Components of Compensation – Part II
In the previous article (Part I) we looked at some of the components of compensation that are paid out to employees and the way in which these components are fixed by HR managers and companies. In this article (Part II), we shall look at some components of compensation like Basic and Variable Pay (including the […]
Employee Engagement – Meaning and Ways to Enhance it
How do you think an organization runs? With the help of people who contribute in their own way to accomplish tasks and achieve goals of the organization. The individuals who spend their maximum part of the day at the workplace, striving hard to reach to a conclusion benefiting them as well as the organization are […]
How to Project Yourself as a Brand by Using Strong Keywords and Updating the Profile Periodically
Before we begin with the topic, we need to understand few pointers such as what is branding? How would you brand yourself? What are those keywords and how to utilize them to create a strong brand presence? These are some questions which need to be clarified before we proceed. Branding: Branding yourself is a technique […]
HR Scorecard: Aligning People, Strategy, and Performance
HR Scorecard Aligns People, Strategy, and Performance Organizations consist of people who perform the needed work for them. Also, such work is determined by the strategies that the organizations plan for the year or quarter ahead. Thus, it can be said that while the organization strategizes, the people implement the strategy. In this context, there […]
Prerequisites for a Performance Management System
Performance management can be regarded as a continuous process managing the performances of people for getting desired results. Performance management is beneficial to all the major stakeholders of an organization by clearly describing what is supposed to be done for attaining certain desired goals. Performance management is the heart of any HR processes in an […]
Human Capital Management is defined as a process that ensures the right candidate is hired for the right job, trained form time to time, managed well and also retained in the organization.
Human Capital management makes the best possible use of skills and experiences of employees and motivates them to deliver their level best. Human Capital management helps in extracting the best out of individuals, eventually benefitting the organization and yielding higher profits.
Human Capital Management helps human resource professionals to hire the best available talent.
Common resource pool constitutes group of individuals ready to take up new opportunities. Common resource pool includes a pool of talent from diverse backgrounds, multi skills and varied experiences.
In simpler words, Common resource Pool is a group of people from which human resource professionals hire employees for an organization. It is the responsibility of human resource professionals to recruit employees as per the requirement in the organization from the common resource pool often abbreviated as CRP. Common resource pool helps in the staffing of teams.
According to common resource pool model, human resource representatives are assigned the responsibility of hiring the right talent from common resource pool. You need to find out who would be the best fit among the available resources for your organization. Job responsibilities should be clearly defined. Analyze the background, past experience, educational qualification, interests, before hiring an individual. Do not forget to check his/her credibility in the past organizations.
Human resource professionals must discuss with the senior management to understand as to what they expect from their team members. Try to read their minds. Do not hire just for the sake of it. It will land you in trouble later on. You are the one who would be held responsible.
Resource Pool accumulates human capital experiences, skills, as well as their roles in line with the needs of organization. Resource pool refers to an exhaustive database of human capital with their educational qualifications, past experiences, specializations, expertise for human resource professionals to do hiring for the organization.
Common resource pool minimizes the chances of duplication thus making the work of individuals representing human resource vertical much easier. Resource pools also help human resource professionals in identifying resources or skills that are in less numbers and for which supply must increase.
Common resource pools not only include full time employees but also employees who are on contracts, part timers, freelancers and so on. Whether a full time employee or a freelancer should be hired, depends on the project and the size of organization.
Full Time Employees - Full time employees are individuals who work for a minimum number of hours as defined by the policies of the organization.
A full time employee enjoys the following benefits:
Part timers - Part timers are individuals who work for only few hours less than the standard time.
Freelancers - A freelancer is an individual who has the liberty to choose his working hours as per his/her own convenience. He is not committed to a particular organization.
Common resource pool model makes, managers more efficient as compared to team members. Common resource pool model highlights the importance of skills, knowledge and background of human capital who are the key drivers of projects.
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The Age of Oversupply: Why the Future Would be Demanding on the Present Generation
February 12, 2025
