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
Polycentric 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
Ethnocentric 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
Process of Collective Bargaining
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
Types of Collective Bargaining
Definition: The Collective Bargaining is the process wherein the unions (representatives of employees or workers), and the employer (or their representative) meet to discuss the issues related to wage, the number of working hours, work environment and the other terms of the employment. There are four types of Collective Bargaining classified on the basis of their nature and … [Read more...] about Types of Collective Bargaining
Factors Affecting Employee Compensation
The Compensation is the monetary and non-monetary rewards given to the employees in return for their work done for the organization. Basically, the compensation is in the form of salaries and wages. There are several internal and external factors affecting employee compensation, which are discussed in detail below. Factors Affecting Employee Compensation Internal factors: … [Read more...] about Factors Affecting Employee Compensation
Theories of Wage Determination
The workers are paid wages or salaries for the work done by them. Thus, the return to the workers should be according to their efforts and the pay standards prevailing in the industry. There are several theories of wage determination propounded by different scientists and are based on varied assumptions. Theories of Wage Determination Subsistence Wage Theory: This … [Read more...] about Theories of Wage Determination
Types of Training
Training is an organized activity conducted to improve the performance of an employee and to bring about a considerable change in the skills, knowledge, attitude, behavior for performing a particular kind of a job. There are several types of training programs which are carried out in the different business situations. Types of Training Induction or Orientation … [Read more...] about Types of Training
Human Resource Planning Process
The Human Resource Planning is a process of forecasting the organization’s demand for and supply of manpower needs in the near future. Human Resource Planning Process Determining the Objectives of Human Resource Planning: The foremost step in every process is the determination of the objectives for which the process is to be carried on. The objective for which the … [Read more...] about Human Resource Planning Process
Limitations of Human Resource Planning
The Human Resource Planning is concerned with maintaining and recruiting the human resources with the requisite quantity and the quality, to fulfill the demand and supply arising in the near future. In spite of its benefit of keeping the organization's manpower position balanced, there are a few limitations of Human Resource Planning, which are discussed below. Limitations … [Read more...] about Limitations of Human Resource Planning