2Q Flashcards
tangible equivalent or reward for services rendered or performance of a task for an organization
Employee Compensation
includes the monetary rewards in the form of salaries, wages, commissions, bonuses
Direct Compensation
is given in the form of service such as hospitalization, vacation leave, outings, etc.
Indirect Compensation
Php 610.00 per day of work
The Philippine Minimum Wage
Usually given to professional rendering work on a monthly basis
Salaries
Usually given to workers rendering service on a daily or weekly manner
Wages
It represents the fixed rate of a workers compensation. All adjustments are based on the
Basic pay
Employees being paid for each day of a particular month including unworked day (rest day), special days and regular holiday
Monthly-Paid
Daily-Paid
They are paid on the actual day worked, they follow a “no work, no pay” policy
5 days workweek
260
6 days workweek
312
Given due to recognition of an outstanding performance
merit pay
Given based on the achieve sales quota, it can also be given to a group or team
commissions
The additional pay is given for an acquisition of a new skill relevant to the nature of work
payment on skill
Given for a higher educational attainment such as Graduate programs, seminars, certifications and licenses
payment on knowledge
▣ Workers are entitled to receive a pay without rendering service
▣ They are also entitled to receive a “double pay” or additional 100% of his basic
pay if the employee works on a regular holiday
▣ Additional pay of 60% is given if the employee is requested to work on this day but happens to be his rest day
Holiday pay
▣ This applies on special holidays, employees who work on this day will receive an additional pay, but if the employee will not work there will be no payment.
▣ Additional pay of 30% is given on this day if the employee worked
▣ Additional pay of 50% is given if the employee is requested to work on this day
but happens to be his rest day
Premium pay
Given to workers who rendered work beyond the given working hours. It is added on top of the basic pay and based on the hours of overtime.
overtime pay
Is the process that initiates, guides, and maintains goal-oriented behaviors
motivation
the use of influence to motivate employees to achieve organizational goals.
leading
the person who leads or commands a group, organization, or country
leader
a process or technique of instructing, guiding, inspiring, counselling, overseeing and leading people towards the accomplishment of organizational goals.
directing
the imparting or exchanging of information or news.
communicating
a person responsible for controlling or administering all or part of a company or similar organization.
manager
the reason for people’s actions, willingness and goals.
motivatiom
the capacity of an individual to influence the actions, beliefs, or conduct of others
power
the action of leading a group of people or an organization.
leadership
function of management which helps to check errors in order to take corrective actions.
controlling
encompasses the social behavior and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these groups
culture
the practice or quality of including or involving people from a range of different social and ethnic backgrounds and of different genders, sexual orientations, etc.
diversity
Elements of Directing
leadership
–motivation, and –Communication
a person who occupies a higher position has legitimate power over persons in lower positions within the organization.
LEGITIMATE POWER
when a person has the ability to give rewards to anybody who follows order or request, he is said to have
REWARD POWER
when a person compels another to comply with orders through threats or punishment, he is said to possess
coercive power
when a person can get compliance from another because latter would want to be identified with the former, that person is said to have
referent power
expert provide specialized information regarding their specific lines of expertise.
expert power
is a combination of desire and energy in its simplest form directed at achieving a goal in whatever you have set your heart to accomplish.
Personal Drive
– leaders has a strong desire to influence and lead others. They demonstrate
the willingness to take responsibility
Desire to lead
integrity includes honesty, honor, incorruptibility, rectitude, righteousness, uprightness, and other similar virtues.
personal integrity
the activities of leaders require moves that will produce the needed outputs. For the moves to be continuous and precise, self-confidence is necessary in leadership functions such as conceptualizing, organizing, and implementing activities.
Self-confidence
a leader with sufficient skill to determine the root cause of the problem may be able to help the subordinate to improve his production.
Analytical ability
leader who is well informed about his company, the industry where the company belongs and the technology utilized by the industry, will be in a better position to provide directions to his unit.
KNOWLEDGE OF THE COMPANY, INDUSTRY, AND TECHNOLOGY
when a person has sufficient personal magnetism that motivates people to follow his directives, this person is said to have charisma.
charisma
people differ in the way they do their work. One will adapt a method different from another person’s method. A leader, who allows this situation as long as the required outputs are produced, is said to be flexible.
flexibility
ability of the manager to find new and better ways of accomplishing his work.
creativity
that measures the accomplishment /performance in relation to the established plans and objectives.
controlling
The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
MARKETING
The implementation of marketing programs, policies, strategies and tactics designed to create a demand for the firms’ product offerings or services in generating a profi
marketing management
Also known as “distribution channel”
● These are decisions about where to sell your
product & transporting products to customers
channel management
These use of marketing in gathering funds
financing
The process of getting the marketing information needed to make good business decisions
marketing info management
● Deciding how much to charge for your product
pricing
Also known as “product planning”. It involves making decisions about the design & development of products
product management
Marketing as a way to inform, persuade, or remind consumers about a product
● It attracts consumers to buy your product
promotiom
The operational process is composed of
three main components such as:
Inputs
2. Process
3. Outputs
4. Outcome
These are resources being used up in the
process of creating goods or services.
• Money
• Manpower
• Materials
• Machines
• Management
inputs
These are series of interlinked activities or steps that consume resources to meet a goal or output
process
It is the quantitative measurement goods or services produced in a specific time period
output
It is the qualitative measurement goods or services produced in a specific time period.
outcome
