Definition Of Leadership

Leadership 
 
Leadership is a psychological process of influencing followers' subordinates and providing guidance directing and leading.

"Leadership are individuals who establish a direction for a working group of individuals who gain commitment from these group of members to this direction and who then motivate these members to achieve the direction's outcomes."

Leadership is the ability of an individual to persuade other individuals to behave in a particular way, willingly. It is the process of influencing individuals to work to achieve the desired result. Leadership involves developing and communicating a vision for the unforeseen future, encouraging other individuals, and assuring their involvement in the achievement of an objective.

In organizations, leadership entails motivating employees to do their jobs using the skills and commitment that are required for the attainment of desired results. This requires leaders to have efficient people skills so that they can cope with other individuals. People skills refer to the various attributes and competencies that enable an individual to work with other individuals. Leaders should possess certain people skills for efficient leadership. These skills are as shown:-

1- Assertive Skills 
2- Communication Skills 
3- Motivation Skills 
4- Adaptive Skills 

1- Assertive Skills - Effective leadership requires the ability to assert how individuals behave in certain situations as objectively as possible. Leaders should be able to use their assertive skills to identify the reasons for individuals' behaviors in a particular situation to interact with them, empathetically.

2- Communication Skills - Leaders should develop strategies to communicate their ideas and views effectively. Communication skills help in the exchange of ideas that lead to problem-solving and decision making, Both of which are required for efficient leadership.

3- Motivation Skills - Communication alone may not encourage people to follow a leader. Individuals are interested in knowing the benefits that a certain decision or strategy offers to them.

4- Adaptive Skills - An efficient leader is aware that no two individuals are the same, and they do not have the same needs. Therefore leadership requires having adaptive skills to adjust the communication and motivation techniques while meeting and individuals needs.

 

What is Social Media Marketing ? / Study with HRM

Social Media Marketing

Social media marketing is the use of social media platforms to connect with your audience to build your brand, increase sales, and drive website traffic. This involves publishing great content on your social media profiles, listening to and engaging your followers, analyzing your results, and running social media advertisements.

The major social media platforms (at the moment) are Facebook, Instagram, Twitter, LinkedIn, Pinterest, YouTube, and Snapchat.

There is also a range of social media management tools that help businesses to get the most out of the social media platforms listed above. For example, Buffer is a platform of social media management tools, which can help you achieve success with your social media marketing. Whether you want to build a brand or grow your business, we want to help you succeed.

A Quick Overview of Social Media Marketing

Social media marketing first started with publishing. Businesses were sharing their content on social media to generate traffic to their websites and, hopefully, sales. But social media has matured far beyond being just a place to broadcast content.

Nowadays, businesses use social media in a myriad of different ways. For example, a business that is concerned about what people are saying about its brand would monitor social media conversations and respond to relevant mentions (social media listening and engagement). A business that wants to understand how it’s performing on social media would analyze its reach, engagement, and sales on social media with an analytics tool (social media analytics). A business that wants to reach a specific set of audiences at scale would run highly-targeted social media ads (social media advertising).

The Five Core Pillars of Social Media Marketing

1. Strategy 

Before you dive right in and publish something on social media, let’s take a step back and look at the bigger picture. The first step is to think about your social media strategy.

What are your goals? How can social media help you achieve Your Business Goal? Some businesses use social media for increasing their brand awareness others use it for driving website traffic and sales. Social media can also help you generate engagement around your brand, create a community, and serve as a customer support channel for your customers.

Which social media platforms do you want to focus on? The major social media platforms, mentioned above, are Facebook, Instagram, Twitter, LinkedIn, Pinterest, YouTube, and Snapchat. There are also smaller and up-and-coming platforms, such as Tumblr, Tik Tok, and Anchor, and social messaging platforms, such as Messenger, WhatsApp, and WeChat. When starting out, it's better to pick view few Platforms that you think your target audience is on than to be on all platforms.

What type of content do you want to share? What type of content will attract your target audience best? Is it images, videos, or links? Is it educational or entertaining content? A good place to start is to create a marketing persona, which will help you answer these questions. And this doesn’t have to be fixed forever; you can always change your strategy according to how your social media posts perform.

