Inancial assessment of Cathay Pacific Essay Example | Topics and Well Written Essays - 3000 words

Inancial assessment of Cathay Pacific - Essay Example al, 2008). It has also been apparently observed that the financial performance of different companies is regarded as one of the important aspects of modern business. In this age of global economic crisis, companies are more interested in managing business in such a way so that they can accomplish their respective business targets successfully. Its financial statements can determine the financial performance of any company. Various factors can affect the financial performance of companies at large. Hence, it is the responsibility of the management of different companies to detect the potential threats and ensure that their financial position remains stable. One of the major business targets of the companies is to maintain sustainable business with profitable growth. It can be seen that the financial performance of companies largely depends on the efficiency of their operations that is directly related to the performance of the employees in this present day context. In order to make it self different from other rival competitors, companies need to have a proper and efficient work force that can effectively work towards the accomplishment of the organizational goals by a considerable level. In this regard, the recruitment and retention policies of different companies seem to be quite significant in as far as goal attainment is concerned (Knight& Bertoneche, 2000; Jackson & et. al., 2011). This paper seeks to provide a clear assessment of the financial performance of Cathay Pacific within the context of the prevailing global economic climate. On top of that, the paper also seeks to develop effective plans in terms of recruitment, selection, and retention for Cathay Pacific. Company Overview Cathay Pacific is a Hong Kong based Airline Company. The company operates in 42 countries throughout the globe and it was established in 1946 in Hong Kong. Since then it has acquired a leading position in the global airline industry. The company competes with different airline co mpanies across the globe and it strives to deliver quality services to the customers. The company achieved numerous awards since its inception. In 2003, the company attained airline carrier of the year award that significantly distinguished itself from its rival competitors. The company became extremely popular for its excellent services to the customers better known as â€Å"service straight from the heart.† This unique quality of the company eventually made it one of the most reputable airline companies in the world (Cathay Pacific, n.d.; Cathay Pacific, 2011). Global Economic Climate of the Airline Industry The global economy experienced a downfall during the previous years. It can also be said that the airline industry was not spared by this global economic crisis. The rise of fuel price also had a severe impact on the airline industry. In addition, it has been further noted that the new regulations imposed by the European Union especially in the catering area as well as safety has also effected the working operations of the airline companie