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Smart Objectives for Success

Smart Objectives for Success
Smart Objectives for Success An objective describes something which has to be accomplished and defines what organizations, functions, departments, teams and individuals are expected to achieve. Objectives may be operational or developmental. When the contribution is oriented towards the accomplishment of corporate objectives, in the light of the organization’s mission, core values and strategic plans, it is termed as operational; personal or learning objectives that involve the improvement of knowledge, skills and performance of individuals is termed as developmental.     Objectives must be SMART: S-scientific M-motivating A-achievable R-realistic T-time bound   Objectives that are mostly confined to the near future may be termed-short term objectives, which are accomplished in the stipulated time duration. Say, for example, 1000 units of pet bottles have to be produced in a week’s time. If the firm is focused on the overall production plan for the forthcoming year, then it is termed as long term objective. In a production environment, a firm has to initially go for an aggregate plan, where the production capacity of the plant is determined to make the project feasible. The firm has to make doubly sure, whether it is resourceful in terms of physical, financial and human aspects. The work centers are allotted with jobs in a mock trial to check man versus machine co-ordination and compatibility.     Pic Courtesy: Digital Information World Proper Planning: Objectives are achieved only when there is proper planning. The top management must take the pains to clearly explain the objectives to all the employees across different levels of organization to facilitate smooth functioning. When the employees understand what is expected of them, the performance gets oriented towards accomplishing the objectives; the employees get proper direction and focus. Delivering Happiness: A Path to Profits, Passion, and Purpose Think of this, what will happen to the sales volume, if the marketing manager does not properly educate his team about the targets to be achieved for that quarter? Definitely there will be a dip in the sales owing to the lethargic and irresponsible attitude of the manager. Ultimately, the organization stands to suffer a loss in terms of time and cost of recruiting a new person to head the marketing department. Right Person for the Right Job: Organizations have to be meticulous while choosing people for the post of managers. The chosen persons must be able to identify themselves with the organization and its objectives, so that they could be a source of inspiration for people down the line. Right people for the right job, at the right place and right time is the success mantra. Objectives have to be periodically revised in the light of changing economic, political and technological developments. How to Stop Worrying and Start Living If not the objectives might become obsolete and in due course you will get stranded amidst the roaring competition.  The process of business management aims at managing people and other resources to make a modest profit. How to achieve success in an open market? By clearly setting objectives that serve as tools of motivation and persuasion, a firm can evolve and contribute strategic inputs that make the objectives realistic and...
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Porter’s Five Forces

Porter’s Five Forces
PORTER’S FIVE FORCES Porter’s five forces analysis-draws upon industrial organization (IO) economics to derive five forces that determine the competitive intensity and therefore attractiveness of a market. Survival of the Fittest: True to Darwin’s theory “Survival of the fittest”, only competitive firms survive in the business market, provided, they have made the right strategic choice by comprehensively analyzing their position in the industry. Every organization is part of the industry and almost all of them face competition. Thus, industry and competition are the vital considerations for making a strategic choice. All the firms in a particular industry vie for the same set of customers by offering identical or similar products with minor variations. The analysis of the external environment in relation to the context of industry attractiveness thus becomes essential. A Critical Evaluation of Michael Porter’s Five Forces Framework Industrial Analysis: Industry analysis helps a firm to also fix long range plans, by gauging long term growth opportunities present if any. Strategic choice is nothing but, to screen all possible strategic alternatives followed by narrowing down the choice to the best suited and feasible alternatives and ultimately choosing an optimum strategy. To explain it in more clear terms, let us look at this example. Say, if there are three big players of car manufacturers in an automobile industry. Each follows their own strategic style to capture the market. What are the threat factors? Threat can be in the form of four-wheeler manufacturers like trucks and jeeps, but these cannot be competitively priced. Threat can be in the form of suppliers who dominate the industry by having a grip on the supply of components, sub-assemblies and accessories. Threat in the form of new entrants, but the growth might be restricted due to government regulations. A thorough analysis of the automobile industry thus made can make things clear to the firm, as to where they stand in terms of market share, what are their strengths and weaknesses, who pose a threat, what are the potential opportunities for growth and to tap market segments whose needs are unidentified. Still, it will be a seller’s market where the buyers have no bargaining power. On the other hand, if the weather does not favor its growth, the firm has to immediately decide on its next course of action, calling for diversification. The possible threats for a firm can come from five directions as mentioned below: Potential threat from new firms entering the market Threat from substitutes available in the market Threat from competitors Bargaining power of the suppliers Bargaining power of the buyers The structure and dynamics of an industry has to be analyzed in order to determine the intensity of competition and profitability. As the market is very dynamic, it becomes mandatory for firms to evolve strategies embracing a modern approach, with emphasis on reappraisal of existing strategy in the light of changing external conditions and formulation of alternative...
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Successful Training Plan

