2 - PROFESSIONAL PRACTICE Flashcards
What is the formula for:
Human Capital Value Added (answers the question “what are people worth?”)
Revenue - (Operating Expenses - [Compensation Cost + Benefit Cost]) / Total FTE
What is the formula for:
Human Capital ROI (ratio of $ spent on pay and benefits to an adjusted profit figure)
Revenue - (Operating Expense - [Compensation Cost + Benefit Cost]) / (Compensation Cost - Benefit Cost)
What is the formula for:
Total Compensation Revenue Percent (if you monitor pay and compensation to revenue per employee, you can set the return on your investment)
Compensation Cost + Benefit Cost / Revenue
What is the formula for:
Total Labour Cost Revenue Percent (the complete cost of human capital)
Compensation Cost + Benefit Cost + Other Labour Costs / Revenue
What is the formula for:
Hiring Expense Ratio
(Advertising + Agency Fees + Employee Referrals + Travel Costs of Applicants + Relocation Costs + Recruiter Pay and Benefits) / Operating Expenses
What are the 5 general conflict management styles?
1) Compromising:
Moderate assertiveness and cooperation.Appropriate when dealing withissues of moderate importance, when you have equal power or when there is a strong commitment to resolution. Can also be used as a temporary solution when time constraints exist. Skills: Negotiating, finding a middle ground, assessing value and making concessions.
2) Collaborating:
High assertiveness and cooperation.The best solution is defined as a creative solution. Takes a great deal of time and energy.Most appropriate when the conflict is important and no compromises are desired or when merging perspectives, gaining commitment, improving relationships or learning are desired. Skills: Active listening, non-threatening confrontation.
- *3) Competing (aka Forcing):**
- *High assertiveness and low cooperation.** Appropriate when quick action needs to be taken or when unpopular decisions need to be made, vital issues handled or protecting self-interests. Skills: Arguing or debating, using rank or influence, standing your ground, asserting your opinion and feelings, stating your position clearly.
4) Avoiding:
Low assertiveness and low cooperation. People avoid conflicts out of fear of engaging or because of low confidence in their skills. Appropriate when issues are of low importance, to reduce tensions, buy some time or when in a position of lower power. Skills: Ability to withdraw, leave things unresolved, sidestep issues and sense of timing.
5) Accommodating:
Low assertiveness and high cooperation. appropriate to show reasonableness, develop performance, create goodwill, or keep the peace. Skills: Selflessness, ability to yield and obey orders.
What are the 2 types of employee discipline?
1) Progressive
2) Positive
What is broadbanding?
Collapses many traditional salary grades into a few wide salary bands.
What is a behaviorally anchored rating scale (BARS)?
A behavioral approach to performance rating consisting of a series of vertical scales, one for each important dimension of job importance. Based on the critical incident method (a job analysis method by which important job tasks are identified for job success).
What is a behaviour observation scale (BOS)?
A behavioural approach to performance rating that measures the frequency of observed behaviours. Based on the critical incident method (a job analysis method by which important job tasks are identified for job success).
Compasatory model
A selection decision model in which a high score in one area can make up for a low score in another area.
Contrast error
A performance rating error in which an employee’s evaluation is biased either upward or downward because of comparison with another employee just previously evaluated.
criterion-related validity
The extent to which a selection tool predicts, or significantly correlates with, important elements of work behaviour.
cross-validation
verifying the results obtained from a validation study by administering a test or test battery to a different sample (drawn from the same population)
ergonomics
an interdisciplinary approach to designing equipment and systems that can be easily and efficiently used by human beings
error of central tendency
a rating error in which all employees are rated about average
essay method
a trait approach to performance rating that requires the rater to compose a statement describing employee behaviours.
final offer arbitration
the arbitrator cannot compromise, only select one of the offers
flow data
data that provides a profile of employment decisions affecting designated groups
forced-choice method
a trait approach to performance rating that requires the greater to choose from statements designed to distinguish between successful and unsuccessful performance
Forced distribution
a performance ranking system whereby raters are required to place a certain percentage of employees into various performance categories.
global compensation system
host-country employees are offered the same as HQ employees but adjusted to local differences
graphic rating scale method
a trait approach to performance rating whereby each employee is rated according to a scale of characteristics.
Hay profile method
a job evaluation technique using three factors - knowledge, mental activity and accountability
HRM (Human resources management)
Process of managing human talent to achieve an organization’s objectives
HRP (Human Resources Planning)
Process of anticipating and providing for the movement of people into, within and out of an organization.
Interest-based bargaining (IBB)
problem-solving bargaining based on a win-win philosophy and the development of a positive long-term relationship
Job Analysis
Process of obtaining information about job by determining the duties, tasks or activities
job characteristics model
Job design theory that purports that 3 psychological states (experience meaningfulness of the work performed, responsibility for work outcomes, and knowledge of the results of the work performed) of a jobholder result in improved work performance, internal motivation, lower absenteeism and turnover.
job crafting
A naturally occurring phenomenon whereby employees mould their tasks to fit their individual strengths, passions and motives.
Job evaluation
A systematic process of terminating the relative worth of jobs to establish which jobs should be paid more than others within an organization.
Knowledge workers
Workers whose responsibilities extend beyond the physical execution of work to include planning, decision making and problem-solving.
Lenience or strictness error
A performance rating error in which the appraiser tends to give employees either unusually high or low ratings.
Mediation
The use of an impartial neutral individual to reach a compromise decision in an employment dispute.
Onboarding vs orientation
Onboarding is the process of systematically socializing the new employees to help them get “on board” with an organization.
Orientation is the process of familiarizing new employees with the organization, their jobs and work units.
Percentage of designated groups in Canadian workforce
60%
Job evaluation systems
Job ranking
Job classification
Point System
