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Introduction To Business > Chapter 9 (Attracting and Retaining the Best Employees) > Flashcards

Chapter 9 (Attracting and Retaining the Best Employees) Flashcards

1
Q

Define Human Resources Management:

A

Human Resources Management: All activities involved in acquiring, maintaining and developing a company’s human resources

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2
Q

What are the 5 steps in Acquiring Human Resources?

A

Acquiring Human Resources:

  1. Planning
  2. Job Analysis
  3. Recruiting
  4. Selecting
  5. Orientation
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3
Q

Define Planning:

A

Planning: the development of strategies to meet the future needs regarding human resources

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4
Q

What are the 3 steps in Planning?

A

Steps in Planning:

  1. Forecast the Demand for Human Resources
  2. Forecast the Supply for Human Resources
  3. Match Supply with Demand
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5
Q

What are the techniques for Forecasting the Supply of Human Resources?

A

Forecasting the Supply for Human Resources:

  1. Replacement Chart: a list of key personnel and their possible replacements in a company
  2. Skills inventory: a computerized data bank containing information on the skills and experiences of all present employees
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6
Q

What are the 4 methods to reduce the workforce?

A

Ways to Reduce the Workforce:

  1. Firing (direct): removal due to individual employees’ actions
  2. Layoff (direct): removal due to company; requires immediate monetary compensation for all unspent vacation time.
    * Note: A company’s decision to layoff employees more often results in either a net loss or no change.
  3. Attrition (indirect): removal due to the deliberate choice to not replace after the loss of an employee
  4. Early Retirement: removal by encouraging early retirement
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7
Q

What are methods to Cope with Diversity Challenges?

A

Coping with Diversity Challenges:

  1. Facilitate support groups for immigrants to encourage managers to value diversity
  2. Recruit minority employees and train them to be managers
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8
Q

`Define Job Analysis:

A

Job Analysis: A systematic procedure for studying jobs

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9
Q

What is addressed in Job Analysis?

A

Job Analysis addresses Job Description and Job Specialization

  1. Job description: a list of the elements that make up the specific jobs (i.e. job responsibilities, conditions, equipment used)
  2. Job specialization: a list of the qualifications required to perform the specific job (i.e. skills, education, experience)
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10
Q

Define Recruiting:

A

Recruiting: the process of attracting qualified job applicants

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11
Q

What are the pros/cons of external recruiting vs. internal recruiting?

A

External Recruiting: the assessing and recruiting of available job candidates, outside of current employee pool, to fill and perform open positions in a company
Pros: offers fresh perspectives
Cons: expensive, possibility of causing resentment among existing employees

Internal Recruiting: the assessing and recruiting of current employees to fill and perform open positions in a company
Pros: motivates current employees and retains quality personnel
Cons: creates a cost to fill vacant position, creates the cost of training

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12
Q

Define Selecting:

A

Selecting: the process of gathering information from applicants and using the information to choose the most appropriate applicants

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13
Q

What are the 5 Methods of Selecting?

A

Methods of Selecting:

  1. Applications
    * Note: forbidden to ask for birth date, ethnicity, etc. that can create unfair biases
  2. Tests
    * Note: often repeats the same question in different forms to test for consistency
  3. Interviews
    * Note: the least scientific and consistent process, requires caution & thorough planning
  4. References:
    * Note: all references must be true or regardless of other factors, you’re fired!
  5. Assessment Centers:
    * Note: Simulations and role-playing that tests for your ability to handle stress
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14
Q

Define Orientation:

A

Orientation: the process of acquainting new employees, which can range from brief and informal to long and formal

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15
Q

What are the 3 Methods of Maintaining?

A

Methods of Maintaining:

  1. Compensation
  2. Benefits
  3. Relations
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16
Q

Define Compensation:

A

Compensation: the payment received in return for labor

*Note: temporary benefit and easily loses effectiveness after time

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17
Q

Define Compensation System:

A

Compensation System: The policies and strategies that determine employee compensation

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18
Q

What are the 3 Steps in Compensation System?

A

Steps in Compensation System:

  1. Wage Level
  2. Wage Structure
  3. Individual Wages
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19
Q

Define Wage Level:

A

Wage Level: The company choice to position the general level of pay at, above, or below the market wage for the industry

20
Q

Define Wage Structure:

A

Wage Structure: the internal compensation structure that sets the relative pay levels for the different employee positions

21
Q

Define Individual Wages:

A

Individual Wages: The specific payments that the individual employee receives

22
Q

Define Comparable Worth:

A

Comparable Worth: a concept that seeks equal compensation for jobs requiring about the same level of education, training and skills

23
Q

If an employee is making more than the wage structure, what are the company’s options?

A

Inform employee and offer an ultimatum: (a) communicate to the employee to expect no or limited future raise (2) offer training to employee for a position so employee is qualified for future financial mobility

24
Q

What are the 5 Types of Compensation?

