HR Management, Business Strategies, and Quality Performance

Comprehensive vocabulary flashcards covering Human Resource Management (recruitment, selection, contracts), Business Strategies (SWOT, Porter's Five Forces, PESTLE, Diversification), Business Sectors, and Total Quality Management (TQM) based on the lecture transcript.

Recruitment

Process used by business to identify vacancies in the business and attract suitable candidates for it.

Job Analysis

The process of clarifying the nature of work to be performed, consisting of job description and job specification.

Job Description

A written description of the job and its requirements.

Job Specification

Describes the minimum acceptable qualifications and skills needed for the job.

Internal recruitment

The use of internal sources to advertise vacancies inside the business, such as internal e-mails, word of mouth, notice boards, and internal bulletins.

External recruitment

The use of external sources to advertise vacancies outside the business, including recruitment agencies, printed media, electronic media ($TV/radio$), and social media.

Selection

A procedure involving determining fair assessment criteria, sorting CVs, interviewing shortlisted candidates, and making a written offer.

Screening

Part of the selection procedure where application documents are checked against job requirements to separate qualified candidates and conduct background checks.

Employment Contract

A legally binding agreement between the employer and employee that includes personal details, position, hours of work, and leave.

Resignation

When an employee chooses to leave the business.

Retrenchment

When businesses are forced to let employees go due to financial reasons, restructuring, or the company closing down.

Retirement

When an employee reaches a certain age, normally $65$, and doesn't have to work anymore.

Redundancy

When an employer no longer has work for employees and cannot fulfill the contract.

Dismissal

When an employee is dismissed by the company due to misconduct, illegal behavior, or non-compliance with the employment contract.

Induction

The process of informing employees about business procedures, safety regulations, and ensuring they are conversant with business rules.

Placement

Assigning a specific job to a selected candidate where they will optimally function and add value to the business.

Piecemeal salary determination

A method where workers are paid according to the number of actions performed, mostly used in factories and the technology sector.

Time-related salary determination

A method where workers are paid for the amount of time they spend at work, used by many private and public sector businesses.

BCEA

The Basic Conditions of Employment Act, which sets conditions for fair labor practices, including requirements like a $60\,\text{minute}$ break after $5\,\text{hours}$ of work.

Fringe Benefits

Examples include medical fund, pension fund, funeral benefits, and staff discounts provided to employees.

UIF

Unemployment Insurance Fund; offers short-term financial assistance to workers where employer and worker each contribute $1\%$ to UIF or SARS.

LRA

The Labour Relations Act; protects employee/employer rights as outlined in the Constitution and advances economic development.

EEA

The Employment Equity Act; ensures affirmative action promotes diversity and equal pay for work of equal value.

SDA

The Skills Development Act; involves identifying training needs and using the NQF to assess employee skills levels.

Strategy

A long-term plan of action to achieve a goal, vision, and mission.

SWOT analysis

An industrial analysis tool used to identify Strengths, Weaknesses, Opportunities, and Threats.

Porters' five forces model

A model consisting of: Power of suppliers, Power of buyers, Power of competitors/Competitive rivalry, Threat of substitution, and Threat/Barriers of new entrants.

PESTLE Analysis

A framework to analyze external challenges: Political, Economic, Social, Technological, Legal, and Environmental factors.

Forward vertical integration

When a business combines with or takes over its distributors to gain control over direct distribution.

Backward vertical integration

When a business combines with or takes over its suppliers to decrease dependency.

Horizontal integration

When a business takes control of other businesses in the same industry to reduce the threat of competition.

Market penetration

An intensive growth strategy focusing on selling existing products to existing markets by increasing advertising and promotion.

Market development

A growth strategy where businesses aim to sell existing products in new markets.

Product development

An intensive growth strategy where businesses introduce new products into existing markets.

Concentric diversification

Adding a new product or service related to existing products to appeal to new customers.

Horizontal diversification

Adding new products or services that are different from existing products but appeal to existing customers.

Conglomerate diversification

Adding new products or services that are unrelated to existing products to appeal to new groups of customers.

Divestiture/Divestment

A defensive strategy where a business sells assets that are no longer profitable or withdraws investment from another business.

Liquidation

Closing down a business and selling all assets to pay creditors due to a lack of capital.

Primary Sector

The sector dealing with the extraction of raw materials and natural resources, such as mining, fishing, and farming.

Secondary Sector

Responsible for changing raw materials from the primary sector into useful products, including manufacturing and construction.

Tertiary Sector

The sector that renders services to the public and businesses, including transport, banking, and retail.

Quality Control

Checking raw materials and setting targets to ensure high standards are maintained.

Quality Assurance

Checks carried out during and after production to ensure required standards are met at every stage and prevent mistakes.

Quality Management

Techniques used to improve the quality of a product and provide accountability within business functions.

Quality Performance

Total performance of each department measured against specified standards.

Quality Management System

A framework used by management to measure quality standards in the production process.

TQM

Total Quality Management; an approach where every employee is responsible for the quality of their work and involves all employees in improving quality.

PDCA model/cycle

A four-step cycle for continuous improvement consisting of Plan, Do, Check/Analyse, and Act.

Quality Circles

Groups that investigate problems and suggest solutions to management as part of continuous improvement.