Islamic bank in uae - Free Essay Example

Sample details Pages: 12 Words: 3530 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Introduction With the start of century new development in the economic front happened and the most important was Islamic bank. Financial institution around the world saw new things emerging from Islamic bank such as Islamic socioeconomic, benefits and believes to stop interest rates and unethical activities of financial institution. Islamic bank provide new methods and new form of investment for development of economy. Islamic bank has given world and financial institution new air to breath. Islamic banking has made some important political, social, and economical changes around the world. Islamic Banking Islamic bank has develop new definition for itself and it is define as a financial entity which can maximize the wealth of its share holders with benefits for the society based on Islamic principle or Islamic Shariah. (Islamic banking, 2010) Islamic banking is the banking system in which banking is done according to Islamic laws and to guide economic in Islamic terms. It is important to note that Islam prohibit and stops the use of usury and interest (riba) in any kind. Islamic banking also prohibits and stops involvement of banks in business related to gambling, pornography, alcohol and pork etc. Islamic banking has developed in late 20th century and it has created and catered the needs of Islamic consumer around the world according to developed technology of 20th century. (Islamic banking, 2010) Don’t waste time! Our writers will create an original "Islamic bank in uae" essay for you Create order Principles Of Islamic Banking There are main pillars in Islamic financial systems which are important for Islamic banking workability. Principle of Islamic banking includes laws and rules and they are called Shariah which governs many parts of society such as culture, economy and society as a whole. (Islamic banking, 2010) Shariah started from the rules of Quran and its practices which then explain by Sunnah and by Prophet Muhammad (Peace Be Upon Him). Further explanation of the Shariah is done by Islamic jurisprudent, and this interpretation is important for correct Islamic banking. (Islamic banking, 2010) There are different principles of Islamic banking which I will cover and explain. 1. Interest: Interest is considers bad thing in Islam because it is beyond the pale in increase of capital/money in many forms loans or deposits. More importantly we can say any increase in varies banking such as fix banking, to increase the profit is considered to be prohibited because it generates unhealthy profits. Interest (riba) is prohibited in Islamic banking but also charging is also prohibited in Islam because it creates debate on equality and rights (Warde, 2000). Islam is a peaceful religion and it encourage earning of profits but it discourage the interest in Islamic banking. Social system must have balance and lender and borrower should share the profit or lose and Islamic banking provides such socially acceptable phenomena. 2. Risk partaking: Risk partaking is not allowed in Islamic banking because supplier becomes unjustified-ably the benefited rather than the creditor. Islamic bank provide financial capital and its profit and loses must be shared to decrease risk partaking in general practice of financial activities. 3. Capital: Capital is also known as potential money and it makes actual capital join with other resources to make productive activity. Islamic banking recognize the value of money and but it prefers capital not the potential capital. 4. Speculative behaviour : Speculative behaviour is considered bad in Islamic banking because it involves extreme level of uncertainty and risk for capital investment and utilization (Islamic banking, 2010). Example includes gambling and anything related to gambling. 5. Purity of contracts: Islam is the religion which inhabits purity in it and it implement this purity in contracts because contracts should disclose all the necessary information to be known. Purity of contracts reduce asymmetric and hazard risk (Islamic banking, 2010). 6. Shariah activities: Islam involves only things which are based upon shariah and doesnt violate sharish in any form. Example of approved shariah activities includes any investment in dealing with gambling, pork and pornography is illegal (Islamic banking, 2010). Banking Risk And Islamic Banking Understanding the banking risk is very important Islamic banking because in determines a competitive and volatile market environment for complex banking business process. A bank should be aware of risk when it is operating or taking any process into consideration. Below are the risk and factors an Islamic bank should consider in general banking environment. Finance Product And Instruments In Islamic Bank There are many type of financial instrument the Islamic banks use and these are sometimes simple and sometimes complicated due to various banking aspect. 