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40 terms

Business in Action Ch 11

STUDY
PLAY
human resources (HR) management
Specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them
work-life balance
Efforts to help employees balance the competing demands of their personal and professional lives
quality of work life (QWL)
Overal environment that results from job and work conditions
job description
Statement of the tasks involved in a given job and the conditons under which the holder of the job will work
job specification
Statement describing the kind of person who would be best for a given job-including the skills, education, and previous experience that the job requires
turnover rate
Percentage of the workforce that leaves every year
succession planning
Workforce planning efforts that identify possible replacements for specific employees, usually senior executives
employee retention
Efforts to keep current employees
contingent employees
Nonpermanent employees, including temporary workers, independent contractors, and full-time employees hired on a probationary basis
sexism
Discrimation on the basis of gender
glass ceiling
Invisible barrier attributable to subtle discrimination that keeps women and minorities out of the top positions in business
sexual harrassment
Unwelcome sexual advance, request for sexual favors, or other verbal or physical conduct of a sexual nature within the workplace
diversity initiatives
Programs and policies that help companies support diverse workforces and markets
termination
Process of getting rid of an employee through layoff or firing
layoffs
Termination of employees for economic or business reasons
worker buyouts
Distributions of financial incentives to employees who voluntarily depart; usually undertaken in order to reduce the payroll
mandatory retirement
Required dismissal of an employee who reaches a certain age
performance appraisals
Evaluations of employees' work according to specific criteria
360-degree review
Multidimensional review in which a person is given feedback from subordinates, peers, and superiors
electronic performance monitoring (EPM)
Real-time, computer-based evaluation of employee performance
orientation programs
Sessions or procedures for acclimating new employees to the organization
skills inventory
A list of the skills a company needs from its workplace, along with the specific skills that indivdual employees currently process
compensation
Money, benefits, and services paid to employees for their work
salary
Fixed cash compensatin for work, usually by yearly amount; independent of the number of hours worked
wages
Cash payment based on the number of hours the employee has worked or the number of units the employee has produced
bonus
Cash payment, in addition to regular wage or salary, that serves as a reward for achievement
commissions
Employee compensation based on a percentage of sales made
profit sharing
The distribution of a portion of the company's profits to employees
gain sharing
Tying rewards to profits or cost savings achieved by meeting specific, individual goals
pay for performance
Incentive program that rewards employees for meeting specific, individual goals
knowledge-based pay
Pay tied to an employee's acquisition of knowledge or skills; also called competency-based pay or skill-based pay
employee benefits
Compensation other than wages, salaries, and incentive programs
cafeteria plans
Flexible benefit programs that let employees personalize their benefits packages
retirement plans
Company-sponsored programs for providing retirees with income
pension plans
Generally refers to traditional, defined benefit retirement plans
401(k) plan
A defined contribution retirement plan in which employers often match the amount employees invest
employee stock-ownership plan (ESOP)
Program enabling employees to become partial owners of a company
stock options
Contract allowing the holder to purchase or sell a certain number of shares of a particular stock at a given price by a certain date
employee assistance programs (EAP)
Company-sponsored counseling or referral plan for employees with personal problems
recruiting
Process of attracting appropriate applicants for an organization's jobs