Smallest States in the world (Area, Population wise)

Smallest States in the World Area Wise.

Name	Area (Sq.km)	Location
Vatican	0.44	Europe
Monaco	1.95	Europe
Nauru	21.10	South Pacific
Tuvalu	26.00	South Pacific
Liechtenstein	60.00	Europe
San Marino	61.00	Europe
Marshall Islands	151.00	Cathay pacific
St. Kits-Nevis	269.00	Caribbean
Maldives	298.00	Indian Ocean
Malta	316.00	Mediterranean

 Smallest States in the World Population Wise.

Name	Population	Location
Vatican City	900	Europe
Tuvalu	10,588	South Pacific
Nauru	10605	South Pacific
Belau	18467	West Pacific
San Marino	25061	Europe
Liechtenstein	32057	Europe
Monaco	32149	Europe
St.Kitts-Nevis	45000	Caribbean
Antigua and Barbuda	64246	Caribbean
Dominica	64881	Caribbean

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Boom in the Retail Sector of India.

India is said to be the “second most attractive destination” for Retail business among the thirty emerging markets globally.  Retailing is the last stage of Distribution process, 
where an interface is createdbetween the producer and the Individual consumer for personal consumption. Post-Liberalization period, Indian retail industry is growing at a rate of 30% per annum and provides has huge employment opportunities.   There is been an constant increase in the share of big players in the organized retail market, but still unorganized sector dominates with 96.5% share in the Retail Industry.

Organized sector are those, which carries the trading activities by licensed retailers which includes Branded stores, Specialty Stores, Supermarkets, Hyper mart, Shopping malls etc. On the other hand, unorganized sector consist of the traditional shops like Kirana stores, Convenience stores, general stores etc.

Retail sector is said to be the fastest growing sector in the Indian economy and India’s retail sector is the ninth largest retail market in the world, where the huge middle class population is attracting the global players to enter in to the country, and a 25% growth is expected in the organized sector annually.  There is been a growth of about 50-60% in small town and 35-40% in the large cities inorganized sector. The rising income levels, a rise in retailing through online shopping and global exposure has helped the leading industrial houses to enter into this market to serve the needs of the consumer.

A boom in the retail sector has helped the new players to explore new markets, but still huge challenges are faced.  The government has limited the Foreign Direct Investment (FDI) for 51% in the field of retail for any Single brand in a view to protect the small scale retailers and even delaying the FDI approvals. Due to this in the long run, it would affect the opportunities and Technological Innovations. The tax system in India differs from one state to another, which is forcing the organized sector to restrict them in expanding their business. A Uniform central tax system would be an ideal solution to get rid of this hindrance.

Another huge challenge faced by the organized retail sector is the lack of government initiatives is amendments in Labor Laws, Tenancy legislation etc. The Labor laws should be relaxed, where it’sdifficult to manage employees in the operations. A special clearance should be taken for extended working hours.  Laws pertaining to restriction of Inter-state flow of goods should be eased and the clearance of licenses and other regulations should be done quickly.

There is been an huge opportunities and challenges faced by the Organized retail in terms of Competition, government tax and FDI restriction,  and a huge domination from Unorganized sector.  In spite of that a huge transformation is witnessed in growth. Huge population and untapped retail industry has attracted the global retail giants to enter the market where the sector is expected to grow by 25% annually.

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Code of Conduct - Tata Steel

The Asia First and India’s largest private sector steel company “Tata Steel” was the first company to formulate the policy called “Code of Conduct” in 1998.  The document contains the values, ethics, and business principles which the employee has to follow, which was even later extended to the stakeholders like suppliers and dealers of the company.  A position called Ethics counselor at Top level management was created, who was responsible for creating awareness among the employees, stakeholders and even among the families of the employees.  To motivate, coordinator were rewarded on the basis of quality of work and which high moral value behavior is presented on monthly basis. This was a Proactive step taken by the Tata Group.

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Steps to Avoid Unethical Decision Making?

Steps to avoid Unethical Decision Making?

·      A study says that persons with high Self-efficacy tend to more open towards Ethical choices. They need to be more encouraged.

·      As there is a chance of taking unethical decision because of lack of awareness, the organization should provide more moral awareness, through introducing Code of Ethics, conducting Seminars, conferences, and implementing Socialization by which leads to better implementation of ethical practices.

