Wages can be expressed in two ways. When they are expressed in terms of money paid to the worker they are called nominal wages. But when they are expressed in terms of their purchasing power with reference to some base year they are called real wages. These wages are arrived at by making adjustment in the nominal wages for the rise or fall in the cost of living. How do we measure changes in the cost of living, or changes in the prices that consumers pay? The measuring rod is the consumer price index number. This index number is intended to show over a period of time the average percentage change in the prices paid by the consumers belonging to the population group proposed to be covered by the index for a fixed list of goods and services consumed by them. The average percentage change, measured by the index, is Continue reading
Human Resource Management
Human Resource Management (HRM) is branch of management that deals with people at work, it is concerned with the human dimensions of management of the organization. As organization consists of people, therefore acquiring them, developing their skills, providing them motivation in order to attain higher goal and ensuring that the level of commitment is maintained are the important activities.
Significance of Human Resources in International Business Arena
As the success of domestic business depends on its human resources, the success of a multinational company depends on international human resource management. Human resources managers are kind of people managers of any business organization, and are responsible for managing a wide range of employees. The human resource manager in a multi-national company with divisions or subsidiaries in foreign countries has all the normal HR responsibilities plus a brace of additional tasks that are specific to offshore operations of his department. He is literally responsible for international human resource management. International human resource management functions cover many different activities related to a business organization’s employees and contractors. The first and most important is the staffing needs of the company whether staff members are company employees or outside contractors. Other functions include recruiting and training employees, ensuring that they are performing at expected levels or better, handling performance issues and making Continue reading
Impact of Workplace Wellness Programs in Modern Business Organizations
The modern workplace is constantly evolving, and employers are increasingly looking for ways to improve the health and wellbeing of their employees. Corporate wellness programs are one of the most popular strategies for achieving this goal. This essay will explore the impact of corporate wellness programs on employee engagement, productivity, and overall health. It will also discuss the challenges associated with implementing such programs in the workplace. By examining the evidence, this article will provide insight into how corporate wellness programs can be used to create a healthier and more productive work environment. Definition of Corporate Wellness Programs Corporate wellness programs are initiatives designed to promote healthy lifestyles among employees in the workplace. These programs typically include activities such as health assessments, nutrition education, physical activity classes, stress management workshops, and mental health support. The goal of corporate wellness programs is to create a healthier and more productive work environment Continue reading
Tips for Effective Employee Recognition and Reward Programs
Recognition is defined as a form of sincere praise or appreciation given to an individual by another and reward as the earned item of value presented to an individual for successful accomplishment of a particular service, task or mission. Recognition and reward programs has always been an effective strategy for retaining employees and it normally do not cost much and not very time-consuming. Informal recognition and reward program can recognize outstanding performance rather quickly while formal program develops the performance growth in a long term basis. Well planned recognition and reward programs builds comradeship within the team and makes employees feel valued and appreciated. Employees want to feel appreciated and seldom will they find compliments a surplus. Effective recognition and reward programs recognizes and appreciates the efforts of individuals while taking into account their individual needs, differences and personalities. As a leader, do not assume that the approach of one-size-fits-all Continue reading
Performance Related Pay – Definition, Objectives and Conditions
Rewarding performance is the element of the performance management process which seeks to give employees some kind of return for achieving their targets. This is wider than just financial recompense and includes such things as praise, greater opportunities for training and development, and promotion. Very often one of the things most sought by an employee is the recognition that he or she is doing a good job and where, for example, this is expressed in terms of bonus it is very often the recognition rather than the cash that really matters. It is only when money enters the equation that rewarding performance become very tricky and the emphasis her is therefore on the financial aspects. People very often consider performance management solely in terms of Performance Related Pay (PRP). PRP is a method of remuneration that provides individuals with financial rewards in the form of increases to basic pay or Continue reading
Understanding Cross-Cultural Communication in International Business
Cross-cultural communication exists when people from differing cultures have reached a certain degree of understanding regarding their differences. For understanding to take place, both people must have some form of knowledge or awareness regarding the norms or customs that exist in each other’s culture. Verbal and nonverbal communications can contain implied meanings, as well as certain degrees of symbolism. For successful communication to take place, background knowledge concerning values, norms and perceptions is necessary in order for clear, effective communication to take place. The key to effective cross-cultural communication is knowledge. It is essential that people understand the potential problems of cross-cultural communication, and make a conscious effort to overcome these problems and important to assume that one’s efforts will not always be successful, and adjust one’s behavior appropriately. For example, one should always assume that there is a significant possibility that cultural differences are causing communication problems, and be Continue reading