Financial Analysis Tools for SMEs

Financial Analysis Tools for SMEs CHAPTER FIVE DISCUSSIONS, RECOMMENDATIONS AND CONCLUSIONS INTRODUCTION The SME sector development is seen as a key strategy for economic growth, job generation and poverty reduction (Agupusi, 2007:2). This study endeavored to explore and describe the financial performance measures currently used by manufacturing SMEs in Mauritius. It was undertaken due to the fact that many studies were conducted on obstacles faced by SMEs in obtaining finance, but it appeared that not enough were undertaken on how these SMEs manage their finances; whereas some studies found that small businesses fail because more often than not cash flow is not properly managed (Mbonyane, 2006:18). In this context the Z-score model is presented as a useful bankruptcy model for SME. This chapter concludes the research project by summarizing the previous chapters and highlighting the results of the empirical study in Chapter Four with respect to the objectives of the research. It also includes comments on the contribution and limitation of the study as well as recommendations and suggestions for future research. SUMMARY AND OVERVIEW OF THE RESEARCH Chapter One presented the background of the study, followed by problem statement, rationale and objectives of the research, a preliminary literature review, research methodology and layout of the Chapters. Chapter Two presented a literature review regarding SMEs and their role in the Mauritian Economy. It was shown that the development of a sound SME sector is a key factor in job creation and economic growth for Mauritius. Many obstacles were pointed out as causes of SME failure, including financial performance skills, which were the focus of this study. Moreover, an international comparative analysis was presented. A brief discussion of non-financial measures was given as well, followed by financial performance measures that included financial ratios and bankruptcy prediction models. Chapter Three presented the research plan including sampling, data collection, and data analysis. Chapter Four presented the results of the empirical research findings on financial performance measures currently used by manufacturing SMEs in Mauritius. Thematic content analysis was used in presenting the results, taking the themes in the literature of the topic as basis for comparison. Chapter Five is the final phase of the study and aims at using the information from the literature study and the empirical findings to provide solutions to manufacturing SMEs’ financial performance measurement according to the findings and through recommendations. DISCUSSIONS OF FINDINGS FINANCIAL PERFORMANCE MEASUREMENT The first objective of the study was to identify financial tools currently used by manufacturing SME’s in measuring their financial performance. This objective of the study was achieved during the field study with semi-structured interviews at SME premises that helped gather information on the financial performance measures used by each. The findings revealed the following ratios as the most widely used by respondents: Cash flow to total debt (used by six respondents); Current ratio (used by six respondents); Working capital to total assets (used by five respondents); Cash flow to average total current liabilities (used by five respondents); Gross profit margin ratio (used by four respondents); and Inventory turnover (used by four participants). Gross Profit Ratio The level of satisfaction was measured using a likert scale. The conversion of the 5- point Likert- type scale for the satisfaction with current financial performance scale to illustrate the total score was as follows: (not satisfied at all = 1 (1), not satisfied = 2 (2), somewhat satisfied = 3 (3), satisfied = 4 (4), very satisfied = 5 (5)). The higher the mean score indicates a higher level of satisfaction. Upon computing the mean for this scale,, it was found that the mean was 2.4000, this implies that there is a relative low level of satisfaction prevails with the owners of the SMEs concerning their current financial performance. It can be seen that all of the participants felt that measuring financial performance is important. However, despite the fact that measuring financial performance is important, none of the SMEs used a finance officer or an external consultant to evaluate their financial performance. It can be observed that financial ratios (100%) is the only used tool by the SMEs sampled as compared to tools such as Scoreboards (0%), the Bankruptcy Prediction Model (0%) and other models(0%). Based on the results of the analysis, it was found that even though the owners of the SME used financial ratios, only 39 percent of them found the ratios to be useful in helping to improve their financial performance. BANKRUPTCY PREDICTION MODEL The use of bankruptcy prediction models (another financial tool in the literature) was totally absent among the respondents. In fact, almost all the participant SMEs knew nothing or very little about bankruptcy prediction models. The limited use of ratios and non use of bankruptcy prediction models raises the issue of objective number two which is to recommend necessary improvements on financial performance measurement of SMEs which will be part