Tag: International Finance Mumbai University BMS Notes

Karma is the concept of action or deed understood as that which causes the entire cycle of cause and effect. It is also seen as the total effect of a person’s actions and conduct during successive phases of one’s existence.

Karma is a distinctive feeling, aura or the idea that one reaps what one sows-destiny; fate. Its the effects of all actions which are viewed as actively shaping one’s past, present and future experiences.

Karma is the concept of an “Action” or “Deed” which fuels the entire cycle of cause and effect. As a leader, you and your corporation help communities. Acting and responding in an ethical and moral manner is building up a positive corporate Karma either knowingly or unknowingly because it is displaying a positive corporate culture; employees are empowered, and the surrounding community feels valued, rather than feeling as though they are being taken advantage of (e.g. resources, tax breaks etc.).

Methodology

The relationship between the soul and karma, states Padmanabh Jaini, can be explained with the analogy of gold. Like gold is always found mixed with impurities in its original state, Jainism holds that the soul is not pure at its origin but is always impure and defiled like natural gold. One can exert effort and purify gold, similarly, Jainism states that the defiled soul can be purified by proper refining methodology. Karma either defiles the soul further, or refines it to a cleaner state, and this affects future rebirths. Karma is thus an efficient cause (nimitta) in Jain philosophy, but not the material cause (upadana). The soul is believed to be the material cause.

The key points where the theory of karma in Jainism can be stated as follows:

Karma operates as a self-sustaining mechanism as natural universal law, without any need of an external entity to manage them. (absence of the exogenous ‘Divine entity’ in Jainism)

Jainism advocates that a soul attracts karmic matter even with the thoughts, and not just the actions. Thus, to even think evil of someone would endure a karma-bandha or an increment in bad karma. For this reason, Jainism emphasise on developing Ratnatraya (The Three Jewels): samyak darśana (‘Right Faith’), samyak jnāna (‘Right Knowledge’) and samyak charitra (‘Right Conduct’).

In Jain theology, a soul is released of worldly affairs as soon as it is able to emancipate from the karma-bandha. In Jainism, nirvana and moksha are used interchangeably. Nirvana represents annihilation of all karmas by an individual soul and moksha represents the perfect blissful state (free from all bondage). In the presence of a Tirthankara, a soul can attain Kevala Jnana (‘omniscience’) and subsequently nirvana, without any need of intervention by the Tirthankara.

The karmic theory in Jainism operates endogenously. Even the Tirthankaras themselves have to go through the stages of emancipation, for attaining that state.

Jainism treats all souls equally, inasmuch as it advocates that all souls have the same potential of attaining nirvana. Only those who make effort, really attain it, but nonetheless, each soul is capable on its own to do so by gradually reducing its karma.

Eight Karmas

There are eight types of Karma which attach a soul to Samsar (the cycle of birth and death):

Gyanavarniya (Knowledge-obstructing): Like a veil prevents a face and its features from being seen, this karma prevents the soul from knowing an object along with details about that object. This karma obstructs the soul from realizing its essential quality of knowledge. In its absence, a soul is omniscient. There are five sub-types of gyanavarniya karma which prevents the five types of knowledge: mati gyan (sensory knowledge), shrut gyan (articulate knowledge), avadhi gyan (clairvoyance), mana paryay gyan (telepathy) and keval gyan (omniscience).

Darshanavarniya (Perception-obstructing): Like a gatekeeper prevents the sight of the king, this karma prevents an object from being perceived, hiding it. This karma obstructs the soul from realizing its essential quality of perception. In its absence, a soul completely perceives all substances in the universe. There are nine sub-types of this karma. Four of these prevent the four types of perception; visual perception, non-visual perception, clairvoyant perception and omniscient perception. The other five sub-types of darshanavarniya karma bondage induce five kinds of sleep causing reduction in consciousness: light sleep, deep sleep, drowsiness, heavy drowsiness, and sleep-walking.

Vedaniya (Sensation-producing): Like licking honey from a sword gives a sweet taste but cuts the tongue, this karma makes a soul experience pleasure and pain. The soul’s bliss is continuously disturbed by experiences of external sensual pleasure and pain. In the absence of the vedaniya karma, the soul experiences undisturbed bliss. There are two sub-types of this karma; pleasure-producing and pain-producing.

Mohniya (Deluding): Like a bee becomes infatuated with the smell of a flower and is attracted to it, this karma attracts the soul to the objects that it considers favorable while repelling it from objects it considers unfavorable. It creates a delusion in the soul that external objects can affect it. This karma obstructs the soul’s essential quality of happiness and prevents the soul from finding pure happiness in itself.

Ayu (Lifespan-determining): Like a prisoner remains trapped by iron chains (around his legs, hands, etc.) this karma keeps a soul trapped in a particular life (or birth).

Naam (Body-producing): Like a painter creates various pictures and gives them various names, this karma gives souls various types of bodies (that are classified based on various attributes). It is the naamkarma which determines the body of living organism into which the soul must enter.

Gotra (Status-determining): like a potter makes short and tall pots, this karma bestows a low or high (societal) status on the body of soul. It creates social inequalities and, in its absence, all souls are equal. There are two sub-types of gotra karma: high status and low status.

Antaray (Power-obstructing): Like a treasurer obstructs a king from spending his wealth, this karma prevents the soul from using its innate power for acts of charity, profit, enjoyment, repeated enjoyment and will-power. It obstructs and prevents the soul’s essential quality of infinite power from manifesting. In its absence, a soul has infinite power.

