Relationship between High-Commitment Management and Performance - Case Study Example

HRM Of Bloomberg.Com Introduction: The key focus of HRM research has been to observe the relationship between 'high-commitment management (HCM)' (Wood and Albanese 1995 and Wood and de Menezes 1998 cited in Hoque 1999) or 'high-performance work practices' (Huselid 1995 cited in Hoque 1999) and performance. However most researchers of HRM focused on manufacturing industries and not on services industries, which employ 76% of the total workforce. ((Hoque 1999a, p.4). The reason for this could be that the services sector is very diverse and includes banking, business services, catering, distribution, finance, insurance, leasing, hotels and transport etc. In spite of such diversity, a large proportion of work in the manufacturing industries too relates services. (Hoque 1999b). While human resources management as a concept attracted a lot of attention as a "more effective and productive approach to managing organizations' key assets, its people", there have been differences of opinion as to whether it is industrial relations management-personnel management (IR & PR) freshly packaged or a totally different discipline "aimed at integrating the management of people into overall business strategy and organizational goals" (Poole, 1990; Salamon, 1987; Storey, 1995b cited in Mc Gunnigle 2000). Three models of HRM have been suggested: normative" (prescriptive of an ideal approach); "descriptive" (identifying developments and practice in the field); and "conceptual" (a model for classification). (Storey 1992 cited in Mc Gunnigle 2000). In the normative model HRM has a "team development" orientation, a "significant role for line managers" and seeks to develop an "organizational culture". The conceptual model differs widely from IR-PR with as many as 27 differences listed. All researchers however agree that employee commitment is not only the dominant aspect of HRM but that it is the main differentiator between HRM and IR-PR. (Storey 1992 and Guest 1995 cited in Mc Gunnigle 2000). The objective of human resource management is fostering employee commitment to enhance employee performance. The rationale behind this premise is that employee commitment makes them more satisfied, productive, adaptable, willing to accept organizational goals and values and not mind to 'stretch' to meet these goals. 'Stretch', in this context refers to additional productivity, effective contributions and taking part in continuing improvement processes. The net effect of this would be self-motivated employees, less need for supervision necessitating fewer levels of management and reduced overheads. In addition when organisations achieve a congruence of perceived interests with employees, they are less likely to be viewed with suspicion when they undertake any changes necessary to meet environmental needs. Workforce in such organizations will be willing to swap roles (multi-tasking) that help them in more effective utilisation of labour. (Guest 1987 and Beer et al., 1985 cited in Hoque 1999a, 8) The most compelling reason for carefully crafting human resources management practices in services industries, is that in the service industries, the customer is not only a recipient of the service but also a part of the service process. This is the reason why there has been a shift in human resource management practices with service firms pursuing strategies that feature greater customer orientation. There is an increased awareness in the service firms that it is critical to obtain customer-oriented behaviours from their employees, a decided shift from the past. In order to achieve these outcomes, service firms are utilizing their human resource practices to "stimulate and reinforce behaviours needed for the successful implementation of greater customer-oriented strategies." HRM practices such as design, staffing, performance appraisal, compensation and training and development are shaped by organisational conditions, such as strategy, organisational life cycle stage, technological change, unionisation, internal labour markets and whether or not the organisation has a personnel department. (Jackson & Schuler 1992) Jackson & Schuler (1992) describe five perspectives that defined HRM practices earlier in selection and hiring: they are technical, control, institutional, political (Cohen & Pfeffer 1986 cited in Jackson & Schuler 1992) and economical perspective (Kochan and Chalykoff 1987 cited in Jackson & Schuler 1992). While focusing on different aspect of organisational phenomena, each of these perspectives helps understand the linkages between HRM practices and organisational behaviour. The 'technical' perspective presumes that organisations wish to "plan, staff, appraise, compensate, train and develop" employees in order to obtain the best fit between skills and job requirements. The 'control' perspective aims at conformity to organisational norms and values, or "desirable social behaviour in getting along with others" to help smooth functioning of the organisation. The 'institutional' perspective suggests organisations copy practices of others and adopts practices to gain legitimacy and acceptance. The 'political' perspective describes the distribution of power in the organisation, for e.g. a strong personnel department and powerful labour unions. According to the 'economic' perspective, relative affluence of an organisation helps it to select the best talent available, obviating the necessity to train them and according them a large proportion of discretionary power. (Jackson & Schuler 1992). The 'role behaviour