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General Business Articles

Risk-Return Trade off

Risk may be defined as the likelihood that the actual return from an investment will be less than the forecast return. Stated differently, it is the variability of return form an investment.

Financial decisions incur different degree of risk. Your decision to invest your money in government bonds has less risk as interest rate is known and the risk of default is very less. On the other hand, you would incur more risk if you decide to invest your money in shares, as return is not certain. However, you can expect a lower return from government bond and higher from shares.… Read the rest

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Career Planning Assistance by Human Resources Department

What is  Career Planning ?

Career planning is the process of one’s life work and involves evaluating abilities and interests, considering alternative career opportunities, establishing career goals, and planning practical development. Career planning is a deliberate process through which a person becomes aware of personal career related attributes and the lifelong sense of stages that contribute to his or her career fulfillment.

The major focus of career planning is on assisting the employees achieve a better match between personal goals and the opportunities that are realistically available in the organization. Career programmers should not concentrate only on career growth opportunities. Practically speaking, there may not be enough high level positions to make upward mobility a reality for a large number of employees.… Read the rest

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Career Development from the Perspective of an Individual Employee

Career development comprises those personal improvements one undertakes to achieve a career plan. The personnel department may sponsor these actions or they may be activities that employees undertake independent of the department. That is career development may be organizational and individual. From an organizational career standpoint, career development involves tracking career paths. In contrast, individual career development focuses on assisting individuals to identify their major career goals and to determine what they need to do to attain these goals. Each person must accept responsibility for his   own career; assess his own interests, skills and values and take the step required to ensure a happy and fulfilling career.… Read the rest

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An Overview of Electronic Cash

The World is moving rapidly with vastly changing technological developments and innovations. We are currently experiencing an era, where everything is getting automated and digitalized. Along with this technological transition, international monetary system is one significant aspect that is getting transferred from its current state of paper based monetary system to electronic monetary/cash system. According to the 1994 report of European Central bank, electronic cash can be defined as an electronic store of monetary value on a technical device that may be widely used for making payments to undertakings other than the issuer without necessarily involving bank accounts in the transaction, but acting as a prepaid bearer instrument.… Read the rest

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Process of Salary and Wage Fixation

Steps involved in determining wage and salary rates are as follows :

1. Job Analysis:

A job analysis describes the duties, responsibilities, working conditions and interrelationships between the job as it is and the other jobs with which it is associated. Job descriptions are crucial in designing pay systems, for they help to identify important job characteristics. They also help determine, define and weigh compensate factors (factors for which an organization is willing to pay-skill, experience, effort and working environment). After determining the job specifications, the actual process of grading, rating or evaluating the job occurs. A job is rated in order to determine its value in relation to all the other jobs in the organization which are subject to evaluation.… Read the rest

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Factors Influencing Wage and Salary Administration

The wage payment is an important factor affecting the labor management relations. Workers are very much concerned with the rates of wages as their standard of living is linked to the amount of remuneration they get. Managements, however, do not come forward to pay higher wages because cost of production goes up and profits decrease to that extent. A number of factors, thus, influence the remuneration payable to the employees. The factors influencing Wage and Salary Administration  can be categorized into (i) External Factors and (ii) Internal Factors.

1. External factors influencing Wage and Salary Administration

  • Demand and supply : The labor market conditions or demand and supply forces operate at the national and local levels and determine organizational wage structure.
… Read the rest
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