Page 191 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Entrepreneurship and Small Business Management

Notes HRD aims at helping people to acquire competencies required to perform all their functions
effectively and make their organization do well.

Competent employees may not remain competent forever.
Industrial relations are also a multidisciplinary field that studies the collective aspects of
the employment relationship.

Labor law seeks to regulate the relations between an employer or a class of employers and
their employees.
According to the Environment Protection Act of 1986, Environment is that which includes
the “interrelationship which exists among and between water, air, and land and human
beings, other living creatures, plants, microorganism and property.”

12.7 Keywords

Compensation: The remuneration received by an employee in return for the services offered to
an organization.
HRD: A planned way of developing individual employees, groups and the total organization to
achieve organizational goals, in an atmosphere of mutual trust and cooperation.
HRM: A process of bringing people and organizations together so that the goals of each one are
met, effectively and efficiently.
Industrial Relations: Industrial relations are also a multidisciplinary field that studies the
collective aspects of the employment relationship.

Labor Law: Labour law defines your rights and obligations as workers, union members and
employers in the workplace.
Labour Unrest: Labor unrest is a term used by employers or those generally in the business
community to describe organizing and strike actions undertaken by labor unions, especially
where labor disputes become violent or where industrial actions in which members of a
workforce obstruct the normal process of business and generate industrial unrest are essayed.
Law: Law is a technique for the regulation of social power.
Lockouts: A lockout is a temporary work stoppage or denial of employment during a labor
dispute initiated by the management of a company.
Organisations: A social unit of people that is structured and managed to meet a need or to
pursue collective goals.
Pollution: The presence in or introduction into the environment of a substance or thing that has
harmful or poisonous effects.

Trade Unions: Trade unions are organisations which represent the interests of workers or
employees who work in the same or similar industries or jobs.
Wages: A wage is remuneration paid by an employer to an employee.

12.8 Review Questions

1. “Human Resource Management helps an organization and its people to realize their
respective goals.” Discuss.
2. Why small businesses need to match the talents of prospective employees with the
company’s needs?

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