theory' perspective (Naylor, Pritchard and Ilgen 1980 cited in Jackson & Schuler 1992) is based on two fundamental premises: HRM practices should define, communicate, and reward desired role behaviours and the desired role behaviours are a function of organisational characters. The researches collected data from 267 service-based organisations, to illustrate the applicability of the 'role behaviour theory' perspective to HRM practices in service firms. (Jackson & Schuler1992). Therefore the 'role behaviour theory' seems to be more appropriate for nature of work in the services industries. As the nature of 'services' is intangible and as customers are directly involved in the service process, it is difficult to monitor employee performance. It would be best to encourage employees to be sensitive to client's needs and be guided by the cues they receive from the customers. The nature of the work necessitates considering employee input and client input together in performance appraisals of employees. The simultaneous occurrence of production and consumption in the service process also impacts the organisation's HRM practices. Thus for example quality control methods used in manufacturing industries should be remodelled to inspect the quality of service delivery with implications for organisations to seek control over the service process rather than the output. The promptitude with which a person at the 'service desk' answers a client's call and the manner in which solutions are offered have great import for service industries. For example does the employee answer the call on the first ring, or does he/she allow it to ring endlessly before picking up the receiver; does the employee throw the rule book at the client or does he/she empathise with the client even when the answer to a client's request is 'no' - these are the aspects with which the organisation should concern itself and invest in training to develop client-friendly behaviours and more importantly empower employees with the ability to monitor their own performance. Organisations can aim to achieve this by suitable personnel selection processes, performance appraisals to determine monetary compensation and instituting job design practices. Translated into HRM practices, these perspectives as more suitable to service industries, may be summarised as follows: Design jobs to reflect autonomy, variety and interdependence. Consider client input in performance appraisals. Use performance appraisals to assess training needs. Extensive training of new employees with emphasis on their current job. Base monetary compensation on performance appraisals. (Jackson & Schuler 1992) Bloomberg LP: Michael Rubens Bloomberg and four partners with experience on Wall Street, expertise in engineering, data analysis and computer programming founded the company in 1981. Mike owns 68% of the company and it carries his imprimatur in the policies and practices. Employees would rather have Mike at the helm in spite of having to toil frenetically. They were reported to have heaved a sigh of relief when Mike announced that he was not going to sell the company after having been in touch with a few buyers for the very purpose. Strong loyalty is prized and employees who leave are never re-hired. The objective of the founders was to demystify financial markets for ordinary users. They developed a product that would help ordinary people without specialised training to sit at a console and obtain answers to financial questions by hitting a key. The product is called a terminal or simply a Bloomberg that the company provides to its clients and can be used to access data, news and analytics which include data pricing, trading, news and communications tools in a single integrated package. The company however does not supply any hard ware. It is a subscription service that "sells financial data, analytic software to leverage the data's usefulness, trading tools, and news (electronic, print, TV, radio)." The data is accessible through a colour coded Bloomberg keyboard that flashes the desired information onto a computer screen. The customer can opt to have his computer and keyboard or buy one from the company. The company has installed 250,000 terminals in 160 countries around the world to provide a combination of real-time and historic data, news, analytical information, pricing, trading and communication tools for professional investors, banks, brokerage firms, fund managers, lawyers and government regulators. The terminal is priced at US$ US$ 1500 irrespective of the number of terminals purchased. The company reported revenues of US$ 4.7 billion in 2006. The company's operating profits at 30% (US$ 1.5 billion) in 2006 was below Microsoft's @ 37% but well ahead of Apple's 15% and more importantly far ahead of Bloomberg's more visible competitors in the financial services sector, Dow Jones, Reuters, and the Thomson Financial unit of Thomson Corp @ 20%. The company is ranked 475 in the Fortune 500 list in 2006 and that is a significant achievement for a company just 25 years old. The company's clients include corporations, news organisations, financial and legal professionals and individuals around the world. The company has offices, regional offices and bureaus in 125 locations in America, Europe, Africa, the Middle East and the Asia-Pacific. The company has a vast array of information services in addition to the terminals, such as television, interactive television, radio, magazine services and the Internet. Bloomberg news employs more than 2000 professionals in 125 bureaus to provide 24-hour business and financial television and radio