Anger Management - 7 Top Reasons Why We Get Angry

Anger is a normal emotion. We all get angry and need to find ways to manage ourselves when we are angry. The reasons why we get angry are varied. It helps us to find ways to deal with our anger when we understand what is making us angry.

Three reasons people respond with anger when they feel emotionally threatened:

Feeling hurt - when our feelings are hurt it is easier to get in touch with anger at the person who has just emotionally wounded us than to acknowledge the hurt. Feeling betrayed - the feeling of having been betrayed hits us to the core and again the instinctive response can be one of overwhelming anger at the person who betrayed us. Feeling embarrassed - responding with anger becomes a way of covering up what one is really feeling.

Anger Management - 7 Top Reasons Why We Get Angry

Four reasons people respond with anger that are learned:

Repeating a pattern - this is usually a pattern that is learned from the people who have had a significant influence in ones life. Usually it is a parent or other adult from whom one learns how to deal with anger. Unfortunately some people are not good at modeling successful ways of handling oneself when angry. Getting ones way - Some people have found that they get what they want when they get angry. By getting angry they intimidate the other person and cut off communication. Handling defensiveness - Responding with anger can be a cover up for feeling defensive. Again it is a learned response to experiencing strong feelings that are deep inside. People who are in the habit of responding with defensive anger are frequently not even aware what they are really feeling. Anger can be a cover-up for many other feelings. It takes courage to look behind the defensiveness. Pent-up rage - can be for various reasons: having been mistreated, bullied and/or abused; difficulty with impulse control; or a result or drug,alcohol, or prescription drug abuse. Any one who is struggling with pent-up rage may benefit from a professional assessment. If one does not find successful ways of handling this kind of anger it will adversely affect relationships.

Learning to understand what makes one angry goes a long way towards finding solutions to managing ones anger. In order to be able to interact successfully with others it becomes necessary to learn ways of dealing with ones anger in ways that are respectful of self and others.

Anger Management - 7 Top Reasons Why We Get Angry
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More Best Answers For Retail Management Interview Questions

If you are interviewing for a retail management position, you might be curious about some of the job interview questions. Moreover, you might be curious as to what the best answers for those retail management questions are. Keep reading on to get some helpful tips and answers.

Question: How would you handle a problem employee, such as someone who consistently arrives late to work?

The answer to this question might seem a little bit tricky. After all, a good company does not want an employee who wastes company time and money on their payroll. However, an answer such as "terminate them immediately" might be jumping the gun too fast. One of the best answers for retail management interview questions along this line is an answer that involves checking their work history, providing a clear and simple reminder, and then possibly termination if an improvement was not made in a timely matter.

More Best Answers For Retail Management Interview Questions

Question: You walked through the store on the way in and have possibly shopped here before, what would you recommend doing to improve this store?

The answer to this question is another tricky one. Your first impulse is to assume "this company doesn't want to hear I think the store looks like crap." Of course, you don't want to use those exact words, but provide an honest answer. The best answers for retail management interview questions are honest ones. Ideal suggestions include have an employee greet me when I walk through the door, remove bulky displays in the aisles that hinder cart movement, and so forth.

Question: Have you personally shopped here before? Why or why not?

You might think it is best to answer this interview question with a "yes." After all, the best types of retail store employees are those who take pride in their company and actual shop with them. However, don't outright lie to suck up. Once again, this is your chance to shine. Provide honest feedback if you don't shop there (why not and what would change your shopping habits). If you are an avid shopper, state why (whether it be the friendly staff, the quality products, or the good prices).

Question: As a new store manager, how would you delegate tasks to your coworkers?

This type of interview question for a retail management position is designed to get an idea of your method of management. Are you a manager who just goes with the flow? By the way, these aren't the type of store managers that most retailers look for. If you were, your response would include letting each employee perform the tasks they normally do. If you were a take-charge kind of manager who is interested in producing the best results, your answer would involve assessing and communicating with each coworker first. The goal is to determine who is the most productive at what and go from there.