of the recommendations. Also, the lack of knowledge of bankruptcy prediction models by interviewees at different SMEs may necessitate relevant training for the financial officers of SMEs; that is the issue of objective number three of the study, which will be part of the recommendations section as well. The last objective of the study was to recommend necessary improvements on financial performance measures used by manufacturing SMEs. The study found that most manufacturing SMEs used financial ratios to measure their financial performance, but to a very limited extent. Very few ratios were used by individual SMEs and most of the ratios used were not the best indicators mentioned in the literature. Though, some of the interviewees acknowledged that they need to use more ratios. This objective will be part of the recommendation section below. Another objective of the study was to recommend necessary training interventions that would be needed for manufacturing SMEs’ successful financial performance measurement. The research findings indicated that none of the respondents used any of the available bankruptcy prediction models; whereas it was proven in the literature that the models could be used successfully by SMEs as well as big businesses. SMEs could use the models not necessarily for predicting failure, but as a tool to constantly assess how they are doing financially so as to take necessary measures anytime they feel threatened. It was found that most of the respondents knew nothing or very little about the models, and it seemed quite obvious that relevant training is needed. LIMITATIONS OF THE STUDY These results can only be seen as a trend and further studies need to be conducted for any attempt at generalization. For this study for example, either emails were not responded to at all, or potential participants kept postponing, suggesting that the researcher call the following week. In the end, respondents had to be approached at their business premises and requested to participate. It is costly if it is taken into account that many SMEs would decline to participate, but works better as procedure; and should be considered in future studies. Also, it was noticed that more small businesses (70%) participated in the study because most medium business that were approached declined the invitation. Therefore, for a bigger study that would seek to generalize the results, researchers should endeavor to have a more balanced number between small and medium businesses that participate. There was very limited literature on the topic of financial performance of SMEs as well. This resulted on the study having to be built on theory. RECOMMENDATIONS It is recommended that SMEs use more ratios, especially those in the literature study (Chapter Two) as improvement of their financial performance measures. SMEs should probably consider the use of the six most used ratios as summarized in section 5.3 above, since they seem to be working well not only for the majority of participants, but for businesses in general. It is also recommended that SMEs owners/ managers request and enroll their financial staff for training on bankruptcy prediction models at relevant institutions such as universities. The few models presented in this study may be used by SMEs as well, since they are simple and cheap, and should not pose problems to trained financial staff. Another recommendation would be for those SMEs that can afford it, to try the use of specialized software (e.g. PASTEL or PRO ACC5), which were indicated as effective by the few participants who use them. The SMEs would be able to use ratios that are computed from the software. The Z Score is also a critical business tool managers utilize to make informed business decisions to improve the financial health of the business. The Z Score helps managers assess the factors contributing to poor financial health. Z Score factors that contribute to under-performance; working capital, earnings retention, profitability and leverage can be isolated. This enables managers to initiate actions to improve the score of these factors contributing to financial distress. Targeting actions to specific under-performing stress factors allows managers to make capital allocation decisions that mitigate principal risk factors and produce optimal returns. Focus areas for managers to improve Z Score are transactions that effect earnings/ (losses), capital expenditures, equity and debt transactions. The Z Score provides a quantitative measurement into a company’s financial health. The Z Score highlights factors contributing to a company’s financial health and uncovers emerging trends that indicate improvements or deterioration in financial condition. The Z Score is a critical tool business managers use to assess financial health. It helps managers align business strategies with capital allocation decisions and provide transparency of financial condition to lenders and equity capital providers. Business managers use the Z Score to raise capital and secure credit. The Z Score is an effective tool to demonstrate credit worthiness to bankers and soundness of business model to investors. The Z Score is based on actual financial information derived from the operating performance of the business enterprise. It