evaluation strategy. The Kirkpatrick evaluation framework is the most commonly used framework.

4 Employee Engagement

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Product and processes alone cannot help organizations succeed. Highly motivated and dedicated employees who are really passionate about their work, is the need of the hour. In short they need ‘engaged employees’. Why do you need Employee Engagement

The level of employee engagement has a direct relation with the financial performance of the company. It is quite evident from the next figures.

Towers Perrin Talent Report 2003 Cost of Disengagement

The Gallup Organization Research

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How to develop Employee Engagement There are various measures that can be taken as it is evident from the following figure-

IES Survey 2003. Human Resource Scorecard-

HR is no more just the cost centre; it is a strategic business partner. HR has to justify its strategic importance and prove itself to be an asset. HR Scorecard measures the HR functions and outcomes. Kaplan and Nortonâ&#x20AC;&#x2122;s Balanced Scorecard.

It not only takes into account the financial perspective but also the customer perception, internal processes and Learning and Growth.

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Human Resource Accounting

Human Resource Accounting was advocated as the means for enabling firms to estimate the current value of the human assets of the enterprise. The main challenge is to combine the various components of employee effectiveness into a composite financial criterion. Measurement of Human Resources and their Appraisal

Accounting focuses on two basic issues• •

How can the human resources be valued? What are the financial implications of the accounting?

The monetary approaches to measurement of human assets are broadly based on either on cost or economic value. Cost approaches are1) The Historical Cost Approach- in this approach the actual costs of selecting, hiring, training, placing and developing the employees of an organization are capitalized. 2) Replacement Cost Approach- This method consists of estimating the costs of replacing a firm’s existing human resources. 3) Opportunity Cost Approach- It uses the economic concept of opportunity cost.

Quantification of future economic benefits is difficult with the use of above mentioned approaches. The following methods have been suggested as a substitute – Lev and Schwartz present value of Future Earnings Model: It is also known as the compensation Model.

V= human capital value I= person’s annual earnings up to retirement r= a discount rate specific to a person T =retirement age 7

STEVE JOBS The iconic Steve Jobs is one of the most famous entrepreneur of the century. He is the co-founder, Chairman and exCEO of Apple Inc. and is credited with making innovation and creativity a style of leadership.

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Hermanson’s Adjusted Discount Future Wages Model: The model is based on the assumption that a relationship exists between a person’s salary and his value to the organization. Conclusion: Thus, evaluation and measurement has become a central HR issue in demonstrating cause and effect, to identify both the opportunities and log-jam in business and operational plans, and to demonstrate how numbers help in connecting HR activities to business solutions of strategic importance. As Mark Stafford once quoted,” We are not embarrassed to be 31st. There are a number of factors that we consider in measuring our success. These numbers by themselves are one-dimensional and describe efficiency. But they do not describe effectiveness.” Metrics is a humble effort to define and measure effectiveness.

“The importance of recruiting and hiring the right people can’t be stressed. The HR professionals are no longer satisfied with the fundamental metrics, which shows only the number of job openings filled.

YOUNG HR LEADERS: CATALYSTS FOR CHANGE

Let’s face it; most HR departments have a pretty bad reputation. When I tell people that I am aspiring to be in HR, I usually get a slightly confused look. When I tell people that I love the work that I do, I always get an inescapably confused look. Individual’s perception of HR is changing and so the people working for it too are. . It’s just that – well – most people have a certain nightmare-ish experience that comes to mind when conversation turns to this mysterious department. People love to share their HR stories. Many start out with something like… ”Ohhhh…. HR. The only thing I really know about HR is the time I had to go down there with my boss to XXX.” Unfortunately most of the stories are negative or, at the very least, involve bad news. They serve as sort of a jolt that makes me happy to be a part of the new wave of HR – the future of a department that can be an amazing dimension of a progressive, successful organization. So work with me here. Start to get all of those notions of compliance, punishment, rules, etc. out of your head. That’s where a lot of HR was but not where it’s been heading (and continues to head). Don’t get me wrong, I’ve met and worked with people who are all about old-school HR. Trust me; you’ll see HR becoming more and more about strategy, flexibility, change management, employee advocacy and a lot of other new ideas which are destined to bring

Amitava Mukherjee PGDM-HR 2nd Year IMT Ghaziabad

When we learn something from each other, we're formed by the experience.... we are authors of each other. - Doc Searls

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about changes in any organization. There is an ever-expanding population of young minds moving it in that direction. With young minds comes new vision, new ideas, and blended in with the right amount of spirit leads to wide new frontiers. Organizations now have started looking at their top management from a different angle. A new line of young CEOs and top management is catching on. Godrej has an entire line of young people in their top management positions. The theory of “old is gold (and probably the wisest)” is being replaced by the idea of “young gunners”. Many articles and research papers have come up showing how young managers are filling in top position which earlier had an unofficial age limit. The same applies for HR. Many youngsters have come up who are leading towards change and development in the organization. This has led to changes in old school HR. Most people joining HR in top organizations now are fresh students out of reputed business schools teeming with ideas. Companies have started welcoming such youth to get a fresh unbiased look on things. They want to know what the latest trends are. Many senior HR leaders say that they find a huge gap in various aspects in which they are not up to date. The youngsters are fluent in the implementation and use of technology as a change initiative in organizations.

