Notes written for Kerala plus two business studies exams provide students with an overview of all topics with high mark weightages in exams.
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Chapter 2: Human Resource Management
Human resource management refers to a set of functions performed by business managers to ensure their employees are working productively for their organization. This may involve providing employee training and development programs, creating employment policies and procedures, or developing retention and recruitment strategies. Other areas included under human resources management responsibility include promoting workplace diversity and complying with labor laws.
Human resource management, as we understand it today, began in the 18th century with the rise of large factories that employed many laborers for long hours. Elton Mayo’s Hawthorne Studies disproved Taylor’s Scientific Management approach to productivity increases, and worker satisfaction was shown to play a pivotal role in determining performance – leading to surveys on employee-satisfaction levels and other efforts at creating an ideal work environment, safety regulations, and labor laws were given more consideration as a result.
Human resource management plays an essential role in recruiting and hiring the highest quality employees for each position, which can be challenging when competition for talent is stiff but is necessary for any successful company. Hiring talented personnel can bring enormous benefits to both production levels and customer service experiences alike.
Human resource management involves recording employee data such as disciplinary actions, attendance records, salary details, and so forth. Human resources professionals also help employees plan and guide their careers – sometimes known as career pathing – which is a potent motivational tool as it shows employees how their ambitions and skills fit with that of the company in which they work.
Chapter 4: Finance
Finance is the art and science of allocating resources in order to meet specific creative and productive objectives, usually with profits as the end goal. Its name derives from “busy,” reflecting its core principle: engaging in commercially viable work while taking calculated risks to create financial returns.
Finance functions are an integral component of business management, including planning, forecasting, reporting, financing, risk management, asset management, capital investment, and cash flow analysis. College students should become acquainted with these topics as part of their business studies courses or through practical experience such as internships; doing so will give them a strong foundation in this field of finance.
Chapter 6: Staffing
Staffing is one of the critical functions of management that involves filling an enterprise with the appropriate types of personnel. It consists of matching individuals based on their skills, aptitudes, and talents with positions within an organization to ensure an adequate workforce that helps achieve organizational goals. Staffing also encompasses planning for training and development of employees within that business to advance their careers within it.
Staffing refers to the practice of recruiting suitable personnel for managerial and non-managerial roles within an enterprise through processes of hiring, placing, training, evaluating, transferring, compensating, and compensating them accordingly. This human resources function can be applied to both profit-making organizations as well as non-profit-making ones.
Staffing serves a variety of functions that relate to human resource management, including creating an atmosphere conducive to a positive work culture and high morale. Staffing services help organizations attract and retain top talent while increasing productivity, decreasing turnover rates, and ultimately optimizing overall performance.
Staffing serves to anticipate future manpower needs and plan accordingly. To do this effectively, staffing analysis involves analyzing current workload levels, forecasting production level changes, and calculating any new positions that may arise as a result of expansion or other factors. Once this information has been gathered, management must then decide on an adequate type and quantity of personnel to be recruited.
