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Bus 384: Chapter 6
| Term | Definition |
|---|---|
| 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
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