A memorandum or shortly known as a memo is a precise official note, used to inform, direct or advise the members within the same organisation. However, the business deals with a number of external parties such as customers, clients, suppliers, government agencies, manufacturers, societies, etc. for which a different tool of communication is used, called as a business letter. A letter refers to a brief message sent by the company to the person or entity, which are outsiders. Large corporations … [Read more...]
Difference Between Upward and Downward Communication
Upward communication refers to that form of communication that flows from bottom to top. On the other extreme, downward communication is the communication, which moves from top to bottom. Communication is the spine of an organisation because without it superior-subordinate relationship cannot thrive and the organisation will not be able to function effectively, to achieve the objectives. It pertains to the meaningful and effective interaction between two or more people. There are two channels … [Read more...]
Difference Between Career Planning and Succession Planning
Planning is one of the important aspects of human life, which implies thinking beforehand, what is to be done in future. At the individual level, career planning is quite common, which implies establishing the goals and timelines, within which the individual has to achieve them. It analyses a person's skills, abilities and interest, to lay down long-term goals of a person. At the organizational level, for the perpetual succession of an organisation, there must be potential employees, to fill … [Read more...]
Difference Between Collective Bargaining and Negotiation
Collective Bargaining can be understood as a rulemaking process, as it formulates or revises the terms and conditions, under which the worker's group and management, may cooperate and work together, over a certain period. It is not similar to negotiation, which implies a process of seeking agreement, through an open end exchange of views. Industrial disputes are the disputes that occur out of a disagreement between employer and employees concerning certain issues relating to employment. … [Read more...]
Difference Between Autocratic and Democratic Leadership
Leadership is a skill, which requires a person, to influence the subordinates to work voluntarily, and stimulating them to put their efforts, in achieving the goals of the organisation. Based on the objectives and the subordinates, the organisation can choose from different leadership styles. Autocratic leadership also called as monothetic leadership, is one of the styles, which encompasses centralization of the decision making power. In autocratic leadership, the leader directs the … [Read more...]
Difference Between Theory X and Theory Y
Motivation implies the act of stimulating or inspiring subordinates to pursue the desired course of action. It is something that makes people act or behave in a particular manner. Based on the premises concerning human behaviour, Prof. Douglas McGregor put forward a theory of motivation, called as theory X and theory Y. Theory X is a conventional approach to motivation, based on negative assumptions. On the other extreme, Theory Y is diametrically opposite to theory X which shows the modern … [Read more...]
Difference Between Gratuity and Pension
The most common requirement of the majority of employees is security and maintenance for the later life. This can only be possible when the person gets financial assistance, for his/her survival. Gratuity is one of the old-age retiral benefits, in which an employee gets one-shot payment, from the employer, for the services rendered by him/her to the enterprise. Likewise, there is another retirement plan called as pension, which guarantees continuous payment of fixed sum to the person or his … [Read more...]
Difference Between Gross Salary and CTC
Gross Salary refers to the total salary received by an employee during a particular financial year, for his/her contribution to the organisation. It is not just the basic salary but also includes the incentives and fringe benefits. There are a number of instances when gross salary is misconstrued with CTC, but there is a thin line of demarcation amidst the two. CTC expands to Cost to Company, can be understood as the amount that the company spends on an employee during a particular financial … [Read more...]
Difference Between PAN and TAN
When it comes to taxes, one needs to be registered with the appropriate authority, who allots a number, for the identification of the assessee. The terms PAN and TAN are used in this context. PAN stands for Permanent Account Number which is a unique identification number, for income tax purposes. TAN, on the other extreme, expands to Tax deduction and collection Account Number, which identifies every person who is liable for the deduction or collection of tax at source. Both PAN and TAN … [Read more...]
Difference Between Project and Program
A single use plan is one that is used only once and then it is cancelled. It is framed as per the requirements of a particular situation or goal and is discarded, on reaching the goal. Budgets, schedules, projects and programs are some of the examples of single-use plans. A project can be described as one-off operation, that has certain objectives and required to be met within stipulated time. A project differs from a program in the sense that the latter is a bundle of related projects, … [Read more...]
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