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Risk Management Arthur Lok Jack Global School of Business

Building a Risk Resilient Organisation

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The importance of compliance and risk management has significantly increased over the past few years because of the numerous scandals and failures from local and foreign companies. There’s a persistent need to build an effective, risk-aware culture at all levels because the risk intelligence of workers is one of the factors that defines and separates success from failure.

Risk Management Arthur Lok Jack Global School of Business

Risk Management Capabilities Critical to Organizational Performance

According to a 2011 report conducted by the Harvard Business Review Analytic Services, entitled Risk Management in a Time of Global Uncertainty, the following risk management capabilities are critical to organizational performance:

  • Linking risk information to strategic decision making
  • Embedding risk management practices and responsibilities within strategy and operations
  • Ensuring that all decisions remain within the organization’s risk tolerance
  • Driving risk mitigation activities
  • Proactively identifying current and emerging risks

Risk Management Arthur Lok Jack Global School of Business

Establishing Effective Enterprise Risk Management Processes

The report conducted by the Harvard Business Review further went on to state that in order to establish effective enterprise risk management processes, the following five (5) lessons must be adhered to:

  • Risk management needs to have a clear “owner” to be effective
  • Corporate goals and risk management must be integrated
  • Manage risk proactively
  • Look deeper and wider to determine what their most serious risks will be in the long run
  • Break down silos and managerial bottlenecks

Risk Management Arthur Lok Jack Global School of Business

Key indicators of success for integrating an effective risk culture are board-level support and the incorporation of a Chief Risk Officer (CRO), charged with the responsibility of risk management. It’s imperative that the CRO works closely with the Chief Executive Officer and line managers for the smooth integration of the risk management processes.

Simply stated, risk management is imperative for success. Subsequent to determining the effectiveness of existing risk and compliance programs, organizations should seek to implement the aforementioned risk management capabilities and adhere to the five lessons mentioned above. Therefore, giving rise to a risk resilient organization capable of mitigating risks, increasing the probability of sustained business growth.

If you want to learn more about compliance, risk and responsibilities at the Arthur Lok Jack Global School of Business click HERE

Human Resource Management - Arthur Lok Jack Global School of Business

Human Resource Management in a Recession

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In a recessionary period, human resource managers cannot afford to continue to operate in a ‘business as usual’ manner. In response to uncertainties in business environments, your human resource management leadership strategy should focus on:

  1. Staff reduction and its impacts on employees
  2. Adjusting its HRM functions
  3. Minimising economic adjustment impacts on the organisation
  4. Preparing for the period after a recession

Human Resource Management - Arthur Lok Jack Global School of Business

Let’s look in closer detail at the first two activities.

HRM Activities Associated with Staff Reduction & the Impact on Employees

In periods of economic decline, companies often seek to de-clutter ‘excesses’, trim operational ‘fat’ by removing resources such as time, money or people. These corporate activities are generally undertaken with the aim of improving operational efficiency. Therefore, employee downsizing shouldn’t be implemented as an ad hoc activity but rather as a part of the company’s overall strategy to improve its internal business operations. Employee reduction, retrenchment or separation impact three specific groups of employees. 

The Victims

First on the list are “victims” or persons who lose their job due to downsizing. The HRM objective in managing employee separation is to implement the downsizing process in a way that allows dismissed employees to leave the organisation with dignity. Termination with dignity requires separation packages to include: 

  • Severance pay
  • On-going career coaching
  • In-house counseling for separated employees
  • Outplacement services  to make job seeking easier
  • The provision of training and re-qualification courses to assist victims in acquiring new job market skill

Human resource management professionals should avoid sudden-death discharges i.e. abruptly telling employees of their job loss. Instead, consideration should be given to finding ways to eliminate the element of surprise, shock and humiliation employees may experience. A compassionate separation option is a decompression period of two or three weeks of notice. During this period, the affected employee has the time to complete projects, plan for the last paycheck and begin their job search. Employees should also be provided with an explanation of their severance package in writing. Sensitivity and care are required when employees are going through a termination process. Their lives and futures are at stake, and the organisation’s image and reputation are also at risk.  Line managers and human resource management professionals must appreciate the realities of human loss and hurt and be trained to listen attentively and respond appropriately to employees’ distress.