Guidelines for good Corporate Karma

1. Be clear about your organisation’s values: Most companies have mission statements and values that dictate their corporate vision, but how many truly conduct their business with these at the forefront of their minds? Research shows that if people are exposed to a strong value code, it can have a profound, subconscious effect on their behaviour and decision-making. But it is important that an organisation’s values are created in collaboration with staff so that they become the natural way of doing business.
2. Make it personal: It is vital that you not only employ ‘good’ people, but also people who approach everything that they do with a ‘good’ mindset because they will have a net positive effect on the business and those around them. The best way to encourage employees to adopt this attitude is to help them look at the bigger picture by thinking about long-term goals and approaching tasks from an enterprise-wide perspective. One way to achieve this is to create objectives for staff that reflect the organisation’s values. Too often, objectives are set without considering the ways in which they will be met. As a result, it is important to make clear that it is better to act with integrity than lose sight of what is ‘good’ to meet short-term goals. Research has also shown that people respond better to values that are personal to them rather than those that are dictated by someone else. By working with them to create value-based objectives or a personal code of conduct, you can help to equip your employees with the ‘good’ hardwiring that will inform their daily decisions and career development.
3. Think about the long-term: To be ‘Good’, individuals have to understand how their actions contribute to the long-term success of the business. This means that it is important to communicate your company’s long-term goals and clarify ongoing performance against those goals. If staff have a clear understanding of the bigger picture, they are more likely to comprehend how they can help to meet these goals through their day-to-day activities. Discussing the ‘how’ is a useful way of bringing this concept to life.

A gurukula or gurukulam, गुरुकुल, is a type of education system in ancient India with shishya (‘students’ or ‘disciples’) living near or with the guru, in the same house. The guru-shishya tradition is a sacred one in Hinduism and possibly appears in other dharmas in India, such as Jainism and Buddhism. (In the Sikh tradition by contrast, the word Guru has a very restricted use and not generally applied to individual teachers, while the institution of Gurdwara has a major social role instead of a monastic one.) The word gurukula is a combination of the Sanskrit words guru (‘teacher’ or ‘master’) and kula (‘family’ or ‘home’). The term is also used today to refer to residential monasteries or schools operated by modern gurus. The proper plural of the term is gurukulam, though gurukulas and gurukuls are also used in English and some other Western languages.

The students learn from the guru and help the guru in his everyday life, including carrying out of mundane daily household chores. However, some scholars suggest that the activities are not mundane and very essential part of the education to inculcate self-discipline among students. Typically, a guru does not receive or accept any fees from the shishya studying with him as the relationship between a guru and the shishya is considered very sacred.

At the end of one’s education, a shishya offers the guru dakshina before leaving the gurukula. The gurudakshina is a traditional gesture of acknowledgment, respect and thanks to the guru, which may be monetary, but may also be a special task the teacher wants the student to accomplish.[3] While living in a gurukula, the students would be away from their home from a period of months to years at a stretch.

Features

• The emphasis was on holistic learning with an incremental focus on professional, social, religious and spiritual education.
• The education given was profusely influenced by the culture and religion which were incremental elements of the ancient Indian society.
• The basis of being selected by a gurukul was an impeccable attitude and moral strength that could be displayed through impeachable conduct.
• The gurukul education system resulted in all-around development of the individual and emphasized on a psychological method of teaching.
• Alongside knowledge of the art, literature, scriptures and philosophy, students were also taught practical skills and trained for different tasks.

Advantages:

• The students of gurukul are more disciplined and organized. They are taught to follow a well- planned schedule in school.
• The students are more focused and possess more concentration power than normal students. This is because they are trained through techniques such as meditation which enhances their focusing power.
• In a gurukul, students are taught to respect everyone irrespective of their caste, creed, ethnicity, culture, religion and perspective. So, such students grow up as people with strong character and values.
• The ‘guru-shishya parampara’ is an integral part of Gurukul. Here, the students highly respect their teachers and share a good bond with them. They are molded under the guidance of their mentors.
• In a gurukul, ‘Gurus’ also take complete responsibility for their ‘shishyas’. They share their experiences, inculcate good habits and mold the character of the students in a positive direction.
• The students are developed into strong individuals. They are taught to stay firm and face any adverse situation in the outside world.
• Gurukul students are taught to value nature. So, they are very close to nature. They worship nature and also learn a lot of things from it.
• Students are spiritually elevated which gives them an optimistic, calm and composed personality.
• Every student is given proper attention as the student-teacher ratio is properly planned, unlike other schools where students aren’t given individual attention.
• Gurukul emphasizes on practical knowledge which is quite beneficial to build the concepts of the students.
• Students are taught to follow the principle of ‘simple living and high thinking’ which is a great lesson for life.

Disadvantages

In the olden days:

• They were kept away from their parents and family.
• The children had to stay away from home for long periods of time, i.e. for more than 12 years. Hence when the children returned the felt lost in the real world.
• They led a sheltered life at the gurukul.
• They did not face the harsh realities of everyday life at the gurukul.
• They had to blindly follow the guru in all aspects whether he was right or wrong.

At present:

• The children of today would have respect neither for the guru nor for the gurukul.
• It’s an outdated system of learning that is way too behind for today’s jet age.
• The skills taught in the gurukul would not arm the children of today for the present life.
• People would scoff at the ideologies and teaching that are offered the gurukuls of yester years.

Karma कर्म means action, work, or deed. For the believers in spirituality the term also refers to the spiritual principle of cause and effect, often descriptively called the principle of karma, wherein intent and actions of an individual (cause) influence the future of that individual (effect): Good intent and good deeds contribute to good karma and happier rebirths, while bad intent and bad deeds contribute to bad karma and bad rebirths.

For the believers, the concept of karma is closely associated with the idea of rebirth in many schools of Indian religions (particularly Hinduism, Buddhism, Jainism and Sikhism), as well as Taoism. In these schools, karma in the present affects one’s future in the current life, as well as the nature and quality of future lives one’s saṃsāra. This concept has also been adopted in Western popular culture, in which the events which happen after a person’s actions may be considered natural consequences.

