Global Procurement Essay Example | Topics and Well Written Essays - 1750 words

Global Procurement - Essay Example The purchase in general includes the raw material that would be needed, the kind of expertise that would be needed to be acquired, the capital and budget allocation (Monczka, et al., 2010,205). All these can be evaluated and estimated in advance in form of process purchase model. General steps of purchase process include the invoice, bidding, solicitation of bids, and purchase at hand (Howes & Robinson, 2005). The paper further looks into most suitable purchase process models, along with number of organizations and their activities as to how they go about the process purchase models. List of successful organizations has been presented in the paper which explain how they have integrated and adopted the process models, what elements have been included and what other have been excluded. The model depicted in the figure has eight basic elements starting with internal customers, and ending with the suppliers who provide the end product or service. The overall process model can be divided into two phases, with first four elements making up for the first phase, while the second part consisting of latter phase. The first phase is preparatory and inside the laboratory phase, while the latter is pertinent to post delivery, evaluation and assessment in response to the product or service offered. The intermediate steps include specification evaluation, choosing the suppliers for respective process, formulating the contract procedures. Follow up, supplier dealings make up for the final part of the entire process (Havey, 2009). While the model provides description of the two phases of overall activity, it fails to cover up number of sections which are important and should be part of the overall homework plan for the purchase process model. These activities include the following: The first short coming is in form of scheduling. Scheduling enables knowing what to do and when to do. Scheduling enables

Journal Article Research and Analysis Essay Example | Topics and Well Written Essays - 750 words

Journal Article Research and Analysis - Essay Example Heneman (2002), states that for human resources compensation is the prime source that enables companies to attract and retain talents, thus the compensation management is a critical component of human resource management and of the entire organization. The importance of compensable factors, such as knowledge required by position and skills requirements, problem solving and accountability (Jones, Steffy & Bray, 1991) are dictated by the complex decisions that executives should make in order to positively impact company’s recruitment and retention efforts and to reach organizational goals. Therefore, choosing a compensation strategy is one of the main human resource decisions made by any organization. The development of such strategy is highly important because it promotes employee recruitment, retention, motivation and good performance thanks to the set of offerings that a company makes. However, not every organization compensates its employees or uses compensation strategically. While wages and benefits policies are used without strategical intentions, compensations instead are aimed to improve morale, reduce employees’ turnover and help achieve targets within an establishment (Das & Baruah, 2013). However, as stated by Hong, Hao, Kumar, Ramendran and Kadiresan (2012), compensation is not one of the main factors that impact the employees’ turnover despite being a critical factor in reducing managerial turnover. When determining the compensable factors, the developers should consider such policy choices as internal alignment, external competitiveness, employee contributions and the management of the pay system. As internal alignment deals with the pay relationships within the organization, it dictates the level of skills and knowledge that are needed, thus the compensation and benefits programs are granted for the special set of such skills. As companies are facing severe competitiveness, they should offer applicants such compensation packages that