The Survivors 

The second group, the “survivors” are those employees who remain with the organisation. Though still employed, some persons may experience what psychologists label the “survivor syndrome”. This malady causes a marked decrease in the motivation, engagement, and productivity of employees who remain at a company following a workforce reduction. Common symptoms include job uncertainty, fear, anger, the perception of unfairness, stress from increased work and loss of loyalty and commitment. Some researchers suggest downsizing creates a phenomenon in survivors called “the cycle of failure” which begins with dissatisfaction and fear of taking action. Thus, leading to organisational inefficiency and reduced organisational commitment. 

The Implementers  

The third group, the implementers, the organisational managers driving the staff reduction process, represent the third group. Some authors have labelled these employees “executors”.  The downsizing executioners are individuals with responsibilities for planning, implementing and/or dealing with the aftermath of downsizing activities. Human resource professionals are responsible for training the executioners to cope with the downsizing process. Training will help them to display suitable forms of behaviour during the downsizing process.Human Resource Management - Arthur Lok Jack Global School of BusinessThe Impact of Headcount as a Reduction Strategy 

Employee layoffs can have negative, positive and mixed effects on an organisation. Headcount reduction by itself, as a recession survival strategy often causes an organisation’s performance to suffer. In addition to losing the knowledge of dismissed employees, massive downsizing negatively affects the entire network of knowledge within an organisation. Staff reductions also disrupt the organisation’s existing social networks, regarded by economists as valuable, intangible assets developed over long periods of time. Loss of employee loyalty, damage to the organisation’s image, the firing of knowledgeable people and loss of trust are some of the negative effects on staff reductions in organisations.

When layoffs are paired with organisational redesign and restructuring initiatives, organisational performance can be enhanced. A positive outcome from employee downsizing is the removal of redundant resources which can improve efficiency, productivity and profit by reducing labour cost. 

Human Resource Management - Arthur Lok Jack Global School of Business  

Human Resource Management Functions & Recession

Which HR functions are most likely to be impacted by a downturn in a company’s operations? The top four are training and development, recruitment and selection, compensation and workplace redesign.

Training & Development

In the area of training and development, a recession requires employees to have new skills. This creates a need for new training plans or revisions to existing ones.  As voluntary turnover generally decreases in a period of economic contraction, employees may require assistance to rethink career paths and revisit personal development plans and goals. A recessionary period, therefore, presents the organisation with an opportunity to adopt new approaches to human capital development to support competitive advantage.

Recruitment & Selection

In times of organisational crisis, recruitment of labour is likely to be stopped or significantly curtailed. Under these circumstances, meeting the organisation’s need for human capital requires a new recruitment and selection strategy. When unemployment is high, an employer has a larger pool of “high quality” potential employees to select from. This presents the selection challenge of having the right techniques to filter the best performing applicants from the rest of the applicant group. Promotional opportunities may also be stymied in organisations experiencing a recession, causing dissatisfaction for employees seeking advancement and growth.

Compensation & Workplace Redesign

The challenge of designing compensation programmes to provide equitable and attractive compensation and incentives for employees escalate in recessionary times. Maintaining the correct balance between base and incentive pay in the form of bonus schemes may have to be revisited. The organisation must also consider the adequacy of the existing health and welfare benefit programmes as the cost of employee benefit claims may increase due to greater levels of stress and resulting illnesses. 

It is not unusual for companies facing tough economic conditions to undertake job re-design and workplace restructuring initiatives. Faced with job loss, an employee’s primary concern in a restructured job may only be with the compensation factors. Other aspects of the job such as task variety, job relevance, or work-life balance may be ignored. Financial needs, however, are not an employee’s only source of motivation. Human resource management professionals who focus solely on compensation and ignore other job motivation factors demonstrate a limited understanding of or appreciation for workplace motivation factors. 

