business: unit 2 aos 3 (definitions)

staffing

the process of finding, acquiring, preparing and retaining the right employee for a position in the business

human resource management

the effective management of the formal relationship between the employer and employees, and involving the recruitment, selection, training, development, appraisal and dismissal of staff

revenue

the income that a business earns from the sale of goods and services to customers

productivity

a measure of business efficiency comparing output produced with the quantity of inputs. It is calculated using the formula: Productivity = outputs/inputs.

performance of staff

how well the job activities of employees are carried out

staffing needs

the human resource requirements of a business, such as the knowledge, skills, and ideas that staff can contribute to the business

human resource planning

the process of determining current and future staffing needs for a business and the development of strategies to meet those needs

e-business

use of the internet to conduct the full range of business activities

job analysis

the study of an employee’s job in order to determine the duties performed, the time involved with each of those duties, the responsibilities involved and the equipment required

job description

a written statement describing the employee’s duties, and tasks and responsibilities associated with the job

job specification

a list of the key qualifications needed to perform a particular job in terms of education, skills, knowledge and level of experience

job design

details the number, kind and variety of tasks that individual employees perform in their jobs

recruiting

the process of attracting qualified job applicants from which to select the most appropriate person for a specific job

internal recruitment

filling job vacancies with current employees, rather than looking outside the business

external recruitment

the process of finding and hiring suitable applicants from outside the business to fill a vacancy typically caused by expansion, resignation, retirement, transfer, or promotion.

online recruitment agency

a business that specialises in finding suitable candidates to fill vacancies for a variety of different employers

employee selection

the process of choosing the candidate who best matches the business’s requirements

full-time permanent employment

an ongoing employment contract with high job security and stable income, including all legally required entitlements

part-time permanent employment

an ongoing arrangement where the employee works fewer hours than a full-time employee but has the same level of job security and access to entitlements, but calculated on a proportional basis

fixed-term contract

employment offered for a specific period

casual employees

a flexible, non-permanent work arrangement where employees are hired on an as-needed basis without guaranteed hours or ongoing job security, but receive higher hourly pay rate as compensation (casual loading)

award

a legally binding document that sets out the minimum wages and conditions for a group of employees

enterprise agreement

an agreement that has been directly negotiated between an employer and the employees of a business or enterprise

penalty rates

additional payments made to workers who are required to work outside of normally accepted working hours

conditions of employment

what an employer has agreed to give the employee in return for the work of the employee, such as hours of employment and leave entitlements

remuneration

monetary payment in return for the work an employee performs

salary sacrifice

forgoing salary in order to receive another non-cash benefit of equivalent value

flexible working conditions

conditions that allow employees to balance work and family responsibilities more effectively

job security

the level of stability and certainty an employee has regarding the continuity of their employment and income within a business.

induction

the process of acquainting new employees with the business and the jobs they will perform

affirmative action

measures taken to eliminate discrimination and to implement positive steps to overcome current and historical lack of equal opportunity

employment cycle

all stages in the process of employing staff, from initial planning through recruitment, selection, induction, performance management and eventual termination of employment

superannuation

a system by which contributions are made to a fund that will provide benefits to an employee after retirement