Definition: Balanced scorecard procedure developed by Kaplan and Norton in 1996 is a fundamental performance management model, and therefore it is worth looking. It has achieved popularity to such range that it now governs the field of performance management, i.e., Kennerly and Bourne 2003. Nationally, B.P.Ford and Tesco are amidst the firms that use versions of the balanced … [Read more...] about Balanced Scorecard
Human Resource
Selection
Definition: Selection is the procedure of choosing persons who have appropriate qualifications to occupy jobs in the company. The primary function is to select the persons who can favourably perform the job, from the pool of competent applicants. Usually, any selection resolution can lead to four possible outcomes. Two outcomes exert the right decisions, and two would specify … [Read more...] about Selection
Training
Definition: Training usually has been introduced to as teaching specific skills and conducts and is a critical strategic tool. For the endurance of the company, it is necessary that the individual must flourish and develop through training. It is a significant sub-system of human resource management and is a specific developmental function of the company. Various managers … [Read more...] about Training
Outsourcing
Definition: Outsourcing implies negotiating out a business operation or activity to an external body. For this, two companies draft a legal agreement for the swap of payments and services. For an action to be called ‘outsourced’ it should be: A recurring action. An action that the firm presently furnishes for itself or is commonly scheduled to implement for … [Read more...] about Outsourcing
Strategic Management
Definition: Strategic Management can be defined as the recognition of the aspiration of the institution and the procedure and activities to accomplish that aspiration or aim. It is mainly concerned with describing the management to its environment, developing strategies to comply with that environment and assuming that the application of strategies takes place. Content: … [Read more...] about Strategic Management
Exit Interview
Definition: Exit interview is a human resource practice carried out by the organization to gain valuable feedback from the employee who is leaving the organization. It is a standard procedure to obtain insights on the company's strengths and weaknesses, as perceived by the leaving employee. In an exit interview, an interviewer can be an HR representative, manager, owner or … [Read more...] about Exit Interview
Types of Groups
Definition: A group is the arrangement of the individuals who have something in common, i.e., either they possess a similar trait or falls into the same situation. This association becomes a temporary identity of the individuals who form it. Also, every group has its norms, goals, composition and criteria. There are numerous types of groups which differ from each other … [Read more...] about Types of Groups
Group Dynamics
Definition: Group dynamics is the analysis of all those factors which contribute to the creation and functioning of a group. It is moreover concerned about the change in psychology or mindset of the individuals while performing in a group. It is a parameter to evaluate the overall performance of a group. Also, it examines the impact of various elements such as group … [Read more...] about Group Dynamics
Labour Turnover
Definition: Labour turnover can be defined as the overall change in the number of people employed in a business entity during a particular period. It takes into consideration the number of exiting personnel, new joinees and the total number of workers as listed in the payroll at the end of a given period. A high labour turnover rate is considered to be unfavourable for the … [Read more...] about Labour Turnover
Employee Orientation
Definition: Employee orientation is a systematic approach of an organization to deliver the relevant information to the new hires so that they can efficiently perform the given tasks. The whole-sole purpose behind this induction process is to familiarize and accustom the new employees with the work environment. Example: 'Google' is well known for employee satisfaction. The … [Read more...] about Employee Orientation