Name the process that aims at smooth operations by focusing on fund requirements and
their availability at the right time. Discuss the importance of such process by stating
any three relevant reasons.
Answers
Explanation:
The cheapest source of finance is retained earnings. Retained income refers to that portion of net income or profits of an organisation that it retains after paying off dividends. An organisation can reinvest its retained earnings or profits for the purpose expansion, modernisation, etc. It neither involves any fund raising cost nor any risk. Also, unlike other sources of finance it does not involve any obligation in terms of repayment.
Staffing is the process of hiring eligible candidates in the organization or company for specific positions. In management, the meaning of staffing is an operation of recruiting the employees by evaluating their skills, knowledge and then offering them specific job roles accordingly. Let us find out more about what is Staffing and what it entails along with its functions and characteristics.