The three types of Elasticity of Demand are:
i. Price Elasticity of Demand
ii. Income Elasticity of Demand
iii. Cross Elasticity of Demand
Three factors that influence the Elasticity of Demand are:
i.The amount of income spent. According to
www.investopedia.com, It refers to the total a person can spend on a
particular good or services. If there is an increase in price and no
change in the amount of income available to spend on the good, there
will be an elastic reaction in demand. For example, if the price of a
cup of tea raises from RM 1 to RM 2 per cup, while the income of the
consumer remain the same, and the income available to spend on tea is RM
3, is now enough for only 1 cup of tea, instead of 3 cups of teat at RM
1 each before.
ii. The availability of substitute goods. The concept
is when one good has more substitutes, the more elastic demand will be.
Vice versa, when one good is lack of substitutes, it is called an
elastic product. Example of elastic goods are rice, there are variety of
rice in the market that the consumer can choose from, not able to buy
the Basmathi, may be one can consider to buy the subsidize local rice.
Inelastic goods are like unique goods, antiques, rare item like gold and
titanium and so on.
iii.
Habit. It simply refers to the habit of the
consumer and one's demand on certain good. For example, a habitual
smoker has more demand in cigarettes, regardless of the price of the
cigarettes,habitual smoker would still buy the cigarettes. The demand
for cigarettes is inelastic. While non regular smoker, has less demand
in cigarettes, when the price of cigarettes fall, the demand of
cigarettes may be increase, and when the price raises, the demand would
also decrease respectively. The demand for cigarettes is elastic.
Friday, 19 October 2012
Orientation & Induction : The Benefits
The 4 benefits of conducting orientation and induction are:
1. To familiarize the newly hired employee with the organization's objective, goals, and operations.
2. to deliver the objective of the organization to the employees.
3. To reduce anxiety of the new employees.
4. to reduce turnover of human capital.
1. To familiarize the newly hired employee with the organization's objective, goals, and operations.
2. to deliver the objective of the organization to the employees.
3. To reduce anxiety of the new employees.
4. to reduce turnover of human capital.
Recruitment : Why Internet Recruit?
Internet
has became so popular in recruitment, for government agencies or
private agencies, this is the new trend and the most efficient way to
recruit.
The reasons of why internet has become the main media for recruitment are as follow:
1. Lower cost. For the hiring company, posting job vacancy on the internet would cost less than printing advertisement or by other media such as television and radio. All the company need to do is to post in their website or post on some free posting site about the vacancy. Nowadays, government of Malaysia has provided jobsmalaysia.gov.my for the company to post their job vacancy online with no charges. If the company chose to recruit via printing media, they have to pay a very high cost and get lower output. The charges of their advertisement depends on the sizes the advertisement fits in the paper and the period the company would like to post the vacancy. For example, a 3x4 inch advertisement may cost RM300 for posting of vacancy for 1 week. While posting via television and radio also cost huge amount of money, it depends on the slot the company would like their advertisement to show up. If the advertisement was to post on peak hour, the chargers would be higher than that of off-peak hour.
2. Fast and easy. The posting of vacancy online required only minutes, while posting via printing media requires days and on TV and radio maybe require weeks for the production company needs to arrange the showing slot to enable the advertisement to fit in their show without compromising other advertisement and show.
3. Environmental friendly. Advertising vacancy via internet required no paper, ink or motor vehicles. It is the most environmental friendly method of recruitment, and that's the reason why people preferred this method than others. While recruiting via printing media consume a lot of papers and inks.
4. Popular social medium. People nowadays rely more on internet to communicate with other people, be their family,coworkers, friends or even strangers. The internet was like the 'other world' where people can get tonnes of information at their fingertips. By posting vacancy online, it would attract more people to apply for the job at a quicker rate. Moreover, via internet, people could link the advertisement for recruitment to their friends, they would become the hiring company's 'HR managers' indirectly, who help to spread the news and accelerate the process of recruitment.
5. Border-less. Recruitment via internet could help the company to hire people not only within the nation, but also hiring experts from foreign country without even traveling and paying high cost to advertise in foreign newspaper.
The reasons of why internet has become the main media for recruitment are as follow:
1. Lower cost. For the hiring company, posting job vacancy on the internet would cost less than printing advertisement or by other media such as television and radio. All the company need to do is to post in their website or post on some free posting site about the vacancy. Nowadays, government of Malaysia has provided jobsmalaysia.gov.my for the company to post their job vacancy online with no charges. If the company chose to recruit via printing media, they have to pay a very high cost and get lower output. The charges of their advertisement depends on the sizes the advertisement fits in the paper and the period the company would like to post the vacancy. For example, a 3x4 inch advertisement may cost RM300 for posting of vacancy for 1 week. While posting via television and radio also cost huge amount of money, it depends on the slot the company would like their advertisement to show up. If the advertisement was to post on peak hour, the chargers would be higher than that of off-peak hour.
2. Fast and easy. The posting of vacancy online required only minutes, while posting via printing media requires days and on TV and radio maybe require weeks for the production company needs to arrange the showing slot to enable the advertisement to fit in their show without compromising other advertisement and show.