"We all want to know that our work is more than just another hour wasted like a rat in a wheel. But how can we find or create meaningful work for ourselves?"

Earlier, HR managers were supposed to be people highly experienced, preferably from the manufacturing industry with a lot of experience in industrial relations. Managers with experience in labor management were looked upon as true HR managers. These people are still in demand as industrial relations is something which just cannot go away. But the young leaders coming up believe that peaceful management labor relations can be there with proper understanding between both parties.

Enough praises for the young generation for now. Based on the research conducted by Ben Eubanks, there are three recurring issues faced by young HR professionals. They are:

The function of Leadership is to produce more leaders, not more followers. - Ralph Nader 2

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• • •

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Lack of credibility Lack of challenging work Lack of a definite career path

How to gain credibility? Credibility, some of us have it, and some of us don't. How can you build and maintain it? If you've lost it as a result of a dishonest action or some other similar factor, then that's one thing, but it's a whole other issue when you are starting from scratch. How can you establish credibility when you have none to begin with? Ben Eubanks suggests: “You have to build credibility over time by completing the work that is assigned to you (and doing it well!). Well, what if you've mastered your work but your manager won't let you do anything that requires more responsibility? I suggest carving out time each week (even as little as 30 minutes can make a difference) to work on things that stretch you and help you develop within your career. While it may not affect (or be appreciated in) your current job, it should be something valuable that can be used at some point in your career.” 3 ideas for building credibility: • •

•

Try to spend more time with the people who need to see your work to evaluate your credibility. If you truly are, then it will shine through. Do little things like showing appreciation for the efforts of others and informally mentoring new people. It helps you to build a base of people who will vouch for you. Take responsibility for problems and solve them. This opens more doors than you ever would have imagined.

How to find (or create) meaningful work? We all want to know that our work is more than just another hour wasted like a rat in a wheel. But how can we find or create meaningful work for ourselves?

Ben Eubanks suggest:

"Get all of those notions of compliance, punishment, rules, etc. out of your head. That’s where a lot of HR was but not where it’s been heading."

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“I think one of the biggest things that can set you apart as a professional is to have some enthusiasm and passion for what you do. You can know all the legal stuff, be able to coach a manager, and document an investigation flawlessly, but if you don't have a positive attitude, people won't want to be around you. Smile, darn it! Act like you're glad to be there. You might be surprised to see what happens if you do that often enough. And if you just hate your job and can't stand it day in and day out, then please (please!) get out. You're making the rest of us feel horrible too with your lack of friendliness. This topic of passion at work is something I feel passionate about.” How to define a career path? So you have joined your first organization as a young HR manager. The question bugging you now is “where do I go now?” You want to perform, grow, gain credibility, do meaningful work and you are charged up. No two success stories are the same. The truth is that there is no definite solution to this problem. You build up as you go along. Many people don’t start off with HR. They for some reasons get into it as their careers progress. But many like me, join after completing college. Most say that doing good work and performing are the way ahead. But you also have to build credibility along the way. You keep working hard, and slowly you will get opportunities. You start to develop specialty in a particular field and that becomes the way to your future. Hence, without doubt these young managers or so called HR leaders are going to be the change agents whose decisions shall influence many. They are versatile and can adapt themselves as the environment changes around them. They are the future.

CAN YOU RECOGNIZE THIS PERSON? He is known as the father of HR in India. He is the Late Mr. U D A I P A R E E K , who was a professor in late 1960's at IIM-A. HRM came in India through his efforts. He was the founder chairman of HR Labs of EMPI, New Delhi. A free-lance writer, researcher and consultant, he was on the governing boards of several institutes and companies.

MANAGING EMOTIONAL WELL-BEING OF EMPLOYEES One key thing that people bring to organizations is emotion. If we really claim to be studying people, then we must recognize that emotions are a critical factor. And we must develop a deeper understanding of the role and interplay between emotion and organization. What is “Emotion” in an organization? Emotion is the “organizational glue” which pulls together the different people comprising an organization. When time cards are punched, emotions remain active players- Emotion is there at times of change such as mergers or downsizing, in interpersonal activities, teamwork, decision-making and leadership. Most of the psychology of emotions suggests that emotions in theory are best viewed as rule based and not chaotic or irrational. This means that there is a specific logic behind the experience of emotions. Therefore, the quality and intensity of emotions gives us some insight into the way in which the person interprets the ongoing events in his or her environment. Recent discoveries in neuroscience reveal that talent and better-quality performance involve not just the frontal lobes- the decision-making brain circuitry that houses intellect- but also the amygdala. The circuits that colour experiences with emotions reside in this almond-shaped structure; anytime action trumps reason,