2. Planning and Publishing

Social Media marketing usually starts with having a consistent presence on social media. Close to three billion people (3,000,000,000!) use social media. By being present on social media platforms, you give your brand an opportunity to be discovered by your future customers.

Publishing to social media is as simple as sharing a blog post, an image, or a video on a social media platform. It’s just like how you would share on your personal Facebook profile. But you will want to plan your content ahead of time instead of creating and publishing content spontaneously. Also, to ensure that you are maximizing your reach on social media, you need to publish great content that your audience likes.

There are now a variety of social media scheduling tools, that can help you publish your content automatically at your preferred time. This saves you time and allows you to reach your audience when they are most likely to engage with your content.

3. Listening and Engagement

As your business and social media following grows, conversations about your brand will also increase. People will comment on your social media posts, tag you in their social media posts, or message you directly.

People might even talk about your brand on social media without letting you know. So you will want to monitor social media conversations about your brand. If it’s a positive comment, you get a chance to surprise and delight them. Otherwise, you can offer support and correct a situation before it gets worse.

You can manually check all your notifications across all the social media platforms but this isn’t efficient and you won’t see posts that didn’t tag your business’s social media profile. You can instead use a social media marketing engagement and tool that aggregates all your social media mentions and messages, including posts that didn’t tag your business’s social media profile.

4. Analytics

Along the way, whether you are publishing content or engaging on social media, you will want to know how your social media marketing is performing. Are you reaching more people on social media than last month? How many positive mentions do you get a month? How many people used your brand’s hashtag on their social media posts?

The social media platforms themselves provide a basic level of such information. To get more in-depth analytics information or to easily compare across social media platforms, you can use a wide range of social media analytics tools available.

5. Advertising

When you have more funds to grow your social media marketing, an area that you can consider is social media advertising. Social media ads allow you to reach a wider audience than those who are following you.

Social media advertising platforms are so powerful nowadays that you can specify exactly who to display your ads to. You can create target audiences based on their demographics, interests, behaviors, and more.

Social Media Marketing Resources

Social media platforms are always evolving. When Facebook first started, people, can only share text updates. Now, there are so many content formats such as images, videos, live videos, and Stories.

Hence, social media marketing is always changing, too. We want to help you stay up-to-date with all the latest changes and strategies to succeed on social media.

E-MAIL IN BUSINESS COMMUNICATION WITH HRM

E-mail in Business Communication 

E-mail is widely used as a form of business communication and overall it is a highly effective communication tool. E-mail is inexpensive, only requiring an internet connection that is generally already present in the business. Although a printout of e-mail is possible, e-mails communications are easy to do. From the CEO to the janitorial staff and even temporary employees of the business can send and receive e-mail communications.

Function  

Although it cannot and should not replace to face to face communication and other forms of communication, internal e-mails can usage can cover many areas within the business. Internal e-mail can function as effective communication for sharing basic information, such as new cafeteria prices, paper use guidelines, or security precautions. 

Format

Business e-mails should be concise and to the point. Use plain text and common fonts with a simple signature line. Fancy graphics, fonts, and background can take up unnecessary storage space in the recipient's inbox and may load slowly, or not at all. Stick to one topic in a business e-mail and write only the things that are appropriate for anyone to read, as e-mail forwarding makes it possible for originally unintended parties to receive the e-mail. Proper grammar and spelling are very important in business e-mail because it reflects on you and your abilities. 

Etiquette  

Whether sending an internal or external e-mail, the subject line should accurately represent the content of the e-mail. Use proper punctuation and capitalization, and use bold, italics, and white space to make important information stand out from the rest of the content. Use a salutation to begin the e-mail and only send it to individuals that readily need or request to receive information from your business. Business e-mails should be brief, positive, and professional. 

