Showing posts from May, 2021

Factors to Choose a Market Research Agency

Question : What are the different factors should you consider in choosing the market research agency? Answer Today the environment in modern business arena is highly uncertain and rapidly changing. Expansion of business operations from home country toward other countries is making the uncertainty more prominent and stronger. This may be due to cultural, political, and legal differences. This makes it increasingly critical for management to keep abreast of changes and to collect timely and pertinent information to adapt strategy and market tactics in expanding local markets. As a consequence, international marketing research becomes essential for effective decision making when organisations start to internationalise toward foreign markets. Organisation not capable of doing by itself can hire research agency to get the market research done. Market research agency will work with organisation to define vision, methodology, and a step-by-step approach. It should ensure that the business org

Human Resource Management - Introduction and Definitions

Question – What do you mean by Human Resource Management?

Importance of Human Resource Management

Question : What do you mean by Human Resource Management (HRM)? Describe the importance of Human Resource Management. Answer Introduction Human Resource is the most valuable resource in any organisation because it can function only through people. Human Resource Management has come to be recognised as an inherent part of management, which is concerned with the human resources of an organisation. Its objective is to maintain better human relations in the organisation by the development, application and evaluation of policies, procedures and programs relating to human resources to optimise their contribution towards the realisation of organisational objectives. Meaning and Definition Human Resource Management is a management function concerned with hiring, motivating, and maintaining workforce in an organisation. Human resource management deals with issues related to employees such as hiring, training, development, compensation, motivation, communication, and administration. Human reso

Human Resource Planning - Meaning, Components, and Objectives

Question : What is Human Resource Planning (HRP)? What are the components of Human Resource Planning? What are the main objectives of Human Resource Planning? Answer Introduction to Huaman Resource Planning What will happen if there are not enough employees hired in a certain role; obviously it will slowdown the workflow and later it will create a major problem, like a missed deadline. No business whether small or large can succeed if all the time the business is not correctly staffed by the right number of people with the skills relevant to the business need. With proper human resource planning, managers will recognise early warning signs within the staff and implement pre existing action plans to address issues before they create any disruption. Human Resource Planning is done to ensure - adequate supply of human resource, proper quality of human resource, and effective utilisation of human resource. Meaning of Human Resource Planning Human Resource Planning (HRP) is the process of