In the context of theory, karma is complex and difficult to define. Different schools of Indology derive different definitions for the concept from ancient Indian texts; their definition is some combination of:

(1) Causality that may be ethical or non-ethical.

(2) Ethicization, i.e., good or bad actions have consequences.

(3) Rebirth.

Other Indologists include in the definition that which explains the present circumstances of an individual with reference to his or her actions in past. These actions may be those in a person’s current life, or, in some schools of Indian traditions, possibly actions in their past lives; furthermore, the consequences may result in current life, or a person’s future lives. The law of karma operates independent of any deity or any process of divine judgment.

Importance of Karma to Managers

Karma is a chameleon. You cannot always see it, but it is an energy that transforms from good to bad and to neutral. This energy is derived typically from our actions – what we say and what we do. It is that simple.

But, in a fast-paced environment, such as a place of work, considering someone else’s thoughts and feelings before we ‘act’, can easily get overlooked for prioritising results and getting the job done. And why should this matter if we are constantly producing cracking results? It matters. When it comes to karma in the workplace, even the smallest of things matter. From our body language to our tone of voice (both written and verbal), to the way we say hello to our colleagues in the morning. The way we act can have a huge impact on work relationships and getting the job done.

With the right team in place, the benefits of creating and maintaining positive energy and good karma can manifest into higher productivity, job satisfaction and more healthy, cohesive teams. This in turn can save time and money by way of employee retention and enhancing business results.

For managers, along with the demands of daily workflow and routines, it is important to instil the concept of good karma into the workplace. This can be achieved as simply as setting some basic fundamentals:

• Show gratitude and respect of others
• Offer praise for efforts
• Be honest
• Listen effectively and communicate succinctly
• Be patient
• Be mindful of others’ workloads
• Be sensitive to others’ feelings
• Support colleagues and act collaboratively

Nishkama Karma

Nishkam Karma self-less or desireless action, is an action performed without any expectation of fruits or results, and the central tenet of Karma Yoga path to liberation. Its modern advocates press upon achieving success following the principles of Yoga, and stepping beyond personal goals and agendas while pursuing any action over greater good, which has become well known since it is the central message of the Bhagavad Gita.

In Indian philosophy, action or Karma has been divided into three categories, according to their intrinsic qualities or gunas. Here Nishkam Karma belongs to the first category, the Sattva (pure) or actions which add to calmness; the Sakam Karma (Self-centred action) comes in the second rājasika (aggression) and Vikarma (worst-action) comes under the third, tāmasika which correlates to darkness or inertia.

he opposite of Sakam Karma (self-centered actions) or actions done with desires, Nishkam Karma has been variously explained as ‘Duty for duty’s sake’ and as ‘Detached Involvement’, which is neither negative attitude nor indifference; and has today found many advocates in the modern business area where the emphasis has shifted to ethical business practices adhering to intrinsic human values and reducing stress at the workplace.

Another aspect that differentiates it from Sakam or selfish action, is that while the former is guided by inspiration, the latter is all about motivation, and that makes the central difference in its results, for example, Sakam Karma might lead to excessive work pressure and workaholism as it aims at success, and hence creates more chances of physical and psychological burnouts. Moreover, Nishkam Karma means a more balanced approach to work, and as work has been turned into a pursuit of personal excellence, which results in greater personal satisfaction, which one would have otherwise sought in job satisfaction coming from external rewards. One important fallout of the entire shift is that where one is essentially an ethical practice inside-out leading to the adage, ‘Work is worship’ show itself literally at the workplace, leading to greater work commitment, the other since it is so much result oriented can lead to unethical business and professional ethics, as seen so often at modern workplace.

Since the central tenet of practicing Nishkam Karma is Mindfulness in the present moment. Over time, this practice leads to not only equanimity of mind as it allows the practitioner to stay detached from results, and hence from ups and downs of business that are inevitable in any business arena, while maintaining constant work commitment since work as now been turned into a personal act of worship. Further in the long run it leads to cleansing of the heart but also spiritual growth and holistic development.

The true definition of karma can vary depending on who you ask. Some people adhere to the traditional meaning grounded in Eastern religions, while others interpret it from more of a Western view of good and bad. As a result, this can lead to different views on how karma applies to life.

The Great Law or the law of cause and effect

According to this law, whatever thoughts or energy you put out, you get back good or bad. In order to get what you want, you have to embody and be worthy of those things. It’s the concept of what you reap, you sow.

“For example, if you want love in your life, be loving to yourself,” she says.

Law of Creation

The law of creation underscores the importance that life doesn’t just happen to us. To make things happen in your life, you need to take action, instead of waiting for something to magically come your way.

Also consider how you can use your skills, talents, and strengths to create something that not only benefits you but others, too.

Law of Humility

the law of humility is based on the principle that you must be humble enough to accept that your current reality is the result of your past actions.

For example, if you’re blaming your colleagues for your poor performance at work, Harrison says you must accept that you created this reality by not performing as well as you could have.

Law of Growth

To positively shape the world, you need to start with yourself. That’s because real change or personal growth begins with what you have control over, which is yourself, not others.

The law of growth also looks at the things you can’t control and how you deal with accepting this fate. Ultimately, your focus should be on you, not trying to control the people or things around you.

Law of Responsibility

“It’s a reminder that you own what happens to you in life. It’s a great reminder that what happens to you is because of you. This eliminates the opportunity for you to look outward to find the cause of your problems,”

Law of Connection

This law is based on the principle that everything in your life, including your past, present, and future, are connected.

“Who you are today is the result of your previous actions,” And who you will be tomorrow will be the result of your actions today.

Modern Education is the latest and contemporary version of education that is taught in schools and learning institutions in the 21st century. Modern education doesn’t just only focus on prominent academic disciplines of Commerce, Science and Arts but it also aims to foster critical thinking, life skills, value education, analytical skills and decision-making skills in students. Modern Education also makes use of the latest technology such as mobile applications, audio and video platforms like YouTube, Podcasts, E-books, Movies, etc. to educate learners and make the learning process more engaging and interesting.