avoids biases of subjective assessments, conflicts of interest, brand and large company bias. The Z Score employs no theoretical assumptions or market inputs external to the company’s financial statements. This provides users of the Z Score with a consistent view and understanding of a company’s true financial health. SMEs should have proper financial planning. They should undertake both financing and investment program according to financial planning. SMEs should keep all records of financial transactions in a system way. This will provide accurate accounting and financial information for making both routine and non-routine managerial decisions by the management of SMEs. This will also enable lending agencies to conduct credit risk analysis; and rating agency to carry out the rating job for the SMEs. SMEs should introduce internal audit to restore effective financial control in the SMEs. SMEs need to have an effective management system as well as skilled manpower. This is expected to exert a positive influence in efficiency as well as productivity of SMEs. Good culture in the firm develops leadership in the organization who can be able to trace the financial distress early and thereby prevent SMEs from the exposition to financial and operating risk. SUGGESTIONS FOR FUTURE RESEARCH Further research could be conducted on a wider scale in an attempt to generalize the findings to manufacturing SMEs in Mauritius; and in different regions of Mauritius. Further research could also be done to determine whether the findings of the study are consistent across different sectors. Financial performance measurement of larger enterprises could be another subject of study as well. CONCLUSION It is fair to say that, contrary to what one may think, many manufacturing SMEs (with respect to the number of studied SMEs) in Mauritius, use financial ratios (one of the financial tools in the literature study) to measure their financial performance. Though, this use of ratios by the studied SMEs is limited, because only a few ratios are being used by the respondents. Yet again, out of the ratios used, few are among those in the literature that were found to be the best financial measures or good financial distress predictors. None of the respondents used any of the available bankruptcy prediction models. In fact, most of the respondents knew nothing or very little about the models. Some of the participants have opted for the use of computer software and are getting satisfying results from them. Although most of the respondents have performed fairly well so far, to improve their financial performance, SMEs should use more of the recognized ratios identified in this study. Six ratio s were identified to be widely used by the various SMEs interviewed, and because most of the respondents indicated that their financial performance has been satisfying (even though some said there is a need to improve), these ratios should be taken into consideration. SMEs need also to train their financial staff on other financial tools such bankruptcy prediction models that are quite easy to use. It was also pointed out in the literaturereview that ratio analysis and bankruptcy prediction models (since they consist of a group of ratios with variables of different weights) have their shortcomings as well. Therefore they should only be used as an indication. This study will contribute toward filling the gap in the literature of SME financial performance measurement; and if taken seriously by SMEs, will help them in effective financial performance measurement by drawing attention to the various tools that are available to them for that purpose and the necessity of training financial staff on various measures as well.

Ensure Justice and Equity Essay

On the one hand, fixed punishment will have a deterring effect on society. â€â€"Individuals knowing that they will be subject to a certain punishment if they are convicted with a given crime will reconsider committing this act in the first place. â€â€"This deterring effect also leads to social stability and security, through minimizing the number of crimes committed. â€â€"If people knew they would be able to convince the court or the jury of reason for having committed the crime they are accused of, penal decisions would be largely arbitrary. This would result into criminals getting away with their crimes and into a high level of injustice caused by the subjective approach of different courts。 In my opinion an intermediary position between both solutions is the perfect way to establish and ensure justice and equity. There have to be fixed punishment for all crimes. However, criminal laws have to provide for a minimum and maximum for the punishment and the laws also have to foresee certain cases of exemptions. An example for setting minimum and maximum penalties is Competition Law where a person being held liable of a crime under this law will be convicted to pay a fine, according to the harm caused by the violation and the profit gained by the violator through committing the crime. As for the exemptions, in some countries the law exempts thieves stealing food during a period of famine taking into consideration the distress and hunger. Also, a person killing in self-defense will be exempted from punishment.

