Definition: A business is a case where an organization or entity engages in commercial activities to make money or advance a cause. Commercial activities include buying or selling goods or services or producing and selling goods. Advancing a cause includes social activities, charitable events, etc. A business can have commercial and non-commercial purposes. A business …
Definition: A stakeholder is a person, group, community, union, or an entity that has any interest or is impacted by a business or its outcome. A stakeholder can be internal or external to an organization. For a business, a stakeholder can be management, employees, shareholders, suppliers, or end-product users. Types of stakeholders A stakeholder can …
A performance improvement plan (PIP) provides a measurable path to achievement for struggling employees or those seeking a promotion. This post will go through the benefits of a performance improvement plan and how to respond if an individual is placed on one. It also distinguishes between a performance improvement plan and a personal improvement plan. What …
An organization should always strive to develop its employees’ skills through an Individual Development Plan to perform better and the firm can operate more efficiently. New employees, established employees, and seasoned executives all benefit from individual development plans. What is an Individual Development Plan? Definition: An Individual Development Plan (IDP) is a tool that allows …