We have all been educated in a teacher-centric classroom, a system where the teacher is upfront and the students are seated in nice neat rows, listening to the lecture and taking notes. This system has been, and to some extent, still forms the core of our education system. Schools have relied on it for decades, and have only recently undergone major changes. Living in the 21st century, technology has become an integral part of our everyday lives. None of us can deny that it has brought about nothing short of an overhaul of our world, and more importantly of our educational system. From chalkboards to whiteboards and now to smart boards, technology has become our main source of research, knowledge, and teaching.

Features

Learner-Centered

One of the essential characteristics of the modern teaching methods in basic science and technology (BST) is it is learner-centred. It focuses on learners while using or applying during classroom and laboratory lectures. The teacher acts only as a guide, and all the learning process involves learners. Learners significantly appear as a dominator in classroom interactions.

Resource-Based

BEST teachers should be resourceful. They should collect and distribute all the required study material to the learners for their learning or to understand the topic clearly. The resources can be collected from the school environment or any other place where it is available. Also, a learner can be the source to bring study material or resources from their end.

Task-Based or Activity-based

The teacher or guide of BST organizes activity or task and engages students to learn through this way. Hence it is an activity-based or commission-based. Students are offered or asked to take part in classroom interaction through these interactive activities.

Integrative in Nature

One of the vital characteristics of modern teaching methods is it is integrative. Teachers link topics of one subject, e.g., social science topics like drug use, domestic violence, safety, pollution, food distribution, crime etc. to other issues and make it integrative. By this, a learner can gain knowledge of more topics studying one.

Advantages

Equality in education

Traditional education which was provided in schools was not meant for all the children. There was a lot of discrimination between the children. It was considered that education was meant for only high society people. The children who belonged to the families of lower society were not allowed to enter the schools. The traditional education was not meant for everyone. The modern education is accessible by all. Anyone can take admission in a school and learn the modern education. We can say that it is because of the modern education that modern education is accessible by all the children. As the modern education spread, the principle of equality was taught.

The Advent of Online Learning

Amongst the core features of Modern Education, Online Education has become a quintessential part of the learning process and pedagogy in the contemporary age. Offering an immense scope of learning anything, anytime and anywhere, the Internet has become a vast pool of knowledge welcoming people of all ages to furnish their skills and expand their expertise in different fields of study. Further, online learning is just a constituent of Smart Education which utilised technology to facilitate an interactive process of teaching and learning. The importance of technology in education is imperative today and you can learn anything and anywhere just with the help of a functioning network connection and a smartphone, tablet or computer.

The knowledge imparted

As mentioned above, in the traditional education the students are taught about traditions, customs, rituals, and religion. In the modern education, the students are taught about science, technology, language skills, and mathematics etc. the knowledge imparted in the traditional education system was enough for one’s own living, but it was not enough to match the whole world.

Peer Collaboration

Modern teaching methods not only encourage students by allowing them to present their ideas or initiative by noticing their responses, studying their research, and allowing them to answer during interaction in BST classes but also selects students based on interest, needs, and feelings.

Disadvantages

Students have not enough time for getting ready for classes. In current times, they receive an awful lot of tasks every day. They receive information and need to learn it instead of understanding. They swot for an exam, pass it and forget the material in several months. Instead of helping students to grasp the material, teachers just provide them with lectures and this is not their fault.

Any exam is an opportunity to check the knowledge of a student. At a glance, everything is okay because the knowledge evaluation is an inseparable part of the educational process. Unfortunately, the modern approach to exams just conduces to the competition between colleges. Some of them frequently feel nervous about the upcoming exams.

The majority of pupils or students are made to pay for tuitions. They can’t understand one or another theme and are sent to afterschool tuitions. They simply don’t understand the material and are made to overpay in order to understand a topic. This is not the eternal fitness of things.

Self-management is our ability to manage our behaviors, thoughts, and emotions in a conscious and productive way.

Someone with strong self-management skills knows what to do and how to act in different situations. For instance, they know how to control their anger when the umpire unfairly calls their child out at a little league game. They know how to avoid distractions while working from home, so they can maintain focus and stay productive. They know what they need to do to achieve their fitness goals and they follow through.

Self-management means you understand your personal responsibility in different aspects of your life, and you do what you need to fulfill that responsibility.

From an organizational perspective, the ability of team members to self-manage is critical to the effective functioning of an organization. Imagine an environment where the majority of those working within it were unable to stay on task, on strategy, and on schedule. That would make it very challenging to complete projects.

Self-management is even more important when we talk about empowering employees across the organization to be more innovative and resourceful. When every team member understands their responsibilities, goals, and what it takes to achieve them, they can make better decisions and do their part to achieve the team and organization objectives. Part of effective self-management with empowerment is that employees make good decisions about when to seek additional help or input.

Skills:

Goal alignment: Organizational success relies upon team members working together to reach a common goal. In order for this to work with a team of self-managed individuals, each of us must understand the big picture, and align our own goals with those of the organization. This will allow us to stay on track and maintain sight of what we’re working toward.

Priority-setting. Now that we know what we need to do, we need to set priorities so we can achieve our goals. This can help ensure we get to the most important tasks and projects, even as other demands on our time arise. In our example, Ibrahim sets his priorities and decides he needs one day each week for the next three months to get through the first phase of his plan. To accomplish this, he blocked off time on his calendar to work on this project, and he pushed out less important projects by communicating with stakeholders.

