Tag: HR

#HR #Word: #Pin-code #Sourcing

Sourcing is evolving with technology and is positioning itself as a more strategic role in the entire Hiring Cycle.

Pin-code Sourcing is a the strategic hiring approach which focuses on sourcing candidates from a specific Pin-code area

In recent times Workplaces is shifting its base to suburban area and candidate too prefer to stay nearby to avoid travel and save time.

Pin-code Sourcing in getting acceptance from sourcer’s and recruiters as it help them to strategies their souring approach in getting the right talent from near by area only.

pincodepostlogo
image courtesy: pincodein.com

Usually a Pin-code covers a area of 3 to 9 km’s and travelling such distance is feasible for candidates.

How does Pin-code Sourcing helps

1. Focuses on candidates from same pincode area
2. Reduces travelling time for employees
3. Can help in Improving diversity hiring.
4. Less operational cost and increases productivity. and many more.

Pin-code Sourcing is usually successful if

1. Infrastructure  for such specific area / Pin-code is developed with good  connectivity, Residential area &  Public amenities.

2. If candidate mention pin-code on his/ her residential address in CV. Usually sourcer’s search on Portals with Pin-code or Area name.

How to Search

Usually Sourcer’s use keywords such as Skills + Pin-code OR Area name which searching CV’s on Job Portals. The search will be restricted to candidates who mentioned either Pin-code or area name on CV.

I am sure many sourcer’s have used such approach and it might have worked

The above approach can be helpful for all firms.

Try it..and Share your feedback/ Learning.

Wishing all a Happy and Prosperous Ganesh Chaturthi.

May Lord ganesha brings great wisdom to all.

 

 

 

#HR Word:#Golden #Handcuffs

Golden handcuffs, a phrase first recorded in 1976, refers to financial allurements and benefits that have the objective to encourage highly compensated employees to remain within a company or organization instead of moving from company to company (or organization to organization) 

Golden Handcuff is financial incentive & other benefits offered to key employee as measure to retain them in the organization.

 Golden Handcuff is a method of motivating the employee into staying in the job because of his/her expertise for the company.

Golden handcuff cab be offered in various ways

– Different contractual arrangements

Employer sign contract with individual employee which will give him certain special benefits. These contracts are tailored made for each employee.

-Employee Stock Option

These are long term stock option given to high performing employee which are exercised after certain predetermined period of employee service.

Golden Handcuff as the name suggest are similar to parrot in golden cage. Though financial benefits are lucrative, these are mostly deferred payments. These can be encashed if employee stays with the organization for sufficiently long period of time. In this way employer ensures employee stays with carrot of long term gain.

 

Penalty for early exist by employees

In case employee leave company after agreeing to contract of golden handcuff, there is penalty clause in these contracts. Penalty clause could be end of employment or leaving stock options offered.

Golden Handcuff on one hand offer big financial benefits such as stock options and on other side bind employee by non-compete clause ,non-disclosure agreement.

Also financial gains offered are available after sufficiently long period. Golden handcuff in this way offers no immediate lucrative financial gain but if employee retains for long period and performs well, he can gain from golden handcuff.

#HR #Word:#Intellectual #Capital

The term “Intellectual Capital” collectively refers to all resources that determine the value of an organization, and the competitiveness of an enterprise. 

Understandably, the term “intellectual capital” from a human resources perspective is not easily translatable into financial terms.  For all other assets of a company, there exist standard criteria for expressing their value. 

Perhapss, this term could more appropriately be called a “non-financial asset.”

  In an article written by Paolo Magrassi titled “Taxonomy of Intellectual Capital”, 2002, Mr. Magrassi defines human capital as “the knowledge and competencies residing with the company’s employees” and defines organizational intellectual capital as “the collective know-how, even beyond the capabilities of individual employees, that contributes to an organization.”

Although there has been an increasing interest in intellectual capital and an increasing interest in how it might be managed, there has been little written to succinctly describe and define the concept.  

Intellectual capital can include the skills and knowledge that a company has developed about how to make its goods and services.  It also includes insight about information pertaining to the company’s history; customers; vendors; processes; stakeholders; and all other information that might have value for a competitor that, perhaps, is not common knowledge.  

Intellectual capital is therefore, not only organizational knowledge, it is also industry knowledge.  It is the combination of both cognitive knowledge and intuitive/experience-related knowledge.

 

Elements of Intellectual Capital

In all definitions of Intellectual Capital, the following taxonomy can be recognized:

  • Relationship Capital: All business relationships a company entertains with external parties, such as suppliers, partners, clients, vendors, etc.
  • Human Capital: Knowledge and competencies residing with the company’s employees.
  • Organizational Capital: The collective know how, beyond the capabilities of individual employees.  E.g.  Information systems; policies and procedures; intellectual property. (Sullivan, 2000)

Preserving Intellectual Capital?

The problem today in many organizations is employee attrition through layoffs, resignations, retirements, and other forms of employee separation from the company.  We would like to ask employers the following question… Are you sure that when the economy sufficiently turns around, you are able to predict if your most valuable employees are about to walk out the door? Think and Act.

Refer below link on few tips on how to preserve intellectual capital

http://m.industryweek.com/emerging-technologies/protecting-intellectual-capital

#HR #Word: #Goal #Displacement

Goal Displacement is a situation in which the original goals of the organization are superseded by the new goals which are developed during the course of time. 