1. Debt instruments: Debt instruments include Murabaha (Murabaha is determination of resale price based upon cost and profit markup), Salam (Salam define the deferred delivery of goods and it is opposite of Murabaha), Istisna ( Istisna is financial lending for long term), and Qard al-Hasan ( Qard al-Hasan is interest free loan). (Iran International, 2006) 2. Quasi-debt instruments: Quasi-debt instruments have Ijara which means leasing contract by group leases assets for specific rent and terms. The bank has to bear all the risk associated with ownership and assets can be negotiated based on market price and sale of Ijara contract. (Iran International, 2006) 3. Profit loss sharing instruments: Profit and loss sharing instrument has Musharaka which is an entity under which bank and client jointly take a financial project. Ownership can be decided based on involvement of finance in the project. Profit and loss sharing is also agreed between two groups and there should be no violation of contract or misconduct in any terms. (Iran International, 2006) 4. Islamic Bonds: Islamic bond include Sukuk which is basically a financial certificate and it is Islamic equivalent of bond. There are some types of financial certificate which are not allowed in Islamic finance such as fix income and interest baring bonds. (Islamic banking, 2010) 5. Safe keeping: Safe keeping includes Wadiah in which bank is considered as trustee of fund. A person has account in the bank, bank assurance the amount of the account. (Islamic banking, 2010) 6. Agency: Agency is defined as waqalah which undertakes persons all transactions on his behalf. (Islamic banking, 2010) Current Practices In Islamic Banking Islamic banking are collective at the point of interest free banking and they have equal and distributed basic agreed principles to work on. Islamic bank can be different according to individuality and country laws, aims and objectives, experience and circumstances and interaction based upon free from interest rates. In the coming paragraph I will describe the common features implemented by Islamic banks around the world. (Gafoor, 1995) Deposit Accounts Islamic banks have different kind of account which includes investment, current, and savings account. Current Accounts A current account equal to conventional bank account and in it deposit is assurance. Savings Accounts Saving account operate differently in Islamic banks. In few banks depositor is allowed to use money but they have to obtain assurance of getting full money to the bank. Banks allow several methods to attract customers but no profit is promised. In other few saving accounts an account is treated as investment account and has various strings attach to it. (Gafoor, 1995) Investment Account Investment account are accounts in which amount is deposit for unlimited time upon the request of the investor share is done in profit between bank and investor. In investment account the capital is not assured. Modes Of Financing There are different modes of finance which are implemented by Islamic bank and called trade, lending and investment finance. Investment Financing There are three main category of investment financing. They are: 1. Musharaka: Musharaka in which bank joins another group to setup another joint venture, both groups participate in project in varying form. The profit and loss is determined before the start of the project. (Gafoor, 1995) The concept of musharaka is similar to join venture concept and venture is independent entity from which bank withdraw step by step. 2. Mudarabha: Mudarabha is a form in which a Islamic bank provides finance and the person provides the expertise and management. (Gafoor, 1995) Profit and lose in this is also define before the start of project. But the important thing is that loses are usually taken by bank. 3. Estimated rate of return: under this type of investment bank determine the estimate price of returns for specific project undertaken by bank. If the project is finished and profit is more than estimated amount then the profit goes to the client, and if the loses is in the profit then the bank will accept lower rate. Trade Financing There are five main category of investment financing. They are: 1. Mark-up: Mark-up is the type of trade financing in which banks buy items from client and client agrees to pay to the bank on agreed profit. 2. Leasing: Leasing is type of trade financing in which bank buy item for client and client has to payback the amount in specific allowed time. 3. Hire-purchase: Hire-purchase is the purchase in which the bank buys an item for client and hires him for agreed rent or cost for specific time until client becomes the owner. 4. Sell and buy back: Sell and buy back is in which client sells property to the bank and buy back from the bank at a agreed price. 5. Letters of credit: Letters of credit is where bank assurance for importing items for a client. Lending There are two main category of investment financing. They are: 1. Service charge loans: service charge loan is the service charge where bank lends money without interest and bank covers expense by service charge. 2. No-cost loans: No-cost loans are for people like farmers with small land, producers with small production and they are very needy person or clients. Services Islamic banks also provide services which are also important such as money transfer, trade in different currencies, and bill assortment where banks own money and not involves in commission. (Gafoor, 1995) Islamic Banking In UAE Islamic bank started in UAE according the law of 1985 number 6 of article 1, 2, 3, and these laws governs Islamic bank and financial institute in UAE. (Centralbank, 1985) These articles are made so they are compatible with UAE and Shariah laws. To work in UAE in Islamic banking it has to conduct its activities according to principle of Islamic Shariah. Islamic banks in UAE have the right to conduct commercial, investment and other financial related activities openly and clearly. Islamic banks also have the right to do lending and other financial operation and they can also move their assets and benefit from these assets according to its shariah law (Centralbank, 1985). UAE has number of Islamic banks and the number is increasing each year and so the development of the UAE. (Tahir, 2006)Dubai Islamic bank is the first bank which is free from interest and it also practice Islamic banking according to shariah and this bank is based on the idea of Muslim endorsement by OIC (Organ ization of the Islamic Conference). Strategies Of Islamic Banks In UAE In the UAE the strategic management considered that it is group of decisions and activities in the present to ensure the performance of institutes in the future, these