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Economics > Managing Human Capital > Flashcards

Managing Human Capital Flashcards

1
Q

The 6 functions of human resource management

A

· staffing · training & development · performance management · rewards & benefits · health & safety · employee-management relations

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2
Q

performance management

A

the HR function that refers to aligning individual employees’ goals and behaviors with organizational goals and strategies, appraising and evaluating past and current behaviors and performance, and providing suggestions for improvement

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3
Q

competitive advantage

A

doing something differently from the competition that leads to outperformance and success

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4
Q

human resource management

A

the organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent

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5
Q

rewards & benefits

A

the HR function that refers to the sum of all of the rewards employees receive in exchange for their time, efforts, and performance

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6
Q

employee handbooks

A

print or online materials that document the organization’s HRM policies and procedures

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7
Q

employee-management relations

A

the HR function that refers to industrial relations, more commonly known as unionized employment situation

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8
Q

financial risk

A

risk related to an organization’s workforce costs and productivity directly through compensation, benefits, turnover, overtime, and time-to-hire and indirectly through errors, accidents, delays, and lost production

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9
Q

direct financial compensation

A

compensation received in the form of salary, wages, commissions, stock options, or bonuses

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10
Q

indirect financial compensation

A

all the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time, and health insurance

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11
Q

business strategy

A

defines how the firm will compete in its marketplace

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12
Q

total rewards

A

the sum of all the rewards employees receive in exchange for their time, efforts, and performance

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13
Q

compliance risk

A

risk related to employment-related decisions that can have legal ramifications, particularly in the areas of diversity, health and safety, union relations, whistleblowers, and harassment

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14
Q

training and development

A

the HR function that refers to the growth of employee capabilities through both formal and informal activities; also includes career planning, organizational development, and legal compliance

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15
Q

nonfinancial compensation

A

rewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or from the work environment

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16
Q

operational risk

A

risk related to the speed and the effectiveness of talent acquisition, development of employees’ skills, and the identification and retention of top performers

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17
Q

Strategic risk

A

HRM initiatives can affect business strategy. These may include the overall talent strategy, company culture, ethics, investments in people, and the implementation of change initiatives.

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18
Q

talent philosophy

A

A system of beliefs about how its employees should be treated.

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19
Q

human resource strategy

A

Links the entire human resource function with the firm’s business strategy.

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20
Q

Global mindset

A

A set of individual attributes that enable you to influence individuals, groups, and organizations from diverse socio/cultural/institutional systems.

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21
Q

shared service center

A

Centralizes routine, transaction-based HRM activities.

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22
Q

Outsourcing

A

Hiring an external vendor to do work rather than doing it internally.

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23
Q

professional employer organization (PEO)

A

A company that leases employees to companies that need them.

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24
Q

Organizational culture

A

The norms, values, and assumptions of organizational members that guide members’ attitudes and behaviors.

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25
Q

performance culture

A

Focuses on hiring, retaining, developing, motivating, and making work assignments based on performance data and results.

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26
Q

high-performance work systems (HPWS)

A

High-involvement or high-commitment organizations.

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27
Q

Ethics

A

The standards of moral behavior that define socially accepted behaviors that are right as opposed to wrong.

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28
Q

utilitarian standard

A

The ethical action best balances good over harm.

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29
Q

rights standard

A

The ethical action is the one that best respects and protects the moral rights of everyone affected by the action.

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30
Q

fairness standard

A

The ethical action treats all people equally, or at least fairly, based on some defensible standard.

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31
Q

common good standard

A

The ethical action shows respect and compassion for all others, especially the most vulnerable.

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32
Q

virtue standard

A

The ethical action is consistent with certain ideal virtues including civility, compassion, benevolence, etc.

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33
Q

Omission errors

Remission errors

Commission errors

A

a lack of written rules

pressure to make unethical choices

a failure to follow sound, established operational and ethical practices

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34
Q

Codes of conduct

A

Specify expected and prohibited actions in the workplace and give examples of appropriate behavior.

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35
Q

code of ethics

A

A decision-making guide that describes the highest values to which an organization aspires.

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36
Q

Federal Sentencing Guidelines for Organizations, six basic elements are important to a complete ethics and compliance program

A

Written standards for ethical conduct
Ethics training
Providing a way for seeking ethics-related advice or information
Providing a mechanism for anonymously reporting misconduct
Disciplining employees who violate the law or the standards of the organization
Evaluating ethical behavior as part of an employee’s regular performance appraisals

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37
Q

Corporate social responsibility

A

Businesses showing concern for the common good and valuing human dignity.

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38
Q

stakeholder perspective

A

Considering the interests and opinions of all people, groups, organizations, or systems that affect or could be affected by the organization’s actions.

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39
Q

Power distance

A

How much inequality exists and is accepted among people with and without power.

