myz-vgb.ru A Business Encyclopedia

Performance Management

Definition: Performance Management can be defined as a process which continuously identifies, measures and develops the performance of the workforce in the organization. And to do so, each individual’s performance and objectives are connected with the overall mission and goals of the enterprise. Hence, the two key elements of performance management are: Continuous process Link…

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Staffing

Definition: Staffing is a managerial function which involves obtaining, utilising and retaining, qualified and competent personnel to fill all positions of an organisation, from top to operative echelon. In finer terms, staffing is placing the right person at the right job. It aims at employing, deploying and monitoring a competent and contented staff, i.e. daily…

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Stress

Definition: In Human Resource Management, Stress is defined as a state of mental and emotional pressure or strain, caused by challenging or unfavourable circumstances. It is an outside force that rules an individual’s feelings and behaviour. It is a person’s response to an external factor (stimulus, known as the stressor) in the environment and the…

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Interview

Definition: Interview refers to a formal, in-depth conversation between two or more persons, wherein exchange of information takes place, with a view of checking candidate’s acceptability for the job. Objectives of Interview To evaluate applicant’s suitability. To gain additional information from the candidate. To provide general information about the company to the applicant. To create…

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Dispute Resolution

Definition: Dispute Resolution refers to a technique of settling the conflicts or claims between two parties, i.e. employer and employees. The technique aims at achieving fairness for both the groups and arriving at an agreement between by consensus, often initiated by a third party. These disputes are caused by wage demands, unfair labour practices, political…

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Emerson Plan

Definition: Under Emerson Plan, the standard time for the completion of a task is fixed against which the actual performance of the workers is measured. The worker’s efficiency can be determined by dividing the time taken by the standard time. In Emerson Plan, the worker is paid only the time rate for the efficiency up…

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Gantt Task System

Definition: Under Gantt Task System, the standard time is fixed for the completion of a task based on a careful time and motion study. The worker’s actual performance is compared against the standard time to determine his efficiency and make the payments accordingly. The Gantt task system guarantees the worker’s time-rate for the level of…

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Merrick Differential Piece-Rate System

Definition: The Merrick Differential Piece-Rate System is a modification of Taylor’s differential piece-rate system in which three piece-rates are used to distinguish between the beginners, the average workers, and the superior workers, against two piece-rates in Taylor’s system. The worker is paid the straight price rate up to 83% of the standard output, 10 %…

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Taylor’s Differential Piece-Rate System

Definition: Taylor’s Differential Piece-Rate System was introduced by F.W. Taylor, who believed that the workers should be paid on the basis of their degree of efficiencies. Under this method, with the help of Time and Motion Study, the standard time for the completion of a job is fixed on the basis of which the performance…

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High Standard Hour System

Definition: Under High Standard Hour System, the earnings of the worker vary in the same proportion to the level of output, as in the case of the standard hour system, but the increment in the earnings for each additional unit of output above standard is significant. In other words, the high standard hour system implies…

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