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The Primary 4 Functions of Management – Planning, Organizing

Last Updated on July 30, 2021 By Lisa C. Townes Leave a Comment

Management sciences have proven their importance in every part of life no matter who you are, a worker at some organization or owner of the organization you must have good knowledge about management in order to be successful. Because whoever you are managing is always a part of your job. It is also one of the main Characteristics of Entrepreneurs.

Management is known as a process involving the responsibility of economical and effective planning and regulation of the operation of an enterprise to achieve its long term and short term goals using various strategies…

This process of management contains various activities and elements, these activities are common to each and every manager irrespective of the status and level.

Table of Contents

  • Management Definitions By Different Experts
  • 4 Functions of Management
    • 1st Function of Management – Planning
    • 2nd Function of Management – Organizing
    • 3rd Function of Management Leading
    • 4th Function of Management – Controlling

Management Definitions By Different Experts

There are four functions of management i.e. planning, organizing, actuating, and controlling.

George and Jerry

To manage is to forecast and plan, to organize, to command, and to control.

Henry Fayol

Its POSDCORB” where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting, and B for budgeting.

Luther Gallic

Management is an activity to reach certain goals by efforts of Other’s

R Terry

Management is a process that requires the direction and guidance of a group of people to acquire organizational goals

Ricky W Griffin

Management is any task involving achieving goals with the help of four functions PLANNING, ORGANISING, LEADING & CONTROLLING

Widely Used

4 Functions of Management

4 functions of management

1st Function of Management – Planning

If you are up to any task to accomplish your aims; building a plan is the first basic step. Without any plan, you are going nowhere. Excellent planning skills are the first ultimate need for being a good manager.

Now if you are a manage an organization first thing that you are going to do is building a plan, for that, you should have the skills for eg which is your good employee at doing which specific task.

How and what amount of supplementary, staff, and money are you going to use to attain your goals. Looking at your needs and availabilities you make a plan and then run this organization as per your plan.

Example

Alice the manager of a Mexican restaurant is working on how to make her restaurant successful she will hire the exact amount of staff that will be needed according to the area where she knows how many customers the restaurant will have and how much supplementary will be needed so that no money & food goes to waste.

She goes to use different advertising media. Alice plans an event to provide food at cheap prices so that customers are attracted and with time they develop a good taste of Mexican food which helps the restaurant to run successfully in the new town.

2nd Function of Management – Organizing

Organizing in any field, Organization or institution is another main function of management. This field requires a manager who has excellent skills in organizing his staff, assigning employee duties, the provided extras, and resources.

Example

If the manager of an organization doesn’t know how many people he needs to staff for a particular task to be done he either hires less which makes the process of achieving goals slow or not being accomplished OR he hires more than necessary hence he wastes a huge amount of money.

If the manager in any restaurant doesn’t know what amount of groceries he needs according to how many customers he has per day. He will either buy too many groceries and waste both money and food Or buy less which will automatically result in a failure to satisfy customers.

3rd Function of Management Leading

You are on a task to manage a group of people to make them work and accomplish the goals as per your need. Money is not going to be the only required fuel.

The employees are the one who works for a person who pays them in return for tasks being completed. But now, here you are not making robots work as per instructions, you are using human resources for which your employees need the motivation to work.

A great deal for you, give you an outstanding result and make your organization succeed with their help by producing high-quality work.

For that, you need to be a great Leader. You are going to give motivation to your employees by providing them with a good environment & conditions to work more effectively, giving them good supervision, providing facilities i.e. health and housing facilities.

Gain confidence in them. So that, they don’t follow you because you pay them but they follow you voluntarily because they believe in you as the leader.

This is done by being a successful person who always makes the right decision, knows the pros and cons, and how to keep away from failures.

4th Function of Management – Controlling

This part of management deals with monitoring and evaluating any activity. Any manager who is making an effort along with his team to achieve the goals of his organization, it’s just for to monitor the whole process and judge the quality of work done by the staff.

Filed Under: Management

Louisiana Payday Loan Laws – Check Max Service Charges

Last Updated on March 8, 2022 By Lisa C. Townes Leave a Comment

If you are residing in Louisiana, and if, you find yourself in a situation where your expenditure exceeds your income. Hence, you face stress and look for alternative or traditional bank loans. Mortgage loans require one month or so for the processing which may do not suit you as you need money to synch your expenses.

In this particular scenario, payday loans or quick cash loans can get you through this rough patch.

Louisiana payday loans in Lafayette, Baton Rouge, and other cities of Louisiana are online and offline and designed as a small amount of cash loan until salary.

A cash loan is lent and has to repay on the borrower’s very next Salary. The amount of the loan is repaid by a personal check from the borrower.

The lender holds the check until the borrower’s salary, then the lender deposits this check-in particular account of the borrower, and the loan is thereby paid off.

Despite the paper checks, the loan amount may be debited through electronic access to the borrower’s bank account.

