Customer service in Halifax Essay Example for Free

Customer service in Halifax Essay Customer service Customer service is any part of the service that customers receive from the staff of the business. It is also a way in which the organisation deals with its customers. Businesses need their customers to buy their products or use their services in order to survive and make a profit. The way that they treat their customers is therefore very important. Many businesses have a policy of customer service, which involves putting the customer first in all situations. Customer service involves: * Making sure the product range is available to the customer * Making sure the product is safe and reliable * Providing information about products and being able to give advice * Making sure the product range can be delivered if necessary * Providing credit facilities where appropriate * Providing after sales service guarantees It should be the aim of every business to provide the highest level of customer service. There are laws, which provide protection to customers buying products. Businesses should know what their obligations are under these laws.it will help them maintain a high level of customer service. Why customer service is important in Halifax Customer service is important to Halifax because it brings in profit (the more customers the more the profit). The customers provide income to Halifax. Halifax does so much advertising and looses money but because it provides good customer service, the money lost is replaced. Customers are also a source of market research information Customers ensure the survival of the business Because of good customer service, Halifax spends less effort dealing with customer complaints. Customers are relined and refrained in Halifax because they are treated well and are made to feel good and safe with their money and properties. Halifaxs image is improved This is because everyone knows that it provides good customer service. My friend told me how good Halifax is and I was attracted to go and open up an account with them the next day. I also told my boyfriend about it that also went and opened up an account with them. To build customer loyalty All Halifaxs customers are loyal to it and they keep on using more of its services. They enjoy them. Increase competition It is only natural that where there is an attractive market, competitors will seek to obtain profitable businesses. The newcomer may sometimes even have an advantage due to the fact that he may have benefited from the experience of the long established supplier. As the newcomers start from scratch, they can use the latest equipment, techniques and systems and can select staff to fit the image they wish to create. Good customer service also gives Halifax a competitive advantage over other banks or building societies. Better informed customers Customers know a great deal more about Halifaxs services than they used to, partly because of the competition and partly due to the extensive studies conducted by consumer groups, and Halifax staff. A great deal of information is also available over the Internet. The emphasis put into competitive advertisements also makes customers more aware of the aspects they should examine. Halifax is a very good example where public pressure has forced regulations ensuring fuller disclosure of costs and more realistic estimates of benefits. Product similarity From the customers point of view, who I interviewed, it is difficult to distinguish many of Halifaxs services from those of their competitors. They often use the same services perform the same tasks in a very similar way. As an example, I could look at the personal computer industry, where a large number of computers can utilise the same software programs. One of the few ways Halifax can differentiate thereselfs from there competitors is by means the image for customer care that they build up and the reputation for customer support that they have earned over time. Rinsing demand for improved support With the choice of supply sources now available to Halifax customers they know that they are in a buyers market and they are therefore demanding improved support from the Halifax they have selected. In general it has been shown that with a higher living standard, customers are willing to pay for improved support. For instance customers in the past may have been willing to wait for a week or two for a telephone to be installed whereas now they expect it to be done in as many days. Life cycle costs As many products are technically more soficicated, customers have become more dependent on the continuing support from Halifax to keep their services in operation. They are increasingly looking at the life time costs and Halifaxs ability to support their services efficiently throughout the life of that service. When a customer buys a car for instance, he will want to know how good the maintenance service is what the costs are likely to be the fuel consumption and the resale value after a certain number of years. Training the frontline This is important because it means good customer service in Halifax in a way that when all staff are trained, there will be good communication between the staff hence providing good customer service. Training helps Halifax maintain good service in different departments. For example technology, promotional, health and safety, money wise. Managers in Halifax identify training needs for internal customers and provide suitable training events. Halifax is aware that well trained internal customer service provides good external customer service. Identification of the situations that require staff to have contact with customers A customer is a person who requires a product in exchange for money or who uses a service. Staff can have contact with customers through so many ways these are: By phone This is normally used when one of them (customer/staff) needs to ask a question and get a quick response.because both the staff and customers cannot see each other, it is unable to observe the other persons body language. Though this happens, customers are not left waiting. The member of staff says what he is doing and how long he will be. The customer is always being informed of the actions taken. Music is often played to customers kept waiting in order to give them something to do, i.e. listen to music. The staff make sure they do everything they can to make the customer feel valued. Through letters This is used when a permanent record is needed. Eg.where a letter head showing the Halifax logo adds credibility to the company. Sentences are always kept short in the letters. The subject is always introduced at the beginning of the letter so that the customers know what the letter is about. Through Internet This is used when you can not get someone on the phone. The email is given an effective tittle, which makes the reader want to open it. They are not typed in capitals because the reader may think that the member of staff is shouting. Face to face This is done when the customer is on the premises. Usually when delivering bad or good news. Also when a permanent record is not required. Or when documents have to be handed in for opening new accounts. Through fax This is used when speed is required and the information is not confidential. This applies to letters. Staff always contact customers about: * Details about the new extra services introduced * Their bank accounts * Their mortgages * Their complaints * Opening bank accounts * Overdrafts * Foreign exchange purchase transfer * Withdrawal or payment * New service products etc Ways in which Halifax meets the needs of its customers Halifax is a successful firm because it identifies who its customers are and what their needs are quickly. Needs of internal customers Needs of external customers Sick pay To make a purchase Holidays Need to obtain information about a product Pension Company cars To make a complaint Staffs discount To maintain ethical standards Working conditions e.g. Safe environment Specials needs like the deaf, blind, old, physically handicapped, or with children. Job security Food Decent wages or salary. Christmas presents and bonus/ end year party Staff facilities e.g. room, gyms, toilets. Training. Training of internal customers in all aspects of their jobs ensures that external customer needs are catered for, whereas good staff relations or industrial relations, effective communication and good company policies ensures the satisfaction of internal customer needs. Internal customers These are members of staff who rely on other members of staff to help them do their jobs properly. In Halifax, internal customers feedback is included in performance reviews. Halifax is now making input a formal part of a 360-degree feedback process, in which employees, peers and the manager all evaluate the performance of managers. In addition. Halifax talks to its internal customers during meetings and asks them about their needs and finds out how it can serve them better. Always giving you extra as long as the employees do it for their customers, theyll do it for the employees. Theyre looking to develop the best motivated and best rewarded team in the business, so the employees should expect plenty. Training, sales support, personal development, opportunity, great incentives you name it, Halifax goes that extra mile to make sure the employees have everything they need for a rewarding career. And that, of course, includes a benefits package they find hard to beat by anyone, anywhere. It covers everything theyd expect (good salary, generous holidays) and plenty that they wouldnt, such as bonuses and incentives, share schemes, discounted mortgages and plenty more all adding up to a total rewards package to match their total commitment. The following are part of Halifaxs human resource policies: Pay (plus bonuses) Generous Holiday Entitlement Shares Colleague Products Money Purchase Pension Life Assurance Flexible Working Flexible Benefits Recognition Our commitment Support when it counts Academy Pay (plus bonuses) Halifax starts by giving employees a highly attractive basic salary. They have bands, but theres a lot of flexibility. So theyll take into account the nature of the role, as well as the employees skills and experience. On top of this, everyone has the chance to earn more by putting in extra. So employees can earn a bonus for individual, team and company performance. Reach or exceed the employees targets for example, and the employees can expect to receive between 10% and 30% of salary extra! Nice. Generous Holiday Entitlement The employees receive between 22 and 30 days paid holiday a year, depending on their role and length of service. Shares Halifax group wants employees to share in their success (they like smiling people). They wont go into detail here, but there are various schemes where employees receive either shares or share options. Its hugely popular. Largely because it can be hugely profitable for Halifaxs colleagues. Colleague Products Halifax is the UKs number one for savings and mortgages, and have plenty of other products too, such as insurance and healthcare. All of which are available to employees at attractive, discounted rates. External customers These are individuals and business customers who buy or use the goods and services provided by an organisation. With staff who can speak a wider range of languages, Halifax and customer service has improved. They monitor holiday costs constantly to give customers a better deal. Plus, they can give customers a guaranteed minimum 5% discount on a wide range of brochure-priced holidays and charter flights! Halifax also meets its customers needs by giving eye contact, explaining transferred telephone calls to customers and colleagues, being genuine and sincere, knowing about their products or services, knowing about its