Never cut what you can untie. - Joseph Joubert

Anam Shaikh MMS 2nd Year Jamnalal Bajaj Institute Of Management Studies

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your amygdala is working overtime. This proves that emotions are indispensable for adequate rational thinking. Emotions also indicate that there is something of relevance going on and certain events either put goals in danger or support their achievement. Some of the work-related events that signal the anticipation or occurrence of a desirable or undesirable event are as follows: • •

•

Task-related conflicts: These can produce better outcomes for the group or lead to emotional angst Dissimilar beliefs, views, values, interaction styles: These tend to evoke negative emotional responses while similarity tends to evoke positive emotional responses Diversity in culture, race and tenure: Social category membership provides naturally occurring lines along which conflicts can be drawn Interpersonal attraction: Lower interpersonal attraction is associated with personal and relationship issues manifested as friction, frustration and personality clashes within the group

When we think about managing the emotional well-being of employees, “Emotional Intelligence” is a concept which comes to the fore. Emotional intelligence is the perception, identification, understanding, and management of emotion. It comprises a broad set of social skills, including such aspects as empathy, time management, decision-making and teamwork. In particular, emotional intelligence encompasses an ability to identify and to perceive emotion in self and others, and then to assimilate and to use this information to manage emotions successfully. Our conduct is more valuable when it is determined by both the emotional and intellectual systems. The optimal integration of the two systems expresses emotional intelligence. Four areas where it has found an application are: leadership, team effectiveness, interviews and as a moderator of job insecurity.

Many group leaders do not know how to manage emotional displays. This is detrimental to the team members, team climate and team effectiveness."

For too long, management orthodoxy has dictated that management is

Have confidence that if you’ve done a little thing well, you can do a big thing well, too. – David Storey 2

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an impassionate, rational process. Instead, a proactive approach to emotional well-being management is required, where managers work with emotion, rather than regarding emotion as something that has to be controlled or dismissed. Communication has a direct effect on an individual’s perception of the favourability of the change and their own outcomes. Thus, maintenance of open and quality communication will help to demonstrate the interpersonal sensitivity, personal ethicality, and trustworthiness of the decision makers. One of the ideal ways to help employees in situations involving personal emotions is to have an Employee Assistance Program (EAP) in place. Under this program, the in-house counselor of the company or the designated manager of the program can address the difficulties faced by the employee in an empathetic and intimate manner. Another key way that change leaders can reduce uncertainty and anxiety is to provide the stakeholders of the change initiative with the opportunity to participate in planning. The opportunity for input helps employees understand change’s outcomes for them as individuals. Many group leaders do not know how to manage emotional displays. This is detrimental to the team members, team climate and team effectiveness. The employee’s capacity to acknowledge, to recognize, to monitor, to discriminate, and to attend to group members’ emotions need to be developed for individual, group, and organizational well-being. For this, there should be training and development provisions to foster emotional display recognition and management skills in managers and employees. Leaders need to develop and maintain a positive workgroup emotional climate, manifested in the group’s norms and routines related to feeling. The employees can be encouraged to attend seminars, group talks and courses from time to time that are designed to enhance the emotional strength of the participants. Employees should be taught that the likelihood of an emotional display driving action will depend upon the level of uncertainty present and whether the person has reason to try to exert control over the outcome. They should be taught that ‘positive’ emotions generally indicate that a person is approaching realization of a desirable outcome whereas ‘negative’ emotions generally indicate that a desirable outcome is eluding one.

"Emotion is the “organizational glue” which pulls together the different people comprising an organization".

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Emotional displays are generated by events or the anticipation of events. If employees are taught the types of events that tend to generate, in particular, negative emotions, this will help them manage situations in ways to minimize negative emotion-evoking events as well as to enhance positive emotion-evoking events. Once individuals have diagnosed an emotional display, they also need to know how to respond to it. Consequently, developing emotional intelligence in employees will increase the effectiveness of interventions in emotional displays and minimize the likelihood of taking actions that create harm. Intuitive decision making is likely to be the preferred style for experienced managers who are more emotional in outlook, more risk tolerant and more creative. Effective intuitive decision making is associated with moderate positive affect. If the affect is more than moderate, that is satisfactory, too, so long as the manager’s focus is on the outcome and not on the affect itself. Thus, a creative intuitive style to management is associated with positive affect where the manager keeps his or her focus on the task ahead. Further, feeling good about the success of intuitive decision making is conducive to continuing this approach. Managers and employees must be taught that effective decisions require an optimum mix of cognitive intellect and emotional regulation. From this perspective, rather than emotional intelligence being an end in itself, it may be more appropriately regarded as a means to augment cognitive intelligence. By understanding power and its effects, and becoming sensitive to the effects of power on subordinates, managers can learn to regulate the way that they present emotional cues to their subordinates. Leadership Development Programs should develop the connection between transformational theories of leadership and emotional expression and control. As such, these programs can be used to increase the interpersonal capability of an organization’s members. Stress management and Wellness Programs have the potential to increase self-awareness and thus interpersonal relationships, as well as provide avenues for the release of stress that can accompany emotional labour. Employees should be provided with the opportunity to ‘restore their own emotions’. The presence of an organizational culture that recognizes and values emotional work is the key to supporting such opportunities. One can put in place a system whereby the managers and employees come

