E-Commerce

E-commerce, also known as electronic commerce, refers to the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. Electronic commerce draws on such technologies as electronic funds transfer, supply chain management, Internet marketing, online transaction processing, Electronic Data Interchange (EDI), inventory management systems, and automated data collection systems. In the emerging global economy, e-commerce and e-business have increasingly become a necessary component of a business strategy and a strong catalyst for economic development.

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Business-to-Consumer (B2C):

Business-to-Consumer (B2C), also called B-to-C, refers to the transaction of goods and services that take place directly between a business and a consumer, who is the end-users of its products or services. This type of ecommerce is among the most popular and widely known sales models. B2C traditionally referred to mall shopping, eating out at restaurants, pay-per-view movies, and infomercials. However, the rise of the internet created a whole new B2C business channel in the form of e-commerce or selling goods and services over the internet. Amazon is an example of B2C e-commerce.

Business-to-Business (B2B):

Business-to-business (B2B), also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Simply put, it refers to business transactions between two companies. These transactions commonly happen in the supply chain, where one company will purchase raw materials from another to be used in the manufacturing process.

Consumer-to-Consumer (C2C):

Customer-to-customer (C2C), also called C2C, is a form of business model whereby customers can trade with each other, typically in an online environment. C2C transactions actually represent a form of bartering. It represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. Two implementations of C2C markets are auctions and classified advertisements. eBay and Etsy are examples of C2C companies.

M-Commerce:

M-commerce, also called Mobile Commerce refers to the buying and selling of goods and services, paying bills, mobile ticketing and doing transactions through wireless handheld devices such as smartphones and tablets. Many choose to think of mobile commerce as “a retail outlet in your customer’s pocket.” M-commerce can be used by businesses to improve their customer base and increase their revenue. Some types of m commerce include online shopping, mobile banking, mobile app payments through PayPal and Google Pay, and booking tickets online.

F-Commerce:

F-commerce, also called Facebook Commerce, refers to the selling of goods and services on Facebook. It has become a major online trading vehicle. Facebook being a popular social media site provides a captive audience to transact business. Many small businesses rely more on their social media presence than they do on traditional websites. This is one of the newest forms of e-commerce, that has become popular with young entrepreneurs which makes shopping on Facebook pages convenient for the young generation.

Positive Psychology

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Positive psychology is the scientific study of what makes life most worth living, focusing on both individual and societal well-being. It is a field of study that has been growing steadily throughout the years as individuals and researchers look for common ground on better well-being. As a field, positive psychology deals with topics like character strengths, optimism, life satisfaction, happiness, well-being, gratitude, compassion, self-esteem and self-confidence, hope, and elevation. Positive psychology focuses on eudaimonia, an Ancient Greek term for “the good life” and the concept for reflection on the factors that contribute the most to a well-lived and fulfilling life.

Positive psychology began as a new domain of psychology in 1998. It became popular when Martin Seligman, who is known as the ‘father of positive psychology’, chose it as the theme for his term as president of the American Psychological Association. He was of the belief that past practices of psychology weren’t helpful and the new ones should instead focus on the enhancement of positive human attributes. From this point in time, theories and research examined positive psychology interventions that help make life worth living and how to define, quantify, and create wellbeing. Positive psychology can have a range of real-world applications in areas including education, therapy, self-help, stress management, and workplace issues.

Positive psychology focuses on the positive events and influences in life, which includes:
Positive experiences (happiness, joy, inspiration, and love).
Positive states and traits (gratitude, resilience, and compassion).
Positive institutions (applying positive principles within entire organizations and institutions).

Three Levels of Positive Psychology:

Subjective level: focuses on feelings of happiness, well-being, and optimism and how these feelings transform your daily experience.
Individual-level: a combination of the feelings in the subjective level along with virtues such as forgiveness, love, and courage.
Group level: positive interaction with your community, including virtues like altruism and social responsibility that strengthen social bonds.

The PERMA Model of Well-Being:

The PERMA Model is a well-being theory developed by positive psychologist Martin Seligman. It identifies five essential elements to well-being. PERMA is an acronym for the five elements of well-being – Positive Emotions, Engagement, Relationships, Meaning, and Accomplishments.

