Chapter 7†Net Present Value and Other Investment

Finance for managers Chapter 7— Net Present Value and Other Investment Question 1 : List the methods that a firm can use to evaluate a potential investment. There are discounted and non-discounted cash-flow capital budgeting criteria to evaluate proposed investments. They are 1) Net present value: NPV is a discounted cash flow technique, which is the difference between an investment’s market value and its cost. NPV = Present value of cash inflow- Present value of cash outflow The investment should be accepted if the net present value is positive and rejected if it is negative. 2) Profitability index: PI is a discounted cash flow technique in which present value of an investment’s future cash inflows†¦show more content†¦Question 4 : Using the article from the Sydney Morning Herald, discuss why John Whiteman, the senior portfolio manager at AMP Henderson, can be considered ‘skilled’ in respect of his stock pickings. Why would it benefit fund managers to use discounted cash flows when picking stocks? According to the article of Sydney morning herald, Mr. Whiteman the senior portfolio manager is considered ‘skilled’ because he used to achieve the targets of his designed portfolio, in which most of his assumptions were write. Mr. Whiteman used to forecast for at least 10 years in which becomes less accurate. After plotting, he discounts the value back to today’s dollars in converting the future value into the present value. This in turn benefits the financial managers in knowing the value of the share today and can be easily know the price of the share is over or undervalued in the market today. If the shares are undervalued he can easily make his suggestion or a proposal in the purchase of the shares or vice versa. Mr. Whiteman’s analysis also depends on the credibility of the industry focusing mainly on the different aspects of the company. Question 5 : A firm that pays out 65% of its earnings as dividends has an accounting rate of return of 20%. Its P/E ratio is 10 and its earnings per share are 108 cents. (i) What is the price per share? Price per share (P0) = PE ratio* Earnings perShow MoreRelatedHW FIN 33311360 Words   |  6 Pagesï » ¿HW FIN 3331 Chapter 9 9.1. Warr Corporation just paid a dividend of $1.50 a share (that is, D0 = $1.50). The dividend is expected to grow 7% a year for 3 years and then at 5% a year thereafter. What is the expected dividend per share for each of the next 5 years? D0 = $1.50; g1-3 = 7%; gn = 5%; D1 through D5 = ? D1 = D0(1 + g1) = $1.50(1.07) = $1.6050. D2 = D0(1 + g1)(1 + g2) = $1.50(1.07)2 = $1.7174. D3 = D0(1 + g1)(1 + g2)(1 + g3) = $1.50(1.07)3 = $1.8376. 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Strategic Report On The Britannia International - Free Essay Example

Sample details Pages: 11 Words: 3187 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? This is the strategic report on the Britannia International Hotel industry. It discusses the scheme of the strategic management in the business with the analysing of the tools of the strategy in the day to day operations of the business. Strategic report is focusing on the impact analysis of the business strategy of the hotel industry with the giving of the overall view on the strategic management scheme in the hotel industry. Don’t waste time! Our writers will create an original "Strategic Report On The Britannia International" essay for you Create order It is ideally giving of the recommendation for the improvement of the performance level of the hotel industry in the current market with the adoption of the suitable , feasible and acceptable techniques of the Hospitality Management to improve the level of the performance in the business. Introduction This is the strategic assignment focusing on the Britannia International Hotel Industry in London. The aim of the assignment is to discuss the strategic policy management of the Britannia International Hotel industry in London in the relation to their internal and external business environment. The Britannia International is one of the prominent hotel industry in the London situated at the heart of the city at Canary Wharf, London. They are having 35 hotels across United Kingdom using 7000 bedrooms, One of the hotel at the prime location of the city in London at the Canary Wharf is the key success factor nearer to the major airports and the seaside resorts surrounded by stunning country side (Lehman,2007) The strategic aim of the hotel industry is to provide the optimum money value at the desired level of the satisfaction facilitating to the easy opportunity of the decision-making to the guests who are coming ion the hotel industry (Buidcon,2009) As the London is an international c ity in the world many guests are used to come here from the different parts of the world in order to enjoy the city of London with its greenery, atmosphere, surroundings à ¢Ã¢â€š ¬Ã¢â‚¬Å" due to which there is a wide scope of the development of the Hospitality industry in this area in order to hospitalise the visitors in this country. As a result many hotel industries are the wide popular in this city used to earn the good source of the potential income and sales turnover. The Britannia International at the Canary Wharf is offering the extremely competitive rates in the combination with the flourishes decoration with the facilities including restaurant, health club, night club, bars and free wireless internet access. (Gary,2010) The hotel is situated on the waters edge next to the Canary Wharf, at the Docklands of the London in the internationally developed renowned office development, the hotel industry is fully modernised in the traditional culture having up to date facilities (S imson,2009) Modern style