People use it to measure how much the company actually earn out of sales. It is used for comparing similar companies. The company with higher profit margin means it has a better cost-control. This ratio reminds company of suitable budgeting on cost and sale(Kong, 2007). Promotion According to Kettler (1988), promotion can be viewed as an essential motivational factor for making purchase, changing the sense of customers on price or product by adding extra benefits.
There are two different purposes behind doing an individual assessment those are selection which involves hiring and promotions. The second purpose behind an individual assessment is development this involves employee counseling and career planning. In performing an individual assessment an evaluation must be performed. An evaluation involves performing tests, conferences and appraisal methods. Job evaluation and compensation primary focus is to determine the appropriate compensation is being given for the expertise and responsibilities that the job requires of an individual.
Recruitment and selection is pivotal in this regard in certain important respects. At the most basic level our focus in this book is on people management within the employment relationship. Those charged with recruiting people to posts in work organisations take a crucial ‘gatekeeper’ role; only those people selected for employment can be led, managed and developed. So in the most fundamental sense the decision to employ (or not) underpins the whole area of managing people. Issues associated with exclusion from the workplace also highlight the need for professionalism, fairness and ethical behaviour on the part of those engaged in this activity.
Often a firm begins using sales promotions to differentiate its product or service from the competition. If the promotion is successful and leads to a differential advantage (or even appears to do so), competitors may quickly copy it. When all the competitors are using sales promotions, this not only lowers profit margins for each firm but also makes it difficult for any one firm to hop off the promotional bandwagon. Percy (2008) on the other hand contend that there are costs associated with promotion, and when a promotion is too successful, the unexpected increased costs can have a
The HR managers are required to find out right people for the right job and get the job done from them. Other than this the human resource management is also responsible for the motivation, development and training of the employees and retaining efficient employees for a longer period of time. HR management has to make sure that both the personnel and the company are complying with regulations . The human resources can be managed by using either hard or soft approach. The hard approach involves developing strategies for managing and controlling human beings.
Corporate Finance: Corporate finance is concerned with the financing and investment decisions made by the management of companies in pursuit of corporate goals. As a subject, corporate finance has a theoretical base which has evolved over many years and which continues to evolve. It has a practical side too, concerned with the study of how companies actually make financing and investment decisions, and it is often the case that theory and practice disagree. The fundamental problem that faces financial managers is how to secure the greatest possible return in exchange for accepting the smallest amount of risk. This necessarily requires that financial managers have available to them (and are able to use) a range of appropriate tools and techniques.
Skills requirements: Evaluating the skills of the current workers is an essential part of human resources planning as it helps a business to build up a profile of the training, experience and qualifications that employees already have. This is very important whether the business is wealth intensive or work intensive. As the environment and type of work changes in the business, so do the skills requirements. If we look at Morrison Talent management skill is really important because the manager need to know what he’s doing to make the company succeed against it competitors. • Costumer Service • Team Work •
One major difference is through the distribution of profit. Whereas the distribution in a business owned through sole traders and partnerships is often split between those who own the business a company has many more areas to split profit. Companies often have two options in how to distribute their profit. They can either reinvest them within the business or they can give them to shareholders as dividends. Companies on a very large scale often have Board of Directors who will generally decide the distribution between the two different options.
The training schedule must include employees, training dates, and training times. Organizations must recognize that employee training is more of an investment so training downtime and training costs must be expected. The final component of a good staff training program is program implementation. Staff training modules should be conducted in order of importance. Using professional trainers or individuals experienced in training and using multimedia tools would help implement the new training program.
It all boils down to the quality of work and amount of employee engagement a supervisors wants in their organization. In order to have a successful business and an abundance amount of support from employees, supervisors need to know the effective methods of employee recognition. In order to know how to effectively give out employee recognition, the importance of the matter should be completely understood by any supervisor. Employee recognition could be seen as a motivation factor. When an employee is given proper recognition, they are motivated to get the current tasks done, as well as future projects.