Change in workplace design can also be driven by outsourcing or offshoring of non-core operations. These are attractive strategies for supporting labour cost reductions.  Some of the risk associated with these strategies include a decline in employee morale and loyalty, often in sympathy for those who have lost their jobs, the loss of managerial control and internal talent, an increase in the complexity associated with managing operational processes. Ironically, when a company outsources jobs to individuals overseas, there is a loss of jobs in the domestic market, which can increase national unemployment levels.

Doing Nothing is Not an Option

To survive, and even thrive in a period of recession, an organisation has to be innovative and flexible enough to design and implement a new business strategy.  Effective human resource management professionals must respond to this change, by adjusting the HRM structures, practices and policies to help the company obtain competitive advantage the company. Doing nothing is not an option.

By: Wynette Harewood

Wynette Harewood is an HRM Consultant. Lecturer and the Programme Director for the Master of Human Resource Management at the Arthur Lok Jack Global School of Business.

4 ways an International MBA can prepare you to face the future

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The world of business is rapidly changing and your professional survival will depend on how adaptable and equipped you are to perform and achieve outstanding results. Are you prepared? Can you afford to wait? Top recruiters will confirm that the right MBA experience will improve your chances of landing your dream job while enhancing your skills to succeed in the ever-changing local and international business landscape. What should you consider?

1) The value of an accredited degree

If you are seeking career advancement regardless of whether it is an upward climb or a career transition; the right MBA is globally recognized and considered an essential foundation for persons interested in a career path in management and leadership. Why is this important? Wherever you are in the world and no matter how the economic climate changes, your degree will be recognized for what it is: a stamp of the highest quality of your expertise, enabling easy career movement and growth when the time is right. Does this align with your career goals?

The UWI-Lok Jack GSB has attained programme accreditation for the International MBA through the Association of MBAs (AMBA) from the UK, the gold standard in postgraduate business education in the world. Since AMBA only accredits the top 2% of business programmes globally, it is an assurance of quality from this top MBA accreditation body. This achievement means that all students can be assured that programmes, from design to delivery, have gone through a rigorous process to ensure the highest quality. But it also means special and exclusive access to these gold nuggets:

  1. Access to an online global community of over 30,000 students and graduates from over 245 AMBA-accredited schools
  2. Online Career Development Centre, including global MBA-level jobs database, CV builders, elevator pitch advice
  3. Face-to-face and online events and webinars
  4. Newly launched business book club offering exclusive discounts up to 30% off selected titles
  5. High quality thought leadership, including monthly in-house publication AMBITIONmagazine
  6. Access to exclusively negotiated benefits with hand-picked partners including IHG, The Wall Street Journal and Financial Times

Where else can you get all this?

2) New and international opportunities

There are numerous International MBA options in Trinidad and Tobago, but it’s like comparing apples to oranges: not all International MBA’s are created equal. The final decision is yours, but you must ask yourself “do you want to carry the MBA title or do you want to develop the necessary skills, learn with a powerful network of like-minded individuals, participate in the holistically transformative experience and thereby EARN the MBA title to be able to use it in real-life?

This is your chance to be part of an experience that encompasses a practical approach to real-life business problems through the Lok Jack GSB’s authentic learning approach to education. Students who are part of the programmes are exposed to relevant content and experiences, such as international study trips to places like China, Brazil and Silicon Valley to name a few. Our partnerships give us exclusive access to global internships with large multinational companies and other international alliance benefits, that will prepare you well for the international business world. Employers are apt to choose graduates that can do the work from an international perspective.

 

3) International Business and Leadership Expertise

The right International MBA provides the technical business skills and necessary soft skills needed for the new dynamic workplace through team building and leadership workshops. Our Faculty possess a wealth of academic, research and industry experience. The international faculty brings to the programme research, teaching and consulting styles from an European, Asian and North American perspective while our local facilitators add their rich knowledge about the complex and rapidly changing business environment found in the Caribbean and Latin America. At the UWI – Lok Jack GSB you’ll be exposed to a valuable ecosystem of Faculty, Alumni and peers that are focused on success in business.