decisions included forming specific aims that should be achieved upon dissimilar periods of time begins with short period of time passing with middle period of time, finishing with the distant period of time, the strategic management consists of three stages: 1- The strategic environmental analytical stage: and it depends on studying of the two environments the interior and the exterior to the institute in order to identified the strategic management and use it in the next step the organization environment contains four main materials the chances given, the risks, in the exterior environment, and the weak and the strength points in the interior environment. The strategic planning strategy contains making four followed activities, and does them to achieve the institutes aims and its strategic plans and its differen t policies. (Pealow, 2000) 2- The execution stage: it contains put plans and policies which have been developed in the last stage in effective application, during to the application programmes and balance sheet and different other procedures. (Pealow, 2000) 3- The watching strategic stage: this stage contains evaluate the institute performance to ensure that the strategic aims applied according to the plans and the correcting procedures to correct mistakes and effective watching for the application. But the human resource strategic is decision making process relates to the human resource system that make the human resource system with the environmental conditions and to support the institutes strategic and achieve it strategic aims to face the exchange that face the institute according the environmental conditions. (Pealow, 2000) There is difference between work force planning and the human resource strategy but the human resource, so the work force planning strategy foc us on application employments in human resources management because it is a part from the institute strategy and work with it to achieve the strategic aims, the human strategic human resources materials identify through to: 1- Studying the environmental materials that surrounded the institute from all its side and the human resource system. 2- Putting on the human resources aims with supporting the general aims of the institute and working on doing them. 3- Apply the human resource private strategy that supports its general strategy. 4- Apply the work plans and policies and the private time programmes of human resource that support the strategy. Management Of Islamic Bank In UAE Now the differentiate between the local and international business demands on the banking environment the great generated development from the quick technical development that dominate on the business with two its forms productive and serving, in all organizations, and the actual of competition that depending on the employ career and modern technology, in the work sector adding development and improvement in the productions and services in all kinds and forms, that achieves the organizations aim to destroy the competitions obstacles, and apply its planes, due to the progressing improvement in the field of development and progress of the organizations strategies. And to achieve all of these things, it is necessary and duty of the managements find strategic professional management for human resources and it should be the productive and creative basic of the organization with specialist rule can be deal with the environmental changes, and to integrate its strategy with the organiza tion strategy that it deals with to use the chances and face changes and the ability to self built, that helps to achieve strategic aims for managements and organizations. The process of educated and trained human resource the most important cases that the banks and institutes related to, so on the developing nations take great importance combined with great desire to develop and improve the work performance for the workers and identify their productivity, in this research we will study the strategic management for human resource as group of modern systems that completed to achieve human resource system that aims to support the organization strategies to face changes with environmental cases that achieve its development and progressing. Challenges Facing Islamic Banking Islamic banking faces many challenges around the world. There are many challenges related to conventional banking, globalization, competition, price and quality, economy, growth, capital and long term investment. The Islamic banking has many weaknesses and strengthens which make them workable in hostile environment. (Challenges facing Islamic, 2005) Islamic bank should develop global banking industry and open their self for financial balance and attracting large number of clients for greater ability to attract the capital and providing best possible service. (Tahir, 2006)Islamic bank should also provide better rule and standards, good station, good technical system, good financial technology and innovation. Islamic bank should also regulate itself according to international Islamic financial market. (Challenges facing Islamic, 2005) There are many challenges related to commercial aspects affecting Islamic banking and Islamic institution. Below diagram illustrate the differenc es which are faced by Islamic bank in no-commercial and commercial pressure. The Islamic Bank In UAE And Market Discipline UAE as new creative and development country adapt all new changes that related to business so that it could continues and implement always the demands of world economy and created relations in a way for stronger marketing improvement. And since the banking investment it is one main way to achieve the successful in business environment, as a result the UAE government id support and help to have 8 Islamic banks that been entered to the market in all UAE with capital investment exceed trillions of dollars. So