Job Analysis and Job Evaluation are the two important functions of Human Resource Management to know the characteristics of a particular position. Both the tasks are performed by an expert, to provide pertinent information about the two. Job Analysis is a process which determines job requirements while Job Evaluation ascertains the value of a job in relation to other jobs. Job Analysis is performed with an objective of obtaining relevant facts and details related to the job. On the flip side, … [Read more...]

The main difference between Personnel Management and Human Resource Management lies in their scope and orientation. While the scope of personnel management is limited and has an inverted approach, wherein workers are viewed as tool. Here the behavior of the worker can be manipulated as per the core competencies of the organization and are replaced when they are worn-out. On the other hand, human resource management has a wider scope and considers employees as the asset to the organization. It … [Read more...]

With the help of job analysis, two main documents are prepared namely, job description and job specification. Job Description differs from job specification, in the sense that the former is a statement that explains the essential needs of a job whereas the latter is a statement which states the least qualifications, required in the job holder for the performance of a particular job. These are an integral part of HRM because it is required for every single position of the organisation, whether … [Read more...]

Job Analysis can be understood as the process of gathering information related to the specific job. The information encompasses knowledge, skill, and ability, possessed by the incumbent, to perform the job effectively. It is helpful in the preparation of job description and job specification. Job description is a document indicating what a job covers, i.e. tasks, responsibilities, duties, powers and authorities, attached to a job. In finer terms, Job Analysis means an in-depth examination and … [Read more...]

In an organization, various employee development programs are undertaken, so as to raise their level of performance. Two such programs are coaching and mentoring. While coaching is the process of training and supervising a person to better their performance. On the other hand, mentoring refers to the counseling process carried on to guide and support a person for his career development. Coaching is an on-the-job management development program, that occurs between an employee and his immediate … [Read more...]

Centralization and Decentralization are the two types of structures, that can be found in the organization, government, management and even in purchasing. Centralization of authority means the power of planning and decision making are exclusively in the hands of top management. It alludes to the concentration of all the powers at the apex level. On the other hand, Decentralization refers to the dissemination of powers by the top management to the middle or low-level management. It is the … [Read more...]

In an organization, it is not possible for one to solely perform all the tasks and take all the decisions. Due to this, delegation and decentralisation of authority came into existence. Delegation means the passing of authority by one person who is at a superior position to someone else who is subordinate to him. It is the downward assignment of authority, whereby the manager allocates work among subordinates. On the other hand, Decentralization refers to the dispersal of powers by the top … [Read more...]

Efficiency means whatever you produce or perform; it should be done in a perfect way. Although, Effectiveness has a broader approach, which means the extent to which the actual results have been achieved to fulfill the desired outcome i.e. doing accurate things. These are the metric used to gauge the performance of an employee in an organization. Efficiency and Effectiveness are the two words which are most commonly juxtaposed by the people; they are used in place of each other, however they … [Read more...]

All the activities, associated with the sourcing, procurement, conversion and logistics management, comes under the supply chain management. Above all, it encompasses the coordination and collaboration with the parties like suppliers, intermediaries, distributors and customers. Logistics Management is a small portion of Supply Chain Management that deals with the management of goods in an efficient way. Supply Chain Management, it is a broader term which refers to the connection, right from … [Read more...]

The financial market is a marketplace where investors deal in financial instruments. It provides a vehicle for allocation of savings to investment. It can be grouped as money market and capital market. Both the markets are very important in the financial sector. In the money market, extremely liquid financial instruments are traded, i.e. monetary instruments of short-term nature are dealt. On the contrary, the capital market is for long term securities. It is a market for those securities which … [Read more...]