Question: While you are applying for a store management position, can you still work as part of a successful team?

One of the best answers for retail management interview questions like this one is yes! As a store manager, it is your responsibility to manage the entire store, as well as each employee. On that same note, store managers often help with everyday tasks. This is particularly common in small stores with limited payroll hours. Job interviewers want to know that you can not only handle the management aspects, but the team aspects as well, such as helping your stockers unload a warehouse truck.

More Best Answers For Retail Management Interview Questions
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7 Steps To Developing A Risk Management Plan

Risk is real for any company or organization. Don't kid yourself. Things happen when you least expect them to happen. Are YOU ready for the unimaginable, the unexpected, the unwanted? As an executive, have you put your head in the sand around risk? Do you pretend that all is well, and nothing will change? If so, it's time to face reality: data gets lost, buildings burn, people resign. When any of these occur, your organization is at risk for malfunction, inefficiency, chronic struggle, revenue loss, and even total failure. Is this the path you want to go down?

Beginning now, you can initiate the process of developing your organization's risk management plan. Take charge. Form a committee representing Board members and staff, and ask them to partner with you to create this critical document. Make sure everyone understands the importance of the work, and explain to them how they can benefit from contributing to the finished product. Risk managements plans are not optional; they are essential for every company, large or small. There are no valid exceptions.

Implement the following seven steps, and give yourself and others a huge slice of peace of mind:

7 Steps To Developing A Risk Management Plan

1.  Define what risk looks like for your organization.
What constitutes risk in your shop? Threats to normal operations? Threats or compromises to people's safety? Loss of physical and electronic property? Loss of revenue? Decreased public/community support? Unethical behaviors?   Create a comprehensive definition of risk that means something to YOU and YOUR organization.

2.  Identify specific risks.
Ask the committee to brainstorm as many different risks as they can possibly imagine. Record them on a white board or flip chart. Examples of various risks include: firing of the chief executive, dwindling interest in one of your major products, departmental silos, Board infighting, inability to fundraise, economic downturn, layoffs, building fire, computer crashes, philosophical differences between key employees, extended leaves for managers, interruption in receiving necessary supplies. All of these are potential risks, and there are many others. Continue brainstorming until the group believes they have come up with an exhaustive list.

 3.  Categorize each risk.
Determine category names for the identified risks. Examples may be: Chief Executive, Board of Directors, Physical Property, Technology, Data, Employees, Products or Services, Customers/Clients, Stakeholders,. Place each risk under one of the selected categories. Create as many category names as you need.

4.  Rank each risk according to severity or significance.
Choose headings such as "most severe", "moderately severe", "of minimal concern". You don't have to use these same words for your headings, but be sure that your phrases adequately differentiate between the degrees of seriousness. Perhaps you would like to color code each risk according to its significance heading: red for "most severe"; black for "moderately severe", and green for "of minimal concern". Set it up the way it best works for you and your organization.

5.  Develop strategies for reducing or eliminating each risk.
Begin with the risks under your "most severe" heading. It's critical that you don't delay in thinking through possible solutions for those major issues. Ideally, determine multiple strategies for each risk. Be sure to consider who within the organization is going to be responsible for implementing the various strategies, and the resources needed to implement them. Omitting this information from the plan only causes big problems later.   

6.  Write your plan.
Using all of the above input, shape a readable document. Practicality is paramount here. The plan is worthless if nobody can follow it, interpret it, or actually rely on it as a guide during crisis. After it is compiled, seek feedback from the committee as well as other employees and Board members. Incorporate changes where indicated. Check for evidence of common sense throughout the document. Hold yourself accountable to a high standard around common sense. A pie-in-the-sky risk management plan doesn't serve anyone.

7.  Test some of those strategies in your plan for viability.
Do they work? Can they work? Why or why not? Where are the pitfalls? What steps are missing? Would you benefit from having certain outside experts review your strategies? If so, which types of experts? 