Legislation of Payday Loans in Louisiana

Payday lending is considered legal in the state of Louisiana, USA. Online Louisiana Loans industry regulates through Louisiana Revised Statutes Annotated La. Stat. Ann. 9:3578.1 et seq. Louisiana state practices quite tough regulations method to protect its residents from draconian contracts.

Payday lenders companies have to comply with the existing rules and regulations of Louisiana State to obtain a license to operate in Louisiana.

According to Louisiana payday loan collection laws, every direct lender company has to register itself under state law. Direct lender companies require completing the registration process. Then state gives them permission to issue credit check or no credit check loans to residents of Louisiana.

Nevertheless, few lenders do not get a license for issuing. They work under different licenses and offer loans with different titles. These unlicensed lender companies usually give bad credit payday loans in Louisiana on the very high interest rate and drive revenue. So beware of them.

Louisiana Consumer Credit Law Information

Louisiana Payday Loan Laws for the Understanding of Borrowers

  1. Louisiana payday loans online are legal loans. Lenders use different names for payday loans such as cash advance, check advance, deferred deposit check loans, deferred presentment or small loans. It is an unsecured short-term loan which is secured by borrower’s personal check. The borrower gives an agreement to have the money back out of their bank account on the salary day of the borrower or at some future date ( usually within 14 days after borrowing money).
  2. Limit of these loans is $350 at a time. The borrower is forbidden to take loan more than the limited amount by the state of Louisiana. Loans must be repaid within 60 days not longer than that.
  3. According to Louisiana Payday Loan Laws; Processing charges are fixed. Legitimate payday loan companies cannot charge more than $55 as a processing fee. Louisiana laws allow the lender to charge $30 for every $100 borrowed + $10 documentation fee.
  4. The borrower is not allowed to renew or refinance. Either, he must pay off the payday loan completely or repay at least 25% of loan amount before making another.
  5. And if the borrower repays only 25% of loan amount then he can refinance the remaining 75% of the amount borrowed with an additional fee of $20.
  6. The lenders have some legal right for collection. If one cannot repay debt when it is due then the lender can take legal steps to collect the debt.
  7. The Louisiana Payday Loan Lenders can charge more money if one cannot repay on time. Maximum Finance Rate and Fees for Louisiana are 16.75% of face value of the check, + $10 documentation fee (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
  8. In case, if the lender deposits borrower’s check and a check is returned unpaid due to the insufficient amount in the bank account. The lender can charge you an additional $25 for processing the NSF
  9. Borrowers are allowed to apply for multiple payday loans. There is no limitation on numbers of the loan. But it is not a good idea as it may cause additional financial hardships.

WARNINGs:

  1. Payday loans are short-term loans which are not meant to meet your long-term needs. If you use these loans for the long-term purpose, it will definitely cause financial hardship.
  2. Always check your company registration. Some Illegal companies are working in the US.

Filed Under: Banking & Finance

What does Industrial Psychologist do? The Job of Psychologist

Last Updated on December 17, 2021 By Lisa C. Townes 1 Comment

Psychology is that branch of science which helps to understand the workings of human mind and consciousness. After years of research and understanding the importance of psychology in businesses. The newly developed branch is Industrial psychology is out of many fields.

Industrial Psychologist do make use of theories in the workplace, on workers and works in relation to the workers. Industrial psychologists play an exceptional role in an industry. Their presence makes a difference.

importance of industrial psychology

Table of Contents

  • What does Industrial Psychologist do in Organization
    • Making Use of New Policies
    • Criteria for a Suitable Employee
    • Making Use of Survey
    • Developing Trust between an Organization and Laymen
    • Survey Amongst Workers
    • Help Employees to deal with Challenges
    • Career Counseling
    • Depression and its Solution
    • Reward and Motivation

What does Industrial Psychologist do in Organization

Any organization or industry needs to stand on a firm foundation. The industry does not get success and even progresses if the workers and each and every member does not work properly.

The main reason behind the importance of psychology in HRM is that each and every person is important to maintain status. Psychologists help to make a comfortable environment and come up with new theories and suggestions to improve workplace environs.

Making Use of New Policies

Industrial psychologists aid companies and organizations to make new and advanced strategies and policies for the respective company or organization.

Criteria for a Suitable Employee

They can tell and design criteria to select an employee for a particular organization.

This way, that organization gets those people who are suitable for that workplace.

Making Use of Survey

Through data collection methods and survey methods, they can know public opinion. By knowing the demand or opinion of the people, an industry can design its products according to the likes of people.

Developing Trust between an Organization and Laymen

When a survey is held, people feel worthy. They come to realize that their opinion matters and so they feel a bond with the respective company or industry.

Apart from surveys, they can make different strategies that are plausible in the market.

Survey Amongst Workers

Surveys can be conducted amongst the workers to know whether they are satisfied by their work, salary and the environment where they work. This way, employees perform their duties well. They become more responsible for duties.