·      For avoidance of Violation of Code of Ethics,  different mechanisms should be implemented at different levels, where one has to report to the Ethic supervisor, where the information should be passed till the Top management. A proper structure, ethical policies, practices and Ethical behavior which are ought to be followed should be properly communicated and implemented.

·      Post-conventional or Principled people falls under one of the Cognitive factors, who can take ethical in decisions and behavior and can take decisions independently and acts as an Whistle blowers at any wrong or unethical things happening should be encouraged. Whistle blowing which is a moral behavior and directly related with Locus of control should be boosted up.

·      Appropriate staffing and value based selection should be done while recruiting and selection process, as the values of individual and organizational doesn’t coincide. More on, achievements or ambitious orientation plays an important variable in Ethical Decision making, as per the Bounded Ethical Model, Ambitious oriented Individuals are more focused on their goals and neglect ethical aspects while decision making, so there is a need for proper Selection of workforce.

·      There is a need of Ethical Orientation among the people who owns, manage, and work for it in carrying the business organization with Ethical Practices.  The owners and leaders of the organization should be concentrating on Organizational value more than High Profit or result oriented.  Influencing Peers into Ethical decision making found effective.


WHAT IS ETHICS AND FACTORS LEADING TO UNETHICAL DECISION MAKING

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Ethics and Factors leading to Unethical Decision Making

What is Ethics?
A set of 
standards derived from Social Values, to choose what is good and evil, Right or wrong,  ought to do and not to do is Ethical Standards.  These are the set of values in accordance to the Social norms which helps to survive in the community.  The Behavior values which are considered important presently for the existence, acts as a standard for the future ethical organization decision making.

There has been an increasing Unethical practices gained importance for being into Fair practices, things came into limelight after the Unethical practices like Financial Frauds by companies like Enron and Arthur Anderson carried on, by which there has been an Increasing pressure on the organization from the Government body and has more concerned on social responsibility and in unethical practices.

An ethical decision making should be in such a way that it should be legally and morally, acceptable by Employees and the Shareholders. May be an ethical decision doesn’t always directs to Ethical behavior, whereas an Ethical Behavior always comes before an Ethical decision making.

Factors leading to Unethical Decision Making:

·      One of the reason why there is been an increasing unfair practices are because of Competition Driven Performance Management, where the possibilities of Violation of rules are higher.

·      Since the objective of any organization is Profit maximization, the concentration of the mangers tends to be more on short term goals rather than long term, which thrust them for taking unethical norms just to meet the performance targets.

·      Intrinsic Factors, like lack of Moral Awareness about the nature of decision, can make the decision go wrong and other Individual Factor values can also arises problem in making decision as perorganization Ethical standards which influences greatly where the intensity depends on how strong one is at, at their own values.

·      Even after the implementation of Ethics policy it has been observed that, the subordinates follow what their supervisors likes rather than, what the policy says.   So, if the manager is unethical, the subordinates follow the manager in such unfair practices.

·      Problems in Ethical decision making may occur not only when the intentions are evil, but also when there is a conflict between Individual Interest and social norm.

STEPS TO AVOID UNETHICAL DECISION MAKING?

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Why Net Income different from Net Cash in Financial Statement?

While viewing a company's Financial statement, one may get an doubt why there is an difference in Net income and Net Cash when both of them sound the same meaning.  But its not!!


Net Income is the balance amount obtained after deducting the Operating Expenses and Cost of Goods Sold(Trading Expenses) from the Net Revenue(Sales - Sales return) earned by the company in the Financial year(One year typically). Where as Net Cash in the cash balance or readily available cash in the business which is totally liquid.


Why the Net cash and Net Income amount figure Differs?
The Main reason for the difference in the amount is because of the accounting concept the company uses. When the company uses the "Accrual accounting concept", it take both the Cash and Credit sales in account, irrespective of cash received on credit sales or not. 


Which means, the company will take its credit sales as actually Sales, even it dint received the cash from the customers. When such event occurs, for example, the INCOME STATEMENT Shows in this way.


Net Sales(Includes Credit Sales of $5000)   -   $10,000
Less: COGS and Operation Expenses            -     $2,000
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NET INCOME                                                 -    $8,000    
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Well in the CASH FLOW STATEMENT, only those transaction are taken where actual cash Inflow or outflow occurs, not all transactions. The Cash Flow shows in this way.


Net Cash Sales                                                       -   $5,000
Less: COGS and Operation Expenses                -   $2,000
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NET CASH                                                            -  $3,000    

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Now, I hope you understood why there is an change in amount figures.

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