Business Jargons

Definition: The Balanced Score Card is a tool used to evaluate the effectiveness of Human Resource Management and is developed by Kaplan and Norton. In this method, the HR evaluates not only the financial performance of the organization but also takes into the consideration the key performance indicators of customer service, internal business process and learning & … [Read more...] about Balanced Score Card

Definition: When a former or the existing employee of the organization raise his voice against the unethical activities being carried out within the organization is called as whistle blowing and the person who raise his voice is called as a whistle blower. The misconduct can be in the form of fraud, corruption, violation of company rules and policies, all done to impose a … [Read more...] about Whistle Blowing

Definition: The Job Discrimination means making an adverse decision against the employee or the job applicant on the basis of his membership in a certain group. In an organization, several instances can be seen where an individual is discriminated on the grounds of sex, religion, caste, physical disability and national origin. The most common discriminatory practices … [Read more...] about Job Discrimination

Definition: The Exit Interview is conducted at the time an employee is separating from the organization. The main purpose of the exit interview is to determine the employee’s reason for departure. Through this interview, the organization can get an effective feedback from the departing employee and can assess the weakness and the strength of a firm. It is often recommended … [Read more...] about Exit Interview

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