Get the Scoop on Topics for Argumentative Essay Before Youre Too Late

Get the Scoop on Topics for Argumentative Essay Before You're Too Late The New Angle On Topics for Argumentative Essay Just Released Domestic terrorism isn't really an overwhelming issue in the united states. It's possible to go for an intriguing topic from any area of science. F. Bacon The main goal of the capital isn't to get as much money as possible, yet to guarantee that money causes a better life. Therefore, the topic needs to be debatable! Begin with general subjects that you are conversant with then narrow down to a certain topic. After you locate a proper topic it's imperative that you concentrate on proper research. Picking an emotional topic is also a great idea. What to Do About Topics for Argumentative Essay Before It Is Too Late By way of example, in college, you might be requested to compose a paper from the opposing standpoint. Every time you need to complete such tasks, the most crucial step is to decide on a controversial topic as it should provoke the debate in your upcoming audience and make them dispute it. You want to supply sample scenarios, along with other details to drive your point home. When you settle on the subject and select the position on which you will base your essay, the remainder of the job can then begin. In choosing your topic, it's frequently a good concept to start out with a subject which you already have some familiarity with. Unfortunately, you'll have to experience the subjects you have zero interest in, and might, sooner or later, feel as the ideal theme doesn't exist. When you're picking your topic, remember that it's much simpler to write about something which you currently have interest ineven in case you don't know a great deal about it. Whichever topic you select, always don't forget the value of literature sources. There are just a few things that define whether an essay you're working on is going to be a good one. One of the greatest approaches to make writing a research paper easier is to select a topic that you're passionate about. The very first step is to learn the topic you want to write about. You may trust us to supply expert assistance for many of your academic writing needs. Clearly, you ought not purposely choose a topic that will bore your audience. Set your objective first, then produce a means to write it in an intriguing manner for your readers to relish. They need to see the whole picture, and that is what you are to focus on. Topics for Argumentative Essay Can Be Fun for Everyone Next, you should consider the method on how you need to relay it to your readers. At the conclusion of these list, you are going to discover links to a variety of argumentative paragraphs and essays. Unfortunately, in regards to writing papers on unique assignments, there isn't any perfect collection of all of the strategies and options. When you are finished with the majority of your research you should make an outline. You are a genuine expert in regards to persuasive essay topics. Selecting an excellent topic for your essay is among the most significant and frequently tricky parts for many students. It is possible to observe a list of 25 topics you can pick from the one which best fits your assignment. Having selected a very good topic to argue about, at this point you will need to make an argumentative essay outline. Examples might also be included in every one of the body paragraphs to more support and clarify your primary points. You should be able to use persuasive language. Qualities of an excellent persuasive essay topic The topic needs to be specific. The topics must have two sides and they need to be quite interesting.

Summary Of The Assistance To The Elderly - 967 Words

Brief Facts: The Assistance to the Elderly, Inc., a 501(c)(3) organization is the umbrella company of Residential Plaza at Blue Lagoon, a non-profit assisted living facility providing services since 1990, subsequently, the age of the facility will require more funds for maintaining the structure and its surroundings. The facility accommodates 320 seniors with an income ratio of 80% low income and 20% medium income. The ethnic segmentation is 100% Hispanics and the average age is ?. Industry Challenges: What is the greatest challenge the assisted living facilities is facing? The industry faces numerous challenge from a dramatic increase in the elderly population, increase health cost, limited affordable housing and services. â€Å"The†¦show more content†¦The Memory Care program is for adults with Alzheimer’s Disease or other dementia-related disorders, offering affordable, 24-hour specialized care. The funding for this program will benefit the advancement of the Montessori for Aging and Dementia philosophy, an innovative approach to dementia care with the goal of supporting people with dementia by treating them with respect and dignity – enabling them to make choices and to live as independently as possible. The Infrastructure program will apply for grants that will assist the facility in the upkeep and maintenance of the building. The Staff Training program will allow the current and new staff to learn the latest best practices for caring for seniors. The Health and Wellness program will allow the growth of activities to meet the needs of seniors. Health Fair will be an outreach program for underserved communities in Miami, Florida. Caregivers Fair will be an outreach program for underserved communities in Miami, Florida. Person-Centered Care focuses on meeting the individual resident’s needs. Decisionmaking is directed by the resident to maximize their independence, and staff assistance is not task-oriented Person-centered caring is based on the concept that the staff and management know each resident, and understands their medical and personal history, their needs, preferences, and expectations. The staff form meaningful relationships with theShow MoreRelatedEvolution of Programs and Services for Aging Populations Over the Last Fifty Years864 Words   |  4 Pagesbaby boomers in America turned 65. 2011- Enactment of the Community Living Assistance and Supports (CLASS) program Description of Programs and Services In 1935 the Social Security Act was established to provide Old Age Assistance and Old Age Survivors Insurance and in 1950, then President Truman, held the first of all National Conferences on Aging and the first federal social service programs were funded for the elderly in 1952. 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Law Enforcement Today - 773 Words

