Reward is an objective way to describe the positive value an individual ascribes to an object, behavioral act or an internal physical state. Primary rewards include those that are necessary for the survival of species, such as food and successful aggression. Secondary rewards can be derived from primary rewards. Money is a common type of reward. Most of the times, organization rewards its staffs by pay increment or higher bonus. Money is the most direct and easiest way to reward the staff and create a sense of satisfaction. Nowadays, companies are making many modifications on their rewards system to adopt internal and external changes. Reward system is used as a critical tool for driving business growth and boosting staff morale. It is important to align the right measures and reward systems with firm’s structure and culture. However, the reward system is not emphasized when the operational system is designed. Finical Continue reading
Human Resource Management Basics
The Role of Human Resource Management in Organizations
Nowadays, Human Resource Management (HRM) has become one of the major partners of an organization. Human resource management deals with managing people in an organization that means recruiting efficient and skilled employees in the right jobs at the right time at the right cost. Human resource management plays a major role in achieving organizational aims and objectives. To achieve these aims and objectives, human resource management has to apply some strategies to the organization and organizational management and follow the strategic processes to face and overcome the completion of the outside world. Strategic human resource management is one of the parts of human resource management which links with the implementation of strategic goals and organizational objectives that improves business performance and development of the organization. Strategic human resource management focuses on the key areas of HR, where long-term strategies can be implemented for the improvement of productivity. It also solves Continue reading
Work-Life Balance – Definition, Significance and Importance
Work-life balance is a very broader term in Human Resource Management and often referred to finding the right equilibrium between the different aspects and roles in a life of a person. Although there are different views and concepts about work-life balance but it is generally coupled with maintaining an overall balance in different aspects of life. During the last decade technological revolution has stormed all aspects of life and there were different debates about the future of work. Different scenarios predicted a rising trend in un-employment and economic insecurity. Industrial restructuring and emergence of latest technology no only affected the importance of workforce but it was also felt that employees will be treated as superfluous overheads. History of Work-Life Balance In 1986, the term “Work-Life Balance” was first identified, but it’s usage in everyday language was still sporadic for a certain number of years. Although, interestingly work-life programs existed in Continue reading
Difference Between Career Planning and Career Development
Broadly, the term career is referred to an individual’s entire work life. In a narrow sense, it can be defined as the succession of jobs and or ranks held by a person in a particular organisation. An individual’s career begins with placement in a job and ends with departure from the organisation, may be in form of retirement, resignation or death. In between, the career progression consists of changing tasks, tenure in various jobs, temporary or permanent promotions, transfers etc. Career planning and development includes all those events that is happening to or initiated by an individual affecting his/ her progress or promotion. It happens by widening and/or changing employment possibilities and is characterized by different and higher status, better conditions of service and increased satisfaction with the job. It revolves round events and occurrences an individual goes through while moving up the hierarchic ladder. Career development is the process Continue reading
Gender Wage Discrimination
The term wage discrimination can be explained as a difference in the wage levels offered to male workers and female workers for the same level of work they do. It occurs when an individual in a labor market suffers from a decreased wage level for the same job and performance. Gender wage differences seem to exist in many countries to some extent. Studies on wage differences shows that female/male earnings ratios are usually less than one, indicating that women usually earn less than men do. Depending upon the characteristics of their labor markets, factors producing wage differentials in those studies varied from race, gender, education, job status occupation, type of sector (public vs. private) to type of industry, among the others. Two major trends in the world have worked to widen the gender gap: increases in the pay premium associated with higher “skills” (i.e., higher levels of education and labor Continue reading
Work-Life Balance Programs – Cost or Investment?
Work-life balance programs are fast gaining popularity in developed countries. Work-life balance programs can be defined as any benefits, policies or programs that help employees find ways to manage the demands of the workplace and life outside work. In other words, work-life balance programs are designed as a two pronged approach to achieve meaningful achievement and enjoyment in everyday life. There are many forms of work-life balance programs such as flex-time, child-care facilities at work, gyms and concierge services and paid vacations. Many reasons are cited for the introduction of work-life balance programs at the workplace, the most common being that it increases productivity as well as employee loyalty. While these are all valid justifications, the costs of having work-life balance programs should not be ignored. Therefore, do the benefits of work-life balance programs outweigh the costs? Going further, should these programs be considered a cost or an investment to Continue reading