Revisions to the plan may occur annually, as situations arise and your organization lives one or two of the strategies firsthand. Hindsight is often wiser. Don't be afraid to toss some plan content when you know for a fact that this is what you must do. Remember: the plan needs to be current. On a day you least expect it, someone has to grab that document, refer to a particular section in it, and act upon it--fast.

7 Steps To Developing A Risk Management Plan
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Sylvia Hepler, Owner and President of Launching Lives, is an executive coach/advisor based in South Central PA. Her ideal clients are corporate executives, nonprofit executive directors, and business owners who demonstrate commitment to getting unstuck and creating a NEW story for their lives. Ms. Hepler's background includes: teaching, public speaking, retail sales, freelance writing, and executive leadership of a 14 county nonprofit organization. She has a working knowledge of staff supervision, Board development, Quality Management, SWOTT Analysis, the hiring and firing of employees, mission/vision development, networking, and organizational collaboration. Her no nonsense approach coupled with heart yields swift results with most clients.
CONTACT:
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Talent Management, Acquisition and the Importance of Role Consultancy

Introduction

In all businesses today, aligning human resource management with business strategy has become an important element to succeed. Organisational restructuring, managing key resource requirements, performance management systems, career and succession planning have all been re-aligned to form synergy with the company's overall business strategy.

With increased competition, changing workforce demographics, talent shortages and increased globalization, many organizations are now proactively studying leadership, demographic and economic trends, to prepare for their future workforce needs. HR departments are developing comprehensive workforce plans and talent management strategies centered on attracting, assessing, selecting, engaging, and retaining talent

Talent Management, Acquisition and the Importance of Role Consultancy

The practice of Talent Management is more important in today's economy than it has ever been. Now in the new millennium, we find ourselves in the talent age. In the new millennium the only unique asset that many companies have to maintain a competitive edge is their people. In the global market place and every industry around the world, it is the talent and its management that differentiates and sets the tone for success or failure
To achieve organizational goals, one must synchronize their business strategy and human capital strategy. Successful organisations have the right talent in place at all levels - people who look beyond the obvious and take the business into the future. The basis for ensuring this is an integrated approach to talent management.

Finding and keeping the right people has an enormous effect on one's organization's financial performance. Identifying these talents and hiring people whose talents are similar to those of top performers are crucial steps toward achieving individual and organizational success Talent management and leadership development remain the biggest Human Resources challenges. The two issues are rated "highly critical for success" Talent management means aligning talent strategies with organisational needs; attracting and selecting the right people, identifying and shaping their potential and fuelling their enthusiasm and commitment

Effective talent management is a critical business goal for all leading organisations in today's economy. Human resource management is a process of bringing people and organizations together so that the goals of each other are met. The role of Human Resource manager is shifting from that of a protector and screener to the role of a planner and change agent. The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value. PEOPLE provide unique knowledge, an inherent component of the value-proposition that PEOPLE bring to an organization; knowledge gained through education, training, and experience. Investment in PEOPLE will position organizations for continual innovation in an increasingly diverse, competitive and ever-changing climate

Human capital is the most vital resource in any organization and also the most difficult to manage. Today the success of Human Resources professionals is directly linked to the quality of talent and its productivity and they are being held accountable to deliver on stringent and measurable performance metrices. Building a competitive talent pool is a function of attracting, engaging and retaining the right mix of competencies. Companies are also increasingly hiring employees whose personalities and values reflect those of the organization

Talent Management is more and more business critical to organizations, bringing with it, new visibility and challenges. For Human resources people, employees are the face of company's brand and the most vital asset of one's business. They drive organisation's productivity and profitability. Aligning Talent Acquisition to the organization's strategic objectives is imperative to the success of the organization and Human Resources tend to concentrate in recruiting those key people and focus their attention and resources on developing them. Indian organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development.

