Departmentation

 The process of grouping of activities into units for the purpose of administration is called departmentation. It can be defined "as the process by which activities or functions of enterprise are grouped homogeneously into different groups."

The administrative units are called divisions, units or departments. The followings are the basis of departmentation:

(a) When departmentation is done on the bask of functions the departments created are production, marketing, accounting, finance and personnel departments.

(b) When departmentation is done on the basis of geographical area, the departments are known as eastern department, western department, northern and southern department.

(c) Departmentation can be done on the basis of customers.

(d) Departmentation can be done on the basis of product handled.

Departmentation is a process resulting out of choice to group tasks according to some criterion. The resultant process of departmentation includes decisions regarding segregating organizational work, allocation of work to persons, telling all involved who is in charge and provide for the support needed by those. Given the nature of these choices and decisions, departmentation and the criteria or bases used for creating departments can have serious impact on the organization's effectiveness. Nine bases of departmentation are common among managerial choices:

Departmentation by numbers, Departmentation by time of duty,  Departmentation by function,  Departmentation by Process or Equipment, Departmentation by Location or territory, Departmentation by Product,  Departmentation by Customer,  Departmentation by Market or Distribution Channel,  Departmentation by Services.

Departmentation by Customers

Some advantages of this type of structure are:

(i)     Greater specialized customer service.

(ii)    Where marketing channels are considerably different for various types of customers, this type of structure is very useful.

Some disadvantages of this type are:

(iii)   May not be enough work for certain types of customers. Hence, under employment of facilities and manpower specialized in terms of customer groups.

(iv)  Problems of co-ordination might pose difficulties.

(v)   Unequal development of customer groups.

Human Resource Development (HRD)

 The part of human resource management that specifically deals with training and development of the employees.Human resource development includes training an individual after he/she is first hired, providing opportunities to learn new skills, distributing resources that are beneficial for the employee's tasks, and any other developmental activities.

Human Resources Development (HRD) as a theory is a framework for the expansion of human capital within an organization through the development of both the organization and the individual to achieve performance improvement.^[1] Adam Smith states, “The capacities of individuals depended on their access to education”. The same statement applies to organizations themselves, but it requires a much broader field to cover both areas.

Human Resource Development (HRD) is the framework for helping employees develop their personal and organizational skills, knowledge, and abilities. Human Resource Development includes such opportunities as employee training, employee career development, performance management and development, coaching, mentoring, succession planning, key employee identification, tuition assistance, and organization development.

The focus of all aspects of Human Resource Development is on developing the most superior workforce so that the organization and individual employees can accomplish their work goals in service to customers.

Human Resource Development is the integrated use of training, organization, and career development efforts to improve individual, group and organizational effectiveness. HRD develops the key competencies that enable individuals in organizations to perform current and future jobs through planned learning activities. Groups within organizations use HRD to initiate and manage change. Also, HRD ensures a match between individual and organizational needs.

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leadership

 

Leadership has been described as “a process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task". Other in-depth definitions of leadership have also emerged.

The ability of a company's management to make sound decisions and inspire others to perform well. Effective leaders are able to set and achieve challenging goals, to take swift and decisive action even in difficult situations, to outperform their competition, to take calculated risks and to persevere in the face of failure. Strong communication skills, self-confidence, the ability to manage others and a willingness to embrace change also characterize good leaders.

Leadership is "organizing a group of people to achieve a common goal". The leader may or may not have any formal authority. Studies of leadership have produced theories involving traits, situational interaction, function, behavior, power, vision and values, charisma, and intelligence, among others. Somebody whom people follow: somebody who guides or directs others.

 Leadership involves

(1) establishing a clear vision,

(2) sharing that vision with others so that they will follow willingly,

(3) providing the information, knowledge and methods to realize that vision, and

(4) coordinating and balancing the conflicting interests of all members and stakeholders.

A leader steps up in times of crisis, and is able to think and act creatively in difficult situations. Unlike management, leadership cannot be taught, although it may be learned and enhanced through coaching or mentoring. Someone with great leadership skills today is Bill Gates who, despite early failures, with continued passion and innovation has driven Microsoft and the software industry to success. 

Communication Process

 

The sharing of meaningful information between two or more people with the goal of the receiver understanding the sender's intended message. In business, the effectiveness of a company's internal and external communication process is often very important to its overall success.