Considerations   

Using e-mail in business communication is certainly less personal than face to face communication. It can hinder social interaction and lead to less relationship building in the workplace. Misunderstandings are commonplace in written communication simply because the recipient cannot read the writer's tone and expression, and therefore is left to interpretation. Consider that even though e-mail can be quite informal, it is also a permanent record and should be treated carefully.

Effects  

An E-mail has been revolutionary in the world of business communication because the information is quickly passed along with instantaneous efficiency and effectiveness. Employees are able to access information from a computer, phone, or PDA (Personal Digital Assistant is a term for any small mobile hand-held device that provides computing and information storage and retrieval capabilities for personal or business use, often for keeping schedule calendars and address book information handy. The Term handheld is a synonym for PDA).

  

Human Resources (HR)

 What is Human Resources ?

Human resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs. HR plays a key role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st century.

John R. Commons, an American institutional economist, first coined the term "human resource" in his book "The Distribution of Wealth," published in 1893. However, it was not until the 19th century that HR departments were formerly developed and tasked with addressing misunderstandings between employees and their employers.

KEY TAKEAWAYS

• Human resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, and administering employee-benefit programs.
• Additional human resources responsibilities include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees.
• Many companies have moved away from traditional in-house human resources (HR) administrative duties and outsourced tasks like payroll and benefits to outside vendors.

Understanding Human Resources

The presence of an HR department is an essential component of any business, regardless of the organization's size. An HR department is tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce. HR responsibilities include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees.

Research conducted by The Conference Board, a member-driven economic think tank, has found six key people-related activities that HR must effectively do to add value to a company. These include:

• Managing and using people effectively
• Tying performance appraisal and compensation to competencies
• Developing competencies that enhance individual and organizational performance
• Increasing the innovation, creativity, and flexibility necessary to enhance competitiveness
• Applying new approaches to work process design, succession planning, career development, and inter-organizational mobility

ESOP AND DEFERRED PAY-OUTS

ESOP 

Definition -

Employee Stock Option Plan (ESOP)/ Equity incentives are an option plan which is given to the employees by their company as a form of compensation or incentives.

Employee Stop Option Plan (ESOP) is a plan through which a company award Stock Options to the employees based on their performance. Under an ESOP, the employees have right to buy the shares of the company on a predetermined date at a predetermined price.

The basic idea to give employee stock options in early days was to save cash compensations. It was a way to motivate the employees and even to save cash reimbursements for some of the cash strapped companies. These plans are over and above the salary of the employee but not in monetary form directly. Later, the concept of motivation picked up and retention led to spread of ESOP across company verticals.

Different terms used in an ESOP :  

• Grant date: The date on which the company grants an option to its employee.

• Option price: The price at which such shares in a scheme in a scheme are offered. It is also known as the 'strike price' or 'grant price'. Normally such option price would be below the market value/fair value of the shares on the date of grant.

• Vesting date:  An ESOP would provide for a date on which an option is vested with employees and time frame over which the stock option would vest with employees ('Vesting period').

• Exercise period:  The employees would be given a time period, called exercise period, within which they are required to exercise the option. The date on which employees exercise this option is known as 'exercise date'.
• Create a Trust (Special Purpose Vehicle): Depending on the number of options to be given to the employees, the company will issue shares or options to the trust. The trust would need funds to buy these shares. For this, the company can either gift soft loans from its own funds or the trust can raise loans through other sources to meet its financial requirement.

Objectives of ESOPs

The objectives of ESOPs are as follows:

1. To make improvement in the individual and group performance 
2. Act as a retention tool
3. To bring the sense of commitment and belongingness
4. Maintain loyalty due to the factor of ownership
5. To create a vibrant culture of ownership
6. It is another form of reward or compensation

EMPLOYEE BENEFITS

Definition :-

Employee benefits in kind, (also called fringe benefits, perquisites or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. 

Benefits are applied to items such as pensions, free refreshments, leisure activities on work time, holiday pay, insurance, and so on.