It would be apt at this juncture to recapitulate on the nuances on Talent Acquisition and Recruitment

Recruitment and Talent Acquisition are used synonymously but there is quite a lot of difference between the two. Recruitment involves the process of filling up of the vacancies where as talent acquisition shows the strategic hiring of talent not only for the current requirement but also planning for future. McKinsey & Company (1997) that coined the term 'the war of talent', predicted that there is high demand for managerial talent in future. The survey report insisted on five elements for tapping the successful talent such as talent mindset, growing great leaders, employee value proposition, continuous top talent recruitment and differentiation. Hence the companies need to be forearmed to anticipate and determine the talents.

Recruiting- been viewed as a transactional, commodity based business function to fill job openings with qualified people. In contrast, Talent Acquisition is distinct elements of the Talent Management continuum, a proactive, strategic function, procuring talent for the organization's value add. Talent Acquisition is no longer a silo in the human resource function, but collaboration with specialists from other functional areas within Talent Management to posture a company for talent who will evolve and become strategic partners within the organization. Talent Management/Acquisition asks: do we have a strategy in place to attract and retain qualified employees; do we know what business is in the pipeline, what the staffing needs are for the next six-twelve months, bill rates that determine potential candidate salaries, etc

On moving to a Talent Acquisition model there is a significant difference between those organizations that practice recruiting and those that have a talent acquisition practices

Recruiting- To identify & select a person for a position.
Talent - A special often creative, artistic or mental gift.
Acquisition - To gain possession of something as a result of effort or experience.

Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future. Recruiting is involved on the front end of the process; Talent Acquisition would be as a collaborative business partner. Aligning Talent Acquisition to the organization's strategic objectives is imperative to the success of the organization

Role of Consultancy in Talent Acquisition and Talent Management.

The Talent Acquisition needs of companies are becoming more and more intricate - which means more focus and effort for proper functioning. Cross location, multiple skills, blend of technologies and personal attributes makes the hiring process a very involved effort

By outsourcing Talent Acquisition function, the organisation can focus on core business issues, while they have a reliable framework of Talent supply. This is a new emerging paradigm which is making a lot of companies tread this path. Nurturing Human Capital via Talent Management, would be the focus of Talent acquisition and recruitment. Recruitment Support includes activities from pre- and final- screening, interview management, Offer Management and Data Management. Recruitment is integral to talent management and requires considerable executive management mindshare. Recruiting is changing fast, with myriad challenges facing those responsible for attracting, hiring and retaining top talent.

The role of human resources has shifted within most leading organizations and Human Resource practitioners are now required to demonstrate value to the business. Talent acquisition platform can be configured to fit the size and structure of any recruiting organization Working closely with the business, Talent Acquisition Consultant- would manage all Experienced Hire Recruitment

Talent Acquisition Consultancy would work in cohesion and coordinate with the respective & assigned business function(s) to source, recruit and select the best Talent for the organiation

Talent Acquisition Consultancy - would work in the role of a partner to align strategies that would support business objectives and create processes, tools and cultures that attract, motivate, engage and retain strong, high-potential Talent.

Talent Acquisition Consultancy- with the background and exposure of global competence in executive recruiting, and also country specific knowledge; will be in position to play a critically important role in identifying high profile executives and recruiting top global talent. Talent Search Service would range from single assignment to regional or global and could include multiple positions in various locations

Talent Acquisition Consultancy Would Play A Significant Role In

Identifying Top/Senior level Talent for all business groups and be responsible for identification, recruitment and on-boarding of senior level leaders throughout the organization utilizing direct sourcing techniques including personal networking, online search, and leveraging internal tools and resources

Responsible for providing creative sourcing solutions to customers in a consultative role. Recruiting through a variety of sources, including Internet, professional associations, networking, advertisements, job fairs, university relations, etc. Function as a full business partner to develop staffing processes, identify business issues and recommend innovative solutions.

Find, assess, engage, hire, and on-board the highest quality candidates, especially in the critical skill areas. Assess candidate skills, background and fit so as to predict performance levels and styles with a high degree of accuracy.

Manage the full life-cycle of the recruiting process - Recruit / Source, contact, screen candidates.