Goal displacement can happen because of many reasons and at many levels, with the only objective of ensuring the growth and prosperity of the company.

 

Organizations develop initial goals to be achieved and for achieving them some methods and rules are devised and followed. But during the course of time, these rules and procedures may become primary and more important than the original goals. 

The new goals may serve the interest of the employees or the management of the organization. This is an inevitable threat organizations face.

 

In cases where the organization’s original goals are already achieved or when the original goals are no longer necessary, goal displacement has positive effects which help to organization to direct its energy elsewhere. For example an organization which was initially intended to fight polio would displace its goals once the vaccine for polio is invented.

 

If the individual goals conflict with the organization goals then goal displacement happens at personal level. Giving more importance to the means by which the goals are achieved than the end results may displace the goals. And also if the long term goals are substituted by the short term goals or if the original goals of the organization are uncertain or abstract, goal displacement takes place.

 

Examples: ln some of the government schools, performance of teachers may be decided on the basis of attendance and punctuality. And gradually these become the key criteria for performance measurement than the way of teaching and results.

#HR Word:#Firefighting🔺

Firefighting is a concept of finding a solution or quick remedy to a critical business problem which has occurred suddenly, without too much preparation by the organization. 

Firefighting, as name suggest, is derived from practice of extinguishing the unpredicted fire in the emergency situation. 

With time, the term has been used in the corporate world, in which extra resources are being employed in case of an emergency/critical situation.

 These resources could be anything, right from increasing manpower to employing more machine/systems on it.

Some of the plausible situations are as follows:

• Project closing its dead line and some accident takes place which leads to delay as an consequence

• Real emergency occurs that could hamper and do immense danger if not countered upon immediately

In Today’s evolved corporate culture, Firefighting is considered to be a technique to be used as a last resort at disposal. Proper processes and necessary securities need to be taken and adhered to, for avoiding such emergency situations. 

Having said that, most mature organizations are always on be their toes to deal with the uncertain and unforeseen situations in their regular processes.

Following example describe the Firefighting concept:

Suppose an IT organization is working on a project with a definite deadline. Things were moving as per the self-adopted time line but suddenly two days before the deadline, there is a major code crash .That code crash impact was so severe that the whole schedule got delay by additional 5 days.

Here the Managers would adopt a Firefighting strategy. They would use all the resources at their disposal to try and meet the deadline. Coders and other support team may be pulled from other projects for short basis and additional machines could be utilized. Experts would be called upon and if feasible some of the work could be outsourced

Hence all necessary steps would be taken up to do deal up with the emergency and counter the situation at hand. This would summarize the Firefighting technique.

Hiring Huge Volume in Sudden Rise of Business also Calls for Implementing Firefighting Hiring Strategy. 

#HR Word:#Factor #Comparison Method (For #Job #Evaluation)

Factor Comparison is a method used to carry out Job evaluation. Job evaluation refers to the measurement of the value of a job relative to other jobs.

Factor comparison is a complex quantitative method.

In this method, each job is given a rank on the basis of a number of factors. 

These factors are enumerated below:

1) Skill

2) Mental effort,

3) Physical effort,

4) Responsibility, and

5) Working conditions

A composite score is obtained by assigning different weights to each factor and the value of the particular job is hence obtained. The jobs are then compared on the basis of their composite score.

The steps to be followed in this particular method are as under:

Step1: Key Jobs across the organisation are selected. About 20-25 jobs across various departments of the organisation can serve the purpose well

Step2:  For each job selected, corresponding evaluation parameters are selected

Step3: Each job is given a rank under each formulated factor in an independent fashion (without any consideration from other parameters)

Step4:  An equivalent monetary value is assigned to each job parameter

Step5: The money value of the job is then apportioned amongst the formulated factors.

The advantage of this job evaluation method is its broad application. 

It can be used in wide range of job roles, it can also be applied to the new roles in different organizations to compare them with similar positions. 

Converting the value of jobs in monetary terms can enable the organizations to make sure their recruitment and selection method provides a reasonable return on investment

 Monetary values are assigned in very fair way according to the agreed ranks fixed by the job evaluating authority. This method is flexible as there is no upper limit on the rating of the factors.

The major disadvantage attached with factor comparison method is that someone will have to make a decision on evaluating the relative worth of each factor. For example, some employee might believe that knowledge is worth more than skills and might allot this factor more salary. It is difficult to operate, explain and understand. It is also costly as well as time consuming

Refer the below link for more detailed Practical examples.

https://www.slideshare.net/mobile/BasantLamsal/job-evaluation-67780694

#HR #Word:#Facilitation

Facilitation is the process by which, managers, leaders, and communicators add content, process and structure to discussions, meetings, thinking groups and ideas

Facilitation is generally done by an individual who is called the facilitator, who leads the groups to obtain information and knowledge, and to work collaboratively and accomplish a given set of objectives or the goals that are sought after.

There are different types of facilitation, to name a few – Group facilitation, Individual facilitation

Group facilitation is generally done by internal or external individuals seeking to improve presented content and knowledge, formulating process, providing structure to meetings, promoting shared responsibility, and drawing participation.

Individual facilitation also has similar objectives but is targeted at an individual rather than a group, in improving the desired qualities in the individual and bringing for the desired goals and objectives of facilitation.

A facilitator should have good leadership skills, deep knowledge about processes and structures of discussion, understanding of interpersonal dynamics, strong listening and communication skills etc.