Zero-Based Budgeting
/0 Comments/in /by Dmytro RodionovZero-Based Budgeting
What is zero-based budgeting?
Zero-Based Budgeting is a method used to create a budget that starts at zero at the beginning of every new month.
What are the benefits of zero-based budgeting?
Zero-based budgeting has many benefits, including the detection of budgets that are inflated and the ability to motivate employees to find cost-effective solutions and undertake responsible decision-making concerning financial choices.
What is the disadvantage of zero-based budgeting?
Zero-based budgeting is time-intensive and complex as calculating an entire budget from scratch may require the involvement of many employees and an adequate amount of time.
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Z generation
/0 Comments/in /by Dmytro RodionovZ generation
Who are the Z generation?
Generation Z consists of people born between 1997 and 2012.
What are some of the vital work ethics for the Z generation?
Generation Z works hard, cares about company ethics and values, and is involved in social issues like diversity and environmentalism.
How can HR leaders help to overcome remote work challenges for the Z generation?
Most Gen Z workers struggle with work/life balance. Therefore, HR leaders can help them maintain work/life balance through professional development courses designed to teach time management.
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HC planning
/0 Comments/in /by Dmytro RodionovHC planning (Headcount planning)
What is HC planning (Headcount planning)?
HC planning or headcount planning is the strategic process of hiring employees to meet the organization’s short- and long-term goals.
Why is HC planning (Headcount planning) important?
HC planning (Headcount planning) helps management understand the incurred labor costs or employee salaries necessary to ensure the organization’s stability in the future. Additionally, headcount planning offers a better understanding of productivity, labor costs, organizational structure, and human resources management if the organization plans on raising funds in the future.
What is the difference between HC planning (Headcount planning) and workforce planning?
HC planning (Headcount planning) focuses only on ensuring that the organization has the right employees with the right skills and positions in respective departments. On the other hand, workforce planning includes planning for new hires beforehand, forecasting changes in the workforce, helping employees with skill development, and sustaining existing employees to stay competitive.
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HCM (Human Capital Management)
/0 Comments/in /by Dmytro RodionovHCM (Human Capital Management)
What is HCM (Human Capital Management)?
Human capital management (HCM) is the process of managing a workforce efficiently through right from the recruitment stage all the way till developing employees t achieve organizational goals.
What are the benefits of HCM (Human Capital Management)?
The benefits of HCM (Human Capital Management) are:
- Enables the HR leaders to hire the right candidate for the right role.
- Enables free flow of information between managers and their teams.
- Provides a structure for training and development activities essential for upgrading employees’ existing knowledge.
What are the core aspects of HCM (Human Capital Management)?
HCM (Human Capital Management) has three broad aspects –
1)Talent acquisition – Using talent gap analysis, HR leaders determine the immediate talent requirements and map out business strategies for future requirements.
2) Talent management – HR leaders match the current world of work environment, for example, managing remote workers, communication systems, hiring gig economy workers, etc., with suitable systems in place.
3) Talent optimization – To prepare employees for future requirements, HCM incorporates growth strategies through career-pathing, mapping competencies, succession planning, and providing learning and development opportunities.
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HXM (Human Experience Management)
/0 Comments/in /by Dmytro RodionovHXM (Human Experience Management)
What is HXM (Human Experience Management)?
HXM, or human experience management, believes that fostering a safe, healthy, and encouraging environment is the key to improving team members’ work lives while maximizing business outcomes.
How do HXM (Human experience management) tools benefit the organization?
HXM (Human experience management) tools enable coordination, administration, and tracking, increasing effectiveness and minimizing the business’s cost. In addition, it enables the organization to measure the impact of development programs on employee performance and productivity.
What is the role of HXM (Human experience management) in managing remote work?
HXM (Human experience management) via modern technology provides a layout for remote workers to engage and interact with their teams. Having an HXM (Human experience management) in place offers opportunities to engage and connect with the workforce, which is necessary to create stronger bonds in a virtual or remote work environment.
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Job architecture
/0 Comments/in /by Dmytro RodionovJob architecture
What is job architecture?
Job architecture is the process of creating transparency and understanding about how different job positions are organized relative to responsibilities, scope, and skill/education requirements.
Why is job architecture important?
Job architecture helps to provide a structure around the different job positions in an organization by:
- Defining a career map that outlines the impact of role, career band, and job level.
- Describing the foundational skill sets, knowledge, abilities, education, and experience of each role.
- Providing employees with a realistic preview of career opportunities throughout the organization.
How does efficient job architecture help organizations stay up-to-date with new job market trends and skills?
