Terms Flashcards
Total Remuneration Surveys (TRS)
provide comprehensive market data on compensation and benefits around the globe
Variance analysis
Variance analysis is the quantitative investigation of the difference between actual and planned behavior. This analysis is used to maintain control over a business. For example, if you budget for sales to be $10,000 and actual sales are $8,000, variance analysis yields a difference of $2,000.
Vroom’s expectancy theory
Vroom’s expectancy theory assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and to minimize pain. Vroom realized that an employee’s performance is based on individual factors such as personality, skills, knowledge, experience and abilities.
The Hersey-Blanchard Model
The Hersey-Blanchard Model suggests that there is no single leadership style that is better than another. Instead of focusing on workplace factors, the model suggests leaders adjust their styles to the followers and their abilities
Employee pulse survey
An employee pulse survey is a fast and frequent survey system, that does away with complex questions and is intentionally designed to be done weekly, or every few weeks. They give a quick insight into the health of a company, hence the name ‘pulse’.
Brevity
concise and exact use of words in writing or speech
Obsolete
no longer produced or used; out of date
Expatriate
a person who lives outside their native country
Decentralization Structure
Decentralization is a type of organizational structure in which daily operations and decision-making responsibilities are delegated by top management to middle and lower-level mangers. This frees up top management to focus more on major decisions.
Totalization agreement
Totalization agreements protect the benefit rights of workers who divide their careers between the two countries by permitting each country to count periods of social security coverage earned in the other country, as needed, to establish benefit entitlement.
Employee resource groups
Employee resource groups are groups of employees who join together in their workplace based on shared characteristics or life experiences. ERGs are generally based on providing support, enhancing career development, and contributing to personal development in the work environment.
Lagging & Leading indicators
Lagging indicators reflect performance that happened in the past, while leading indicators reflect activity that can change future performance or success.
Balanced scorecard
A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations
SMARTER
specific measurable attainable relevant timely evaluated revised
Benchmarking Process
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. … Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to improve their practices.
