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Monthly Archives: March 2017

#HR Word:#Expatriate🛃🛂🛫

An  Ëxpatriate 🛫🛃 is an employee who has left his native land and is working and temporarily residing in a foreign country. 

 An Ëxpatriate can also be a citizen who has relinquished citizenship in their home country to become the citizen of another country.

The term originates from the Latin words, ex (out of) and patria (fatherland).

A firm’s employees who are transferred out of their home base into some other area of the firm’s international operations are referred to as expatriates.

 The practice of global mobility of a company’s workforce helps in building competitive advantages.

All expatriate employees are entitled to receive an expatriate premium while working in a foreign country. This includes monetary benefits and non-monetary incentives like housing and education.🏠🏢💰

When the initiative for expatriation comes from individuals rather than employers, it is called self-initiated expatriation (SIE). An illustration of this is the fact that some Asian Companies have recently hired a number of Western managers.

Dubai is a country where the population is composed predominantly of expatriates from countries like India, Pakistan, Bangladesh and Philippines, with only 20% of the population made up of citizens. 

Most popular expatriate destinations are Spain, followed by Germany and Britain.

 
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Posted by on March 31, 2017 in HR Word of The Day

 

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#HR Word:#Executive #Search

Executive search, or, head-hunting is the process of finding recruits for top, executive positions of an organisation. 

Such a search is either carried out by the firm itself or by a third party agency (called an ‘executive search firm’) appointed by the firm.

When the executive search is carried out by the firm itself, then it is usually carried out by the Board of directors.

 The relevant position is a top, executive one or a position with much specialised responsibilities, crucial for the firm. This executive would report to the board of directors. Hence the directors themselves conduct the recruitment and selection.

The other method is recruitment by an executive search firm. These are of two types: retained and contingency. The difference lies in the method of payment to the firms.

 A retained firm is paid on the basis of the number of hours it devotes for the search, irrespective of the end-results.

 On the contrary, a contingency firm is paid a flat fee only when a suitable candidate is found.

The reason why such a specialised recruitment is followed rather than mere media advertisement is because more frequently the firm is in greater need than the candidate. Such candidates may sit content at their present positions elsewhere. It is the organisation who has to delve in and find the candidate itself rather than relying on the candidate’s response to advertisement.

 
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Posted by on March 30, 2017 in HR Word of The Day

 

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#HR Word:#Executive #Compensation 💰💷

Executive compensation 💰💷 is the monetary and non-monetary benefits which are given to the senior management & executives of a company.

 Executive compensation includes salaries, perks, incentives, insurances etc. This includes high salaries for executive, insurances, company shares & other benefits.🛫🚗🏠

Senior management plays a pivotal role in building the company’s business and brand. Thus, organizations look take care of these employees by giving them special compensation and benefits

Their salaries & compensation is based not only on their experience but also on their profile, qualification etc.

Importance of executive compensation

It is an important aspect of business and HRM. 

Senior employees are the ones making the strategies, taking importance decisions etc. Thus, it is extremely important to keep the senior management motivated

The Executive compensation is negotiable between the employer and potential executive. It can defy the organizational norms on compensation to regular employees. Executive compensation is offered to the chairman, CEOs, board of directors etc.

Components of executive compensation

The various components of executive compensation are –

1. Salary – base salary
2. Short Term Incentives (STI) – for meeting the short term goals
3. Long Term Incentives (LTI) – There are the incentives which are paid after a period more than a year (usually 3-5 years) like offering restricted stocks
4. Guaranteed Severance Package
5. Perquisites – like club memberships, private planes 🛫
6. Insurance – health insurance for self and dependents

    The executive compensation is a part of Corporate Governance and has been an issue of hot debate for quite a long time especially in western media

    The American Executives have often been criticized for the hefty packages received despite lackadaisical performance of their companies. 

    There are no legal restrictions on the compensation paid to the executives in Western Companies.

    However, the issue is not that severe in India partly because of the provisions in Indian Companies Act 1956 and many executives being the promoters of their companies. 

    As per the Indian Companies Act, a ceiling has been imposed on the executive compensation in public companies and their private subsidiaries. The compensation cannot exceed 11% of the net profits of the financial year. Also the compensation of whole time directors cannot exceed 10% of the profits. However, the executives of private companies have been excluded from these restrictions.

     
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    Posted by on March 29, 2017 in HR Word of The Day

     

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    #HR Word:#Executive #Coaching 🛃

    🛃 ​Executive coaching refers to the mutually designed relationship between a professional coach and an executive who holds an important position in the organization. 

    The executive is responsible for complex decisions analysis given his important position

    This type of coaching not only involves professional development but also involves personal development of the executives as his role would have a huge impact on the organizational performance.

    Most of the executive coaches focus on several areas like psychology, business, motivational, leadership skills etc.

    This kind of coaching is usually imparted at the time of career change, or career transition.

     The three stages of the executive coaching process are:

      1.Ãssessment

     2.Feedback and Development

     3.Planning and implementation.

    Unlike other forms of coaching, the client is actively involved in the design and the method of delivery of the coaching.

