HR

Definition: A Wage is a monetary compensation given by the employer to the employee (labor) for the amount of work done on an hourly, weekly or monthly basis. Methods of Wage Payment Minimum Wage Method: Under this method, the minimum amount of wage is paid to the employee irrespective of the employer’s paying ability. It is based on the concept that the wage is paid not … [Read more...] about Methods of Wage Payment

Definition: The Compensation is the remuneration given to the employees for the work they do for the organization. In other words, an employee is entitled to both the financial and the nonfinancial benefits in return for his contribution to the organization. To understand which component of compensation is efficient, we need to go through the theories of compensation. There … [Read more...] about Theories of Compensation

Definition: The Performance Appraisal is the assessment of the employee’s job performance against the benchmark previously set for the categories such as output, leadership, teamwork, versatility, supervision, etc. Modern Methods of Performance Appraisal Management by Objectives: This concept was given by Peter.F.Drucker, according to him, the performance of an employee … [Read more...] about Modern Methods of Performance Appraisal

Definition: The Performance Appraisal is a periodic evaluation or the assessment of the employee’s job performance against the pre-established standards such as quality and quantity of output, job knowledge, versatility, supervision, leadership abilities, etc. Traditional Methods of Performance Appraisal   Rating Scales: The numerical scale is prepared that … [Read more...] about Traditional Methods of Performance Appraisal

Definition: The Outbound Training is a technique used to enhance the efficiency of employees through Experiential Learning. In other words, taking the group of employees away from the actual work environment into the outdoors and are assigned some challenging task or activity that needs to be completed by them within a given time frame. As the name suggests, the outbound … [Read more...] about Outbound Training

Definition: The Regiocentric Approach is an international recruitment method wherein the managers are selected from different countries lying within the geographic region of business. In other words, the managers are selected from within the region of the world that closely resembles the host country. Advantages of Regiocentric Approach Culture fit, i.e. the … [Read more...] about Regiocentric Approach

Definition: The Geocentric Approach is a method of international recruitment where the MNC’s hire the most suitable person for the job irrespective of their Nationality. The rationale behind the Geocentric Approach is that the world is a pool of talented staff and the most eligible candidate, who is efficient in his field, should be appointed for the job irrespective of his … [Read more...] about Geocentric Approach

Definition: The Polycentric Approach is the international recruitment method wherein the HR recruits the personnel for the international businesses. In Polycentric Approach, the nationals of the host country are recruited for the managerial positions to carry out the operations of the subsidiary company. The rationale behind this approach is that the locals of the host … [Read more...] about Polycentric Approach

Definition: The Ethnocentric Approach is one of the methods of international recruitment wherein, the HR recruits the right person for the right job for the international businesses, on the basis of the skills required and the willingness of the candidate to mix with the organization’s culture. In Ethnocentric Approach, the key positions in the organization are filled with … [Read more...] about Ethnocentric Approach

Definition: The Collective Bargaining is a technique to reach a mutual agreement between the employer and the employee. Here the representatives of both the parties viz. The union and the employer meet and discuss the economic issues such as wage, bonus, number of working hours and other employment terms. The process of collective bargaining comprises of five steps that are … [Read more...] about Process of Collective Bargaining