Organizational Behavior Management and Practice

Question: Discuss about the Organizational Behavior Management and Practice. Answer: Introduction The competitiveness among the business organization is increasing day by day and; therefore, the businesses are focusing on increasing their productivity and long-term performance. The employees or the human resource play a critical role in driving the performance of the business and improving organization effectiveness. Therefore, business organizations irrespective of their size try to retain their best employees in the organization. The business organizations also try to build relationships with their employees and motivate them to become more productive in their day to day life. They also develop strategies to increase the performance of the employees because if they are not able to manage their workforce properly they will not be able to achieve organization goals and retain their employees. Today, a large number of business organizations are acknowledging the importance of the human resource and realize that the employee not satisfied or not motivated to with their jobs will br eak their association with the organization and it will not be able to attain success (Podmoroff, 2016). In order to motivate the employees, the business organizations implements various financial and non-financial reward strategies.The financial rewards refer to the monetary gains which entice the employees to perform better. Money is fundamental to the employer-employee relationship. In a business organization, the employees work towards the aims of the organization and in its exchange get monetary benefits. Therefore, a business firm can use money to motivate the employees. However, the efficacy of money in motivating the employees to achieve targets more than their regular targets in unidentified. In this regard, in this essay, the impact of financial rewards in motivating the employees is explored. The thesis statement of the essay is, whether financial rewards, which are fundamental of employment relationship, can be effectively used in motivating the employees. Management Theories of Motivation In the twenty first century, the organizations are striving to achieve their targets and increase employee productivity. Several management theories have stated that the employee motivation is a critical factor in the organization development and productivity. Therefore, the organizations are focusing on enhancing the employee productivity by increasing their motivation level. The motivation can be defined as the psychological process which directs the behavior and gives a purpose to an individual. It is the predisposition of a person wherein a person behaves in a specific manner to accomplish the targets and the organization goals (Daft and Marcic, 2010). There are several management theories that centers motivation and state that there is a driving force in each employee which needs to be identified and triggered. The attribution theory of motivation states that the people put large efforts if their efforts will result in enjoyable outcomes. Moreover, if the outcomes of their efforts will result in high esteem then also the individuals will put strong efforts in their work. The cognitive and the self-efficacy theory state that the efforts of the employees are dependent upon their expectations with themselves and self-efficacy. The expectancy theory states that an individual works harder in expectation of some rewards for their efforts. The behavior of the employees can be both positive and negative dependent upon the outcomes of their performance. If the outcomes of the task are not motivating then it is highly unlikely that the individual will perform better. The cognitive theory states that the organization culture plays a critical role in the motivation and engagement of the employees. The individual employees are motivate in the organization is dependent upon the perception of the employees and if they assume that the incentives are worthy of their efforts. The employees will also be positive in the workplace if they presume that the targets are achievable to the (Javid and Chapa, 2014). The motivational needs of the employees can also be understood by Maslows pyramid of hierarchical needs wherein the levels are physiological needs, safety and security needs, social needs, esteem needs and the self-actualization. According to this postulation, the people desire to move to another level once they have achieved the previous level. Accordingly, once the people start earning money to satisfy their basic needs and security needs, they desire social status, reputation and recognition. Along with it, the employee motivation can be categorized into intrinsic and extrinsic needs. The extrinsic motivation factor are the external factors such as job security, remuneration amount, working conditions, status of the employees and flexibility and the employee friendly policies. However, these external factors can be categorized as the minimal requirements that keep the client satisfied. It means that if these extrinsic factors such are acceptable then they prevent the employees fro m getting dissatisfied. If the organization maintains the satisfactory level of these factors, the employees are not motivated to exceed their expected demands or requirements. However, in contrast to it, there are some factors which are crucial which develop the performance of employees. These are termed as intrinsic motivation factors. These factors include recognition, achievement, responsibility, growth opportunity and responsibility. The relationship between the employee payment and the job satisfaction is also very low and it becomes increasingly irrelevant in uninteresting tasks. In the task, where the employees are not motivated by the work itself, the financial remuneration is negatively correlated with the intrinsic motivation of the employees. Moreover, the employees motivated by the financial factors are less likely to perform better than those employees who are motivated by the work itself. Though money is a kind of motivation and satisfies the basic needs of the employees, it cannot motivate the employees to increase their productivity. A positive working environment can be established by enhancing the job-security and transparency in the work environment (Kulchmanov