Smart Retention Strategies: Before going into the details of how to handle attrition, the first thing you must understand and realize is this. Each person working for you will have different expectations, perspectives and demands about his job, work environment and compensation respectively. Right at the time of recruiting and selecting the employee, his ideas must be taken into consideration and then it becomes the prerogative of the management whether to hire the person for that particular job. So the first step will be the right person for the right job, giving due importance to the anticipation of the employee who is going to become a member of your business family. Udemy Best Sellers:New Manager Training in Essential SkillsLeadership: Practical Leadership Skills Need for Open Conversation: In case of a small firm or company, it is easy for the manager to have a one on one conversation with each employee to settle his score of grievances then and there. Managers must have an open conversation without room for any ambiguity in the minds of his workers. The manager should try to protect the interest of the employees by representing their demands to the management at the right time. Many employees quit their positions because they have a nagging feeling at the back of their minds that their immediate boss is not the right kind of person to whom they can look up to and ask for support. In big corporates it is not easy to go for a one on one approach. A unique corporate culture that Trains the employees to have an uniform approach to all the systems of routineLed by an effective leader who controls and monitors the behavior and attitude of the workersPossesses sound management practices that make the employees come out with their suggestions freely and induce them to participateProvides satisfactory compensationIncorporates an open door policy catering to the different needs of people and also to the different levels of management, will help the managers to have a healthy relationship with the employees. Human Wants and Needs: Human wants are unlimited and when one want is satisfied, we want more of the same or yet another of a higher order. Approach your workforce to satisfy their craving either in terms of compensation or recognition which will also help to retain your workforce to a greater extent. There should be room for growth, especially for entrepreneurial minds and minds that have parallel thinking. Pic Courtesy: CuteHR Self-Motivation is the Key: Although motivation brings cheer amongst your workforce, self-motivated employees produce better results. Job satisfaction is a relative term; it differs with individuals, some like challenges and some are easily satisfied with an increase in salary quotient. A comprehensive appraisal on the personality of your workforce will give you a clear picture of the IQ (Intelligence Quotient) and EI (Emotional Intelligence) range of your employees which helps in designating employees in the appropriate slots. Such human rationing saves you a lot of time, energy and money as the employees are guaranteed satisfaction in their jobs. Contracts and Agreements: Contracts and agreements bind the employees to the firm only legally. How is that going to help you in terms of productivity? If one of your employees is going to work with discontent, he becomes a problem source spreading the same kind of feeling to others working with him. So it is also necessary for the management to spot out these problem persons either to bring them back into the groove or fire them without any further delay. Rising costs of living and unemployment ratios are really of economic concern, but still we find employees just like that quitting...

Leader vs. Manager – what is the connecting thread? Who is a Leader? A leader is always looked up to, by his followers as they are truly inspired by his personality, behavior and the power of his words and actions. The intellectual ability of a leader is definitely on the higher scale than a non-leader and also the perceptual ability and decision making skills are amazing. The main idea of pondering over leadership is that how the qualities of a leader make him more successful and how those unique qualities can be acquired by a manager of a firm to influence a group towards achievement of goals. What makes a leader unique? Every individual is bestowed with at least one special quality that makes him unique. A leader obviously is inherent with so many good traits and qualities that influence others and the best part of the story is that he understands his own potential and employs the right skills at the right time. It is basically a personal quality of character in a man that influences the behavior of others in a productive manner.     Top 10 qualities of an effective leader; A man of charisma-the followers should be attracted by his magnetism and willingly contribute to the cause Should have a clear idea of future plans-Here he differs from the manager who is concerned more about the productivity Should be action-oriented, dare to achieve the impossible Should be tough at heart -stick to his principles and not a victim to circumstances Should be  flexible, when it comes to the #welfare of his people Maintain integrity and humility Value-driven to gather trust Open and honest in his endeavors Creative-the ability to think out of the box Should possess sense of humor that makes him an affable person and even serious issues can be dealt with ease     Is Manager a Leader too? Is it necessary that a manger has to be a good leader too? Of course yes. By virtue of being selected for the post of the manger, a person cannot manage the show. Unless he possesses the true qualities of a leader he cannot pull the strings tight and lead the organization in the right track. Without the right elements of leadership, he merely becomes a care-taker enjoying his pay and perks. He will not be liked by his subordinates if he doesn’t have that drive to make a mark of himself as an assertive person and in due course of time either he becomes the entertainer of the firm or he loses his integrity, both of which is not good for the organization’s efficiency and productivity. Roles of an efficient manager: A manager has the necessity to prove himself in terms of planning, formulating strategies, successful completion of targets, increased production, increased sales, acquisition of more orders, managing his team without much conflicts and above all make the team to abide by and obey his rules. A manager to be a successful leader need not be aggressive to prove his point but tough and determined to get things done. Big corporate firms frame ‘systems’ which are nothing but templates of action incorporating all the elements needed for execution in a tailor made fashion. A manager has to now focus on the strategic elements of management since the technicality is being taken care of by the systems. What is the right management approach? Managers expect subordinates to nod their heads in approval to whatever they say. This not the right approach; there should always be a reciprocal relationship between both the parties as in the case of a leader and his followers. A give and take policy makes you more...