Successful Training Plan
Crucial Aspects of a Successful Training Plan Training should be aimed at improving the individual’s skill set as well mind set to gain knowledge about the work environment he will be exposed to, as well as to exhibit the right kind of attitude and behavior towards his peers and superiors. What is the need to train people? It is like molding raw clay into the desired shape and structure to suit our needs. An untrained individual, how well qualified he may be cannot fill the bill. Pros and Cons of Training: Corporate training methods include cognitive as well as behavioral type of training. But the crux of the whole thing is that the trainer must keep in mind the trainee’s present skill set or background and to train him in areas where he lacks verve. Also the pros and cons of each and every method should be analysed before training is imparted. Cognitive training is to theoretically teach trainees the concept of work and how to go about it. This is equally important as learning induces changes in behavior of individuals. Virtual Reality Training: Virtual reality training method is gaining momentum in areas of medicine, engineering and aeronautics where the trainee is exposed to situations artificially recreated for the purpose of simulation. Introduction to QuickBooks 2017 The trainee is benefited by the near perfect exposure he gets through these types of training methods. Simulations in the field of medicine are a real boon to students doing their internship and also to the surgeons performing complicated surgeries. On the job training: On the job training makes the trainees incorporate conceptual learning to be put into effective use. The experience adds value to their career and it is a good way to grow. The trainee also has to understand the significance of being trained that gives him an edge over others. Business games are popular in corporate setup where the members of a team are asked to don different roles or positions of the firm and solve a particular problem situation. This develops sound reasoning skills and instills confidence to handle crisis situations. Concept of training: The very concept of training is to make the individual tailor made for the job he is about to perform; not only the physical aspects but also psychological and social aspects have to be included in the package that will etch a comprehensive pattern in the process of management development techniques. Training improves the effectiveness and efficiency of performance, oriented towards goal setting, develops inter personal relationship and helps in the exercise of knowledge building providing room for improvement. Soft skill training: Soft skill training is a must as communication is the most important aspect that binds any organization for the purpose of delegation, clarification and development. Trainers have to be suitably trained and the common objective for both trainers and trainees would be to satisfy the objectives of the organization and work towards it. Evaluation of training gives you an idea whether your training design has been successful and the implementation satisfactory. Employee Feedback: Feedback from the employees and the ratio of performance standard achieved against the established standards sets the benchmark for the next mile of achievement to be covered. Blogging and Podcasting for Beginners Workshops, seminars, lectures, discussions aid not only the trainees but also the employers of the company to periodically refresh themselves with the ongoing changes and developments in the industry. The bottom line is, training has to bring in not only transitions but also transformations in individuals in terms of improved personality, attitude, behavior and adaptability to better their future...
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Recruitment Channels