Assess candidate's competency to include job fit, motivational fit and culture fit.

Source, identify, and screen candidates to determine if their technical ability, attitude and personality make them a fit for the Client's culture

Develop candidate talent pipelines through sourcing channels, recruitment campaigns, internet searches, networking groups, social media, database search

Talent Management

Once the Talent Acquisition process is completed the human resource professionals have to concentrate on the next level of Talent Management- Talent Development. It is necessary to develop the skills of the employees through Training and Development Talent Management in organizations is not just limited to attracting the best people from the industry but it is a continuous process that involves sourcing, hiring, developing, retaining and promoting them while meeting the organization's requirements simultaneously

Talent Management, as the name itself suggests is managing the ability, competency and power of employees within an organization. The concept is not restricted to recruiting the right candidate at the right time but it extends to exploring the hidden and unusual qualities of one's employees and developing and nurturing them to get the desired results. Hiring the best talent from the industry may be a big concern for the organizations today but retaining them and most importantly, transitioning them according to the culture of the organization and getting the best out of them is a much bigger concern

To achieve success in business, the most important thing is to recognize the talent that can accompany one in achieving one's goal. Attracting them to work for you and strategically fitting them at a right place in your organization is the next step. It is to be remembered that placing a candidate at a wrong place can multiply one's problems regardless of the qualifications, skills, abilities and competency of that person

Talent Acquisition and Talent retention are like the two sides of a coin that are critical in the human capital management. Innovative technologies are to be adopted to enhance the process of Talent Management. With the dynamic situation prevailing in the global employability status, the role of human resource managers is very imperative in maintaining the talent balance. Holistic cum participatory approach is to be followed for harnessing the real benefits of Talent Management system. The Talent Management system that acts as a driver to performance excellence has to be integrated with the rest of the areas in the company and through effective Talent Management strategy.

The practice of talent management would involve no of strategies used in the management of human capital resources and their application. We shall dwell on few critical issues that are imperative in the management of talent and their significance:- i. e for Talent Management Best Practices:-

Key points & factors

Talent Acquisition
Assessing organizational talent readiness and execution capability Identifying talent gaps Identifying mission critical positions selection- identification- & recruitment- of right people assessment- assessing competencies of apt profile

Retaining Talent

In the current climate of change, it's critical to hold onto the key people. These are the people who will lead the organisation to future success, and the organisation can't afford to lose them
Employees are more likely to join stay within an organization if they believe the prospects are good for longer-term career and leadership development

To realise this and to attract and retain Talent -Organisation need to have a

Workforce planning ·building a road map for implementation

Diversity programmes designed to develop, retain and promote diverse Talent

Career Planning- - scope of advancement in career for employees- their effort being valued and recognized-

Selecting Talent:- Management should implement proven Talent selection systems and tools to create profiles of the right people based on the competencies of high performers. It's not simply a matter of finding the "best and the brightest," it's about creating the right fit - both for today and tomorrow.
Coaching and Mentoring- development of-new competencies. Using development to drive business objectives Building an effective development plan Development of employees - for a elevated and key position

Developing processes for Succession Planning and Talent pipelines

Managing Succession: Effective organisations anticipate the leadership and Talent requirement to succeed in the future. Leaders understand that it's critical to strengthen their Talent pool through succession planning, professional development, job rotation and workforce planning. They need to identify potential Talent and groom it.

The cost of replacing a valued employee is enormous. Organisations need to promote diversity and design strategies to retain people, reward high performance and provide opportunities for development.
It's imperative to assess existing talent within the organization. Talented and ambitious people are more likely to stay with their current employer if they receive positive development, motivation and encouragement to reach their potential

Organisation need to focus on managing the needs of individual employees, in alignment with organizational objectives, while identifying and deploying top performers accordingly.

a) For the individual: Coaching and mentoring based on discovered needs.
b) For the work team: Identifying top performers, or "stars," and capitalizing on their talent.
c) For the organization: Maximizing return on investment by putting the right person with the right skills in the right job at the right time

Identification & selection of - high performers- represent the requisite competencies of the organisation and also inspiration to others to follow suit.