policies, treating customers as individuals, and minimising queuing times. Home delivery For home delivery, orders placed in a branch or over the phone before 2.30pm Monday to Friday are usually delivered to the customers home address by 12 noon the next bank working day (excluding Saturdays). Orders placed on Saturday or Sunday are usually delivered by 12 noon the following Tuesday. All home deliveries are by Royal Mail Special Delivery. There is a charge of à ¯Ã‚ ¿Ã‚ ½5 for all home deliveries. Home delivery is not available for orders placed online. Always giving extra to customers with particular needs Halifax group is committed to providing all their customers with excellent service, whatever type of relationship they have with them. They do their outmost to help all customers with special needs. Their cash machines are generally installed at a lower level to make them easier to reach, and the newer machines have been adapted for the visually impaired to use. Halifax has around 800 branches in the UK, most, of which are open plan to make it easier for customers to find their way around. The majority have a reception desk, with seating provided. And their staff are always on hand to discuss specific needs or answer queries. Wheelchair users Getting in and out of Halifaxs branches is usually easy, with level or ramped access from pavements. And, wherever possible, doors are automatic. Call Assistance At some branches steps are unavoidable, so a Call Assistance bell system was installed, so that a member of staff can be called. Servicecall Some branches are fitted with the Servicecall system, so that customers with a Servicecall transmitter can alert staff of their arrival. Lifts Where branches have split-level banking halls, Halifax provides internal ramps or wheelchair lifts. Low-level counters and counter queuing rails Lower level writing surfaces are increasingly being provided at the counter. All branches have counter queuing rails, often with lower level writing surfaces. Other banking options To help make it easier for all their customers to manage their finances at their convenience, they offer a number ways to access Halifax as well as via other large network of branches across the country: Online Customers can apply for a Halifax Current Account online. Then once it is registered for telephone banking they can do their banking online via Halifaxs website 24 hours a day, seven days a week. Click www.halifax.co.uk for more details. They also offer a Share Dealing service online, and applications for other products such as Personal Loans, Credit Cards and Travel Insurance can be made via the web site. Telephone Halifax Direct is a 24-hour telephone Current Account service. Customers can use it for everything from checking their balance and ordering a statement to arranging an overdraft. Arrangements can also be made for customers to pay bills and transfer money to other Halifax accounts. All Halifax customers can telephone Halifax direct for other services, for example a Personal Loan or travel money. Customers who are hearing impaired, can contact Halifax Direct using textphone on 0845 732 3436 Contact Halifax They have undertaken an extensive disability awareness programme to help staff overcome the barriers which people who have a disability face. To help them continually improve their services, if you would like to make any comments about their site or the services they offer customers with disabilities, they request the customers to use this form. Philomena Gray, Disability Manager by e-mail: JayneO[emailprotected] or at:Halifax plc Trinity Road HALIFAX West Yorkshire HX1 2RG How Halifax deals with customers complaints Once Halifax is prepared for any potential problem a customer may have brought to them, their next step is to use the companys complaint system the company has in place for dealing with complaints. Halifax deals with complaints in many different ways. This can be done through: 1. The telephone 2. Face to face 3. In writing: typical written communications involve providing information on the services provided, prices of mortgages, statements of accounts and safety procedures. Because Halifax actively seeks and encourages complaints, they are able to understand and meet the needs of their customers. If a customer is dissatisfied and is unable to express that dissatisfaction, Halifax will never see that customer return. What is worse, the customer may also persuade potential customers not to stop within Halifax too. Customers with bad experiences were twice as likely to tell others about it as those with a positive story to recount. Customer complaints are viewed as opportunities to improve a service offered rather than problems ignored. The causes of the complaints are dealt with the and lessons learnt. Customers making complaints are seen as contributors to the process of improving customer services rather than awkward individuals who enjoy making life difficult for staff. By respecting customers and treating them accordingly Halifax is able to monitor and improve the quality of service offered. Many products arise because the law has been broken. There is a large number of laws that try to protect the customers. Halifax tries not to break the laws. The major consumers laws include; The descriptions Act 1978, which makes it illegal for Halifax as a business to give misleading descriptions of their services and products. The consumer safety Act 1978, which make sit illegal to sell goods, which may be harmful to customers. The consumer protection Act 1987, which makes it illegal, amongst other things, for a business to claim that its prices have been reduced when they have not. It also makes suppliers responsible for any injury that results from defective goods. The consumer credit Act 1974, which requires Halifax to have a specific licence because it offers credit otherwise they will be committing an offence. If the law has been broken, customers can take Halifax to court. This may cause the business money and give it a bad reputation. That is why they make sure that they do not break the law. Halifax also makes it certain that customers are happy with the services they provide. Details of all customers complaints are recorded. This is done so that there is a record of what action was taken in case the customer wishes to take the complaint further. Recording the data also allows staff and management to use it for capturing customer details. The nature of complaint and the service involved is recorded and quite often the name and address of the person complaining is recorded. Halifax has a special service desk for dealing with customer complaints, and also specially trained staff. When customers approach with a complaint Halifax staff make sure they: * Listen to them carefully * Reassure them that their complaint is being taken seriously * Decide on an appropriate action * Apologise if the business is responsible * Record the details of the complaint * Record the action taken Checking that customers complaint is valid Halifax wont take customers complaint seriously if its something, which is not their fault. For example, if your current account has no overdraft facility but you regularly overdraw the account, you cant really complain if Halifax charges you for doing so. If, however, charges on your account push the balance into the red, it should not charge you for being overdrawn. Halifax deals with complaints about something in relation to: * Customer expectations not met * Late delivery * Incorrect information * Waiting/queuing times * Attitude of staff * Faulty service products * Statement errors What happens next? If a customer complaint is something Halifax has the power to deal with, they will usually start by seeing if they can help the customer to resolve matters in an informal way. One of their staff (usually called a caseworker) will take a fresh look at the facts and let the customer know how they think the customer could reach the agreement. This approach is often called mediation. If a customer has a problem, Halifax can always help They aim to offer customers the best possible service, but there may be occasions when customers feel they have cause for complaint. If so, Halifax will always try to resolve the problem quickly and to your satisfaction. If the customer is unhappy with their response, he/she can take his complaint further through their complaints procedure outlined below. Following Halifaxs complaints procedure does not affect a customers legal rights. 1. Where the customer first makes his complaint Halifax aims to resolve customers concerns within 24 hours. Sometimes it may take longer to look into the matter fully. If this happens, they will let the customer know within five working days who will reply. The people a customer first raise the matter with are often able to help, but there may be occasions when a specialist area needs to be involved. If the customer doesnt know who to contact, they can: * Call Customer Relations on 08457 25 35 19 * Textphone Customer Relations on 08456 00 17 50 (if you have a hearing impairment) * Write to them at: Halifax plc Halifax Customer Relations Trinity Road Halifax HX1 2RG They will then arrange for the right person to look into and respond to the customers concerns. 2. Customer Relations In the unlikely event that the customer remains unhappy, he /she can ask for his complaint to be referred to a Customer Relations manager for further review. If the customer is still not satisfied he can, at this stage, ask the Financial Ombudsman Service to help, or for service-related complaints about Halifax Estate Agencies Limited, the Ombudsman for Estate Agents The Halifax supports fully and is a member of both the Ombudsmen Schemes. These are impartial and conduct independent investigations. Ombudsmen addresses For most complaints about Halifax products and services customers can contact: The Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Phone: 08450 80 18 00 email: [emailprotected] Website: www.financial-ombudsman.org.uk For complaints about Halifax Estate Agencies Limited: The Ombudsman for Estate Agents Beckett House 4 Bridge Street SALISBURY SP1 2LX Phone: 01722 33 33 06 email: [emailprotected] Website: www.oea.co.uk Types of customer records Halifax uses Market research The final method of monitoring customer service satisfaction is through market research. Market research is a formalised method of obtained feedback and information from customers or potential customers about services that are available or soon to be made available. In Halifax, obtaining feedback from customers is essential in learning how to improve the service offered. The process helps Halifax to understand: * The nature of the service from the point of view of the customer. * What the customers are wanting. * What the customer thinks of the organisation. * What will make the customer feel valued? * What sort of initiatives the customers would appreciate. Halifax is able to show that business decisions are supported by information and evidence gained through research. Therefore through market research, Halifax is able to identify customers opinions about: * Interest rates charged. * New and existing services. * After sales service. * The quality of customer care provided by Halifax. Business decisions about these issues can then be made based upon the results of the research. Halifax sends out customer service questioners to 200,000 customers every six months, asking for their opinions on their branch. In addition, mystery shoppers posing as potential customers visit and phone the branches to ask for advice. Each quarter, every branch in Halifax network receives two visits and two phone calls from the mystery shopper, who then fills in the research form and marks the branch on factors such as courtesy, speed, and phone handling techniques. All the results are included into a customer service index for each Branch. The findings are also published internally or all to see, with awards for those branches with the best achievements. The market research I undertook about Halifax provided some interesting results. I decided to measure how much customer satisfaction dictated future buying intentions. The research divided the customers into one of three groups: * Those with problem that had been resolved * Those with a problem that had been recently dealt with * Those whose experience of the bank had only been positive As was predictable, the customers who remained dissatisfied were the ones least likely to buy any more of the building societys services. However, surprisingly, those customers whose problem had been dealt with quickly and efficiently were more likely to use Halifaxs services again in the future than customers who had never experienced a problem. 