Help Employees to deal with Challenges

Industrial psychologists can easily understand the psyche of workers. So, in the time of need, they can help employees to tackle hurdles and difficulties related to the field. They can explain ways to maintain a good relationship between an employer and employee.

Career Counseling

An industrial psychologist can provide career guidance to a new intern about his career or which career he should adopt or how can he become better by practicing to bring good employee characteristics while working in an organization.

Depression and its Solution

Often workers become depressed and they are unable to cope with it. There comes an industrial psychologist with his wonders.

The industrial psychologist suggests ways to deal with stress and depression, to that employee.

Because it is necessary for workers to work in a happy and peaceful environment.

Reward and Motivation

To make remarkable progress, they can motivate workers. Motivation is essential as it boosts up the energy level and makes one optimistic towards his work and future.

A suitable reward or position can be set for the workers who carry out the task in the given time. In this way, work can be more fun and organization can move forward.

So, it would not be wrong to say that industrial psychology is of huge importance. Through it, an industry flourishes, and people are able to work together for the cause of the industry.

Filed Under: Career

Sunny Payday Loan Review – Unbiased Customer Feedback

Last Updated on June 30, 2020 By Lisa C. Townes Leave a Comment

There are many Indirect & Direct Lenders providing competitive services. In the case of Sunny, you can get a payday loan on the amount of £100 to £2,500. It has some lending requirements you need to fill with.

Many of the customers are very happy with and recommend others to try Sunny for fulfilling their expectations.

Sunny is one of the top lenders in the UK.

The Good in Sunny
– Reliable
– Trust Worthy
– Good Customer Service
– Easy Access
– Easy to Use
– Convenient
– Quick Service
The Bad in Sunny
– Payback Problems
– High-Interest rate
– Terrible Company
– Irresponsible
– High Service Charges

By George Hughes

The sunny payday loan is often well grounded with the low-interest rate. Low-interest rate directly shows that any person with enough money can apply for this loan. This is because he will not face a problem when paying back.

By Roman

People are satisfied with their customer service that customer service is 100% and customer service providers are really friendly and give quick responses. If you want to ask some questions then don’t hesitate, they treat you like doctor treat his patient.

By John

Sunny is a well-known company located in the UK. Before providing service they guide you with all sunny payday loans rules and regulations. They don’t hide any fees from their customers.

People who can not receive loan fro their bank they have another way to get the loan, which is to resort to this company confidently.

Some people need credit card option that they need so you can pay back early, as it makes refunds so remain in the tension-free process of the loan.

By Saad Sultan

Really easy to use. It keeps on sending updates through the application is not updated. Many of sites stop sending their updates when it is not updated. Absolutely I’ll use it again and again and will recommend to other people as well.

By Zoe

It is convenient to loan every time for the short term if you got an account with them. With a few clicks, you get your money in your account without taking many hours it just takes a few minutes with daily APR.

By Leia

Have had two loans with Sunny now they’re very helpful and friendly and would recommend to anyone. 10/10

By Christina

Usually, many people have complained about its high-interest rate. Some time interest rates are so much high that people ones think about before applying.

By Julian

Terrible company of all companies. If you don’t want a headache then avoid thinking about Sunny payday loan. From the start, they lend your money by this you return back the loan early. In addition to this when you ask for the loan again they refuse you and spite you from the website that you are no more eligible.

By Rachel

Loan Lenders are totally irresponsible. They don’t pay attention to your quarries and often neglect. They don’t give quick responses. I will never use a payday loan again. They charge too much though their percentage is lower than others. I would recommend if they have a better credit rating I would not touch them.

Final Words

Conclusively, Sunny Payday Loan Review has a combination of both good and bad depending upon each customer experiences. It doesn’t mean to be the best because of the good ones and bad because of the bad ones.

The main thing to before applying any loan is to check its interest rate, service charges, late payment fee, application processing and approval time. Few companies do not check credit history and deposits into your account on the same day but others may take a 1-2 working day for approval and further proceedings.

Filed Under: Banking & Finance

Advantages and Disadvantages of Paper Money [ Updated with Types ]

Last Updated on March 16, 2021 By Lisa C. Townes Leave a Comment

Paper Money defined as currency note used as medium of exchange and issued by State Government. People consider currency notes is a kind of money which performs all the function as good medium of exchange.

Paper currency is convertible in the sense that it may convert in to gold and precious metals while it may inconvertible because it is not exchangeable in to coins.

Now a day’s, Like Credit Cards (form of plastic money) paper money got more popularity than other forms of money.