Criticism Makes You Stronger and Sharper “Flattery is telling the other person precisely what he thinks about himself.” –Dale Carnegie “Criticism may not be agreeable, but it is necessary.”-Winston Churchill Critics are always feared for their barbed tongue and piercing comments. If you look at popular figures and celebrities, they tend to give much importance to these comments as they are real tools for self improvement and personal enhancement. Criticism helps improve knowledge, helps all the parties involved and helps one to learn and react to the actions of others. It is also a no-cost source of research that promotes a team spirit as well as a certain broad-mindedness / open mindedness of the human resources of an organization. It is a non-monetary tool of motivation. It helps in achieving organizational goals and objectives, also helps in realizing hidden mistakes, and tackles various bottlenecks. No doubt, it is a mixed blessing! Despite its benefits, it renders the following costs, which are the dark side of the coin: 1. It paves the way to enmity and hostility amongst those who frame policies and those who implement them. 2. It may lead to industrial dispute. It creates an unpleasant, undisciplined atmosphere in an organization. 3. It may result in unhealthy conflicts in an organization, undermining its human resources base. 4. It could also kill the spirit of initiative. 5. A superior may feel hurt or insulted when his subordinates / peers pinpoint his short-comings. Criticism can be made more positive on the following premises: 1. Do not perceive it as something bad or a shortcoming. If you feel it is unworthy of you, turn a deaf ear to it. 2. Give some time for the dust to settle down when someone is rude in his criticism as, with time, its impact will be diluted. 3. If you are criticized unfairly defend yourself and stand by your conviction. 4. Perceive it as a source of potential help in making wise decisions. 5. Do not arm the critic by counter attacking. That blows into a vendetta at times. 6. Do not raise your voice above the voice of critic – let him go ahead and be mild and amicable with him. Criticism is like the proverbial double-edged sword, and so can easily be made more effective as a potential business management tool by selecting leading and conductive spots where critics can come together and draw their views verbally / non-verbally, publicly or anonymously. Perceive critics as a vital source to help solve and implement solutions for the problems raised. Explore the critic’s view fully and freely, providing all sorts of ways in which critics can express their deliberations without...

