Chapter 4: The Human Resource / Human Capital Function

These flashcards cover key vocabulary and definitions related to the Human Resource and Human Capital Functions, focusing on concepts from Chapter 4 of the lecture.

Human Capital

Refers to the economic value of a worker's experience and skills.

Manpower Planning

The process of estimating required skills, number of employees, and employment timelines in a business.

Job Analysis

A systematic process of gathering, documenting, and analyzing information about a job to determine its duties and responsibilities.

Job Description

A formal account of an employee's responsibilities, duties, and reporting relationships.

Job Specification

A detailed outline of the qualifications, skills, and experience required to perform a job.

Skills Gap

The difference between the skills available in the business and those needed to meet organizational goals.

Recruitment

The process of attracting, selecting, and appointing suitable candidates to fill job vacancies.

Employment Equity

Legal regulations that promote equal opportunity and fair treatment in the workplace.

Induction

The process of introducing new employees to the organization, its culture, and their roles.

Remuneration

The total compensation (salary and benefits) paid to employees for their work.

Affirmative Action

Measures designed to promote equal opportunity for historically marginalized groups.

Performance Appraisal

A systematic evaluation of employee performance against set objectives.

Retention

The ability of an organization to retain its employees over time.

Basic Conditions of Employment Act (BCEA)

A South African law aimed at ensuring fair treatment of employees regarding working conditions.

Labour Relations Act (LRA)

Legislation that regulates the rights and responsibilities of both employers and employees in South Africa.