AICE Business Flashcards
Human Resource Management (HRM)
the strategic approach to the effective management of employees so that they help the business gain a competitive advantage.
Workforce Planning
the process of analyzing, forecasting, and planning workforce supply and demand
Workforce Audit
a strategic review of your human resources policies, procedures and practices
Labour Turnover
measures the rate at which employees are leaving an organization:
(# of employees leaving / avg. # of employees employed) * 100
Recruitment
the process of identifying the need for a new employee, defining the job and finding the right type of person needed to fill it, and attracting suitable candidates to the job.
Selection
The series of steps by which candidates are interviewed, tested, and screened to choose the most suitable person for a vacant post
Recruitment Agency
A business that offers the service of recruiting applicants for vacant posts
Job Description
a detailed list of the key points about the job to be filled, stating all its key tasks and responsibilities
Person specification
a detailed list of the qualities, skills and qualifications that a successful applicant will need to have
Application form
a set of questions answered by a job applicant to give a potential employer information about the applicant, such as educational background and work experience
Curriculum Vitae (CV)
An itemized list of a person’s entire education, publications, accomplishments, notable projects, awards, honors, achievements, and professional experiences
Resume
A formal document that a job applicant creates to itemize their qualifications for a position
Reference
A recommendation from a business contact
Assessment Center
A method that many organizations use to identify management potential and determine candidate’s suitability for higher functional positions
Internal recruitment
When an organization looks to fill jobs with their current employees, sourcing talent from other teams, departments, and job functions within a company - (typically done by promotion)
External recruitment
Filling a job vacancy with an employee from outside the company, rather than promoting or transferring an existing employee from within - (typical employment + application process)
Employment Contract
A legally binding agreement between an employee and employer to define the working relationship
Redundancy
A form of dismissal that occurs when a job no longer exists or is not required anymore
Dismissal
The act of removing or termination an employee’s job
Unfair dismissal
Where an employer terminates an employee’s contract without a fair reason to do so
Employee morale
the attitude, satisfaction, and overall outlook of employees in a business
Employee Welfare
all the benefits and services that a company offers its employees
Work-Life Balance
A method that helps employees balance their personal and professional lives
Equality Policy
A written doc that outlines a company’s commitment to treating all employees fairly
Diversity Policy
A fundamental policy critical to employee engagement
Training
A process that gives or increases the knowledge and skills of employees to help them perform their jobs effectively
Induction Training
The process of introducing new hires to their roles and the organization
On-the-job training
instruction for employees that takes place at work
Off-the-job training
takes you out of the workplace to learn about your job or industry
Multi-skilling
the practice of training employees to have a wide range of skills and knowledge
Employee Appraisal
a review of an employee’s job performance and overall contribution to a company
Industrial action
a temporary show of dissatisfaction by employees
ex: strikes, lockouts, boycotts
Collective bargaining
the process of negotiation between employers and a group of employees to determine the terms of employment
Trade union recognition
when an employer formally agrees to conduct negotiations on pay and working conditions with a trade union rather than bargain individually with each worker
Motivation
the internal and external factors that stimulate the desire in workers to be communally interested in, and committed to, doing a job well
Piece rate
payment to a worker for each unit produced
Self-actualization
a sense of self-fulfillment reached by feeling enriched and developed by what one has learned and achieved
Motivators (motivating factors)
aspects of a worker’s job that can lead to positive job satisfaction, such as achievement, recognition, meaningful and interesting work, responsibility, and advancement at work
Hygiene factors
aspects of a worker’s job that have the potential to cause dissatisfaction, such as pay, working conditions, status and over-supervision by managers
Job enrichment
creating meaningful roles through feedback, encouragement, communication, and autonomy that aims to create a healthy work environment and employee work-life balance that intrinsically motivates employees
Time-based wage rate
payment to a worker made for each period of time worked
Salary
annual income that is usually paid on a monthly basis
Commission
a payment to a salesperson for each sale made
Bonus
a payment made in addition to the contracted wage or salary
Manager
the person responsible for setting objectives, organizing resources/motivating workers so that the objectives of the business are met
Laissez-faire management
management style; leaves much of decision making to the work first
Paternalistic management
a management style based on the manager is in a better position than the workers to know what is best for business
Democratic management
management style that encourages the active participation of workers in taking decisions
Autocratic Management
a management style; one manager takes all decisions with very little input from others
Management
the organization/coordination of activities in order to achieve the defined objectives of the business
Theory X
some managers believe that employees are lazy, fear-motivating, or in need of constant direction
Profit sharing
a bonus for employees based on the profit of the business, paid in a proportion of bonus salary
Share-ownership scheme
a scheme that gives employees shares in the company they work for or allows them to buy those shares at a discount
Fringe benefits
A form of pay for the performance of services. For example, you provide an employee with a fringe benefit when you allow the employee to use a business vehicle to commute to and from work
e. g. Health insurance, Life insurance
Job redesign
The restructuring of a job to make the work more interesting, satisfying, and challenging
Development
the gaining of new or advanced skills and knowledge as well as opportunities to apply what is gained
Employee promotion
the advancement of an employee within a business to a higher level of responsibility and status
Employee status
the level of recognition offered by an employer to a worker on terms of pay, level of responsibility and benefits
Employee participation
active encouragement of employees to become involved in decision-making within an organization
Empowerment
the giving of skills, resources, authority and opportunity to employees so that they can take decisions and be accountable for their work
Quality Circle (QC)
a voluntary group of workers who meet regularly to discuss, and try to resolve, work-related problems and issues
Teamworking
production is organized so that groups of workers undertake complete units of work
Job rotation
a scheme that allows employees to switch from one job to another
Theory Y
People are self-motivated and enjoy the challenge of work