Communication (from Latin "communis", meaning to share) is the activity of conveying information through the exchange of thoughts, messages, or information, as by speech, visuals, signals, writing, or behavior.

The communication process is the guide toward realizing effective communication. It is through the communication process that the sharing of a common meaning between the sender and the receiver takes place. Individuals that follow the communication process will have the opportunity to become more productive in every aspect of their profession. Effective communication leads to understanding.

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 Figure: Communication model

The communication process is made up of four key components. Those components include encoding, medium of transmission, decoding, and feedback. There are also two other factors in the process, and those two factors are present in the form of the sender and the receiver. The communication process begins with the sender and ends with the receiver.

Communication requires a sender, a message, and a recipient, although the receiver doesn't have to be present or aware of the sender's intent to communicate at the time of communication; thus communication can occur across vast distances in time and space. Communication requires that the communicating parties share an area of communicative commonality. The communication process is complete once the receiver has understood the message of the sender.

Mobile Banking ,Online banking

 

Mobile Banking

Mobile banking is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant.

Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at the point of sale or remotely,^[1] analogously to the use of a debit or credit card to effect an EFTPOS payment.

The earliest mobile banking services were offered over SMS, a service known as SMS banking. With the introduction of smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers.

In today world Mobile Banking is a popular term. Mobile Banking means a financial transaction conducted by logging on to a bank's website using a cell phone, such as viewing account balances, making transfers between accounts, or paying bills. It is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. In recent time Mobile banking is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device.

Mobile Banking concept

In general term we can categorized the mobile banking below –

* Mobile Accounting

* Mobile Brokerage

* Mobile Financial Information Services

Mobile banking can offer services such as the following:

* Mini-statements and checking of account history

* Alerts on account activity or passing of set thresholds

* Monitoring of term deposits

* Access to loan statements

* Mutual funds / equity statements

* Insurance policy management

* Pension plan management

* Status on cheque, stop payment on cheque

* Ordering check books

* Balance checking in the account

* Recent transactions

* Due date of payment (functionality for stop, change and deleting of payments)

* PIN provision, Change of PIN and reminder over the Internet

* Domestic and international fund transfers

* Mobile recharging

* Commercial payment processing

* Bill payment processing

* Peer to Peer payments

Online banking

Computerized service that allows a bank's customers to get online with the bank via telephone lines to view the status of their account(s) and transaction history. It is system allowing individuals to perform banking activities at home, via the internet. It usually also allows them to transfer funds, pay bills, request check The performance of banking activities via the Internet. Online banking is also known as "Internet banking" or "Web banking." A good online bank will offer customers just about every service traditionally available through a local branch, including accepting deposits (which is done online or through the mail), paying interest on savings and providing an online bill payment system.

Online banking is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty four hours, seven days a week, regardless of the bank's working hours. Today, most banks offer online banking services.

The common features fall broadly into several categories

• A bank customer can perform some non-transactional tasks through online banking, including -
• viewing account balances
• viewing recent transactions
• downloading bank statements, for example in PDF format
• viewing images of paid cheques
• ordering cheque books
• download periodic account statements
• Downloading applications for M-banking, E-banking etc.
• Bank customers can transact banking tasks through online banking, including -
• Funds transfers between the customer's linked accounts
• Paying third parties, including bill payments (see, e.g., BPAY) and telegraphic/wire transfers
• Investment purchase or sale
• Loan applications and transactions, such as repayments of enrollments
• Register utility billers and make bill payments

• Financial institution administration
• Management of multiple users having varying levels of authority
• Transaction approval process

E-ommerce

 Electronic commerce, commonly known as ecommerce, is a type of industry where buying and selling of product or service is conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at one point in the transaction's life-cycle, although it may encompass a wider range of technologies such as e-mail, mobile devices social media, and telephones as well.

Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of business transactions.

E-commerce can be divided into:

• E-tailing or "virtual storefronts" on websites with online catalogs, sometimes gathered into a "virtual mall"

• The gathering and use of demographic data through Web contacts and social media

• Electronic Data Interchange (EDI), the business-to-business exchange of data

• E-mail and fax and their use as media for reaching prospective and established customers (for example, with newsletters)

• Business-to-business buying and selling

• The security of business transactions

The road to creating a successful online store can be a difficult if unaware of ecommerce principles and what ecommerce is supposed to do for your online business. Researching and understanding the guidelines required to properly implement an e-business plan is a crucial part to becoming successful with online store building.
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Merit Rating

 

System of rating employees on the basis of factors such as absenteeism, adaptability, attitude, health, length of service, punctuality, and safety record. It is a Computing premium on a policy (such as for auto insurance) on the basis of an insured's loss record.