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40
Q

Individualism

A

The strength of the ties people have with others in their community—high individualism reflects looser ties with others.

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41
Q

Masculinity

A

The extent to which a culture reflects traditionally masculine (e.g., assertiveness, achievement, and material rewards) or feminine (e.g., modesty, cooperation, and quality of life) traits.

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42
Q

Uncertainty avoidance

A

The degree of anxiety felt in uncertain or unfamiliar situations.

43
Q

Long-term orientation

A

Reflects a focus on long-term planning, delivering on social obligations, and avoiding “losing face.”

44
Q

Absence rate

A

Number of employee absences/(average number of employees during the period × the number of workdays)

45
Q

Cost per hire

A

Recruitment costs/(cost of compensation + benefits)

46
Q

Customer service ratings

A

Average customer ratings of employee customer service performance

47
Q

Health care cost per employee

A

Total cost of employee health care/number of covered employees

48
Q

Innovation

A

Percent of sales coming from products introduced in the last five years

49
Q

Workers’ compensation cost per employee

A

Total annual workers’ compensation cost/average number of employees

50
Q

Tenure

A

Average years of service at the organization

51
Q

Revenue per employee

A

Revenue/total number of employees

52
Q

Return on investment (ROI)

A

[(value of a program or intervention’s benefits - total cost)/total cost] × 100

53
Q

Profit per employee

A

Profit/total number of employees

54
Q

Percent of performance goals met or exceeded

A

Number of individual or group performance goals met or exceeded/total number of performance goals

55
Q

Job offer acceptance rate

A

Number of job offers accepted/number of job offers extended

56
Q

risk management

A

Identifying, assessing, and resolving risks before they become serious threats.

57
Q

Risk assessment

A

Identifying, analyzing, and prioritizing risks.

58
Q

Risk control

A

Risk management planning and monitoring and resolving risks.

59
Q

Avoidance

A

: Eliminate, withdraw from, or do not become involved in the situation leading to the risk (e.g., decide not to acquire a company because of poor cultural fit).

60
Q

Reduction

A

: Mitigate or reduce the risk (e.g., conduct contingency and succession planning and employee development activities to improve the depth of the company’s leadership pipeline or train all hiring managers and recruiters in common hiring biases, relevant employment laws, and the organization’s interview process).

61
Q

Sharing

A

: Transfer the risk by outsourcing or insuring against it (e.g., decide to outsource employee background checks to a qualified vendor).

62
Q

Retention

A

: Accept and budget for the risk (e.g., set aside funds to cover equal employment opportunity (EEO) fines, employee severance payments, or lawsuit settlements).

63
Q

Unfair discrimination

A

When employment decisions and actions are not job-related, objective, or merit-based.

64
Q

Fair discrimination

A

When only objective, merit-based, and job-related characteristics are used to determine employment-related decisions.

65
Q

Unlawful employment practices

A

Violate a federal, state, or local employment law.

66
Q

Equal employment opportunity (EEO)

A

A firm’s employment practices must be designed and used in a manner that treats employees and applicants consistently regardless of their protected characteristics, such as their sex and race.

67
Q

Common law

A

The body of case-by-case court decisions that determines what is legal and what remedies are appropriate.

68
Q

workplace tort

A

A civil wrong in which an employer violates a duty owed to its customers or employees.

69
Q

National Labor Relations Act of 1935

A

Congress enacted the National Labor Relations Act (NLRA) to protect employee and employer rights and to encourage collective bargaining between labor unions and employers.

70
Q

Fair Labor Standards Act (FLSA) of 1938

A

The Fair Labor Standards Act establishes a national minimum wage, overtime rules, recordkeeping requirements, and youth employment standards.

71
Q

Equal Pay Act of 1963

A

To promote equal pay for equal work, the Equal Pay Act of 1963 prohibits discrimination in pay, benefits, and pensions based on an employee’s gender.

72
Q

Title VII of the Civil Rights Act of 1964

A

Title VII of the Civil Rights Act29 prohibits employment discrimination based on race, color, religion, sex, or national origin and provides monetary damages in cases of intentional employment discrimination. Title VII prohibits not only intentional discrimination but also practices that have the effect of discriminating against individuals because of their race, color, national origin, religion, or sex.

73
Q

bona fide occupational qualification (BFOQ)

A

A characteristic that is essential to the successful performance of a relevant job function.

74
Q

The Age Discrimination in Employment Act (ADEA) of 1967

A

The Age Discrimination in Employment Act36 (ADEA) prohibits employers from discriminating against any worker with respect to compensation or the terms, conditions, or privileges of employment because he or she is age 40 or older.

75
Q

The Rehabilitation Act of 1973

A

The Rehabilitation Act of 197340 requires employers to engage in affirmative action to promote the hiring of individuals with a disability.