While many jobs will soon be obsolete due to technological advances, at the same time, many new jobs will be created to keep up with the same technology in the future. In addition, a clear job architecture allows organizations to stay up-to-date with new skills and talent requirements needed in the future since market trends help inform job titles, descriptions, and pathways.
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LMS (Learning management system)
/0 Comments/in /by Dmytro RodionovLMS (Learning management system)
What is an LMS (Learning management system)?
LMS (Learning management system) is a digital learning environment that manages all aspects of a company’s various training efforts.
What are the benefits of LMS (Learning management system)?
Benefits of a learning management system include:
- It makes learning easily accessible as it uploaded on a remote cloud-based server
- Provides unlimited access to e-learning materials
- Consolidates all training information into one place so users can conveniently access them.
- Reduces learning costs that would be incurred through traditional classroom training.
- It provides the functionality to collaborate with other users during the learning process.
- Enables easy-track compliance with mandatory training.
What is the biggest drawback of LMS (learning management system)?
A massive drawback to having a learning management system is that the organization will need coding and IT skills to customize the platform to suit its training needs. In addition, it might not be easy, as many systems require actual backend coding to be able to control the user experience.
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LXP (Learning experience platform)
/0 Comments/in /by Dmytro RodionovLXP (Learning experience platform)
What is an LXP (Learning experience platform)?
An LXP (Learning experience platform) is a digital learning platform that focuses entirely on the user and their learning experience. An LXP combines a mix of learning methods—from social learning to gamification—into a single platform.
What is the main difference between LXP (Learning experience platform) and LMS (Learning management system)?
LXP (Learning experience platform) users find learning more satisfying as they can personalize their learning journeys to match their goals. In contrast, LMS (Learning management system) offers a more rigid and generic course structure which the learners might not find suitable for themselves.
What can you use an LXP (Learning experience platform) for?
An LXP (Learning experience platform) helps employees find precisely what they need, when they need it, on the device they are using without breaking the flow of their work. It also automates and streamlines the onboarding of new hires by integrating with the HR information. New hires can access onboarding content whenever and wherever they want and complete it at their own pace.
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Outplacement
/0 Comments/in /by Dmytro RodionovOutplacement
What is outplacement?
Outplacement is a service offered by an employer to help employees who have been a part of a termination or layoff, to find job opportunities elsewhere.
What does the outplacement process focus on?
The outplacement process focuses on improving the skills needed for re-employment, such as writing resumes and covers letters, navigating job boards, interviewing, networking, and negotiating salaries.
How do employers’ benefit from outplacement?
Outplacement benefits the transitioning employee, who is more likely to reflect positively on the employer brand and avoid negative sentiments that could tarnish it.
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Talent sourcing
/0 Comments/in /by Dmytro RodionovTalent sourcing
What is talent sourcing?
Talent sourcing includes identifying and attracting the right candidates for a job opening in the organization.
What is the difference between talent sourcing and recruitment?
The goal of talent sourcing creates a recruitment process where in strong candidates can be motivated to apply. On the other hand, recruitment is a process where the one of the candidates is selected and hired for the job position open.
How is talent sourcing done?
Talent sourcing is done through posting job openings on social networks like LinkedIn, job boards, employee referrals, job fairs, or using talent sourcing software.
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Behavioral competency
/0 Comments/in /by Dmytro RodionovBehavioral competency
What is behavioral competency?
Behavioral competency can be explained as the sum of traits, abilities, and motivations needed to deliver efficient job performance in an organization.
What are the benefits of behavioral competency?
Behavioral competency allows employers to:
- Identify and assess the skills and abilities of their employees
- Identify training and development needs
- Create performance goals and objectives
- Identify potential leaders and develop succession plans
- Evaluate employee performance, and provide feedback to employees.
How do you build behavioral competency?
There are several ways to build behavioral competency in employees. One way is to provide training and development opportunities focusing on behavioral skills. This can include workshops and seminars that teach employees how to deal with difficult situations, be assertive, and manage their time effectively.
Another way to build behavioral competency is to provide feedback and coaching that focuses on behavioral issues. This can help employees to understand how their behavior is impacting their work, and it can help them to develop the skills they need to improve their performance.
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Burnout
/0 Comments/in /by Dmytro RodionovBurnout
What is burnout?
Burnout is a state of mental exhaustion brought on by problems at work/home.
What causes burnout?
Burnout most often occurs when a person is not in control of how a job is carried out, at work or home, or is asked to complete tasks that conflict with their sense of self.
What are the signs of employee burnout?
Burnt-out employees have very low motivation to perform at their best and may have a higher rate of absenteeism. Their work is more prone to errors and therefore managers can notice a steep declines in their productivity and quality of work.
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