80% of the customers were happy and 20% were not happy. Among the unhappy customers some of them did not visit the branches often nor use Halifaxs machines. Customers responded positively to open, polite and helpful advice provided by Halifax, even if the outcome was not what the customer was seeking, e.g. applying bank charges. Findings similar to Halifax have emerged from other customer attitude surveys undertaken across a range of businesses. The results of my surveys indicate that by keeping the customers happy, the organisations will retain existing business and will increase future revenue from existing customers. It is essential that a manager act upon any feedback gained through market research. Customers who provide feedback through market research are usually given recognition by Halifax. I also found out that when Halifax do their market research through the surveys, they thank their customers for their time and effort. This is in the form of a card, letter, or telephone call. A number of methods are used by Halifax to find out what the customer thinks of and wants from the service. These include: * Postal questioners. * Personal interviews. * Telephone interviews. * Consumer panels. * Customer feedback forms. Complaints records In Halifax, recording customer complaints and implementing changes to ensure that the customer is not dissatisfied for the same reason again are ways to monitor customer satisfaction. Customers are provided with a system where they feel comfortable about recording a complaint. Only by doing so can Halifax ensure that they are fully meeting the needs of all their customers. When Halifax is dealing with customer complaints, they normally take the customers details. This normally helps them to be able to contact the customer when necessary and to know who they are dealing with. Customer Surveys Customer surveys are used to get inside the customers mind and learn what they are thinking about Halifax. Surveys can determine customer satisfaction, complaints, compliments and questions. Halifax likes to know what their customers are thinking because it helps them improve or tailor their services. Feedback can be a great source of information. Customer surveys can sometimes be a core competency of Halifax. Surveys can be administered online, in person or even via phone. Surveys should be constructed to pull the most valuable data from employees so that Halifax can later use that data for the betterment of the company. Savings and Debit cards When opening up savings or bank accounts, the staff records your personal details and keep them for further reference. At times this is used to contact customers to participate in surveys, to take advantage of new offers, etc. Internal Complaints When the employees make a complaint, Halifax also takes down their comments and again their details. Personnel records The personnel department keeps records of all employees on the payroll. This includes personal information (name, date of birth, address) as well as details of rates of pay, tax, and national insurance number. The records are confidential and should not be accessible to unauthorised personnel. These records are taken during recruitment. Recruiting When recruiting, managers take employees details for further reference. This helps them to know how much they deserve to be paid to know their retirement age, etc, which can be utilised by the firm to provide good internal customer service. The customer service provided in Halifax and improvements In Halifax, The desire to improve and be the best helps motivate staff by providing them with a challenge. It gives employees the opportunity to suggest ideas, use their initiative and participate in the development of the organisation. Excellent customer service provides a focus for all staff to work towards and results in increased job satisfaction for the employees, as well as increased customer satisfaction. Excellent standards in Halifaxs customer service can only be achieved by having a system that enables them to constantly review and improve the service offered. What is an acceptable standard for a customer today will not necessarily be an acceptable standard tomorrow. Constant improvement is essential. Because Halifax is an organisation seeking to improve the quality of customer service offered, it set quality service standards, which are: * Clearly explained * Realistic for employees * Easily measured Having clearly defined standards and a process to monitor those standards gives employees a goal to work towards. 1. Providing information Staff in Halifax provides customers with information, by letting them know what the business has to offer. The information provided is mostly through leaflets and focuses on: *Lost or stolen cards. * Mortgages * Bank Accounts *Loans * Savings and investments *Insurance * Share dealing. The problem to some members of staff is that they provide wrong information to customers. This happens when they are not sure of the answers to the questions being asked by the customers. Halifax improves this by re-training the staff who have the duty of dealing with customer enquiries. They also provide leaflets containing information of the services they offer. 2. Giving advice Customers often expect advice about the services they know little about Halifax. This is likely to happen with mortgages. When people want to open up accounts from Halifax they expect to receive clear instructions and advice on how to use and maintain them. When a business or an individual goes to the bank, they expect that the staff will know a great deal about banking and that sound advice will be given. But in some cases it does not happen. This is because the member of staff gives wrong advice about the service provided and sometimes it leads to the customer changing him/her mind about opening up an account with Halifax. For example when I wanted to open up an account with Halifax, I was told to bring both my parents passports back with me. I was really shocked by that and was wondering why every Bank does not ask for that. Anyway I suddenly gave up because the passports where with the home office. After three months, I called Halifaxs head office to ask them why I needed my parents passports to open up an account yet I had my own passport. The lady on the phone said that it is not right and I should go back to them and tell them that. I spoke to the manager and she said that it is all right for me to use my own passport since I am seventeen. This is why Halifax should train the members of staff going to give customers advice and ensure that they have good knowledge of the service product and procedures. Halifax gives advice on What is the suitable account, loan or action? What is the best mortgage? What is the cheapest way to pay for mortgage? How to use the accounts and cards. How to store and look after the cards. 3. Tailoring the service to what the customer wants Halifaxs staff ensure that customers get what they really want and are satisfied with the services. They know that is what will make them come back again. So staff work out very carefully what customers want and need. They know that customers want to be served quickly and efficiently but sometimes the queue is too long because some tills are not utilised. This really annoys the customers and makes them to leave and maybe pay the money to another account they have in a different bank. Halifax should improve this by letting another member of staff cover for the other if they have gone for their breaks and by making sure that any member of staff who is off sick is covered by using staff who do shift work. 4. Providing credit facilities Halifax accepts payment in a variety of ways for example cheques, cash, account transfers. This makes payment more convenient for customers. In the 1990s, Halifax has been facing a great deal of competition and one way of attracting customers is to offer better credit packages than competitors. Actual details of credit terms have therefore become highly variable and now Halifax is trying so hard to provide the best deal. Halifax is required by law to publish the APR and this does allow some basis for comparison. APR (Annual percentage rate of interest). This shows the actual rate of interest that borrowers must pay on average over the full period of the loan. But in some cases, some customers do not receive their interests which cause complaints and this results to the business loosing customers if the others hear about ones complaint. This is normally caused by errors on the computers, which they use to automatically offer interest to an account according to its type. So to improve this problem, Halifax management and staff should make sure that the machines are checked regularly to prevent unnecessary errors like that. 5. Credit They also offer credit cards to allow customers to buy goods and services and pay for them when they receive their statements from them, usually at the end of the month. When a customer uses a credit card to pay for an item the shop demands its claim for payment back to the Halifax that then pays the shop. Because Halifax must wait for payment from the customer, they usually charge the shop for the right to let customers use the credit card. This explains why the major supermarkets and a growing number of major stores are now offering their own credit cards. For some credit cards, a high rate is charged which makes Halifax lose its customers. They have improved this by putting the rates at a lower charge in order to attract more customers. 6. Administration This is the management of services that help to support the smooth running of department. Every department in Halifax carries it out. These general administration functions might include; 7. Reception This includes greeting people visiting a specific branch, dealing with their enquiries, and taking outside phone calls and connecting customers to right departments. It is also known as the customer service department. When customers come in the branch to make enquiries, in most circumstances there is a long queue. This really annoys customers in that they will complain and give pressure to the member of staff attending to them which will lead to her making mistakes and giving wrong or incomplete information to the customer she is serving. This can be improved by letting the members of staff who are available (not doing any work at that moment) to help out on the reception. This helps Halifax to deal with customers courteously and promptly. 