Key Differences

Code of Ethics and Code of Conduct are the standards that a group must adhere to, so as to remain the member of the organisation. The primary difference between code of ethics and code of conduct is that code of ethics is a set of principles which influence the judgement while the code of conduct is a set of guidelines that influence employee's actions. These statements are formally addressed and need to be accepted by the members when they join the organisation for the first time. These help … [Read more...]

In Human resource management, the term induction can be defined as the introduction of the newcomer to their job. It is not exactly same as an orientation, which provides basic information about the employer organisation to the fresher. Induction and Orientation are the two programs designed to provide new joined with the information they require to function comfortably and efficiently in the organisation. As the programs take place in the initial days, when the new hires join the … [Read more...]

The term market can be described as any place where buyers and sellers meet, directly or through dealers, to conclude transactions. There are three types of market structure, i.e. perfect competition, monopoly and imperfect competition. Further imperfect competition can be of two types: Monopolistic competition and oligopoly. In perfect competition, the product sold by different firms is identical, but in monopolistic competition, the firms sold near substitute products. The equilibrium … [Read more...]

Human Resource Management (HRM) is a branch of management; that is concerned with making best possible use of the enterprise's human resources, by providing better working conditions, to the employees. It involves those activities that arrange and coordinates the human resources of an entity. Further, it aims at maintaining good relations at various levels of management. On the other extreme, Human Resource Development (HRD) is a wing of HRM that keeps focusing on the growth and development … [Read more...]

An organization is a collection of people who work together to attain specified objectives. There are two types of organization structure, that can be formal organization and informal organization. An organisation is said to be formal organisation when the two or more than two persons come together to accomplish a common objective, and they follow a formal relationship, rules, and policies are established for compliance, and there exists a system of authority. On the other end, there is an … [Read more...]

When the question is about influencing or manipulating others, two things go that side by side in the field of management are Power and Authority. These two are used to make people respond in the manner directed. Power is referred to as the capacity of an individual to influence the will or conduct of others. As against, authority is termed as the right possessed by a person to give the command to others. Many of us think that these two terms are one and the same thing, but there exists a … [Read more...]