Emotional regulation. Being self-aware of our feelings is a prerequisite to regulating them. For example, fear can be distressing and provoke a fight or flight-type reaction if we aren’t able to elevate it to our consciousness. Ibrahim’s self-awareness allows him to understand his fear that he may not be the right person for the task at hand. He’s able to overcome this emotion by thinking rationally about his strengths and how they apply to any market segment. This allows him to refocus on what he does best, and work through his discomfort.

Role clarity. Those with role clarity know what our responsibilities are, who our work matters to and how we are measured. We also know who we are dependent on to get our work done. In short, we have a good sense of how we fit into the system and how our work serves the organization.

Strategic Planning. The next skill in this progression, strategic planning, is the ability to understand what we need to do in order to support organizational goals. We work backward from the desired future state in order to determine what we need to do in order to get there.

Self-Awareness. The ability to consciously access our thoughts, desires, and feelings can help us control our behaviors. This, in turn, can have a direct impact on our performance, and how others perceive us. For example, as Ibrahim works through his plan, he begins to notice some anxious feelings within his body and finds himself ruminating at night. He begins to sense his “ego attachment” to the opportunity to succeed in the eyes of others and a sense of worry about whether he is the right person for this project.

Personal growth and Lessons from Ancient Indian Education System

1. Each stage of life was marked and sanctified by an appropriate religious ceremony which in course of time became a part and parcel of the social life of the people.
2. Education at that time was-free and accessible to all (universal) except the Sudras. But the rule of begging was prevalent. The society had an obligation to provide alms. The system of education was intimately connected with the social structure.
3. Kings and rulers of the country had nothing to do with education directly. It was a private affair of the people managed entirely by Brahmana teachers.
4. The teachers depended for their support on the goodwill and charity of the people. It was the duty of the people to give alms.
5. Teachers were a highly honoured class. They were more honoured than kings who were honoured only in their own countries whereas the learned men were respected everywhere.
6. Teachers behaved as parents to their pupils and the pupils also in their turn behaved as members (sons) of the teacher’s family. The house of the teacher was the school. Teachers and pupils lived together and their relation was very cordial.
7. Knowledge imparted in those days was of two types:

(a) Para Vidya and

(b) Apara Vidya.

Para Vidya means Supreme or highest knowledge for self- realization or knowledge of the Supreme self. Apara Vidya means the lowest knowledge of the four Vedas and six Vedangas etc.

8. The ultimate aim of education was the complete realization of the self. It was neither a preparation for this worldly life nor for life beyond. Education aimed at freedom from bondage and knowledge or illumination makes one free from this bondage and helps to unite with the Supreme self.
9. The immediate or proximate aim of education was to prepare the different castes of people for their actual needs of life.
10. The subjects of instruction varied according to the needs of the different castes. These included the Vedas and Vedangas in the case of the Brahmanas, the art of warfare in the case of the Kshatriyas, the art of agriculture, arts and crafts in the case of the Vaisyas. Ancient Indian Education was thus caste dominated.
11. Pupils were taught individually. No class instruction was provided. Sometimes senior students acted as teachers of junior ones. This was known as the monitorial system. Ancient Indian Education was individualised and not institutionalised.
12. The method of teaching was mainly oral through debates and discussions which received due attention.
13. The method of study consisted in:

• Sravana: Listening to the teacher.
• Manana: Reflection on what was listened to.
• Nidhidhyasana: Constant repetition of the subject of study.

14. Travelling was regarded as necessary to complete the education.
15. In ancient India, education was for education’s sake, and not for examination or for getting a job. Education was all-round, i.e., complete or total development of personality intellectual, physical, moral and social.
16. The place of education was generally the forest which was far from the madding crowd and ignoble strife. The ancient Rishis established the earliest schools in hermitages or Ashramas in the forest. The system of Guru-Kula was then in vogue. The home of the teacher was also regarded as a school.
17. There was generally no provision for corporal punishment. Discipline was free. Self-reverence, self-knowledge and self-control – these three alone can lead life to sovereign power. Self-discipline was the best discipline. Ancient Indian Education was dominated by strict moral codes of conduct.
18. Girls were educated privately in their homes by parents, elders or husbands and not publicly as boys. Education that girls received was highly intellectual and it reached a very high level as in the well-known cases of Gargi, Maitreyi and others.
19. There was no formal system of examination of the present day. The teacher was the sole judge of the standard of achievements of the pupils.
20. The period of studentship was longer, i.e. twelve years, because there was no printed book in those days. Everything had to be memorised. Hence memory played a very prominent role in Ancient Indian Education.
21. Teaching was practically honorary. Taking anything from the students was regarded as sin. There was no pecuniary relation between the teacher and the taught. At the end of studentship some honorarium (Gurudakshina), of course, could be paid to the teacher either in cash or in kind.
22. Strict celibacy had to be observed during the period of studentship.
23. The teacher was regarded as the only source of knowledge and as such he was highly respected.
24. There was no formal system of admission. The teacher was the only deciding factor in matters of admission.
25. Education (teaching) in ancient India was regarded as a religious duty and intimately connected with the performance of some ceremonies or rituals (Vidyarambha, Upanayana, Utsarjana, Samavartana etc.).
26. The aim of Ancient Indian Education was to develop both the body and the mind. It intended to develop sound mind in sound body.
27. Ancient Indian Education was both spiritualistic and materialistic.
28. The Vedic education was caste-ridden.
29. Moral upliftment of the pupil was the cherished goal of the Ancient Indian Education.
30. It had both catholicity and elasticity in outlook and as such it had the power of adaptability. It was not rigid but flexible. So it continued for centuries.

The Joint Hindu family is a patriarchal body, and the head of the family is called Karta. Karta is the senior most male member of the family who acts as the representative of the family and acts on behalf of the family. There is a fiduciary relationship between the Karta and the other family members because every family needs a head member who can look after the welfare of minor members and females in a Joint Hindu Family.

