Definition: The Standard Hour System is an incentive scheme in which the standard time in terms of hours is set for the completion of a job. The rate per hour is then determined. The standard hour system is also called as 100 percent gains-sharing. Under this method, the worker is paid for a standard time irrespective of whether the job is completed in the standard time or … [Read more...] about Standard Hour System
Straight Piece-Work System
Definition: The Straight Piece-Work System is the simplest incentive method in which the rate per unit of output is fixed, and the earnings of the worker are computed by multiplying his total output by the rate per unit. In other words, a system in which the worker is paid according to the number of units produced at a fixed rate per unit during a defined period of time is … [Read more...] about Straight Piece-Work System
Types of Incentive Schemes
Definition: The Incentive Schemes are the programs designed to encourage and motivate workmen for higher efficiency and greater output. The Incentives are the monetary rewards given to the workmen in recognition of their achievement of specific results during a specified time period. According to International Labor Organization (ILO), the incentives are “payment by results” … [Read more...] about Types of Incentive Schemes
Foreclosure Process
Definition: Foreclosure is a process in which the lender tries to recover the loan balance from the borrower, who has missed out the loan payment, by canceling the borrower’s right to redemption of property held as collateral with the mortgage holder and selling it to recover the amount due to him. Foreclosure Process Missed Payments: When the homeowner or borrower … [Read more...] about Foreclosure Process
Foreclosure
Definition: Foreclosure is a legal process wherein the lender tries to recover the balance of a loan from the homeowner (borrower), who defaults the payment of the mortgage, by making the forceful sale of the asset used as collateral against the loan. In other words, a legal right of the lender to forfeit the homeowner’s (borrower) right to property because of the … [Read more...] about Foreclosure
Empowerment
Definition: Empowerment refers to the delegation of some authority and responsibility to employees and involving them in the decision-making process, not in mere job activities, but rather at all the levels of management. In other words, empowerment implies freedom, power, authority, motivation and encouragement given to the employees to take decisions related to a specific … [Read more...] about Empowerment
Types of Employee Engagement
Definition: Employee Engagement refers to the emotional attachment an employee has with the organization. An employee is said to be highly engaged if he is fully absorbed or encouraged to perform his task beyond what typically is expected in his job role. An organization is the collection of a large number of individuals striving towards the accomplishment of a common … [Read more...] about Types of Employee Engagement
Employee Engagement
Definition: The Employee Engagement refers to the degree of relationship between the organization and its members. An employee is said to be highly engaged if he is willing to work and go beyond of what typically is expected in his role. In other words, the extra efforts an employee is willing to put forth determines his degree of emotional attachment to the organization. … [Read more...] about Employee Engagement
Questionnaire Design Process
Definition: Questionnaire is a systematic, data collection technique consists of a series of questions required to be answered by the respondents to identify their attitude, experience, and behavior towards the subject of research. One of the most critical parts of the survey is the creation of questions that must be framed in such a way that it results in obtaining the … [Read more...] about Questionnaire Design Process
Questionnaire
Definition: A Questionnaire is a structured form, either written or printed, consists of a formalized set of questions designed to collect information on some subject or subjects from one or more respondents. In other words, a data collection technique wherein the respondents are asked to give answers to the series of questions, written or verbal, about a pertinent topic is … [Read more...] about Questionnaire