Human Resource

Definition: Collective Bargaining is a process used to resolve the conflicts amidst management and the employees relating to essential terms and conditions of the employment. It concludes with an agreement amongst the management's representatives and the employees' bargaining agents stating the issues regarding compensation and service conditions. Both representatives may … [Read more...] about Collective Bargaining

Definition: Employees Welfare is a term which includes the perks and benefits provided to the employees of the organization apart from their regular salary or remuneration, the main motive of serving employee benefits services is to improve or enhance the employee’s well-being. Employee welfare measures are the efforts made by the employer to bring the desired results by … [Read more...] about Employee Welfare

Definition: Arbitration is a procedure of making a decision by an outsider for a dispute settlement between two parties. In this process, the arbitrator makes an impartial decision that will become mandatory for both parties to follow. Here, the arbitrator is an individual appointed to resolve the disputes and differences of two parties. The arbitrator makes his decision on the … [Read more...] about Arbitration

Definition: Performance appraisal is a process of evaluating the employee’s performance in a workplace covering all qualitative and quantitative aspects of the job. It can be considered as an efficient method of evaluating personnel’s capabilities and their work-related conduct to assess his/her future growth possibilities. It also builds an effective communication channel … [Read more...] about Performance Appraisal

Definition: In general terms, Job Satisfaction implies the comfort level of the employee in their job. For any organization's growth, it is very important that their employees are satisfied with their work and the working environment as it encourages the employees to perform their best in their respective fields. The word “Job Satisfaction” was brought to the spotlight by … [Read more...] about Job Satisfaction

Definition: Balanced Scorecard method was developed by Kaplan and Norton in 1996. They state that it is a fundamental performance management model used by the companies for enhancing the focus on their strategies and outcomes of the business, considering all the priority factors. In simple words, it is a performance matrix used to provide feedback on the company's internal and … [Read more...] about Balanced Scorecard

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

Definition: Training is a critical strategic tool usually introduced as teaching specific skills and conducts. It is a significant sub-system of human resource management and is a specific developmental function of the company. For the stability of the company, it is necessary that the individual must flourish and develop through training. Various managers admit that regular … [Read more...] about Training

Definition: Outsourcing implies getting work done from the outside bodies. The companies generally use this process to deploy the non-core but relevant sector of their business. For this, two companies draft a legal agreement for the exchange of payments and services. For an action to be called ‘outsourced’ it should be: A recurring action. An action that the firm … [Read more...] about Outsourcing

Definition: Strategic Management is understanding the management's aim and making a strategy to accomplish such aims by efficiently utilizing an organization's resources. It is mainly concerned with describing the management about its environment, developing strategies to comply with that environment and assuming that the application of strategies takes place. In short, it … [Read more...] about Strategic Management