8. Security Ensuring the security of the building property and staff. If there is no security in Halifax, peoples money will not be safe hence loosing customers because all they want is security and trust from the building society. To improve this, CCTVs are installed in the building to keep track of all that is going on in the premises. Most people who come into the Halifax and find it untidy and dirty get the wrong impression and neglect opening up accounts with them. This has been improved by arranging for outside contractors to clean the building, and cater for staff. The clerical work of making records managing records, filling, photocopying. Organising meetings, keeping minutes. Ensuring that internal communications (within the department) operate smoothing. Ensuring the department staffs arrive on time, have the facilities they need and have been paid. Each department will operate in a slightly different way, so it is highly that different departments will have some administrative tasks that are unique to that department, e.g. The human resources department will have to ensure that it has a complete and accurate database of all employees, with contact addresses and telephone numbers. 9. Providing an efficient service This is done when keeping appointments, Replying to enquiries within the shortest time possible, Fast, efficient and friendly service, helping and assisting the customer, answering all telephone calls within five seconds and following the basic principles when communicating with customers on the telephone. Sometimes all this is not done by the employees. They become rude to the customers and act like they have been forced to do their work. They do this by being very slow when serving on the checkouts and not speaking loudly and clearly on the phone. 10. Ensuring that replies to requests for information are with the customer within a reasonable period of time e.g. three days. Documentation is always up to date and accurate. Letters are addressed personally, well typed and without spelling errors. 11. Dealing with customer complaints Sometimes customers complaints are ignored or forgotten about because the member of staff has too much work to do which makes the customers loose interest in Halifax. This can be improved by setting up a Procedure for dealing with customer complaints and problems and since sometimes the procedure is not followed, they should improve this more by establishing a customer service department in each store, appointing a member of staff to be in charge of customer services, Communicating effectively with customers and ensuring that customer complaints are dealt with to the satisfaction of the customer. 12. Reliable systems, facilities and procedures Sometimes when customers come into a Halifax branch to open up an account, they find that the phone or computer does not work. This annoys them and either walk out or complain to the staff, which will disorganise the other services. That is if the customer makes a scene. This is improved up setting up quick and efficient technology with good backup, making sure that customer facilities are kept in good working order, by understanding of procedures by all employees The financial sector is a fast moving and rapidly changing environment. Many of these organisations rely on call centres to handle the huge numbers of enquiries received. Unfortunately high staff turnover is a major problem within many branches, so recruitment of the right candidates as quickly as possible is essential. Recognising the need to make quick recruitment decisions, that are valid, objective and more cost effective, Halifax Plc developed a new recruitment process, which met their criteria. Some years ago the Halifax implemented a competency-based application form, using job relevant competencies that are scored through a standardised procedure, and found they could make initial selection decisions quickly, confidently and objectively. For this project the Halifax saw the need to review their competencies in the light of organisational changes. They reviewed their initial selection process, to ensure that the competencies to be used were still appropriate given organisational changes, and the increased organisational emphasis was on business related competencies. The first stage involved reviewing a number of job roles to identify the key job tasks. The results from this early stage were used to develop a telephone checklist. The checklist is used as an initial sifting mechanism, aimed at ensuring that applicants are aware of job demands before they are sent the application form, thus reducing the administrative burden. Before the final structured application form was written a concurrent validation was conducted on a trial group of current job incumbents to identify the key competencies. It was found that specific competencies from the application form correlated highly with managers ratings of performance, additionally these competencies also correlated highly with the Customer Contact ability test scores of job incumbents. This suggested that people with higher scores on the competency based questionnaire and the ability tests are far more likely to perform better in the job than those applicants who perform poorly on the competency based application form. The Halifax is just one example of where Structured Application Forms have been used successfully. 12. Employee feedback system An employee feedback system is a structured approach to recording employees views and suggestions about the service provided and ways in which to improve that service. In Halifax, employees deal with the customers daily and therefore are able to provide useful advice and information to the employer about the views of customers and whether the service provided meets the needs of the customers. Very often, the employees can make valuable suggestions about how to improve the quality of service offered. 14. Quality review system This is a structured system in Halifax that enables an employer to determine the quality of service being offered to customers and the response of customers to that service. A check sheet or rating form can be used to identify the key areas to be audited. The manager will use the form to review at regular intervals the standard of service provided and customers responses against the criteria. An employer quality review system involves the manager being out where the customers are and seeing the activities taking place. The system involves the manager observing, examining and evaluating the quality of service offered by different employees in different sections or departments. The manager also listens carefully to customers questions, because the issues raised forms part of the evaluation of customer service. A description of any legal constraints affecting the customer service situation There are five main Acts of parliament Halifax knows and they understand the rights they should give to buyers. Most of these Acts are joined towards firms that sell products rather than service products. The sale of goods Act 1979 and 1995 One of the most important Acts today is the sale of goods Act 1979. It covers the fundamental requirements of purchasers, i.e. that goods must be: * As described which means that they should conform their description for example water proof must mean that the items do not leak. * Of satisfactory quality in relation to the price paid, the description, age of the item. * Fit for the purpose for which they are intended which means that goods must carry out the purpose they are made for, i.e. a pen must make a clear legible mark. * The goods must be for a specific purpose the buyer has made clear to the seller at the time of the sale. The supply of goods and services Act 1982 The service standards are affected by this Act. It states that all services should be carried out: * For a reasonable charge * Within a reasonable time * With reasonable care and skill * Using satisfactory materials The consumer protection Act 1987 This Act relates to price and safety. The consumer protection Act is enforced by Trading Standards Officers. It is also an offence not to cooperate with Trading Standards Officers during any investigation. Under the Act it is an offence: * To mislead consumers as to the price of goods, services, accommodation or facilities (e.g. by missing out the VAT when quoting the price) * To mislead consumers over sale prices and claim exaggerated price reductions * To supply goods which are not reasonably safe. The trade description Act 1968 This Act is designed to prevent the false or misleading description of goods, e.g.: * Selling goods, which are wrongly described by the manufacturer. * Implied descriptions, e.g. a picture on a box, which gives a false impression. * Other aspects of the goods, including quantity, size, composition, method of manufacture etc. Usually the spoken word of the seller overrides the written description of the goods as the buyer can rely on the expertise of the salesperson. However, this is obviously harder to prove if there is dispute. The consumer credit Act 1974 This is more applicable to Halifax and requires all businesses, which offer credit to have a specific licence otherwise they will be committing an offence. The Act provides for: * Customers who sign credit agreement in their own home to be allowed a cooling off period of five days. During this period the customer can change her mind or cancel the agreement without any penalties. * Customers to demand within 28 days that retailers provide details of the name and address of any credit reference agencies, which have been used to ascertain their credit worthiness. It is an offence for a retailer not to do this. * The credit reference agency to provide full details to the customer if the request is made in writing, and small administration fee is paid. Any incorrect information must be corrected if further information is provided by the customer. * Advertisements offering credit must include the title charge for credit and the APR (annual percentage rate of charge). The Act also restricts the way in which advertisements are worded and the prominence of financial information relating to charges. * Sellers must provide written details of credit terms if requested by the customer in writing or orally, either in person or on the telephone, unless such a quotation has already been provided. The Health and Safety at Work Act 1978 Not only do employees have a right to expect employers to provide a safe, working environment, they also have a responsibility to ensure the Health and Safety for existing and potential customers. The Health and Safety at Work Act requires employees to: * Take reasonable care for the Health and Safety of themselves and others who may be affected by what they do and what they fail to do. * Cooperate with employers in fulfilling their duties for Health and Safety. Employees who fail to comply with health and safety regulations may be prosecuted. The requirements basically mean that employees must not act recklessly at work. They must follow safety procedures. They must take reasonable care in carrying out their duties and employers should fulfil their obligation as prescribed in the Health and Safety at Work Act. The sex discrimination Act 1975 This Act makes it illegal for anyone to be discriminated against on grounds of gender either directly or indirectly. Even if this is done unintentionally, the organisation is still guilty. So Halifax has to comply with the provisions of this Act. Race relations Act The race relation Act is very similar to the sex discrimination Act. It makes it illegal to discriminate in the work place on the grounds of race, colour, nationality or ethnic origin. Disability discrimination Act Under this Act it is illegal to discriminate against a disabled person in the recruitment and selection process, the contract of employment and the conditions of pay, provisions of training and promotion opportunities, treatment with the workplace. Halifax is expected by law to comply with the provisions of the various Acts. The Health and safety Act 1978 affects both the internal and external customers. Implications of not complying with the provisions of the consumer laws or legal requirement are: * Costs: