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Management Terms 7

Management Unit 7 Terms

Bonus bonus paid at the end of a specific period of time for performance that exceeds the expected standard
Cafeteria plan a benefit program in which employees can select the benefits that meet their personal needs
Career development a program that matches the career planning of employees with the employment needs of businesses
Career path a progression of related jobs with increasing skill requirements and responsibility
Career plan identifies the jobs that are a part of the employee’s career path, the training and development needed to advance along the career path, and a tentative schedule for the plan’s activities
Compensation the money or other benefits people receive for work
Cross training employees are trained to perform more than one job in the company even though they typically perform only one
Discharge the release of an employee from the company due to inappropriate work behavior
Employee benefits all forms of compensation and services the company provides to employees in addition to salaries and wages
Employee turnover the rate at which people enter and leave employment in a business during a year
Exit interview a formal interview with an employee who is leaving a company to determine the person’s attitudes and feelings about the company’s policies and procedures, management, and operations
Flextime a plan that lets employees choose their own work hours, within specifies limits
Human resource management all activities involved with acquiring, developing, and compensating the people who do the company’s work
Job description a list of basic tasks that make up a job
Job design the kind of work and the way the work is organized
Job enlargement making a job more interesting by adding variety to the tasks
Job enrichment encouraging employee participation in decision making
Job security the likelihood that employment will not be terminated
Job sharing an employment plan that allows two people to share one full-time job
Job specification a list of the qualifications a worker needs to do a job
Layoff a temporary or permanent reduction in the umber of employees resulting from a change in business conditions
Organizational development carefully planned changes in the structure and operation of a business so it can adjust successfully to the competitive environment
Pension plan a company sponsored retirement plan that makes regular payments to employees after retirement
Performance review the process of assessing how well employees are doing their jobs
Performance standards specific statements of the expected results from critical business activities
Portfolio an organized collection of information and materials that represents a person’s accomplishments
Profit-sharing plan a benefit plan that pays employees a small percentage of the company’s profits at the end of the year
Promotion (1) providing information to consumers that will assist them in making a decision to purchase a product or service (2) the advancement of an employee within a company to a position with more authority and responsibility
Salary compensation paid on other than an hourly basis, such as weekly or monthly
Transfer the assignment of an employee to another job in the company that involves the same type of responsibility and authority
Wage compensation paid on an hourly basis
Created by: KIMBRIEL
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