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Business > Chapter 9 > Flashcards

Chapter 9 Flashcards

1
Q

Time-rate pay

A

Employees are paid a set amount for each hour they work. Overtime is usually paid at a higher rate

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2
Q

Bonus payments

A

Employees get a share of the profits resulting from their increased effort or efficiency

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3
Q

Piece-rate pay

A

Employees are paid for each item to produce that meets the desired quality standard

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4
Q

Non-financial rewards

A

Shorter working hours

Safe and pleasant surroundings: company library, yoga room

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5
Q

Employee empowerment

A

Provides staff with more power to make their own decisions about how to do their jobs
Managers provide employees with a goal, deadlines, sufficient measures and freedom to decide how to achieve the goal

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6
Q

Benefits of employee empowerment

A

Unlocks hidden talents of the workforce

Increases staff loyalty

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7
Q

Risks of employee empowerment

A

Serious mistakes can be made by staff

Unhappy and demotivated staff without someone to guide them through

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8
Q

Team

A

A group of people working in harmony towards a common goal e.g. Toyota uses self-managing teams who are responsible for making their own affairs with as little outside input as possible

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9
Q

Benefits of teamwork

A

Improve communication and relationships between staff
Increases employee motivation-employees are happier working in a team
Encourages intrapreneurship and problem-solving

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10
Q

TQM

A

An approach to management that aims to maximize quality by getting all staff involved in continuously looking for ways to improve the quality of a firms products and services.
The goal is to improve customer satisfaction

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11
Q

Benefits of TQM

A

High prices can be charged
Enhances the business’ reputation
Increases customer loyalty and satisfaction
Better quality goods and services for the business

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12
Q

Performance appraisal

A

Process of setting performance standards for each employee and then assessing the performance based on these standards

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13
Q

Benefits of performance appraisal for employees

A

Motivation/job satisfaction
Training and development
Promotional path/recognition

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14
Q

Motivation/job satisfaction

A

Open communication between management and the employee
Foster a positive relationship
High performance standards

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15
Q

Training and development

A

Identify training and career development needs
Provides appropriate training
Reviews and evaluates training methods

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16
Q

Promotional path/recognition

A

Identifies hidden strengths of employees
Recognizes achievements
Easier to make promotion decisions

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17
Q

benefits of performance appraisal for a business

A

Increases productivity
retain the right staff/identify poorly performing staff
Selection and training: if too much or too little training methods if being provided

18
Q

HRM

A

Involves managing the employees in a business

Its main purpose is to ensure that the business finds, keeps and makes the best use of its employees

19
Q

Steps of HRM

A

Audit The human resource levels
Forecast future human resource needs of the business
Monitor the level of labour turn over
Prepare a HR plan

20
Q

Storming

A

The conflict in a business in relation to how work should be done

21
Q

Norming

A

Establishes ground rules for working together

22
Q

Strategies to help employees adapt to change

A

Provide leadership by example. Employees will emulate the manager they see them setting an example
Negotiating deals when necessary that provides fair rewards to employees for any sacrifices they will have to make to adapt to change

23
Q

Financial rewards

A

Time-rate pay
Bonus payments
Piece-rate pay

24
Q

Job description

A

Sets out the purpose of a job, how the job fits into the organizational structure and the responsibilities of the

25
Q

Person specification

A

Sets out the kind of qualifications, skills, experience and qualities an applicant should have

26
Q

Quality Assurance

A

A system that can be implemented as part of the total quality management that can guarantee customers that a firm’s products are of the highest possible standard

27
Q

High labour turnover

A
  • Poor recruitment
  • Poor pay
  • Discrimination
  • Better opportunities
  • Poor industrial relations
28
Q

How to fill job vacancies

A 
Internal recruitment 
External recruitment 
Personal contacts
Newspapers 
Employement agencies
University
29
Q

Benefits of internal recruitment

A

Already know employee’s strength and weaknesses
Promotion can motivate staff to work harder
Low cost of advertising

30
Q

Benefits of external recruitment

A

New skills and expertise
Wide range of applicants
No internal baggage like jealousy

31
Q

Covering letter

A

A short letter highlighting why you think you are suitable for the job and requesting an interview

32
Q

CV

A

Cirriculum Vitae

A short document summarizing your education, qualifications, training and experience

33
Q

Application form

A

A form that may need to be completed when applying for a job

34
Q

Interview panel

A

A number of people interviewing a single job applicant

35
Q

Job reference

A

A written verbal recommendation from a formal employee or some one familiar with the applicant

36
Q

Types of Recruitment

A

Internal Recruitment

External Recruitment

37
Q

Staff Training

A

Ensures staff have up to date skills and knowledge needed to do their present work

38
Q

Staff development

A

Teaches an employee multiple skills that can use for many different jobs

39
Q

Job Satisfaction

A

The degree to which employees feel positive about their job, enjoy doing it and want to continue working with the firm

40
Q

Job Enlargement

A

Reduces employee boredom by increasing the variety of tasks the employee undertakes

41
Q

Job Enrichment

A

Means providing employees with work requiring greater responsibility and input in decision making

42
Q

How to implement TQM

A

Strict quality control
Quality assurance system
Facilitate teamwork
Recruit and train quality-focused employees

Business (18 decks)

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