The Qualities of a Karta are:

• He had unlimited power but even if he acts on behalf of other members, he can’t be treated as a partner or agent.
• Karta’s position is unique (sui generis). His position is independent and no one can be compared with him among the family members.
• He controls all the affairs of the family and has wide powers.
• He is not bound to invest, save or economise. He has the power to use the resources as he likes, unless he is not responsible for the above-mentioned charges.
• He is responsible to no one. The only exception to this rule is, in case of fraud, misappropriation or conversion, he is held responsible.
• He is not bound to divide the income generated from the joint property equally among the family members. He can discriminate one with another and is not bound to be impartial. The only thing is he should pay everyone so that they can avail some basic necessities like food, clothing, education, shelter etc.

Powers:

(1) Power to manage joint family business:

The Karta has the power to manage the joint family business. In this respect he can take all such steps which are just and necessary for the promotion of the business.

(2) Power over income and expenditure:

The Karta exercises extensive control over the income and expenditure of the joint family. Since his position is not like the trustee or agent, he is not bound to economise or save like a trustee or agent provided he spends the income of the family for the benefit of the members of the family, e.g., for maintenance, education, marriage, sraddha and other religious ceremonies of the coparceners and of the members of their respective families.

(3) Power to contract debt for family purposes:

The Karta can enter into contracts incurring debts for family purposes and family business which will bind the other coparceners to the extent only of their interest in the joint family property. Such debt contracts could bind the adult coparceners personally also if they were parties to the contract expressly or impliedly or they subsequently ratify the contract and in case of minors if they ratify on attaining majority.

In case of a loan advanced to the manager, if the lender makes due inquiry into the necessity for the loan and lends the money born fide, the debt is binding on the interests of all the members although the reasonably credited necessity did not in fact exist.

(4) Power to Refer to Arbitration:

The Karta may refer to arbitration any matter involving the interest of joint Hindu family and the other members of the family including minors are bound by the reference and consequently by the award made upon it.

(5) Power to Enter into Contract:

The Karta has the power of making contracts, giving receipts, entering into compromises, discharging contracts ordinarily incidental to the business of the family.

(6) Power to Enter into Compromise:

The Karta can enter into a compromise in any matter relating to joint family property. He, however, has no power to give up a debt due to joint family and give up a valuable item without any return or consideration, though he has a right to settle accounts with the debtors and to make a reasonable reduction either towards interest or towards principal in the interest of the family.

(7) Power to Acknowledge Debts:

The Karta has power to acknowledge a debt or make a part payment of it, so as to extend the period of limitation. But he cannot execute a fresh promissory note or a bond so as to revive a time barred debt.

(8) Power to Give Discharge:

The Karta has power to give a valid discharge to the debt due to joint family. Where one of the members of joint family is a minor, he cannot claim the benefit of Section 7 of the Limitation Act.

(9) Power to Represent in Suits:

The Karta may represent the joint family in the event of a suit by or against the family, so that other members are not the necessary parties to the same. The Karta himself be sued or he can institute a suit with respect to any property or other matters of the joint family. Whenever a decree is passed against him, that would bind all other members of the family, if, as regards minor members, he acted in the litigation in their interest, and in case of major members, he acted with their consent.

The Karta represents the interests of the joint family property also. In Fathiunnisa Begum v. Tamirasa Raja Gopala Charyulu, the Court observed that a Hindu widow inheriting her husband’s share under Hindu Women’s Right to Property Act, 1937, does not by itself disrupt the joint family status.

After such inheritance she continues to be a member of the joint family and the Karta of joint family can represent her in all suits. The enlargement of her limited estate into full estate by virtue of Section 14 of the Hindu Succession Act does not bring about a change in the Karta’s power to represent joint family including her.

(10) Power of Alienation:

The Karta can alienate for value the joint family property so as to bind the interests of the other coparceners provided it is made:

(a) With the consent of all the existing coparceners; they being all adults.

(b) For legal necessity

(c) For the benefit to the estate.

The benefits of promoting positive workplace mental health, as well as the existing psychosocial risks linked to work and employment, are widely acknowledged. Most of us will also know from our own experience the important place that work takes in our lives and how it impacts our mental health and well-being for better or worse.

The main psychosocial risks factors in the workplace include heavy or unmanageable workload, unrealistic expectations, role ambiguity, organisational changes, low job satisfaction and personal accomplishment, lack of recognition, poor work-life balance, interpersonal relations and support at work and workplace violence, including harassment and bullying. When one or many of these factors become part of our everyday lives they can lead to stress, anxiety, depression, burn-out, somatic health issues or even, in severe cases that go unaddressed, suicide.

Despite this, there is still poor recognition of the importance of good management for mental health in most workplaces across globe and many employers and employees lack knowledge and awareness on how to create mentally healthy workplaces and how to address and minimise the risks. This is why mental ill health has become one of the leading causes of absenteeism from work and early retirement all over globe. On top of this, getting back to work after a period of mental ill health is often a challenge due to lack of support. This can lead to a negative spiral for mental health and leads to long-term unemployment and exclusion from the labour market.

Work-related stress is the second most reported health problem in the workplace in World. The human and social costs that come with mental ill health are too important to be ignored. Moreover, the costs for employers and society in terms of absence from work and presenteeism (being less productive or effective at work due to mental ill health) are huge.

Our mental health is influenced by different social determinants including factors which are not always related to work, however, there is a lot that can be done in the workplace. Creating mentally healthy workplaces starts with understanding and commitment at a senior level. Fostering mentally health working conditions begins with looking at how the culture of the workplace and work organisation impact on the wellbeing of all employees.

Research has shown that even the simplest mental health promotion programmes are cost-effective in improving the mental health and productivity of workplaces. Managers have a key role to play here in supporting an organisational culture that promotes positive mental health. Having a good manager can help employees to better cope with work-related stress or mental ill health and there are good training programmes available that can equip managers with the skills and confidence they need to support people showing signs of distress.