WARREN BENNIS Warren Bennis (Los Angeles, CA), born in 1925, is an American scholar, organizational consultant and author who is widely regarded as the pioneer of the contemporary field of leadership. Bennis is University Professor and Distinguished Professor of Business Administration and Founding Chairman of The Leadership Institute at USC.

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together in an informal setting and have roundtable discussions about their professional and personal issues and concerns. In conclusion, management of emotional well-being does not refer to suppression and control. Instead, the role of emotion is to be considered as a part of everyday work and management of work. Quality performance requires knowledge and skills- but talent makes it happen. And while individuals always operate in conditions of uncertainty, their talent is an unsinkable life preserver. This talent utilizes the full circuitry; i.e., rational and emotional of the brainâ&#x20AC;&#x2122;s neural connections in the endless pursuit of a productive outcome. As long as it is acknowledged and utilized, innate talent always comes through, helping employees make better decisions and achieve finer results. In essence, talent and engagement are emotionally driven. In tough economic times, talent and emotional engagement are the only natural competitive advantages.

Recognition is like a small drop of oil in the machinery of business. It just makes things run a little smoother. - Obert Tanner

EFFECT OF TECHNOLOGY ON HR DYNAMICS

Technology has had far reaching effects on all aspects of life. New technological developments and innovations have radically changed the way business organizations think, act and do business. With various technological advancements in place, the role of an HR professional has undergone a complete metamorphosis from just being administrative and handling the day-to-day operational aspects of the organization, to being strategic, proactive and more aligned to the needs of business. CEOs of top organizations have now started believing that with the aid of technology, their HR teams can create more value and deliver quicker

Supraja Rajagopalan MHRM

results.

1st Year

Though there are a number of technologies which have influenced the

IIT Kharagpur

way HR roles have revamped, three key technologies stand apart. They are Human Resource Information System (HRIS), HR Analytics and Social Media. This article would primarily focus on these key areas and their impact on the HR function and dynamics.

The e-revolution has finally freed HR to focus on strategies to support the company business. â&#x20AC;&#x201C; Watson Wyatt !

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HRIS Human Resource Information System (HRIS) also referred to as Human Resource management System (HRMS) is nothing but an integrated software solution which helps in automating and effectively managing the core HR tasks

recruitment,

new-hire

processing,

maintaining

employee

professional and personal information, payroll processing, compensation and benefits management and employee development to name a few. This has indeed turned out to be a boon for the HR managers who earlier had to spend a lot of time and manual effort on the various employee processes. Prior to the use of HRIS platforms, HR teams solely relied upon excel sheets and physical records to track employee information. This often resulted in problems like duplication of data, multiple records and made updating and retrieving employee data a highly tedious process. But implementing HRIS has eliminated these inefficiencies by keeping all relevant data in a centralized and

"New

technological developments and innovations have radically changed the way business organizations think, act and do business." !

an electronically secure database. Thus data can be retrieved and modified as and when required. HRIS has also helped in improving the levels of employee satisfaction by introducing more transparency and facilitating self-service options. For example, with an HRIS in place, the employees can readily access all relevant data like attendance; leave entitled, pay-slips, compensations and benefits, various insurance schemes they are entitled to, the various ongoing training programmes to help them accelerate their career growth and so on. This high level of service that could be provided with HRIS has been leveraged by HR managers in retaining talent and curbing attrition rates.HRIS has also enabled the HR teams to generate and maintain reports with much ease and efficiency. There are several HRIS products available in the market which can be chosen according to the needs and scale of the organization. However the most

Organizations are realizing that finally there is technology, which does not limit the ability to match and improve a firmâ&#x20AC;&#x2122;s workflow process. â&#x20AC;&#x201C; Felix Stroud Allen "! !