Table of Contents

  • 4 Types of Paper Money
  • Advantages and Disadvantages of Paper Money
    • Advantages of Paper Money
    • Demerits or Disadvantages of Paper Money

4 Types of Paper Money

  • Representative Paper Money
  • Convertible Paper Money
  • Inconvertible Paper Money
  • Fiat Money

Advantages and Disadvantages of Paper Money

Life and death, Plus and Minus, Right and Left, Up and Down. There are always two aspects of each thing we see in our everyday life. Similarly, Paper money has pros and cons too. It is easy to produce, move paper money Economically and Humanly but it is also shorter in life.

Advantages of Paper Money
• Economical
• Elastic
• Stable Price
• Non Cyclical
• Quickly Usable
• Easily Countable
• Easily Movable
• Storable
• Acknowledged
Disadvantages of Paper Money
• Inflationary
• Unstable Price
• Shorter Life
• Uncertain
• No Automation
• Unstable

Advantages of Paper Money

Paper Money is Economical

Currency Notes is economical in the sense that its face value is greater than intrinsic value. Cost of production is less than other forms of money. Like dollar note in USA is an example of Paper money.

Paper Money is More Elastic

Elastic means that its supply could be controlled easily. Government print more notes if there is higher demand and produce less if there is less demand. So, Government manages its production according to the requirement of an economy.

Price Stability

This kind of medium of exchange brings more price stability in an economy than other. Currency standard manage the mechanism of monetary policy. Price stability merit of paper currency reveals equality between its demand and supply.

Paper Money Free From Cyclical Fluctuations

In previous era cyclical fluctuations highly influenced the money standard especially gold. Cyclical fluctuations in business cycles transform from one country to another country which simultaneously influence the economy of trading partners. But after the evolution of paper currency this problem removed easily. While cyclical fluctuations do not influence the paper money.

Quick Usability

Currency Notes has the characteristic of quick usability because it is legal tender money. This kind of medium of exchange has the characteristic of easy acceptability because each note issued against certain amount of foreign security and gold reserves.

Paper Money Count Quickly

In the era of metal, people consume more time in counting. But paper money facilitates people in this regard. Now people count large amounts in few minutes and save their time.

Easy to Move

People use paper currency because it is easily transferable from one place to another place. While in case of gold standard it was difficult to move from one place to another place. So, Paper Currency is easy to transfer.

Safely Store

In gold standard people faced difficulties regarding the money security and sometimes they kept their savings to other persons. Large amounts increased the fair of theft but invention of paper currency reduces all these perceptions. Paper money could be accumulating easily because people will never face the problem of debasement or theft.

Greater Acknowledge

In previous era of money standard people lose confidence due to the problem of coin debasement; this is mostly happened in gold standard. But in case of paper Money highly acknowledge due to the lack of debasement.

Demerits or Disadvantages of Paper Money

Brings More Inflation

Government prints new notes without keeping specific reserves in their valet’s. The excessive new notes printing increases the amount of money supply which further promotes inflation in an economy. This situation decreases the value of paper currency. While in case of gold standard there were less chances of inflation.

Unstable Exchange Rate

Another drawback of paper money is instability in exchange rate; wide fluctuations in external price against internal price negatively influence the international trade and domestic economic growth. Government adopt some polices to overcome such problems.

Lack of Long Lasting

This form of medium of exchange has faced the problem of durability because it can be destroy by insects and fire. While in case of gold standard people were easily stored it without any fear. So, currency notes lose the feature of long lasting.

Brings Uncertainty

Excessive amount printing new notes bring instability in the value of paper currency. These variations in paper money shattered the confidence of people and negatively influence business and economic growth.

Lack of Automation

Lack of automation is another drawback of paper money because it requires Government and monetary authority involvement. Without the interference of certain authorities that medium of exchange ruins the economy.

Unstable

Paper currency considers unstable because Government can easily increases or decreases its supply through printing new notes while ignoring the specific reserve condition.

Filed Under: Commerce

The Simple Guide to Get Payday Loan in Lafayette with Bad Credit

Last Updated on November 10, 2020 By Denis Woods Leave a Comment

Everyone wants to enjoy happy occasions of life with full zeal and zest. On the contrary, some misfortune brings financial emergency in one’s life. It may bring stress when your paycheck day is still far and you need funds urgently.

Luckily, if you are residing in Lafayette, then getting immediate cash does not have to be a pain. Payday loans in Lafayette Louisiana can be a solution you are looking for. Are you worried about bad credit? Bad Credit Loans in Louisiana may still help you further.

No credit check payday loans, fast approval loans, no credit check loans, and National cash credit, deferred deposit transactions are different titles of payday loans online. Instant loans are short-term loans subject to be repaid with your next paychecks.

Borrower has to repay this loan amount within 14 days or 60 days. However, some borrowers use payday loans for several months which can be very expensive with very high interest rates.

No credit check loans are online cash loans and it has a better chance of approval because the lender will not run a credit check with the major credit bureaus. Payday loans direct lenders approve on the basis of the information provided by the borrower. Borrower’s steady job is key factor on which payday loans are approved by the loan companies in Lafayette LA.