Research on Managerial Roles by Henry Mintzberg and Peter Drucker Henry Mintzberg, the canadian academic  observed a few managers and analysed their behaviors and arrived at some conclusions which are listed in the table below. He also identified and attributed ten managerial roles of significance in correlation with the managerial functions. S.NoManagement Functions% of time spent1.Relating to external environment1.82.Planning and setting Objectives19.53.Decision-making6.04.Organising15.05.Leadership and inter-personal role28.46.Communication12.67.Control12.78.Staffing4.1 This table very clearly explains the role of a manager as a leader and the extent of  influence he exerts on his sub-ordinates. Proper planning and goal-setting are the key contributors for the successful functioning of a firm. LEADER VS. MANAGER Coming to the managerial roles they can be classified as, 1. Interpersonal roles 2. Informational roles 3. Decisional roles  Inter-Personal Roles: Figurehead role– The function is more of a ceremonial nature, like attending the family functions of employees, greeting visitors and a manager performs the symbolic duties of a head of the organization.Leader– He has to plan the HR requirements and motivates the staff to perform well. “Managers are people who do things right; leaders are people who do the right thing.” Remember a manager has to be a leader whereas it is not so in the case of a leader.Liaison– The manager acts as a link between the organization and the external environment to build image and rapport. Informational Roles: Monitor– The manager has to update himself with the current scenario in order to utilize the information for organizing and prompt decision-making.Disseminator– The manager has to communicate and distribute information to his subordinates to effectively accomplish the enterprise objectives.Spokesperson– Efficiently has to communicate the company’s policies to prospective clients and others. Decisional Roles: Entrepreneur– He has to be innovative by adapting  to the changes in the environment. He has to be adventurous, persistent and strategic during tough times.Disturbance handler– He has to find appropriate solutions to problemsResource allocator– He has to apportion and allocate resources properly besides delegating authority to the work forceNegotiator– He has to negotiate resources outside and conflicts inside the organization. MANAGERIAL DIMENSIONS Managing: Science or Art? One perspective is Managing, like all other disciplines- whether medicine, music composing or even cricket is an art. It is “know-how.”  Still managers can use the organized knowledge about management to perform better. So let us put it this way, Managing as practice is an art; the organized knowledge underlying the practice may be referred to as a science. Let them be complementary to each other and be present in peaceful co-existence. Drucker “ON MANAGERIAL FUNCTIONS ” – A manager has to look after The specific purpose and mission of a firmIncrease productivity by making the employees more productiveConsiderate about social impacts and social responsibilities In his view, the areas a manager has to focus and concentrate are 1. Market standing 2. Innovation 3. Productivity 4. Financial and Physical resources 5. Profitability 6. Manager performance and development 7. Worker performance and attitude 8. Public responsibility He says that business has only two functions- marketing and innovation. While others were concentrating on products and commodities, he concentrated on  people and their performance. His “management by objectives- MBO ” became a very popular concept though it faced criticism.  MBO according to Drucker is a philosophy that rests on a concept of human action, behaviour and motivation. It sets personal goals (both shortterm and longterm)  to be achieved by each individual working for the organization and coverts them into challenges to be accomplished, thus motivating the individuals. The Effective Manager The effective manager is a situational manager who evaluates each approach in the light of circumstances and selects the one that most effectively and efficiently achieve individual...

What is Trade? Trade is the exchange of commodity and services. International trade represents business transactions taking place at the global level, and it is fundamentally different from domestic trade. Trade at international level demands huge investments, network of franchisees and proficient people to run the show. Many corporate giants are trying to capture Asian markets, especially Indian market, which has become the industrial hub for such economic activities. Economic liberalization has been the focus of many developing countries for the past two decades and this has allowed multinational companies with huge investment potential to enrich the weaker economies. What is International Trade? International trade tries to generate more foreign exchange, which is always good for the economy. Say, if a country has rich resources of petroleum, naturally it will try to sell the surplus to countries not endowed with such natural resources. That is why Middle East nations are prosperous and economically independent. The diversity in productive possibilities in different countries is due to the presence of limited natural resources. When a country gets a head start in a particular product, it can become the high volume, low cost producer. The economies of scale give it a significant advantage over other countries, which find it cheaper to buy from the leading producers than to manufacture the product themselves. Barriers for Effective Trade Every nation must try to specialize in the production and export of those commodities, which are available in plenty and must import such products in the production of which they have a resource deficiency. It should be remembered that there are severe man made barriers in international trade such as, export duties, quotas, exchange restrictions etc.,that hinder the free movement of products. International Trade and Finance Nevertheless, it is not also possible for a country to produce domestically every kind of product. In spite of all these restraining factors, global trade is thriving, thanks to the advanced technological aspects introduced in communication and faster means of transportation. Distance is no more a constraint and the world has become one small global village. Foreign Exchange Issues All domestic transactions, say in a country like India take place in rupees, which is the legal tender in the country. However, in its trade with other countries like USA, Germany, Japan, France and Britain, the payments have to be made in terms of dollars, marks, yens, francs and pound sterling respectively. The mechanism through which payments are effected between two countries having different currency systems is called foreign exchange. It may be also defined as the exchange of money or credit in one country for money or credit in another. Foreign exchange rates can affect relative prices and net exports. A rise in the a nation’s foreign exchange will depress that nation’s net exports and output, while a fall in the foreign exchange rate will increase net exports and output. Because of the significant impact of exchange rates on national economies, countries have entered into agreements on international monetary...