hotel located on the waterside in Londons docklands closed to Canary Wharf where there are many international businesses as well as large shopping centre , various restaurants and Bars (Gilston,2010) Literature Review Business Strategy of the Britannia hotel industry is purely of the functional and authoritative nature, Hotel industry is rationally divided in to four parts of the line of the organisational set up in which there are the functional departments are diversified as per the core area of the business management, Strategic planning of the hotel industry is made on the basis of the grouping of functions in to four imperative divisions they are the Operations, Human Resource, Marketing and Finance, Information Management section is the co-coordinator of all the departments which is involved in the transfer of the information with in the different active departments as a core functional chain in the business (Tandon,2007) Strategic Management of the hotel industry is having a dynamic and imperative weight in the international cities as per the depending of the nature and scope of activities , many guests and visitors are used to come in the city of London which has created an enormous beau ty and scope of the activities of the hospitalisation in the city of London, different services are provided as per the capability and intensity of the hotel industry at the reasonable rates in order to achieve an optimum level of the satisfaction from the customers, supplier power of the hotel industry is really is magnificent they are providing the restaurant, Bar, Kitchen, living and boarding facilities having 4 big halls for the conducting of events such as marriages, birth day parties, functions, meetings, ceremonies in which the area of the potentials of the hotel industry are based, recently they are planning to start the travel and tourism operations as their supportive area of activity to the core functional scheme which is the additional source of the revenue recognition (Rodrics,2010) Glance situation of the hotel industry at the magnified location is the measured strength of the hotel industry at the Canary Wharf , the increasing the number of the people with the large s cope for the sale of the food items in the glorious location of the hotel industry are some of the ideal characteristics of the hotel industry giving the prominent scope of the development and hospitalisation (Small,2009) Intensity of the buyer towards the hotel industry is strategic and sound as they are willing to get the supreme level of the services with in the reasonable costs and achieving the enjoyment of the city of London, Docklands area near to sea shore is giving the glance opportunity of the business development to the Britannia international hotel industry at the higher rate of income with the global status and the exclusive customer support, they are having a stratified customer relationship management strategy in which functional scope of the CRM dimensions has been predicted through the norms of the customer identification , customer attraction, customer development and the customer retention (Philip,2008) The strategic Management of the Hospitality industry in Londo n is the core activity of the management in which functional scope is administered as a tool of the resource management, Operational activities are coming under the day to day performances of the business and regular services to the guests who are coming in the hospitality industry in order to acquire services and potentialities for the earning of the higher revenue generation in the day to day operational management, Human resource strategy is the core activity of the functional management in which major concentration is given on the process of the recruitment and selection of the new candidates in the service so as to get completion of the business activities in the right strategic order and at the right time with in the reasonable resources, Marketing Activities are the activities which are relating to the development of the market through the making of the strategic relationships with the customers and attracting them in the shoes of the customer in order to develop and expand t he business activities, Finance department is involved in the strategic financial operations including the accounting , internal audits, finance management, investments in the area of the business so as to maintain the liquidity and the cash management in the day to day business operations, Information Management department is the channelising information department in the business with the providing of the time to time information in the order to regulate the departmental activities in the business organisation (Shardul,2010) Discussion The strategic report is discussing on the management policy of the Britannia International Hotel industry. In the international city of London the wide scope is available for the hospitalisation sector as many visitors are used to come here from the different parts of the world in order to pursue their education, jobs, picnics and visits, living. In due course of the same there is a wide scope available for the development of the hospitality industry in this city to entertain the visitors . There is a wide scope of the strategic management in the hotel industry so as to administer the group of activities in the business management policy of the hospitalisation. Business strategy has been constructed as per the model guideline of the core hospitalisation. Hotel industry is using the effective and efficient Customer Relationship Management strategy in order to make the long lasting relations with the guests, visitors in the shoes of their customers . The strategy of the Customer Rela tionship Management has been