Studied by 11 peopleHuman Resources Management (HRM)
All the activities involved in acquiring, maintaining, and developing an organization's human resources
Human Resources Planning
Determining the firm’s future human resources needs
Replacement Chart
A list of key personnel and their possible replacements within the firm
Skills Inventory
A computerized data bank containing information on the skills and experience of all present employees
Cultural (or workplace) Diversity
Differences among people in a workforce owing to race, ethnicity, and gender
Job analysis
A systematic procedure for studying jobs to determine their various elements and requirements
Job Description
A list of the elements that make up a particular job
Job Specification
A list of the qualifications required to perform a particular job
Recruiting
The process of attracting qualified job applicants
External Recruiting
Attracting job applicants from outside an organization
Internal Recruiting
Considering present employees as applicants for available positions
Selection
The process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant
Orientation
The process of acquainting new employees with an organization
Compensation
The payment employees receive in return for their labor
Compensation System
The policies and strategies that determine employee compensation
Wage Survey
A collection of data on prevailing wage rates within an industry or a geographic area
Job Evaluation
The process of determining the relative worth of the various jobs within the firm
Comparable Worth
A process that seeks equal compensation for jobs requiring about the same level of education, training, and skills
Hourly Wage
A specific amount of money paid for each hour of work
Salary
A specific amount of money paid for an employee’s work during a set calendar period, regardless of the actual number of hours worked
Commission
A payment that is a percentage of sales revenue
Incentive Payment
A payment in addition to wages, salary, or commissions
Lump-Sum Salary Increase
An entire pay raise taken in one lump sum
Profit Sharing
The distribution of a percentage of a firm’s profit among its employees
Employee Benefit
A reward in addition to regular compensation that is provided indirectly to employees
Flexible Benefit Plan
Flexible benefit plan whereby an employee receives a predetermined amount of benefit dollars to spend on a package of benefit he or she has selected to meet individual needs
Employee Training
The process of teaching operations and technical employees how to do their present jobs more effectively and efficiently
Management Development
The process of preparing managers and other professionals to assume increased responsibility in both present and future positions
Performance Appraisal
The evaluation of employees’ current and potential levels of performance to allow managers to make objective human resources decisions
Note 
Flashcard (25)