news on 10 channels and 7 seven languages to 260,000 professionals in 125 countries. The company's culture is built around a 'determination to communicate'; its offices designed to 'reflect the energy and fluid transfer of ideas.' The company's 'open plan seating' offices have large aquariums and contemporary art decorate its walls. In order to break down barriers between people and foster communication by bringing colleagues together, the company has no job titles or executive areas. The company's reception areas are designed like 24- hour cafes where people and visitors can have free food and refreshments anytime. In keeping with its philosophy the company liberally contributes to philanthropy and art. The company employs 9,400 people worldwide of whom there are 2,000 analysts, 1,700 reporters and editors and 1,000 data analysts who churn out analyses on 3.6 million instruments for 260,000 clients on a 24-hour basis throughout the year. The company runs a university that offers a comprehensive range of professional services, customer support and training facilities and seminars that are accessible online, on-site and through conference halls. In addition to these services the company also provides electronic trading, legal services, trading order management systems and road shows for corporate and issuer communications (on debt, equity, structured finance issues and research) with clients and investors for under-writers and buy-side-clients. The company has the following functional departments: Accounting/Auditing Administration/Support Services Advertising/Marketing/PR Broadcast Operations Customer Support and Facilities/Supply Chain (Bloomberg.com, Loomis 2007 and The Bloomberg Machine 2001) Application of HRM theory to Bloomberg: Holbeche quotes Purcell (1996) to suggest that there are six common elements as a package in HRM policy goals (features applicable to Bloomberg as seen in the case study are highlighted): Careful recruitment and selection Extensive use of systems of communication Teamworking with flexible job design Emphasis on training and learning Involvement in decision making Performance appraisal with tight links to contingent pay (Holbeche 2001, p.13) In applying theoretical precepts to HRM practices at Bloomberg, the limitations of this study must first be acknowledged. It was not possible to source much reference material pertaining to HRM applicable to service industries and specifically to Bloomberg. The main sources of reference specific to Bloomberg are the company's website, and two authoritative articles published in Business Week (The Bloomberg Machine 2001) and Fortune (Loomis 2007). Although it is difficult to affirm this with any degree of certainty, the company does not seem to have been cited as a case study in a textbook yet. The company does seem to lay great store by the recruitment and selection process of its employees. (Holbeche 2001, p.13, and Jackson & Schuler 1992) Employees are recruited into three main streams: they include entry-level financial sales, R&D and global support systems. The company's selection of candidates depends on "who they are" rather than "what is in the resume." Therefore applications are thoroughly vetted and candidates found suitable at this stage are invited to "recruitment events." Although informality is encouraged in these events to test the candidates' creativity and entrepreneurial energy, candidates are expected to impress their credentials in a tough screening process. These events are organised in collaboration with reputed placement firms like the Venture Marketing Group, which runs national graduate recruitment exhibitions in the UK or KCL Careers Service or university careers service departments. Entry-level employees are inducted into the global customer support system where they receive intensive training. These employees are encouraged to interact with customers to generate business ideas, stimulate growth and conduct seminars. Employees are expected to learn customer and organisational needs. When they move into the analytics department, they again receive intensive training, which lasts for three weeks, on financial products in order to be able to advise clients. For its R&D department, the company selects the very best (entry level or experienced) software developers and train them for eight weeks during which they work in a team environment and work through all phases of application development, including specification, design, development, quality assurance and implementation. The jobs in the R&D are the toughest and most demanding as employees develop financial analysis applications for "Bloomberg Professional Service" that enables more than 260,000 financial professionals world wide to make critical investment decisions. And this product is the biggest revenue earner for the company @ US$ 1500 apiece every month. Employees in the global data support group learn analytical skills, posted in 28 locations around the world and offer consultative services in 30 languages in their regions. In keeping with the philosophy avowed by the company the jobs are titled more as descriptive of their content rather than indicative of a level in the hierarchy. For e.g. the company designates employees as 'Customer Financial Services Representative', 'Accounts Payable Representative', 'Compliance Officer', 'Regional Facilities Manager' and 'Senior buyer'. The company has demonstrated that it is capable of taking tough decisions in recruitment and selection issues, especially at higher levels. During 2003, after Mike was elected Mayor of New York, Fenwick was brought in as CEO. The