constructed in the view of the implementation of the efficient and effective CRM dimensions of the customer identification, attraction, retention and development to make the expansion of the business activities to capture the wider segment of the market. Market development strategies used to be formed with the using of the effective marketing communication techniques such as advertising and publicity , sales promotions, direct marketing , public relations and personal selling which will be helpful to develop the good communication system of the hotel with the creating of the Goodwill in the business. Business strategy of the Britannia international is constructed as per the ideal divisions of the functional activities in the four major departments specifying the executive strategy of the hospitality operations. Critical Analysis Strategic Management policy of the Britannia hotel industry is a constructive idea of the operational profile in which there is a wide scope available for the coverage of the functional area of activities. The strategic idea of the functional approach of the management policy is depending on the availability of the strategic factors which are in the support of the management and get inverse with the management. Following are the SWOT analysis are focusing on the internal and external factors of the hotel industry à ¢Ã¢â€š ¬Ã¢â‚¬Å" a) Strengths Glance location of the hotel industry in the midlands nearer of the dockland airport is facilitating the visitors to take stay in the hotel. Availability of the feasible facilities including the air conditioned rooms, lodging and boarding, Restaurants, Bar,Kithen are all giving the strengths of the business. Staff operations are commensurate to the strategic development of activities , with the expertises of the staff and availability of the potential capacity of the labour services. Availability of the tourism operations is creating an additional constructive strength of the business . The scope of the information management department is to handle the ideal activities of the marketing function through the implementation of the different strategic marketing techniques. Availability of full fledged well furnished rooms , with the big halls for the events, ideal structure of the hotel set up is an added advantage. b) Weaknesses à ¢Ã¢â€š ¬Ã¢â‚¬Å" No scope for the parking facility of the vehicles in the surrounding area of the hotel industry. Increasing the rate of the labour turnover in the business with the improper workforce management activities. There is a serious increases in the budgeted expenditures of the hotel industry in due course of the increasing the labour turnover of the business. Reduction in the profitability of the business over the period of time is affecting on the performance level of the hot el industry. Increasing in the costs expenditures will commensurate to the revenue recognition from the day to day operational control of the business. c) Opportunities à ¢Ã¢â€š ¬Ã¢â‚¬Å" There is a greater scope available for the hospitalisation in the area of Canary Wharf. As London is one of the international city in the world many visitors are used to come here for the visits , picnic, education,travel,living,jobs. So that there is a wide scope of the opportunities for the development of the business is available towards the international visitors. Performance level of the hospitality industry is at the optimum rank , further there is a wide scope of the development to increase the level of the performance of the business with the employment of the skilled, efficient labour in the day to day business operations. Level of the business management can be used as a basis of the chanelising the information management function in order to acquire the objectives of the business. d) Threats à ¢Ã¢â€š ¬Ã¢â‚¬Å" As the London is an international city in the world, many spectators are used to come here from the different parts of the world. It is therefore there is a wide scope for the development of the Hospitality industry in this area. The scope of the Hospitalisation is quite more in this city of London. Due to which many hotel industries are used to operate in this city to entertain the globalise visitors, guests. It is leading to the emergence of the different hotel industries. Hotel Hilton Metropolitan, Hotel Syon Park, Hotel Chariot Mirror are some of the leading hotel industries in the city competing the Britannia International. SWOT analysis is pertaining to the focus on the internal and external business environment which shows an exact picture of the hotel industry in a strategic manner. In depth focus further can be made in the business activities through the applications of the tool of the Porters five forces à ¢Ã¢â€š ¬Ã¢â‚¬Å" Supplier Po wer à ¢Ã¢â€š ¬Ã¢â‚¬Å" It is the creative idea of the different facilities offered by the Britannia hotel industry in the hospitalisation. They are having Bar , Restaurant, Kitchen services , lodging and boarding facilities , full well furnished air conditioned rooms which are attracting the visitors in the hotel. At one time more than 100 of people can have stay in the hotel in the well furnished rooms. There is an optimum level of the food facility available for the guests and visitors. Bar services are more timely and co-efficient. Operational strategic management has been done based on the implementing the ideal strategy of the hospitality management and its core area of the knowledge. The Hotel industry is having the strategic supply power which can attract the large number of customers in order to increase the capacity sales. Buyer Power à ¢Ã¢â€š ¬Ã¢â‚¬Å" This is the power of the buyer intensity in which study of the buyer behaviour has been conducted. Buyer power