Table of Contents

  • How to Apply Payday Loan Online
    • FIRST STEP
    • SECOND STEP
    • THIRD STEP
    • FOURTH STEP
  • Requirements of Lafayette Online Payday Loans
  • Pros of No Credit Check Payday Loans

How to Apply Payday Loan Online

When you are facing money problem or need a small advance cash against your pay to tide you over, then payday loan can be a solution which you can avail by applying online. Procedure is very simple and does not need log documentation processes. Payday online application process will be completed in four steps and it will take only 90 seconds.

Steps
• 1
• 2
• 3
• 4
What to do?
• Fill the form
• Do with e-Sign
• Be Paid
• Repayents

FIRST STEP

Apply ONLINE; borrower has to complete online application form. Form is easy, quick and confidential.

SECOND STEP

Sign Electronically. There is no need to go to the office of lending companies to sign application form. Thanks to smart technology, e-sign your application to confirm your funds.

THIRD STEP

Get cash funds. You will receive funds directly into your saving accounts as quickly as the next business day.

FOURTH STEP

Repayment of Loan. The original loan amount and processing fees will be debited from your bank checking account on paycheck day.

Requirements of Lafayette Online Payday Loans

Most people who apply for Payday Loan in Lafayette Louisiana for the first time want to ask,” What do I need for?” Here is the answer; you will need few documents to get started payday loan application process, requirements are;

  1. You need your security number.
  2. Your driver’s license or photo ID issued by government.
  3. Your checking or saving account number.
  4. You must be at least 18 years of age.
  5. Provide recent proof of steady income or job.
  6. Give your bank’s routing number. This is the number located at the bottom of your check. It is better to confirm this number from credit Union. If you have correct bank’s routing number, will obviously speed the funding process up.

Pros of No Credit Check Payday Loans

There are many benefits one can have with no credit check payday loans, such as;

  • You do not need to wait so long to get the approval of your quick payday loan application processing. Borrowers receive approval of their loan transference application within 90 seconds.
  • Online payday loan lenders will deposit funds directly into your checking account by the next business morning or often even sooner.
  • Payday loan direct lenders ensure the confidentiality of borrowers’ personal information which he provides.
  • Loan companies in Lafayette LA provide the borrower with a low loan rate with clear terms.

Filed Under: Banking & Finance

Causes of Business Cycle – The Crucial Indicators Affecting Business

Last Updated on November 12, 2021 By Lisa C. Townes Leave a Comment

Nature is diversified, so the humans too. Humans tried to be economically prosperous by using different art and tricks of business. In ancient times they use to adopt hunting, fishing and farming and crops to survive economically. They often use a barter system in this regard. When there are prosperous times in economy & business so does depression/recession exit also, whether look at the lives of humans in 11th century or whether of today we find a business cycle in every era.

business cycle

In all Phases of the Business Cycle, businesses face different things. Sometimes they are busy and making hundreds of dollars and sometimes spending from the capital. All the phases are backed by factors affecting

Causes of Business Cycle

There are two types of factors affecting the business cycle,

1) Internal Causes and

2) External Causes

A combination of both or any of the parent or child cause may effect.

Internal Causes of Business Cycle
• Psychology
• Economic
• Investments
• Demand & Supply
External Causes of Business Cycle
• Politics
• Wars
• War Rehabilitation
• Climaties
• Trend Change
• Population
• Climate Change

Internal Causes of Business Cycle

Psychological Causes

Business cycles are also caused by psychological causes. In the business circle, two schools of thought exist. Optimistic & Pessimistic psychology of entrepreneurs. Optimistic thinking towards business and development brings more employment, profit, demand, and boom in the national economy. Pessimistic psychology relates to negativity about business investment which brings unemployment, loss in business, and less demand of products.

Economic Disturbances

A business cycle always occurs when the rate of capital goes down. Similarly boost up in the economy can be measured when the rate of capital goes up.

Another factor that causes the business cycle is the interest rate for business loans. When a heavy interest rate is introduced by banks ultimately it creates a hurdle in economic peak.

Lack of Investments

During the phase of depression and trough lack of investments towards business can be observed. The same situation can be seen in wars, national disasters, and climate changes in a country. When there is less investment in business ultimately can be the result.

Public Demand and Supply

In the economic prosperity phase, a balance between demand and supply can be monitored. The business cycle arises when there is less demand for products from the public and excessive supply is available. If there are more demand and less supply from producers it also causes inflation.

External Causes of Business Cycle

Political Changes

An economic cycle can also appear due to political change in a country. By the change of government, new leadership plan and implemented new policies best suited to their interest and usually avoid the continuity plans of the x government. This change caused a great setback for the national economy as well as a loss of money and honor at the international level. This practice can be observed in the U.S.A, UK, Germany, and other countries as well. After the end of the tenure of PPP in 2013, the newly elected government avoid any existing plans of the x government, the same case is with India & United States.

