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Conor LC Bus U4 Pt1

Key terms LC Bus Unit4 Part1 HR, Change & Insurance

TermDefinition
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
 

 



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