Early Warning Signs

Not sure if you or someone you know is living with mental health problems? Experiencing one or more of the following feelings or behaviors can be an early warning sign of a problem:

• Eating or sleeping too much or too little
• Pulling away from people and usual activities
• Having low or no energy
• Feeling numb or like nothing matters
• Having unexplained aches and pains
• Feeling helpless or hopeless
• Smoking, drinking, or using drugs more than usual
• Feeling unusually confused, forgetful, on edge, angry, upset, worried, or scared
• Yelling or fighting with family and friends
• Experiencing severe mood swings that cause problems in relationships
• Having persistent thoughts and memories you can’t get out of your head
• Hearing voices or believing things that are not true
• Thinking of harming yourself or others
• Inability to perform daily tasks like taking care of your kids or getting to work or school.

Mental Health and Wellness

• Realize their full potential
• Cope with the stresses of life
• Work productively
• Make meaningful contributions to their communities

Creating a healthy workplace

An important element of achieving a healthy workplace is the development of governmental legislation, strategies and polices as highlighted by the European Union Compass work in this area. A healthy workplace can be described as one where workers and managers actively contribute to the working environment by promoting and protecting the health, safety and well-being of all employees. An academic report from 2014 suggests that interventions should take a 3-pronged approach:

• Protect mental health by reducing work–related risk factors.
• Promote mental health by developing the positive aspects of work and the strengths of employees.
• Address mental health problems regardless of cause.

Building on this, a guide from the World Economic Forum highlights steps organizations can take to create a healthy workplace, including:

• Awareness of the workplace environment and how it can be adapted to promote better mental health for different employees.
• Learning from the motivations of organizational leaders and employees who have taken action.
• Not reinventing wheels by being aware of what other companies who have taken action have done.
• Understanding the opportunities and needs of individual employees, in helping to develop better policies for workplace mental health.
• Awareness of sources of support and where people can find help.

Interventions and good practices that protect and promote mental health in the workplace include:

• Implementation and enforcement of health and safety policies and practices, including identification of distress, harmful use of psychoactive substances and illness and providing resources to manage them.
• Informing staff that support is available.
• Involving employees in decision-making, conveying a feeling of control and participation; organizational practices that support a healthy work-life balance.
• Programmes for career development of employees.
• Recognizing and rewarding the contribution of employees.

Consequences of poor mental health in the workplace:

Productivity and job performance. High performance is mental strength in motion. When we don’t feel good, accessing the behavioral skills that foster creativity and resilience is challenging. Without these skills, we don’t have the psychological resources to perform well at our jobs.

Engagement with one’s work. Poor mental health leads to demotivation and lack of focus. When we have mental health issues, our minds wander or fixate on our problems, making it difficult to regulate our thoughts and emotions.

Physical capability and daily functioning. From social anxiety to a reduction in cognitive performance and working memory, poor mental health takes a major toll on your daily living and physical capability. You feel depleted.

Poor decision-making. Poor mental health can lead to a lack of impulse control, unhealthy thoughts, and poor decision-making. Poor decision-making may lead to missed meetings, showing up late, dropping commitments, or not adhering to company policies.

Communication. It’s difficult to communicate well when we’re emotionally not feeling well. Poor mental health may lead to misinterpreting or over-reacting to colleagues. It may come across as speaking with a passive-aggressive tone, being a poor listener, or having a negative attitude.

Productivity Levels Decrease

The main goal of any corporation is to drive through sales from customers to maintain a strong presence in the business world. Unfortunately, when a level of unethical behaviour starts to form, it can cause productivity levels to decrease which surround the person or corporation in question. When this happens, errors start to form in a once productive production line. This, in turn can cause other employees to feel unmotivated resulting in a complete slowdown of the sale process that can lose you valuable time and money.

Loss Of Respect

In episodes where managers or leaders start to make unethical decisions, it can lead to employees losing a lot of respect for their bosses. When this occurs, it can be difficult for the leader to gain back the respect and trust that’s been lost. It also causes problems for them to run a successful business when their team feels as if they’re making poor corporate choices. Employees may also feel resentful towards their leaders. This is because, as a part of the company, they feel their reputation is also starting to fall apart along with the business’s reputation.

Loss Of Public Credibility

When unethical behaviour occurs in a corporate setting, there’s a high chance it will be publicized. This, in turn can cause your company to lose its credibility, resulting in customers abandoning sales with you, bad-mouthing your business, and not holding respect for you anymore. To gain credibility back a corporation needs to create a well-planned rebranding and marketing campaign, along with hiring a public relations team to help improve their reputation. This can lead to millions of dollars in costs, especially if you’re a well know and worldwide organization.

Legal Issues

In severe cases of unethical misconduct, it can lead to severe legal issues that result in loss of time, large fines, and other penalties with possible jail time. The cost of legal battles can go on for months to years and can lead into the millions of dollars depending on the corporation’s particular situation and level of unethical behaviour. In addition to this, executives who break the law can lead employees to also follow in pursuit in facing criminal charges.

Core Elements of a Strong Work Ethic

It is difficult to define the elements of good work ethics, as it is such an individualistic approach and thinking. What may be good work ethics for me may not be the same for you. Much depends upon how each organization or person looks at work ethics and the moral values that each follows. What moral values you practice in daily life will define your attitude towards work and your work ethics. But there are a few common elements that are universally followed and employers look for it in their employees.

Honesty: This is the core element of work ethics, all the other elements are based upon your honesty. Be honest about your successes and failures, take credit only where due, do not steal other’s works or ideas, and own up to your failures.

Integrity: Do not let people down, try to fulfill your commitments, and be consistent in your thoughts, action and behavior.

Impartiality/Fairness: Be fair to all, do not practice favoritism. Treat everyone as equals.

