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Conor LC Bus U4 Pt1
Key terms LC Bus Unit4 Part1 HR, Change & Insurance
| Term | Definition |
|---|---|
| Human Resource Management (HRM) | the system of recruiting training developing and rewarding their efforts. |
| Human Resource Planning | ensuring the correct number of staff with the right skills and qualifications |
| labour/staff turnover | the rate at which staff leave the business (bad if high) |
| recruitment | attracting suitable candidates to apply for job vacancies |
| selection process | the steps in which a firm chooses the most suitable applicants for a job. |
| person specification | sets out the ideal candidate for a vacancy in terms of skills qualifications experience and characteristics |
| selection tests | intelligence personality or work sample tests to help shortlist candidates |
| reference check | contacting the listed reference on a CV or former employer to check suitability |
| curriculum vitae (CV) | a written document that outlines a person's qualifications skills and experience. |
| cover letter | a letter to go with the CV that gives details about why they want that specific job |
| equal opportunities employer | states that a firm respects the Employment Equality Acts |
| staff development | the long-term plan for improving worker skills and capabilities |
| on-the-job training | training that takes place in the workplace. Ex work shadowing; demonstration; job rotation |
| off-the-job training | training that takes place outside the workplace. Ex. workshops; courses; lectures. |
| induction training | training received for new employees |
| time rate | pay based on hours worked |
| piece rate | pay based on items produced |
| commission | pay based on a percentage of sales they achieved |
| employee profit-sharing | when a percentage of company profits is shared with employees |
| employee share purchase plan (ESPP) | when employees can buy shares in the company often at a discount. |
| benefit-in-kind | a 'perk' or a type of compensation in addition to wage/salary. Ex meal vouchers |
| job enlargement | staff being given more duties on top of normal work. |
| job enrichment | staff being given additional responsibilities and the power to make decisions on behalf of the company. |
| job sharing | staff share a single position. Ex. alternating days or weeks |
| performance appraisal | a review of an employee's performance carried out by their direct manager |
| change management | the process of identifying and adapting to changes in the business environment. |
| controller manager style | old-school Theory X manager autocratic leader keeps close eye on staff |
| facilitator manager | Theory Y manager; authority shared on some tasks; empowers staff; financial & non-financial rewards offered. |
| employee empowerment | when management gives staff greater independence/responsibility with decision-making in the business. |
| employee participation | encouraging staff to actively take part in running and improve the business |
| employee works council | right in large EU firms to set up staff elected works councils that talk directly to senior management |
| worker directors | elected workers to sit on the board of directors of a business. |
| Total Quality Management (TQM) | a commitment by management & staff to continuously promote quality in all aspects of a firm's operations. |
| Computer-aided design (CAD) | software to create 2 & 3D models of new products. Ex car design |
| Computer-aided manufacturing (CAM) | software used to control and monitor machines. Ex. car assembly line. |
| Computer-integrated manufacturing (CIM) | use of computers to control the entire production process. Ex tinned beans |
| Teleworking | working remotely via a company's computer system. |
| risk management | a planned approach to deal with risks; identify risk and calculate cost of cover. |
| proposal form | form when applying for insurance |
| claim form | form for making a claim on your policy |
| premium | the fee paid for the insurance policy; basic premium plus any loadings or discounts. |
| loading | an additional charge for extra risk that may apply. Ex. young driver |
| no claims bonus | a discount to premium if no claim has been made since last renewal. |
| actuary | calculates the premium to be paid by the insured |
| assessor | calculates the amount to be paid out for a claim |
| loss adjuster | if there is a dispute about amount awarded on a claim an independent person is appointed to check. |
| insurance broker | sells insurance on behalf of a number different insurance companies. Gets a commission on sales. |
| The 5 principles of insurance | Insurable interest; utmost good faith; Indemnity; Contribution |
| Insurable interest | the insured must own the item; benefit from its existence and suffer financially from its loss. |
| Utmost good faith | must be completely truthful when filling in proposal and claims forms. Includes material facts |
| Average clause | used to calculate compensation when an item is insured for less than its actual value. |
| Contribution | if item insured by two or more policies any compensation will be divided between the different insurers in proportion to the value insured. linked to indemnity because you can't profit by having multiple policies. |
| Subrogation | once you receive compensation you give up right to further claims. Ex. can't sell totalled car for extra cash (indemnity) |
| Indemnity | cannot profit from insurance. payout only to the value of the loss suffered. |
| material facts | information that may not be asked by insurer but could affect the risk or compensation. ex not telling house is in a flood zone. |
| mortgage protection insurance | covers mortgage repayments if the household cannot meet repayments due to illness or redundancy. |
| income protection insurance | covers the financial loss to a household if the main earner is unable to continue to work either for a short period of permanently. |
| life assurance | pays out to a named person (family member) when a person dies |
| product liability insurance | covers against claims made by customers injured using the firm's products |
| public liability insurance | covers against claims made by a member of the public |
| employer's liability insurance | covers against claims made by an employee |
| fidelity guarantee insurance | cover against loss suffered due to fraudulent activities by employees |
| consequential loss insurance | covers a business against a loss that can arise as result of another risk happening |
| cash in transit insurance | covers a business against theft of cash while off premises |
| plate glass insurance | covers a business against large shop windows being broken |
Created by:
conorok