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Business/Unit 2 > Unit 2 > Flashcards

Unit 2 Flashcards

(92 cards)

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1
Q

Motivation

A

Motivation is a process of inducing, inspiring and energising people to work willingly with zeal, initiative, confidence, satisfaction and an integrated manner to achieve desired goals, it is a moral boosting activity

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2
Q

Labour productivity

A

a measure of the efficiency of workers by calculating the output per worker.

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3
Q

Absenteeism

A

workers non- attendance at work without good reason

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4
Q

Labour turnover

A

the rate at which workers leave a business.

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5
Q

The theory of economic man

A

the view that humans are only motivated by money.

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6
Q

Piece- rate

A

paying workers for each unit produced

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7
Q

Hygiene factors

A

These are factors that are essential to keep an employee motivated at his/her workplace, non-existence of these factors can cause dissatisfaction at work

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8
Q

Motivators

A

the factors that influence a person to increase their efforts.

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9
Q

Job dissatisfaction

A

when a person is unhappy with his job.

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10
Q

Financial reward method

A

cash and non- cash rewards paid to workers which are often used to motivate employees

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11
Q

Non- Financial reward method

A

-methods used to motivate workers that do not involve giving financial reward

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12
Q

Hourly wage rate

A

it means workers are paid a fixed amount per hour worked

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13
Q

Salary

A

workers are paid a fixed amount per month

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14
Q

Piece- rate method

A

pay is based on number of units of output produced by a worker.

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15
Q

Commission

A

commission to sales staff based on the value of sale made

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16
Q

Bonus scheme

A

workers receive additional payment for achieving targets set by their managers.

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17
Q

.Performance related pa

A

rate pay based on how well an employee performance a task based on set standards.

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18
Q

Fringe benefits

A

these are alternate to cash payments. Non- cash rewards to retain or recruit workers.Example- company car, healthy insurance, pension etc

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19
Q

Profit sharing

A

an additional payment to employees based on the profits of the business. In the form of cash payments, calculated on the basis of percentage of a workers wage.

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20
Q

Job enrichment

A

organising work so that workers are encouraged to use their full abilities, increase job satisfaction.

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21
Q

Job redesign

A

make the work more interesting and challenging for the workers, help them to develop a new skill.

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22
Q

Job rotation

A

instead of doing the same task, workers switch from one task to another. This makes workers multi- skilled, reduces boredom and creates a flexible workforce

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23
Q

Job enlargement

A

increasing the variety of similar level of task that a worker performs. This increases the scope of duties and responsibilities of a worker and reduces monotony.

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24
Q

Quality circles

A

groups of workers who meet regularly to discuss work related issues. Workers come with solutions which are communicated to the managers.

