What's it: Human resource planning or workforce planning is about how your company determines and prepares how many employees you need to meet your goals, including their qualification requirements. You must determine and take steps to prepare
Manage Your Business
Transactional Leadership: Meaning, Examples, Characteristics, Pros, Cons
What's it: Transactional leadership is a leadership style in which the leader uses rewards and punishments to encourage subordinate obedience. We also call this leadership style as managerial leadership.Followers obey, follow, and carry out
Temporary Workers: Meaning, Reasons for Hiring, Demand, and Supply
What's it: Temporary workers are those who are employed for a limited period. The company contracts them for a fixed term or on a project or task basis. Seasonal or casual workers fall into this category.Companies usually use temporary
Breakeven Point: How to Calculate, Benefits, Pros, Cons
What's it: The breakeven point is the point where revenue equals total costs. At that point, the company's sales level is not high enough to profit but not low enough to incur a loss.Why is the breakeven point importantBusinesses use
Democratic Leadership: Characteristics, Pros, Cons
What's it: Democratic leadership is an approach to leadership by promoting the participation of subordinates in the decision-making process. Leaders encourage subordinates to participate in making decisions about their work and work-related
Marketing Department: Strategy, Mix, and Customer Focus (Roles, Functions, Responsibilities)
What's it? The marketing department is a division of the company responsible for the marketing function. This department aims to sell as many products as possible in a sustainable manner. The team designs marketing strategies and combines the right
Production: Meaning, and Methods
What's it: Production is the process of creating goods and services using resources. It adds value if the output value exceeds the input used value. In broader terms, it is an organized process of adding value to goods and services.For
Transformational Leadership: Characteristics, Why They Matter
What's it: Transformational leadership is a leadership style by building a shared vision to inspire followers and meet the challenges it sets. Leaders cultivate loyalty and confidence among followers. They motivate subordinates to do
Operating Leverage: Why It Matters, How to Calculate it
What's it: Operating leverage shows you the extent to which a company's operating costs are dependent on fixed operating costs. If the company has high leverage, it shows that the company has a significant proportion of fixed costs. Meanwhile,
Just-In-Time: Meaning, How It Works, Pros and Cons
What's it: Just-in-time (JIT) is a system for reducing production times and response times from suppliers and customers. Toyota introduced this system for the first time in Japan in the 1960s and 1970s.Why just-in-time
Autocratic Leadership: Characteristics, Examples, Pros, Cons
What's it: Autocratic leadership is a leadership style in which decision-making is concentrated on the leader. Leaders prefer to solve problems and make decisions independently without or with little input from subordinates. This leadership
Mass Customization: Meaning, Types, Advantages, Disadvantages
What's it: Mass customization is a technique for modifying something according to our needs and on a large scale. For example, in a production company, a company modifies and adjusts its output to demand using flexible manufacturing technology.