company, which made the biggest gallops in the earlier years when its revenues grew by over 25% slowed to a crawl with just 3% growth in that year. The company might have excessively relied on Mike's thinking power and his absence caused the debacle or it was one day bound to happen, one never knows, but Fenwick was reverted to his earlier job to run sales and other operations. Fenwick, it appeared, was generally affable but at times aggressively rude. Mike handpicked Fenwick's successor Grauer. The unorthodox decision however has produced a set of top executives who have consistently performed well since then. The company, which has been on the 'go' so far, will have to contend with stronger and more determined competition. Reuters has landed two big orders from Citigroup and HSBC; Thomson Financial put 28,000 terminals on the desks of registered reps at Merrill Lynch, which incidentally owns 20% of Bloomberg LP and expanding its news operation. Bloomberg's customers will have something to cheer about as the company loses its monopoly giving them an upper hand. The company can not at this time let up on its famed customer service, may have to probably re-look at pricing but in either case the key lies HRM that supports and encourages customer-oriented behaviours of its employees. However according to Loomis (2007), the one thing that the men at the top dread is complacency. And that cannot be a bad thing after all. Because in an environment, in which executives enjoy comforts of life, are paid well selling the machines in a monopoly market, change comes hard. Bloomberg's employee compensation system: Employees' pay at Bloomberg is directly linked to the sale of terminals. The concept is to drive everyone towards one goal: sell more Bloombergs. Employees' achievements are advertised through large electronic signs that hang from ceilings in the company's offices, reporting progress on sales and installations and bells ring to mark a sale; multiple rings signal multiple sales. Every year the company awards certificates based on the number of installations achieved during the year (these are nicknamed 'certs') issued in the month following in which the employee joined the company. The 'certs' can be cashed out in two years but only if the employee is still with the company. In effect, this means that if the employee leaves, he leaves behind money on the table. Employee turnover in the company is quite low (it was just 12% in 2006) and analysts attribute such low turnover to the 'power' of 'certs'. The 'certs' system is applicable to all employees except two, the Chairman Grauer and Secuda an owner for both of whom alone there is an undisclosed compensation system. Fenwick and Winkler the other two owners also receive 'certs' and as they are at the top, they are reported to receive a large percentage of their pay that way. The company believes that 'it is all about revenues' and 'not profits'. There are no profit centers. Every component of the system, the television, radio and magazine are valued not for their revenue generation but for making the main product - the Bloomberg - an indispensable tool for clients. Mike was reported to have chastised a manager who was struggling to cut costs rather than selling, with the terse comment: "You worry about sales, and I'll worry about profits." (3080) Recruitment and selection Between 2001 and 2005 the number of employees at Bloomberg remained constant at 7800. This was also the time the company's leadership was in hard times and caution prevailed. The 9/11 tragedy and the bursting of the stock market bubble caused the slow down. There was naturally work force turnover in the environment and the company exploited it by hiring the best talent some of them thrown out by Wall Street and putting them to work in research and development and programming jobs. But as 2006 approached, and markets were booming again, the company opened up again. Its current head count is about 9,400. In this round the company is focusing on building new staff quite unusual for the news industry because Bloomberg is doing this at a time when many news organisations have been cutting down staff. This is because the company believes that new bureaus and more journalists will simply help the business. (Loomis 2007). By hiring expert staff when the industry was going through a trough the company seems to be taking the 'economic' perspective described by Jackson, & Schuler (1992). The company operates in the 'knowledge sector', which include sales, economics, finance, IT and journalism and customer support. The jobs of employees in these areas are demanding. Whereas each of these jobs has different skill requirements, all of them are challenging. For example, employees finance should be able to think on their feet and advise clients in making investment decisions. The advice they tender may make millions for the client or cause devastation and chaos; employees in customer support and sales should be able to understand client needs and requirements and be able to respond with appropriate responses in 'real-time'. Meeting challenging deadlines is an every day affair. The one common factor all these employees should have is a 'can do' attitude. Armstrong describes the recruitment and selection process as having three important components: defining requirements, attracting candidates and selecting candidates. Armstrong lists out personnel specification based on the following criteria: "Competences/competencies (what the individual needs to know and be able to do to carry out the role) Qualification and training (the professional, technical or academic