and Kaliannan, 2014). Impact of Monetary Remuneration The relationship between the employer and the employees is characterized by the financial and the monetary rewards and their exchange. The employees work to achieve the aims and of the organization and in return get monetary rewards. The financial rewards are also correlated with the growth needs and the value of the employee. They are a major motivating factor in the motivation of the employees; however, there are several other factors which are associated with keeping the employee motivated such as the organization culture and the growth prospects of the person in that particular organization. The impact of the remuneration or the financial rewards is also different as it generates different emotions in different employees. In some culture, the people identify and relate their worth in accordance to their wealth. Generally, the business organizations reward their employees in terms of their seniority and association with the organization, job status, competency and the performance in the organization. The different kind of financial rewards are associated with different returns such as rewards associated with seniority are aimed to reduce the turnover, and the rewards based on the job status are aimed to motivate the employees to compete and become productive. However, the seniority based rewards also reduce the turnover of the employees with lowest productivity. Along with it, the rewards associated with the job status encourage the employees to internally compete which create organization politics (Wilton, 2016). Nowadays, the organizations are also starting to provide competency based rewards to motivate the employees to increase their performance. It includes increasing workplace flexibility to keeps the employees motivated. However, the competency based rewards increases overall cost of the company as the assessment was totally subjective and the employees spend time in the acquisition of new skills. The financial rewards are crucial in motivating the employees early in their career. In the financial rewards, the money spent directly by the company in motivating the employees is higher than other non-financial rewards. The financial rewards given by the company can be categorized into cash bonus and the salary hikes. The overall salary and the compensation offered to the employees are major factor in keeping the employees motivated. The incentives or the cash bonus is additional payment or cash paid on top of the regular salary to encourage the employees to achieve the companys goals (Step hens, 2005). The bonuses are beneficial for the employees as well as the employer as the employees get additional money whereas the employer gets the best performance. The salary hike is done once or twice a year to retain the talented and senior employees within the organization. The percentage of the annual raise is specific to an organization and is dependent upon the performance, sales and loyalty of the employees. Usually, the raises are a percentage of the annual income and also associated with the promotion of the employees. Another monetary reward is commission which is directly associated with the performance of the employees. The commission is usually given to the people in sales and amounts to the amount of sales completed. The commission assists the employees to makes as much sales as possible to increase their commission. The employees get out of their way to increase the sales and so to increase their income. The companies also recruit the employees with high benefits package. The b enefits package of the organization wherein the direct compensation to the employees is low; however, the benefit package is higher makes the organization more appealing to the potential candidates. There are other types of financial rewards also such as profit sharing and piece work motivation (Latif and Saddiqui, 2014). In the recent years, the organizations are also shifting towards providing team-based awards and commissions according to the performance and the rank of the employees. Although these group based rewards are weakly linked with the motivation level of the employees, they impart a sense of ownership to the employees. These organization rewards include stock options and organizations share (Tech-Hong and Waheed, 2011). However, the monetary rewards are only successful in motivating the employees at a lower level. In senior positions, the employees are more concerned about position and prestige. The correlation between compensation, motivation and performance is complex. There is no specific relation between monetary compensation and performance at work at higher level. Even with the abundant resources, it difficult for the organizations in deciding the ideal salary to motivate the employees to perform better (Mills et al., 2006). Although money is a significant motivational factor in employee performance, it is sufficient in itself. The motivational value of money can be determined as its ability to make the job enjoyable and engage and satisfy the employees. The correlation between remuneration and the employee satisfaction is weak. Other factors such as organization culture and flexibility are crucial in increasing the employee satisfaction. Moreover, the employees who are motivated intrinsically have tendency to perform better which are extrinsically motivated. It means that the employees who enjoy work and are motivated by it performs better than the employees who are engaged by the money involved in it (Tech-Hong and Waheed, 2011). In regard to the high performing employees, the companies assume that since these employees are high performing, they are internally driven and do not require external motivation. The high performing employees perform their best as they receive market level compensation. However, money or the financial remuneration singularly cannot motivate employees. The expectation of receiving money in near future is highly motivational; however, the motivation diminishes, once the employee receives the money (Armstrong, 2007). Therefore, it can be posited that although money is important, the employees need more motivating factors. At the senior stages of career, the employees want to be recognized and acknowledged for their contribution to the organization. The employees want their organization