Definition: The Combination Strategy means making the use of other grand strategies (stability, expansion or retrenchment) simultaneously. Simply, the combination of any grand strategy used by an organization in different businesses at the same time or in the same business at different times with an aim to improve its efficiency is called as a combination strategy. Such … [Read more...] about Combination Strategy
Retrenchment Strategy
Definition: The Retrenchment Strategy is adopted when an organization aims at reducing its one or more business operations with the view to cut expenses and reach to a more stable financial position. In other words, the strategy followed, when a firm decides to eliminate its activities through a considerable reduction in its business operations, in the perspective of … [Read more...] about Retrenchment Strategy
Expansion Strategy
Definition: The Expansion Strategy is adopted by an organization when it attempts to achieve a high growth as compared to its past achievements. In other words, when a firm aims to grow considerably by broadening the scope of one of its business operations in the perspective of customer groups, customer functions and technology alternatives, either individually or jointly, then … [Read more...] about Expansion Strategy
Stability Strategy
Definition: The Stability Strategy is adopted when the organization attempts to maintain its current position and focuses only on the incremental improvement by merely changing one or more of its business operations in the perspective of customer groups, customer functions and technology alternatives, either individually or collectively. Generally, the stability strategy is … [Read more...] about Stability Strategy
Grand Strategies
Definition: The Grand Strategies are the corporate level strategies designed to identify the firm’s choice with respect to the direction it follows to accomplish its set objectives. Simply, it involves the decision of choosing the long term plans from the set of available alternatives. The Grand Strategies are also called as Master Strategies or Corporate Strategies. There … [Read more...] about Grand Strategies
Strategic Human Resource Management Process
Definition: The Strategic Human Resource Management is concerned with the development of HR strategies intended to direct the employees’ efforts towards the business goals. Strategic Human Resource Management Process Scanning the Environment: The process begins with the scanning of the environment, i.e. both the external and internal factors of the organization. The … [Read more...] about Strategic Human Resource Management Process
Strategic Human Resource Management
Definition: The concept of Strategic Human Resource Management or SHRM can be well understood in the contrast with the conventional HRM, that shows, in the conventional HRM the responsibility to manage the people-oriented activities rest on the staff specialist in the organization. Whereas in the case of strategic human resource management, any person who is responsible to … [Read more...] about Strategic Human Resource Management
Training Process
Definition: The Training Process comprises of a series of steps that needs to be followed systematically to have an efficient training programme. The Training is a systematic activity performed to modify the skills, attitudes and the behavior of an employee to perform a particular job. Training Process Needs assessment: The first step in the training process is to … [Read more...] about Training Process
Job Evaluation Methods
Definition: The Job Evaluation is the process of assessing the relative worth of the jobs in an organization. The jobs are evaluated on the basis of its content and the complexity involved in its operations and thus, positioned according to its importance. The purpose of the job evaluation is to have a satisfactory wage differential. Job Evaluation Methods There are … [Read more...] about Job Evaluation Methods
Process of Job Analysis
Definition: The Job Analysis is a systematic process of gathering complete information about the job duties and responsibilities required to perform a specific job. The job analysis is concerned only with the job and not with the job holders, but however, the information about the job is gathered from the incumbents. Process of Job Analysis Defining the objectives: The … [Read more...] about Process of Job Analysis