A

5 Types of Compensation:

  1. Time-Based Wages (Hourly, Weekly, Monthly)
  2. Commissions (Minimum Salary + % of Commissions Earned)
  3. Incentive Payments (Salary Increases)
  4. Lump-Sum Payments (a single payment of money, as opposed to a series of payments made over time)
  5. Profit-sharing
25
Q

What are Employee Benefits?

A

Employee Benefits: additional rewards provided indirectly

  1. Paying for time not worked
  2. Company cafeterias
  3. Stock-option plans
  4. Tuition-reimbursement plans
  5. Child-care services
  6. Health, life and dental insurance
  7. Pension and retirement programs
  8. Workers’ compensation insurance
  9. Unemployment insurance
26
Q

What are the 3 questions asked for Training and Development?

A
  1. Is it needed?
  2. What type of training?
  3. What is the cause?
27
Q

What are the Methods for Training and Development?

A
  1. On-the-job
  2. Simulation
  3. Classroom Teaching
  4. Conferences & Seminars
  5. Role-Playing
28
Q

What are the uses and risks of a Performance Appraisal?

A

Uses:

  1. Informs workers on current progress and suggests future goals
  2. Provides basis for distributing awards
  3. Helps monitor selection, training and development

Risks:

  1. Fear of workers’ response to evaluation results in change of evaluation
  2. Critique on personalities in evaluations results in deaf ears
29
Q

What are the 5 Types of Performance Feedback:

A

Types of Performance Feedback:

  1. Tell&Sell: evaluated by supervisor, attempts to persuade employee to accept
  2. Tell&Listen: told by supervisor, gives employees a chance to respond
  3. Problem-Solving: self-evaluated by employee and employee sets goals: supervisor often comments for mutually-established goals
  4. Mixed Review: uses tell-and-sell process for administrative and problem-solving process for development and creating goals
  5. 360-degree evaluation: evaluated by superiors, peers and subordinates
30
Q

What is NLRB?

A

National Labor Relations Board (NLRB): Established by the National Labors Relations Act (1935); guarantees basic rights to employees to organize into unions and engage in collective bargaining and collective strike for better employee terms and conditions

31
Q

What is the Taft Hartley Act?

A

Taft Hartley Act: also known as the Labor-Managment Relations Act, established in 1947 to balance union power and managment power through restricting the activities and power of labor unions

32
Q

What is Fair-Labor Standards?

A

Fair Labor Standards: established in 1938, it established minimum wage and overtime pay rate
*Note: managers are exempt

33
Q

What is the Equal Pay Act?

A

Equal Pay Act: established in 1963, it aims to abolish wage disparity based on gender

34
Q

What is Title VII of the (Civil Rights) Act?

*Note: EEOC

A

Title VII of the Act: executed by the Equal Employement Opportunity Commissions (EEOC) which was established by Title VII, prohibits discrimination based on sex, race, color, religion or national origin
*Note: complaints of discrimination must be filed to the EEOC within 180 days

35
Q

What is the Age Discrimination in Employment Act?

A

Age Discrimination in Employment Act (1967-1986): prevents discrimination against people aged 40 or older

36
Q

What is the Occupational Safety and Health Act?

A

Occupational Safety and Health Act (1970): regulates the degree employees can be exposed to hazardous substances and specifies/reinforces safety equipment

37
Q

What is the WARN Act?

A

Worker Adjustment and Retraining Notification (WARN): established in 1988; it requires a 60-day notice for employees regarding plant closure or layoff of >50 employees

38
Q

What is the Employment Retirement Income Security Act?

A

Employment Retirement Income Security Act: established in 1974, it regulates company retirement programs and provides federal insurance programs for plans that go bankrupt

39
Q

What is the Civil Rights Act?

A

Civil Rights Act: established in 1991, it facilitates lawsuits for sexual discrimination and collects punitive damages

40
Q

What is the Americans with Disabilities Act?

A

Americans with Disabilities Act (1990): prevents discrimination against qualified job candidates with disabilities and requires reasonable accomandation

41
Q

What is 401 (k)?

A

401 (k): retirement savings contributions are provided and matched by employer, deducted from employees paycheck before taxation, only accessible for age 59 1/2 and up

42
Q

Define Reasonable Accommodation:

A

Reasonable Accommodation: modifications or adjustments in a work environment to enable qualified, disabled employees to perform a central job function
*Note: situation-based, not black or white

43
Q

What is the Family and Medical Leave Act?

A

Family and Medical Leave Act (1993): when a company has >50 employees, it is required to provided <12 weeks of leave without pay on birth (or adoption) of an employees’ child or when his/her immediate family is ill

44
Q

What is the Affordable Care Act?

A

Affordable Care Act (2010): for companies with >50 full-time employees, requires companies to make health insurance or provide assessment (gives employees the right to buy health insurance)

45
Q

What is Affirmative Action?

A

Affirmative Action:

(1) Requirements: >50 employees, employers hold federal contracts in excess of $50,000
(2) Employers are required to (1) actively encourage job applications from minorities and (2) hire qualified employees from minorities

Introduction To Business (3 decks)

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