to state that they have contributed to the success of the organization (Griffin, and Moorhead, 2013). The business enterprises can also not use money to change the behaviour and outlook towards. Although money is an essential motivating factor, and it motivates the every employee to some extent, it directs the work of the employee rather than motivating them. The impact of compensation in motivating the employees is also dependent upon the compensation design and the incentives structure. The failure in the compensation design can be due to the failure of linking the business objectives with the performance measures, providing performance feedback to the employees and design variance in incentives from the base salary which is motivating to the employees (Armstrong, 2002). The incentives system of the organization should be effectively designed so that the employees are willing to work harder and achieve targets. It means that the targets designed by the company should be achievable as well as the incentives should be lucrative enough to motivate the employees (Yousaf et al., 2014). As discussed above, the fundamental to the employee-employer relationship is money; it means that the employees work to obtain their remuneration. However, it is important that the organization do not underestimate the power of money in motivating the employees. Money is crucial in attracting talent and recruiting employees. However, once the employee is hired or within the organization it is important to provide the employees with other factors to keep motivating them. It can be argued that the flexibility in the workplace is other factor which motivates the employees to work harder according to their comfort. The employees expect they will be paid fairly according to their efforts; however, over-paying the employees provided little motivation to work harder (Kaufmann, Schulze and Veit, 2011). Therefore, along with money the companies should focus on other factors that encourage the employees to work harder. Moreover, money does not become a motivating factor after the employees hav e obtained the basic amenities in life. The employees are also motivated by money when they presume that their compensation is directly correlated to the performance of the employees. Therefore, it is important to introduce flexibility and positive organization culture to motivate the employees to achieve the organization goals. The driving force of each individual is also different. Money works for most of the individuals; however, the motivational factors for each employee are different. Some employee strive for money whereas, some employees strive for recognition and appreciation (Taylor and Taylor, 2011). Conclusion It can be concluded that the employee motivation is significant aspect in increasing the productivity of an organization. Many companies realize that employees are crucial resource of an organization to achieve their targets. Employee motivation is crucial in driving the employees to achieve their targets. In this regard, the business organizations implement several strategies to motivate the employees to achieve their targets. The companies implement both financial and non-financial reward system to encourage their employees to achieve more than their targets. The financial targets of an organization include incentive system, annual hikes and the cash bonuses. Although cash is an essential component of the employee motivation, it does not always yield desired results. It is due to the fact that different people get motivated by different driving force. At the senior positions, the impact of money in increasing the performance of the employees gets reduced and the people get motivate d by recognition and the social value. Therefore, it is important to introduce social value components such as recognition, and appraisal to enhance the performance of the employees. Moreover, the organization culture and the employee flexibility are also essential in the motivation of the employees. It has been identified in the essay that the people motivated by the work are more likely to deliver results than the employees who are motivated by the money. The thesis statement of the essay can be restated as, Although financial rewards are essential to employee motivation, they cannot be implemented singularly in motivating the employees. References Armstrong, M. (2002). Employee Reward. CIPD Publishing. Armstrong, M. (2007). A Handbook of Employee Reward Management and Practice. Kogan Page Publishers. Daft, R.L. and Marcic, D. (2010). Understanding Management. Boston: Cengage Learning. Griffin, R.W. and Moorhead, G. (2013). Organizational Behavior: Managing People and Organizations. Boston: Cengage Learning. Javid, S. and Chapa, A. (2014). When Money is not a Motivating Force in the Work Place. Global Journal of HUMAN-SOCIAL SCIENCE: Arts Humanities Psychology 14(3). Kaufmann, N., Schulze, T. and Veit, D. (2011). More than fun and money. Worker Motivation in Crowdsourcing A Study on Mechanical Turk. Proceedings of the Seventeenth Americas Conference on Information Systems, Detroit, Michigan August 4th -7th 2011. Kulchmanov, A. and Kaiannan, M. (2014). Does Money Motivate Employees? Empirical Study of Private and Public Financial Sector in Kazakhstan. International Journal of Business and Management 9(11), 214-124. Mills, A.J., Bratton, J. and Mills, J.C.H. and Forshaw, C. (2006). Organizational Behaviour in a Global Context. University of Toronto Press. Podmoroff, D. (2016). 365 Ways to Motivate and Reward Your Employees Every Day: With Little Or No Money. Atlantic Publishing Company. Stephens, T. (2005). Employee Reward. CIPD Publishing. Taylor, J. and Taylor, R. (2011). Working Hard for More Money or Working Hard to Make a Difference? Efficiency Wages, Public Service Motivation, and Effort. Review of Public Personnel Administration 31(1), 6786. Tech-Hong, T. and Waheed, A. (2011). Herzbergs Motivation-Hygiene and Job Satisfaction in the Malaysian Retail Sector: Mediating Effect of Love of Money. Asian Academy of Management Journal 16(1), 73-94. Wilton, N. (2016). An Introduction to Human Resource Management. London: SAGE. Yousaf, S., Latif, M., Aslam, S. and Saddiqui, A. (2014). Impact of Financial and non-Financial Rewards on Employee Motivation. Middle-East Journal of Scientific Research 21(10), 1776-1786.

