Human Resource Management Flashcards
Transitional Employment
a strategy that places individuals in temporary jobs with the goal of preparing them for permanent job placement. Transitional employment is offered to unemployed or underemployed individuals who need help integrating back into the workforce
Forecasting
the process of predicting how a company’s staffing needs change with time
Succession Planning
identify and develop high-potential employees who possess the necessary skills and competencies to succeed in key leadership roles
Employee Selection Process
announcing the job, reviewing applications, screening candidates, interviewing, final selection, testing, and making an offer
Testing Phase
use of standardized devices/techniques designed to measure skills, intellect, personality or other characteristics
Affirmative Action
the practice or policy of favoring individuals belonging to groups regarded as disadvantaged or subject to discrimination; reverse discrimination
Equal Employment Opportunity
refers to fair, unbiased treatment in the workplace; creates a culture that doesn’t accept any kind of discriminatory behavior
Civil Rights Act
prohibits discrimination against women and minorities in the workplace
Americans with Disabilities Act/ADA
prohibits discrimination against people with disabilities in several areas
Employee Needs Analysis
the process of employee evaluation to identify their level of skills and training needs
SMART Goals
Specific, Measurable, Achievable, Relevant, and Time-Bound
OSHA/Occupational Safety and Health Administration requirements
Prevent workplace injuries and illnesses
Pre-tax Deductions
any money taken from an employee’s gross pay before taxes are withheld from the paycheck (Medical and dental benefits, 401(k) retirement plans, group term life insurance)
FICA/Federal Income Contributions Act
mandatory payroll taxes; Social Security (6.2%) and Medicare (1.45%); employee and employer each pay 7.65%
Group Term Life Insurance
provides term life insurance as a benefit to eligible, enrolled employees or group members of an organization at a lower cost than what they would pay for an individual term life policy
Mandatory/Statutory Benefits
medicare and social security contributions, worker’s compensation insurance, unemployment insurance and, under some state and local laws, paid sick leave; applicable large employers (50 or more employees) must also offer health insurance and family/medical leave
Affordable Care Act (Obamacare)
increases health insurance coverage for the uninsured and implements reforms to the health insurance market
Discretionary/Fringe Benefits
various types of non-wage compensation provided to employees in addition to their normal wages or salaries; not required by law (tuition assistance, childcare reimbursement, cafeteria subsidies)
Salary Schedule
a system that determines how much an employee is paid dependent on the employee’s rank or status and the employer’s salary structure with grades that define the range of pay for an employee
Variable Pay
the portion of sales compensation determined by employee performance; incentive pay
Comparable Worth
concept aimed at leveling out salaries based on a job’s value, or worth, to a company; Equal Pay for Equal Work
Broad banding
(a pay structure that consolidates a large number of narrower pay grades into fewer bands with wider salary ranges
Strategic Compensation
strategies that help companies manage the total employee compensation while ensuring growth, equity, and transparency
Piecework Plan
paying an employee a fixed pay rate for each unit they produce
Merit/Incentive Pay
provides base-pay increases or bonuses for workers who perform their jobs effectively
Employee Rewards/Recognition Programs
a system that an organization sets up to celebrate employee successes in an open forum and reward them with monetary and non-monetary perks for meeting goals or embodying core values
Pay Rate
money received divided by hours worked
Team-Based Compensation
financially compensates employees for the goals they meet as a collective group, rather than as individuals (bonuses)