Wars

Wars are also an important factor in the business cycle. During War times most of the national revenue is used in the manufacturing and purchasing of weapons, and war materials. That’s why wars are called freezing times for the economy of any nation. They throw a nation back to 10 years of its economy.

Post War Rehabilitation

After wars, it may take 10/15 years for a country to rise up again economically. In first and second world wars participating countries like USA, UK, RUSSIA, TURKEY, GERMANY, ITALY, SPAIN, CHINA, AUSTRIA, HUNGARY, FRANCE wars caused a great loss to the industry, agriculture, transportation, housing, and humans too. After the war years, a nation has to rehabilitate itself by using its available economic resources. In these situations, the national economy is overlooked, and rehabilitating the country becomes the utmost priority of government which caused a setback to the national economy.

Natural Disasters

Natural Calamities like Floods, earthquakes, droughts, and hurricanes also caused the national economy to go down. A nation may face agriculture destruction or loss in production in floods, destruction of business and infrastructure in earthquakes and may have to spend more on importing the eatables in drought phases.

Natural calamities take a long time to cover up from. They may also cause a business cycle of recession or depression due to much expenditure on rehabilitation.

New Trends in Business

Due to the good and bad, rapid and new trends in the international market, a nation may face a business cycle. The era of 1990-2017 can be viewed as an example to check and analyze the advancements in the field of Mobile Phones and Information Technology. By the changing of the business market and trends users also change their lifestyle as per the modern trends.

With the arrival of new trends in business, no one can not overlook the current demand of time, they have to pay and invest in that specific new market so as to meet the needs of global economic trends. This new investment can also be the cause of depression for a national economy.

Population Expansion

The business cycle can also be seen in the countries having a rapid expansion in population. Due to the increase in population, it becomes almost impossible for a government to provide the basic necessities to the citizens. When there is an immense increase in population, ultimately demand edibles, clothes, and housing arises. Developed countries can be the example, where a majority is living; they’re below the average, unemployed or working on the lowest wages, living on roads, have no food to eat not even the basic medical and educational facilities. In this situation, the economy has to bear a difficult time rising up again.

Weather & Climate Changes

Trade cycles can also occur due to the change of weather or climate in different parts of the world. Agricultural countries can be the victim of the business cycle due to the sudden changes in weather. If the heavy and unexpected rainy season starts in summer, ultimately it will result in low wheat production. The economy relies on agriculture which has a 70%  share in the economy.

In contrast to summer, the winter season is called the recession/ depression phase in Europe because due to the worst season businesses get a setback, laborers are affected the most, they are fired or are offered limited jobs in that times in lieu of low wages. Supply of raw material to businesses got late due to the odds of weather and transportation issues.

Filed Under: Business

Personnel Management [ Functions, Importance, Objectives & Definitions ]

Last Updated on October 8, 2021 By Lisa C. Townes Leave a Comment

Personnel Management focuses on the administrative tasks of the organization along with the employee’s welfare and labour relations management. It is often considered as a sub-category of Human Resource Management. Few consider it to be the same as HRM but it is different from it.

Table of Contents

  • Personnel Management Definition by Different Authors
  • Functions and Objectives of Personnel Management
  • Importance of Personnel Management
    • Motivation
    • Competitive
    • Competent Workforce
    • Managing People
    • Human Relations
  • What Happens In the Absence of Personnel Management

Personnel Management Definition by Different Authors

Edwin Flippo

Personnel Management is concerned with procurement, development, compensation, integration and maintenance of personnel of organization for the purpose of contributing towards the accomplishments of the organizational objectives.

Paul Pigore & Charles Myres

Personnel Management is the line responsibility & staff functions, assisting managers in providing advice, counsel, service and various types of controls to secure uniform administrations of personnel policies designed to achieve an organization’s objective.

Prof. Michael Jueins

Personnel Management is that field of management which has to do with planning, organizing and controlling various operative functions of procuring, developing, maintaining and utilizing a labour force in such a way that:

  • Objectives of the company are attained economically and effectively.
  • Objectives of all levels of personnel are served to the highest possible degree.
  • Objectives of the community are duly considered and served Anything HR Solutions

Martinez et. al, 1993:215

The efficient use of the material resources of any organization depends on how well it is utilized by its Personnel or Manpower.

Sison,1991:30

Personnel Management is concerned with promoting and enhancing the development of work effectiveness and advancement of the human resources in the organization through proper planning, organizing, directing, coordinating, and controlling of activities related to procurement, development, motivation, and compensation of employees to achieve the goals of the enterprise.

H.N. North Scott

Personnel management is an extension of general management that of promoting and stimulating every employee to make the fullest contribution to the purpose of the business.

Terry R George

Personnel management is concerned with the obtaining and maintaining of a satisfactory and satisfied workforce.

