|
Human Resource Management
Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer's strategic objectives. Human resource management is primarily concerned with the management of people within organizations, focusing on policies and systems. HR departments are responsible for overseeing employee-benefits design, employee recruitment, training and development, performance appraisal, and reward management, such as managing pay and employee benefits systems. HR also concerns itself with organizational change and industrial relations, or the balancing of organizational practices with requirements arising from collective bargaining and governmental laws. The overall purpose of human resources (HR) is to ensure that the organization can achieve success through people. HR pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Advantage
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and to proprietary information. Overview The term ''competitive advantage'' refers to the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by Chacarbaghi and Lynch 1999, p. 45). The study of this advantage has attracted profound research interest due to contemporary issues regarding superior performance levels of firms in today's competitive market. "A firm is said to have a competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential player" (Barney 1991 cited ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Relations
Industrial relations or employment relations is the multidisciplinary academic field that studies the employment relationship; that is, the complex interrelations between employers and employees, labor union, labor/trade unions, employer organizations, and the state. The newer name, "Employment Relations" is increasingly taking precedence because "industrial relations" is often seen to have relatively narrow connotations. Nevertheless, industrial relations has frequently been concerned with employment relationships in the broadest sense, including "non-industrial" employment relationships. This is sometimes seen as paralleling a trend in the separate but related discipline of human resource management. While some scholars regard or treat industrial/employment relations as synonymous with employee relations and labour relations, this is controversial, because of the narrower focus of employee/labour relations, i.e. on employees or labour, from the perspective of employers, man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Turnover
In human resources, turnover refers to the employees who leave an organization. The ''turnover rate'' is the percentage of the total workforce that leave over a given period. Organizations and industries typically measure turnover for a fiscal or calendar year. Reasons for leaving include termination (that is, involuntary turnover), retirement, death, transfers to other sections of the organization, and resignations.Trip, R. (n.d.). Turnover – State of Oklahoma Website. Retrieved from http://www.ok.gov/opm/documents/Employee%20Turnover%20Presentation.ppt External factors—such as financial pressures, work-family balance, or economic crises—may also contribute. Turnover rates may vary over time and across industries. If an employer has a higher turnover rate than its competitors, employees there generally have shorter average tenure than those in other companies within the same industry. High turnover can be particularly harmful to a company's productivity when skilled ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inclusion (value And Practice)
Social exclusion or social marginalisation is the social disadvantage and relegation to the fringe of society. It is a term that has been used widely in Europe and was first used in France in the late 20th century. In the EU context, the European Commission defines it as ''"a situation whereby a person is prevented (or excluded) from contributing to and benefiting from economic and social progress"''. It is used across disciplines including education, sociology, psychology, healthcare, politics and economics. Social exclusion is the process in which individuals are blocked from (or denied full access to) various rights, opportunities and resources that are normally available to members of a different group, and which are fundamental to social integration and observance of human rights within that particular group (e.g. due process). Alienation or disenfranchisement resulting from social exclusion can be connected to a person's social class, race, skin color, religious affil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiculturalism
Multiculturalism is the coexistence of multiple cultures. The word is used in sociology, in political philosophy, and colloquially. In sociology and everyday usage, it is usually a synonym for ''Pluralism (political theory), ethnic'' or cultural pluralism in which various ethnic and cultural groups exist in a single society. It can describe a mixed ethnic community area where multiple cultural traditions exist or a single country. Groups associated with an Indigenous peoples, indigenous, aboriginal or wikt:autochthonous, autochthonous ethnic group and settler-descended ethnic groups are often the focus. In reference to sociology, multiculturalism is the end-state of either a natural or artificial process (for example: legally controlled immigration) and occurs on either a large national scale or on a smaller scale within a nation's communities. On a smaller scale, this can occur artificially when a jurisdiction is established or expanded by amalgamating areas with two or more di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Relations
Labour relations in practice is a subarea within human resource management, and the main components of it include collective bargaining, application and oversight of collective agreement obligations, and dispute resolution. Academically, employee relations, another related term, is considered a subarea of labour relations, and both taxonomically fall under the broader field of industrial relations. Labour relations is defined as "for or with whom one works and under what rules. These rules (implicit or explicit, written or unwritten) determine the type of work, type and amount of remuneration, working hours, degrees of physical and psychological strain, as well as the degree of freedom and autonomy associated with the work." Labour relations is also known as labour studies in liberal arts and is a multidisciplinary field that draws from economics, sociology, history, law, and political science. Scholars in this field examine labour unions and labour movements. In an interdiscipli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Succession Planning
Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant. Succession planning in dictatorships, monarchies, politics, and international relations is used to ensure continuity and prevention of power struggle. Within monarchies succession is settled by the order of succession. In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant. Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Talent Management
Talent management (TM) is the anticipation of required human capital for an organization and the planning to meet those needs. The field has been growing in significance and gaining interest among practitioners as well as in the scholarly debate over the past 10 years as of 2020, particularly after McKinsey's 1997 researchThe War for Talent, McKinsey Quarterly and the 2001 book on ''The War for Talent''. Although much of the previous research focused on private companies and organizations, TM is now also found in public organizations. Talent management in this context does not refer to the management of entertainers. Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning. A talent-management strategy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mergers And Acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorption, a merger, a tender offer or a hostile takeover. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. Technically, a is the legal consolidation of two business entities into one, whereas an occurs when one entity takes ownership of another entity's share capital, equity interests or assets. From a legal and financial point of view, both mergers and acquisitions generally result in the consolidation of assets and liabilities under one entity, and the distinction between the two is not always clear. Most countries require mergers and acquisitions to comply with antitrust or competition law. In the United States, for example, the Cl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Globalization
Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. The term ''globalization'' first appeared in the early 20th century (supplanting an earlier French term ''mondialisation''). It developed its current meaning sometime in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the Post–Cold War era, post–Cold War world. The origins of globalization can be traced back to the 18th and 19th centuries, driven by advances in transportation and communication technologies. These developments increased global interactions, fostering the growth of international trade and the exc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payroll
A payroll is a list of employment, employees of a company who are entitled to receive compensation as well as other work benefits, as well as the amounts that each should obtain. Along with the amounts that each employee should receive for time worked or tasks performed, payroll can also refer to a company's records of payments that were previously made to employees, including Salary, salaries and wages, Bonus payment, bonuses, and Withholding tax, withheld taxes, or the company's department that deals with Remuneration, compensation. A company may handle all aspects of the payroll process in-house or can outsource aspects to a payroll processing company. Payroll in the U.S. is subject to federal, state and local regulations including Fair Labor Standards Act of 1938, employee exemptions, Records management, record keeping, and Taxation in the United States, tax requirements. In recent years, there has been a significant shift towards cloud-based payroll solutions. These platfor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