is creat ed with the availability of the financial position of the buyer leading to increase in the level of consumption. Understanding of the buyer behaviour in the business is a strategic task of the assessing of the demand position in the current market. On the basis of which the supplier power can be built up in the day to day business operations. In every business intensity of the buyer capacity is playing a strategic role. As the Uk is in the recovery stage of the credit crunch situation in the market, it is leading to the increase in the level of the economy along with the employment opportunities in the business. With the help of that the earning potential capacity of the buyer is now upgrading leading to the increase in the level of consumption. Market Competition à ¢Ã¢â€š ¬Ã¢â‚¬Å" There is a strategic competition in the market. As the London is an international city there is a major scope for the development of the Hospitality sector because people who are coming from the diffe rent parts of the world are need to have facility for their hospitalisation and care. In due course of which many hotel industries are used to operate in this city creating a challenging business environment for the hospitality industry. With the availability of the international Hotels such as Hilton Metropolitan, Syon Park, Mirror Chariot there is an ultimate reduction is felt in the business of the Britannia international. Threat of New Entrants à ¢Ã¢â€š ¬Ã¢â‚¬Å" There is a serious threat of the new entrants who are coming in the market. As this city has a wider scope of the hospitalisation business in due course of the international visitors, the scope of the hotel industries has been increased in this area. For the entertaining of the guests, visitors there is a need of the new resraurants,hotels which ultimately had given rise to the commencing of the new hotel industry businesses , which can create a challenging threats for the Britannia International as the same quality food may be available at the more cheaper rates in the new hotels for the sake of the capturing of the market. Barriers to New Entrants There are the certain barriers are available in this country for the new hotel industries. Govt. Licensing is a challenging task which requires the many compliances of the documents and still no assurance of the sanctioning of the license. Another problem is of the capital funding as London is one of the costly city in the world , there are the many requisites are raised for the mobilisation of the capital and still there are the issues which are arising in the starting of the business. These are the serious challenging barriers to the new entrants. Findings It has been found on the basis of the strategic analysis that there are the different strategies and customs are applied in the business. The normative strategic planning of the business is based on the Porters generic scheme. a) Cost Leadership à ¢Ã¢â€š ¬Ã¢â‚¬Å" There is a cost efficiency and effectiveness is maintained in the business which is leading to the maximisation of the profits. Quarterly budgets are prepared indicating the schedule of the expenditures and the actual performance is used to compare with that schedule in order to improve the strategic performance of the business. Executive cost control is maintained in the business as a strategic tool of the business. b) Focused à ¢Ã¢â€š ¬Ã¢â‚¬Å" The ideal focus of the activities is based on the restaurant and lodging and boarding activities. In the restaurant the strategic activities which are focused are the kitchen services, Bar services, Operating services. In the lodging and boarding activities the ideal servic es are the well furnished rooms along with all the facilities of the toilets, bathrooms. c) Differentiation à ¢Ã¢â€š ¬Ã¢â‚¬Å" With the continuing of the focused core area of activity of the business hotel industry is planning to develop the new activity of the Travelling and Tourism operations which will facilitate the additional source of income of the business as the supportive level of activity to grow the business in the Hospitality sector. Conclusion and Recommendation The Britannia international is one of the reputed hotel industry in London having its strategic significance all over the world. Wide scope of the business with the glance opportunity is available for the expansion and development for the hotel industries. The Britannia hotel is having the imperative strength of the good supplier power , ideal resource management scheme which will be commensurate for the strategic management policy of the business. Good location of the hotel industry , facilities available are of the restaurant, bar , kitchen services , lodging and boarding services which are giving the scope for the business expansion and development. However, as the London is an international city in the world many spectators are used to come here for the travels, visits, education there is a wide scope of the development of the hospitality sector in order to catch the wide area of the business development. This is giving scope for the development of the many hospitality industri es creating the market competition . Hotel Hilton, Hotel Syon Park, Hotel Passage to India are the hotels creating a challenging environment for the business. It is recommended to the hotel industry to give scope on the marketing communication techniques of the sales promotions and direct marketing in order to grow and expand the business. In the sales promotions focus can be on the giving of the different attractive discounting offers which can catch the customers. In the direct marketing hotel industry can use the strategic technique of the e-mail communications system to contact directly with the customers.

