UNIT 2 BUSINESS

Human Resource Management (HRM)

A strategic approach to managing employees and ensuring their well-being, balancing employee satisfaction with organizational profitability.

Labour Turnover

The rate at which employees leave an organization, which can result in costs related to hiring and training new employees.

Motivation Theories

Concepts that explain what drives individuals to work harder and more efficiently, including Classical theories like Taylor's Scientific Management and Maslow's Hierarchy of Needs.

Recruitment

The process of attracting, selecting, and appointing suitable candidates for jobs within an organization.

Employee Engagement

The level of enthusiasm and dedication an employee feels toward their job and the organization.

Training and Development

The ongoing educational activities within an organization to improve the employee's skills and knowledge.

Performance Appraisal

A regular review of an employee's job performance and overall contribution to the organization.

Job Satisfaction

A measure of how content an individual is with their job.

Organizational Culture

The values, beliefs, and behaviors that shape how work gets done within an organization.

Diversity and Inclusion

Initiatives and policies that promote the representation and participation of different groups of individuals.

Compensation and Benefits

The various monetary and non-monetary rewards given to employees in exchange for their work.

Employee Relations

The management of the relationship between the employer and the employees.

Work-Life Balance

The equilibrium between personal life and career work.

Succession Planning

The process of identifying and developing new leaders who can replace old leaders when they leave, retire, or die.

Talent Management

The systematic attraction, identification, development, engagement, retention, and deployment of individuals with high potential.

Labour Law

The body of laws that regulates the rights and responsibilities of workers, employers, and unions.

Workplace Safety

The policies and procedures in place to ensure the safety and health of employees in the workplace.

Organizational Structure

The way in which the lines of authority, communications, duties, and rights of an organization are arranged.

Change Management

The approach to transitioning individuals, teams, and organizations to a desired future state.

HR Analytics

The application of analytics to human resource data to improve decision-making.

Flexible Work Arrangements

Work arrangements that allow employees to have flexibility in when and where they work.