Issues Facing Medicare

Medicare plays an important role in the United States system of health care by providing more than 45 million American citizens with insurance cover. Medicare is a program established to provide health insurance to individuals regardless of the status of health and income level. Although it is mainly established to cater for health needs of the elderly (65 years and above), the program caters for the needs of about 7 million permanently disabled adults.Advertising We will write a custom essay sample on Issues Facing Medicare – program established to provide health insurance. specifically for you for only $16.05 $11/page Learn More Registered members contribute a certain amount of money throughout their working life so that together with their spouses, their health needs are catered for after they have retired. In order to meet the financial obligations faced by the Medicare system, funds have to be sourced from beneficiaries, revenues from the fed eral government and tax. At present, nearly all people aged 65 and above are insured by Medicare. Although it is a popular program, Medicare is currently faced with many challenges and issues. Issues Facing Medicare The greatest challenge facing Medicare is lack of sufficient funds to cater for health needs of the future generation. This is because of the high cost of health care and the increased number of baby boomers in the United States. Annual increase in the cost of health care has in turn increased expenditure. Studies conducted in 2010 show that the number of Medicare beneficiaries is likely to rise from 47 to 78 million by 2030. For instance, the estimated population of Baby Boomers expected to join Medicare in 2011 (individuals born between 1946 and 1964) was 77 million. To handle this number, Medicare needs some improvements. According to the Medicare Board of Trustees, if changes on the Medicare program are no put in place, the likelihood of the program being insolvent/b ankrupt by 2024 is high. The following measures have been suggested if the Medicare Trust Fund is to be financially stable beyond 2024. The salaries of physicians should be reduced by 40% and payments made to other companies providing services to the programs will also be deducted. According to government experts, available funds in Medicare Part A Trust Fund will not be enough to cater for full benefits of the large population. The experts also argue that the program requires additional revenue if it is to maintain the current benefits. This implies that beneficiaries will be forced to bear the burden of increased premiums. Today, 30% of the cost of healthcare comes from the pockets of the beneficiaries. These costs increased annually. Like health care expenditure, increased spending in Medicare is caused by the high cost of services offered in health systems, new technologies, and increased utilization of services.Advertising Looking for essay on health medicine? Let's see i f we can help you! Get your first paper with 15% OFF Learn More The increased amount of funds utilized in the Medicare program influence smooth running of other programs. For instance, annual expenditure is expected to increase to about $3 trillion in 2030. The federal government will be forced to adjust the budget to accommodate the requirement of the program. This will affect funding of other important sectors like education and defense. Because of the increased number of retirees, Medicare will lack funding because the workers will be few. This is because Baby Boomers include the largest percentage of employees in the United States. The economy of United States is largely determined by Baby Boomers because they are innovative. In addition to lack of funds, the program will need to hire more professionals to cater for the large number of retirees. This essay on Issues Facing Medicare – program established to provide health insurance. was written and submitted by user Haiden Y. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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The Abortion Debate essays

The Abortion Debate essays The debate on whether abortion is right has remained a longstanding source of contention among members of the various fronts of our society. On one hand, proponents claim of the view that making abortion illegal is a contradiction to the ability by women to enjoy their right to life and freedom of choice as fundamental human rights. Opponents on the other hand however claim of the view that abortion amounts to killing. For them, life begins at conception, making abortion for any reasons an act of killing. All in all, given common consensus among scientists that life begins at conception, and that pregnancy can be a threat to the life of women, abortion should be allowed only in serious cases. In the article, A Defense of Abortion, Thompson argues of eminent insufficiencies in most of the common arguments offered by either side on the abortion debate. First, Thompson argues on the view on the impermissible abortion ,even when such risks the life of the mother as an extreme view. For her, this argument is founded on poorly engaged premises given the fact that it seems to emphasize on the significance of the right to life the fetus with limited consideration to the right to life by the woman. In addition, this argument is limited in establishing a strong case against abortion since it uses the opinion of a third party as the basis for its conclusion. Since, the women owns their bodies, they should enjoy absolute right of defending it any threat posed on it by the unborn and such can involve killing of the unborn. Thompson also follows the view that third parties should not be allowed to help in commissioning an abortion to those mothers that desire one. This is because it fails to acknowledge the eminent inability by mothers to commission abortion without the assistance of a third party. For her, this argument seems to depict the inability by mothers to have priority over their bodies. However, for Thompson, claim to the body is ...