Recruitment Channels
Popular Recruitment Channels Personnel procurement involves recruitment, selection and placement of capable employees who act as the key players in determining the success or failure of an organization. Recruitment serves the purpose of identifying and luring prospective candidates for the actual or anticipated vacancies of the organization. Recruitment is termed “positive” in that it stimulates employees to apply for jobs in organizations to increase the “hiring ratio”, that is the number of applicants for a job.    Personnel Inventory: Recruitment is an extensive process that has to be dealt with care by companies as it is the first step for preparing personnel inventory that matches the criteria laid down in job specification and to select only those who are found suitable for the vacant positions. Selecting right people for the right job is very important as it ensures organizational stability and consistency. The sources of recruitment can be internal or external. Internal sources of recruitment comes in handy when you want people to understand and respond well to overall objectives of the organization which can be achieved by promotions, quite suitable for managers at the middle level and top level. Those already working for the organization will be quite familiar with the activities and requirements of the firm and a promotion would serve to boost their morale, thus resulting in improved performance coupled with commitment.   External sources of recruitment may be as follows: Advertising: This method is suitable when the organization plans to expand its activities across the geographical boundaries and attract talent which is spread out. The company to reach out to a larger target group can advertise its requirements through print media, radio, television, professional and technical journals. This is a popular way of recruitment as the response ratio is quite on the higher side when compared to any other source of recruitment. Employment exchanges: The unemployed personnel register their names and qualifications in the exchanges and special employment exchange sources are organized for ex-military personnel, physically handicapped and professionals in different places. It is really a matter of concern that a major percentage of youth prefer only white collar jobs and they rate other blue collar jobs and self employment opportunities a step lower. This attitude should change as there will be no permanent jobs existing in the future but only projects. Eventually people will be shifting between various projects and at the end of the day, whether they derive any satisfaction or a feeling of cherishment about their job or work will become a big question mark. Schools and colleges: These are excellent sources of external recruitment as corporate companies offer good placement opportunities to students studying in business schools and other engineering and professional institutions even before the completion of their degree and students should aim to acquire admission in reputed educational institutions as it increases the chance of confirmed placement. Popular software and engineering companies want the best talent in the industry and the benefit of hiring freshers is that they can be well trained and molded as per their job requirements. Trade unions: In firms where trade unions are effective, the management looks up to the union in their recruitment efforts. It makes possible good labor relations. Advantages of recruiting from outside the company: Employees from varied background with broad experience add value to the company The new employees can infuse fresh ideas that may prove fruitful.    Strategic Principles of recruitment: Employ the best qualified person for each job Retain the most promising ones Offer promising careers and security Provide opportunity for empowerment Be competitive with public policies Provide facilities for personal growth on skill and knowledge. Other Sources: Other sources...
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Evolution and Growth of Human Resource Management

Evolution and Growth of Human Resource Management
Evolution and Growth of Human Resource Management It is very interesting to trace out the evolution and growth of Human Resource Management. People – The Principal Resource The principal resource of any organization is people and managing people is the most important and challenging aspect of an organization. What we call human resource management today, dates back to 1800 b.c.,which is evident from the inscriptions of Babylonian code of Hammurabi and Kautilya’s Arthasashtra, which explains in detail the importance of selection, incentives, performance evaluation, quality of a manager and wage rates. So,we understand that the concept of managing people has existed even in the previous eras through ancient literature and philosophy. India, China and Greece have been the origin points of human resource management concepts. Evolution of Human Resource Management Industrial Revolution Till, 1930’s, there was no such department called “personnel management” that was considered necessary to cater to the needs and welfare of the labor society. The factory manager was acting as a link between the workers and the management, and most of the time he had to comply with the rules of the management to satisfy them, even if it were against the welfare of the workers. Also proper attention was not given to areas like, worker safety, security and living conditions. Industrial revolution saw mass exodus of workers to urban areas in search of jobs. Need for Employment Department Application of science and technology in production made the rich owners even richer; the poor workers were not paid adequately and their life became miserable. Since the owners lost direct contact with the employees, managers came into the picture to take over control of production and administration. Machines ruled the industry and importance of labor got reduced. This condition existed for sometime until the advent of new and improved management concepts by people like F.W.Taylor who is considered to be the father of scientific management and B.F.Goodrich who was instrumental in forming the “employment department” which can be considered the fore runner of present human resource department. Introduction of Scientific Management Scientific methods were introduced to make the workers perform the job with ease and perfection. It also saved enormous time and reduced the monotony of work. job-designs, job-specification, training and development and human relations were given due importance and the owners slowly started realizing the importance of labor. Through 1940’s to 1970’s behavioral approach was applied to professional management, the major architects being Abraham Maslow, Herzberg and Douglas McGregor. This approach suggested managers to modify their leadership styles to suit the type of followers and motivate the workers. Consequences of World War I and II World War I and II also had profound influence on Human resource development. The concepts of role playing, improved training methods, supervision and group discussions came into the fray. The advent of labor unions also established a clear pathway for the workers to claim their rights, ably supported by the labor laws enacted by various governments. International labor organization was formed in 1919 which created sensation in the worker community all over the world. All said and done, empowerment of workers has been achieved only in developed nations where “job security” is no more a great concern because job opportunities are more. But in unorganized and small sectors, employers continue to exploit workers because “supply” is more than “demand”. The responsibility to develop and empower the employees solely lies on the shoulders of human resource department. It should try to address the problems of workers to the management and amicably settle issues relating to wages, welfare, safety and security. → Objectives and Functions of...
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