The employee should be placed on his/her right job after he/she has been hired. The allocation of people to jobs is known as placement. It is a process of assigning or re-assigning employees to a new or different job.
Thus, placement is the procedure of placing the right person on the right job and the aim of the placement is to place the hired candidates in the jobs for which they have the needed skills.
Continue reading What is Placement? Meaning, Definition, Process & Benefits
Psychometric test is used for measuring the mental condition of an individual. It is a combination of two words, i.e. ‘psycho’ (mental and metric) and ‘measurement’. It comes under the field of psychology. It is a type of test which study the feelings, behaviour and thought of individual. Continue reading What is Psychometric Test? Meaning, Uses & Significance
The important methods of e-recruitment are listed below: Continue reading Methods of E-Recruitment
Due to faster means of information technology, the management of most companies prefers online recruitment, also called e-recruitment or internet recruitment. It helps in keeping a record of job seekers and is very popular among them as it quickly receives their resumes and reviews them, and a response is sent through e-mail. The whole scenario has changed in the past ten years as companies either use their websites to upload information regarding vacancies or they partner with other job portals to do the same. This process has made the work of job seekers as well as their recruiters hassle-free. It also saves a lot of time, paperwork, and paper as well. The Internet is gaining popularity in the recruitment field as employers and employees can communicate with each other easily by using the internet. Continue reading What is E-Recruitment? Meaning, Advantages & Disadvantages
The process of e-recruitment includes the following steps:
Figure 1: Process of E-Recruitment.
Continue reading Process of E-Recruitment – Steps & Explanation
The process of Succession Planning includes various steps as shown below in Figure 1,
Figure 1: Process of Succession Planning. Continue reading Process of Succession Planning – Steps & Explanation
Objectives of succession planning are as follows:
Succession planning is the process of filling future vacancies in the organization. It is a continuation of leadership which includes identifying the candidates best suited for the post of future leaders and preparing them for the responsibilities of that post. The main purpose of this planning is to select suitable person for filling the vacant position at appropriate time. Various aspects are considered while succession planning process such as reassessment of organizational policies, analysing the existing human resources, estimating future changes and motivating the employees to prepare themselves to replace the leaders, who are about to retire or leave the organization.
Continue reading What is Succession Planning? Meaning, Definition, Characteristics & Types
Profit maximization is the traditional and narrow approach. As per traditional theories, maximization of profit is considered to be the sole objective of a business organization. This theory is also called as cashing per share maximization. As per the requirement of the firm, the product price and output are placed under competition to maximize profit. Profit maximization is said to be the maximization of returns by the firm in terms of monetary resources and increasing the earnings per share of the shareholders. Continue reading What is Profit Maximization? Definition, Meaning, Features & Limitations
The number of years required for the proposal’s cumulative cash inflows to be equal to its cash outflows is called ‘Payback Period’. It is “the length of time (indicated as the number of years) to recover the initial cost of the project”. Continue reading What is Payback Period? Meaning, Method, Formula, Calculation & Example