4. Be Double-Qualified!

The UWI-Lok Jack GSB offers an International MBA with a dual-degree option that provides you with the opportunity to transfer credits between the UWI-Lok Jack GSB and the Florida International University (FIU), and earn 2 degrees: FIU’s Master of International Business (MIB) and the UWI-Lok Jack GSB International Master of Business Administration.

Omkar R. Seetahal, International MBA student describes how the dual degree helped to launch his global career – “after one year, I became eligible to transfer to FIU as a dual degree student andearn two Masters degrees simultaneously but most importantly have an opportunity to work for aforeign aerospace multinational corporation where my talents could be utilized to full potential. “

Add accolades and experience to your belt that will give you an added competitive advantage!

 

Did you know?

  • 50.61% of our graduates received an increase of salary after completing their Masters’ Degree with us? Where will you be?
  • 21.87% of our students started their own business post-graduation?
  • 64% of our graduates believed the course content considered both the current & future business environment? That’s valuable content that could be used strategically to propel your career. It’s time to use the opportunities placed before you!

 

The Arthur Lok Jack Global School of Business prides itself in offering one of the most comprehensive and thorough approaches to preparing our candidates to perform after their Master’s Degree experience. With dedication and application, you can become and achieve all that the International MBA promises. As an institution that is accredited by ACTT, funding is no problem as you have access to GATE and the HELP loan.

If you are ready to experience a different degree, contribute meaningfully and launch your career in the right direction, speak with one of our Academic Advisors at 647 6700 extension 200 or email us at admissions@lokjackgsb.edu.tt

Does Accreditation Matter?

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Applying to do a Post-graduate degree can be a daunting prospect. You want to ensure that you’re investing your time, effort and money wisely and research whether or not you’re getting the calibre of education you signed up for.

Did you know that having an accredited degree can make a huge difference in your future career?

Imagine that:

  • Your graduate programme didn’t have a process to resolve student grievances
  • When you applied to pursue your graduate degree, you had no information on the curriculum or assessments and policies?

How would you feel? What would you do? 

This then is the value of accreditation, ensuring that there is a standard of quality to adhere to. Doing some research on what accreditation means for you can save you both time and trouble in the future.

 

Here’s why Accreditation DOES matter:

 

  1. “Quality is the Key”- this is the motto of the Accreditation Council of Trinidad & Tobago(ACTT). Institutions with ACTT accreditation lends to the institution’s dedication to providing quality education for students and instils confidence that the programmes are supported by high quality processes, standards and resources. Why do we say this? Well, this accreditation body only recognises and endorses institutions that have sufficiently met their rigorous and methodical accreditation process. The key components of this process includes institutional self-evaluation and external evaluations conducted by teams of local and international expert assessors established by ACTT, ensuring that you get the quality you expect.
  2. There isn’t a single person we know who doesn’t want value for their money. The accreditation process assures you that the education you’re paying for is valuable and worthwhile. The process, outlined above, makes certain that an institution isn’t just saying“take our word for it” when it comes to quality and integrity. Accreditation, therefore, is not so much a status to be attained but a commitment to ongoing improvement.
  3. While a higher chance of mobility and employability is not guaranteed, employers can trust that the graduates of an accredited institution have been well-prepared to shape the corporate world, thus making graduates more marketable.
  4. Financial support by the government. With recent announcements stating that GATE funding will only be awarded to institutions with ACTT accreditation, it’s imperative now- more than ever- for you to seize the opportunity to apply to an ACTT accredited institution; only given to institutions that are financially sound.

Think carefully and do your research. Consider if the school also has international accreditation and the implications of a registered institution vs an accredited one. Need further advice and guidance?