Positive Emotions: Positive Emotions is much more than just happiness. It includes other emotions such as hope, joy, compassion, pride, and gratitude. Positive emotions are prime indicators of flourishing and can help improve well being. Increasing positive emotions helps individuals build physical, intellectual, psychological, and social resources that lead to this resilience and overall well-being.

Engagement: Engagement is something that an individual becomes engrossed in and is in line with the ‘flow’ concept, which includes the loss of self-consciousness and full involvement in an activity. This concept of engagement occurs when there is a perfect combination of skill and challenge involved. The concept of engagement is something much more powerful than simply “being happy,” but happiness is one of the many byproducts of engagement.

Relationships: Relationships include all the various interactions individuals have with partners, friends, family members, colleagues, and their community at large. Relationships in this model refer to feeling supported, loved, and valued by others. It is based on the idea that humans are inherently social creatures.

Meaning: Having a purpose in life helps individuals focus on what is important in the face of significant challenges or adversity. Having meaning or purpose in life is different for everyone. A sense of meaning is guided by personal values, and people who have a purpose in life live longer, have greater life satisfaction and have fewer health problems.

Accomplishments: A sense of accomplishment is the result of working toward and reaching goals, mastering an endeavour, and having self-motivation to finish what you set out to do. This contributes to well-being because individuals can look at their lives with a sense of pride. Accomplishment includes having a passion to attain goals. But flourishing and well-being come when accomplishment is tied to striving toward things with an internal motivation or working toward something just for the sake of the pursuit and improvement.

What is HR – Human Resource

Human Resources (HR)

What Is Human Resources (HR)?

Human resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs. HR plays a key role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st century. John R. Commons, an American institutional economist, first coined the term “human resource” in his book “The Distribution of Wealth,” published in 1893. However, it was not until the 19th century that HR departments were formerly developed and tasked with addressing misunderstandings between employees and their employers.

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KEY TAKEAWAYS

Human resources (HR) is the division of a business that is charged with finding, screening, recruiting, and training job applicants, and administering employee-benefit programs. Additional human resources responsibilities include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees. Many companies have moved away from traditional in-house human resources (HR) administrative duties and outsourced tasks like payroll and benefits to outside vendors. Understanding Human Resources The presence of an HR department is an essential component of any business, regardless of the organization’s size. An HR department is tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce. HR responsibilities include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees. Research conducted by The Conference Board, a member-driven economic think tank, has found six key people-related activities that HR must effectively do to add value to a company. These include: Managing and using people effectively Tying performance appraisal and compensation to competencies Developing competencies that enhance individual and organizational performance Increasing the innovation, creativity, and flexibility necessary to enhance competitiveness Applying new approaches to work process design, succession planning, career development, and inter-organizational mobility

Managing the implementation and integration of technology through improved staffing, training, and communication with employees1 Beginning in the 1980s, there was a push for strategic initiatives within HR departments. This movement was based on research related to the impact of employee-related issues on a firm’s long-term business success. Collectively, these strategies are sometimes referred to as human resource management (HRM) strategies. HRM is a comprehensive approach to managing employees and an organization’s culture and environment. It focuses on the recruitment, management, and general direction of the people who work in an organization. An HR department that adopts HRM strategies typically plays a more active role in improving an organization’s workforce. They may recommend processes, approaches, and business solutions to management. Google is one example of an organization that has adopted a more active approach to employee relations through their HR department. The company offers tons of employee perks, and the company headquarters have a wide range of facilities for employees, including wellness centers, roller hockey rinks, and horseshoe pits. For Google, happy employees are equivalent to productive employees.

There are many online portal where you can search for HR professionals and get your Human Resources executive search completed with ease.

Special Considerations

Since the start of the 20th century, some companies have started outsourcing some of the more traditional administrative, transactional HR functions in an effort to free the department to recommend and implement more meaningful, value-adding programs that impact the business in positive ways. Functions that may be outsourced in this process include payroll administration, employee benefits, recruitment, background checks, exit interviews, risk management, dispute resolution, safety inspection, and office policies. The use of more moderns tools, such as the best recruitment software, can also afford HR departments more leeway by improving their efficiency. Compete Risk Free with $100,000 in Virtual Cash Put your trading skills to the test with our FREE Stock Simulator. Compete with thousands of Investopedia traders and trade your way to the top! Submit trades in a virtual environment before you start risking your own money. Practice trading strategies so that when you’re ready to enter the real market, you’ve had the practice you need.