The Developing Manager Assignment Example | Topics and Well Written Essays - 2500 words

The Developing Manager - Assignment Example This therefore means that they are all important, with the main goal being the identification of weaknesses and working on them. The following discussion will focus majorly on managerial skills and leadership characteristics that bring success in the hospitality industry. Question 1.1 Compare and contrast 3 different management styles that are used in an international hotel of your choice For the purpose of this discussion, the Hilton Hotel has been selected for analysis and completion of the assignment. The three main management styles in the hospitality industry are direct authoritative, pacesetters, and democratic affiliative. In the former category, the manager sets very high standards, and ensures that the performance is consistent (Cousins, Foskett, & Gillespie, 2000, 110). They do not tolerate non-performing members. Pacesetters make personal high standards within the organization. They are hard-working and hence motivate the rest of the employees to emulate them. Finally, the democratic affiliative managers ensure they involve others in making decisions, before they can set the standards. All the three are related in the sense that they are aimed at setting high standards within the international hotels. Managerial styles play a significant role in the international hotels (Cousins, Foskett, & Gillespie, 2000, 124). ... Managers understand that they do not have all the answers, hence involve other members. The other comparison is that the managers are the final decision makers. This is especially when the committee fails to agree on which direction should be followed to achieve certain goals. This owes to the fact that the managers have the duty to ensure that the hotels remain functional. They have the right of making any informed decisions, since they will be responsible for failing to act. Thirdly, the three types of managers are the main people behind the mission, vision and goals of the institution. They have articulated them, prompting them to make decisions, and proposals that are in line with what the hotel intends to achieve. For this reason, any activity taking place within the business has to be aligned with the set objectives. Fourthly, the three types of managers have the responsibility of maintaining discipline within the staff members. They reward and punish those who perform exceptio nally, and those who fail to adhere with the rules and regulations respectively. For instance, they may reward employees through promotion, increased wages and salaries, and creating an opportunity for them to add more skills and knowledge. On the other hand, non-compliant employees may be punished through sacking, especially when they are involved in gross misconduct. This is done with an aim of ensuring that all the staff members adhere to the set rules and regulations. This also ensures that the relationship between the customers and the hotel is enhanced. In addition to that, the reputation of the hotel is upheld, which is imperative in a competitive environment. Another major comparison between the three is that the managers set the organization culture. The latter

Islamic Banking Essay Example | Topics and Well Written Essays - 1250 words

Islamic Banking - Essay Example Some recent developments, however, is presenting opportunities for Islamic banks. It should be noted that the Islamic finance market has already matured to $200 billion in assets. Therefore, companies should employ the accurate strategies to capture these markets. The operation of Islamic banks rests on two important tenets: no interest and socially responsible investing (Islamic Banking in UK 2006). These principles practiced by Islamic banks are dictated by the Quran. Usury or the process of lending funds at exorbitant interest rates is strictly prohibited. Also, money or financing acquired from banks can only be used for worthy cause. Financial resources should never be used to fund activities such as illegal drugs, weapons, alcohol, pornography, and terrorism. Analysing this system, we can see that Islamic banks will be more preferred by borrowers than depositors. As these financial institutions do not promise interest on the funds deposited by customers, non-Moslem investors will see it more profitable to utilize the services of conventional commercial banks. This type of product can only be targeted to the adherents of Islam which advocates this type of banking practice. The use of these principles in Islamic banking could have motivated businesses and entrepreneurs to use these financial services. It can be seen that the financing products and services offered by Islamic banks operates on profit and loss sharing (PLS). ... Islamic Mortgage Finance One of the products of Islamic bank which has gained wide acceptance and popularity in the United Kingdom is mortgage finance. As opposed to the conventional mortgage financing, Islamic banks buy and own the commodity for the client. The client then purchases the product from the bank at a markup within a specified period of time. After full payment has been made, the ownership of the property will be transferred from the bank to the client. The success of Islamic banking in the United Kingdom is indicated by t he report of Research and Markets. According to the agency, the market for Islamic banking now reached $164 million. The segment also shows fast paced growth at an average annual rate of 68.1%. This is over and above the industry average of 16.2%. If this trend will continue, the total value of Islamic mortgage banking will be equivalent to over $1billion in 2010 while conventional banking will suffer from intense rivalry. It should also be noted that currently, the profitability of Islamic banking is indicated by the participation of commercial banks like HSBC and Lloyds TSB in the market. It was found out that in 2003, there is only one Islamic lender in UK. Currently, this number has already increased to five. However, it should be recognized that the Islamic banking, specifically Islamic mortgages command only a small portion of the market in UK. One of the hindrance of mortgage finance is the stamp tax duty. Recommendations The success of Islamic banking in the United Kingdom together with the acceptance of the non-Moslem population implies that this type of financial intermediation can be embraced by other clients in the global market. After the above analysis, this report