Speak to one of our advisors on how you can access GATE and the HELP Loan for our January 2018 Master’s Degrees:

Student Recruitment Centre at recruitment@lokjackgsb.edu.tt.

645-6700 ext. 200

www.lokjackgsb.edu.tt

2) New and international opportunities

There are numerous International MBA options in Trinidad and Tobago, but it’s like comparing apples to oranges: not all International MBA’s are created equal. The final decision is yours, but you must ask yourself “do you want to carry the MBA title or do you want to develop the necessary skills, learn with a powerful network of like-minded individuals, participate in the holistically transformative experience and thereby EARN the MBA title to be able to use it in real-life?

This is your chance to be part of an experience that encompasses a practical approach to real-life business problems through the Lok Jack GSB’s authentic learning approach to education. Students who are part of the programmes are exposed to relevant content and experiences, such as international study trips to places like China, Brazil and Silicon Valley to name a few. Our partnerships give us exclusive access to global internships with large multinational companies and other international alliance benefits, that will prepare you well for the international business world. Employers are apt to choose graduates that can do the work from an international perspective.

 

3) International Business and Leadership Expertise

The right International MBA provides the technical business skills and necessary soft skills needed for the new dynamic workplace through team building and leadership workshops. Our Faculty possess a wealth of academic, research and industry experience. The international faculty brings to the programme research, teaching and consulting styles from an European, Asian and North American perspective while our local facilitators add their rich knowledge about the complex and rapidly changing business environment found in the Caribbean and Latin America. At the UWI – Lok Jack GSB you’ll be exposed to a valuable ecosystem of Faculty, Alumni and peers that are focused on success in business.

4. Be Double-Qualified!

The UWI-Lok Jack GSB offers an International MBA with a dual-degree option that provides you with the opportunity to transfer credits between the UWI-Lok Jack GSB and the Florida International University (FIU), and earn 2 degrees: FIU’s Master of International Business (MIB) and the UWI-Lok Jack GSB International Master of Business Administration.

Omkar R. Seetahal, International MBA student describes how the dual degree helped to launch his global career – “after one year, I became eligible to transfer to FIU as a dual degree student andearn two Masters degrees simultaneously but most importantly have an opportunity to work for aforeign aerospace multinational corporation where my talents could be utilized to full potential. “

Add accolades and experience to your belt that will give you an added competitive advantage!

 

Did you know?

  • 50.61% of our graduates received an increase of salary after completing their Masters’ Degree with us? Where will you be?
  • 21.87% of our students started their own business post-graduation?
  • 64% of our graduates believed the course content considered both the current & future business environment? That’s valuable content that could be used strategically to propel your career. It’s time to use the opportunities placed before you!

 

The Arthur Lok Jack Global School of Business prides itself in offering one of the most comprehensive and thorough approaches to preparing our candidates to perform after their Master’s Degree experience. With dedication and application, you can become and achieve all that the International MBA promises. As an institution that is accredited by ACTT, funding is no problem as you have access to GATE and the HELP loan.

If you are ready to experience a different degree, contribute meaningfully and launch your career in the right direction, speak with one of our Academic Advisors at 647 6700 extension 200 or email us at admissions@lokjackgsb.edu.tt

5 compelling reasons to start a Postgraduate Degree now

By | Blog | No Comments

The world of business is rapidly changing and your professional survival will depend on how adaptable and equipped you are to perform and achieve outstanding results. Are you prepared? Can you afford to wait? Top recruiters will confirm that the right MBA experience will improve your chances of landing your dream job while enhancing your skills to succeed in the ever-changing local and international business landscape. What should you consider?

1) The value of an accredited degree

If you are seeking career advancement regardless of whether it is an upward climb or a career transition; the right MBA is globally recognized and considered an essential foundation for persons interested in a career path in management and leadership. Why is this important? Wherever you are in the world and no matter how the economic climate changes, your degree will be recognized for what it is: a stamp of the highest quality of your expertise, enabling easy career movement and growth when the time is right. Does this align with your career goals?

