Human Resource

Definition: Rightsizing is a strategic business tool that escalates the resources to reduce costs and remain competitive. It is a type of involuntary separation that filters the workforce correctly, especially at the top level. Optimization gives rise to a skilled, able and knowledgeable workforce to achieve new business goals. It reduces the operating cost and escalates the … [Read more...] about Rightsizing

Definition: Compensation is the reward an employee receives in return for their valuable efforts while performing various jobs in the organization. Compensation management deals with every type of reward and its allocation in the most desirable way. These compensations are managed effectively to achieve equity, transparency and consistency across the organization. It is an … [Read more...] about Compensation Management

Definition: Induction training implies providing training to the newly recruited employees in the organization so that they will act as a productive asset for them. These training programmes are conducted by the companies according to the complexity level of the work allotted to the employees and the size of the business. The time period of such training programmes also … [Read more...] about Induction Training

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