Lower class Free Essays

Lower class Americans do not often discuss the class separation that exists in today’s society, but we all know there Is something going on. The government helps supports the lower class, so that the lower class can also enjoy their lives without having to work. DRP. We will write a custom essay sample on Lower class or any similar topic only for you Order Now Daniels analysis about the underclass and Its relationship to the government Is accurate based on poverty, criminality, and family fluidity. One of the aspects that allow the lower class to remain in their specific position is because of poverty. A lot f the time, the lower class will not take the initiative to work because they claim to get â€Å"paid†. As Anthony Daniels quotes â€Å"l get paid on Friday(Daniels), they are not actually getting paid but rather are receiving state benefits and feel entitled to have them without doing any work. The correct term they should be using is â€Å"I received my check on Friday’. And for this reason the lower class does not feel necessary to work since they receive a check every Friday. So, what happens if they do decide to work? Well, when and if they do decide to work, they will usually end up regretting It. The US Government Is basically saying we had destroyed all economic incentive for the latter to work† (Daniels). Here In the US, If you start making more than a certain amount of Income, all your states benefits will get cut-off. This concept Is super deadly because they still need support and are still struggling to become volcanically well. Lastly, the lower class does not think about the future. Most of the time, they ill be concerned with paying of bills (living on a day to day basis), or spending it all on the spot for luxurious items. Many successful people know that saving for the future is exceedingly important and truly beneficial for them. Criminality in the lower classes is a choice that can be steered clear of. Committing crimes for drugs is something that happens quite often and here is the reason why â€Å"Dishonest passivity and dependence combined with harmful activity becomes a pattern of life, and not just among drug addicts. † (Daniels). Basically committing crimes has become a way of life not only for drugs, but also for other needs. It’s not that cannot stop committing crimes but they need help getting out of this villous cycle. These days, there Is no such thing concept of a traditional’ family anymore. â€Å"Everyone lived In households with a shifting cast of members, rather than in families. † (Daniels) I really agree with this statement, because today we have no such thing as a family anymore due to divorce rates. Parents are constantly arguing and in disagreement and their children eve no idea what to do. So these children often look up to the TV because that’s the one thing they can find satisfaction in. Another reason why these families are so dysfunctional is due to work. Often the father will leave the mother all alone to take of their children all by herself. This mother often will have two Jobs, working day and night, to support her children because she is a single parent. This also brings up another point of why families are dysfunctional Is due to Individualism. Many Americans believe In the Idea of individualism which can be bad. In the article, the following quote Is the new definition of Individualism: â€Å"Mothers would say to me that they were pleased to be Independent, by which they meant Independent of the fathers† (Daniels). Usually these mothers are free of the ruthless fathers, but rather government for help. In today’s society we all maybe considered equal, but subconsciously we all know that social classes influence our decisions. It is near to impossible to break out of your social class because the government has a system set into place that nearly affects everyone. How to cite Lower class, Papers

Working with Diversity and Conflict for Leadership- myassignmenthelp

Question: Discuss about theWorking with Diversity and Conflict for Leadership. Answer: The aim of the essay is to critically analyse the topic, Diversity in leadership within a firm allows managers to bring in new skills and methods for achieving unity within their teams and develop a strong culture. The statement is critically analysed regarding CSR, leadership and HRM practices within an organisation. The essay briefs the bias that might contribute to the decrease in productivity. The essay recommends the way to eradicate the same in the culture. The term bias refers to the situation where people are drawn to others with same hobbies. In regards to the organisational context, it might affect resume screening and career advancement. Bias treatment largely effects the motivation of the staff and their morale. It also influences the commitment of the employees and the desire to advance in the organisation. Thus, the purpose of the essay is to understand why business needs to consider diversity and conflict in their business. Australia is popular as the multicultural society. Therefore, the workplace comprises of minorities, immigrant and non-immigrant workers, contract workers from other countries, more women, limited English-speaking workers, non-English speaking workers, and older workers. These workers have varied needs and expectations, and it may be challenging for the management as they have different