3. Environmental friendly. Advertising vacancy via internet required no paper, ink or motor vehicles. It is the most environmental friendly method of recruitment, and that's the reason why people preferred this method than others. While recruiting via printing media consume a lot of papers and inks.
4. Popular social medium. People nowadays rely more on internet to communicate with other people, be their family,coworkers, friends or even strangers. The internet was like the 'other world' where people can get tonnes of information at their fingertips. By posting vacancy online, it would attract more people to apply for the job at a quicker rate. Moreover, via internet, people could link the advertisement for recruitment to their friends, they would become the hiring company's 'HR managers' indirectly, who help to spread the news and accelerate the process of recruitment.
5. Border-less. Recruitment via internet could help the company to hire people not only within the nation, but also hiring experts from foreign country without even traveling and paying high cost to advertise in foreign newspaper.
Human Resource Management : Surplus & Shortage ?
2 ways to reduce surplus of employees would best be:
1. Freeze recruitment / hiring. Stop recruiting new employees and allowed managers to organize and align their employees more efficiently. Department which has surplus members may allowed manager from other department to use the service of the surplus member (cross-service as in matrix structure of organization). The work burden could be share among members and reduce the stress and burden carry by one.
2. Early retirement.The aim of this action is to cut the labor cost by reducing worker's aging workforce. This is the best way to not only reduce the number of employees, but also can avoid from paying large amount of compensation if one organization have to dismiss or terminate workers.
While 2 ways to overcome shortage of employees would be:
1. Recruiting new employees, either temporary or permanent employee. Temporary workers are best at flexible job description, staffing flexibility and temporary employee has lower service commitment (to both employee and employer), saving money as the wages and benefits of temporary employees are usually lower than those permanent. Permanent employees do save money too, as the job training and induction provided are one-time basis. If company continue hiring temporary workers, the same job training need to be given again and again and this would some how consume higher cost. Permanent employees are committed to their job and employer as they have to perform to ensure their benefits are well guarded throughout their service.
2. Re-analyzing job process and redesign the job process if necessary. This would help to estimate and limit the number of workers need on each department / job. Through this process, the efficiency of the workforce could be obtain and maintain while the organization working to reach the desired goals. Although the process of analyzing would consume certain amount of money, but the outcome would help the organization to reorganize, reconstruct its organization's structure and to distribute workforce more efficiently.
1. Freeze recruitment / hiring. Stop recruiting new employees and allowed managers to organize and align their employees more efficiently. Department which has surplus members may allowed manager from other department to use the service of the surplus member (cross-service as in matrix structure of organization). The work burden could be share among members and reduce the stress and burden carry by one.
2. Early retirement.The aim of this action is to cut the labor cost by reducing worker's aging workforce. This is the best way to not only reduce the number of employees, but also can avoid from paying large amount of compensation if one organization have to dismiss or terminate workers.
While 2 ways to overcome shortage of employees would be:
1. Recruiting new employees, either temporary or permanent employee. Temporary workers are best at flexible job description, staffing flexibility and temporary employee has lower service commitment (to both employee and employer), saving money as the wages and benefits of temporary employees are usually lower than those permanent. Permanent employees do save money too, as the job training and induction provided are one-time basis. If company continue hiring temporary workers, the same job training need to be given again and again and this would some how consume higher cost. Permanent employees are committed to their job and employer as they have to perform to ensure their benefits are well guarded throughout their service.
2. Re-analyzing job process and redesign the job process if necessary. This would help to estimate and limit the number of workers need on each department / job. Through this process, the efficiency of the workforce could be obtain and maintain while the organization working to reach the desired goals. Although the process of analyzing would consume certain amount of money, but the outcome would help the organization to reorganize, reconstruct its organization's structure and to distribute workforce more efficiently.
Human Resource Management : HR Manager's Challenge - Internal
HR Manager is one who administer the human resources / human
capital in an organization in order to help achieving the goals of the
organization. 3 internal challenges of becoming HR Manager are:
1.Lack of resources to cope with daily activity of the organization could be a real problem for a HR manager.Resources could refer to training facility for the manpower in the organization, low number of workers to cope with high intensity of work burden, low or no budget for employees' performance appraisal, and no suitable tools to assist HR Manager in analyzing the manpower of the organization and to research on employees' needs.
2. Employees' discipline is a challenging factor for a HR Manager. To help motivate the employee with discipline problem, HR Manager need to plan suitable courses and motivation for the employee. HR Manager may face the situation where he/she have to dismiss employee with discipline problem, and to deal with the situation of the lack of manpower to recover the work burden of the employee who has been dismissed.
3.Employees' health & safety at the workplace are also the main challenges for a HR Manager. Despite of keeping the employee motivated and productive ate the workplace, several matters should be taken into precaution such as fire handling procedure, safe workstation for each employee, no harmful particles involved in the daily working condition and so on.
1.Lack of resources to cope with daily activity of the organization could be a real problem for a HR manager.Resources could refer to training facility for the manpower in the organization, low number of workers to cope with high intensity of work burden, low or no budget for employees' performance appraisal, and no suitable tools to assist HR Manager in analyzing the manpower of the organization and to research on employees' needs.