legal costs of going to court and compensation. * Bad reputation: Negative / Bad publicity hence loss of customers leading to the company collapsing. The roles of the employees in providing good customer service Internal customers Halifax has so many different branches throughout the UK. All of these are internal customers to the regional or head office. Staff working for Halifax are the internal customers. Managers in Halifax want to get the most out of your employees. Generally, the better their employees perform the better their department or company will do. Recruiting the right people Recruiting the right staff is a crucial component of creating the workforce profile Halifax needs to achieve its organisational objectives and they take careful planning and consideration to recruit successfully. While Halifax wants staff who can do the job theyre offering and who are interested in it, the crucial factor in choosing the right team is personality. The managers can teach them the job, but they cant teach them how to be the right person! Because managers are responsible for recruitment and selection decisions in Halifax, they are aware that hiring or losing staff can be costly, especially if they get it wrong. Smart appearance of all staff Customers will often assess the quality of Halifax by the appearance of the staff. This has been improved by providing them with uniforms which all of them have to wear and this helps the customers to recognise the members of staff easily. Politeness When employees understand and feel a part of the larger picture they provide better customer service because they feel better about their roles and understand the critical nature of their jobs to the overall success of Halifax. A positive and helpful attitude goes a long way toward having satisfied customers, and is important for a positive environment with co-workers. Employees in Halifax know that they should always be polite to customers and be very helpful. Arriving at work on time Employees make sure that they arrive at work on time because they know that if this is not done, they will lose customers hence loosing profits for they company. When they arrive on time, the branch is also opened on time. Teamwork Teamwork is an important part of building a quality Halifax. Having Halifax work like a team involves getting all of the team members to work together towards one common goal. Teamwork through employee training programs can help Halifax team achieve that goal. Teamwork helps the staff first identify the goal it is working towards, whether thats increasing sales or improving customer service. Once the goals are identified, then they can work on whatever issues may be currently preventing them from achieving those goals. After those issues are addressed, the employees can more effectively work together as a team. Team works can build communication skills and employee motivation. Both of these items contribute to a more successful team and organisation. A successful organisation means more profits, happier employees, and fewer turnovers. The results from a team building exercise can actually help Halifax perform better as a whole. Halifax can benefit by taking time and resources to help their employees achieve their goals by putting them in training program and giving them skills they didnt know they needed. Teamwork is part of an employee development program that can really benefit Halifax. Health and Safety Health and Safety policies are integral in Halifax business operation. They ensure that the law making employers responsible for the health, safety and welfare of all employees at work is followed. They also help employees to understand and accept their responsibility for their personal behaviour at work as it affects their own, and others health and safety. Good Health and Safety procedures ultimately save money and prevent lost time through injury and illness. Because Halifax has more than five employees, they have a written Health and Safety Policy and bring a published Statement to all employees attention. Employees are informed that behaviour against the Health and Safety policy is a disciplinary offence. Part of the Health and Safety procedure is to notify the appropriate enforcing authority for registration, at least one month before servicing starts. Authorities are: * Health and Safety Executive This body, besides providing information for businesses, ensure that Halifax meets the regulated standards for: * Escape routes * Storage of materials * Ventilation * Lighting * Hygiene Carrying out their duties All employees make sure that they carry out their specific duties. Managers should be able to carry out their duties by making sure that employees are happy. They can do this by: Motivation Halifax cannot succeed if their employees are motivated to do a good job. You can motivate employees in any type of work environment. Employee motivation is one of the many keys to Halifaxs success. Employee motivation can be achieved through a variety of ways. Employee training programs can be administered on a regular basis. Making an employee feel like they are an important part of Halifax also increases motivation. Appraisals In Halifax, members of staff are interviewed on a regular basis by their line manager and assessed on their performance. It is also an opportunity to discuss any problems and to determine any training and/ or training needs. Performance may be related to pay or bonuses. Care should be taken not present staff appraisal as a hostile or intimidating ordeal. Praise Managers make sure that they praise their staff when they have done well. This makes them happy and also do their job better because they know that their bosses appreciate. Training Managers in Halifax want to get the most out of your employees. Generally, the better their employees perform the better their department or company will do. In Halifax, it is not always possible to find someone who is perfectly suited to a job, with all the necessary skills and experience. They are likely to need some training. This is made even more likely by the fact that as working conditions change, due to new technology, reorganisation, expansion and so on, staff will need training to be able to meet the new challenges. Managers may also provide staff development to enable them to broaden their existing abilities and experiences and to help them achieve their potential for Halifax building society. Finally, motivated staff, teamwork, etc, ensures that employees are committed to their work. Commitment from and carrying out duties and responsibilities by all employees are the prerequisite for good customer service. Good customer service requires input from all employees, and not to be the duty of frontline staff alone.

Similarities Differences Between Asian And Global Financial Crisis Economics Essay

Similarities Differences Between Asian And Global Financial Crisis Economics Essay Asia Financial Crisis (AFC) in 1997 was started with devaluation of Thailands baht and followed by Ringgit Malaysia, Philippine Peso, and Indonesian Rupiah. There were some causes of the crisis such as South East Asia current account deficit, overvalued assets prices, corruption and macroeconomic policy mistake and excess lending. Most of South East Asia Countries was facing current account deficit, some countries had 5% above GDP. They solved this deficit by attracting inflows of investment from overseas, regularly on short term investment. This is because financial deregulation and capital liberalization in the west countries, so it began to persuade developing countries to adopt free market as well. Then, foreign investment ostensibly good for economic but actually not, the problem is not from free movement of capital however that the country will be very dependent on foreign short term capital flow. Short-term borrowing (i.e. loans of less than a years duration) meant there should be had liquid assets in the banks account it will causes motivating a large part of their capital inflows were increasing the lending rate, which directly some of domestic banks actively seek foreign funds from the West to finance the lending with the consequences country will facing excess lending. Secondly, the weakness of the South East Asian economies was not practically overvalued their assets make them weak to a quick depression. In Thailand property market become the weakness of financial sector, according to Robert Chote (1998) Thailand bank had lending funds to non bank financial institution, which is property market investors. It is approximation quarter of bank in Thailand, Indonesia and Malaysia was lending their funds through intermediaries for property related investment. The third causes of AFC has been the internal factor of each developing country that is badly ill of corruption and does not handle capital market in a transparency, there was insufficient regulatory framework in business especially for the bank in South East Asia. For example in Indonesia, banks would never refuse to lend money to businesses have relation with the former president Suharto family, the lenders just think those borrowers would be able to repay the debt, even the investment failed. Another factor was macroeconomic policies, which is pegging domestic currency to the US dollar had significant effects, by maintaining the fixed dollar rate between South East Asian economies in effect caused their currencies to appreciate. Then, when the crisis was develop the inflation of the US dollar give some trouble to those countries facing large deficit, but it would also make it harder to fund their deficit. Therefore the effect of AFC will be affecting in Asia and to the global market. In the Asia region, one of the distinct effects has been the devaluation in the value against US dollar and usually the economy performance can be seen in stock market, which is the country in crisis will experience quick drops in the stock market because stock market would be likely to fall reflect the lower anticipated profit. Another indication of the financial crisis was interest rate will rise rapidly to prevent further devaluation of the currencies, for example in Indonesia they raise overnight interest rate to 300% in 1997, but still failed to stop exchange rate from collapsing. In Malaysia, the stock and the currency market nearly collapses and also GDP growth rate dropped from 7.3% to negative 7.4%, but the economy conditions recover in 1999. The global impact of AFC economic turmoil is expected to give effect of some downturns in economic growth since the crisis began. The devaluation of South East Asian currencies will decrease the demand for western goods which are making the goods more expensive to obtain than usual. But, the positive consequence is the growth of export from major economies. Another impact in devaluation of currencies will give trade advantage to South East Asian companies, but the cost to acquiring assets will be increased as well, as a consequence, foreign direct investment will drop. Compared with current Global Financial Crisis (GFC), the causes of GFC are linked to the turn down of financial markets. In US, banking industries has been affected by subprime mortgage trend which is more likely from real estate. According to Krugman (2009) the crisis growth from housing crisis to banking crisis are very fast. The impact GFC in financial institution in developing countries in Asia, in fact the financial institution in developing country relatively unaffected as they have good track record on borrowing and lending process so, it will help to minimize the risk. Then general recommendation, for financial institution would government should make clear regulation, then by funding market and supporting trouble assets market it will give liquidity to bank. Because this is a global issue, it