God-Centered Identity in a Me-Centered Culture Essay

God-Centered Identity in a Me-Centered Culture - Essay Example However, lip service from believers in stating their belief in God is never enough, as God requires the total translation of passion in his word and actions. In the event of God’s intervention to most situations of that human command His presence, people continue speaking of His greatness, but in normal situations, belief in God is just an assertive statement. This controversy between the saying and the actual belief of God in human lives dictates the direction of life that individuals have and their conception of spiritual identity. An assessment of the literature on spiritual identity God, Freedom and Human Dignity: Embracing a God-Centered Identity in a Me-Centered Culture by Ron Highfield comprehend if God’s embodiment in human life restricts spiritual freedom and diminishes human spiritual dignity. Assessment of the Literature Development of a Me-centered Culture In the process of development from childhood to adulthood, humans experience transitions in their self- identification processes. In the phase of childhood, children are never concerned about their role and impact in their society. Children are also never worried concerning the relationships they build with themselves and with others. In terms of spirituality, children freely follow their parents or guardians and conform to the teachings approved and certified by them. However, the transition into teenage hood makes the mind of one conscious about the decisions, activities and relationships development. This phase enables humans to understand their preferential habitual traits, beliefs and specific interests that results into talents. â€Å"The choices and actions chose during the teenage phase dictate the king of life that one maintains in adulthood† (Ron 17). Perception of God in Modern Self-Identity Culture Changes in modernity have transpired the self-identification process that enabled humans to discover and ascertain if their life preferences are worth the journey. Conven tional cultures allowed an individual to be authentic and experience life fulfillment by adhering to the natural and socially allocated relationships and roles. One was expected to conform to the terms and regulations provided by the seniors. Responsibilities were also implicated upon people, hence just conforming to their role in life development. However, the advent of modern culture has changed the perception of self-identity. Deep assessment concerning self worth are expounded to enable a human decide on the aspect that he or she will live with. Happiness is also considered as an aspect of helping people reconstruct themselves to the kind of life they would like to live. These strongly advocate for the denial of imposition of social relationships since one would end up building a fake identity not proposed by his or her expectations. According to Ron, this assessment of life reconstruction through identity creates the self me-centered phenomenon. Creating an appropriate me-cente red identity advocates for will power by rejecting the imposition of conferring social relationships. This phenomenon is responsible for clouding oppression and resentment of certain issues when confronted to a person. Self-identity makes one conscious of the role of religion, traditions, and morality among other things in his or her life. Self-identity makes one decide freely on the spiritual journey to follow, habitual traits to adopt but at the same time threatens

International Trade Theory & Policy Essay Example | Topics and Well Written Essays - 1000 words

International Trade Theory & Policy - Essay Example The model further assumes that all markets conducting trade are perfectly competitive; hence goods are priced according to costs within the countries that produce them where there is a competitive wage in each country. Another assumption is that labor is present in fixed supply in both countries and is static between countries yet perfectly mobile within each country. Modern formulations of the Ricardian model specify for both countries utility functions that the consumers represented maximize on the basis of budget constraints. According to the model, each country specializes in producing goods for which it has comparative advantage. This allows both countries to export goods for which it can gain profits (Bowen, Hollander & Viane, 1998). With such specialization, productivities and labor endowments determine food outputs; hence world prices are dictated by the countries’ demands, which is equal to the supply amount of one country in free and frictionless trade. Both countrie s gain from such trade as trade allows for the expansion of exports production and labor is reallocated to exports from importing industries. Additionally, trade under the Ricardian model increases the relative price of both countries’ exports. ... The model assumes that both trading countries have similar production technologies, thus producing identical output of any commodity can be attained with an equal capital and labor level in both countries (Suranovic, 2010). The model also assumes that output product has constant return