all these banks did already start their operations and did increase the preference in the huge economy of UAE. So, all banks in UAE do have plans to get more profits ASAP based on the visions and missions to become as one of the leading banks in the world (Archer Karim, 2007). Islamic banks in UAE considered as a multinational organizations network that spread all over the region. There are legends in innovation founded in UAE economy. They do provide products and a service i n different countries, recently employed thousands of people around the region, and sells and services real estate and other retails in many countries. Market discipline plays an important role in banking and if an Islamic bank has to develop; it has to follow the steps of information, ability, incentives and mechanism combining with market discipline which is shown diagram below. (Archer Karim, 2007) Figure 3: Developing market discipline in Islamic Banking Islamic Banks Nature Of Innovation Nature of economy is changing developed world, more and more innovation is needed for continuous growth. (Tahir, 2006)The challenge face by today world is crisis which is faced by different organization and institutions. This crisis makes difficulty in lending, decline in non-financial organization cooperation for growth so we need innovative concept and technique which are in early Islamic banking such as Mufawada, and Mudarabah. (Iqbal, 2001) Below are the growth factors in variable terms and it effect on Islamic banking, these analysis give us the perspective where the Islamic bank are standing and where they should go in coming decade. v IBs stands for Islamic Banks v CG stands for control group which consist of conventional banks. Source: Dr. Munawar Iqbal (2001). In Islamic Banking and Finance: Current Developments in Theory and Practice (p. 382). United Kingdom: The Islamic Foundation. In 1990-94 Islamic bank investment growth was 11.3% while control group has negative growth. In 1994-97 Islamic bank had a decrease growth 7.3 % while control group had increase growth of 9.1%. Source: Dr. Munawar Iqbal (2001). In Islamic Banking and Finance: Current Developments in Theory and Practice (p. 382). United Kingdom: The Islamic Foundation. In 1990-94 Islamic bank assets growth were 9.3% while control group has asset growth of 4.8%. In 1994-97 Islamic bank had a decrease growth 6.8 % while control group had increase growth of 6.6%. Source: Dr. Munawar Iqbal (2001). In Islamic Banking and Finance: Current Developments in Theory and Practice (p. 382). United Kingdom: The Islamic Foundation. In 1990-94 Islamic bank equity growth were 7.9% while control group has asset growth of 6.4%. In 1994-97 Islamic bank had increase growth 10.5 % while control group had decrease growth of 4.7%. In 1990-94 Islamic bank deposits growth were 9.3% while control group has deposit growth of 3.1%. In 1994-97 Islamic bank had decrease growth 6.1 % while control group had increase growth of 7.2%. Conclusion Islamic banking is a very young concept compare to traditional banking, still it is implemented in Islamic countries but Islamic countries there is also traditional banking which is the threat to Islamic banking. Despite the success of Islamic banking there are few problems in Islamic banking which are related to area of finance. (Gafoor, 1995) To get rid of problems Islamic banking, Islamic bank should get rid of unwieldy, troublesome and uncertain financing activities, and have efficient and effective interest free banking. In Islamic banking it has all needed and basic required element for successful banking but they need little modification, such modified example is mudaraba financial service. Islamic bank also should operate in non-Muslim countries and they should give positive alternative to conventional banking for non Muslim people. (Gafoor, 1995) Finance is unique feature of Islamic banking and it should be relevant to shariah and Islamic principle, but it must not f orget to have a country which can develop itself on Islamic banking. Reference 1. Archer, S., Karim, R. A. (2007). In Islamic Finance: The Regulatory Challenge (pp. 14,99,372). Singapore: John Wiley Sons (Asia) Pte Ltd. 2. Iqbal, M. (2001). In Islamic Banking and Finance: Current Developments in Theory and Practice (p. 382). United Kingdom: The Islamic Foundation. 3. Warde, I. (2000). Riba, Gharar and The Moral Economy Of Islam. In Islamic Finance in the Global Economy (pp. 55-59). Edinburgh: Edinburgh University Press. 4. Pealow, J. (2000). Strategic Management And Accountability For First Nations. Retrieved January 27, 2010, from https://www.icpas.org.sg/epublication/saa-attachment/Andy%20Tan%20Write%20Up.pdf 5. Islamic banking. (2010, January 28). In Wikipedia, The Free Encyclopedia. Retrieved 15:13, January 28, 2010, from https://en.wikipedia.org/w/index.php?title=Islamic_bankingoldid=340499942 6. Iran International. (2006, March). Islamic Finance Gears Up. Retrieved January 24, 2010, from Iran International Magazine: https://www.iraninte rnationalmagazine.com/issue_39/text/islamic%20finance.htm 7. Gafoor, A. A. (1995). Current Practices. Retrieved January 20, 2010, from Islamic Banking: https://www.islamicbanking.nl/chap4.html#_Toc3149103 8. Centralbank. (1985, December 15). LawNo6 -1985. Retrieved January 23, 2010, from UAE Central Bank: https://centralbank.ae/pdf/LawNo6-1985-IslaminBanks.pdf 9. Challenges facing Islamic. (2005, August 5). Challenges facing Islamic financial institutions. Retrieved January 25, 2010, from Khaleej Times Online: https://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/August/business_August104.xmlsection=businesscol= 10. Tahir, S. (2006). Challenges facing Islamic finance: Research Areas. Retrieved January 25, 2010, from https://www.cba.edu.kw/elsakka/DL-06Tahir_Challenges_DrTahir.pdf

Monitor And Maintain Health And Safety Practice In The...