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popular ones are SAP HRMS and Oracle PeopleSoft HCM which provide easy integration with the ERP system of the organization. HR Analytics HR Analytics is an emerging field that has opened up a new possibility for aspiring HR professionals who wish to combine their knowledge in people practices and management with technical skills like data mining, mathematical and statistical modeling. HR Analytics provides tools and methods for analyzing data and exploring the relationship between the various HR practices in the organization and how they affect employee productivity and other important metrics. With the help of such data analysis, the HR department can alter or tweak existing policies and people practices in order to improve processes like recruitment, talent retention, improvement of working environment, improvement of happiness quotient at work place etc which ultimately result in improved productivity and thereby creation of value. Many organizations have realized the importance of HR Analytics and have made significant investments in it. For example, Google now has a specialized and a dedicated People Analytics team. This team analyzed the profiles of candidates who have been successful in their careers at Google and provided the executives with a robust approach to reconsider provisionally rejected candidates. This has helped the company in hiring potential candidates who wouldâ&#x20AC;&#x2122;ve otherwise been lost to competition. The other organizations which have embraced HR Analytics include Aetna, ING, and Best Buy and Bon-Ton retail chain. The important tools that are used in HR analytics include SPSS, MicroStrategies, Business Objects, SAS, Cognos and Crystal decisions. Social Media Social Media and Social networking sites have revolutionized the way world #! !

"An HR professional can no longer afford to be just the peopleâ&#x20AC;&#x2122;s person. The increasing usage of technology mandates an HR professional to be tech-savvy." !

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communicates and connects. They have ushered in an era of new possibilities and there’s no looking back. There’s no way any organization could ignore social networking sites. In tandem with this thought, many of the HR professionals are aggressively pursuing social recruiting through Facebook, Twitter, LinkedIn etc. HR professionals have engaged themselves in employer brand building activities through communities and pages in sites like Facebook where they bring in existing employees to share their experiences and perspectives and also highlight various green initiatives and community service activities the company has taken up, in order to attract potential candidates. They often use their networks and their employees’ networks to hunt for appropriate talent and evaluate them. Social networks often give the

JACK WELCH

HR professionals access to many potential passive resources who might not be searching for job at present but could add value to their company if taken on board. HR departments have also started making use of social networking to positively engage their existing employees and thereby decrease attrition rates. They also network and engage the alumni and if required try persuading them to come back to the organization. The Road Ahead Amongst the other important technologies which could have a major impact on the HR professionals, is cloud computing. It is believed that HR functions on cloud will have a profound effect on the HR teams at small and mid-size organizations. An HR professional can no longer afford to be just the people’s person. The increasing usage of technology mandates an HR professional to be tech-savvy. Also HR professionals should engage themselves in constant learning and should be more business centric and try to have a clear understanding of all other business functions in order to have a successful career and put the HR department on an equal footing with other key areas like marketing and finance. !

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John Francis “Jack” Welch, J r . ( born November 19, 1935) is an American Chemical engineer, business executive, and author. He was Chairman and CEO of General Electric between 1981 and 2001.

BALANCING ORGANISATIONAL POLICIES AND EMPLOYEE ISSUES I am a science student and one law which fascinates me is the Le chatelier’s principle, which is about the equilibrium state of a chemical reaction. The reactant and products keep on changing their concentration until they reach an equilibrium state. Balance is the most important aspect in life and the success of an organization depends on the philosophy and the how of reaching a balanced state. However the balanced state is like achieving nirvana, it is a journey; you keep on striving for the state. Whenever you feel you reached such a state there is a tendency to deviate thus it is important that we create a system of actualizing a balanced state. Like most of the important aspects in an organization the policies do need a balancing act and HR department revolves around creating and actualizing the balance in Organizational policies and employee issues.

Sujan Mukherjee Corporate Head-HR

Let me start with the Contribution of HR Department;

JCB India Ltd.

Traditionally personnel management has been associated with the Union Management, maintaining the control of the workforce and organizational adherence to policies such as recruitment, appraisals, Training etc. These operational issues, largely removed from the preoccupations of the senior managers have let to the lower status of the HRM function. By contrast in recent years it has become commonplace

“The success of an organization depends on the philosophy and the how of reaching a balanced state”

Horizon ‘11

to talk about the Human Resources as the greatest asset, whatever is the reason organizations are actually talking about the strategic approach to the Human Resource Management. This involves developing a coherent Human Resource approach with full backing of senior Management with a tight alignment between human resources and business policy. It follows a high commitment route and the policies aim to: Secure the commitment of the workforce; ensuring highly flexible and innovative working practices; and the establishing a high quality of work by developing a skilled workforce. There are now established positive links between the HRM policies and a firm’s financial performance. We at our organization follow a contingency model that links the human resource management policies adopted by the organization to the particular aspects of business environment. By this I mean the linkage between the HR policies to the particular circumstances of the organization. It is the organizational stage (i.e the life cycle: Start-up, growth, maturity) should determine the HR policy. In other organizations they base the circumstances as, whether the firm is competing on the basis of cost, quality or innovation and accordingly design our policies. The various dimensions of HR that produce profits through people are as shown in Table 1. The policies in an organization are a reflection of Organization’s philosophy. You might have heard about some organization having employee friendly policies, some does not have it, and then you try to analyze and compare the same with the attrition rate in both the organizations. The organizations carry out the employee satisfaction surveys to understand where they stand as far as the employee policies are concerned. But it is important in the sense that the HR policies touch every one in an organization we must be very careful while designing and implementing the same. All said and done the employees have only three broad issues: a) The policy is not well formulated, B) It is not communicated properly and 3) It is not implemented well. The Employee Engagement Survey must try to capture these issues. More than any other factor, it is the know-how, skills and competence of our people which will decide on the Group’s success in the marketplace. Therefore, it is crucial how we treat our people and each other within our Group and how we define our values and objectives. Recognizing this, Organization’s Corporate Management creates the policy to address key issues as to how we attract, retain and develop our people. However the