skill sets. Ignoring the differences in the workplace leads to conflicts, confusion, complaints of harassments and eventually discrimination. It may hamper the team unity. It becomes difficult for the management to communicate and coordinate with such diverse group (Allard et al. 2017). Thus, it is essential to respect the diversity to develop a strong culture. Intercultural leadership allows managers to bring in new skills and methods for achieving unity within their teams. Diversity in leadership within the firm is important for managers due to shift in the workplace demographics and the emergence of the global market. Workplace diversity has come close to the business necessity. Lack of workplace diversity leads to bias, that is getting attracted to employees of the same culture, caste, and language. In many cases, business opportunities were found to be missed as they failed to capitalise on the mixture of genders, ages and lifestyles (Canas and Sondak 2013). When employees without the language and cultural skills are recruited, it will lead to the decrease in productivity and build a strong culture. Other aspects of bias are stereotypes attitude towards particular culture, discrimination of women professionally and bias in giving feedback (Dunham 2017). More than conscious prejudice, unconscious bias is more predominant. HR managers in many cases were found to show bias in the hiring process, granting leaves, thus developing the unproductive workfor ce. For instance, a stereotype that black women are aggressive, decrease staff morale. The pay gap and lawsuits are some of the consequences of bias (Koch et al. 2015). In my personal experience, my maternal aunt was discriminated regarding promoting to higher designation despite being competent. Without including diverse talent, creative ideas it is difficult to sustain competitive advantage. It is difficult to offer more solutions to the customers due to lack of ideas. There will be no scope for creativity, if employers are biased to take opinion and perspectives, from employees of similar background and culture (Guillaume et al. 2017). As per the findings of Harvey and Allard (2015), when heterogeneous groups are present in the organisation, there is an increase in creativity due to the cross fertilisation of one another. Therefore, to achieve one common goal an intercultural leadership can bring in the variety of solutions. For instance, Chinese workers working in the Australian company can think different from Australians. Consequently, it will lead to innovation. Thus, diversity in leadership is essential for managers as the social identity of an employee effect relationship with employees. Transformational leaders are effective in this aspect as they walk the talk and literature evidence say that it is effective in managing diversity. Diversify in leadership means employing, promoting and appreciating diversity (Wang et al. 2013). There are several advantages of ensuring the workplace diversity by the human resource managers and senior level managers. It helps to foster mutual respect where employees working in the team can cope with the different work styles, cultures, ideas and thinking styles. It will help realise the significance or strength of the diversity and combating bias in feedback, payment and others. With the help of diversity, a pool of talented brains can be targeted to achieve common organisational goals (Moran et al. 2014). As highlighted by Allard et al. (2017) acknowledging the differences at workplace decreases the likelihood of the conflicts. By learning new skills to maintain, the unity in diversity decreases the potential liability of the employee complaints. To avoid issues on litigation, it is better to preserve the high quality relationship with the employees, supervisors, and co-workers. The study conducted by Barak (2016) argued that the diversity, when accompanied with the inclusiv e culture, helps deliver high performance. It decreases absenteeism, increases innovation and the customer satisfaction. Without developing the mindset of inclusion, the managers will not be able to successfully implement the diversity initiatives. Lack of inclusive mindset will cause them to behave defensively. Simply, integrating the corporate policies such as flexible working time will not help avoid lawsuits. Inclusiveness is necessary where employees embrace each others uniqueness, thus, decreasing the dissimilarity and bias. Diversity and inclusion are a part of the corporate social responsibility. Without inclusion, a company may not be able to expand on to the global market. For example, if an Australian employee can speak Japanese, he or she may not be as successful in dealing with the Japanese representative when compared to a Japanese employee. The later may better understand the culture and thinking style of the foreign representative. It will be beneficial for the business managers to learn new skills from culturally diverse workforce such as new language skills. Further, an organisation can gain reputation by being inclusive of other communities. It will also help promote corporate social responsibility (Barak 2016). For instance, by hiring Mandarin-speaking employees, a companys sales among Chinese communities can be increased. The business and the employees will get better exposure. Thus, it is the new method to create unity and strong culture in an organisation. Thus