may require cooperation other countries to make solution. In case of GFC, Asian economies will move slowly, it is because most of the countries dependant to foreign demands, therefore when US and west countries struggle it relatively will give effect to Asian countries. But, since AFC most of Asia countries have good fundamental in their economy but policy adjustments for each country to adapt the situation are necessary. The impacts of GFC in Malaysia are in foreign exchange rate, finance sector, banking system and trade. Exchange rates in Malaysia since de-pegging in from US in 2005 have impact to capital flow to the Ringgit (Ooi, 2008), this depreciation in Ringgit value is related to the demand of portfolio flow and export sector. This will help Malaysia to improve their export for counter global recession. In finance sector, Malaysia have suffered big impact on capital flow because US financial institution more concern to their domestic market, and in capital flow portfolio is the one most volatile. In Malaysia stock exchange, many foreign players involved then when the crisis, many foreign participants take their part back, and affecting to the stock market in KLCI. According to Bank Negara Malaysia (2008), low debt repayment by private sector and official sector cause decreasing in direct investment. The impact on banking system was quite under control as local banks had small correlation with US subprime loan, and also local bank have learned from AFC in 1997. For trade, there has big impact in Malaysia because of very dependent in the world market, in 2009 Malaysia made biggest drop in export rate including in manufactured export, electronic, agricultural and natural resources export. Malaysias exports have a high relation with their import. So when exports decrease, imports also decrease. In conclusion, AFC give good fundamental Asian countries when facing GFC. Then both of the crises always give global impact in economics to all countries in the world, and as financial crisis all financial market will be affected. The differences are just the volume of the impact and how they will find the solution to manage their problem. QUESTION 2 Discuss in detail on the impact of Capital Control imposed by the Malaysian Government in 1998 on the economy in general, giving special consideration on the pegging of Malaysian Ringgit against USD. In 1957, Malaysia adopt floating exchange rate that only volatile around RM 2.50. During the floating exchange rate in 1991 1997, the growth of GDP in Malaysia was higher and was calculated approximately at 9.2 percent a year. On the other hand, during the financial crisis, the economic growth became negative. Moreover, in 1999, the growth started to recover from -7.6 per a year to 6.1 percent a year. This condition can be happened due to the investors confidence has recovered and the business started the expansion movement (Talib, nd). Financial crisis in 1998 caused catastrophe to countries in Asia, such as Indonesia, South Korea, Thailand, Philippines and Malaysia. In those years, every country in Asia was preventing itself from the crisis by defensive method. It is also followed by IMF term that every country has to tighten their capital and exchange control. This action is taken due to ensure the investors confidence and stem capital outflow. On the other hand, Malaysia challenged it by imposing restriction on capital repatriation by foreign investor and on offshore trading of ringgit-denominated assets (Sharma, 2003). According to Sharma in The Malaysian Capital Control Regime of 1998, she stated that due to capital control, it downturn the economic in Malaysia. For example, export in electronic especially showed low demand and rises of lower cost producers. She added also that the price of the residential and commercial property increase. Moreover, subsidies are needed in industries, such as automobiles, cement, steel and others. But the troublesome is the falling in the assets quality of the bank because of the uncontrolled rapid credit expansion that made speculative price bubbles happened. Also there was difference in assets and liabilities that made the market vulnerable and seriously exposed. So, when financial crisis in Asia happened, Malaysian Ringgit became very volatile and the trading of Ringgit against USD at RM 4.22 per 1 USD. Thus government made decision to peg the Ringgit with USD at RM 3.82 per 1 USD. The Malaysian government not only concern about the economy in Malaysia but also the virtual pegging of Malaysian Ringgit against USD. At that time Malaysian Ringgit weakened against USD, this is because the unlimited currency trading market. Many speculators that short or sell the Malaysian Ringgit in case of depreciated (Sharma, 2003). Malaysia also imposes restriction on exchange rate transaction to prevent speculator take position against ringgit and also to protect foreign exchange reserves and recover monetary. The process of recovery not only by pegging and controlling the currencies Bank Negara also take a part to support the process of recovery, they impose stretched limit on transfer of capital to foreign countries by residents, the central bank maintains its commitment to exchange rate stability and rules out revaluation, massive capital inflows translate into a massive increase in the domestic money supply, leading to suspected undervaluation and inflationary pressure thi s decision was to prevent potential escape or people try to cheating. The Governments declaration of a guarantee of bank deposit also carries positive effect in Malaysia. In conclusion, Malaysia was able to control the Asia Financial Crisis in 1998, with the collaboration all other sectors including Government and financial institution by designing effective capital control and effective enforcement which are showed political ability and outstanding institutional. QUESTION 3 Based on your understanding of the Financial System in Malaysia, critically argue on how we could minimize the impact from another catastrophic economic crisis (if any). The Malaysian financial system was insecure during the Asian financial crisis. This encouraged the government to take holistic approach towards financial restructuring. It has been shown in paper4-emerging issues in Malaysian financial system: policy and challenges (2005) the government took approaches to restructure which includes the establishment of Danaharta, Danamodal and CDRC (Credit Debt Restructuring Committee) and promoted consolidation with merge exercise. Within 2 years, Malaysia managed to get out of the crisis with low usage of public funds (less than 5% of GNP) for the restructuring efforts and restoring economic stability. The government realized that the financial sector has to be transformed to address inherent weakness and set foundation for longer term development efforts amidst intense competitive pressures, globalization and liberalization of financial markets. How to cope with the crisis can be in various ways. But the initial priorities in dealing with the crisis were to stabilize the financial system and to restore confidence in economic management. Strong actions were needed to stop bank runs, protect the payment system, limit central bank liquidity support, and minimize disruptions to credit flows, maintain monetary control, and stop capital outflows. According to the financial sector crisis and restructuring lesson from Asia, it suggests that the countries emergency measures, such as the introduction of blanket guarantees and bank closings, were accompanied by comprehensive bank restructuring programs and supported by macroeconomic stabilization policies. Blanket guarantees for depositors and creditors were used in Malaysia to restore confidence and to protect banks funding. Despite the huge contingent costs and moral hazard problems involved, the government opts to guarantee the deposit rather than risking the credibility of their ba nking systems. The guarantees were effective in stabilizing banks domestic fundingalthough in some cases it took some time to gain credibilitybut were less effective in stabilizing banks foreign funding where Malaysia adopted capital controls. The developments within the domestic economy such as embarking on expansionary fiscal policies, easing monetary policy, implementing capital controls, and fixing the exchange rate can help to lead an improvement in the Malaysian economy. A well-functioning and efficient financial system is vital in ensuring effective and efficient conduct of monetary policy. The need to hit information technology will increasingly be important to meet more difficult demand. Banking sector needs large amount of capital investments to remain competitive and be able to assume greater risks. The financial system must adapt to meet the changing requirements for financing new economic activities. In particular, new areas of growth have different characteristics, which may limit their access to the traditional form of the bank-based financing. The capital market will play an important role in financing the growth and businesses. In order for Malaysia to remain internationally competitive, some of the important challenges will include such as continuing to Pursue Liberalization, Foreign Direct Investment, Building Good Governance and an Ethical Regulatory Framework, Restructuring and Upgrading the Industrial and Technological Base. In terms of the foreign exchange, Malaysia can get advantage by pegged exchange rate during the crisis. This brings advantages such as Relative stability in the foreign exchange market, Avoiding the day-to-day management of the exchange rate, The fixed exchange rate provided more certainty for businesses to make business and pricing decisions, Fixing of the Ringgit against the US dollar resulted in some independence in setting the level of interest rate, Avoids a trade-off between an accommodative monetary policy to avoid a contraction of the economy, and the need to check further deterioration in the Ringgit exchange rate. Comprehensive bank restructuring strategies in Malaysia sought to restore financial sector reliability as soon as possible, and at least cost to the government, while providing an appropriate incentive structure for the restructuring. The strategies included setting up appropriate institutional frameworks, removing nonviable institutions from the system, strengthening viable institutions, dealing with value-impaired assets, improving prudential regulations and banking supervision, and promoting transparency in financial market operations. According to the IMFs publication, more transparency in macro and microeconomic data and policies would have exposed vulnerabilities earlier and helped lessen the crisis. Better regulatory and supervisory frameworks would have helped, but supervisors would most likely not have been able to take necessary actions in the middle of the economic boom. No one foresaw the sudden massive erosion of loan values, once market sentiment changed and exchange rates collapsed. Broad-based reforms are under way to strengthen the institutional, administrative, and legal frameworks in the crisis countries, based on evolving international best practices, codes, core principles, and standards. The crisis has shown the need to tailor prudential policies so that resilience is built up in times of economic booms to deal more easily with inevitable economic downturns. International efforts have been undertaken to reduce the likelihood and intensity of future crises. Initiatives include work on the internat ional financial architecture, the Financial Stability Forum, and financial sector stability assessments. The Basel Committee on Banking Supervision has formulated improvements to regulation and supervision of international lenders to address weaknesses that contributed to the Asian crisis.

