The basic objective of compensation management can be briefly termed as meeting the needs of both employees and the organization. The Employer wants to pay little salaries and wages to the workers to manage their working costs. Employees wants to get paid high as possible.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Collaboration skills are those that enables you to collaborate with others to achieve any specific goal or objective. These are the most important skills as all the working environment needs collaboration. These skills helps you to understand different perspectives, managing your priorities with others and meeting expectations as reliable member of the team.
Soft skills are the individual’s personal attributes, inheritance social cues, and communication abilities needed to make a job successful. Unlike the hard skills, the soft skills refers to the emotions and or insights that enables and individual to read others mind and behavior. It is very difficult to learn in a traditional classroom. They are also difficult to evaluate and measure.
Patience is an important aspect of the customer service as all of the customers who used to contact customer service are confused, frustrated and lost. Being patience is a good way to help customers as listening to them make them feel comfortable and they feel like you are there to less their frustration. Taking time to listen the need of the customers and then giving them the best way to solve it out make customer believes on the company and increase customer trust on products.
Brand equity and Keller’s Brand Equity ModelNaheed Mir
In marketing, the brand equity refers to the value of the brand depending on the customer perception of the brand in the market. Brand equity can be positive or negative, as if the customer is happy from your brand and gives you higher rank then it will be positive equity while if the brand fails to reach the customer values then they give them negative rank.
Marketing positioning refers to the ability to influence consumer perceptions about the brand or the product to the competitors. The goal of market positioning is to create an image of the product in the market so that the consumer can use them in the special way.
It is the part of the project planning which is related to how the project will be monitored and accessed and how it will be a successful project in the end. An effective evaluation plan shows how the project will be monitored and will be completed by meting all its objectives.
Active management and Active Management ProcessNaheed Mir
Active management is to manage the portfolio of funds with the use of human capital. Active managers rely on analytical research, personal judgment, and forecasts to make decisions on what securities to buy, hold, or sell.
Vertical management also known as Top-Down management that refers to different levels of management within the organization. Managers at different level in an organization are free to focus on different levels of management, from strategic thinking to operational level.
There are a long list of skills that a management must adopt to get the work efficiently and effectively done by the employees in the organization. There are the six most essential management skills that a manager should use to perform the duties:
Adaptive leadership and Principles of Adaptive LeadershipNaheed Mir
It is an act of mobilize a group of people to work hard and getting success at the end.
Adaptive leadership recognizes that there are two types of problem, technical and adaptive.
The different types of management styles are the way how a person or an organization authority leads their employees to reach the destination or desired goal.
E-Commerce also known as electric commerce or internet commerce, refers to buying and selling goods using internet also sharing information and money to execute these transactions. E-Commerce also refers to use internet to do transactions and buying products.
Personal development skills are those qualities that a person already have but once you have to gain it through some training. People use their different skills when they are caught in problem or if they want to achieve a particular goal.
Self development and Examples of self developmentNaheed Mir
Personal development skills are those abilities that helps you to grow professionally and personally. Improving those skills can help you minimize your problems. This is also the process of personal growth.
Transformational leadership, its components and advantages and disadvantagesNaheed Mir
Transformational Leadership is a leadership style in which the leader motivate, inspire and encourage the team member to create change in their working abilities that will help in grow and shape the future success of company and get their goals.
This only can be accomplished by setting an example at executive level by building strong corporate culture and independence at the workplace.
Emotional intelligence and its importanceNaheed Mir
Emotional intelligence is the ability to understand, use and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and defuse conflict.
Emotional intelligence helps you to get success in academic and official life, build stronger relationships and achieve your all career goals. It helps you to connect with your feelings and make strong decisions on what is good for you and what matters most to you.
Customer Perception and What are the Factors Influencing Customer Perception?Naheed Mir
Marketing concepts that encompasses a customer’s awareness, impression, or consciousness about a company or its products or services.
When customers sees a product they collect information about the product and use the information to create a clear and meaningful image of the product in their mind. This is called the Customer Perception.
Compensation Management and Types of Compensation ManagementNaheed Mir
Compensation management is a Human Resource Management function that deals with the salaries and any kind of rewards that individuals receive on performing an organizations tasks.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2. Compensation Management
Compensation management is a HRM function
that deals with the salaries, wages and any kind of
rewards that individuals receive on performing on
an organizations tasks.
Compensation is what employees receive in
exchange of their work. It is a particular kind of
price, that is, the price of labor.
3. Objectives of Compensation
Management
The basic objective of compensation management can be
briefly termed as meeting the needs of both employees
and the organization. The Employer wants to pay little
salaries and wages to the workers to manage their working
costs. Employees wants to get paid high as possible.
Main Objectives of compensation management are:
4. 1. Acquire Qualified Personnel
Compensation needs to be high enough to attract
the applicants. Pay level must be as high as the
supply and demand of workers in the markets. Try
to give better pay package to the workers so they
feel better when they compare their salaries with
the other company’s workers. Premium wages are
sometimes needed to attract applicants working
for others.
5. 2. Retain current employees
Employees can quit the job if the compensation
levels are not competitive, resulting in higher
turnover. Everyone like to work for a better reward,
if the pay levels are not competitive then most of
the employees will quit and find the better one for
them. To retain these employees the pay level must
be competitive with that of other employees.
6. 3. Ensure equity
To retain and motivate employees to do their work, the
employee compensation level must be fair. The wages and
salary administration must be fair to achieve the equity.
Compensation management strives for internal and external
equity.
Internal equity requires that pay be related to the relative worth
of a job so that similar jobs get similar pay. External equity
means paying workers what comparable workers are paid by
other firms in the labor market.
7. 4. Reward desired behavior
Pay should reinforce desired behaviors and act as a
motivator for these behaviors to occur in future.
Compensation plans reward to performance,
responsibility, experience and other behavior.
Excellent performance and loyalty and other
behaviors must be rewarded though the
company’s compensation plan.
8. 5. Control Costs
An effective compensation system help the
organization to retain reasonable costs of
workers. If there is no good compensation
system then workers can be over paid or
underpaid.
9. 6. Comply with legal regulations
A good compensation (salary and wages)
system looks at the challenges on
organizations that are imposed by the
government and ensures employees comply.
10. 7. Facilitate understanding
The objectives of the compensation
management must be easily understood by
the Human resource management,
company’s administration and the operating
managers.
11. 8. Further administrative efficiency
The compensation program should be
designed so it can managed efficiently and
making optimal use of Human resource
information system. These objectives should
be secondary considerations with other
objectives of the company.
12. 9. Motivating Personnel
The aim of compensation is also to motivate
personnel to work on the productivity. Other
than money workers can be motivated by
promotions, recognition, acceptance and
status etc.
13. 10. Consistency in Compensation
Compensation management aims to achieve
consistency both internal and external to
compensate employees. Internal consistency
involves payment on the basis of the criticality of
jobs and employees’ performance on jobs. High
compensation refers to higher job as well the high
performance in the same job.
14. 11. To be Adequate
Compensations must be sufficient enough to
fulfill all the needs of the employees
substantially. The must fulfill the needs of the
workers inside and outside the organization.