Spates,194 4:9

Code of the ways of organization and treating individual at work so that they will each get the greatest possible realization of their intrinsic abilities, thus attaining maximum efficiency for themselves and their group, and thereby giving to the enterprise of which they are a part its determining competitive advantage and its optimum result.

Webster, 1687

The phase of management concerned with the engagement and effective utilization of manpower to obtain optimum efficiency of human resources management functions.

Paul G. Hastings

Personnel Management is that aspect of management having as its goal the effective utilization of the labour resources of an organization.

Personnel Management

Functions and Objectives of Personnel Management

  • Conduct job analysis
  • Recruitment and Selection of employees
  • Performance appraisal systems of employees
  • Handling employee relations at the workplace
  • Employee Retention
  • To align the individual’s goals with the organization’s goals and objectives
  • To assure organizational compliance with governmental laws
  • Provision of the proper work environment and to ensure job satisfaction
  • To analyze Job security, avenues for promotion and internal and external compensation
  • To achieve a social objective like creating more employment opportunities, producing goods at the cheap rates and allocation of resources in useful ways
  • The orientation of new employees in an organization
  • To motivate the employees to do best on jobs
  • To communicate with all employees effectively
  • Role of Personnel Management is to play a role as Mediator between employees and management
  • To assist the top management in developing the strategic goals and objectives

Importance of Personnel Management

Employees are considered as an important asset of an organization, so the organization tries its best to retain them. In this modern era, many companies hire personnel managers as an essential part of their organization. Personnel management deals with transactional and administrative aspects of HR management. To understand the importance of Personnel Management considers the following:

Motivation

Personnel managers motivate employees to their job. They tried to motivate those employees who are not doing their job in a way as it should be doing. They carefully listen to their problems and solve their queries and issues. On the other hand, personnel managers motivate employees by offering them incentives, bonuses, perks, promotions, etc.

Competitive

Personnel managers train employees to stay up-to-date on their jobs because things are changing rapidly in this fast-paced era. So with the changing external environment organizations have to adopt a change to survive in the industry.

Hence, personnel managers conduct training sessions and seminars to train and to develop their employees. So that they can easily perform their jobs.

Competent Workforce

Personnel manager develops a competent workforce who can work with full devotion to achieve the mission and vision of the organization. He evaluates the performance of employees and finds out the best workers to create a competent workforce. The competent workforce also plays an important role to gain competitive advantage.

Managing People

Personnel managers manage not only the organized and disorganized workers in the organization, but individually manage the people in the organization. It manages all of the persons and departments like clerical staff, administration, top management, line managers, etc.

Human Relations

Personnel department concerned with the human relations in the organization. It stabilizes human relations through 7 Cs communication, supervision and leadership

What Happens In the Absence of Personnel Management

  • The turnover rate will be high
  • Wrong hiring process
  • Conflicts will be increased
  • Wrong compensation and benefits plans
  • Outdated structure
  • Unfair labour practices
  • Incompetent workforce
  • Demotivated employees
  • Unable to gain competitive advantage
  • Wrong performance appraisals systems
  • Organization’s goals and objectives couldn’t be achieved

Filed Under: Management

5 Phases of Business Cycle – 2 Types of Cycle

Last Updated on February 26, 2020 By Lisa C. Townes Leave a Comment

Business are fundamental elements of the economy globally. They play their part to strengthen the economy of the state. Business can be small to large size, an example of a business can be a home industry to a farmhouse, a clothing brand, automobiles company, fan industry or a hardware industry. All kind of businesses faces ups and downs during their life course. They may face ups and downs, then fall and rise again, This is what we call Phases of Business Cycle.

When this kind of ups and downs occurs in many businesses gradually, an economic cycle can be monitored backed by Internal and External factors affecting it. More than 10 causes of business cycle are the core reasons for uncertainties in the market.

Table of Contents

  • Types of Business Cycles
    • Features of Business Cycles
  • Phases of Business Cycles
  • Expansion
  • Peak
  • Recession
  • Depression
  • Trough
  • Recovery

Types of Business Cycles

There are two main types of business cycle

  1. Classical Cycle which defines ups and downs in total production
  2. Growth Cycle which refers to fluctuation in the growth rate of production

Features of Business Cycles

Business cycles are actually considered as a guideline for the national economic strategists. Small size companies even large size businesses too bother about business cycles while they are planning for a specific new economical strategy. They decides whether to hire new workers in peak times or use existing staff for overtime, or to lay off the existing staff in trough phases, because in these phases unemployment and inflation may increase.

phases of business cycle diagram

Phases of Business Cycles

In business environment basically two phases are dominant, which are Prosperity & Depression, others phases are Expansion, Peak, Recession, Depression, Trough, and Recovery.