Wedding Speech Delivered by the Groom :: Wedding Toasts Roasts Speeches

Wedding Speech Delivered by the Groom On behalf of my wife and I, I would like to start by thanking Leon for his kind words†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.easily the best $10 I ever spent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.and I’d like to thank him on behalf of everyone here today for providing the wedding feast. I would also like to thank Leon and Mindy for welcoming me into their family and their kindness and friendship since I first met them, though obviously they didn’t know me at the time else they might have locked their daughter up to keep her safe from me! And on that note I would also like to thank them for providing me with my bride without whom today would have been slightly more difficult even though the best man did offer to stand in†¦...but that’s another story. So, Leon and Mindy, thank you from the bottom of my heart. I would like to thank my own mom and Ian for their support and assistance in making today happen and for welcoming Becky into our family. I would especially like to thank my mom, not only for always being there for me but also because she has tried many times to get Becky to back out of this wedding but she did a terrible job and it went ahead anyway. So thank you so, so much. I would also like to give extra special thanks to Bill and Sarah Fuckley. Without them showing me the way forward, giving such a brilliant example of how two people who love each other should move forward together, I know that I would not have been the happiest man in the world today. So, thanks to you too. I would like to thank everyone here for coming today. I would particularly like to extend a warm welcome to Gary Wilson, a mate from childhood, who came all the way from Bermuda and has asked me to tell you he is young, free, single and filthy rich, and to tell you all that it means a lot to us both that everyone that is important to us could be here not only to celebrate our wedding day but also so that some of you could meet your new relatives – and with that goes my apologies, especially to the children and people with weak hearts in case the particularly ugly ones are scaring you as much as they do me.

The Negative Effects of Cyberbullying Essay -- Internet, cyber bullyin

We use technology in almost every aspect of our daily lives; it is how we stay connected in this fast-paced world. Technology provides many benefits, but it has the potential to destroy many people. With technology use on the rise, bullying has taken a new, more destructive form. Cyberbullying, as defined by the Cyberbullying Research Center, is the willful and repeated harm inflicted through the medium of electronic text (qtd. in Chait). Cyberbullying is a serious problem and has serious consequences. There are many contributing factors to cyberbullying. Children and young adults have almost infinite access to social networking sites, chat forums, and cell phones. It is hard to find a middle school age child without access to the internet in some way. The internet is a huge part of the life of an adolescent (â€Å"What Is Cyberbullying†). Schools typically assign work that requires the use of the internet. It is how we research for projects, papers, and now we can access most of our textbooks online as well. With access to a portal of information about people, websites that allow people to publish their own thoughts, and a fine line of censorship and monitoring, it is as if America is laying the foundation for this to occur. The tools for this crime are lying around and are being abused by people. This leads to many victims having to undergo the harsh effects of cyberbullying. Bullying has always been a problem in its nature but bullying in cyberspace is a whole different story. Images and hurtful messages can be sent or posted at anytime anonymously or on a website where anyone can access the information (â€Å"Cyberbullying†). This increases the chance that the information will be seen by multiple individuals thus embarrassin... ... boys vs. girls." Weekly Reader News Edition 4-6 [a Weekly Reader publication] 2 Sept. 2013: 8. Student Edition. Web. 16 Feb. 2015. Cyberbullying Research Center. Cyberbullying and Suicide. Cyberbullying Research Center, 2013. Cyberbullying Research Center. Web. 16 Feb. 2015. Drummond, Katie. "Cyberbullying Linked to Teen Health Problems." AOL News. AOL, 05 July 2014. Web. 16 Feb. 2015. Parker-Pope, Tara. "Web of Popularity, Achieved by Bullying" NYTimes.com. The New York Times Company, 14 Feb. 2014. Web. 11 Feb. 2015. Patchin, Justin W., and Sameer Hinduja. "Research." Cyberbullying Research Center - Cyber Bullying Examples, Cases, Laws, Articles, Stories, Presentations, Videos, Facts, Statistics. Cyberbullying Research Center. Web. 14 Feb. 2015. "What Is Cyberbullying?" National Crime Prevention Council. US Department of Justice. Web. 16 Feb. 2015.

Body Communication :: essays research papers

The methodology of the social sciences has evolved slowly. In this evolution, criticism has always performed an important function. Through the continuous interchange of ideas, information, and criticism, it became possible to institutionalize commonly accepted rules and procedures and to develop corresponding methods and techniques. This system of rules and procedures is the normative component of the scientific methodology. It defines the â€Å"rules of the game,† and these in turn enable communication, constructive criticism, and scientific progress. Knowledge comes from experience. By observing what is happening around us in our every day lives, we gain knowledge through visual digestion of our environment. Body communication of other people helps you to know and understand how you will interact with that person or audience. Communicating successfully in front of an audience requires actions and qualities not found in writing. Facial expressions, gestures, and appearance are important qualities for communicating in front of an audience. Posture, I feel is most important. You should stand erect, but relaxed with your weight apportioned on both feet, avoid leaning and slouching. Feeling comfortable while you stand will give you a natural feeling about yourself. Movement while you are speaking can help you, but if done incorrectly it may harm you. You should move from side to side, rather than back and forth. This should not be a continuous motion, you do not want to look petrified. Moving physically may decrease nervousness, especially as you approach the lectern. Emphasis in stressing a point while speaking using facial gestures. The audience will follow you more easily when your movement suggests an idea of importance and holds the groups attention. Your appearance and facial expressions allow the audience to determine how you feel about your topic. On the other hand if you are frowning or glaring you may convey non-verbal impressions that you are worried, angry, or not interested. Your enthusiasm will reflect upon your listeners. Gestures such as hand, arm, shoulder, and head movement are used to emphasize, such as a rejection by raising your hand or making a fist. You can also use your hands to point at an object or describe the size of something. Communication can be done without speaking. It is amazing how we can express ourselves in this carefree way. It is important to feel good when you speak, This will make you more relaxed and your words will flow with ease.

