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Bus 384: Chapter 6

TermDefinition
Cost Components of EE Separation 1) Recruitment (advertising, recruiters, etc.) 2) Selection (hiring, placing, relocation) 3) Training (orientation, books, instructions) 4) Separation (severance pay, health benefits, exit interview, unemployment insurance, outplacement assistance)
Outplacement a program in which companies help their departing employees find jobs more rapidly by providing them with training in job-search skills
Exit interview an employees final interview following separation. The purpose of the interview is to find out the reasons why the employee is leaving (if voluntary) or to provide counseling / assistance in finding a new job
progressive discipline a system where the employee has an opportunity to correct behavior before receiving a more serious punishment
Involuntary separation a separation that occurs when an employer decides to terminate its relationship with an employee due to economic necessity or a poor fit between the employee and the organization
Layoffs a means for an organization to cut costs... or a change in the company's environment or strategy and forces it to reduce its workforce
Discharge when management decides there is a poor fit between an employee and the organization (result of either poor performance, the EE failure to change some unacceptable behavior that management has tried repeatedly to correct)
Downsizing a company strategy to reduce the scale (size) and scope of its business in order to improve the company's financial performance
Rightsizing the process of reorganizing a company's employees to improve their efficiency
Early retirement 1) package of financial incentives that make it attractive for senior employees to retire earlier than planned 2) an open window the restricts eligibility to a fairly short period of time
Bumping when a senior employee whose job is eliminated takes a job in a different unit of the company from an employee with less seniority
Seniority the amount of time an employee has been with the firm (most commonly used layoff criteria)
Pay Cuts used for reducing labor costs, demoralizing
Pay freeze a time in which no wages or salaries are increased (can cause high performers to leave company)
Hiring freeze an employment policy designed to reduce the company's workforce by not hiring any new employees into the company
Options for reducing labor costs: 1) layoffs 2) hiring freeze 3) changes in job design (bumping, job sharing) 4) pay freeze, pay cut 5) training
Managing layoffs: 1) notifying employees (WARN) 2) develop layoff criteria (seniority, perf. appraisal) 3) communication to laid-ff EE (do it face to face) 4) coordinating with media relations 5) maintaining security 6) reassuring survivors of the layoff
Why manage turnover? -hurts bottom line -recruitment costs -selection costs -training costs -separation costs (outplacement assistance, separation pay, exit interview)
Profit sharing the sharing of company profits with employees. long-term pay policy that may protect workers form layoffs
Created by: mbarnum3