Human Resource is used to describe individuals in the workforce of an organization, even if it is also applied in labor economics, for instance, industries and even entire nations. Human resources is also the name of the function in a body with overall responsibility for implementing strategies and policies on people management. Human resource management involves the development of a perfect blend between tradition and administrative functions well-being of all employees in an organization. Top management care little about human resource compared to production, marketing, finance, and engineering. There are some reasons. Marketing department is the process by which companies create customer interest in goods or services. It generates the strategy behind the sales techniques, business communication and business developments. It is an integrated process by which organizations build strong customer relationships and create value for their customers and themselves. Marketing is used to identify the customer, to satisfy the 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.
Team Based Compensation System
Teams have become a popular way to organize business because they offer companies the flexibility needed to meet the demands of the changing business environment. While many companies have been quick to organize their workforce into teams, they have not been as eager to implement team-based compensation systems. However, if team-based organizations continue to utilize old, individually-oriented pay systems, they will not fully realize the benefit of highly cooperative and motivated work teams. Team compensation is a way of rewarding performance in team settings. That is, individuals are rewarded based on the performance of the team as opposed to individual performance. There are different kinds of compensation such as a portion of base pay, other financial rewards such as gain-sharing, and non-financial rewards such as movie passes and gift certificates. Teams are defined as groups of individuals who work together to develop products or deliver services for which they are Continue reading
Managing Workforce Diversity
How administrators manage workforce diversity greatly depends on the needs of the organization. For example, some companies may want a diversified work force in order to make them more competitive in the global market. Diversity helps them to better understand international markets. While other organizations consider diversity as a means to bring about greater harmony in the workplace and an opportunity to prepare employees and volunteers to deal with the nation’s changing demographics. Regardless of the reasons, managing diversity is here to stay. So, it’s no longer an issue whether to implement diversity training, but how diversity training will be implemented. “Managing for Diversity” pertains to a philosophy that is purely motivated by business purpose and market advantage. It is seen as a strategy for improving organizational competitiveness and efficiency. It is distinctly different from policies grounded in social purposes such as equal employment opportunity or affirmative action. It focuses Continue reading
Types of Financial Rewards in Modern Organizations
Financial reward can be seen as a motivational factor, where employees may benefit, either from promotion or a bonus, it could be seen as an appraisal system. Mainly there are three types of financial rewards within organisations; individual performance related pay, profit related pay and skill based pay are the fundamental for both organisation and employees. Every organisations aim is to save cost at all expense but retain a better performance from employees, whereas employees seek to earn extra more from the organisation. It is an obvious fundamental for employee’s lifestyle as their contribution and duties to perform their job effectively and expectation are to be met due to their hard work, however such individual performance related pay as well as skill based pay and profit relative pay is all beneficial to employees as performance and productivity is enhanced, thus motivation is increased and cost is made, as well Continue reading
Talent Management – Management of Human Talent
Definition of Talent Management Talent management is the use of an integrated set of activities to ensure that the organization attracts, retains, motivates and develops the talented people it needs now and in the future. The aim is to secure the flow of talent, bearing in mind that talent is a major corporate resource. Talent consists of those individuals who can make a difference to organisational performance either through their immediate contribution or, in the longer-term, by demonstrating the highest levels of potential. In a competitive marketplace, talent management is a primary driver for organizational success. Broadly defined, talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. It’s pretty clear that people are a business’s most important asset and in Continue reading
Developmental Approach to Performance Appraisal
The developmental approach to performance appraisal has been related to employees as individuals. This approach has been concerned with the use of performance appraisal as a contributor to employee motivation, development, and human resources planning. The developmental approach contained all of the traditional overall organizational performance appraisal purposes and the following additional purposes: Provided employees the opportunity to formally indicate the direction and level of the employee’s ambition. Show organizational interest in employee development, which was cited to help the enterprise retain ambitious, capable employees instead of losing the employees to competitors. Provided a structure for communications between employees and management to help clarify expectations of the employee by management and the employee, and Provide satisfaction and encouragement to the employee who has been trying to perform well. Who are Appraisers? The appraiser may be any person who has thorough knowledge about the job content, contents to be appraised, standards Continue reading