Sequence of Business Cycle


• 1
• 2
• 3
• 4
• 5
• 6

Names of Sequence


• Expansion
• Peak
• Recession
• Depression
• Through
• Recovery

Expansion

The very first phase of business cycles can be termed as an expansion. This phase is considered favorable for employment, daily wages, debtors, profit increases, investment and for sales and goods services. A businessmen may invest in a new project or start construction of a new company,  debtors may pay their debits and save their money in banks,  employees may start construction for their homes.

Peak

Second phase of business cycle is the prosperity phase in business. At this phase national economy achieve its highest position or peak and maximum growth is achieved. Manufacturers started manufacturing all the usable products for society and consumers are facilitated in this regard. In this situation investment in different businesses increases rapidly.

Recession

Recession is the third main phase of business cycle. In this phase a gradual fall can be measured in product prices, employment, investment and  income. Due to the lack of information about market trends and consumer demands  manufacturers keep on continue production of products like automobiles, machinery,  other sales and goods. In this situation consumers did not buy the products, excessive products are available in market and are still continue to supply. Gradually prices of products tends to go down.

Depression

After the recession phase, a prominent decline can be measured in employment, economy continuously falls down below the growth line, this phase is called the depression phase of the economy.

Trough

Trough is the most depressed and worst phase of an economy, in this phase economic negativity prevails rapidly. Investors stop investing in new projects, employees are fired because of the low economy, labours are offered jobs at low wages, unemployment prevails, sales and goods go down at their lowest, productivity vanishes. A negative and lowest decrease in economic growth is also observed. Investors thought to end their business and to move other countries, pessimistic thinking prevails in the business economy, debts increase again and are hard to pay, banks stop issuing new loans and interest increases.

Recovery

In this phase, the economy started recovering from the lowest growth rate. A positive thinking prevails in investors about investment and employment also. Due to the low prices, demand grows up, ultimately suppliers activated. In this regard economy gradually started strong again.

Filed Under: Business

Importance of Psychology in Human Resources Management – HRM

Last Updated on February 19, 2022 By Lisa C. Townes Leave a Comment

Psychology is the study of mind and behavior and if we talk about the role of psychology in human resources then it is the branch of psychology studying behavior and mental processes of the person in the course of management. Organizational psychologists play a vital role in the human resources management functions of different companies and organizations.

A study was conducted by Seyidov in 2002 in which they also defined the management and then shows the correlation between management and psychology

Table of Contents

  • Selection of New Employees
  • Performance Checks to Improve Existing Employees
  • Motivation
  • Interpersonal Relationships
  • Reward and Bonuses
  • The environment of The Organization
  • Entrepreneurial & Leadership Skills

Selection of New Employees

Human resources psychology jobs are designed for the selection procedure for hiring suitable employees is very important. The interview is taken by the candidates in whom they examine the skills, interest, knowledge, passion, and determination of the persons related to the requirements of the job.

A psychologist is also present in the panel interview and assesses the person’s confidence level, verbal, nonverbal behavior, and above all his motivation.

8 steps in the employee selection process are taken under the deep observation of a business psychologist. Psychometric tests are also used for further evaluation. Self-report inventories are given to the candidates for measuring their cognitive abilities, logical reasoning, and personality. These inventories should be standardized, valid, and reliable.

Performance Checks to Improve Existing Employees

The role is most important in promoting the already working employees in the organization with different employee performance management tools. Psychologist improves their performance by using different tactics.

Motivation

The motivation of the employees is very important in any job. If a person is motivated to do something then he can achieve the goals and maintain his status among other employees. They can be motivated by randomly putting employee motivation quotes images in the office, the computer wallpaper, or any weekly or monthly seminars.

Interpersonal Relationships

Mostly, they try to enhance communication skills. Employee communication with other employees and the manager is part of the organization. There are various types of interpersonal relationships within the office. If the environment is pleasant and employees are working, ultimately, productivity will rise.

If there is conflict among employees then it affects the performance of the persons and keeps them disturbed during the work.

Reward and Bonuses

If the employees are working honestly in the company then a different type of bonuses & rewards for the employees to motivate them should be given. It causes to increase the performance and, in the response, they work hard by day and night and raise the company and organization in society.

Besides rewards and bonuses, if the manager increases their wages and salary on the basis of their work hard and loyalty then it leaves a positive impact on their mind.

The environment of The Organization

The psychologist also suggests that the Physical environment of any organization is the most important part of improving performance. The structure of the room should be airy, the proper light should be available. Machines should be updated.

In some company’s tea and lunch breaks are given to the employees and it makes them fresh. Internal Organizational environment should be friendly to do employee duties effectively. Timing is also the most important factor and eight hours of duty in a day is enough for better performance.

Entrepreneurial & Leadership Skills

Leadership in management is also the most interesting factor.  There are different types of leadership & Entrepreneurial skills & styles manager adopt according to their personalities. The transformation leadership style is all about bringing change among groups and employees. This type of entrepreneur and leader motivates others to do more, listen to their complaints, and solve their disputes. They set more challenges and often achieve higher performance.

Filed Under: Management

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