AFM 131 Unit 10: Human Resources Management

Apprenticeship programs

Training where new staff work alongside experienced employees to master skills

Bonus plans

Additional money or gifts for excellent performance of achieving goals

Cafeteria-style (flexible) benefits plans

Where employees can choose from a select set of benefits that best suit their needs up to specific dollar amounts

Coaching

Where one-on-one discussions can take place within an organization to support emerging leaders with their goals and career direction

Commission plans

Pay based on a percentage of sales. Prevalent for sales professionals and encourages employees to drive more sales

Compensation

The remuneration provided to employees in exchange for their services

Compressed workweek

Employees that work their required hours over a reduced number of days to have a longer weekend

Contingent workers

Workers who don’t have regular full-time employment that take on short-term projects or can fill temporary needs

Employee Lifecycle (ELC)

Considers how employees progress through a company, and consists of recruitment, onboarding, development, retention, and offboarding

Recruitment

The process of attracting and selecting quality talent that best fit the needs for the roles within a company

Onboarding

The process of providing orientation for new employees. It ensures they have the time and resources to learn about the organization, their role/responsibilities, and meet their co-workers

Development

Focuses on enhancing the potential of employees, both professionally and personally, by providing learning opportunities to develop their skills and abilities in both the short and long term

Retention

Focuses on continually motivating and engaging your employees, with the aim to manage employee satisfaction to keep top talent

Offboarding

Managing employee departures (voluntary and involuntary)

Flextime plans

Where employees can arrive and leave work at times that can accommodate their personal and professional responsibilities, as long as they are at work within core times (e.g., between 10:00 AM and noon)

Fringe benefits

Optional benefits that a company may grant which can help attract and retain employees

Hourly wage

Pay based on the number of hours work. Prevalent for entry-level or part-time roles

Job description

Specifies the responsibilities, working conditions, connection with other roles, and skills an employee should have to be successful in a role

Job rotation

Training to groom future leaders by providing them with exposure to different areas of the business, gaining new skills/perspectives, and connecting with many others in the company

Job simulations

Training which involves the use of equipment duplicating job conditions to learn in a safe environment with no harm to the employee, customers, or company overall

Off-the-job training

Where employees may learn off-site and away from the office in a comfortable environment (where removing employees from the workplace and their day-to-day tasks demonstrates the importance and commitment to learning) or through external conferences (which can help employees network with others in industry while enhancing their knowledge and skills)

On-the-job training

Where employees can learn by doing or watching others

Online training

Where learning can be accessed online by many employees when it’s most convenient for them. These can include live webinars and workshops or online courses

Pay equity

Pay equity looks at equal pay for work of equal value where all employees are assessed on neutral performance factors such as skill, effort, and responsibility. Internal equity looks at whether people within an organization are compensated fairly. External equity looks at how compensation may compare to competitors or industry average

Performance appraisals (evaluations)

Measure actual performance against standards to make decisions (e.g., training needs, compensation, promotions)

Profit sharing

A bonus awarded if the company is able to reach certain targets (e.g., profits), and shared with the team that helped reach them

Salary

Paid a fixed amount per year, and may be adjusted annually based on employee performance

Stock options

An opportunity to purchase stock at a preferred price

Telework (or telecommuting)

Where employees have the option to work from home or outside of the office, as technology enables them to stay connected

Turnover rate

The percentage of employees that leave the company each year

Understudy positions

Where emerging leaders (in roles like Assistant Vice President) support leaders with planning and tasks, effectively taking on more and more responsibilities that they might inherit in the future