Focusing on Core Talent

Companies are increasingly looking at bringing exceptional talent on board for those roles that are core to their business and·building a business case for inclusion in the organizations strategic policy
In an increasingly global business world, where teams work across borders, understanding different work cultures is the key to success.

In India, there is a high demand for good talent and hence a lot of attention is being given to retaining and engaging that talent. Retaining talent for Indian companies has become a key factor in their growth strategies.

We shall just give a brief sketeh of talent management systems adopted in an Indian organisation.

Mahindra and Mahindra -- A US . 5 billion multinational group based in Mumbai, India, with more than 137,000 people in over 100 countries, in the business of utility vehicles, information technology, tractors, and vacation ownership- - created a robust Talent Management system to attract, nurture and promote employees.

Anand Mahindra, the group's 57-year-old vice-chairman and managing director has been grooming some key leaders to replace the ageing stars. A Talent Management programme conceptualised in 2004 to chart out the succession plan for top executives, has already produced eight key leaders.

For the group, organisational restructuring posed the greatest challenge keeping in mind the changing dynamics in the business especially the tractor and automotive division. the re-alignment was necessitated by changing dynamics in the business environment. the objective was to grow leadership positions in the UV and tractor market and developing successful businesses in relatively new business areas like IT, financial services, realty and infrastructure development and also service industries like Time share (Club Mahindra). "Keeping in mind the new business objectives the challenge was to re-orient the human resource management towards these objectives. "

To achieve these objectives the company began a full reassessment of organisation and management structure with the help of consultants like Mckinsey's, Arthur Anderson and Korn Ferry. The outcome was, clear roles and responsibilities were identified and the competency required for each role was mapped. The officers went through individual assessments of competencies against the requirement of each role. External consultants as well as internal assessors ran assessment centres and each individual was then placed based on competency and role fitment

THE RETIREMENT OF ARUN NANDA (Executive Director - 2 Years ago) marked the beginning of the end of a long reign of stalwarts. New leaders are already rising and showing every sign that the group's succession planning initiatives will help fill the void. Most are in their forties, rising rapidly and are being thrown into different roles in the group - clues that they are being groomed for greater responsibilities.

Many emerging leaders were inducted onto the group's apex-decision making body Group Executive Board in 2010 in preparation for the retirement of six members on the board.

Anita Arjundas, the 44-year-old head of the real estate business and the lone woman member of the group executive board, mirrors the emergence of a quiet transition that is taking place inside the automobile-to-aviation group.

Conclusion.

Today, companies have become fiercely competitive when it comes to attracting and retaining Talent. The present scenario with abundant opportunities has triggered a wave of employees, perpetually "on the move", forever seeking better opportunities whenever, wherever and however they can

Talented people want to be a part of something they believe in and not just a fat pay package. A culture of commitment is the key to employee retention- a culture that concentrates on vision, mission, values and ambitious goals to attract and hold on to talented people. This culture of commitment can only set in if there are guiding principles or core values that are of intrinsic importance to those in the organisation.

Cultural dimensions as a tool to retain talent zeroes in on functional, technical and control aspects, while simultaneously dealing with inspiration, emotion, energy, enthusiasm, collaboration and camaraderie, openness and a sense of belonging

At the end of the day, creating and delivering a great employee value proposition is clearly the best way to retain good people. Research shows that companies which have recognised the need to give priority to its people management-driven strategies are the winners

Talent Management, Acquisition and the Importance of Role Consultancy
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Dr. SITA RAMACHANDRAN

http://www.perfectplacer.com

Will give a good understanding of the Concept of Talent Management and its constituents and its practical relevance and applicability in a True Life Business Environment.

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Working Capital Management

Financial management decisions are divided into the management of assets (investments) and liabilities (sources of financing), in the long-term and the short-term. It is common knowledge that a firm's value cannot be maximized in the long run unless it survives the short run. Firms fail most often because they are unable to meet their working capital needs; consequently, sound working capital management is a requisite for firm survival.