    E.g. Many coaching academies all over the world impart executive coaching to the executives of the company. Some of the famous ones include HayGroup, Executive Coaching Academy etc.

    Happy Hindu New Year,.🎆🎉

     
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    Posted by on March 28, 2017 in HR Word of The Day

     

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    #HR Word:#Ethical #Standards

    Ethics is a subset of business ethic that is intended to guarantee that the capacity or exercises are not harming to the customer or the society. 

    Keeping up ethical standards in the work environment includes setting expectations, giving direction and reliably making the best choice

    Ethical behavior on the organization and the representatives of a small business can interpret into legitimate and esteemed associations with both clients and business accomplices.

     

    The illicit and unethical practices occurring in an organization are fundamental issues that question the moral measures of an organization.

     

    Importance of ethical standards

    Consult business operations genuinely and direct towards mission

    Retain the brand image of the business

    Diminish initiative and choice making predicaments

    Assimilate the essential and moral changes

     

    Ethical standards guide individuals and the organization to act in an honest and reliable manner in all interactions. 

    These standards ought to urge workers to settle on the right choices for the organization and give them the mettle to approach if they see deceptive and unscrupulous conduct. 

    Ethical standards usually starts with the employee hiring process. Enrolling talented and ethical individuals has to be ensured to maintain the standards. Employers must take action to punish the untrustworthy and unscrupulous conduct.

     

    These standards include providing clear solution on common dilemmas like using the phone at work for personal long-distance calls or using company software programs for personal projects.

     

    Few fundamental elements are essentially important in practicing ethical standards. They include non-exploitation of resources, informed consent and agreement from all communities, protection of privacy and confidentiality, risk minimization, transparency of processes, accountability and compliance

     
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    Posted by on March 27, 2017 in HR Word of The Day

     

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    #HR Word:#The #Establishment #Phase

    The Establishment Phase is the first phase of the Êmployment cycle.


     It deals in the process of understanding the kind of human resource required for the organization to achieve its goals.

    The components of this phase are:

    A.Work force planning

    B Recruitment

    C Selection

    Employment Arrangement and Remuneration


    A.Work force Planning

    Anticipating the future manpower needs of the organization and developing strategies to meet those needs. Constant monitoring and planning of human resources is an integral part of this phase.

    It involves

    1. Planning:

    Understanding the number of employee that might be required in the future

    • The kind of qualifications and skills necessary which might be necessary

    • Time by when the need might arise

    • Type of employee required

    2. Job analysis:

    Understanding the nature of job by determining the following aspects of the job:

    • Duties and responsibilities involved

    • Degree of supervision required in the job

    • Equipment required for performing the job

    Steps of Job analysis:

    1. Job Description:

    • Specifies the nature of job that has to be performed

    • Duties and responsibilities needed for performing the job

    • Location of the job

     

    2. Job Specification:

    • Qualification and skill needed to perform the job

    B.Recruitment

    It is the process of attracting appropriate candidates from whom the most suitable person may be selected.

    Sources for Recruitment

    Recruitment can be made internally from the organization or from external sources

    The possible external sources to attract recruits can be:

    • Advertisements in print media or social media

    • Campus recruitment

    • Employee referrals

    • Consulting agencies

    C.Selection

    It is the process of selecting the most suitable candidate from the pool of possible recruits.

    Process of recruitment:

    • Tests: written or verbal

    • Interviews: Technical, HR, behavioural

    • Background checks

    D.Employment Arrangements and Remuneration

    Selected candidates are offered suitable compensation packages. This depends upon:

    • Designation offered

    • Position in organization hierarchy

    • Skill and knowledge of candidate

    • Experience of candidate (overall and relevant)

     
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    Posted by on March 26, 2017 in HR Word of The Day

     

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    #HR Word:#Essential #Job #Functions

    Essential Job functions are the basic and important job duties performed in a position

    They do not include marginal functions which are extra duties. 

    Å Job function may be essential because:

    1. There exists a position to perform that function.

    2. The number of employees are limited to perform that function.

    3. The function is highly specialized and an incumbent Is hired for his/her expertise.

    Essential function must be identified for each position

    It must be based on the work performed rather than the capabilities of an individual. 

    A job analysis can help an employer to find out which function an employee can actually perform. An essential function is a complete task rather than how a task can be completed. For example, an essential function may be to relocate 50 kgs of box.

    The essential function is the primary reason for which a position was created. For example, a floating supervisor job exists to provide an alternate when regular supervisors are not present.

    If an essential function is removed then the need for that particular position will not exist. 

    For example, removing the essential function “provide guidance and resources to clients” from a customer service position would fundamentally change the job position and ask the need for it.


    To identify the Need for an essential functions:

    • When a position is empty, established or reallocated

    Before interviewing a candidate for a particular position

    • Before conducting any conditional offer medical exam

    The best time to identify essential function is when a position is established. An employer can take help from those functions if it engages in the reasonable accommodation process.

    Why we need to identify an essential function:

    • To avoid any inconsistence or unfair employment decisions

    Name a position and make sure that employees understand their expectation form that position

     
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    Posted by on March 25, 2017 in HR Word of The Day

     

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