Best Practice Regarding Derivatives - Essay Example

University> Best Practice Regarding Derivatives By HUMAN RESOURCE MANAGEMENT Introduction In order for the Omanian government to limit dependence on foreign labour and reduce unemployment, the Government has practised the Omanization policy, aimed at slowly increasing participation of Omanis in labour markets with particular emphasis on the increase of female participants in the private and public sector. No matter the efforts, the country`s labour force still remains unequal, most specifically in the public sector, where demand is outstripped by supply since Omanis prefer public service with the awareness that it provides good incentives ranging from better working environment, higher earnings to pension benefits that gives them social security. Inability of the public sector to wholly employ the Omani labour supply has resulted into unemployment problems. It can be noted that resorting to work in the public sector has encountered setbacks due to measures established by the Government through the Ministry of Civil Service. It has put in designed arrangements and requisites to prohibit employment of nationals in the sector, with the exception of replacements, as a result of availability of better wages, job opportunities and social insurance in the private sector. Even though such measures have been established, the private‐sector still continues their dependence on expatriates. The human resource management performs the function of solving issues related to people in an organisation such as training staff, maintaining working atmosphere, managing disputes, promoting social welfare for the employees, coordinating administrative function, compensations, communication and motivating worker through performance appraisal interviewing employees and planning. It is very difficult to manage any organization due to the fact that its made of employee from different cultural back ground, due to this fact people tend to behave differently and consequently this calls for the duty of the line manager to coordinate all these people so as to work as a team. The challenges faced by the Human resource management include; difficultly of selecting qualified personnel, changes in technology which calls for regular training for the staff to equip them with up to date technology, difficultly of maintaining the rapport within the company and external parties. The human resource management is the backbone of any organization; it serves as the core for any activity undertaken by the company. It is evident that department actually brings together all the departments within the company it is comprised of every department that exists in any organization setting . Therefore the organizations have clear cut boundaries which distinguish them. Generally, the private sector is run by citizens, private individuals or a group of people while the public sector includes all the segments that are run by the government and majorly provide government services. For example the social amenities, transport sector and security are controlled by the state. In Oman, the comparison process takes two key elements .This elements include the process of management and the process of decision making .The human resource management in Oman differ in the following ways. In terms of objectives in the public sector, the human resource management staff does not struggle in making profit for their organization but instead produce public goods which are of beneficial to every citizen of the country .On the other hand the human resource of the private sector its min objective is making profit .The private sector work very hard to generate more profits for the organization. In terms of accountability the public sector in Oman, the human resource management is never held accountable for any losses incurred during operations unlike the private sector where the shareholder are held accountable for any grievance raised. When comparing the recruitment procedure in private and public sector, one easily realize that the public sector is more strict on the qualifications of the individuals who are already bachelor graduates of university, they take their recruits through a series of interview before one qualifies to become their employee. On the other hand the private sector tends to relent on the kind of recruits they hire, such that they usually require people with fresh minds from college and mostly they advertise their job vacancies through media and online platforms (Mellahi et al, 2006). in the private sector the following hierarchy is followed, the shareholders appoint the board of directors who appoint the management team .The public sector its governance process is a bit complicated as the board of directors are elected and approved by the state who finally appoint the management staff. When closing a particular accounting period the Oman public sector does its audit by using government audit officers. This officers assess the records of the public company to check if in case there is any fault .When checking on the records in the private sector this task is undertaken by the board of directors. Since 1970s Oman has been an agricultural and fishing driven economy, though due to poor manpower management in Oman, the economic development of Oman was limited. It is during this time the policy, ‘Omanisation’ was developed to boost the program of vision ‘2020’ which was to enhance privatization. It is just in the recent past the country has started getting dominated by the Omanians in the public sector while a better portion of the private sector is owned by the expatriates. There is a point to note in the education system of Oman. education in public sector is free throughout the primary and secondary level. In the private sector the education system is a bit expensive, right from kindergarten to primary level one is required to pay. Indicates that Oman education system is growing rapidly and in the new future it is likely to produce three times college graduates compared to the current statistics. In regards to the human resource management of Oman, has critically laid down some of the policies and rules which will help improve its efficiency and efficacy. Among them, there is improvement of the working atmosphere for example in Oman the human resource development is under way, social security is being checked on, the general improvement of working health and safety has also been improved (Woodall, 2005). The Oman government is working tireless in developing and establishing the human resource training schemes which will help the people to the human resource gap existing in the private and public sector. The training also will equip the participants with the required skills in human resource management to enable them fit in the job market. The training also promotes human resource development planning and also enhance team work, exchange of ideas and presentations (Birks et al, 1987). Conclusion In addition to this, the Oman government established employment quotas which were a strategic way to ensure employment for the local population Oman is a developing country and its government is working hard to press the challenges facing the developing nations. In Oman most organization are adopting some human resource management practices that enable them to make decision on matters of the organization .The practices included communication, allowances allocation, salaries performance evaluation and recruitment. References Al-Ghorfa, (1999). Reducing Dependence on Expatriate Labour. Al-Ghorfa, No. 118. Sultanate of Oman: Oman Chamber of Commerce & Industry. Birks, J. S. and Sinclair, C. A. (1987). Successful Education and Human Resource Development. In Pridham, B. R. (ed.) Oman: economic, social and strategic development, pp. 1-16, London: Croom-Helm. Ernest & Young (1990). Private sector training needs assessment. Oman American Joint Commission. 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