the given essay topic hold s significant value. When an employee fails to execute the knowledge or talent, it leads to the feeling of discrimination and bad reputation of the company. Bias may further lead to harassment and lawsuits. It will decrease the strength of job seekers. Workers are drawn to organisations with fair treatment of employees irrespective of ethnicity, minority and gender (Chuang 2013). Business may feel challenging to place an employee on different silo based on diversity profile. For instance, it may be difficult to categorise an English-speaking employee who is 51 years old and an atheist under a particular diversity. A human resource manger must develop leadership quality to respond to complex human needs to develop the strong customer base. In this context, it is justified to say that the diversity in leadership will help develop the strong culture of inclusiveness. To fulfil the corporate social responsibility, it is necessary to cater to personal needs of employees. Based on the literature review, evidenced-based recommendations are effective in making the workplace diversity program successful. It would be effective to base the decisions of employment on job recruitment. Employees should be recruited based on the non-discriminatory and legitimate reasons. It is possible through the provision of detailed job descriptions for each designation. Based on the individuals performance or ability the decisions related to the promotion, hiring, training, discipline, termination or demotion should be made. If an employee has great potential, with a different skill set, a training program should be provided after recruitment. It will help them to meet the organisations performance standards. Older employees must be familiar with the behavioural interviews (Chuang 2013). The human resource managers to learn cross-cultural communication for communicating with different sex and culture groups; identify the dos and donts of each group and ways to supervise th e non-Australians. There must be effective and consistent enforcement of the policies about harassment and discrimination. It must be applied uniformly. In this regard, there must be a record retention program for proper documentation of the entire investigation (Wang et al. 2013). To deal with the cultural diversity issues, programs should be developed at the workplace. The workplace should design policies and the procedures that will facilitate communication with the non-English or limited-English speaking workers. However, to avoid stigmatisation or feeling of discomfort among employers must explain the essentiality of seeking such program and the need to fulfil the given job role by speaking English. The language requirement should also be mentioned in the written job description (Hunt et al. 2015). Every organisation must recruit professional translators for cases other than the investigations on harassment and discrimination. It should be determined if the need of speaking English is only for specific work time and the documents that especially needs translation for non-English speaking employees. It is recommended that the new arrivals in the organisation such as immigrant contract workers must be trained on the acceptable workplace behaviour and the wor king standards of Australia. The leaders must aware the workers on the laws, values and ethics of Australia for effective risk management. The business leaders must train the exiting employees on the behaviour that cause harassment and discrimination (Wang et al. 2013). To respect the cultural diversity, culturally sensitive procedures must be adopted by the organisation. It will help receive and process the diversity questions and problems. For instance, it may be difficult for Aboriginals to be assertive, outspoken, and individualistic as Americans. The managers must develop a program to resolve the family issues (such as insurance, health issues) of the employees to make good business sense. It will help retain valuable employees. It will help fulfilment of the corporate social responsibility For instance; AIDS awareness programs can be initiated by the managers to promote. The essay critically analysed the statement Diversity in leadership within a firm allows managers to bring in new skills and methods for achieving unity within their teams and develop a strong culture. Based on the analysis, the statement can be called as justified. Including diversity in leadership will help managers to develop new language skills, generate creative ideas in the organisation, and increase the company sales and productivity. It will lead to positive reputation of the organisation. Without the diversity in leadership, the results may be opposite. The essay has recommended strategies for mitigating the diversity issues in the workplace. References Allard, S., Qayyum, M.A. and Mehra, B., 2017. Intercultural leadership toolkit for librarians: Building awareness to effectively serve diverse multicultural populations.Education Libraries,30(1), pp.5-12. Barak, M.E.M., 2016.Managing diversity: Toward a globally inclusive workplace. Sage Publications. Canas, K. and Sondak, H., 2013.Opportunities and challenges of workplace diversity. Pearson Higher Ed. Chuang, S.F., 2013. Essential skills for leadership effectiveness in diverse workplace development. Dunham, C.R., 2017. 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