2. Employees' discipline is a challenging factor for a HR Manager. To help motivate the employee with discipline problem, HR Manager need to plan suitable courses and motivation for the employee. HR Manager may face the situation where he/she have to dismiss employee with discipline problem, and to deal with the situation of the lack of manpower to recover the work burden of the employee who has been dismissed.
3.Employees' health & safety at the workplace are also the main challenges for a HR Manager. Despite of keeping the employee motivated and productive ate the workplace, several matters should be taken into precaution such as fire handling procedure, safe workstation for each employee, no harmful particles involved in the daily working condition and so on.
Human Resource Management : The Importance
Human resource management is very important because:
1. To analyze the human resource requirements of an organization, if the number of the human resource is below the expectation of the goals set by the organization (Demand > Supply) , human resource department should recruit new members of the organization, and if the number is more than enough (Demand < Supply) to carry out the tasks in order to achieve the goal of the organization, human resource department would plan to restructure the organization so that every member in the organization play the equal important role and carry equal work burden.
2. To recruit & select manpower for the need of the organization. After analyzing the manpower requirement of the organization, the human resource department conduct recruitment if there are any vacancy, and selecting the qualified applicant to fill in the post.
3. To provide orientation and training for the manpower in the organization, in order to improve their skills, knowledge and to motivate the employees to perform better.
1. To analyze the human resource requirements of an organization, if the number of the human resource is below the expectation of the goals set by the organization (Demand > Supply) , human resource department should recruit new members of the organization, and if the number is more than enough (Demand < Supply) to carry out the tasks in order to achieve the goal of the organization, human resource department would plan to restructure the organization so that every member in the organization play the equal important role and carry equal work burden.
2. To recruit & select manpower for the need of the organization. After analyzing the manpower requirement of the organization, the human resource department conduct recruitment if there are any vacancy, and selecting the qualified applicant to fill in the post.
3. To provide orientation and training for the manpower in the organization, in order to improve their skills, knowledge and to motivate the employees to perform better.
Personnel Administration : Public Sector Vs Private Sector
2 Differences between personnel admin in public sector versus personnel admin in private sectors:
1.In term of Recruitment Process, Public Sector has more complicated procedure than that of Private Sector.
According to Perintah Am, Bab A, Bahagian III: Pengambilan. Despite the process of every Ketua Jabatan who are required to inform the Suruhanjaya Perkhidmatan Awam about the recruitment information in each recruitment process, any doubt in the scheme of services or the advertisement itself, should also refer to the Ketua Pengarah Perkhidmatan Awam.
The recruitment process should be advertised in at least 1 Bahasa Malaysia's Newspaper , with 7 features of the vacancy clearly stated, which are:
1.Name of the post and the status of recruitment (contract or permanent)
2. Name of the Scheme of the service
3. Salary information
4.Academic qualification for the post and other relevant qualification needed
5.Nationality of the applicant
6.Closing date of the vacancy
7.The address to where the applicant should send / get the application form
Whereas in private sector, the recruitment process could be way simple and not standardized. Although some may required standard academic qualification, some are just walk-in interview or first-come-first-serve basis. Basic / common requirement for clerk in private sector is the applicant who are able to speak fluent Bahasa Malaysia or English, capable of using computer and able to work according to the time fixed by the company.
2. In terms of size, Personnel Admin in Malaysia Public Sector handled over 1.4 million of human resources, while in private sector in Malaysia, the size are much more smaller.
Wednesday, 17 October 2012
Discipline : The Approaches
Three (3)
approaches to improves employee discipline in the public sector
1. Progressive
approach
Most
organizations applying progressive approach in discipline the employee, the
management would advise and giving guidelines to employee and try to help the
employees to correct their behaviour Stronger or rougher penalties would be
imposed for repeat offences, this would give the employees chances to correct
their inappropriate and improve themselves.
Progressive
approach involved 5 major steps:
2. Corrective
approach
Referring to the
University of North Texas, Human Resource Department on “Corrective &
Disciplinary Actions Tool kit , the definition of corrective approach given is
‘a process of communicating with the employee to improve unacceptable behaviour or performance’.
Actions are
taken to correct employees who have violated the rules of the organization.
The main objective of this approach is to encourage compliance with standards and rules of the organization, besides discouraging the employees from repeat violation in the future.
Action such as sending the problematic employee to consultation, camp, and penalty like suspension would also be imposed depending on the seriousness of the offence. Some suspension may allow pay and some may not.
The main objective of this approach is to encourage compliance with standards and rules of the organization, besides discouraging the employees from repeat violation in the future.
Action such as sending the problematic employee to consultation, camp, and penalty like suspension would also be imposed depending on the seriousness of the offence. Some suspension may allow pay and some may not.
3. Preventive / Positive approach
This approach is
aimed to encourage employees to obey rules and regulations of the organization
to avoid violation and it stresses on employees’ self-discipline by following the
rules voluntarily. The employees are taught on the policies, rules, procedures
and standards of the organization required. Meaning to say that, the employees are taught of the rules, so, logically, they will not violate the rules and thus, prevent any possible offences.
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