Monitor and Maintain Health and Safety Practice in the Salon Assignment. Abigail Davies Sarah Wilkinson Introduction I will be talking about how to carry out a risk assessment and how to maintain health and safety within a salon. I will be able to explain the different procedures of carrying out a risk assessment and the importance of making sure the staff have support and knowledge of health and safety. I will be able to clarify the different types of security breaches that will include stock equipment, money, personal belongings and client records, also the significance of being able to understand the need for insurance, for salon purposes such as making references to employers, public and professional indemnity insurance.†¦show more content†¦Every salon has a duty to have an appointed person who will take control and responsibility in the case of an accident. In addition, the salon may choose to appoint a first aider. This traditionally requires the employee to attend a four day training course. A portable appliance test (PAT) is essential and needs to be put in place for making sure s alon equipment isn’t faulty so that it reduces the risk of employees of getting harmed. 6. Outline procedures for dealing with different types of security breaches include stock, equipment, money, personal belongings, and records. A breach occurs when the law is not upheld. Either an action is taken that places a person at risk of injury, illness or death; or steps are not taken to avoid a risky situation from occurring; or there is a failure to comply with regulatory requirements. The different types of security breaches are: Stock and Equipment - Not ensuring that dangerous equipment or chemicals are guarded or securely locked to eliminate accidents occurring and theft. CCTV and alarms should be put in place to prevent this from happening. 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Top Choices of Essay Topics Argument

Top Choices of Essay Topics Argument In choosing your topic, it's frequently a good notion to start out with a subject which you already have some familiarity with. Anyway, direct and indirect quotes are required to support your understanding of academic writing style. Some folks might believe that the fantastic content could possibly be written on any topic and the paper success is dependent just on the mastery of the writer. One particular important and appropriate subject is technology. It is preferable to prevent topics that are overdone. When writing a crucial composition, it's a good idea to pick contradictive topics. Now you're ready to produce your very own argumentative topics. There are a few great topics to think about when picking a topic for your argumentative essay. Life After Essay Topics Argument In fact, this kind of argument is targeted at finding common ground. You have to come across decent evidence to back up your ideas together with examples to illu strate the evidence. Make certain you can support whatever you say with clear and concrete evidence, and your claims are going to be a great deal stronger! After picking your subject, you have to have the five kinds of arguments at the rear of your head throughout your writing. When it has to do with writing an argumentative essay, the most essential point to do is to select a topic and an argument you could really get behind. Special attention ought to be paid to the introduction of a strong argument. You will need to develop a great argument, which encompasses not just your principal point, but also all the pieces which make this up. It is simple to get carried away and attempt to enumerate all the logical inconsistencies in the paragraph. The second sentence should offer your reasoning. Essay Topics Argument and Essay Topics Argument - The Perfect Combination There is a broad scope of topics readily available, from arguments on how to handle your own health to arguments on the way the entire healthcare system needs to be improved. The dearth of superior support sources will end in a decrease grade. If you wish to turn to important topics that impact the whole of society, social issues are really an inexhaustible field. Deciding upon an effortless topic may prove to be an incorrect track because you might have difficulties finding credible sources to support your views. What's the Iron Lady's role on earth history. Pay attention that the subject of your paper is supposed to be exhausted enough to demonstrate the readers what they are likely to meet inside. It's not sufficient to pick a topic which everybody agrees on. The topic ought to be such a one you will have the ability to elaborate. Essay Topics Argument - Dead or Alive? It is not easy to write a great essay if you aren't interested in studying a chosen subject deeply. Study them and find that one you'd be interested in. In high school and middle school, you aren't necessarily predicted to compose large, serious argument essays. To compose a strong argumentative essay, students should start by familiarizing themselves with a number of the common, and frequently conflicting, positions on the research topic so they can write an educated paper. A student should realize that the topic isn't self-explanatory. Many students know it is not simple to effectively develop an argumentative topic. Facts, Fiction and Essay Topics Argument An argumentative essay is a certain sort of academic writing. Argumentative essay topics are so important since they are debatableand it's critical to at all times be critically considering the world around us. Argumentative writings is a particular sort of a paper. For instance, in college, you might be requested to compose a paper from the opposing standpoint. If so, Harvard format is the thing to do. There are various formats of essays and one need to understand the differences amongst them.