IMT Ghaziabad

An MBA from XLRI and a graduate from IIT Delhi, M r . Sujan Mukherjee started his career with NTPC Ltd. where he worked for 14 years in various roles and across various functions ranging from Operations to Human Resources. Currently, he is serving as the Corporate HR Head for JCB India Ltd., the number one construction equipment manufacturer in India.

“Our organization subscribes to the belief that efficiency, effectiveness and success of the organization depends largely on the skills, abilities and commitment of the employees who constitute the most2 important asset of the organization”

Horizon ‘11

IMT Ghaziabad

HR policies fall in 5 heads as shown in the Fig.1, each head has got the base policy governed by the laws of the land, the laws specify the bare minimum requirement. However we need to go beyond the legal aspects and the contingency model, determine the HR architecture in an organization. Utmost care is taken such that we are soft on people and hard on issues and not the reverse of the same.

Table 1. 1) Employment security 2) Selective hiring of new personnel 3) Self managed teams and decentralization as the basic principle of organization design 4) High compensation contingent on the organizational performance 5) Extensive training 6) Reduced status distinctions 7) Extensive sharing of financial and performance information throughout the organization

Core Functions Sub-Functions

•Procurement •Development •Compensation & Benefits

•Integration •Maintenance •Separation 3

• • •

Recruitment

• • •

Training

•

Salary & Hierarchy

• • •

Understanding Employees

Selection Placement

PMS Career Development

Grievance Handling Discipline Management

Horizon â&#x20AC;&#x2DC;11

IMT Ghaziabad

HR policies must be progressive; we at our organization practice the concept of Listening Organization. The policies follow iterations, there are various forums (Table2) which we provide to our employees where the current practices and policies are discussed.

Our organization subscribes to the belief that efficiency, effectiveness and success of the organization depends largely on the skills, abilities and commitment of the employees who constitute the most important asset of the organization. We are therefore resolved to provide a framework of policies which will enable the Organization to attract the right talent for the jobs and make it available at the right time and in right number with the ultimate objective of ensuring optimum and effective utilization of the human resources in a climate of satisfaction, development and growth. In pursuance of the above objectives and consistent with the Company's social and Entrepreneur obligations, we design the HR Policy manual.

MANAGING WORKFORCE DIVERSITIES

ABSTRACT Diversity and pluralisms are an outcome of the process of heterogenisation. Increasing population, growing complexities, diverse needs of the people, higher aspiration level of the people, thrust given to multi-tasking, results in the need for managing workforce diversities. It is an obvious fact the world over that liberalization, privatization and globalisation have given fillip to divergent work-force, both in the public sector and in the private sector. However, diversity, brings in various shades of opinion that needs channels of expression and the instinct of accommodation. The paper seeks to analyze diversity in work-force with special reference to Dayalbagh Educational Institute in Agra. Diversity in terms of age, culture, religion and gender of the employees will be the area of concern. The paper would also focus on the difficulties encountered in managing a diverse work-force. The paper will be divided into 3 parts. The first-part would deal with diverse workforce in terms of age, culture, religion and gender. The second part will deal in managing a diverse work-force and third part will be the part of conclusion and analysis. The paper is descriptive and based on secondary data.

Aniksha Roy Assistant Professor Dayalbagh Educational Institute, Agra

The simple act of recognizing diversity in corporate life helps us to connect the great variety of gifts that people bring to the work and service of the corporation." -Max DePree

Horizon ‘11

IMT Ghaziabad

I Diverse work-force in Dayalbagh Educational Institute Man-power and human resource mobilization are the keys to running an institute. Dayalbagh Educational Institute in Agra represents an institute of diversity in terms of the employees and students. However the focus of my paper is diversity of work-force (employees) in variables like gender, religion, culture, age. The institute bases its beliefs on the ideals of “Sewa” and self-less service to one and all. Cultural plurality thrives over rigid caste biases, gender discrimination, and religious dogmatism. Values of service to humanity, belief in tolerance and encouragement to sensitivity governs the values of this institute. These are the ideals of the ‘Radha Soami sect’, which are held in high esteem by the members of this belief system. Values, ethics, norms, ideals, knowledge and principle get expression through the myriad social institutions like family, marriage and education. As faculty members, teachers transmit their cultural mornings to their students and this helps to develop a Kaleidoscope of cultural plurality.

Presently working as an Assistant Professor, A n i k s h a R o y , had published article: women’s quest for her identity; a sociological study in Kolkata city. Presented research papers in for National Seminars and paper ready for an International Seminar.

