Strategic Human Resource Management (HRM): Role and Impact On Performance Management

Monday, April 30th, 2018 Amritesh no responses

Organizations for long have tried to explore ways to develop an effective Performance Management System (PMS) which would be able to focus on bringing out the best in the Employees, allowing organizations to achieve its objectives as per the vision set for the same. Performance Management is most talked about aspect in Human Resource Planning and Management as it is seen as primary driver to attract and retain talent. However, in the modern scenario with organization adopting extensive technology driven practices, one needs to evaluate the use of Traditional Performance Management tools. The need is to develop new simple yet systematic Performance Management System (PMS) which is easily understood and interpreted. The complex assessment of Performance may not be productive…

Payment of Gratuity (Amendment) Act, 2018

Thursday, April 26th, 2018 Amritesh no responses

The provisions under the Payment of Gratuity Act had already been discussed previously along with the details pertaining to the benefits and calculation of Gratuity under the Act. The links to the post is provided below. In this post, I will briefly discuss about the amendments made to the Act recently. Payment of Gratuity (Amendment) Act, 2018 came into force on 29th March, 2018. The amendment is a welcome move for the individuals as it enhances the maximum benefit under the Act from 10 lakhs to 20 lakhs. The enhancement in Gratuity Benefit is bound to delight the private sector employees and bring them at par with the Government Employees. The Government Employees already enjoy the enhanced benefit post implementation…

Employee Life Cycle Management Modern Perspective

Tuesday, April 10th, 2018 Amritesh one response

Human Resource Management (HRM) encompasses the Employee Life Cycle Management in an organization. Human Resource Personnel play a major role in facilitating the Employee Life Cycle process. Employee Life Cycle Management is the identification of stages an Individual goes through during his/her tenure in any organization. Human Resource Department has the role of enabling the entire process and ensuring that the transition into each stage is well defined and structured. However, in the changing Business Scenario and Economy, each stage of the Employee Life process has assumed greater significance. Stages in Employee Life Cycle Management Employee Life Cycle process kicks in as soon as Recruitment process is initiated within an organization and continues as long as an employee continues to…

Balance Scorecard (BSC) Performance Management System

Sunday, April 1st, 2018 Amritesh no responses

Balance Scorecard (BSC) is widely used as strategic business management and planning tool to analyze critical areas of business. BSC helps organizations to set the desired performance benchmark which would enable them to achieve pre determined Strategic Targets and gain competitive edge over the peers. Balance Scorecard (BSC) was introduced in the 1992 by Kaplan and Norton. Prior to it, an organization “Analog Devices” had designed something similar in 1987. BSC aims at providing a balanced perspective about the organizational goals and performance. Today, Balance Scorecard (BSC) Performance Management System is widely used by Organization for Strategic Management Planning. Performance Management System (PMS) Earlier, only the Financial perspectives were taken into consideration to understand the position of the business. However,…

Performance Management System (PMS): Challenges and Need

Tuesday, March 13th, 2018 Amritesh 2 responses

Performance Management System (PMS) is the strategic process by which an organization measures the performance of the employees in order to reward their contribution towards the organization growth and success. Organization constantly strives to improve the efficiency of the employees in order to develop their skills and managerial capabilities. This would allow the organization to achieve its “Vision” through the “Missions” laid down. Performance Management System (PMS) has gained significance with the rise in demand for niche skills and evolution of technology which requires organizations be to nimble footed in order to adopt new strategies for survival, as well as create a pool of talents with required skills/expertise to meet the ever changing demands of the industry. Organizations are still…

Employees’ Deposit Linked Insurance Scheme (EDLI), 1976

Tuesday, March 6th, 2018 Amritesh 3 responses

Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are the Social Security Welfare measures adopted by the Government in the best interest of the individuals. Employee Deposit Linked Insurance Scheme (EDLI) was launched as a Statutory Benefit applicable to all the Employees covered under the Employees Provident Fund and Miscellaneous Provisions Act,1952. EDLI is the Life Insurance cover extended to the Employees and is payable to the nominee in case of death of the subscriber while he/she is subscriber to the Fund. It is payable to the nominee in addition to the Provident Fund deposits and Pension Benefits applicable under the act. It is an assurance benefit extended to the Members of the Employees’ Provident Fund (EPF). Employees' Provident Fund…

Withdrawals And Advances Under EPF

Monday, March 5th, 2018 Amritesh no responses

Subscribers to Employees’ Provident Fund (EPF) are eligible for Withdrawals and Advances subject to fulfillment of certain conditions relating to service and purpose for availing it. Subscribers may also apply for Withdrawals and Advances online through the EPFO’s unified portal. Members of EPF are required to log on to the EPF Members portal using their UAN and Password. After logging on to the Member Interface, Subscriber is required to go to "Online Services" Section and apply for claim under the same. However, to be able to apply for the Withdrawals and Advances online, Subscriber is required to seed his/her Aadhaar ID, PAN and Bank Account Number with the respective UAN (Universal Account Number). Once all the details are uploaded it…

Benefits Calculation Under Gratuity Act

Saturday, December 16th, 2017 Amritesh one response

Gratuity is provided to Employees in recognition of their service rendered to the Organization. The minimum tenure of service to be eligible for Gratuity is 5 years (4 years and 240 days). Benefits Calculation Under Gratuity Act is simple and easy to understand. In my earlier post I have discussed about the Gratuity Act, 1972 and the salient features of the act. Here I would discuss the calculation of Gratuity and Tax Liability on the same. Refer to the link shared below. Gratuity Act 1972 HOW DOES IT WORK? Every employer has to obtain insurance for his liability to pay gratuity from a Life Insurer. But if an employer has already established an approved Gratuity Fund [as per Section 2(5)…

Payment of Gratuity Act

Friday, December 15th, 2017 Amritesh one response

Gratuity is a benefit extended to the Employees in gratitude of the service rendered to the Organization/Employer. Gratuity like other Statutory Benefits like Provident Fund and Pension Fund is received by the employee at the end of their employment tenure. Gratuity Act was introduced in 1972 as Payment of Gratuity Act, 1972. However in the Appointment Letter, Annual Increment letter you will find CTC includes the Gratuity as well. In fact, while arriving at Cost to Company (CTC) for an employee, the gratuity is calculated as 4.83% of the Salary. Thus it is a component of Individual’s Compensation package (Salary). Now let’s understand the Gratuity Act and benefits for the employees’. Applicability The Act is applicable to:- Every factory, mine,…

Employees’ Provident Fund (EPF) Online Grievance Management System: EPFiGMS

Friday, November 17th, 2017 Amritesh 4 responses

Subscribers to Employees’ Provident Fund (EPF) have the option to lodge complaint pertaining to their PF account through the Online Grievance Management portal for prompt action. Subscriber may easily register their complain online and monitor the status on the portal. The process to register the grievance is very simple and easy. However, for registration of any grievance, Subscriber is required to provide their respective valid Unique Account Number (UAN). The portal provides direct platform to the Subscribers to raise their concern in front of competent authority and get their concerns resolved. Employees Provident Fund internet Grievance Management System (EPFiGMS) is the online portal for the Subscribers to register their grievances. It is a common platform for all, Employees, Employer and…