Human Resource Management Sustain in the Market

Question: Describe about the Human Resource Management for Sustain in the Market. Answer: Introduction Human resource management is an approach that has come into limelight in the past few decades. Human resource management helps business organisations in optimising the performances of their employees by establishing better employer-employee relations and by improving the work conditions for the employees. In the present day scenario of globalised business, it has become increasingly difficult for business organisations to sustain in the market as they are now competing with organisations from all over the world. Further, in such conditions, it also becomes very difficult for business organisations to achieve market competencies through processes or other resources as they can be easily replicated. In such conditions, business organisations can only rely upon the efficiency and performance of their human resources in achieving a competitive edge in the market and as a result, human resource management is looked upon as one of the main functional units in almost all business organisations (Mathis and Jackson, 2003). As we can see the importance of human resource management in the present day world, it is important that we discuss its advantages in details. Therefore, in this assignment, we will discuss the ways in which human resource management can add value to a business organisation as a result of its various functions. How Can Hrm Add Value To Business Organisations Let us now discuss the ways in which human resource management can add value to business organisations in the present day world: Human Resource Planning, Selection And Recruitment One of the most important functions of human resource management is selection and recruitment and helps business organisations a great deal in becoming more effective and efficient. Selection and recruitment is the process of announcing new job openings and hiring new candidates to fulfil the human resource demands of an organisation. Selection and recruitment is an important function for all types of business organisations as business organisations look for the right talent that can be recruited for the right tasks at the right time. Human resource management aims at designing selection and recruitment programs that can help the companies in testing the candidates or applicants based upon the psychometric or psychological qualities required for a particular job opening. Further, it is also important that business organisations have the right number of employees so that neither there is wastage of human resources nor a shortage i.e. human resource management ensures that there is maximum productivity and efficiency at any point of time (Smallbusiness.chron.com, 2016). Performance And Management one of the greatest ways in which human resource management adds value to an organisation is through its function of performance management. Performance management is an approach that allows business organisations in optimising the performance of individuals so that they can contribute more towards the achievement of organisational goals and objectives. Performance management aims at designing systems that convey expectations of the employers from the employees and also helps the employers in designing achievable and practices goals. Using performance management systems, organisations are able to foster an environment where the organisations has a greater focus towards performing better and helping the organisation in achieving its goals and objectives (Deadrick and Stone, 2014). Performance management systems are designed in such a way that they are able to analyse the performance of the employees on a regular basis and also provides the employers with a mean to either warn the under performers or consider them for planned separation. Further, performance management systems can also be clubbed with performance appraisals and potential appraisals to make them more effective and render efficient results. Compensation, Benefits And Rewards another important function in human resource management is the design of compensation, benefit and reward systems. It is important that the employees are given appropriate compensations that nether makes them feel underpaid nor overpaid and should also be according to the market standards for a particular job profile. Apart from compensation management, human resource management also helps business organisations in designing benefits and rewards system for employees who demonstrate excellent performances during a year and help their organisations in achieving their goals and objectives, which ultimately helps business organisations in keeping their employees motivated (Harvard Business Review, 2016). Retention Attracting New Employees another important way in which human resource management can help in adding value to an organisation is by helping a company in retaining its top talent and in attracting new talent. In the present times, talented employees have a lot of opportunities as they can switch easily between competitive companies if they feel like. Further, if the employee turnover ratio of a company is high, it results into wastage of a lot of important resources that are invested into the employees for their betterment, which makes it important that the talented employees of a company are retained. Using various concepts, such as employee engagement, motivation, job commitment, performance