Assignment Law Enforcement Today CJS/200 May 20, 2012 Ryan A. Conti Law Enforcement Today Today’s law enforcement officers are faced with difficult challenging issues. Being trained efficiently is most important so they know how to respond to the many different issues. According to Schmalleger (2011), corruption, on duty dangers, deadly force, and racial profiling are just some issues today’s law enforcement has to deal with. Multicultural society is one of the main challenges that police officers face on a day to day bases. To â€Å"protect and serve† is the number one duty of law enforcement. According to Schmalleger (2011), it is important as a police officer to understand and respect the different habits,†¦show more content†¦Excessive force is â€Å"the application of an amount and/or frequency of force greater than that required to compel compliance from a willing or unwilling subject† (Schmalleger, 2011). One issue that has been constant is racial profiling. 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Why Everybody Is Talking About Immigration Argumentative Essay Topics...The Simple Truth Revealed

Why Everybody Is Talking About Immigration Argumentative Essay Topics...The Simple Truth Revealed You may continue to keep your argumentative essays for your upcoming job portfolio in case they're highly graded. If you must compose an argumentative essay on immigration, but don't have adequate time or energy to do it by yourself, you have located the ideal spot. If you're struggling, you always have the option to acquire help by employing an essay writing service such as ours. If you think that you require assistance with your written assignments it is preferable to ask for skilled help from online writing service. Why Almost Everything You've Learned About Immigration Argumentative Essay Topics Is Wrong There are a few reasons which justify and condemn illegal immigration that I will endeavor to go over below. The current dilemma of immigration raises various essential questions which are both beneficial and negative. Yet another critical issue to think about is overpopula tion. There are a few problems that surpass the controversies which were raised about immigration. Immigration Argumentative Essay Topics Secrets If you're in a college and wish to compose an argumentative essay, you should select a subject of high importance. The topic has to be interesting, the topic has to be essential and finally the topic has to be informative. Quite frequently, the very best topic is one which you truly care about, but you also will need to get ready to research it. You will probably locate a different and wonderful topic you will love to write about. Understanding how to compose a strong argumentative paper can help you advance your very own argumentative thinking. You need to set up facts, possess the confidence and demonstrate the obvious evidence of your private viewpoint to certain phenomenon. Becoming in a position to compose a strong argument will allow you to succeed in society. Racial slurs ought to be illegal. There are lots of aspects abo ut a sport that may be argued in an essay. Argumentative essays are a few of the best that you can write as a student. To start with, an argumentative essay is a part of formal writing. It is a particular type of academic writing. Civil wars and financial challenges are a few of the typical elements that push people to move to other nations searching for peace and financial stability. Immigration has turned into a massive international issue, especially within the field of economics, trade, and company. Therefore, immigration offers a chance to students who pursue new fields of study they cannot locate in their home country. Job immigration is the main problem, particularly in the underdeveloped and developing countries. Immigration has ever been an important but divisive element of social and political life in the United States of america, but in the last few years, the debate about the perceived threats and advantages of immigration has intensified considerably. Technol ogy is ever-present in our everyday lives. What You Must Know About Immigration Argumentative Essay Topics There are a few helpful strategies for argumentative essays. There are, in addition, some special methods for writing the very first and the very last paragraphs (introduction and conclusion). When students are writing their argumentative essays which need to find, read and analyze tons of material to do good. To locate argumentative essay topics easy on various platforms, you will need to comprehend about the argumentative essay. There isn't any chance of you getting a plagiarized paper written by somebody else. A conclusion is, without a doubt, the most essential portion of the argumentative essay since you can either support the very good impression or destroy it entirely. Make certain you are really interested in the problem, because otherwise you will have no confidence, which is a significant aspect when convincing somebody. When you're picking your topic, bear in mind that it's much simpler to write about something which you currently have interest ineven in case you don't know a good deal about it. The New Angle On Immigration Argumentative Essay Topics Just Released Immigration does not need to be the bad man's escape in the event the government provides enough jobs for everybody. To start, in the 19th century, different kinds of illegal immigrants were regarded as a danger to the Americans. Politically, they take a major role in the presidential elections. Furthermore, illegal immigrants also tend to commit different crimes since they aren't conscious of the other prevailing laws of the nation that they seek residence.