About 60 percent of a financial manager's time is devoted to working capital management, and many of the potential employees in finance-related fields will find out that their first assignment on the job will involve working capital. For these reasons, working capital policy and management is an essential topic of study. In many text books working capital refers to current assets, and net working capital is defined as current assets minus current liabilities. Working capital policy refers to decisions relating to the level of current assets and the way they are financed, while working capital management refers to all those decisions and activities a firm undertakes in order to manage efficiently the elements of current assets.

The term working capital originated with the old Yankee peddler, who would load up his wagon with goods and then go off on his route to peddle his wares. The merchandise was called working capital because it was what he actually sold, or "turned over", to produce his profits. The wagon and horse were his fixed assets. He generally owned the horse and wagon, so they were financed with "equity" capital, but he borrowed the funds to buy the merchandise. These borrowings were called working capital loans, and they had to be repaid after each trip to demonstrate to the bank that the credit was sound. If the peddler was able to repay the loan, then the bank would issue another loan, and these were sound banking practices. The days of the Yankee peddler have long since pasted, but the importance of working capital remains. Current asset management and short-term financing are still the two basic elements of working capital and a daily headache for the financial managers.

Working Capital Management

Working capital, sometimes called gross working capital, simply refers to the firm's total current assets (the short-term ones), cash, marketable securities, accounts receivable, and inventory. While long-term financial analysis primarily concerns strategic planning, working capital management deals with day-to-day operations. By making sure that production lines do not stop due to lack of raw materials, that inventories do not build up because production continues unchanged when sales dip, that customers pay on time and that enough cash is on hand to make payments when they are due. Obviously without good working capital management, no firm can be efficient and profitable.

Statements about the flexibility, cost, and riskiness of short-term debt versus long-term debt depend, to a large extent, on the type of short-term credit that actually is used. Short-term credit is defined as any liability originally scheduled for payment within one year. There are numerous sources of short-term funds, such as accruals, accounts payable (trade credit), bank loans, and commercial paper. The major elements of current liabilities are trade creditors and bank overdrafts, and these are further analyzed.

Working Capital Management
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Jonathon Hardcastle writes articles on many topics including Finance [http://letstalkaboutfinance.com/], Business [http://businessworldnow.net/], and Real Estate [http://yourealestatesource.com/]

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Essential Elements of a Quality Management System

A good quality management system in a pharmaceutical company can significantly improve the net profit status, high quality medicines for patients, less rework and recall which save more money, good work environment and compliance with local and international regulations.

Quality management is a philosophy. It takes management understanding, commitment and responsibility before introducing and implementing the concept. Once practiced a good quality management system slowly develop or reshape a sustainable organization culture that pays off rapidly.

The initial step of introducing a good quality management into a system is to know the essential elements of the quality system and clear study from where to start. Company objectives should be clearly understood. Policies should be prepared. Then comes the design of the process flow, validating the process, material flow and organization chart. When a good integration between people, process and material is achieved the next step is to putting the integrated system in a state of control. Any deviation from the controlled system must be analysed and corrected.

Essential Elements of a Quality Management System

Some basic but essential elements of Quality Assurance as depicted in GMP guidelines and ISO 9001 guideline for pharmaceutical industry can be listed as: the Preparation of standard operating procedures of a complete system maintaining cGMP principles; Preparation and maintenance of effective change control of quality and master file documentation; Recording and management of manufacturing change control; Recording and reporting procedure of Deviations of your systems; Quality concern investigation process; Customer complaint investigation procedure; Quality audit procedures; Vendor assessment, evaluation and certification procedure; Quality control laboratory procedure, Rework procedures for the defective manufactured products; Procedures on training for manufacturing staffs and recall procedure.

Standard operating procedures and manuals should be written in details and referenced to relevant other documents, so a new starter within the organization should be trained easily and expected to perform as per procedure. The result will be a common standard of activities across the organization, good tractability of work flow, deviations and ease of corrective actions as necessary.