potential appraisals, promotions, rewards, benefits, etc. human resource managers are able to retain their employees as they feel that they have a lot of opportunities in their court if they continue working with the same company (Reddington, 2006). On the other hand, a company with good human resource policies and a large pool of talented employees is also able to build a good reputation in the market and new or fresh employees are more likely to look for such companies as compared to those which have high employee turnover ratios or do not take care of its employees. Training And Development training and development is a function in human resource management that helps business organisations in improving the technical proficiencies of their employees and also helps the employees to develop their skills. Training and development programs aim at making the employees more effective, efficient and competitive by bringing about an overall development in them. Training and development programs are not only able to develop the employees but are also able to help the employers in retaining the employees and become more competitive in the market as a result of increased competencies of their employees. It also ensures that an organisation can cope up with the latest market trends and can easily compete with its competitors in a global competition. Thus, it further helps in adding value to a business organisation (Today, 2016). Diversity Management workplace diversity, in simple words, is related with the differences that exist between various people working in a single workplace. Diversity can encompass race, gender, ethnic group, age, personality, gender, culture, education, background, conative styles, etc. Diversity in a workplace has been found to have a number of benefits for an organisation. It allows people from different cultural backgrounds and thinking in different manners to come together and create unique ideas to various problems, which ultimately gives rise to creativity and innovation. Even though diversity has a number of benefits for a company but it is very challenging to manage diversity in the workplace. If the human resource management of a company is efficient and is competitive enough to easily manage workplace diversity by promoting cross cultural tolerance and team work, an organisation can benefit a lot from its diverse workforce and can achieve new heights in the market (Gordon, 1995). Change Management human resource management allows employers to continuously work for the betterment of their workforces and to improve their competencies according to the latest trends in the market. It also allows the employers to establish better relations with them and improve their performance by fostering an environment that promotes regular changes in work habits and routine. It has been found that monotonous work habits and no changes in the workplace can make things boring for the employees and can also kill their creativity and innovating power. Human resource management adds a lot of value to an organisation by helping the employees in coping up with change programs and by making them more comfortable with regular changes. When organisations introduce changes in the workplace, there is a lot of resistance and unrest and most of the times, business organisations are not able to implement the desired changes at all. If the human resource management of a company is efficient and talented, it can take a lot of initiatives that can help the employees in becoming more prone to changes and accepting them as a positive move for the organisation as well as for their future (Todnem By, 2005). Conclusion Human resource is rightly regarded as one of the most important resource for any business organisation as it can help companies in achieving their long term and short term along goals along with market competencies. On the other hand, if a human resource management team of a company knows what it has to do and is able to perform its functions efficiently, it can make a lot of difference and can add a lot of value to an organisation. Thus, it is highly important that business organisations direct their attention towards managing their human resources in the best possible manner and achieving its benefits in the short as well as in the long run. Reference Deadrick, D. and Stone, D. (2014). Human resource management: Past, present, and future. Human Resource Management Review, 24(3), pp.193-195. Gordon, A. (1995). The Work of Corporate Culture: Diversity Management. Social Text, (44), p.3. arvard Business Review. (2016). Why HR Really Does Add Value. [online] Available at: https://hbr.org/2011/12/why-hr-really-does-add-value [Accessed 1 Dec. 2016]. Mathis, R. and Jackson, J. (2003). Human resource management. 1st ed. Mason, Ohio: Thomson/South-western. Reddington, M. (2006). Transforming HR: Creating Value through People. Human Resource Management International Digest, 14(6). Smallbusiness.chron.com. (2016). How Does HR Add Value to an Organization?. [online] Available at: https://smallbusiness.chron.com/hr-add-value-organization-50980.html [Accessed 1 Dec. 2016]. Today, P. (2016). How can HR prove it really adds value? - Personnel Today. [online] Personnel Today. Available at: https://www.personneltoday.com/hr/how-can-hr-prove-it-really-adds-value/ [Accessed 1 Dec. 2016]. Todnem By, R. (2005). Organisational change management: A critical review. Journal of Change Management, 5(4), pp.369-380.