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Business Unit 4
Business Essentials
| Term | Definition |
|---|---|
| Employee | An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. |
| Human Resources | The people who work for a business. The employees (collectively). Also called the workforce, labor, or human capital. |
| Human Resources [Function] | The team (or department) responsible for overseeing all things related to optimizing an organization’s human capital. |
| Human Resource Management (HRM) | All of the activities involved in determining an organization’s human resources needs, as well as acquiring, training, and compensating people to fill those needs. |
| Employee Value Proposition (EVP) | The unique set of rewards and benefits that are received by employees in return for their performance at the workplace. |
| Human Resources Cycle | The employee journey within the organization, from the first encounter during recruitment to the final one at retirement or during exit counseling. Recruit, employ, orient, develop, motivate, evaluate reward, and transition. |
| Competency Modeling | Process of analyzing and describing the types and range of abilities, knowledge, and skills present in an organization at each job level, or which it needs to acquire to gain a competitive advantage. |
| Knowledge | The sum of data, information, and facts that resides within a person and can be drawn upon in the correct context. |
| Skills | A capacity acquired through deliberate, systematic, and sustained effort. Includes technical, professional, managerial, and organizational capacities. |
| Abilities | An acquired or natural capacity or talent that enables an individual to perform a particular job or task successfully. Includes executive function, social, and the so-called softer skills. |
| Organizational Structure | The arrangement of lines of authority, communications, rights and duties of an organization. Determines roles, power and responsibilities are assigned, controlled, and coordinated, and how information flows between the different levels of management. |
| Organizational Chart | The illustration of the organizational structure. |
| Competency Model | The result of Job Analysis, the model lays out the knowledge, skills, and abilities, for employees at each level in a particular function or system within the business. |
| 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 Posting (Listing) | The publication of an open positions so that existing employees (who wish to move to different functional areas) or external candidates may apply. |
| Turnover | Occurs when employees exit their positions and must be replaced by new employees. |
| Job Rotation | Movement of employees from one job to another in an effort to relieve the boredom often associated with job specialization. |
| Job Enlargement | The addition of more tasks to a job instead of treating each task as separate. |
| Job Enrichment | The incorporation of motivational factors, such as opportunity for achievement, recognition, responsibility, and advancement, into a job. |
| Flexible scheduling | Job scheduling outside the traditional 5-day per week, 8 hour per day norm. |
| Flextime | A program that allows employees to choose their starting and ending times, provided that they are at work during a specified core period. |
| Compressed Workweek | A four-day (or shorter) period during which an employee works 40 hours. Compression fits the standard number of hours into fewer workdays. |
| Job Sharing | Performance of one full-time job by two people who are each on part time hours. |
| Recruiting | Forming a pool of qualified applicants from which management can select employees. |
| Application | The document, hard copy or digital format, which an applicant must complete to provide a company with basic information about himself, his qualifications, and his experiences. |
| Applicant | A person who completes an application in response to a job posting, or because he requests to submit an application. |
| Resume | Also known as a Curriculum Vitae. Formal presentation of a job applicant's education, skills, and work experience, and other information which may be interesting and useful to a hiring organization. Presented in an easy to read format of usually one page. |
| Candidate | An applicant who makes it through the initial resume screening process and is offered by the company the opportunity to move on in the recruitment process. |
| Interview | A somewhat formal discussion between a hirer and an applicant or candidate, typically in person, in which information is exchanged, with the intention of establishing the applicant's suitability for a position. |
| Selection | The process of collecting information about applicants and using that information to make hiring decisions. |
| Job Offer | A conditional promise to another (offeree) for acceptance, and which becomes legally enforceable if accepted by the offeree. |
| Acceptance | Agreement to an offer (and its conditions). |
| Orientation | Familiarizing newly hired employees with fellow workers, company procedures, the physical properties of the company, and more. (See slide.) |
| “OnBoarding” | Jargon used by businesspeople to describe the process of officially and legally converting a candidate to an employee. |
| Non-Disclosure Agreement | A contract that restricts the disclosure of confidential information or proprietary knowledge under specific circumstances. Required by employers so that employees do not divulge confidential information about the company to non- employees. |
| Direct Deposit | Electronic bank to bank transfer from company to employee at specific intervals in order to pay wages. |
| Wages | Financial rewards based on the number of hours the employee works or the level of output achieved. Part of the extrinsic rewards in an Employee Value Proposition. |
| Salary | A financial reward calculated on a weekly, monthly, or annual basis – as opposed to compensating for each hour served. |
| Benefits | Part of the extrinsic rewards in an Employee Value Proposition. |
| Corporate Culture | The values and behaviors that contribute to the unique social and psychological environment of an organization. |
| Employee Performance Management | The ongoing assessment of an employee to gauge progress toward predetermined goals. |
| Performance Appraisal | The milestone event used to relay performance feedback and any reward. Typically once or twice per year, but trending toward being an ongoing process in ore innovative companies. |
