Completing the Balance Sheet Student Handout Contents: 1. Learning Objectives 2. Tutorial Questions 3. Lecture Materials Lecturer: Dry Victoria Clout Website: http://tell. Nuns. Du. AU Introduction and Learning Objectives In this week we are turning our attention towards the remaining major component of the balance sheet – owners’ equity. Like liabilities, owners’ equity represents another form of financing for a business.
At first glance, liabilities (capital provided by redirectors) and owners’ equity (capital provided by owners or shareholders) may look very different. As we delve deeper into the topic, however, you will appreciate that debt and equity are at either end of a continuum of financial instruments and that sometimes, financial instruments exhibit both debt- and equity-like qualities. Further, you will note that some financing arrangements do not appraisers assignment is about a reflective account of my role as a team leader in the management of a difficult staff that resulted in a permanent change on the ward. To provide a critical discussion, analysis and balanced account of my leadership role in managing difficult staff and planning a change in team. I work as a team leader in a 16 bed unit, a very busy inpatient setting with dementia and end of life care, majority of our staff are nurses and care support worker.. Am saddled with the responsibility of assessing middle age and elderly patients with dementia presenting with challenging behaviors that can not be managed else here, following referrals from continue care team and other agencies. We manage patient on short and long term bases, We provide end of life care for the dying patients.. The unit function under a shift pattern system and uncompleted Job is to be handed over to the relieving staff.. Handover is given by the coordinator of each shift to the relieving staff.
The clinical problems with our clients is advanced dementia of various types, insidious anxiety, refractive depression and chronic psychosis The type of care the unit provide is based on person centered care planning. Patients care plans and individual need provisions is centered around identified risks, previous history from career and next of kin. What has worked well in the past, patient hobby and profession. As the team leader I conduct pre-admission assessment, The purpose of this assessment is to determine patient suitability for the type of care we provide.
For each patient a mental capacity assessment is done to determine the level of involvement and what multidisciplinary team to contact for holistic care delivery. Patient needs/care plans are based on information on hygiene deeds, washing and dressing, individual nutritional needs and mobility assessment as all our patient have cognitive impairment and will depend on staff for all activities of daily living, such as washing, bathing, choice of dress to wear, eating and drinking, sleep and their physical well being, thereby promoting their safety, privacy, maintaining their dignity, all in the best interest of individual patient.
Mental capacity act 2005 1 have chosen to write and highlight poor decision making, refusal to work as part of a team on the part of one of my staff and how I displayed my managerial skills. I happened to be on a late shift one day and one of my patient suddenly became unconscious, not talking and not responding to stimuli hence I made a decision to send him to A on the general side in accordance with the trust policy and best practice.
When the relieving staff on night duty resumed I intimated her about this development and the need to send one of the night staff to monitor this patient until he his admitted to a ward. Deny et al (2001) States that leadership task may be distributed between leaders at different times or when there is an immediate need to manage identified risk. The staff nurse in charge of night shift bluntly refused to send a nurse to A, she was killing time as she refused to make concrete decision.
As a team leader I have the mandate to make sure all the patients are safe hence I took it upon myself to allocate a Junior member of staff on night duty to go and relief the attorney stats wit n the patient in A as the consequences to leaving this particular patient unmonitored could be grievous for the staff and the trust as an organization. Leaders with good initiative skills we always recognize issues, problems, and find avenue to amend it by taking spontaneous and appropriate actions (Babel 2002).
Unfortunately the night shift coordinator did not see anything wrong with her decision, she appears to lack self awareness as she was very unrepentant in her attitude. I acted in line with. NASH 2006 Leadership Qualities Framework, LLC. LLC (2006) describes the qualities expected of existing and aspiring leaders, both now and in the near future. It comprises leadership qualities arranged in three clusters – Personal Qualities, Setting Direction and Delivering the Service.
