— According to the reports of the Temporary National Economic Committee (2016), the significance of national income can be marked for the estimation of economic welfare of a particular nation. It is through national income that a country can compare its living standards and asses growth rates with other nations. The importance of national income also lies in the process of analysing the economic behaviour of various sectors of a nation. It supports in gaining comprehensive understanding about the deflation and inflation status of the country. Based on the statistics of national income, a country can forecast and further plan its strategies for economic growth. As a result of such planning, the country can opt for appropriate business initiatives and proceedings for overall development of the nation. Following the national incomes data, a country gains the responsibility to offer appropriate and proportionate means for structuring and restructuring its economic initiations.
In case of any civil or international crisis, the significance of national income increases manifold. In time of a crisis, the national income is capable of showing extensive possibilities for production and manufacturing in the particular country. The statistics of national income is also responsible for gaining awareness about the financial liabilities in the international network. The comparisons with other countries make it very easy to assess the status of the nation in the international scenario. Most importantly, it is through the derivation of the national income that a country can compare itself with other nations and thereby gain knowledge about the right means to attain economic reformations.
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— The sources for recruitment can be categorised under internal and the external sources of an organisation.
The internal sources for recruitment can be attained through transferring of the employees to the required department, as per his or her educational qualifications, experiences in the particular field and the enthusiasm to accomplish tasks from diversified field of action. The next provision can be tat of offering promotion to the right employee who is capable of managing the particular job profile. This is a very preferable way of recruitment as through promotion the company also gains retention power over the efficient employee. Training the current employees for the new openings is another way of internal recruitment, whereby the employees are offered with more responsibilities and added increment as per their performance.
In terms of eternal recruitment sources, the provisions are marked through advertisements, hand-picking candidates from employment exchange, campus interviews from institutes, following the thread of recommendations from current employees and even recruiting people through factory gates. The external recruitment sources are also initiated through casual employees, labour unions, contractors, central application forms and re-employing former employees
Some of the key differences between these
Figure 1 Difference between Internal and External Sources of Recruitment
Source: Surbhi (2015)
As noted in Figure 1, Surbhi (2015) internal sources of recruitment are cost effective, yet are limited. However, the external sources for recruitment are having innumerable options, though are expensive in nature. In many organisation seniority appears as a hindrance in offering internal recruitment scopes to the employees, whereas external sources can be recruitment from any age groups, especially younger generation for even high profile designation.
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— According to the illustrations of OECD (2012), the term marketing gets identified as a business action meant to promote the selling of particular service or product. This is a process that comprises of market research and various ways of advertisements.
Originally initiated by Johnson (2002) the modern concept of marketing is an amalgamated approach of understanding and dealing with the process of production, product, selling, marketing, consumer preferences, and societal marketing. The production concept is narrow way of concentrating over the organisational activities, whereby the companies think consumers are ready to products as available in the market. The product concept concentrates in gaining hold over product quality for gaining long-term consumer loyalty. Under modern concept of marketing, selling withstand the process of making the consumer aware of the product through diversified promotional means. The act of marketing is noted as important as hereby the entire market remains consumer-oriented. Understanding the changing behaviours and preferences of the consumers remain integral to this approach. Lastly, the participation of societal-marketing as a modern concept, emphasises that the companies must contribute in the development of respective society through CSR (Corporate Social Responsibilities).
Thus, the modern concept of marketing is about gaining profit margins by understanding the consumers and offering quality products. However, it is also about adding the SCR based programmes to the marketing proceedings.
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— The theoretical initiation of Keynes concentrated over the provisions of investment efficiency, as applied to the managerial structure, especially in gaining scopes for investment. The illustrations of this theory appear very revolutionary as it stands in contradiction with the classical and traditional ways of understanding investment related topics and the significance of managerial efficiencies. As per Long (2015) the Keynesian theory considered the classical theory of economics as limited and depressive in nature. The term ‘Keynesian Revolution’ is identified as a basic mode of restructuring traditional economic theory that concentrates in the means of determining the levels of employment in the entire economy of the nation. The Keynesian revolution focused on the key factors for generating levels of employment, as against Law of Say. According to Say’s Law, it is only under some special instance that the establishment of the free market with full employment is possible, and that there is no need for interference by government. For Keynes the element of uncertainty or the risk related circumstances in a person or business are subject to increase the possibilities of investment. For this purpose, the role of government is very important in terms of spending on investments and gaining the rail of economy on track. The structure for investment management, as led by Keynes seeks to maintain and optimise the ratio for communication and investment on a transparent platform of employment. The Keynesian Revolution is noted to be the replacement for the classical way of comprehending employment provisions where the proceedings of employment get marked in terms of demand, rather than supply.
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— The role and responsibilities of a leader in the current globalised marketing scenario must concentrate in maintaining strategic leadership features. As noted by Morrill (2010), there is the need to maintain strategic leadership approaches. Under this provision, the leaders of the organisation must remain aware of all the international updates and capable of maintaining cross-cultural differences without discriminations. Added to these features there is also the need to remain positive towards subjective as well as informal kinds of feedbacks from the clients and even the employees of the organisation. Morrill (2010) adds that the leaders in modern trend must be able to train and motivate the employees for meeting the organisational goals with quality oriented margins.
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— The research based identification of the emerging trends of Human Resource Management or HRM can be noted in the writings of Armstrong and Taylor (2014) and Armstrong (2016). As mentioned in these literatures, the current HRM is under severe pressure of globalization, and is without any nationally restricted boundary. This refers that the current mode of HRM are free to expand the business and recruit people from any corner of the world. Adequate knowledge and skills for the job, and having appropriate sense of cultural adaptability in the employee are the keys that make HRM go international in offering best employees to the organisation. Acceptance to diversity among the workforce makes HRM more responsible in creating the right transparency in the working ambience of the organisation. There remains no space for discrimination based on any particular difference in the employees. Arranging appropriate trainings and seminar sessions for changing skills and adding multi-tasking abilities among the employees, are some of the major trends that are followed on worldwide basis.
With the availability of knowledgeable and skilled employees on global basis, the modern trend of HRM is getting very selective and is more inclined in down-sizing the organisational intake. As the down-sizing takes it turn, the HRM starts getting into the mode of offering quality oriented services. There is the continuous approach in terms of generating better and improved programs to the employees and re-engineering the proceedings of the work for an improved mode of productivity and sustainability. Adding transparency between the management and the employees, adding technological support to the organisational functionalities, and customising services are some of the increasing demands for HRM, by the organisations in the international frontier.
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— The term Production Management makes a direct reference to the production of services or goods by a company. Under the influence of globalisation, the system of production management is gaining wide ranged expansion and thus in demand of systematic strategies for the management of the same (Foropon and McLachlin, 2012). There are various functions of production management that are gaining significant importance in the recent time.
The very important function of production management must remain inclusive of designing and further developing the process of production for extensive outcome. The planning and control of the production process remains the vital means of investigation for the management of the company. The checks on quality, quantity, and control over the modes of production are the core functions to be emphasised professionally.
As these functions get into the move, the responsibility of the management gets serious in terms of implementing the strategic plan for developing all those activities that are liable in producing the desired production output. These activities comprises of HR related concerns, technology related domains, and departments dealing with legal and economic issues of the company. Pricing the products and handling the policies of selling are usually not part of production management, yet are dependent on reports offered by the department (Foropon and McLachlin, 2012). This is the reason that the functionalities of the production management remains vital among all the other departments of the company. The administration as well as the act of co-ordinating all the other activities related to production is part production management.
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