BUS 100 Chapter 9: Attracting and Retaining the Best Employees

These flashcards cover key concepts related to human resource management, compensation systems, recruitment methods, employee onboarding, performance appraisal, and legal aspects affecting HRM.

What are the three phases of Human Resource Management (HRM)?

Acquiring, Maintaining, Developing.

What does compensation in HRM refer to?

Monetary payments and benefits used to attract and retain employees.

What is the difference between hourly wage and salary?

Hourly wage is paid per hour worked, while salary is a fixed amount paid regularly regardless of hours worked.

What is profit sharing?

Distribution of an organization’s profits among its employees to motivate them.

What does employee onboarding involve?

Integrating new employees into the firm, helping them adjust to their roles and company culture.

What is a job analysis?

A systematic procedure for studying positions to determine their elements and requirements.

What are internal recruiting advantages?

Motivates current employees, retains quality personnel, and is efficient.

What is external recruiting?

The process of sourcing candidates from outside the company.

What are some methods of information gathering in the selection process?

Employment applications, résumés, interviews, employment tests, references, and assessment centers.

What is the purpose of performance appraisals?

To evaluate employee performance, provide feedback, and determine rewards.

What is the Americans with Disabilities Act?

Prohibits discrimination against qualified individuals with disabilities in all employment practices.

Why is workplace diversity important?

It enhances creativity, understanding of the marketplace, and reduces costs related to turnover.

What is the Fair Labor Standards Act?

Established a minimum wage and overtime pay rates for employees.

What are legally required employee benefits?

Workers’ compensation, unemployment insurance, and social security contributions.

What is the purpose of diversity training programs?

To teach managers to view diversity positively and to improve workplace attitudes.

What are the steps in matching supply with demand in HR?

Recruit new employees when demand exceeds supply, contract for temporary workers if demand is temporary, and reduce workforce size if supply exceeds demand.