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 amidst two parties. In this process, the arbitrator makes an impartial decision which 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 … [Read more...] about Arbitration

Definition: Performance Appraisal is a technique of assessing employees conduct in a workplace covering job performance’s qualitative and quantitative aspects; thus, it can be considered as an efficient method of calculating personnel’s capabilities and their work-related conduct. Performance Appraisal can alternatively be said as a method that ascertains and conveys to the … [Read more...] about Performance Appraisal

Definition: The word “Job Satisfaction” was brought to spotlight by Hoppock 1935. He analyzed 32 studies on job satisfaction operated before 1933 and noticed that it is a mixture of environmental and psychological prospects that provoke an individual to say, “I am satisfied with my job”. The explanation above signifies the variety of variables that affect the satisfaction of … [Read more...] about Job Satisfaction

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

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 usually has been introduced as a teaching specific skill and 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 admit that regular … [Read more...] about Training

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

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