The main objectives for merit rating:

1. employee rating achieved through a periodic employee evaluation system, often used as the basis for pay increases and/or promotion.

2. rating achieved on a standard civil-service type merit examination, signifying the level of achievement on the exam.

Job Analysis , Job evaluation, Job description

 Job Analysis

A job analysis is the process used to collect information about the duties, responsibilities, necessary skills, outcomes, and work environment of a particular job. You need as much data as possible to put together a job description, which is the frequent outcome of the job analysis. Additional outcomes include recruiting plans, position postings and advertisements, and performance development planning within your performance management system.

Job analysis is the formal process of identifying the content of a job in terms activities involved and attributes needed to perform the work and identifies major job requirements. Job analysis was conceptualized by two of the founders of industrial/organizational psychology, Frederick Taylor and Lillian Moller Gilbreth in the early 20th century. Job analyses provide information to organizations which helps to determine which employees are best fit for specific jobs. Through job analysis, the analyst needs to understand what the important tasks of the job are, how they are carried out, and the necessary human qualities needed to complete the job successfully.

The job analysis may include these activities:

• reviewing the job responsibilities of current employees,
• doing Internet research and viewing sample job descriptions online or offline highlighting similar jobs,
• analyzing the work duties, tasks, and responsibilities that need to be accomplished by the employee filling the position,
• researching and sharing with other companies that have similar jobs, and
• articulation of the most important outcomes or contributions needed from the position.

Job evaluation

A job evaluation is a systematic way of determining the value/worth of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.

Job evaluation is a method for comparing different jobs to provide a basis for a grading and pay structure. Its aim is to evaluate the job, not the jobholder, and to provide a relatively objective means of assessing the demands of a job. It is an assessment of the relative worth of various jobs on the basis of a consistent set of job and personal factors, such as qualifications and skills required.

The objective of job evaluation is to determine which jobs should get more pay than others. Several methods such as job ranking, job grading, and factor comparison are employed in job evaluation. Research indicates, however, that each method is nearly as accurate and reliable as the other in ranking and pricing different jobs. Job evaluation forms the basis for wage and salary negotiations.

The job evaluation process established the relative value of jobs throughout the university. There are two steps involved in this process:

1. Job Analysis and Job Description - Using a "job profile," the content of each job is analyzed to identify key duties, responsibilities, and qualification necessary to perform the job. Written job descriptions are then prepared to contain this information.

2. Job Evaluation - A computer assisted job evaluation plan, measuring 17 dimensions of nonexempt work and 28 dimensions of exempt work, is used to evaluate the relative worth of staff positions. This evaluation process focuses on valuing the content of each position in terms of a series of well defined compensable factors.

Job description

A job description is a list that a person might use for general tasks, or functions, and responsibilities of a position. It may often include to whom the position reports, specifications such as the qualifications or skills needed by the person in the job, or a salary range. Job descriptions are usually narrative,^[1] but some may instead comprise a simple list of competencies; for instance, strategic human resource planning methodologies may be used to develop a competency architecture for an organization, from which job descriptions are built as a shortlist of competencies.

Job descriptions are written statements that describe the:

• duties,
• responsibilities,
• most important contributions and outcomes needed from a position,
• required qualifications of candidates, and
• reporting relationship and coworkers of a particular job.

Job descriptions are based on objective information obtained through job analysis, an understanding of the competencies and skills required to accomplish needed tasks, and the needs of the organization to produce work.

The best job descriptions are living, breathing documents that are updated as responsibilities change. They do not limit employees, but rather, cause them to stretch their experience, grow their skills, and develop their ability to contribute within their organization.

Inter-Branch Reconciliation

 

Inter-branch reconciliation is a major activity for banks and financial institutions looking to create a balanced co-ordination between their various branches and their activities. TechMech offers inter-branch reconciliation services whereby our trained professionals cover every transaction, exchange of services and other interactions between different branches of a bank or subsidiaries of a company. Our experts ensure a keen attention to detail, covering every interaction in depth, so as not to miss out on any inherent flaws or discrepancy.

Inter-branch reconciliation can help the organisation discover any errors or negligence in transactions and make due changes. Our experts, with their detailed financial knowledge, can help to not only find errors but also facilitate in removing or minimizing them. We are trained to handle large volumes of financial data and have worked with companies of all scales.

