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Intro to Business Exam 3

Human Resources management (HRM)
All the activities involved in determining an organization’s human resources needs, as well as acquiring, training, and compensating people to fill those needs
Job Analysis
The determination, through observation and study, of pertinent information about a job – including specific tasks and necessary abilities, knowledge, and skills
Job Description
A formal, written explanation of a specific job, usually including job title, tasks, relationship with other jobs, physical and mental skills required, duties, responsibilities, and working conditions
Job specification
A description of the qualifications necessary for a specific job, in terms of education, experience, and personal and physical characteristics
Recruiting
Forming a pool of qualified applicants from which management can select employees
Selection
The process of collecting information about applicants and using that information to make hiring decisions
Title VII of the civil Rights Act
Prohibits discrimination in employment and created the Equal Employment opportunity Commission
Orientation
Familiarizing newly hired employees with fellow workers, company procedures, and the physical properties of the company
Training
Teaching employees to do specific job tasks through either classroom development or on-the-job experience
Development
Training that augments the skills and knowledge of managers and professionals
Turnover
Occurs when employees quit or are fired and must be replaced by new employees
Promotion
An advancement to a higher-level job with increased authority, responsibility, and pay
Transfer
A move to another job within the company at essentially the same level and wage
Separations
Employment changes involving resignation, retirement, termination, or layoff
Wage/Salary survey
A study that tells a company how much compensation comparable firms are paying for specific jobs that the firms have in common
Wages
Financial rewards based on the number of hours the employee works or the level of output achieved
Commission
An incentive system that pays a fixed amount or a percentage of the employee’s sales
Salary
A financial reward calculated on a weekly, monthly, or annual basis
Bonuses
Monetary rewards offered by companies for exceptional performance as incentives to further increase productivity
Profit Sharing
A form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them
Benefits
Nonfinancial forms of compensation provided to employees, such as pension plans, health insurance, paid vacation and holidays, and the like
Labor unions
Employee organizations formed to deal with employers for achieving better pay, hours, and working conditions
Collective Bargaining
The negotiation process through which management and unions reach an agreement about compensation, working hours, and working conditions for the bargaining unit
Labor Contract
The formal, written document that spells out the relationship between the union and management for a specified period of time – usually two or three years
Picketing
A public protest against management practices that involves union members marching and carrying antimanagement signs at the employer’s plant
Strikes
Employee walkouts; one of the most effective weapons labor has
Boycott
An attempt to keep people from purchasing the products of a company
Lockout
Management’s version of a strike, wherein a work site is closed so that employees cannot go to work
Strikebreakers
People hired by management to replace striking employees; called ‘scabs’ by striking union members
Conciliation
A method of outside resolution of labor and management differences in which a third party is brought in to keep the two sides talking
Mediation
A method of outside resolution of labor and management differences in which the third party’s role is to suggest or propose a solution to the problem
Arbitration
Settlement of a labor/management dispute by a third party whose solution is legally binding and enforceable
Diversity
The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace
Affirmative action programs
Legally mandated plans that try to increase job opportunities for minority groups by analyzing the current pool of workers, identifying areas where women and minorities are underrepresented, and establishing specific hiring and promotion goals, with target dates, for addressing the discrepancy

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