Human Resource Management Change Management

Question: Write about theHuman Resource Management for Change Management. Answer: Introduction In the last decade, the Australian organizations have had different transformations which have led to significant impact on employees. The demands placed on employees are greater than even before, standards expected are higher and duties have become more sophisticated (Fitz-Enz, 2010). These transformations have not had an impact on the employees but have also impacted what the management does to ensure they feel appreciated and valued by the organization. The rapidly transforming business environment indicates that there are many human resource management challenges which might continue to evolve Australia in the future. As a result of the unstable economy as well as local and global advancements, many changes are occurring and impacting human resource management in different ways (Muller, 2013). According to researchers, Human resource departments are facing some challenges that affect them from adding real business value. The following are some of the major challenges which hinder human resource in Australian organizations from performing better. Change Management In the Australian, change-resistant in organizations is very common. People are used to doing what they are used to and never want to accept the introduction of new things. This factor makes the human resource managers to experience challenges because for an organization to succeed, change must be incorporated in the management of human resources. Employees resist change for different reasons including the fear of the unknown, fear of losing jobs and so forth (Muller, 2012). According to business experts, the process of change management has an influence in the whole organization and all people who work there and therefore if the right process is not used it may negatively impact the employees and other aspects concerning the organization. Change is required for different reasons aimed to improve the performance of either the employee or the organization as a whole. The challenge which the HR professionals face in managing change is trying to explain to the employees the reason for the change or other strategies of minimizing change resistance (Rivenburgh, 2013). Another challenge comes when employee resist a change that has already been implemented because it causes the employees to behave in a manner which does not favor good performance. The work of the HR professionals is to ensure employees performs as expected and therefore when this happens they must use the proper strategies to ensure they accept the change, and they can perform better. Recruitment and Selection The number of new job seekers has been growing in Australia over the years because the digital era has made many people to realize the importance of education. This factor has made companies to receive many job applications when a vacancy is announced, hence making the human resource professionals to experience challenges in finding the suitable candidates from a large number of applicants especially when they have similar academic qualifications and job experience (Chintalapati, 2013). The increase in the number of job seekers in the recent years also made the HR managers to experience challenges in selection because they must adjust their selection procedure from time to time so that they can ensure the candidate selected from these broad numbers fulfills the job requirements. Leadership Development This is one of the biggest challenges which Human resource managers face in Australia. In most of the organizations, human resource managers are expected to provide the fundamental structures, tools, processes and points of view to make the best solution and develop the future leaders in their organization (Savtchenko, 2012). In Australia, leadership development is classified as a critical strategic initiative in ensuring the right staffs are retained, the culture of the company supports performance from within to attain good market position, and managers can take leadership roles in the future so that the organization can be viable in the long term. Leadership development includes exposing the best employees to an immersive leadership environment. Sometimes, choosing the best employees for this purpose may be challenging because every employee feels he or she is the best fit. The rising employee turnover rate in this country is also giving the HR managers tough time in coming up with practices to promote employee engagement and motivate them to stay for long in the organizations (Andrew, 2012). The issue of excess turnover rates is also making these professionals to experience challenges in building the next generation organizational leaders because the ones trained leave the organizations within short period even before gaining the required experience. Measurement HR Effectiveness Improvement cannot happen without the right tools to measure the effectiveness of Human Resource. Just like the other departments in an organization, the human resource also requires measuring outcomes regarding transaction management, as well as with regard to positive impact on the company (Hussain, 2012). In the wake of excess competition in the Australian companies, the human resource strategy is linked to the strategic success of an organization as a whole, but