What's it:Â A corporate goal is the overall broad, long-term outcome you want to achieve. It describes what your company wants to be in the future; it doesn't have to be specific or spell out clear-cut actions. It is different from objectives, which
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Setting Your Course: A Guide to Organizational Objectives (Criteria, Examples, Types)
What's it: Organizational objectives are the steps an organization needs to take to meet its overall goals. Establishing them is the first task before management designs policies and strategies and allocates organizational resources. It gives
How are Business Functions Interrelated?
Business functions are interrelated to achieve company success. They cannot work alone. Synergy and close communication between them are needed to achieve company targets. Indeed, each function has its own goals and targets, but it must support the
Social Audit: Measuring Impact and Building Trust Benefits, Limitations)
What's it: A social audit is a formal and systematic examination of a company's social responsibility. It examines and focuses on the company's impact on society and reviews related company practices and policies. It is important to know how
Training: Definition, Importance, Types, and Benefits
What's it: Training is a human resources program to help your employees sharpen their competencies. It aims to increase performance and productivity in their current role. For example, new employees need the training to adapt more quickly and
Value Chain Analysis: How to Do It?
Value chain analysis requires us to examine in detail the various activities within the business. Then, we evaluate them to see where and how businesses can create value for customers. It is useful to understand opportunities to add
Value Chain: Definition, Importance and How it Works
What's it: A value chain is the various activities within a business, supporting each other and contributing to creating value for customers. This concept provides a framework for visualizing which areas a company can add value to and how
Fueling Performance: Understanding Motivation in Business
Motivation is the urge to act or behave in a certain way. The urge can come from persuasion or interest, and personal gain can also be a driver. Other driving factors are wants, needs, goals, preferences, perceptions, attitudes, recognition, and a
Business Functions: The Cornerstone of Effective Organizations
A business function refers to the various activities performed by a company. These activities are divided into several functions or departments. In the most basic classification, they can be divided into core functions and support functions.Core
Job Rotation: Importance, Advantages, and Disadvantages
What's it: Job rotation is a way to motivate employees by assigning them different tasks and jobs from the ones they were previously working on. That could involve them moving to another division or department. Or, they do different tasks and
Wages in the Labor Market: Types and Differences from Salary
What's it: Wages are irregular payments to workers. Companies may pay them based on the hours worked or their output. It may be paid daily, weekly, monthly, or when the project has been completed. Unlike salary, workers at the same level may
Commission-Based Pay: How it Works, Pros, Cons
What's it: Commission-based pay is money paid to employees based on the value involved, expressed as a percentage. How to pay commissions can vary between jobs and companies. For example, companies pay commissions to salespeople based on their