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
Human Resource
Performance Appraisal
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
Job Satisfaction
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
Balanced Scorecard
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
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 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
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