The above leadership qualities frame work is in line with Great man theories and rat theories which have a firm rooted believe that leaders are blessed with certain qualities that instigate them to lead others. The following day I explained what happened to my line manager, who in turn complained to the service manager. The Issue was treated as competency issue as the senior officers from human resources were involved and a disciplinary committee was set up.
During the hearing the staff affected denied all the allegations but the two witnesses called testified against her; my manager also noted that most of the times she tends to argue and it has always en very difficult to get her to meet person centered care plan criteria.. She does not know the implication of her actions and the negative effect it has on delivering effective patient care. Barker et al (2006) states that, the highly important aspect or criteria of meeting patient’s needs include access to care, communication with health care providers, and effectiveness of interventions and efficiency of treatment.
At the end of the preliminary hearing, the disciplinary committee placed the affected staff on six months supervised practice. This mean she cannot work on her own and all re clinical Jobs must be monitored and countersigned by another qualified staff.. As a team we felt that this was poor practice, hence changes had to be made as it would ultimately affect patient care and general staff performance.
Initially she was supervised for three months by my manager and she worked closely with me and had regular supervision for the remaining three months, during which all other areas she needed development were clearly identified, addressed and evaluated through mandatory trainings, identified learning needs and clinical supervisions. According to Sense (1990), “organizations have the capacity to learn and to change in specific ways based on processes and techniques focused on learning to learn” .
During this period I had opportunity to highlight what the individual was doing well and areas she needed to improve on. A client-centered supervisor would be concerned to communicate the core conditions of acceptance, respect and genuineness to her supervise. (Page and Weakest 1994: 4) As am the team leader responsible for managing the team, day to day care for the patients on the ward and some other management duties to improve on safety and he quality of the service we provide.
I found it reasonable to incorporate lot of leadership qualities and framework to manage my team and provide care to service users. At the end of her six month supervised practice she was one of the six staff nurses allocate to me to give both management and clinical supervision to on monthly basis. This was to ensure that staff adhere to trust policies, to ensure all staff attend mandatory trainings and ensure all staff are aware and maintain safe practice, embrace health and safety policies.
Crosier (2005) emphasized that effective raining facilitated people in learning new knowledge. However, she stated that people should act based on the information they had. Moreover, knowledge is important, and it must be followed with action. Before I allocate task to my team members I made it a point of duty to ensure that such staff have adequate knowledge to undertake such a task thereby reducing errors and bad practice. Hourly & Wright 2001 viii) During the individual supervision session I take time to audit each staff electronic record keeping, allocated patient care plans, risk assessments and patient well being monitoring record, particular attention was directed at staff training as the trust believes that for staff to perform and deliver effective services they must be well informed and competent to practice, link nurse roles and investigation of serious untoward incidents. Personal development plans with achievable clear goals and objectives were put in place .
My interaction with the supervises was based on traditional medical model of supervision, which is problem solving centered, this approach is closely related to solution focused approach. I also observed that managing a team that has worked together for long at times attempt to undermine the team leader position and ritually erode his/her confidence and management skills which could possibly damage other team members morale. According to Sullivan & Decker (2008) a leader is anyone who is able to impact and influences others to achieve specific targets.
Combination of leadership styles was used for managing this change I had initially adopted a democratic change style of leadership as I gave the staff in charge of the relieving shift the opportunity to appoint one staff to take over the patient in A & E, this style was also closely related to theory Y as I encouraged the staff to take active intro of the situation but when she refused I then decided to be more authoritarian by deciding who was to go with immediate effect. The most important aspect of this style is that it ensures Job are done within very short period of time.
Authoritarian leadership style is more of theory X where leader passes on information from top to those below and if Job is not completed to satisfaction the Junior officers might be threatened with punishment to achieve result suitable for groups and for extended periods and promotes growth in an individual worker (Marquis and Huston 2009). Some of the conflict management model used on the unit are:- collaboration which is closely related to democratic theory of management.
