Definition: Succession Planning is defined as the systematic process of recognizing and creating future leaders who are able to take the position of the old ones when they leave the organization due to retirement, resignation, termination, transfer, promotion or death. In finer terms, it is a modern technique followed by many companies, that concentrates on identifying the … [Read more...] about Succession Planning
Training and Development
Definition: Employee training and development implies a program in which specific knowledge, skills and abilities are imparted to the employees, with the aim of raising their performance level, in their existing roles, as well as providing them learning opportunities, to further their growth. Training implies a process of upgrading an individual's knowledge, skills and … [Read more...] about Training and Development
Arbitration
Definition: Arbitration is a type of Alternative Dispute Resolution (ADR). It is a process wherein one or more independent third person, analyses the dispute thoroughly, ascertains the cause of dispute, listens to the parties, i.e. employer and employee, collects relevant facts and information, so as to make recommendations accordingly, that have a binding effect on the parties … [Read more...] about Arbitration
Employee Transfer
Definition: Employee Transfer is a process of horizontal movement of an employee, wherein there is a change in the job, without any revision in the remuneration and modification of responsibilities. It is a form of internal mobility, in which the employee is shifted from one job to another usually at a different location, department, or unit. Transfer can be temporary or … [Read more...] about Employee Transfer
Supply Chain Management
Definition: Supply chain Management (SCM) refers to the management of key business processes which are related to the product flow and conversion of goods from the raw material to the goods ready for use by the final consumer. SCM involves a complete series of activities which may or may not be interconnected to one another, such as sourcing, procurement, transformation, … [Read more...] about Supply Chain Management
Online Marketing
Definition: Online marketing is a method that uses the internet to promote or transmit a message about a company’s product and services to the potential buyers or target audience. Online Marketing Communication Options Website: A company must design its website that considers its purpose, products, services, mission and vision. A website should look interesting to view … [Read more...] about Online Marketing
Strategy Implementation
Definition: Strategy Implementation refers to the execution of the plans and strategies, so as to accomplish the long-term goals of the organization. It converts the opted strategy into the moves and actions of the organisation to achieve the objectives. Simply put, strategy implementation is the technique through which the firm develops, utilises and integrates its … [Read more...] about Strategy Implementation
Job Analysis
Definition: Job analysis refers to the process of systematically identifying, obtaining and recording all the facts and details concerning the job through various methods. It encompasses gathering information related to the knowledge, skills and abilities (KSA) which the job holder must have, to perform the job satisfactorily. Here knowledge implies the degree to which the … [Read more...] about Job Analysis
Talent Management
Definition: Talent management is the systematic process of identifying the vacant position, hiring the suitable person, developing the skills and expertise of the person to match the position and retaining him to achieve long-term business objectives. Talent Management Process Model Planning: Planning is the initial step in the process of Talent Management. It involves … [Read more...] about Talent Management
Risk Management
Definition: Risk management is the process of optimising the uncertainties and grabbing the opportunities for growth and prosperity of the organisation. What is Risk? The possibility of uncertain returns on investment resulting in chances of loss or low profitability is termed as a risk. Possible return is directly linked with the risk involved. i.e. High Risk = … [Read more...] about Risk Management