II Managing a diverse work-force Multiculturalism and heterogenisation of the work-force is a positive strength for the organization. However diversity also entails problems, that need urgent attention. Diversity, first of all, demands an accommodative instinct on the part of the employer as well as employee. The most crucial task is management of such a diverse work-force. Problems encountered in the aforementioned process are gender-related problems: Females are doubly-burdened. They have a work-commitment as well as domestic responsibilities to be meted out. Hence the concerned authorities have to grant some informal facilities like leaving the university early, or grant of leaves. This night impede the administrative or educational processes of the institute. As far as age is concerned, the employees who are presently working, are from 25 years to 65 years including the faculty members, office-staff, , peon, attendants and security guards.

Diversity, if properly managed, can increase creativity and innovations in organizations as well as improve decision making by providing different perspectives on problems. 2

Horizon ‘11

IMT Ghaziabad

Gender-representation is balanced among the work force in Dayalbagh Educational Institute. However, there is an unbalanced representation as far as various departments of the Institute is concerned: offices are mainly manned by male employees. Security guards are also male. As far as faculty members are concerned, women outnumber men in many departments. Attendants are male as well as female. Religious diversities are also a predominant feature of this institute. Employees are mostly Hindus. However a large number of them are followers of the Radhasoami sect. There is a handful of people in the workforce who follow Islam and Christianity. Among the Hindus, there are followers of Vaishnavism and Shaivism. Cultural diversity from the bedrock of pluralism that this Institute represent. Work-force of this institute belong to various places in India – Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, Chhatisgarh, Andhra Pradesh, Kerala, Tamil Nadu, Punjab, Rajasthan and Haryana. The people carry with them their belief systems. India is a land of festivities and rituals. With due regard to festivities, commitment and devotion to work cannot however be compromised. If on account of festivals and celebrations people remain absent from their workplace, then there will be no work throughout the year, as festivals go round the year. This is a concern for the authorities. Culture-related problems: Indian society represents a mosaic of myriad culture. Culture needs channels of expression. As part of everyday conversation, work-force have faced problems on the issue of cultural superiority. In an atmosphere, that promotes equanimity and cultural plurality, such things can result in argumentation and hamper a harmonious employer/employee relationship. The management of this problem needs to be addressed to avoid disorganization and chaos. III Conclusion, Analysis and suggestion An over emphasis on “national culture” at the expense of broader individual identity, can have a detrimental impact on the perception of “culture” and diversity and ultimately on the motivation. Males complain of the fringe benefits given to their female colleagues. Thus might be source of conflict amongst the workforce. Dayalabagh has devised a unique way of solving this crisis. The ideal of ‘Sewa’ 3

Diversity is about learning from others who are not the same, about dignity and respect for all, and about creating workplace environments and practices that encourage learning from others and capture the advantage of diverse perspectives."

Horizon â&#x20AC;&#x2DC;11

IMT Ghaziabad

institutes the feelings of cooperation and tolerance. Age Related problems: Young or work-force are expected to be more energenetic and contribute more to the working of the Institute. With seniority, comes more responsibility and accountability and thus the delegation of work and essentialising decentralsation of power. However any organisation demands maintenance of hierarchy and continuance of super-ordination and subordination system. This is the challenge of the authorities. However time-bound completion of work, non-delay in administrative and educational responsibilities goes a long-way to ensure such cleavages among seniors and juniors do not recur. Religion related problems: Religion is a matter of sensitivity to everyone. However this issue can cause dissatisfaction among the employees, as during festivals the work-force may not peform well and the growth of the individual is stagnated. Encouraging fresh ideas, a strong growth, a positive organizational image and an enhanced ability to hire qualified workers with positive attitude, should be proactive with regard to work-force diversity. The challenge before any organization (private or public) is to manage its work-force and carry forward the goals of the organization.

Diversity doesnâ&#x20AC;&#x2122;t mean buying into everything. One doesnâ&#x20AC;&#x2122;t have to believe in the politics, faith or cultural traits of others, one just needs to respectfully understand them

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RENDEZVOUS HRuday interviewed Mr. MAINAK MITRA who is an outstanding HR manager. In the Satyam downfall, he was a key member in employee motivation. He took the lead of maintaining and supporting employee initiatives. He is highly experimental in nature and is loved by his colleagues and subordinates. 1. You are an MBA and an HR manager at a very high position. Do you think MBA is necessary for an HR manager? As long as a person uses both logic and empathy to handle situations as a HR manager, it is good enough. However to be able to understand business and ensure that all HR activities are aligned towards the organization strategy, an MBA becomes essential. 2. To what extent is the theory learned in classrooms helpful in the work place? Theory gives you an idea about concepts in general. It is how one applies those concepts to real life scenarios which is critical and determines how good or bad one is perceived as a professional. 3. A lot of resources and effort is being put in by companies towards talent acquisition. How crucial a process is that? It is highly critical. Good talent acquisition can lead to a highly productive workforce.