Collaboration is working as a team, This ensures full participation of all multidisciplinary team members and is mostly used when making a popular decision, it allows staff to examine issues from different perspective and merge integrated insight to achieve results. Compromising This is mostly used by the unit management to achieve quick result. Most especially where competition and collaboration will not achieve good result. Assertiveness was seed where there is need to be assertive for better understanding and team effectiveness and quick result, e. When I decided to nominate someone from the night staff as the staff in charge of night shift was been difficult. This appears to be more to down ward meaner to communication el trot the leader to the subordinates and is closely related to authoritarian theory of leadership. Competing and accommodating- This modules were well established among the Junior members of the team; a policy of give and take was developed. Individual members of the team knows that at the end of the day there is no winner and no looser. Van De Wert & Umea, 1994). Emphasized on the importance of accepting others views as it aids conflict resolution.
A team building day was organized to address various issues affecting team spirit and performances. In attendants were all professionals involved in the unit multidisciplinary team decision making and care delivery. Somerset (2001) stressed that effective service delivery will require taking leadership too very deep level. Day (2001) and Pennington and Hartley 2009) Suggested the need to redirect leadership development to include the whole team and not individual development. Factors responsible for team conflicts such as communication issues I. Poor communication, lack of communication, poor leadership and management styles, poor problem solving skills, personal problems and personality conflicts High handedness from the management, lack of good skill and ability to deliver services. Team members boredom and not feeling adequately challenged to deliver. All the above mentioned factors usually results in failure to share information or poor hand over of care delivered, concealing information, hostility, verbal and physical display of aggressions, keeping malice, passing bocks, bullying and verbal abuse and rudeness.
As clinicians, clinical leadership competency framework was employed to resolve issues, all team members were divided into groups and each group made use of self assessment tool with the main aim of delivering optimal level of care to service users by demonstrating ability to work with others, demonstrating personal qualities, managing services, improving services and setting directions.
Leadership Academy’s 1 employed various leadership soft skills in the day to day managing of y team, by giving feedback, listening, motivating staff members and using various communication strategies such as the use of emails, ward diary, communication book and memos. Thereby ensuring clear communication in the delivery of ward messages and to effect changes where necessary.
Different mode of communication such as vertical, horizontal and downward mode was frequently used depending on what and who was to be addressed to achieve the units aims and objectives. “Soft skills is a sociological term relating to a person’s “CEQ” (Emotional Intelligence Quotient), the luster of personality traits, social graces, communication, language, personal habits, friendliness, and optimism that characterize relationships with other people”. I regularly seek supervision with my line manager for the following reasons: To enable me identify and stop me from picking up bad habits and practices, to afford me the confidence to challenge bad practices and to be able to think deeply in some areas of practice, it also gave me the opportunity to learn from mine and others experiences, it affords me the opportunity to give and receive feedback.. Hawkins and ) Considering the progress achieved in the team performance and service delivery due to team cohesion and hard work I strongly believe that conflicts have contributed positively to the growth of the team, my personal development, understanding in terms of team work and good communication with colleagues and service user. The payoffs achievements of up to date leadership style, good team spirit and reliable customer care and service delivery.
In conclusion conflict is not always bad thing in team working but if well managed could result in improvement in group performance, increases personal and organization velveteen, brings about individual and group awareness, boost individual morale and enhance team productivity. It also improves managerial and leadership roles, enhances improvement in skill required by leader to move the team forward. Monika (1991) “contends that the creation of new knowledge in an organization does not emerge simply by processing objective information.
In the balance sheet at all!
In our discussion of equity financing, we discuss the option of using equity as a source for resources (assets) of the corporation. Shareholders are a key source of initial finance for a company. While traditionally regarded as the owners of a company’s assets, more recent thought suggests that the shareholder exchanges their investment in a company for a right to the residual cash flows of the firm (dividends). At the end of this topic, you should be able to: LOL . Describe the components of owners’ equity ALL.