Objectives of Benefits : 

The benefits or services are provided to the employees in order to satisfy the human, social and  economic need perspectives. Thus, the important objectives are as follows:

• To improve and maintain sound employees relations 
• To promote welfare of employees 
• To motivate the employees by making them satisfied and identifying their unsatisfied needs
• To protect the employees from health and safety hazards
• To create the sense of belongingness among employees

Nature of Benefits :   

Organization provide different kind of services and benefits according to their need and policy criteria. Whether it is a basic payment or additional pay, the goals of both the employees and employers must be met.

TYPES OF EMPLOYEE BENEFITS

Whether it is a payment or the extra  offering both the  employer's and the employees objectives must be met. At the same time, Government legislations recommending such provisions should also be viewed critically. Organizations, therefore provide a variety of benefits and services as per their policy and need criteria. However, different people group these differently.

According to Dale Yolder and Paul D. Stadohar they are grouped as:

1. To secure employment by making the offers more attractive.
2. To protect the health of employees by offering health and leave payments.
3. To ensure old age and retirement plans so as to develop belongingness.
4. To encourage an individual to feel pride in doing something and being a part of the organization.

According to Robert H. Hoge they are grouped as:

1. Payment for time not worked such as weekly off payment, approved holiday payments etc.
2. Extra for extra time worked such as over time payment, extra shifts and special duty payment.

Types of Benefits :   

PERKS / BENEFITS:-  

DEFINITION :

Perks, as defined, are to encourage the employees to walk with his/her head lifted with smartness so as to motivate him/her and provide him/her the opportunities to earn more or to enhance his/ her loyalty to the organization by way of awards for continuing to work for the company. 

Perks for social justice:

In a society, an employees has to maintain the standard of  living and be able to project his/her worth and position. Therefore he/she must get a fair opportunity to earn and enjoy facilities, and be rewarded for being associated with that organization. These perks are:

• Over time payment for extra effort beyond duty hours
• Annual bonus for having been with the organization and being part of their annual earnings.
• Retaining allowance

Unemployment/ disability / accident compensation  

INCOME TAX ACT

Income Tax in India was imposed by Sir James Wilson of British Government in the year 1860, to recover from losses of 1857's revolution. Another Act was made  in this year 1886, which can be treated as permanent base for income tax system in India. This was amended several in 1863, 1867, 1871, 1873 and 1878.

In this year 1922, 'Central Revenue Boards' was established and Income Tax Act, 1922 was implemented with the help of this board. Direct Taxes Administration Enquiry Committee was appointed in the year 1958. In the year 1961, Parliament announced new Income Tax Act, which came into enforcement from April 1962. This Act was based on report submitted by Mahavir Tyagi in 1959.

Income Tax Act, 1922  

'All India Taxation Enquiry Committee' was consituted in the year 1921 to give suggestions for improvement of finance position Income Tax Act, 1922 was introduced based on the recommendation of this committee.

Salient Features of I.T. ACT, 1922:

1. To bring Income Tax and super-tax under single Act.
2. To Impose tax on the income earned in the previous year.
3. Tax rates are to be decided in Finance Act which is to be approved by parliament.
4. To establish Central Revenue Board.

Income Tax Act, 1961

Income Tax Act, 1922 was sent to review tax system by the Government of India to Law Commission in 1956. Law Commission submitted its report in the year 1958. The government also constituted a committee entitled 'Direct Taxes Administration Committee' under Chairmanship of Mahavir Tyagi in the year 1958. 

Types of Taxes   

There are basically two types of taxes, direct and indirect taxes.Direct taxes are collected by the government directly from the tax payer through levies such as income tax, wealth tax and interest tax.

Whereas indirect taxes are collected indirectly as a part of prices of goods and services on which these are levied. In our country, these comprise of excise duty, sales tax, customs duty value added tax. While direct taxes from 30 per cent of government's revenue indirect taxes contribute a large chunk of 70 per cent. Gift tax and estate duty were part of the direct tax revenue. As an on-going process of simplification and rationalization of the direct tax structure in India, the government repealed the Gift Tax Act in 1998 and the Estate Duty Act in the late eighties.

Direct Taxes: Income tax, Wealth tax, Gift tax etc.

Indirect Taxes: Excise, Customs duty, Sales tax etc.