!"#$"%&!#'("& !)*+,)-.&/0123)0*45& /.*)0-&!6*67.-& 89(&:;24)*.44&<-0=.44& (..*7)*..-)*7>& 4. Is it possible to cut down Training and Development costs through judicious talent acquisition? Recruiting people who are the right fit for positions they are hired for can definitely have an impact on reducing T&D cost. 5. Other than talent, what are some of the qualities you look for in a prospective employee? Positive attitude, Culture Fit, Openness to ideas and experiences, Desire to learn 6. In the next 5 years, what do you think will be the most important skill that will emerge as necessary for an HR manager? Empathy 7. What are some of the most significant HR insights that you gained ever since you entered the corporate world? Getting a holistic understand of business is essential. Following policies blindly because they exist is not prudent .One should make exceptions whenever the situation demands. 8. What is your message to the budding HR managers studying at business schools? Focus more on case studies. It helps develop the skills required to handle real life situations. ! !

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RENDEZVOUS HRuday interviewed Mr. T S BABU who is a noted figure in the field of employee management. He is an Organizational Transformation Specialist with high velocity driving impacting change management initiatives from all the business processes including the culture. 1. You are an MBA and an HR manager at a very high position. Do you think MBA is necessary for an HR manager? It’s a misnomer when the prescribed role of a HR Manager is more administrative apparently. Even in such case where he has to manage the Cafeteria or transport in an organization for the employees, an MBA HR manager would appreciate the fact that he needs to deliver employee delight. Whereas, a non MBA Manager would endeavor to deliver it services with a Least Cost objective in mind. The tools, approaches, models, frameworks and people dynamics give a proper perspective to the HR Manager whenever he approaches a people issue. 2. To what extent is the theory learned in classrooms helpful in the work place? Pretty much helpful. The OB and Statutes are essential knowledge on a day to day basis. So is every other theory whether it’s the Maslow’s or the Kirkpatrick’s training effectiveness model. What is the key is on application of theory in practice he just cannot apply every bit of theory or model comprehensively and according to theory per se. He would need to do a thorough

!"#"$%$&" #'()*+",-./0" #'1"2(3+456+7867+'" 9:./'4;"/0" <4+5'("4(;"!*7=+*" need and scope analysis and customize the theoretical application. His focus should be on the objectives and outcomes and not on the means or the theoretical applications. 3. A lot of resources and effort is being put in by companies towards talent acquisition. How crucial a process is that? It is pretty critical as critical as business continuity itself. What is important is your employer brand and your Employee Value proposition as a promise, when you attract talent. Even more important is whether you deliver and live up to the promise. However, application of technology and process improvements and alignments should precede the exercise of talent acquisition. That’s the way to leverage maximum value to the organization and also enable an effective alignment of people, process and technology triad. 4. Is it possible to cut down Training and Development costs through judicious talent acquisition? Not at all. Organizations need to enhance its people capability until all their people are developed into competency based assets. This will not only enable maximum delivery capability of an organization from a people perspective but also enable career development and progression paths. However, if a typical competency is such complex that cannot be achieved through Trg. And development then acquisition of such key human resource might become inevitable. !

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5. Other than talent, what are some of the qualities you look for in a prospective employee? Match of mutual goals, cultural fit and passion towards results and excellence. 6. In the next 5 years, what do you think will be the most important skill that will emerge as necessary for an HR manager? Alignment with Line managers and having them as your HR partners without a special HR identity. That is the ultimate state where maximum success on HR practice implementation can happen and maximum results delivered. 7. What are some of the most significant HR insights that you gained ever since you entered the corporate world?

Understanding the core business processes and optimizing them before you as a pure HR Manager recommend ideal organizational design or other best HR practices. Because without the core business and process alignment whatever investments you make in HR will not deliver maximum results. 8. What is your message to the budding HR managers studying at business schools? "#$%#&#! %'! ()! ! *+#,%-$%.-/%0'! -*! /1#! 2#*/! 0++03/4'%/5!!/0!6#$%&#3!7-8%747!&-$4#!/0!-'! 039-'%.-/%0':! ;&#35! 2%/! 0<! ='0>$#69#! %7+-3/#6! %*! #**#'/%-$! *07#>1#3#! 03! /1#! 0/1#3:! ?/! $#-*/! %/! 9%&#*! -'! 4'6#3*/-'6%'9! 0<!! +#3*+#,/%&#*:!!!?$>-5*!2#!<0,4*#6!0'!$#-3'%'9! 0<! /1#! -++$%#6! /1#03%#*! -'6! 2#*/! +3-,/%,#*! -'6! 4'6#3*/-'6! /1#! 04/,07#*! -'6! -$>-5*! /1%'=!&-$4#@-66*! 3-/1#3!/1-'! /1#!#8,%/#7#'/! 0<!%7+$#7#'/-/%0':!