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Business > AICE Business > Flashcards

AICE Business Flashcards

1
Q

Human Resource Management (HRM)

A

the strategic approach to the effective management of employees so that they help the business gain a competitive advantage.

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2
Q

Workforce Planning

A

the process of analyzing, forecasting, and planning workforce supply and demand

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3
Q

Workforce Audit

A

a strategic review of your human resources policies, procedures and practices

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4
Q

Labour Turnover

A

measures the rate at which employees are leaving an organization:
(# of employees leaving / avg. # of employees employed) * 100

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5
Q

Recruitment

A

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.

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6
Q

Selection

A

The series of steps by which candidates are interviewed, tested, and screened to choose the most suitable person for a vacant post

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6
Q

Recruitment Agency

A

A business that offers the service of recruiting applicants for vacant posts

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7
Q

Job Description

A

a detailed list of the key points about the job to be filled, stating all its key tasks and responsibilities

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8
Q

Person specification

A

a detailed list of the qualities, skills and qualifications that a successful applicant will need to have

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9
Q

Application form

A

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

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10
Q

Curriculum Vitae (CV)

A

An itemized list of a person’s entire education, publications, accomplishments, notable projects, awards, honors, achievements, and professional experiences

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11
Q

Resume

A

A formal document that a job applicant creates to itemize their qualifications for a position

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12
Q

Reference

A

A recommendation from a business contact

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13
Q

Assessment Center

A

A method that many organizations use to identify management potential and determine candidate’s suitability for higher functional positions

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14
Q

Internal recruitment

A

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)

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15
Q

External recruitment

A

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)

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16
Q

Employment Contract

A

A legally binding agreement between an employee and employer to define the working relationship

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17
Q

Redundancy

A

A form of dismissal that occurs when a job no longer exists or is not required anymore

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18
Q

Dismissal

A

The act of removing or termination an employee’s job

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19
Q

Unfair dismissal

A

Where an employer terminates an employee’s contract without a fair reason to do so

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20
Q

Employee morale

A

the attitude, satisfaction, and overall outlook of employees in a business

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21
Q

Employee Welfare

A

all the benefits and services that a company offers its employees

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22
Q

Work-Life Balance

A

A method that helps employees balance their personal and professional lives

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23
Q

Equality Policy

A

A written doc that outlines a company’s commitment to treating all employees fairly

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24
Q

Diversity Policy

A

A fundamental policy critical to employee engagement

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25
Q

Training

A

A process that gives or increases the knowledge and skills of employees to help them perform their jobs effectively

26
Q

Induction Training

A

The process of introducing new hires to their roles and the organization

27
Q

On-the-job training

A

instruction for employees that takes place at work

28
Q

Off-the-job training

A

takes you out of the workplace to learn about your job or industry

29
Q

Multi-skilling

A

the practice of training employees to have a wide range of skills and knowledge

30
Q

Employee Appraisal

A

a review of an employee’s job performance and overall contribution to a company

31
Q

Industrial action

A

a temporary show of dissatisfaction by employees
ex: strikes, lockouts, boycotts

32
Q

Collective bargaining

A

the process of negotiation between employers and a group of employees to determine the terms of employment

33
Q

Trade union recognition

A

when an employer formally agrees to conduct negotiations on pay and working conditions with a trade union rather than bargain individually with each worker

34
Q

Motivation

A

the internal and external factors that stimulate the desire in workers to be communally interested in, and committed to, doing a job well

35
Q

Piece rate

A

payment to a worker for each unit produced

36
Q

Self-actualization

A

a sense of self-fulfillment reached by feeling enriched and developed by what one has learned and achieved

37
Q

Motivators (motivating factors)

A

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

38
Q

Hygiene factors

A

aspects of a worker’s job that have the potential to cause dissatisfaction, such as pay, working conditions, status and over-supervision by managers

39
Q

Job enrichment

A

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

40
Q

Time-based wage rate

A

payment to a worker made for each period of time worked

41
Q

Salary

A

annual income that is usually paid on a monthly basis

42
Q

Commission

A

a payment to a salesperson for each sale made

43
Q

Bonus

A

a payment made in addition to the contracted wage or salary

44
Q

Manager

A

the person responsible for setting objectives, organizing resources/motivating workers so that the objectives of the business are met

45
Q

Laissez-faire management

A

management style; leaves much of decision making to the work first

46
Q

Paternalistic management

A

a management style based on the manager is in a better position than the workers to know what is best for business

47
Q

Democratic management

A

management style that encourages the active participation of workers in taking decisions

48
Q

Autocratic Management

A

a management style; one manager takes all decisions with very little input from others

49
Q

Management

A

the organization/coordination of activities in order to achieve the defined objectives of the business

50
Q

Theory X

A

some managers believe that employees are lazy, fear-motivating, or in need of constant direction

51
Q

Profit sharing

A

a bonus for employees based on the profit of the business, paid in a proportion of bonus salary

52
Q

Share-ownership scheme

A

a scheme that gives employees shares in the company they work for or allows them to buy those shares at a discount

53
Q

Fringe benefits

A

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

54
Q

Job redesign

A

The restructuring of a job to make the work more interesting, satisfying, and challenging

55
Q

Development

A

the gaining of new or advanced skills and knowledge as well as opportunities to apply what is gained

56
Q

Employee promotion

A

the advancement of an employee within a business to a higher level of responsibility and status

57
Q

Employee status

A

the level of recognition offered by an employer to a worker on terms of pay, level of responsibility and benefits

58
Q

Employee participation

A

active encouragement of employees to become involved in decision-making within an organization

59
Q

Empowerment

A

the giving of skills, resources, authority and opportunity to employees so that they can take decisions and be accountable for their work

60
Q

Quality Circle (QC)

A

a voluntary group of workers who meet regularly to discuss, and try to resolve, work-related problems and issues

61
Q

Teamworking

A

production is organized so that groups of workers undertake complete units of work

62
Q

Job rotation

A

a scheme that allows employees to switch from one job to another

63
Q

Theory Y

A

People are self-motivated and enjoy the challenge of work

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