Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MGMT Exam 3
| Term | Definition |
|---|---|
| Human Resource Management | management of employees in a way that enables them to help a company reach its strategic objectives |
| reasons to have HR | Obtain a pool of potential employees large enough to contain a number of talented prospects, Cost of hiring more employees needs to be more than offset by the additional sales, Recruiting good employees can boost the overall performance |
| Recruitment sources | internet, schools, public/private employment agencies, temporary help agencies, executive search firms |
| Headhunters | search that identifies qualified candidates for executive positions |
| Workforce diversity | differences among employees on such dimensions as gender, age, ethnicity, and race |
| Job description | outline, or summary, or the work to be performed for a particular position |
| Job specification | list of the knowledge, skills, abilities, and other characteristics needed to perform a specific job |
| Behavioral interviews | an approach that assesses the suitability of job candidates based on how they have responded to specific employment-related situations and looks for patterns in past behaviors |
| Validity | extent to which a test assesses true job performance ability |
| Reliability | consistency of a test in measuring job performance ability |
| Employee training | planned efforts to help employees master the knowledge, skills, and behaviors they need to perform their duties |
| Management development | preparations of employees for career advancement through education, job experiences, network development, and performance assessment |
| On-the-job training | instruction at the place of employment, supervised by a professional trainer or experienced employee |
| Job instruction training | systematic, step-by-step method for on-the-job training of nonmanagerial employees |
| Piecework | financial incentive based on number of units produced -> group incentives, team rewards, bonuses, profit-sharing plans |
| Employee benefits | supplements to compensation, designed to be attractive and useful to employees |
| Flexible benefit programs(cafeteria plans) | benefit programs that allow employees to select the types of benefits they wish to receive |
| Co-employment | arrangement to outsource part of personnel management to an organization that handles paperwork and administers benefits for those employees |
| Professional employer organizations(PEOs) | company that sets up co-employment agreements |
| Civil Rights Act | legislation prohibiting discrimination based on race, color, religion, sex, or national orgin |
| Occupational safety and health act | legislation that regulates the safety of workplaces and work practices |
| Fair labor standards act | federal law that establishes a minimum wage and provides for overtime pay |
| Family and medical leave act | legislation that assures employees of unpaid leave for childbirth or other family needs |
| Reasons to work for a small business | opportunities for high-level achievement, job variety and interesting experiences, allows for employees to work more closely with the CEO, can quickly climb the “ladder” |
| Drawbacks of working for a small business | mistakes cannot be hidden and must be absorbed, legal or HR may not be readily available, limited employee benefits can lead to high levels of turnover |
| for a fee of 2-6% of payroll, a PEO will manage a company's employee related matters such as | health benefit programs, workers compensation claims, ensuring payroll tax compliance, processing unemployment insurance claims, filing reports required by government agengies |
| family | group of people bound by a shared history and commitment to share a future together, while supporting the development and well-being of individual members |
| family business | organization in which either the indiviudals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm |
| owner-managed business | venture operated by a found entrepreneur |
| sibling partnership | business in which children of the founder become owners and managers |
| cousing consortium | business in third and subsequent generation, when children of the siblings take ownership and management positions |
| co-preneurs | couples who own and manage business |
| fmaily retreat | informal family gathering of family members, usually at a remote location, to discuss family business matters |
| family council | organized group of family members who gather periodically to discuss family-related business issues |
| family business constitution | state of principles intended to guide a family firm through times of crisis and change; sometimes called a fmaily creed |
| due diligence | excercise of reasonable care in the evaulation of a business opportunity |
| harvesting | process used by entrepreneurs and investors to recap the value of their investment in a business when they leave it; also known as exiting |
| business broker | professional who assists in the buying and selling of a business |
| Seller financing | financing in which the seller accepts a note(in lieu of cash) from a buyer in partial payment for a business |
| Double Taxation | Taxation of income first as corporate earnings and then a second time as stock holder dividends |
| opportunity cost of funds | rate of return that could be earned on another investment of similar risk |
| As a firm moves towards harvest, two issues of primary importance | the firms selling price, the method of payment when the business is sold |
| IPO / Initiaal Public Offering | occurs when a private firm sells its shares for the first time to the public |
| reasons for going public | enhance business reputation, additional source of capital, public stock can create ongoing interest in the company, public stock is more attractiveto key personnel |
| harvest plan | anticipate the harvest, expect conflict, get good advice, understand what motivates you, what's next? |
| distributing cash flows | paying yourself instead of reinvesting in the business |
Created by:
Grace.Jensen