Planning

 

Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like. The term is also used for describing the formal procedures used in such an endeavor, such as the creation of documents, diagrams, or meetings to discuss the important issues to be addressed, the objectives to be met, and the strategy to be followed. Beyond this, planning has a different meaning depending on the political or economic context in which it is used.

Types of plan

Tactical plans: A tactical plan is concerned with what the lower level units within each division must do, how they must do it, and who is in charge at each level. Tactics are the means needed to activate a strategy and

Strategic plans: A strategic plan is an outline of steps designed with the goals of the entire organization as a whole in mind, rather than with the goals of specific divisions or departments. Strategic planning begins with an organization's mission.

Contingency plans: Intelligent and successful management depends upon a constant pursuit of adaptation, flexibility, and mastery of changing conditions. Strong management requires a “keeping all options open” approach at all times — that's where contingency planning comes in.

Strategic Planning

Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the "strategic plan." While strategic planning may be used to effectively plot a company's longer-term direction, one cannot use it to reliably forecast how the market will evolve and what issues will surface in the immediate future. Therefore, strategic innovation and tinkering with the "strategic plan" have to be a cornerstone strategy for an organization to survive the turbulent business climate.Strategic planning is the formal consideration of an organization's future course. All strategic planning deals with at least one of three key questions:

"What do we do?"

"For whom do we do it?"

"How do we excel?"

In business strategic planning, some authors phrase the third question as "How can we beat or avoid competition?" (Bradford and Duncan, page 1). But this approach is more about defeating competitors than about excelling.

In today's highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track. A simplified view of the strategic planning process is shown by the following diagram:

The Strategic Planning Process

Mission and Objectives, Environmental Scan: The environmental scan includes the following components: Internal analysis of the firm, Analysis of the firm's industry (task environment), External macroenvironment Strategy Formulation: Strategy Implementation:Evaluation & Control: Evaluation and control consists of the following steps:

1. Define parameters to be measured
2. Define target values for those parameters
3. Perform measurements
4. Compare measured results to the pre-defined standard
5. Make necessary changes

Consultative/Participative Management

 

Among the three main management styles (autocratic, consultative and democratic), the consultative management style is where managers consult other team members before arriving at a decision. This is in contrast to autocratic management style wherein the manager gives instructions.

Type of management in which employees at all levels are encouraged to contribute ideas towards identifying and setting organizational-goals, problem solving, and other decisions that may directly affect them. also called consultative management. Therefore, listening skills and right consulting channel creation are essential skills a consultative manager should possess.

Scientific Management

 

Scientific management, also called Taylorism, was a theory of management that analyzed and synthesized workflows. Its main objective was improving economic efficiency, especially labor productivity. It was one of the earliest attempts to apply science to the engineering of processes and to management. Its development began with Frederick Winslow Taylor in the 1880s and 1890s within the manufacturing industries. Its peak of influence came in the 1910s; by the 1920s, it was still influential but had begun an era of competition and syncretism with opposing or complementary ideas. Although scientific management as a distinct theory or school of thought was obsolete by the 1930s, most of its themes are still important parts of industrial engineering and management today. These include analysis; synthesis; logic; rationality; empiricism; work ethic; efficiency and elimination of waste; standardization of best practices; disdain for tradition preserved merely for its own sake or merely to protect the social status of particular workers with particular skill sets; the transformation of craft production into mass production; and knowledge transfer between workers and from workers into tools, processes, and documentation.

Scientific management's application was contingent on a high level of managerial control over employee work practices. This necessitated a higher ratio of managerial workers to laborers than previous management methods. The great difficulty in accurately differentiating any such intelligent, detail-oriented management from mere misguided management also caused interpersonal friction between workers and managers.

Management by Exception

 

Management by Exception is a "policy by which management devotes its time to investigating only those situations in which actual results differ significantly from planned results. The idea is that management should spend its valuable time concentrating on the more important items (such as shaping the company's future strategic course). Attention is given only to material deviations requiring investigation." It is not entirely synonymous with the concept of exception management in that it describes a policy where absolute focus is on exception management, in contrast to moderate application of exception management. In Project Management, an implication of Management by Exception is that the project board should meet when key decisions about the project should be taken, and not on regular intervals. The Project Manager should produce an Exception Report to summon the board for such meetings.