KT15: 1.4.2 recruitment, selection and training, 1.4.3 organisational design, 2.1.1 internal finance Flashcards
induction training
familarises newly appointed workers with key aspects of their job and their employer, such as health and safety policies, holiday entitlement and payment arranges. The aim is to make employees fully productive as soon as possible
labour turnover
the number of staff leaving a company as a percentage of the number employed
off-the-job training
where employees leave their normal place of work in order to receive instruction, either within the firm or using external organisations such as a college or university
On-the-job training
where employees acquire or develop skills without leaving their usual workplace, perhaps by being guided through an activity by a more experienced member of staff
Cross-functional
draws from all the functions instead of just one
delayering
removing a management layering from the organisational structure
line manager
a manager responsible for meeting specific business targets and responsible for specific staff
matrix structure
where staff work in project teams in addition to their to their responsibilities within their own department. Therefore, staff can be answerable to more than one boss
span of control
the number of staff who are answerable directly to a manager
angel investors
investors who back the business before it has open its doors, taking full equity risk
collateral
an asset used as security for a loan. It can be sold by the lender if the borrower fails to pay back the loan
crowdfunding
obtaining external finance form many individual small investments, usually through web-based appeal
Public limited company (PLC)
a company with limited liability and shares, which are available to the public. Its shares can be quoted on the stock market
seedcorn capital
the early stage (sowing a seed) finance that might come from an angel investor
share capital
business finance that has no guarantee of repayment or of annual income, but gains a share of the control of the business and its potential profits
