The world’s increasing globalization trend demands more interaction between people from a vast diverse of cultures, beliefs, and backgrounds than the past. Today, people no longer live and work in an insulated marketplace. The reality is they are now part of a worldwide (or commonly mentioned as flatten) economy with competition coming from nearly every angle of the globe. For this reason, businesses need to be open to change and accept the concept of diversity to become more creative. In daily conversation, the word of “diversity” has the meaning of differences or variety. However, in the business world and in the business textbook, diversity often refers to the many differences present among people today in workplace as well as marketplace that were not aware of by most people in the past. Diversity management is often referred as acknowledging, understanding, accepting, valuing, and celebrating differences among people with respect to age, Continue reading
Human Resource Management
Human Resource Management (HRM) is branch of management that deals with people at work, it is concerned with the human dimensions of management of the organization. As organization consists of people, therefore acquiring them, developing their skills, providing them motivation in order to attain higher goal and ensuring that the level of commitment is maintained are the important activities.
Job Evaluation Process
Job evaluation aims to provide this equity and consistency by defining the relative worth of different jobs in an organisation. Job evaluation is a process consisting of several steps. The following are the steps in job evaluation process: 1. Job Analysis Job evaluation process starts with the base provided by job analysis. Job analysis identifies various dimensions of a job in two forms: job description and job specification. Job description provides responsibilities involved in the performance of the job while job specification provides attributes required in the job performer. Both these taken together provide information about various factors involved in different jobs. 2. Appointment of Committee for Job Evaluation As pointed out earlier, job evaluation is a specialized function and is carried on by a committee consisting of members drawn from different line departments of the organisation, outside experts, besides HR personnel. HR person generally acts as committee convener or Continue reading
What is a Salary Survey?
The salary survey is the vehicle for relating the organisation’s salaries to those for similar jobs in other organisations. Salary survey information provides the raw material for translating job sizes into currencies, that is, for job pricing. The survey gives information on base salaries and benefits. This can be used by the human resource manager to calculate the organisation’s competitive position and to plan any corrective actions required. As a first step in this process the human resource manager must identify the organisations for labor. In other words, does the organisation want to compare itself with: organisations in the same or related industries organisations in the same geographical area progressive Australian organisations multinationals organisations of a similar size in terms of sales, number of employees and so on the general community private sector companies only mix of private and public sector organisations? By answering such questions, the human Continue reading
Talent Retention Best Practices
Talent retention is not a new problem, but it seems to be ever more critical. The question of attracting the brightest and best talents is a key issue for successful companies. Today with large signing bonuses and very attractive salaries and benefits, the more perplexing question is how to best build the loyalty of the talented people. The more talents organizations retain, the more talents they’ll attract. Organizations should focus on designing a sustainable career package that supports a graduate’s continuous professional and personal development. It is important that an organization keeps track of each individual’s changing needs and priorities. This will be down to the job of a coach or a mentor who should carry the long-term and important responsibility of coaching and mentoring the graduates. Being new to the organization, graduates require continuous feedback and coaching to help them to assimilate well and be successful in their role. Continue reading
Effect of Job Satisfaction and Organizational Commitment on Individuals Behavior
Job satisfaction and organizational commitment are the two of the prominent work attitudes that seen in the work environment. Job satisfaction is an emotional response to a job situation while organizational commitment is the strong feeling of responsibility an employee has towards the mission of the organization. Job satisfaction is simply how people feel about their jobs and different aspects of their job. People can either like (satisfaction) and dislike (dissatisfaction) their job. According to Frederick Herzberg, he believed that employees can like their job because various contributions it has. These contribution involves the work itself, pay, promotions, job achievement, co-worker, supervision and benefits contribute to employees satisfy with their job. He called it motivators. If employees are not satisfied with their job then the productions of the organization with not grow. Manager will see their employees as lazy and they will assume that they don’t want to work. This Continue reading
Concepts of Compensation and Compensation Management
Concept of Compensation The literal meaning of compensation is to counter-balance. In the case of human resource management, compensation is referred to as money and other benefits received by an employee for providing services to his employer. Money and benefits received may be in different forms-base compensation in money form and various benefits, which may be associated with employee’s service to the employer like provident fund, gratuity, insurance scheme and any other payment which the employee receives or benefits he enjoys in lieu of such payment. Cascio has defined compensation as follows: “Compensation includes direct cash payments, indirect payments in the form of employee benefits and incentives to motivate employees to strive for higher levels of productivity” Based on above description of compensation, we may identify its various components as follows: Wage and Salary: Wage and salary are the most important component of compensation and these are essential irrespective of Continue reading