Alertness: Be aware of what is happening around and keep an eye on things.

Openness: Share your ideas, results and resources with the other team members, so that everyone has the same opportunity and know what you are doing. Being secretive is counterproductive.

Respect for others: No matter how urgent a deadline or heated that tempers become, remain diplomatic and poised and show grace under pressure. Whether serving a client, meeting a customer or meeting with management, do the best to respect other’s opinions, even in stressful circumstances. It shows one values other’s individual worth and professional contribution.

Reliability and Dependability: Means being punctual for work and meetings, delivering assignments within budget and on schedule. Be reliable about keeping promises for reputation precedes one so that clients, customers, and colleagues do trust in you to do all that you say you will everyone appreciates the stability this embodies.

Determination: Obstacles cannot stop you as they are a challenge to be overcome. Embrace challenges positively and know that your role is to solve problems with purpose and resilience. Push on, no matter how far it is necessary to go.

Dedication: Continue until the job is complete, and delivered. “It’s good enough” is not sufficient for you and the team, as you aim to be “outstanding” in content and quality. Put in the extra hours to get things right by attending to detail and excellence.

Accountability: Accept responsibility personally for one’s actions and outcomes in all situations, plus avoid excuses when work does not proceed as planned admitting mistakes or oversights are used as a learning curve and will not be repeated again. Employers expect employees to attain to high standards, and they should fully support staff who accept responsibility, instead of passing the buck.

Confidentiality: Any confidential information of documents you have should remain confidential. You cannot discuss it or show it to anyone else, other than the people authorized to do so.

Responsibility: Take responsibility for your thoughts, actions, behavior and work.

Legality: Always work within the legal boundaries, do not break or twist the law to fit your agenda.

Competence: Improve your performance and competence by constantly learning and including the new learning into your work.

Professionalism: From how one dresses and presents oneself in the business world, to how others are treated, professionalism is such a very broad category that it encompasses all the elements of a work ethic.

Humility: Acknowledge other’s contribution, and share credit for successes. You have integrity and are open to learning from mentors and others, even as you teach via your action, example, and words. Though you take the work seriously, you are also maintaining a sense of humor about yourself.

Initiative: Do not be afraid to put forth your ideas or volunteer for work.

In a corporation, a stakeholder is a member of “Groups without whose support the organization would cease to exist”, as defined in the first usage of the word in a 1963 internal memorandum at the Stanford Research Institute. The theory was later developed and championed by R. Edward Freeman in the 1980s. Since then, it has gained wide acceptance in business practice and in theorizing relating to strategic management, corporate governance, business purpose and corporate social responsibility (CSR). The definition of corporate responsibilities through a classification of stakeholders to consider has been criticized as creating a false dichotomy between the “shareholder model” and the “Stakeholders model” or a false analogy of the obligations towards shareholders and other interested parties.

Value creation is inclusive

For companies anywhere in the world, creating long-term shareholder value requires satisfying other stakeholders as well. You can’t create long-term value by ignoring the needs of your customers, suppliers, and employees. Investing for sustainable growth should and often does result in stronger economies, higher living standards, and more opportunities for individuals. It should not be surprising, then, that value-creating capitalism has served to catalyze progress, whether by lifting millions of people out of poverty, contributing to higher literacy rates, or fostering innovations that improve quality of life and lengthen life expectancy.

Stakeholder management contributes to corporate governance by helping to handle the multiple and often conflicting stakes held by the complex networks of groups that surround any company. The interactions, coalitions, behaviours, roles, resources, and preferences within and across the various groups composing these networks are highly dynamic. Individual stakeholders have various means of exerting influence, such as rhetoric, ethics, ruling, pressure, coercion, and market mechanisms. In practice, it is often difficult and costly, if not impossible, to identify and meet all the demands of a company’s stakeholders. Consequently, it is crucial for governance to identify, analyze, and assess the meaning and significance of each individual group of generic stakeholders and to determine their respective power in order to be prepared for the conflict that may follow from the prioritizing of competing groups of stakeholders.

Employees

Employees have a direct stake in the company in that they earn an income to support themselves, along with other benefits (both monetary and non-monetary). Depending on the nature of the business, employees may also have a health and safety interest (for example, in the industries of transportation, mining, oil and gas, construction, etc.).

Customers

Many would argue that businesses exist to serve their customers. Customers are actually stakeholders of a business; in that they are impacted by the quality of service/products and their value. For example, passengers traveling on an airplane literally have their lives in the company’s hands when flying with the airline.

Government

Governments can also be considered a major stakeholder in a business, as they collect taxes from the company (corporate income taxes), as well as from all the people it employs (payroll taxes) and from other spending the company incurs (sales taxes). Governments benefit from the overall Gross Domestic Product (GDP) that companies contribute to.

Competitors

Mr. Schantz said that, FedEx and United Parcel services (UPS) are their main competitors in Sweden. He also said that there are times when they meet as a network to organize programs for the community as well as discuss different issues on customers and on CSR. He procited out that, although they are competitors in the courier service industry, they strive to reach a common goal for their customers on CSR issues.

For businesses to do well in the market place for the benefit of customers there is the need for competition between different brands, companies and parties. It gives incentives for self improvement. Business parties and competitors must do so in a mutual and fair manner taking into consideration the welfare of customers.

The concept of CSR should enable DHL and its competitors such FedEx and UPS as efforts on the market to stimulate innovation, encourage efficiency and drive down prices which are fair for the benefits of customers. It must create efficiency for commercial firms to develop new products, services, and technologies. This will give consumers greater selection and better products.

Society

Communities are major stakeholders in large businesses located in them. They are impacted by a wide range of things, including job creation, economic development, health, and safety. When a big company enters or exits a small community, there is an immediate and significant impact on employment, incomes, and spending in the area. With some industries, there is a potential health impact, too, as companies may alter the environment.