Standard Operating Procedure

You should prepare SOPs, forms, templates and manuals, which can be used immediately as the system runs. Forms and templates should be used for record keeping which your people can follow routinely.

Documentations - Classification, Definition and Approval

Quality and Technical/Master file documents to be created to build up a good quality management system for your manufacturing sites. Definition of documents, their classification, approval requirements and retention requirements should be understood.

Quality Documentation Management and Change Control

Procedures to be created on how to generate new quality documents or change control of existing documents, review of quality documents, satellite file management, role of document author, approver, document control officer and satellite file administrator. In this procedures you will also define the numbering systems of different quality documents like audit files, SOPs, forms, templates, manuals, training files, QA agreements, project files etc and their effective archiving system.

Preparation, Maintenance and Change Control of Master Documents

Procedures to be created which will particularly focus on the management of master file documents like specifications, control methods, raw materials, finished goods and packaging specification and test reports, formulation, stability files etc required to generate during the product registration in the market.

Deviation Report System

It is a regulatory requirement to capture all sorts of deviations evolves in your systems in order to maintain the continuous improvement of your processes and systems. Procedures should be created that describes how to categorize the deviations between production, audit, quality improvements, technical deviations, customer complaints and environmental, health and safety deviations. It should also describes the management responsibilities of initiating deviation, capturing data, analysis, investigation, determination of assignable cause/s, generation of management report and initiatives to be taken on corrective and preventative actions.

Vendor Selection and Evaluation

Procedures to be followed during the vendor assessment and vendor evaluation for purchasing of raw materials, critical and non critical packaging components, laboratory supplies, engineering supplies and imported finished goods from the vendor. These instructions are essential for approving prospective vendor.

Vendor Certification

This procedure aims to describe the process by which a vendor may be certified to supply materials or services. This procedure applies to vendors that supply a material or service to be used at any stage of manufacture by operations. Here you will describe the roles of each department in the process to certify an approved vendor.

Product Complaint Procedure

You should have strong procedure to cover the receipt, logging, evaluation, investigation and reporting system of all complaints received from customers for the marketed products. This procedure should contain step by step instruction to be followed during the customer complaint management like numbering of complaint, registering the complaint, evaluation, determination of assignable cause for the complaint deviation, implementation of corrective and preventative actions, trending of complaints and handling of counterfeit products.

Annual Product Review

Some countries require reports as Annual Product Review to sell your products into their market. So you have to create instructions on how to do annual product review, to evaluate data, trends and to identify any preventative or corrective action that would lead to product quality improvements and report them to management.

Rework Procedure

Procedure should contain the step by step instructions to be followed when the rework of an in-process or completed finished good is required. Product Identification and Traceability The purpose of this procedure is to define the method used for the identification of all contributing materials that could affect product quality and to ensure their full traceability.

GMP Audits

Procedure should be created to describe the process of planning, performing, reporting and follow-up of different audits for your systems like Internal Quality audit, Vendor audit, Environmental Health and Safety (EHS) audit, EHS workplace inspection, Housekeeping audit.

Evaluation of Batch Documentation and Release for Sale

This procedure should describe the process of collection, evaluation and record of batch related document generated during the production of a batch before an authorized person can release the batch for sale.

GMP Training

Effective GMP related training modules to be created for your manufacturing staffs. Training records and reports have to produce on each employee as justified.

Management and Control of Contract Work

There should have procedure to describe the management and control of contract work provided by the contractors for packaging and finished products for your company as well as control of contract works done by your company on behalf of others.

Quality Concern Investigation Process

Procedure should be made that contains instructions to follow when conducting Investigations collection of data and information, analysis, assigning root cause, determine corrective and preventive actions.

Essential Elements of a Quality Management System
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Essential elements of a good quality management system are described in this article for pharmaceutical industry. Check more in Pharmaceutical Quality Procedures

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