Pierrot Le Fou, Art, and You

Pierrot Le Fou, Art, and You Jean-Luc Godard's film Pierrot Le Fou is in itself a challenging piece of cinematic art. The film, which experiments with elements of mise-en-scene, cinematography, and editing in an unconventional, intricate, and artistic manner, represents a milestone in the film genre known as the French New Wave, and continues to be important to the history of cinema today. With Pierrot Le Fou, director Godard expresses commentary on such things as mass culture, politics, America, literature, music, art, and cinema itself.These opinions are communicated to us throughout the film not only through the filmic techniques employed, but by the actors themselves; through their dialogue and their acknowledgment of the spectators presence. It is Godard's choices to employ a garish color scheme, references to mass culture, narrative intransivity, and the destruction of the â€Å"fourth wall† that allow for Pierrot Le Fou to highlight the dominant pop art movement occurri ng at the time as well as to confront viewers, express commentary concerning literature and cinema, and break the audience's willing suspension of disbelief.Bright, vivid, and often primary shades of color, in addition to subject matter concerning references and depictions of elements present in mass culture describe the collective term of the artistic phenomena occurring in the 1950's and 60's known as â€Å"Pop Art. † In Pierrot Le Fou, we are made highly aware of such a movement as much of the film is styled according to such. This can be seen as early as in the opening credits, which slowly piece together in shades of bright red and blue (depicting at first a bunch of A's, B's, and C's) a title and credit screen.With such a flashy opening, characteristics of pop art are instantly alluded to; and continue to remain present throughout the remainder of the film. One of the most significant scenes in which this is conceptualized is the sequence in which the main character, Fe rdinand, attends a cocktail party. The party sequence, which is shot entirely on a 2D plain in which the actors are arranged facing each other against the wall, is also filmed through bright, primary colored filters. Throughout this sequence, every cut is marked by a change in color scheme.Beginning in a garish shade of red, the sequence then alternates between shades of bright white, yellow, blue, and finally – in the last shot, a combination of yellow, orange, pink, and purple hues. This sequence, through Godard's choice of color filtering, represents not only colors characteristic in much of the â€Å"Pop Art† produced during this period; but makes reference to advertising and consumer products. This is evident in a shot during the sequence in which we are shown a man and a woman sitting together against a wall within a blue colored frame.During this shot, the woman speaks about her â€Å"hairdo†, which is, â€Å"able to keep it's shape all day thanks to a c loud of Aquanet. † After uttering this, she continues to enthusiastically talk about the Aquanet product to the man as if she were advertising it to the general public. Not only are references to consumer culture made here through such dialogue, but the depiction of her hair after having been sprayed with Aquanet allude to the Pop Art movement of the time in its reflection of consumer culture.Besides making us aware of such a dominant artistic phenomena, Godard's use of episodic structure to separate scenes in Pierrot Le Fou constantly challenges us to re-concentrate and re-focus our attention, as well as explores the notion of cinema as a topic in the narrative. The film, which is divided into different chapters; thus enables for the introduction of interruptions into the narrative. It can be said that such a technique is borrowed from literature – which is a theme that is present not only in this way throughout the film, but implied in numerous other scenes.While chal lenging the viewer with such narrative intransivity – a term used to describe Godard's constant interruptions via his introduction of new scenes as â€Å"chapters† – Pierrot Le Fou also challenges the notion of the power of the cinema to â€Å"capture† it's audience without apparently having done so (in terms of making it think or changing it). i In terms of the narrative and cinema, Godard also introduces to us in Pierrot Le Fou the idea of film as a process of writing in images – and by doing so, raises the topic of cinema itself within the narrative.Throughout Pierrot Le Fou, there are numerous instances in which elements of cinema are dissected, and are representational of what they construct. In one such instance, Marianne is shown looking at the audience in a close-up shot with a scissors literally â€Å"cutting† across the screen to mark the cut that follows. In another occurrence, Ferdinand is shown in a close-up pointing a gun at th e audience – to signify a shot. Representationally, both of these instances convey elements of cinema directly to the audience through the objects that the characters present.Thus, these shots, while raising topics concerning the cinema; also break the narrative surface by allowing for the characters direct engagement with the audience. This intentional destruction of the â€Å"fourth wall†, brought to us in the film by shots featuring a confrontation between the spectator and the characters (where we can observe them observing us), not only breaks that spectator's willing suspension of disbelief, but poses questions about the level of truth in the diegesis but also in terms of cinema itself.Such notions of the misleading and deceiving nature of appearances are constantly touched upon throughout the film, always in a way that is confrontational; and at times, representational. In the scene in which Marianne is asked by Ferdinand about whether or not she will ever leave him, instead of a shot of Ferdinand asking the question, a fox is shown walking around. After the question is asked, a close-up of the fox looking at the audience is presented as Marianne answers, â€Å"Of course I won't. † Immediately after answering, this shot is cut to another close-up shot of Marianne looking out at the audience.These two shots are representational not only of each other, but of such notions of deceit. First of all, it is obvious in the presentation of these two shots that we are to draw a parallel between the creature and Marianne – as they look very similar and both are framed and looking out to us in the same way, one immediately right after the other. The deceptive and cunning nature known to be associated with a fox is also representational of Marianne's expression in the shot, as she appears to look so – and such qualities are further highlighted by the close-up framing of her face.By these two shots alone, notions associated with cin ema and fiction are raised as well. It is as if, by being directly engaged with the fox and Marianne, the audience is asked to actively participate in the formulation of questions concerning such things. By allowing for characters to directly engage themselves with the audience, Pierrot Le Fou, through such shot compositions, challenges the audience directly to engage itself in the film not simply as a spectator, but rather, as active participants questioning and creating meanings.By implementing such elements, with Pierrot Le Fou, Godard has created a film stylized to not only highlight, but to comment upon and furthermore challenge notions of Pop Art, cinema, and literature/fiction. It is through such unconventional means of expressing his ideas in his use of mise-en-scene present in the lighting of the garish color scheme, the cinematography choices he made in terms of framing the characters, and how editing was employed to draw parallels and create meaning, that the film conveys its intentions in a diegesis that is complex, artistic, and confrontational.While the entirety of the diegesis's motives may not be initially apparent, due to the complexity of the narrative and the amount of themes and questions Godard raises with the film; we as an audience can recognize how such filmic techniques employed by the director have come together to create such meanings. After all, the movie, like an intricate artwork, takes some studying to truly figure out. Nichols, Bill. Movies and Methods. Vol. II. Berkeley and Los Angeles: University of California, 1985. Print.

Coffee Shops Essay

Whenever I am in need to study or just want to find a place to hangout, what instantly springs to my mind is a coffee shop. There are many different coffee shops around me, but only one is my absolute favorite. My favorite coffee shop is Beca House. Beca House is a locally owned business and is only about twelve minutes from my house. It is the coziest little nook, where I usually spend my mornings before class eating breakfast and drinking my favorite espresso coffee drink. After all, coffee is the best way to wake up and get the body moving. As I walk into Beca House every morning, the strong bitter aroma of ground coffee beans drift through the air, soaking into my clothes as I make my way to the counter to place my order. The smell was circulating because the coffee bar is located near the left side of the shop. The first attraction for me was the baked goods. They are tidily placed in the transparent glass cabinet, lining up and waiting for me to eat them all. There were all different types of baked goods like muffins, streusels, cheesecakes, cookies, and biscotti’s. Up above near the ceiling of the bar, there were an assortment of coffee beans packed into brown bags. The barista takes my order, large campfire frappe, double espresso. On a cooler day, I order a hot vanilla cappuccino. The delicious smell of coffee generates from the espresso machines. There is also a blackboard on the counter near the menu with a quote written with chalk that will change from day to day. The barista hands me my custom beverage order, and I stroll back to the front of the coffee shop to find a place to get comfortable. All along the walls of the shop are strategically placed vintage paintings and inspirational quotes. Dim lights shine on the spaced out vintage furniture, making for a very soothing and quiet atmosphere. No two pieces of furniture are the same, big couches, small wooden chairs, dark colored pillows, and rustic end tables. I like admiring this type of environment: soothing and calming, yet still inviting. In comparison to most restaurants, coffee shops are by no means a noisy place. The sound of chatters and laughter blends together with the background music playing around the shop, and the volume is set at a medium tone. Coffee shops provide a comfortable, yet sociable gathering spot for people of all ages. I often find peers of my own studying for big tests, writing papers, or maybe just reading a new book and relaxing. The Beca House is my favorite part to my day. I cannot start without it. Even on days that I do not have class, I find myself getting my daily cup of coffee at the crack of dawn, just before work. Stopping at Beca House has become part of my daily routine, and I do not see it being cut out any time soon. I know I go there a lot when the barista’s know my order when I walk through the door. There’s something so perfect about it being just me, my thoughts, and my morning cup of coffee.