The wage payment is an important factor affecting the labor management relations. Workers are very much concerned with the rates of wages as their standard of living is linked to the amount of remuneration they get. Managements, however, do not come forward to pay higher wages because cost of production goes up and profits decrease to that extent. A number of factors, thus, influence the remuneration payable to the employees. The factors influencing Wage and Salary Administration can be categorized into (i) External Factors and (ii) Internal Factors. 1. External factors influencing Wage and Salary Administration Demand and supply : The labor market conditions or demand and supply forces operate at the national and local levels and determine organizational wage structure. When the demand of a particular type of labor is more and supply is less then the wages will be more. On the other hand, if supply of labor Continue reading
HRM Functions
Characteristics of Effective Teams
Many authors have written various features that they believe are essential for team effectiveness. Having read them it can be suggested that the following are the features of an effective team: Clear Understanding of the Goals/Objectives: Perfect understanding of what the goals of the team are, is very important. Every member of the team should be able to talk for the team on the progress of their project when called upon. However, this happens when every member of the team understands the team’s goal and can tell if they are making progress or not. Shared Values: Effective teams share desires to succeed at whatever they do. They have a common sense of purpose. The team must agree that the work they are doing is worthwhile and that their goals are worth making the effort to achieve. Members interact and work independently to achieve team objectives. They take collective responsibility for Continue reading
Point Rating Method of Job Evaluation
Point Rating technique is the most widely used system of job evaluation. The method evaluates the compensable factors of each job. It involves a more detailed, quantitative and analytical approach to the measurement of job work. Under this method of job evaluation, jobs are broke down based on various identifiable factors such as skill, effort, training, knowledge, hazards, responsibilities and so on. Thereafter, points are allocated to each of these factors. Weights are given to factors depending on their importance to perform the job. Points so allocated to various factors of a job are then summed. Then, the jobs with similar total of points are placed in similar pay grades. The sum of points gives an index of the relative significance of the jobs that are rated. Point Rating System requires six steps and is usually implemented by a job evaluation committee or by an individual analyst. Determine critical factors Continue reading
Importance of Job Analysis in Human Resource Management
Job analysis can improve management efficiency for organizations in the way of gathering a comprehensive intelligence to provide comprehensive information of related work. It refers that giving particular job specific provisions and completing the work required determining what course to conduct. Job analysis consists of two parts: the job description and statement of work. Through analysis of the work input, conversion work, work output, work related characteristics, job resources, work environment background, and result the formation of job analysis – job specification (also known as the statement of work). The work of identifying information included job specifications, job summary, job duties and responsibilities, and information of qualification criteria, which facilitate the use of functions for other human resource management. Job analysis is the basis for human resources management, the quality of its analysis for module of other human resource management has a significant influence. Job analysis is also defined as Continue reading
Talent Management Best Practices
The creation of a talent management environment in the 21st century is an important and necessary part of any modern organisations agenda. A shortage of talent, facing an ageing population and a dynamic business environment has all fueled a commitment to a need to focus upon how talent can be attracted and retained within the organisation. To standstill and to be static is a dangerous game and thus firms have to be focused upon adaptability to trigger a sustainable approach through talent. To build a strong, consistent and sustainable talented workforce requires a need to develop employees who can act in the global business environment. 7 Talent Management Best Practices Align Goals and Track Everyone’s Progress: Make sure that every employee’s goals are aligned with organizational goals and also regularly monitor progress on goals so that corrective actions can be taken as required. Finally there is need to be able Continue reading
Four Major Theories of Training and Development
Competitive advantage is referred to that ability of an organization which is not possessed by the other organizations and it is a competitive advantage which leads the organization to the top positions. There are many organizations in the world who are leading the markets by gaining competitive advantage in different fields of their business activities. One of the way in which a firm can attain a competitive advantage over the competitors is by building a force of superior human resource. Now the question arises that how this force of superior human resource can be build. The answer lies in a very important function of human resource management i.e. training and development. It has been observed that the employees or labor working in a competitive environment of market always welcome the training and development programs which can enhance their skills and knowledge. Now days every job holder understands that to sustain Continue reading