qualifications required, or the training that the candidate should have undertaken) Experience (in particular, categories of work or organisations; the types achievements and activities that would be likely to predict success) Specific demands (where the role holder will be expected to achieve in specified areas, e.g. develop new markets, improve sales, or introduce new systems) Organisational fit (the corporate culture for e.g. formal or informal and the need for candidates to be able to work within it) Special requirements (traveling, unsocial hours, mobility, etc.) and Meeting candidate expectations (the extent to which the organisation can meet candidates' expectations in terms of career opportunities, training, security etc.) (Armstrong 2003, p. 395-396). Bloomberg advertises its job openings on its website, through placement agencies and university career departments. The process of selection starts when a candidate sends in his resume. The resume is carefully vetted and suitable applicants are invited for a meeting in the company's job shows, which the company calls recruitment events, in which the company makes a presentation of its offerings and the candidate is evaluated for specific requirements in an informal atmosphere. The recruitment and selection procedures at Bloomberg are in consonance with what has been advocated by Jackson & Schuler (1992). Emphasis on training and learning Gibb and Megginson argue that the distinction between training, education and development usually seen in HRM literature is merely semantic and the words may be used interchangeably. The key issues involved in development are, "how the knowledge, skills and attitudes required for employment are formed and linked to career, organisational and economic success" especially related to the knowledge economy. (2002, p. 128). The objective of employee development is to utilize and shape individual potential to inculcate a culture of commitment by balancing emotions, values and attitudes to achieve organisational objectives. The first steps in employee development is appraising the employee about his/her job functions and assess any training needs: Describing the key activity areas and key result areas for each job function. Defining qualitative and quantitative performance standards Defining the knowledge, skills and competences required for each job to achieve the performance standards. (Adopted from Armstrong 2003, p. 555) Bloomberg follows a structured induction/employee development process. On induction into entry level financial sales jobs employees are encouraged to "generate ideas to attract new business, stimulate growth with existing customers, conduct seminars and training sessions to further the knowledge of existing and prospective clients." The company provides an intensive training programme "unparalleled in the industry" beginning with a role in global support. Once the employees develop the knowledge about the company and its customers and skills they are moved into the analytics department, where they once again undergo intensive training programme for three weeks. This time however the focus of the training is different with the trainees being trained about the financial markets and the company's products. The employees are being trained to provide solutions to clients in a consultative manner and afterwards are posted in sales, trading or data licence. In the ultimate analysis, the employees are expected to provide the 'best' customer service. The company does not spare expense in hiring for the R&D department and the very best in entry level and experienced employees are hired as software developers. Even they go through an eight-week intensive training programme. After training the employees are encouraged to work in a team atmosphere and learn all phases of application development, specification, design, development, quality assurance and implementation. The group creates financial analysis applications for the company's customers. For the global data team, the company recruits people with knowledge of local languages and conditions but employees can move into sales or analytics later depending the skills and knowledge they acquire and the aptitude they exhibit. From the foregoing discussion, it is evident the company lays strong emphasis on training and employee development, encourages individual initiate, recognises aptitude for various job functions and allows job inter-changeability depending on employees' knowledge, skills and aptitude. Organisational Culture An article published in Business Week put the company's work culture in perspective: The company's employees "toil in a demanding, frenetic environment"; "loyalty is prized" (the company never rehires employees) and "titles are nonexistent (not to mention offices), and bravado is encouraged." The organisation and its culture are shaped by its flamboyant, slapdash and gutsy and gutsy, if at times flamboyant, slapdash and gutsy founder, Michael Reuben Bloomberg. Mike says that "the information business is exactly the opposite of sex - when it is good, it is still lousy." Mike's flamboyance, to mix a metaphor, is infectious: the company's executives, "brash even in troubled times, do not see any reason why the company can't keep enticing new customers with more services and products. After all, the market won't become less complicated just because it's more volatile" The Bloomberg service has rarely been faulted. Clients call 24-hour help line or e-mail the company. The company's technical and sales people regularly visit clients and based on inputs gathered from these visits, products are