In as much as the economy has increasingly advanced, the importance of excellent talent is becoming a top priority for most organizations. There are major anxieties with businesses when they have to acquire actual talent, retain and develop potential talent for their organization. Being aware that enhance talent within an organization will bring better outcomes. Management should then maintain a competitive benefit over its competition by measuring and tracking the skills and abilities of their workers. Different forms of measurements are achieved to measure the talents of human capital.
However, nowadays this skill is missing in many accounting graduates which is a common failing in graduates in applying for jobs. They lack commercial awareness because they did not read many newspapers, journals and magazines to enhance their general knowledge. Commercial awareness can be defined as the knowledge and understanding that relates everything about the business. The commercial awareness is important because with this skill, the person can operate professionally. In contrast, without this skill, the individuals would not know what is going on around them.
It is impossible for any business to survive and compete without its growth. The growth and profitability largely depends on skilled employees. Tesco recognizes that increasing knowledge, improving skills and job satisfaction of employees are all vital to the continued growth of the company. Effective recruitment and selection process helps to find out these required skilled or qualified employees (Ahmad, S., & Schroeder, R. G. 2002). Effective recruitment and selection practice is one of the most important tools for business growth.
The management of working capital is essential for the company to remain liquid enough to meet its short term creditors. But can proper working capital management make a company more profitable than a competitor who does not manage its working capital? What are the different metrics and processes that need to be improved to increase profitability through working capital management? This thesis is restricted to the different processes around working capital management and will concentrate on a few different metrics to find out how companies can perform better by managing working capital. The method used will be a quantitative study of how working capital management affects profitability in Finnish and Swedish publically traded companies.
Final Project Milestone One The success of any company lies in its ability to withstand economic change while balancing attrition. This makes the role of human resources a critical element to the longevity of any business and an important factor in its organization’s strategic plan. Before understanding how human resources affects strategic planning there must be an understanding of how human resources works. In general, there are four major functions of human resources: company direction, strategic hiring, workforce alignment, and performance management (). The first step in aligning the human resource function with a company's strategic plan is to identify the direction of the company or the company vision.
It is the sensible process by which financial and HR managers decide the direction of the company in terms of profitability and progress purposes (Wildavsky, 1986). In fact, in employees’ budgeting, personnel cost is the biggest cost, a company or business sector incurs to carry out trade functions. Hence, efficient budgeting can be foundation stones for the beginning of any new project or advancing organization by way of smartly plummeting expenditures. In addition, prevailing economic situations globally and domestically, allocation of resources and financial plan, and staffing’s need play a crucial role in determining personnel budgeting. Moreover, while planning and executing personnel budgeting, wages, bonuses, commissions and incentives apart from the employer-paid costs are deliberated by financial committee and managers to devise sound and comprehensive budgeting
Job Costing ledgers, wherein such costs are recorded, form an integral part of the final account statement of the manufacturers. This type of costing involves recording the costs as per the specific jobs rather than a particular process. However, Process Costing refers to the methodology involved in calculating the costs that are incurred while performing a particular task or undertaking a specific process. This might involve the costs that are either incurred directly or indirectly. Process Costing helps to keep a tight reign over the monthly expenditures in a manufacturing business.