to scale in order to produce equilibrium. Additionally, technologies utilized in the production of both commodities differ substantially and labor is costless in terms of mobility within countries. The model also assumes that commodities produced in the countries have similar prices everywhere and countries operate in perfectly competitive markets internally thus labor and capital do not affect prices or production factors. It also assumes that trade is free of government interference in market functioning. When labor becomes more expensive than capital, labor-intensive products are at a disadvantage and become quite expensive compared to products that are not labor-intensive. Under free trade, assumed in the Heckscher- Ohlin model of trade the price of goods in both countries is similar; hence the wage-rent ratio is also the same in both countries. However, when labor becomes expensive, more capital in needed to produce products that are labor intensive and those that are not (Krugman & Obstfeld, 1988). When machine use per worker is similar in both countries, these factors will falsify the equality of wage-rent ratio. Effects of tariffs imposed by â€Å"small† countries A small country refers to a country whose trading partner is big enough to meet its imports supply. Tariffs imposed by small countries increase the price of imports above world prices by the value of the tariff (Jonathan & Kortum, 2002). This

Free trade is the primary force driving economic development Essay

Free trade is the primary force driving economic development - Essay Example Trade liberalisation has become a focal point of many economic forums across the globe. Globalisation has made it easier for countries to look beyond their own borders for economic growth. Countries have recognised the fact that economic growth is a collective effort and all the countries need to work together on this front. Although many developed countries are still practising protectionism, they have realised the importance of free trade in economic development. Several bilateral agreements and multilateral agreements have been signed by many countries to allow flow of goods amongst the member countries. In most of the cases countries that have participated in free trade agreements have experienced rise in living standards, growth in income. This growth curve experience by several countries due to free trade agreements is clear indication of the importance of free trade agreement in economic development. Multilateral agreements drafted under World trade organisation (WTO) and Gene ral Agreement on Tariffs and Trade (GATT) are aimed at influencing nations to opt for trade liberalisation. There are many bilateral agreements which have been formulated between nations geographically located near to each other. Trade liberalisation is a well negotiated procedure where each party, agrees to make some concession in opening up their markets for foreign goods. Free trade has a huge impact on improving the quality and infrastructure of the host as well as the foreign country. Due to free trade, industry standards are raised high in order to compete with global scenario (Buckley & Boulle, 2008, p. 185-189). 2. Evolution of Free Trade Policy and Its Mechanism The international trade, especially during world war two suffered a huge loss. Most countries were involved in conflicts arising mainly due to trade disputes. These trade disputes were mainly caused by the discriminations and trade restrictions implied by the several countries to protect their markets from foreign p layers. It was in 1948 in Havana that a conference was held on trade and employment under the flagship of United Nations. The formation of International trade organisation (ITO) was a landmark in the attempt by international community to form an agency overlooking international trade issues. ITO was dissolved later as it did not get the green signal from the US congress. The US congress on the other hand opted for an ad-hoc agreement like General agreement on Tariffs and Trade (GATT). In 1947 at Geneva GATT was agreed on and signed by 23 countries. GATT was legally effective from 1948. GATT thereby is an agency which overlooks the rules and international laws governing international trade. All the trade disputes amongst the signatory parties are resolved by GATT. The most effective clause in GATT is the MFN clause, under which all participating nations are forced to treat all signatory nations as equal in all trade policies. GATT emphasises on influencing signatory countries to redu ce their tariffs and abolish any concessions given to a specific country. Though GATT gave more stability than ITO, it was often tainted by complaints from developing countries. Developing countries often complained about the policies formulated in GATT. The developed countries were often seen to follow protectionism in their trade policies. The formation of United Nations Conference on Trade and Development (UNCTAD) in 1964 was a direct implication of the dissatisfaction amongst the developing countries regarding GATT (Singh & Singh, 2005, p.1-9). One of the greatest outcomes of the Uruguay Round was the formation of World Trade Organisation (WTO). WTO was