frequently upgraded. The company constantly works on developing products and expanding markets. The company's aggressive work culture has its flipside too: in the late 1990s, Bloomberg was accused of sexually harassing women employees. (The Bloomberg Machine 2001). Bloomberg has been aggressively building its customer base. For the company, costs do not matter. Revenues do. Performance is rewarded; there is retribution for non-performance. Alexius "Lex" Fenwick, one of the founders of the company was tested as CEO, when Mike was elected as New York mayor. Although he was CEO for only four months and not the whole year, the company's growth dipped from the galloping 25% of the previous years to a meager 3%. Fenwick was reverted to his earlier role as "operating head and chief salesman". The message was not lost and it produced "top executives--strong personalities, speed talkers, and hard workers all." Fenwick enjoys office antics. He celebrated the Chinese New Year (known as the year of the pig) by parading in the company headquarters behind dancers dressed as Chinese dragons. The company is decorated with exotic flowers, fish and crustaceans in tanks and the company colour fluorescent orange. Amidst all this, however, the company's culture is described as 'Big Brotherish'. The security badges employees wear also transmit their whereabouts. As they 'badge in' and 'badge out' the time and location are logged, with the information available to all Bloombergers around the world. Employees cannot flit to 'moonlight' elsewhere or have three-hour lunch. Inside the office, food is free with complete dining at some offices. An emergency kit containing radio, gas mask, bandages and water are provided at every desk. The Bloomberg on the office takes care of every chore if a 'ticket' is sent to the service centre. The news staff has its special rules described in a 363-page stylebook. All stories should be written in a style "that a dope can understand and a professional can appreciate." The book specifies which words should be avoided. The basic goal of the newsroom is "the five Fs", providing first, fastest, factual, final and future words. Although the stylebook has come in for ribbing by some journalists, there are others who were impressed by the rigour and discipline of the news operations. However whereas competitors like the New York Times are getting livelier and chattier, Bloomberg "is running in the opposite direction" with its insistence on delivering substantive information. Mark Fefer, a former editor at Bloomberg described its culture as "an obsessive-compulsive disorder" played out "on a global scale." (Loomis 2007) Performance appraisal with tight links to contingent pay The company is described as "smashingly profitable" with net operating profits at 30% of revenues in 2006 which compares favourably with software giant Microsoft but far ahead of competitors in its own sphere. Bloomberg encourages and rewards performance. "Sell more; earn more", is its motto. The objective is to drive employees to perform and perform better. Employees' pay is directly linked to the sales they pull in, of terminals and installations. This philosophy is applied across the board to all employees except two who have their own undisclosed compensation system. The compensation system is not only linked to performance but loyalty as well. The bonuses that employees earn are issued in the form of certificates, nicknamed 'certs'. The 'certs' are cashable after two years, if the employee remains with the company. If the employee quits, he forfeits the value of the 'certs'. The system has helped the company minimise employee turnover. During 2006 the company's employee turnover was as low as 12%. (1796) Bibliographic References: Armstrong, Michael. (2003). A Handbook of Human Resource Management (9th Edition). London. Kogan Page. Gibb, Stephen & Megginson, David. (2002)."Employee Development" In Redman, Tom, and Wilkinson, Adrian. (Eds.). Contemporary Human Resource Management (Text and Cases). Chapter 5, pp.128-160. Harlow. Pearson Education Limited. Holbeche, Linda (2001). Aligning Human Resources and Business Strategy. Butterworth Heinemann. Oxford. Hoque, Kim. (1999a). Human Resource Management in the Hotel Industry: Strategy, Innovation and Performance. London. GBR: Routledge. http://site.ebrary.com/lib/britishcouncilonline/Docid=10070684&ppg=19 Hoque, Kim. (1999b). "Human Resource Management and Performance in the UK Hotel Industry." British Journal of Industrial Relations. Sep 99, Vol. 37 Issue 3. pp 419-443. Retrieved April 20, 2007 from: http://search.epnet.com/login.aspxdirect=true&db=buh&an=2175591 Jackson, Susan E. and Schuler Randall S. (1992). "HRM Practices In Service-Based Organizations: A Role Theory Perspective" Advances in Services Marketing and Management, Volume 1, pages 123-157. Loomis, Carol J.(2007). "The Bloomberg.(Bloomberg LP)(Company overview)."Fortune155.7(April 16, 2007):60.British Council Journals Database.Thomson Gale.British Council Retrieved April 20 2007 from: . McGunnigle, Peter J. (2000) "HRM in UK hotels: a focus on commitment." Employee Relations; 2000, Vol. 22 Issue 4/5. pp 403-421. Retrieved April 20, 2007 from: http://search.epnet.com/login.aspxdirect=true&db=buh&an=3672283 Redman, Tom and Wilkinson, Adrian. (Eds.) (2001). Contemporary Human Resource Management. Text and Cases. Harlow. Pearson Education Limited. "THE BLOOMBERG MACHINE. (2001). (Michael Bloomberg of Bloomberg LP) (Company Profile)."Business Week3729(April 23, 2001):76.British Council Journals Database.Thomson Gale.British Council.Retrieved April 20 2007 from: . Read More