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25
Team Work
organising production so that groups of workers complete the whole unit of work.
26
Delegation
managers passing authority for the performance of tasks to lower level workers.
27
Chain of command
the structure in the organisation, which allows instructions to be passed down from senior management to lower levels of management
28
Functional departments
departments with clearly defined roles and responsibilities, like finance, marketing, human resource and research and development
29
Hierarchy
the number of levels in an organisational structure
30
Delegation
Passing down authority down through the organisational hierarchy to a subordinate.
31
Organisational structure
the formal, internal, framework of a business that shows how it is managed and organized
32
Span of control
The number of employees working directly under a manager is span of control.
33
Subordinate
an employee who is below another employee in the organizations hierarchy.
34
Redundancy
it is when an employer reduces his workforce because a job is no longer needed.
35
Line managers
they are responsible for overseeing the work of other staff.
36
Delayering
Strategy to remove one or more levels of hierarchy from the organisational structure.
37
Centralised organization
Centralisation means reservation of decision making authority at a central point in the organisation. Control and decision making resides with the top management
38
Decentralised organization
Decision making powers in decentralisation are passed down the organisation to lower levels. It is spread out to include more managers in the hierarchy, as well as individual business units or trading locations.
39
Directors
they are appointed or elected members of the Board of directors of a company who have the responsibility for determining and implementing the company’s policy.
40
Annual General meeting
a meeting for shareholders that limited companies must hold once every year.
41
Chief Executive office
the most senior manager responsible for the overall performance and success of a company.
42
Manager
Manager is an employee who is responsible for planning, directing and overseeing the operations of a business department.
43
Supervisor
Supervisors check an and control the work of subordinates.
44
Planning
Planning involves setting goals for the business.
45
Organising
Assigning tasks to personnel while identifying their authority and responsibility.
46
Commanding
This function is concerned with leadership,communication , supervision and motivation so that employees perform their duties in an efficient manner
47
Coordinating
Ensuring that different departments in the business are working together, to achieve the goals of the organization.
48
Controlling
Ensuring work is being done as per plan. Establishing standard of performance, measurement of actual performance.
49
Staffing
It is the function of hiring and retaining suitable work force both at managerial and non- managerial levels
50
Autocratic leadership
It is a style of leadership that keeps all decision making at the center of the organisation.
51
Democratic leadership
It is a leadership style in which employees have a say in decision making.
52
Laissez faire
a leadership style where most of the decisions are left to the workers
53
Trade union
A trade union is an organisation of workers aimed at improving pay, working conditions and providing services such as legal advice for members.
54
Recruitment
The process of finding and hiring the best qualified candidate for a job opening in a timely and cost effective manner.
55
Job description
explains the work to be done, location of work and the job title.
56
Person specification
lists the qualification and skills required of the prospective candidate for the job.
57
Internal recruitment
filling the vacant post with someone already employed in the business.
58
External recruitment
Filling a vacant post with somebody not already employed in the business.
59
Job analysis
Job analysis is a systematic process of gathering information about the job duties and responsibilities.
60
Shortlisting
list of candidates chosen to be interviewed.
61
Full time workers
full time worker is one who is employed to work 35-40 hours per week.
62
Part time workers
they are employees who work less number of hours compared to a full-time worker.
63
Training
Training is the process of enhancing the skills, capabilities and knowledge of employees for doing a particular job.
64
Induction training
induction training helps new recruits become familiar with the organisation, people they work with and procedures that are needed to be followed.
65
On- the – job training
training at the work place as an apprentice to an experienced worker.
66
Off- the job training
training that takes place at schools, colleges that qualify an individual to apply for a job.
67
Resignation
when an employee decides to leave the job voluntarily
68
Redundancy
termination of employment by the employer as the job is no longer needed.
69
Retirement
Termination of employment due to workers reaching an age beyond which they do not need to work.
70
Dismissal
Termination of work by employer because the employee has broken rules or is not performing work as per the required standards.
71
Contract of employment
is a signed agreement between the employee and employer which establishes the rights and duties of both the parties and is a legally binding agreement.
72
Legal minimum wage
Minimum wage law prohibits employers from hiring employees for less than a given hourly, daily or minimum wage.
73
Unfair dismissal
is when the employment is terminated without fair reasons or there is a breach of employment contract by the employer.
74
Communication
The process of communication refers to the transmission of information or message from the sender through a selected channel to the receiver.
75
Sender
Sender is the initiator of the message
76
Message
Message refers to the information that the sender wants to relay
77
Encoding
is the process of putting the message in a proper medium, could be verbal or non- verbal. Depending on the nature of the situation.
78
Channel
refers to the mode through which the message is transmitted. Message maybe oral or written. It may be transmitted through an email, letter, over the phone etc.
79
Receiver
is the person for whom the message is intended
80
Decoding
It refers to interpreting the message
81
Feedback
refers to the response of the receiver
82
Effective communication
information passed between two or more people or groups, with feedback to confirm that the message has been received and understood.
83
Internal communication
sharing information within the organisation for business purpose.
84
External communication
When a business organisation shares information with other businesses, governments, suppliers etc.
85
One way communication
Message is transferred from sender to receiver and the receiver does not have the opportunity to give feedback or respond.
86
Two way communication
in two way communication when the sender sends the message to the receiver he expects a response or feedback
87
Formal communication
it refers to communication taking place through the official channels, between superior and subordinate. It may be written or oral but a record of this communication is maintained.
88
Upward communication
flow of communication from the subordinate to the superio, in the form of suggestions, grievances
89
Downward communication
flow of communication from the superior to subordinates, instructions, orders etc.
90
Vertical communication
communication between individuals of the same or different department holding different positions.
91
Horizontal communication
communication between departments in an organisation, Manager of the finance department communicating with the manager of the marketing department
92
Informal communication
this type of communication does not follow any formal line of communication, communication among workers to satisfy their social needs. But such type of communication can also lead to spread of rumours and gossip.

Business/Unit 2 (1 decks)

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