The UWI-Lok Jack GSB has attained programme accreditation for the International MBA through the Association of MBAs (AMBA) from the UK, the gold standard in postgraduate business education in the world. Since AMBA only accredits the top 2% of business programmes globally, it is an assurance of quality from this top MBA accreditation body. This achievement means that all students can be assured that programmes, from design to delivery, have gone through a rigorous process to ensure the highest quality. But it also means special and exclusive access to these gold nuggets:

  1. Access to an online global community of over 30,000 students and graduates from over 245 AMBA-accredited schools
  2. Online Career Development Centre, including global MBA-level jobs database, CV builders, elevator pitch advice
  3. Face-to-face and online events and webinars
  4. Newly launched business book club offering exclusive discounts up to 30% off selected titles
  5. High quality thought leadership, including monthly in-house publication AMBITIONmagazine
  6. Access to exclusively negotiated benefits with hand-picked partners including IHG, The Wall Street Journal and Financial Times

Where else can you get all this?

2) New and international opportunities

There are numerous International MBA options in Trinidad and Tobago, but it’s like comparing apples to oranges: not all International MBA’s are created equal. The final decision is yours, but you must ask yourself “do you want to carry the MBA title or do you want to develop the necessary skills, learn with a powerful network of like-minded individuals, participate in the holistically transformative experience and thereby EARN the MBA title to be able to use it in real-life?

This is your chance to be part of an experience that encompasses a practical approach to real-life business problems through the Lok Jack GSB’s authentic learning approach to education. Students who are part of the programmes are exposed to relevant content and experiences, such as international study trips to places like China, Brazil and Silicon Valley to name a few. Our partnerships give us exclusive access to global internships with large multinational companies and other international alliance benefits, that will prepare you well for the international business world. Employers are apt to choose graduates that can do the work from an international perspective.

 

3) International Business and Leadership Expertise

The right International MBA provides the technical business skills and necessary soft skills needed for the new dynamic workplace through team building and leadership workshops. Our Faculty possess a wealth of academic, research and industry experience. The international faculty brings to the programme research, teaching and consulting styles from an European, Asian and North American perspective while our local facilitators add their rich knowledge about the complex and rapidly changing business environment found in the Caribbean and Latin America. At the UWI – Lok Jack GSB you’ll be exposed to a valuable ecosystem of Faculty, Alumni and peers that are focused on success in business.

4. Be Double-Qualified!

The UWI-Lok Jack GSB offers an International MBA with a dual-degree option that provides you with the opportunity to transfer credits between the UWI-Lok Jack GSB and the Florida International University (FIU), and earn 2 degrees: FIU’s Master of International Business (MIB) and the UWI-Lok Jack GSB International Master of Business Administration.

Omkar R. Seetahal, International MBA student describes how the dual degree helped to launch his global career – “after one year, I became eligible to transfer to FIU as a dual degree student andearn two Masters degrees simultaneously but most importantly have an opportunity to work for aforeign aerospace multinational corporation where my talents could be utilized to full potential. “

Add accolades and experience to your belt that will give you an added competitive advantage!

 

Did you know?

  • 50.61% of our graduates received an increase of salary after completing their Masters’ Degree with us? Where will you be?
  • 21.87% of our students started their own business post-graduation?
  • 64% of our graduates believed the course content considered both the current & future business environment? That’s valuable content that could be used strategically to propel your career. It’s time to use the opportunities placed before you!

 

The Arthur Lok Jack Global School of Business prides itself in offering one of the most comprehensive and thorough approaches to preparing our candidates to perform after their Master’s Degree experience. With dedication and application, you can become and achieve all that the International MBA promises. As an institution that is accredited by ACTT, funding is no problem as you have access to GATE and the HELP loan.

If you are ready to experience a different degree, contribute meaningfully and launch your career in the right direction, speak with one of our Academic Advisors at 647 6700 extension 200 or email us at admissions@lokjackgsb.edu.tt

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