HR Vocab

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Human Resources Management (HRM)

Consists of all activities involved with acquiring , developing, and compensating with the people who do the company's work.

360-Degree Feedback

Performance feedback gathered from a broad range of people with whom the employee works rather than from just the employee's manager

Employee Assistance Program (EAP)

Provide confidencial personal problem-solving counseling, and support services for employees

Fair Labor Standard Act (FLSA)

Prescribes standards for wages and overtime pay.

Occupational Safety and Health Act (OSHA)

Regulates safety and health conditions in most businesses.

Social Security

A social insurance program funded through payroll contributions.

Medicare

Provides supplement health insurance for retirement-age people as well as others with specified disabilities

Workers' Compensation

Requires employers to provide insurance for death, injury of employees that result from their work.

Unemployment Insurance

A state-managed program that provides temporary income to individuals who have been laid off from their jobs.

Compensation

Pay and other benefits employees receive in exchange for their labor.

Wage

A pay based on an hourly rate.

Salary

A pay based on a time frame such as weekly or monthly.

Compensation Plan

System of policies and procedures for calculation the wages and salaries in an organization.

Time Plan

Most common, pays a certain amount for a specific period of time worked.

Commission Plan

Pays employees a percentage of volume of sales for which they are responsible

Piece-rate Plan

Pays the employee a fixed rate for each unit produced.

Combination Plan

Pay plan that provides each employee a small wage or salary and adds incentive pay based on performance.

Bonus

Money paid at the end of a specific but long period of time.

Minimum Wage Law

Specifies that it is illegal for employers to pay less than an identical wage to any employee.

Employee Benefits

All forms of compensation and services that a company provides to employees in addition to salaries and wages.

Pension Plan

A company sponsored retirement plan that makes regular payments to employees after retirement.

Tax-Deferred

Employee contributions to many retirement plans

Flex-time

let's employees choose their own work hours within specified limits.
Job Sharing

Job Sharing

Allows two people to share one full-time job.

Profit-sharing Plan

Which pays employees a small percentage of the company's profits at the end of the year.

Cafeteria Plan

A program in which employees can select the benefits that meet their personal needs.

Job Security

The likelihood of being employed by the same company in the future.

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