Business law Essay Example | Topics and Well Written Essays - 1250 words - 4

Business law - Essay Example A property based legal system is one that revolves around the notion of property – which is the legal right to exclude or keep others from interfering with one’s property, which is what one owns. Under this concept, there would be three kinds of property (a) public property which is owned by the Government (b) private property, which comprises the resources that an individual owns and (c) common property, which comprises land and other kind of property which people own jointly. There is greater incentive for people to develop those resources which they own because they can control what they produce.In the United States, the capitalist system and the free market allows individuals to develop, to freely benefit and profit from the property and resources that they own. Therefore, this provides them the incentive to work hard to develop their resources. For example, in the United States, I can use my talent and financial resources to start a small business and I will be ent itled to make as much profit as I can and keep most of that profit for myself. In a similar way, I will also have the right to enter into deals with other businesses and customers which will bring me the maximum profit and therefore I will have the incentive to work hard at my business to develop it.The property based system is one that is based on a free market system and that of private enterprise. The level of Government control is very low and it is easy for individuals to exercise ingenuity in developing successful business tactics to make the maximum profits.

Performance management Essay Example | Topics and Well Written Essays - 1500 words - 1

Performance management - Essay Example Performance management concept links the individual interests and objectives with the mission and strategic objectives of the organisation thus enabling employees to focus on the performance objectives (Aguinis 2012). Historical development of performance management Some of the earliest theorists of scientific management include Fredrick Winslow Taylor who advocated for scientific management concepts with the aim of improving the productivity of each individual employee. According to Taylor, simplification of the jobs would increase employee productivity, and enable cooperation in the organisation. Ideally, Fredrick Taylor contributed to performance management through advocating for the replacement of the ‘rule of thumb’ and replace it a scientific method that could enhance the efficiency of work in the organisation. Taylor’s second scientific management principle is geared at matching workers to their jobs depending on the job description, skills and capabilities of each individual inn the organisation. ... ocation of the work between management and workers in a manner that managers spend most of their work time while laying out strategies and training while workers perform the routine activities in an efficient manner. Taylor made a contribution to performance management through ensuring job description, task specialization and incentive schemes for the highly performing employees (Aguinis 2012). Another early theorist of performance management in organisations was Mc Gregor. He came up with improved performance appraisal methods and measures of improving organisational effectiveness. According to Mc Gregor, performance management should involve appraisals that cater for administrative needs such as salary levels and promotion opportunities, information need such as the need for feedback and suggestion and finally motivation of the workforce. McGregor challenged the original notions of Taylor since employees could not be machine parts that can be redesigned or even eliminated. He perce ived employees as individuals with unique needs thus introduced a human relations approach to performance management. According to his theory X and Y, theory X asserts that average employees dislike work and thus individuals must be coerced since they tend to avoid both work and responsibility. Some of the modern methods that have been implemented in order to encourage this category of employees perform effectively include punishments and rewards (Bacal 2011). Theory Y asserts that work is natural just like play and people will apply self-direction and control in attaining organisational objectives, thus eliminating the need of coercion and punishments. In addition, employees will accept and seek more responsibility if rewards are associated with achievement and creativity of the individual