HR Scorecard: Strategic Human Resource Management
HR Scorecard: Linking Strategy and Results
A scorecard is a methodology used to link economic management with results. The balanced scorecard helps reduce uncertainty and facilitates risk management in decision-making. It serves as a valuable decision support tool.
Strategic Role of HR
HR’s role is expanding to include the measurement of intangible assets. HR acts as a strategic asset architect, analyzing elements of the value chain. The HR scorecard integrates HR systems with business performance
Read MoreUnderstanding International Trade: Definition, Characteristics, and Reasons
Understanding International Trade
Business Services encompass the study of trade in goods, services, and capital within the international environment. This is primarily justified by the diverse resources and technological capabilities of different nations.
Key Characteristics of International Trade
- Major Exporters: Predominantly industrialized nations.
- Trade Concentration: A significant portion of world trade occurs within industrialized countries (OECD countries).
- Intra-Industry Trade: Increasing importance
Understanding Primary Needs, Production Factors, and Economic Sectors
Understanding Basic Economic Principles
Primary Needs
Primary needs: These are essential for survival and maintaining a dignified life as a citizen. Examples include:
- Food
- Housing
Secondary Needs
Secondary Needs: These are more evolved needs related to human beings as social beings. Examples include:
- Leisure
- Communication
Factors of Production
Land
Encompasses all resources extracted directly or indirectly from nature (raw materials). Examples include trees for paper. They are classified into:
- Renewable (not
Concepts in Indian Law, Ecology, Technology & Psychology
Right to Information (RTI) Act, 2005
Introduction
The Right to Information (RTI) Act, 2005, empowers Indian citizens to access government information, ensuring transparency and accountability in governance.
Key Points
- RTI allows citizens to request information from government departments and public authorities.
- Officials must respond within 30 days (or 48 hours for urgent cases involving life or liberty).
- RTI helps uncover corruption, misuse of public funds, and inefficiency.
- Certain sensitive information
Key Banking Concepts: Meetings, Operations, and Deposits
Bank Meetings
Ordinary Meetings
These are held periodically, typically once a year within four months following the financial year-end. Their purpose includes:
- Publishing the financial results for the year.
- Deciding on the allocation of profits (utilities).
- Electing directors, external auditors, and account inspectors.
- Addressing any routine matters concerning the bank’s progress.
It is not necessary to specify every matter to be discussed in the meeting notice.
Extraordinary Meetings
These are convened
Read MoreOperational & Supply Chain Case Studies: Benihana, Toyota, EV
Benihana of Tokyo Case Analysis
Key Concept:
Benihana’s success stems from a unique operational model combining entertainment, efficient use of space, a simplified menu, and controlled labor costs.
Core Strategies:
- Hibachi Cooking Style: Chefs cook in front of customers, offering entertainment and reducing back-of-house kitchen space (only 22% of space is non-dining).
- Limited Menu: Focusing on steak, chicken, and shrimp minimizes food waste and simplifies operations.
- Labor Efficiency: Requires only