| Performance Rating or Ranking | A type of performance evaluation that sorts set percentages of employees into specific categories based on how well they are performing compared with their peers. |
| 360 Degree Feedback | Its main objective usually is to assess training and development needs and to provide competence-related information for succession planning -- not to directly impact promotion or pay increase. |
| Peer Review | Evaluation of the performance, or the quality of work, of an employee by other employees who do similar work, who participate on the same projects or teams, or who are at the same level in the organizational hierarchy. |
| Compensation | Sum of direct benefits (such as salary, allowances, bonus, commission) and indirect benefits (such as insurance, pension plans, vacations) that an employee receives from an employer. |
| Soft Perk | A type of non-monetary compensation offered by a business to employees – often because the job performed can benefit from the employee having an advantage or access. |
| Health and Wellness Programs | Benefits supporting and potentially reducing healthcare insurance costs. Proper diet, walking, other light exercises, stress management, illness prevention, mental health counseling, meditation and mindfulness, and other wellness techniques. |
| Flexible Spending Account (or HSA) | An account to which eligible employees allocate pre-tax money throughout the year. They then use funds to pay for certain out-of- pocket costs, such as health care or child care (depending on the type of account). |
| Minimum | Lowest hourly rate an employer can pay an employee. In some countries (such as the US) the minimum wage is set by a statute while in others (such as the UK) it is set by the wage council of each industry. |
| U.S. Bureau of Labor Statistics | An arm of the U.S. Department of Labor (DOL), the BLS researches, assembles, and publishes a range of statistical data on the labor market, prices, and productivity in the United States. |
| Pay Gap | A difference in earnings between two groups for performing similar work. Usually expressed in “cents on the dollar.” |
| Payroll | The total amount required to pay employees during a week, month or other period. |
| W-4 | An Internal Revenue Service tax form completed by an employee in the United States on his first day of work in order to tell the employer the correct amount of tax to withhold from his paycheck. |
| Gross Pay | The total of an employee's regular remuneration including allowances, overtime pay, commissions, and bonuses, and any other amounts, before any deductions are made. |
| Net Pay | The remaining amount of an employee's gross pay after deductions, such as taxes and retirement contributions, are made. (See presentation for calculation.) |
| Pre-Tax Withholding | Amount withheld by an employer from employee's earnings to cover pre-tax contributions, for example contributions to retirement savings and healthcare spending accounts. |
| Payroll Taxes | Income tax and other statutory deductions made by the employer from the employee's gross salary or wages. Typically includes Social Security and Medicare taxes at the Federal level, and then any income taxes required at the State or Municipal level. |
| Payroll Deduction | Amount reduced by an employer from employee's earnings in order to cover after-tax expenses, for example union or association dues. |
| Garnishment | In relation to payroll, the amount which needs to be deducted from an employee’s net pay each period as a result of a legal process under which his personal property is seized to satisfy a debt or court award. |
| Succession planning | The future-focused practice of identifying the knowledge, skills, and abilities to perform certain functions and then developing a plan to prepare multiple individuals to potentially perform those functions. |
| Career Ladder | Structured sequence of job positions through which a person progresses in an organization. |
| Management Training Program | A career ladder and associated development aimed at cultivating a company’s future management team and a process by which an organization can identify future leaders to be the focus of succession planning. |
| Training | The preparation of an employee to perform the tasks required for his or her current role. Involves teaching specific tasks through either classroom instruction or on-the-job experience. |
| Development | The practice of equipping an employee (or group) for future roles and responsibilities. In training that augments existing knowledge, skills, and abilities. |
| Continuing Education | Post-graduate coursework undertaken by employees to maintain certification and licensing, or to further development of knowledge, skills, and abilities. |
| Tuition Reimbursement | A benefit offered to employees to cover part or full cost of continuing education. |
| Mentoring | Supporting, training, and guiding an employee in his or her professional development. Can be an individual effort initiated by a mentor, requested by an employee, or set up via a formal company- sponsored program. |
| Protégé | Also known as the mentee. This is the person under the tutelage of a mentor. |
| Promotion | An advancement to a higher level job with increased authority, responsibility, and pay. |
| Transfer | A move to another job within the company, usually at the same level and wage, and often with the same (or similar) job title and function. |
| Separation | The milestone at which an employee’s association with a business ends, either because of retirement, resignation, termination, or also because of layoff or furlough. |
| Retirement | The voluntary separation of an employee at the end of his or her career. Some professions, companies, and industries set recommended retirement ages, or even set out terms of retirement in an employment contract. |
| Resignation | The voluntary separation of an employee. Resignation is usually initiated by the employee, either because of a relocation or a move to another company or for other personal reasons. |
| Termination | The involuntary separation of an employee. The term is usually used in a negative sense (as in firing an employee). |
| Opening | A budgeted, but unfilled job with an active posting. |
| Workforce Diversity | The state of different ages, genders, races, ethnicities, nationalities, and abilities being represented in the workforce. All person feel welcome and comfortable joining the organization. |
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