76
Q

Reasonable accommodation

A

An employer is required to take reasonable steps to accommodate a disability unless it would cause the employer undue hardship.

77
Q

Vietnam Era Veterans’ Readjustment Assistance Act of 1974 (VEVRAA) (Amended in 2002 by the Jobs for Veterans Act)

A

The Vietnam Era Veterans’ Readjustment Assistance Act43 (VEVRAA) prohibits discrimination against protected veterans and requires federal government contractors and subcontractors with a contract of $25,000 or more with the federal government to take affirmative action to employ and promote protected veterans.

78
Q

The Pregnancy Discrimination Act of 1978

A

The Pregnancy Discrimination Act of 197844 amended Title VII of the Civil Rights Act to prohibit sex discrimination on the basis of pregnancy.

79
Q

Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986

A

The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health plan benefits.

80
Q

The Immigration Reform and Control Act of 1986

A

Under the Immigration Reform and Control Act, employers must use an I-9 verification form to verify the employability status of every new employee within three days of hiring.

81
Q

The Worker Adjustment and Retraining Notification Act (WARN) of 1988

A

The WARN Act is a federal law requiring employers of 100 or more full-time workers who have worked at least six of the last 12 months and an average of 20 hours or more per week to give employees 60 days’ advance notice of closing or major layoffs.

82
Q

The Americans with Disabilities Act (ADA) of 1990

A

The Americans with Disabilities Act (ADA) and the Americans with Disabilities Act Amendments Act that became effective on January 1, 2009, guarantee equal opportunity for individuals with disabilities or perceived as having disabilities.

83
Q

Disability

A

The condition of a person who has a physical or mental impairment that substantially limits one or more major life activities, has a history or record of such an impairment, or is perceived by others as having such an impairment.

84
Q

Family and Medical Leave Act of 1993

A

The Family and Medical Leave Act (FMLA) of 1993 (amended by the Family and Medical Leave Act and National Defense Authorization Act of 2008) requires eligible employees at worksites with at least 50 employees to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave.

85
Q

The Uniformed Services Employment and Reemployment Rights Act (USERRA) of 1994

A

The Uniformed Services Employment and Reemployment Rights Act of 199460 (significantly updated in 1996 and 1998) prohibits employers from discriminating against job applicants who may be called into military service or who volunteer for military service.

86
Q

The Health Insurance Portability and Accountability Act of 1996

A

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) requires the Secretary of Health and Human Services to publicize standards for the electronic exchange, privacy, and security of health information.

87
Q

The Genetic Information Nondiscrimination Act of 2008 (GINA)

A

The Genetic Information Nondiscrimination Act prohibits employers from discriminating against individuals based on the results of genetic testing when making hiring, firing, job placement, or promotion decisions.

88
Q

The Patient Protection and Affordable Care Act of 2010

A

The Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act (ACA) or nicknamed Obamacare, is a federal law that took effect on March 23, 2010.

89
Q

Global Differences

A

Employment laws also vary across countries. Some countries make it much more difficult to terminate an employee than in the United States, and others give different legal rights to blue- and white-collar employees.

90
Q

Affirmative action

A

Proactive efforts to eliminate discrimination and its past effects.

91
Q

Protected classes

A

Groups underrepresented in employment.

92
Q

affirmative action plan

A

Describes in detail the actions to be taken, procedures to be followed, and standards to be met when establishing an affirmative action program.

93
Q

Preferential treatment

A

Employment preference given to a member of a protected group.

94
Q

independent contractor

A

An individual or business that provides services to another individual or business that controls or directs only the <em>result</em> of the work.

95
Q

Sexual harrassment

A

Unwelcome sexual advances, requests for favors, and other verbal or physical conduct of a sexual nature.

96
Q

quid pro quo harassment

A

Unwanted verbal or physical conduct of a sexual nature made as a term or condition of employment or as a basis for employment and/or advancement decisions.

97
Q

hostile environment harassment

A

Unwanted verbal or physical conduct of a sexual nature that creates a hostile, intimidating, or otherwise offensive working environment.

98
Q

Disparate treatment

A

Intentional discrimination based on a person’s protected characteristic.

99
Q

Adverse impact

A

An employment practice has a disproportionate effect on a protected group, regardless of its intent.

100
Q

Race norming

A

Comparing an applicant’s scores only to members of his or her own racial subgroup and setting separate passing or cutoff scores for each subgroup.

101
Q

Fraudulent recruitment

A

Misrepresenting the job or organization to a recruit; also known as “truth in hiring.”

102
Q

Negligent hiring

A

A company is considered responsible for the damaging actions of its employees if it failed to exercise reasonable care in hiring the employee who caused the harm.

103
Q

Stereotypes

A

Believing that everyone in a particular group shares certain characteristics or abilities or will behave in the same way.

Economics (4 decks)

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