most of the senior executives in some of the companies think of HRs effectiveness as unquantifiable. Just like other professionals or departments, the performance of HR professionals can be measured and analyzed, so as to allow them realize their strategic importance in the organizations Identifying Skills As a result of competition in the Australian job market, it is becoming challenging for the human resource managers to identify the right people who can assist their organizations to succeed. The major issue, in this case, is identifying skills beyond those shown in the CVs and resumes (Bhatt, 2012). This is because all job applicants present CVs with different types of skills but not all of them bear them in the real sense. Identifying the desired competencies in a pool of job applicants is a significant challenge for the HR in Australia especially when the position is very competitive. The HR professionals must be adept in finding and securing the best employees, even when the job market seems to be in the candidates favor. The HR professionals also face the challenge of marketing their organizations to the most potential employees in Australia because the number of job seekers is increasing as time goes on and targeting all of them is difficult. Conducting Employee Terminations or Layoffs at Work Letting an employee go is usually one of the most challenging things which HR professionals go through. The greatest percentage of HR professional in Australia says termination or layoffs are an emotionally draining process which affects them (Shiri, 2012). Firing an employee with different responsibilities like taking care of his/her family make the HR professional feel some sense of guiltiness. The legal issue to consider when firing an employee in Australia is also stressful for the HR professionals because a single misstep may lead time-consuming and even expensive lawsuit for an organization. Ensuring Internal and External Compensation Equity Job competition in Australia is increasing, and each company wants to retain its employees (Andries, 2015). Other enterprises that do not have sufficient workforce try to attract the most skilled applicants from other organizations through promising better pay and good job titles. This factor makes the Australian HR professionals face the burden of ensuring the workers are not lured by better pay or notable titles from other companies. Emotional and Physical Stability of Employees As time goes on, the Australians tend to feel that providing salaries and wages to employees is not adequate in todays world. This means the human resource managers are required to maintain proper emotional balance of staff members. Upholding this balance is not an easy job because the human resource managers must understand the requirements, attitudes, requirements and the feelings of staff members in order to motivate them whenever required. Balance Between Management and Employee As time goes on, the responsibilities of human resource are changing in different perspectives. This means balancing the interests of management and employees is becoming a burden to these professionals (Srimannarayana, 2013). Profits, loyalty, cooperation, and are expected by the management whereas good salaries, safety, career development, participative working and good working conditions are some of the factors expected by employees from the management. Unlike marketers, accountants other professionals, human resource managers experience a challenge in trying to balance the management expectations and what the employees expect to get from the management ManagingJob Benefits and Perks, Training Programs Employee health insurance, disability, paid leave, and company benefits as well as perks programs are complex and challenging to manage (Bhatt, 2012). Sometimes when employees expect to get them, and the company does not have enough resources or other departments do not give full support, the HR professionals end up experiencing challenges because it is their responsibility to ensure employees gets what they can motivate them to work better. Conclusion The growing demand for then sound management of human resources is increasing the challenges faced by HR professionals in Australia. The increasing in job competition is affecting both the job seekers and HR professionals in different ways. Some of the challenges which the HR professionals face because of the increase in competition in the Australian job market include identifying the right skills, and Ensuring there is internal and external compensation equity. Other challenges which the HR professionals face in this country include Managing job benefits and perks, training programs, Conducting employee terminations or layoffs at work, HR effectiveness measurement, balancing employee and management Leadership development and managing change. Although the seriousness of these issues differs, they make the HR professionals to experience challenges in ensuring the organizational goals and objects are met through providing the required workforce. Bibliography Andrew, B., 2012. HR Outsourcing Can Boost Savings and Service. The Public Manager, 41(3), pp. 678-710. Andries, D. P., 2015. Evidence of the Changing Activities, Goals and Roles of Hr Practitioners. Journal of Community Positive Practices,, 15(1), pp. 123-200. 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