Family business can be describe when business own by one or more families members directly or indirectly and have significant ownership and commitment toward the business well being. Family business can be consist of numerous combination of family members such as husband and wife, parents and child, extended family and also multiple generations such as grandfather, father and son. These family members also play roles as stakeholder, board members, working partners, adviser and employees for the company. Generally there are three different stages of family business had gone through in order for the business to growth from inception to maturity. Different skills are required in each stage and family issues might happen when the business moving from one stage to another stage. The first stage is called as start up stage where the business is still new and varies from 1st to 5th year after the company started to venture Continue reading
Modern HRM
Entrepreneurial Motivation Factors
Entrepreneurship is the process of adding something new [creativity] and something different [innovation] for the purpose of creating wealth for the individual and adding value to society. An entrepreneur has to be creative and innovative in order to have a sustainable growing business. In fact, entrepreneurs are considered as one of the main contributors to country economy growth. Entrepreneurial activity benefit community and society as it creates job opportunity, income, products and services with his creativity and innovation to us. Important Factors of Entrepreneurial Motivation Motivation is one of the elements in influencing the process of entrepreneurship. The general entrepreneurial motivation factors, including need for achievement, locus of control, vision, desire for independence, passion, and drive. Need for Achievement: Individuals who have higher level in need for achievement are will have higher desire to involve in activities or tasks that have a high degree of individual responsibility for outcomes. Entrepreneurial Continue reading
Team Based Pay System Design
There are many considerations in the designing of a team-based compensation system. After the alignment of pay with strategy, culture, and competencies of the employee, then the next step is to determine the type or types of team in a particular organization. There are four types of teams: The first is the parallel team that is defined as a part-time team that can be temporary or permanent that employees participate on in addition to their normal activities. The second type of team is a process team that carries out the work processes and is done collectively by members of a team. A project, or time-based team, is the third type of team and is the opposite of a parallel team in that members work full-time for the duration and until completion of a project. A fourth type is a hybrid organization that includes a mixture of the teams described above. Continue reading
Evolution of Human Resource Management (HRM)
Human Resource Management (HRM) is defined as the strategic approach to manpower management in an organization and also this is a function of the company which focuses on recruiting the management to provide further information to the employees, how to take the business to the top level. This process is really important to today’s businesses, it studied that employees working in teams or individually are the two main contributors which helps to succeed in the business objectives. The managers of the businesses in this generation are responsible in selecting employees, planning the goals of the company, planning how the business can use the resources in effective ways, assigning tasks for the employees, giving information to the employees how a task should be completed by using few resources, giving feedback’s how they can change their behaviors, introducing new technology to improve performance of the employees, taking responsibilities of the entire business Continue reading